瑞远智控(08249) - 2025 - 中期财报

GEM Listing Statement and Directors' Responsibility Statement GEM Market Features and Risk Disclosure The report highlights the GEM market as a listing platform for SMEs, noting higher investment risks, market volatility, and no guarantee of high liquidity, urging investors to understand potential risks - The GEM market targets small and medium-sized companies, entailing higher investment risks, potential for significant market volatility in securities, and no guarantee of high liquidity[3] Directors' Responsibility Statement The company's directors collectively and individually assume full responsibility for this report, confirming its accuracy, completeness, and absence of misleading or fraudulent content, with all opinions based on careful consideration and fair assumptions - Directors confirm the report's information is accurate and complete in all material aspects, free from misleading or fraudulent content, and without material omissions[4] - Directors declare all opinions in this report are formed after careful consideration and based on fair and reasonable grounds and assumptions[4] Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, revenue decreased by 24.16% to RMB9.91 million, gross profit fell by 62.66%, loss for the period expanded by 146.18% to RMB0.613 million, and basic loss per share increased to RMB0.0012 Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-Year Change (RMB Thousand) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 9,910 | 13,067 | (3,157) | -24.16% | | Cost of Sales | (9,447) | (11,827) | 2,380 | -20.12% | | Gross Profit | 463 | 1,240 | (777) | -62.66% | | Other Income | 1 | 2 | (1) | -50.00% | | Selling Expenses | (158) | (176) | 18 | -10.23% | | Administrative Expenses | (819) | (1,311) | 492 | -37.53% | | Finance Costs | (100) | – | (100) | - | | Loss Before Tax | (613) | (245) | (368) | 150.20% | | Income Tax Expense | – | (4) | 4 | -100.00% | | Loss and Total Comprehensive Loss for the Period | (613) | (249) | (364) | 146.18% | | Basic Loss Per Share (RMB Cents) | (0.12) | (0.05) | (0.07) | 140.00% | Unaudited Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's net current liabilities increased to RMB54.17 million, capital deficiency expanded to RMB54.058 million, bank balances and cash significantly decreased, while trade receivables substantially increased Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (RMB Thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 112 | 121 | (9) | -7.44% | | Inventories | – | 25 | (25) | -100.00% | | Trade Receivables | 2,522 | 12 | 2,510 | 20916.67% | | Bank Balances and Cash | 3,535 | 11,999 | (8,464) | -70.54% | | Total Current Assets | 6,057 | 12,041 | (5,984) | -49.70% | | Trade Payables | 5,523 | 3,695 | 1,828 | 49.47% | | Amount Due to a Shareholder of the Ultimate Holding Company | 740 | 7,740 | (7,000) | -90.44% | | Amount Due to a Key Shareholder | 46,000 | 46,000 | – | 0.00% | | Total Current Liabilities | (60,227) | (65,607) | 5,380 | -8.20% | | Net Current Liabilities | (54,170) | (53,566) | (604) | 1.13% | | Net Liabilities | (54,058) | (53,445) | (613) | 1.15% | | Capital Deficiency | (54,058) | (53,445) | (613) | 1.15% | Condensed Consolidated Statement of Changes in Equity (Unaudited) For the six months ended June 30, 2025, total equity further decreased due to the loss for the period, with accumulated losses continuously expanding, reflecting a deteriorating financial position Key Data from Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2024 (RMB Thousand) | June 30, 2024 (RMB Thousand) | January 1, 2025 (RMB Thousand) | June 30, 2025 (RMB Thousand) | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 50,000 | 50,000 | 50,000 | 50,000 | | Capital Reserve | 40,449 | 40,449 | 40,449 | 40,449 | | Other Reserves | 291,319 | 291,319 | 291,319 | 291,319 | | Statutory Surplus Reserve | 25,465 | 25,465 | 25,465 | 25,465 | | Accumulated Losses | (459,380) | (459,629) | (460,678) | (461,291) | | Total (Capital Deficiency) | (52,147) | (52,396) | (53,445) | (54,058) | - Loss for the period and total comprehensive loss led to a continuous expansion of accumulated losses, increasing from RMB460.678 million as of January 1, 2025, to RMB461.291 million as of June 30, 2025[7] Unaudited Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities turned from an inflow to an outflow of RMB4.526 million, leading to an expanded net decrease in cash and cash equivalents and a 70.54% drop in period-end cash balance Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-Year Change (RMB Thousand) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net Cash (Used In) / From Operating Activities | (4,526) | 7 | (4,533) | -64757.14% | | Net Cash From Investing Activities | 1 | 1 | – | 0.00% | | Net Cash Used In Financing Activities | (3,939) | (9,050) | 5,111 | -56.47% | | Net Decrease in Cash and Cash Equivalents | (8,464) | (9,042) | 578 | -6.39% | | Cash and Cash Equivalents at Beginning of Period | 11,999 | 12,768 | (769) | -6.02% | | Cash and Cash Equivalents at End of Period | 3,535 | 3,726 | (191) | -5.13% | - Period-end bank balances