中信资源(01205) - 2025 - 中期财报

Company Information Company Information This section lists the company's basic information, including board members, committee compositions, company secretary, registered and principal offices, share registrars, auditors, and principal bankers - Mr. Hao Weibao serves as Chairman and Chief Executive Officer, and Mr. Wang Xinli is the Chief Financial Officer[11] - Mr. Lu Dong chairs the Audit Committee and Risk Management Committee, Mr. Lyu Dequan chairs the Remuneration Committee, and Mr. Hao Weibao chairs the Nomination Committee[11] - The company's registered office is in Bermuda, with its head office and principal place of business in Hong Kong, Kowloon, International Commerce Centre, 1 Austin Road West[12] Financial Performance Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company's revenue significantly increased, but gross profit and profit for the period substantially decreased year-on-year, primarily due to higher cost of sales and reduced share of profit from joint ventures Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,382,263 | 3,944,594 | 137.9% | | Cost of sales | (9,181,798) | (3,535,237) | 159.7% | | Gross profit | 200,465 | 409,357 | (51.0%) | | Profit before tax | 204,549 | 457,206 | (55.3%) | | Profit for the period | 165,762 | 374,496 | (55.7%) | | Attributable to ordinary equity holders of the Company | 151,671 | 353,113 | (57.0%) | | Basic earnings per share (HK cents) | 1.93 | 4.49 | (57.0%) | Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the company recorded a total comprehensive loss, mainly due to a significant loss from fair value changes of financial assets at fair value through other comprehensive income, as well as exchange differences and share of other comprehensive loss from joint ventures Condensed Consolidated Statement of Comprehensive Income Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the period | 165,762 | 374,496 | | Financial assets at fair value through other comprehensive income: Fair value changes during the period | (527,082) | – | | Exchange differences arising from translation of overseas operations | (34,443) | (59,665) | | Total comprehensive (loss) / income for the period | (207,251) | 280,332 | | Attributable to ordinary equity holders of the Company | (223,198) | 264,832 | - In the first half of 2025, fair value changes of financial assets at fair value through other comprehensive income resulted in a loss of HKD 527,082 thousand, with no such item in the prior year period[15] Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets and total liabilities both significantly increased, with notable growth in cash and deposits, trade receivables, and bank and other borrowings, leading to a higher debt-to-asset ratio but a slight decrease in net current assets Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 8,904,595 | 9,209,528 | (3.3%) | | Total current assets | 7,030,234 | 3,463,615 | 103.0% | | Total current liabilities | 6,202,603 | 2,577,447 | 140.6% | | Net current assets | 827,631 | 886,168 | (6.6%) | | Total assets less current liabilities | 9,732,226 | 10,095,696 | (3.6%) | | Total non-current liabilities | 1,930,705 | 1,882,623 | 2.6% | | Net assets | 7,801,521 | 8,213,073 | (5.0%) | | Total equity | 7,801,521 | 8,213,073 | (5.0%) | - Cash and deposits increased by 117.5% from HKD 2,031,447 thousand as of December 31, 2024, to HKD 4,419,129 thousand as of June 30, 2025[16] - Bank and other borrowings increased by 228.2% from HKD 1,010,990 thousand as of December 31, 2024, to HKD 3,318,456 thousand as of June 30, 2025[16] Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to ordinary equity holders of the Company decreased from HKD 8,082,540 thousand as of December 31, 2024, to HKD 7,655,041 thousand, primarily due to the total comprehensive loss for the period and final dividend distribution Condensed Consolidated Statement of Changes in Equity Key Data (As of June 30) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Equity attributable to ordinary equity holders of the Company | 7,655,041 | 8,082,540 | | Non-controlling interests | 146,480 | 130,533 | | Total equity | 7,801,521 | 8,213,073 | - The total comprehensive loss for the period was HKD 207,251 thousand, compared to a total comprehensive income of HKD 280,332 thousand in the first half of 2024[18] - A final dividend of HKD 204,301 thousand was distributed in the first half of 2025[18] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash flow from operating activities decreased year-on-year, and cash flow from investing activities shifted from net inflow to net outflow, but net cash flow from financing activities significantly increased, leading to a substantial rise in net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 245,511 | 441,953 | (44.5%) | | Net cash (used in) / generated from investing activities | (921,238) | 85,392 | (1178.0%) | | Net cash generated from / (used in) financing activities | 2,195,674 | (495,156) | 543.5% | | Net increase in cash and cash equivalents | 1,519,947 | 32,189 | 4623.0% | | Cash and cash equivalents at end of period | 2,486,879 | 765,249 | 225.0% | - Net cash flow from investing activities shifted from an inflow of HKD 85,392 thousand in the first half of 2024 to an outflow of HKD 921,238 thousand in the first half of 2025, primarily due to changes in deposits with fellow subsidiaries[20] - Net cash flow from financing activities significantly increased from an outflow of HKD 495,156 thousand in the first half of 2024 to an inflow of HKD 2,195,674 thousand in the first half of 2025, mainly driven by a substantial increase in bank borrowings[20] Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering the basis of preparation, changes in accounting policies, operating segment information, revenue composition, financing costs, income tax, earnings per share, dividends, asset and liability details, litigation, commitments, related party transactions, and fair value of financial instruments, offering essential context and explanations for understanding the reported data - The financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and the disclosure requirements of Appendix D2 to the Listing Rules[21] - HKAS 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" was first adopted from January 1, 2025, but had no significant impact on these financial statements[23][24] - The Group's reportable operating segments include crude oil, import and export commodities, electrolytic aluminum, and coal businesses[27] 1. Basis of Preparation This section outlines the basis for preparing the condensed consolidated financial statements, which adhere to HKAS 34 "Interim Financial Reporting" issued by the HKICPA and the disclosure requirements of the Listing Rules, and should be read in conjunction with the annual consolidated financial statements - The financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" and the applicable disclosure provisions of Appendix D2 to the Listing Rules[21] - The accounting policies and methods of computation adopted are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new and revised standards effective from January 1, 2025[21] 2. Changes in Accounting Policies and Disclosures This section explains that the Group first adopted new or revised HKFRSs issued by the HKICPA effective from January 1, 2025, with HKAS 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" having no material impact on these financial statements - The Group has first adopted new or revised HKFRSs issued by the HKICPA, effective from January 1, 2025[23] - HKAS 21 (Amendments) "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" has no material impact on these financial statements, as the Group has no transactions involving non-exchangeable foreign currencies[24] 3. Issued but Not Yet Effective Hong Kong Financial Reporting Standards This section lists new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective for the current accounting period, including HKFRS 9 and HKFRS 7 (Amendments), HKFRS 18, and HKFRS 19, which will become effective in future accounting periods - The Group has not applied new and revised HKFRSs that have been issued but are not yet effective for the current accounting period[25] - HKFRS 9 and HKFRS 7 (Amendments) "Classification and Measurement of Financial Instruments" and HKFRS Annual Improvements – Volume 11 will be effective for accounting periods beginning on or after January 1, 2026[27] - HKFRS 18 "Presentation and Disclosure in Financial Statements" and HKFRS 19 "Subsidiaries without Public Accountability: Disclosures" will be effective for accounting periods beginning on or after January 1, 2027[27] 4. Operating Segment Information The Group is organized into four reportable operating segments based on products and services: crude oil, import and export commodities, electrolytic aluminum, and coal, with management monitoring segment performance, measured by adjusted profit/loss before tax, for resource allocation and performance assessment - The Group is organized into four reportable operating segments based on products and services: crude oil, import and export commodities, electrolytic aluminum, and coal[27] - Segment performance is assessed based on adjusted profit/loss before tax, excluding interest income, finance costs, share of profit from associates and joint ventures, and head office and corporate expenses[28] Segment Revenue for the First Half of 2025 (HKD thousands) | Segment | Sales to External Customers | Other Income, Gains and Losses, Net | Total | Segment Results | | :--- | :--- | :--- | :--- | :--- | | Crude Oil | 574,477 | 2,608 | 577,085 | 202,519 | | Import and Export Commodities | 7,625,837 | 1,068 | 7,626,905 | 1,798 | | Electrolytic Aluminum | 885,207 | 39,850 | 925,057 | (8,415) | | Coal | 296,742 | 9,857 | 306,599 | (8,673) | | Total | 9,382,263 | 53,383 | 9,435,646 | 187,229 | Segment Revenue for the First Half of 2024 (HKD thousands) | Segment | Sales to External Customers | Other Income, Gains and Losses, Net | Total | Segment Results | | :--- | :--- | :--- | :--- | :--- | | Crude Oil | 730,952 | 2,278 | 733,230 | 326,548 | | Import and Export Commodities | 2,206,755 | (117) | 2,206,638 | 733 | | Electrolytic Aluminum | 601,642 | 27,983 | 629,625 | 39,797 | | Coal | 405,245 | 15,578 | 420,823 | 26,963 | | Total | 3,944,594 | 45,722 | 3,990,316 | 394,041 | 5. Revenue, Other Income, Gains and Losses, Net For the six months ended June 30, 2025, the Group's revenue primarily derived from sales of goods, with significant growth in import and export commodities revenue, while crude oil and coal revenue decreased; other income, gains, and losses, net, substantially increased, mainly driven by interest income, dividend income, and fair value gains on derivative financial instruments Revenue Composition for the First Half of 2025 (HKD thousands) | Sales of Goods | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Crude Oil | 574,477 | 730,952 | (21.4%) | | Import and Export Commodities | 7,625,837 | 2,206,755 | 245.6% | | Electrolytic Aluminum | 885,207 | 601,642 | 47.1% | | Coal | 296,742 | 405,245 | (26.7%) | | Total | 9,382,263 | 3,944,594 | 137.9% | Other Income, Gains and Losses, Net for the First Half of 2025 (HKD thousands) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 48,841 | 27,568 | 77.2% | | Dividend income | 12,417 | – | N/A | | Fair value gains on derivative financial instruments | 29,640 | 16,562 | 79.0% | | Total | 117,217 | 49,295 | 137.8% | - In the first half of 2025, revenue from Mainland China was HKD 1,389,194 thousand, from Hong Kong was HKD 2,229,844 thousand, and from other Asian countries was HKD 5,218,682 thousand[32] 6. Finance Costs For the six months ended June 30, 2025, the Group's finance costs decreased year-on-year, primarily due to a reduction in interest expense on bank and other borrowings Finance Costs for the First Half of 2025 (HKD thousands) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank and other borrowings | 33,202 | 37,176 | (10.7%) | | Interest expense on lease liabilities | 695 | 510 | 36.3% | | Total interest expense | 33,897 | 37,686 | (10.0%) | | Other finance costs | 12,223 | 14,992 | (18.5%) | | Total | 46,120 | 52,678 | (12.5%) | 7. Profit Before Tax For the six months ended June 30, 2025, the Group's profit before tax was influenced by a combination of factors including depreciation, amortization, loss on disposal of property, plant and equipment, as well as fair value gains on derivative financial instruments and net exchange gains Factors Affecting Profit Before Tax for the First Half of 2025 (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 252,359 | 254,238 | | Depreciation of right-of-use assets | 7,818 | 21,072 | | Loss / (gain) on disposal of property, plant and equipment, net | 2,894 | (1,447) | | Fair value gains on derivative financial instruments | (29,640) | (16,562) | | Net exchange gains | (5,639) | (475) | 8. Income Tax Expense For the six months ended June 30, 2025, the Group's income tax expense significantly decreased year-on-year, primarily due to reduced current period expense and a negative impact from deferred tax; the Group applies different corporate tax rates across various jurisdictions and is subject to top-up tax under the "Pillar Two Model Rules" from January 1, 2025 Income Tax Expense for the First Half of 2025 (HKD thousands) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Current period expense | 53,439 | 99,403 | (46.2%) | | Deferred tax | (14,673) | (16,714) | (12.2%) | | Total tax expense for the period | 38,787 | 82,710 | (53.1%) | - The Group has no assessable profit in Hong Kong, hence no Hong Kong profits tax provision[36] - Applicable corporate tax rates are 30% in Australia, 25% (15% for some businesses) in Indonesia, 25% in Mainland China, and 20% in Kazakhstan[38][39][40] - From January 1, 2025, the Group is subject to top-up tax under the "Pillar Two Model Rules" and has applied the temporary mandatory exemption from deferred tax accounting[41][42] 9. Earnings Per Share Attributable to Ordinary Equity Holders of the Company For the six months ended June 30, 2025, basic earnings per share attributable to ordinary equity holders of the Company was 1.93 HK cents, a significant year-on-year decrease, primarily due to reduced profit for the period Earnings Per Share for the First Half of 2025 (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic earnings per share | 1.93 | 4.49 | | Diluted earnings per share | 1.93 | 4.49 | - Basic earnings per share is calculated based on profit attributable to ordinary equity holders of the Company of HKD 151,671 thousand (2024: HKD 353,113 thousand) and a weighted average number of ordinary shares outstanding of 7,857,727,149 shares[43] 10. Dividends The Board of Directors resolved not to declare an interim dividend for the first half of 2025, while the final dividend of 2.60 HK cents per share for the year ended December 31, 2024, was distributed on July 17, 2025 - The Board of Directors resolved not to declare an interim dividend for the first half of 2025[45] - A final dividend of 2.60 HK cents per ordinary share, totaling approximately HKD 204,301 thousand, for the year ended December 31, 2024, was distributed on July 17, 2025[45] 11. Property, Plant and Equipment During the period, the Group acquired property, plant and equipment with a total cost of approximately HKD 147,698 thousand and disposed of property, plant and equipment with a total carrying amount of HKD 3,862 thousand - Total cost of property, plant and equipment acquired during the period was approximately HKD 147,698 thousand (2024: HKD 167,864 thousand)[46] - Property, plant and equipment with a total carrying amount of HKD 3,862 thousand (2024: HKD 1,346 thousand) were disposed of[46] 12. Prepayments, Deposits and Other Receivables As of June 30, 2025, total prepayments, deposits, and other receivables amounted to HKD 89,599 thousand, with non-current portion of HKD 21,270 thousand, and other receivables of HKD 53,632 thousand were impaired and fully provided for Prepayments, Deposits and Other Receivables for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments | 19,990 | 23,556 | | Deposits and other receivables | 123,241 | 137,669 | | Impairment allowance | (53,632) | (53,632) | | Total | 89,599 | 107,593 | | Classified as current portion | (68,329) | (91,130) | | Non-current portion | 21,270 | 16,463 | - As of June 30, 2025, other receivables of approximately HKD 53,632 thousand were impaired and fully provided for[47] 13. Inventories As of June 30, 2025, the Group's total inventories amounted to HKD 441,542 thousand, a decrease from December 31, 2024, primarily due to reductions in raw materials, work-in-progress, and finished goods Inventories Composition for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Raw materials | 211,600 | 286,359 | (26.1%) | | Work-in-progress | 38,594 | 46,086 | (16.3%) | | Finished goods | 191,348 | 229,799 | (16.8%) | | Total | 441,542 | 562,244 | (21.4%) | 14. Trade Receivables As of June 30, 2025, the Group's trade receivables significantly increased to HKD 1,982,341 thousand, with all balances aged within one month, reflecting a substantial growth in business volume Trade Receivables Ageing Analysis for the First Half of 2025 (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 1,982,341 | 689,541 | 187.5% | - The Group generally grants credit terms of 30 to 120 days to approved customers[50] 15. Derivative Financial Instruments As of June 30, 2025, the Group held derivative financial assets of HKD 118,893 thousand related to Power Contract III, used to hedge against fluctuations in LME aluminum prices and foreign exchange rates, while foreign exchange contract liabilities were reduced to zero Derivative Financial Instruments for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 (Assets) | December 31, 2024 (Assets) | June 30, 2025 (Liabilities) | December 31, 2024 (Liabilities) | | :--- | :--- | :--- | :--- | :--- | | Power Contract III | 118,893 | 89,253 | – | – | | Foreign exchange contracts | – | – | – | 12,782 | - Power Contract III is used to hedge against fluctuations in LME aluminum prices and foreign exchange rates, with fair value changes recognized in the consolidated statement of profit or loss[51] - The Group hedges foreign exchange risk through forward foreign exchange contracts, which are classified as cash flow hedges[51] 16. Cash and Deposits As of June 30, 2025, the Group's total cash and deposits significantly increased to HKD 4,419,129 thousand, with a notable rise in time deposits, indicating ample liquidity Cash and Deposits for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances | 511,128 | 562,005 | (9.0%) | | Time deposits | 2,119,624 | 515,531 | 311.1% | | Deposits with fellow subsidiaries | 1,932,250 | 1,088,628 | 77.5% | | Total | 4,419,129 | 2,031,447 | 117.5% | 17. Trade Payables As of June 30, 2025, the Group's total trade payables significantly increased to HKD 1,836,169 thousand, with a notable rise in payables aged one to three months, reflecting increased business procurement Trade Payables Ageing Analysis for the First Half of 2025 (HKD thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 month | 48,837 | 731,421 | (93.3%) | | 1 to 3 months | 1,781,045 | 13,813 | 12794.0% | | Over 3 months | 6,287 | 1,047 | 500.5% | | Total | 1,836,169 | 746,281 | 146.0% | - Trade payables are non-interest bearing and generally settled within 30 to 90 days[53] 18. Bank and Other Borrowings As of June 30, 2025, the Group's total bank and other borrowings significantly increased to HKD 4,304,136 thousand, with most being current liabilities due within one year, primarily denominated in RMB and bearing interest at HIBOR or LPR-linked rates Bank and Other Borrowings for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Bank borrowings—unsecured | 2,376,584 | 1,010,990 | 135.1% | | Other borrowings—unsecured | 1,927,552 | 957,780 | 101.3% | | Total | 4,304,136 | 1,968,770 | 118.6% | | Current portion | (3,318,456) | (1,010,990) | 228.2% | | Non-current portion | 985,680 | 957,780 | 2.9% | - Bank borrowings include secured loans from fellow subsidiaries and external banks, bearing interest at HIBOR plus a spread or LPR minus a spread[54] - Other borrowings are primarily secured loans from fellow subsidiaries, bearing interest at HIBOR plus a spread or LPR minus a spread[54] 19. Share Capital As of June 30, 2025, the Company's authorized share capital and issued and fully paid share capital remained unchanged, consisting of 10,000,000,000 ordinary shares of HKD 0.05 each and 7,857,727,149 issued ordinary shares Share Capital for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized share capital (10,000,000,000 shares) | 500,000 | 500,000 | | Issued and fully paid share capital (7,857,727,149 shares) | 392,886 | 392,886 | - There were no changes in the Company's share capital during the period[105] 20. Litigation CACT, a wholly-owned subsidiary, is involved in a letter of credit fraud claim with Weihai Bank; the Shandong court initially ruled in favor of CACT, but the Supreme People's Court ordered a retrial, with the latest ruling finding CACT not guilty of fraud but liable for approximately RMB 1.15 million in compensation, and both parties have appealed, with the Supreme People's Court scheduled to review the case on September 4, 2025 - CACT is involved in a letter of credit fraud claim by Weihai Bank, concerning three letters of credit totaling USD 28.4 million[57] - The Shandong court initially ruled in favor of CACT, but the Supreme People's Court on December 12, 2022, ordered the first-instance judgment to be set aside and remanded for retrial[57][58] - On July 30, 2024, the Shandong court's retrial judgment found CACT not to have committed letter of credit fraud and to be without fault, but ordered CACT to pay approximately RMB 1.15 million in compensation based on the principle of fairness[58] - Both Weihai Bank and CACT have appealed, and the Supreme People's Court is scheduled to review the case on September 4, 2025[58] 21. Commitments As of June 30, 2025, the Group's total contracted but unprovided capital expenditure commitments amounted to HKD 115,733 thousand, primarily for infrastructure projects and acquisition of property, plant and equipment, with an additional HKD 46,051 thousand in capital expenditure commitments attributable to joint ventures Capital Expenditure Commitments for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Contracted but unprovided capital expenditure of the Group | 115,733 | 56,257 | 105.7% | | Capital expenditure commitments attributable to joint ventures | 46,051 | 29,850 | 54.3% | 22. Related Party Transactions and Connected Transactions The Group engaged in several significant related party transactions, including interest expense and income with fellow subsidiaries, and amounts payable to related parties for cash and deposits, bank and other borrowings, and lease liabilities, while key management personnel compensation remained stable Related Party Transactions for the First Half of 2025 (HKD thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Fellow subsidiaries: Interest expense on lease liabilities | 124 | 126 | | Fellow subsidiaries: Interest expense on bank and other borrowings | 28,288 | 29,000 | | Fellow subsidiaries: Interest income on deposits | 34,516 | 12,695 | Amounts Payable to Related Parties for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fellow subsidiaries: Cash and deposits | 1,948,824 | 1,268,111 | | Fellow subsidiaries: Bank borrowings | 1,062,344 | 1,010,990 | | Fellow subsidiaries: Other borrowings | 1,927,552 | 957,780 | - Total compensation paid to the Group's key management personnel was HKD 2,589 thousand (first half of 2024: HKD 2,591 thousand)[61] 23. Fair Value and Fair Value Hierarchy of Financial Instruments The Group's financial instruments are primarily measured at fair value using quoted prices in active markets (Level 1) and significant observable inputs (Level 2), with fair values of financial assets at fair value through other comprehensive income and derivative financial instruments changing during the reporting period - The fair value of financial assets and liabilities is recognized at the amount at which the instrument could be exchanged in a current transaction between willing parties[63] - The fair value of non-current time deposits and bank and other borrowings is calculated by discounting expected future cash flows[63] - Derivative financial instruments, including forward currency contracts and Power Contract III, are measured using valuation techniques such as present value calculations based on similar forward pricing and discounted cash flow models[63] Financial Assets Measured at Fair Value for the First Half of 2025 (HKD thousands) | Item | June 30, 2025 (Total) | December 31, 2024 (Total) | | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income | 1,762,621 | 2,289,703 | | Derivative financial instruments | 118,893 | 89,253 | 24. Events After the Reporting Period As of the date of this report, the Kazakhstan Supreme Court has issued a final ruling on the tax claim against KBM, and the Group is not required to make any provision for it - The Kazakhstan Supreme Court has issued a final and binding ruling on the tax claim against KBM, and the Group will not make any provision for this tax claim[66] Other Information Business Review and Outlook In the first half of 2025, the Group faced challenges from declining commodity prices and geopolitical conflicts but achieved significant revenue growth by deepening its "investment + trade" dual-driven strategy, though net profit attributable to owners decreased due to falling crude oil and coal prices and high alumina costs; going forward, the Group will consolidate existing businesses, expand oil and gas trade, and focus on upstream mining and quality oil and gas development project investments - In the first half of 2025, commodity prices continued to decline, with international crude oil prices moving lower, coal prices remaining low, and aluminum prices slightly increasing[68] - The Group achieved operating revenue of approximately HKD 9.38 billion, a 137.9% year-on-year increase, primarily driven by the steady expansion of its oil and gas trading business[69] - Net profit attributable to owners was approximately HKD 150 million, a 57.0% year-on-year decrease, mainly due to falling crude oil and coal prices and high raw material alumina prices[69] - The Group will deepen its "investment + trade" dual-driven strategy, consolidate existing businesses, steadily expand its oil and gas trade, and focus on upstream mining and quality oil and gas development project investments[72] Operating Environment In the first half of 2025, the global commodity market faced challenges, with international crude oil prices trending lower, a supply-demand imbalance in the coal market, and a slight increase in aluminum prices driven by industrial demand recovery and supply constraints, further exacerbated by geopolitical conflicts, trade frictions, and accelerated new energy substitution - In 2025, the international crude oil price center generally moved lower, with Brent crude averaging USD 71.8 per barrel, a year-on-year decrease of approximately 14.5%[68] - The global coal market continued its supply-strong, demand-weak pattern, with pulverized coal injection (PCI) averaging USD 138.5 per ton, a year-on-year decrease of approximately 15.3%[68] - The average price of LME aluminum ingots was USD 2,536.6 per ton, a year-on-year increase of approximately 5.0%, supported by demand from new energy sectors and supply constraints[68] Operating Results and Analysis By actively responding to commodity price fluctuations and implementing measures to increase reserves, production, and reduce costs and enhance efficiency, the Group achieved operating revenue of HKD 9.38 billion, a 137.9% year-on-year increase, but net profit attributable to owners decreased by 57.0% due to falling crude oil and coal prices and high alumina costs; the company maintained a healthy financial position with ample liquidity Operating Results for the First Half of 2025 (HKD thousands) | Indicator | First Half 2025 | First Half 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Operating revenue | 9,382,263 | 3,944,594 | 137.9% | | Net profit attributable to owners | 151,671 | 353,113 | (57.0%) | - Oil and gas trading business revenue was HKD 7.63 billion, accounting for 81.3% of total revenue[69] - As of June 30, 2025, total assets were approximately HKD 15.93 billion, net assets attributable to owners were approximately HKD 7.66 billion, the asset-liability ratio was approximately 51.0%, and the annualized return on equity was approximately 3.9%[69] Oil and Gas Business In the first half of 2025, the Group's oil and gas business actively responded to declining international oil prices, with the Kazakhstan oilfield optimizing its production and transportation system and the Yuedong oilfield advancing new drilling plans, but equity production decreased by 1.7% year-on-year, operating revenue decreased by 21.4% year-on-year, and net profit attributable to owners decreased by 39.4% - The Kazakhstan oilfield optimized its surface production and transportation system, increasing water injection and fluid production; the Yuedong oilfield advanced new drilling plans to explore resource potential[70] Oil and Gas Business Performance for the First Half of 2025 | Indicator | First Half 2025 | First Half 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Equity production | 4.643 million barrels | N/A | (1.7%) | | Operating revenue | HKD 570 million | N/A | (21.4%) | | Net profit attributable to owners | HKD 130 million | N/A | (39.4%) | Non-Oil and Gas Business In the first half of 2025, the Group's non-oil and gas business exercised shareholder rights to assist electrolytic aluminum and coal projects in improving efficiency and expanded its oil and gas trading business, achieving operating revenue of HKD 7.63 billion and trading volume of approximately 13.3 million barrels; however, non-oil and gas business performance decreased by approximately HKD 50.4 million year-on-year, affected by falling PCI coal prices, rising alumina prices, and extreme weather and port delays in Australia - Actively assisted electrolytic aluminum and coal projects in planning efficiency improvement strategies and conveyed demands for cost reduction and efficiency enhancement to operators[71] - Oil and gas trading business achieved operating revenue of approximately HKD 7.63 billion and a trading volume of approximately 13.3 million barrels[71] - Non-oil and gas business performance decreased by approximately HKD 50.4 million year-on-year, mainly due to falling PCI coal prices, rising raw material alumina prices, and extreme weather and port delays in Australia in March and April 2025[71] Outlook The Group will continue to adhere to a "seeking progress while maintaining stability" strategy, deepen its "investment + trade" dual-driven development strategy, consolidate high-quality development of existing businesses, steadily expand its oil and gas trading footprint, and focus on upstream mining investments centered on aluminum products and quality oil and gas development projects, continuously enhancing enterprise value through improved operational efficiency, optimized market value management, and strengthened risk control - Despite accelerated development of renewable energy, oil and gas will remain crucial in the energy mix but face uncertainties from carbon reduction policies, market volatility, and geopolitical conflicts[72] - Demand for aluminum business will be driven by industrialization and urbanization in developing countries, as well as rapid development in new energy and electric vehicle sectors[72] - The Group will deepen its "investment + trade" dual-driven strategy, focusing on upstream mining investments centered on aluminum products and quality oil and gas development projects[72] Financial Review This section provides a detailed review of the Group's financial performance for the first half of 2025, including operating results, financial position, and specific performance and influencing factors for each business segment (electrolytic aluminum, coal, commodity trading, bauxite mining and alumina refining, crude oil business), revealing a trend of revenue growth but declining profit, and analyzing the main reasons - The Group recorded a profit attributable to ordinary equity holders of the Company of approximately HKD 151.7 million for the first half of 2025, a year-on-year decrease of approximately 57.0%[75] - The decline in profit was primarily attributed to a significant decrease in average selling prices of crude oil and coal, a substantial increase in raw material alumina costs, reduced share of profit from associates due to no longer holding AWC equity, and a decrease in share of profit from joint ventures[75][77] - As of June 30, 2025, cash and deposits amounted to approximately HKD 4,419.1 million, indicating a sound financial position[75] Operating Results and Ratios For the six months ended June 30, 2025, the Group's revenue significantly increased by 137.9%, but EBITDA and net profit attributable to owners decreased by 35.8% and 57.0% respectively, with basic earnings per share also decreasing accordingly Operating Results and Ratios for the First Half of 2025 (HKD thousands) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,382,263 | 3,944,594 | 137.9% | | EBITDA | 510,846 | 795,550 | (35.8%) | | Adjusted EBITDA | 754,682 | 1,096,569 | (31.2%) | | Profit attributable to ordinary equity holders of the Company | 151,672 | 353,113 | (57.0%) | | Earnings per share (basic) (HK cents) | 1.93 | 4.49 | (57.0%) | Financial Position and Ratios As of June 30, 2025, the Group's cash and deposits and total debt both significantly increased by over 116%, total assets grew by 25.7%, but total equity decreased by 5.0%, with the asset-liability ratio and interest-bearing debt ratio rising significantly, and the current ratio slightly decreasing Financial Position and Ratios for the First Half of 2025 (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and deposits | 4,419,129 | 2,031,447 | 117.5% | | Total assets | 15,934,829 | 12,673,143 | 25.7% | | Total debt | 4,363,325 | 2,011,520 | 116.9% | | Net cash | 55,804 | 19,927 | 180.0% | | Total equity | 7,801,521 | 8,213,073 | (5.0%) | | Current ratio | 1.1 times | 1.3 times | (15.4%) | | Asset-liability ratio | 51.0% | 35.2% | 44.9% | | Interest-bearing debt ratio | 27.0% | 15.5% | 74.2% | Electrolytic Aluminum In the first half of 2025, electrolytic aluminum business revenue grew by 47%, with both average selling price and sales volume increasing, but the segment recorded a loss of HKD 8.4 million due to abnormally high alumina prices leading to increased production costs; the company has entered into a 2026 power hedging agreement to ensure power supply and price predictability, and plans to further restart electrolytic cells in the second half to boost capacity Electrolytic Aluminum Business Performance for the First Half of 2025 (HKD millions) | Indicator | First Half 2025 | First Half 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Segment revenue | 885.2 | 601.6 | 47% | | Segment results | Loss 8.4 | Profit 39.8 | N/A | - Aluminum prices showed resilience, slightly increasing year-on-year, supported by industrial demand recovery and supply constraints[78] - Increased production costs were primarily attributed to abnormally high alumina prices from late 2024 to early 2025[78] - A nine-year power hedging agreement for 2026 has been entered into, supplying 300 MW of power to the electrolytic aluminum plant, equivalent to approximately 95% of the energy required for rated capacity[80] - The smelter restarted more electrolytic cells, increasing capacity to approximately 80%, with further restarts planned for the second half of 2025[80] Coal In the first half of 2025, coal business revenue decreased by 27%, and segment results shifted from profit to a gross loss of HKD 8.7 million, primarily due to a significant decline in PCI coal prices, weak demand in Asian markets, geopolitical tensions, and extreme weather affecting sales and production volumes Coal Business Performance for the First Half of 2025 (HKD millions) | Indicator | First Half 2025 | First Half 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 296.7 | 405.2 | (27%) | | Segment results | Gross loss 8.7 | Profit 27.0 | N/A | - PCI coal prices significantly declined, with average selling price and sales volume decreasing by approximately 21% and 7% respectively compared to the prior year period[80] - The decrease in production and sales volume was mainly due to weak demand in Asian markets, geopolitical tensions, economic uncertainties, and severe rainfall and thunderstorms from March to April 2025[80] Commodity Trading In the first half of 2025, the Group's commodity trading business revenue significantly increased by 246% to HKD 7,625.8 million, and segment results grew by 145% to HKD 1.8 million, primarily driven by the signing of back-to-back crude oil trading contracts and a substantial increase in trading volume Commodity Trading Business Performance for the First Half of 2025 (HKD millions) | Indicator | First Half 2025 | First Half 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 7,625.8 | 2,206.8 | 246% | | Segment results | 1.8 | 0.7 | 145% | - The first back-to-back crude oil trading contract was signed in January 2024, with approximately 13.3 million barrels of crude oil sold during the period[85] - This section also mentions the progress of CACT's letter of credit fraud claim with Weihai Bank, with the Supreme People's Court scheduled to review the case on September 4, 2025[82][83][85] Bauxite Mining and Alumina Refining The Group ceased to hold equity interest in AWC from July 18, 2024, and now holds approximately 3.03% equity in Alcoa, which is classified as a financial asset at fair value through other comprehensive income; in the first half of 2025, the fair value of this investment decreased by approximately HKD 527.1 million, mainly due to a decline in Alcoa's share price, but dividends of approximately HKD 12.4 million were received - From July 18, 2024, the Group no longer holds any equity interest in AWC, instead holding approximately 3.03% equity in Alcoa (ASX: AAI; NYSE: AA)[88] - The investment in Alcoa is classified as a financial asset at fair value through other comprehensive income, with its fair value changes entirely dependent on Alcoa's share price movements[88] - In the first half of 2025, the fair value of the investment in Alcoa decreased by approximately HKD 527.1 million, primarily due to a decline in Alcoa's share price[88] - Dividends of approximately HKD 12.4 million were received from Alcoa during the period[88] Crude Oil (Seram Block) In the first half of 2025, Seram Energy (operator of the Seram Block) recorded a segment loss of approximately HKD 0.5 million, mainly due to no revenue or cost of sales recognized in the period following an adjustment to sales arrangements, and declining production and sales volumes due to natural depletion of existing wells; the company is proceeding with the transfer of a 10% participating interest to MEA and is involved in litigation with the Indonesian tax authority - Seram Energy recorded a segment loss of approximately HKD 0.5 million (first half of 2024: profit of approximately HKD 8.7 million)[89] - No revenue or cost of sales was recognized in the period due to an adjustment in sales arrangements for the second half of 2025, changing the sales frequency from twice a year to once a year[89] - Total production and sales volume decreased by approximately 12% year-on-year, and daily production and sales volume decreased by approximately 12%, primarily due to the natural depletion of existing wells[89][90] - Seram Energy is proceeding with the transfer of a 10% participating interest in the oil sharing contract to MEA and is involved in ongoing litigation with the Indonesian tax authority[91] Crude Oil (Hainan-Yuedong Block) In the first half of 2025, CITIC Haiyue recorded a segment profit of approximately HKD 207.1 million in the Hainan-Yuedong Block, a 34.8% year-on-year decrease, primarily due to a decline in average crude oil realized prices and reduced sales volume, as well as decreasing production and sales volumes from natural depletion of existing wells; the company is implementing strict cost control and promoting new technologies to improve production efficiency - CITIC Haiyue recorded a segment profit of approximately HKD 207.1 million, a year-on-year decrease of approximately 34.8%[92] - Revenue decreased by approximately 18%, mainly due to a decrease of approximately 13% in average crude oil realized prices and a decrease of approximately 6% in sales volume[92] - Total production and sales volume decreased by approximately 4% year-on-year, and daily production and sales volume decreased by approximately 4%, primarily due to the continuous natural depletion of existing wells[92] - Cost of sales per barrel increased by approximately 0.6% year-on-year, but the company is implementing strict cost control and promoting new technologies to improve production efficiency[92] Crude Oil and Bitumen (Karazhanbas Oilfield, Kazakhstan) In the first half of 2025, KBM achieved a net profit attributable to owners of approximately HKD 27.2 million, an 81.2% year-on-year decrease, primarily due to falling average realized prices for crude oil and bitumen, despite an increase in crude oil sales volume; the company reduced its cost of sales and distribution per barrel through tenge depreciation and cost control measures - KBM achieved a net profit attributable to owners of approximately HKD 27.2 million, a year-on-year decrease of approximately 81.2%[94] - Crude oil revenue decreased by approximately 7% year-on-year, mainly due to a decrease of approximately 16% in average crude oil realized prices, although sales volume increased by approximately 11%[94][95] - Bitumen revenue decreased by approximately 29% year-on-year, mainly due to a decrease of approximately 20% in sales volume and a decrease of approximately 11% in average selling price[94][95] - Cost of sales per barrel decreased by approximately 1% year-on-year, and selling and distribution costs per barrel decreased by approximately 9% year-on-year, primarily benefiting from tenge depreciation and reduced export duties and taxes[95] Liquidity, Financial Resources and Capital Structure This section details the Group's liquidity, financial resources, and capital structure, showing ample cash and deposits as of June 30, 2025, a significant increase in total debt primarily for trade financing, and sufficient bank credit facilities; the Group manages financial risks through diversified businesses and derivative instruments and believes it has adequate resources to meet working capital needs - As of June 30, 2025, the Group's cash and deposit balances amounted to approximately HKD 4,419.1 million, a significant increase from December 31, 2024[98] - Total debt was approximately HKD 4,363.3 million, an increase of approximately HKD 2,351.8 million from December 31, 2024, mainly due to a net increase in bank and other borrowings[100] - The Group has sufficient credit facilities from related parties and external banks, with a portion already utilized[101] - The Board of Directors believes the Group has sufficient resources to meet foreseeable working capital requirements[111] Cash and Deposits As of June 30, 2025, the Group's cash and deposit balances significantly increased to HKD 4,419.1 million, primarily denominated in USD, AUD, RMB, and HKD, indicating ample liquidity Cash and Deposits for the First Half of 2025 (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and deposit balances | 4,419,129 | 2,031,447 | 117.5% | - The Group's cash and cash equivalents are primarily denominated in USD, AUD, RMB, and HKD[99] Borrowings and Bank Facilities As of June 30, 2025, the Group's total debt significantly increased to HKD 4,363.3 million, primarily comprising unsecured bank borrowings, other borrowings, and lease liabilities, with most being short-term, denominated in RMB, and bearing interest at market rates; the company aims to maintain reasonable cash and credit facilities to meet future needs Total Debt Composition for the First Half of 2025 (HKD millions) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Unsecured bank borrowings | 2,376.6 | 1,011.0 | 135.1% | | Unsecured other borrowings | 1,927.6 | 957.8 | 101.3% | | Lease liabilities | 59.2 | 42.7 | 38.6% | | Total debt | 4,363.3 | 2,011.5 | 116.9% | - Most transactions in the Group's import and export commodities business are financed by borrowings, which are typically self-liquidating, transaction-specific, and short-term[100] - As of June 30, 2025, all the Group's bank and other borrowings are denominated in RMB and bear interest at HIBOR plus a spread or LPR minus a spread[100] - The Group has sufficient credit facilities from related parties and external banks, with a portion already utilized[101] Trade Finance The Group's trading business has secured trade finance loans of USD 765.0 million (approximately HKD 5,967.0 million), primarily for issuing letters of credit to suppliers; as of June 30, 2025, approximately 36.3% of the trade finance credit facilities have been utilized - The Group's trading business has secured trade finance loans of USD 765.0 million (approximately HKD 5,967.0 million), primarily for issuing letters of credit to suppliers[103] - As of June 30, 2025, approximately 36.3% of the trade finance credit facilities have been utilized, amounting to USD 278.0 million (approximately HKD 2,168.4 million)[103] Finance Leases As of June 30, 2025, the Group's finance lease liabilities for its aluminum and coal mining businesses amounted to approximately HKD 3.1 million, a decrease from December 31, 2024 Finance Lease Liabilities for the First Half of 2025 (HKD millions) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Finance lease liabilities | 3.1 | 7.2 | (57.0%) | Share Capital The Company's share capital remained unchanged during the period, with issued share capital maintained at 7,857,727,149 ordinary shares of HKD 0.05 each - There were no changes in the Company's share capital during the period[105] - The issued share capital consists of 7,857,727,149 ordinary shares of HKD 0.05 each[56] Financial Risk Management The Group manages market risks (including foreign currency, price, interest rate, and inflation risks), credit risk, and liquidity risk through a set of internal policies and procedures, utilizing forward currency contracts and derivative instruments (such as power hedging agreements) to hedge foreign currency and price risks - The Group manages various risks, including market risks (foreign currency, price, interest rate, and inflation), credit risk, and liquidity risk[106] - Foreign currency risk is hedged through forward currency contracts, and price risk is managed using derivative instruments such as power hedging agreements[106][107] New Investments The Group made no new investments during the period - The Group made no new investments during the period[108] Pledged Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[109] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[110] Opinion The Board of Directors believes that, considering currently available borrowing facilities and internal resources, the Group has sufficient resources to meet foreseeable working capital requirements - The Board of Directors believes the Group has sufficient resources to meet foreseeable working capital requirements[111] Employees and Remuneration Policy As of June 30, 2025, the Group had 189 full-time employees with total remuneration of approximately HKD 26.1 million; additionally, employee remuneration shared with outsourcing contractors and joint venture projects amounted to approximately HKD 183.6 million, involving 1,709 employees. The Group's remuneration policy aims to provide fair market compensation to attract and motivate high-quality staff and includes contributory retirement benefit schemes - As of June 30, 2025, the Group had 189 full-time employees, with remuneration of approximately HKD 26.1 million[112] - Employee remuneration shared with outsourcing contractors and jointly owned investments amounted to approximately HKD 183.6 million, involving a total of approximately 1,709 employees[112] - The remuneration policy aims to provide fair market compensation, determined based on individual knowledge, skills, responsibilities, and performance, as well as the Group's performance[112] - The Group has established contributory retirement benefit schemes for employees in Mainland China, Australia, and Hong Kong[112][113] Events After the Reporting Period From July 1, 2025, to the date of this report, other than the final ruling on the KBM tax claim already disclosed, the Group has no other significant matters or transactions requiring disclosure to shareholders - From July 1, 2025, to the date of this report, there are no other significant matters or transactions requiring disclosure, except for the final ruling on the KBM tax claim[114] Corporate Governance Code The Company has consistently adopted the principles of the Corporate Governance Code in Appendix C1 of the Listing Rules during the period and complied with applicable code provisions, although the roles of Chairman and Chief Executive Officer are combined by Mr. Hao Weibao, which the Board believes facilitates business strategic planning and execution, and the Board's structure provides adequate checks and balances - The Company adopts the principles of the Corporate Governance Code in Appendix C1 of the Listing Rules[115] - The roles of Chairman and Chief Executive Officer are combined by Mr. Hao Weibao, deviating from code provision C.2.1, but the Board believes this arrangement facilitates business strategic planning and execution[116] - The Board's structure, comprising one non-executive director and three independent non-executive directors, provides adequate checks and balances[116] Standard Securities Dealing Code for Directors The Company has adopted a code of conduct for directors' dealings in company securities, and after specific inquiries, all directors confirmed compliance with the required standards of the code during the period - The Company has adopted a code of conduct for directors' dealings in the Company's securities[117] - All directors confirmed compliance with the required standards of the securities dealing code during the period[118] Directors' and Chief Executive's Interests in Shares and Underlying Shares As of June 30, 2025, Mr. Chen Jian held 10.01% of the Company's shares through controlled corporations, and Mr. Lyu Dequan beneficially owned 0.01% of shares; Mr. Hao Weibao held 62,000 ordinary shares of CITIC Limited Directors' and Chief Executive's Long Positions in the Company's Shares for the First Half of 2025 | Director's Name | Nature of Interest | Number of Ordinary Shares Held | Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Chen Jian | Interest in controlled corporation | 786,558,488 | 10.01% | | Mr. Lyu Dequan | Beneficial owner | 908,000 | 0.01% | Directors' Long Positions in Shares of Associated Corporations for the First Half of 2025 | Director's Name | Name of Associated Corporation | Shares/Equity Derivatives | Nature of Interest | | :--- | :--- | :--- | :--- | | Mr. Hao Weibao | CITIC Limited | 62,000 ordinary shares | Beneficial owner | Share Option Scheme The Company's share option scheme adopted on June 27, 2014, expired on June 26, 2024, and no share options were granted under the scheme from its adoption date until its expiry date - The Company's share option scheme expired on June 26, 2024[121] - No share options were granted under the share option scheme from its adoption date until its expiry date[121] [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=44&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%92%8C%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E5%9C%A8%E8%82%A1%E4%BB%BD%E5%92%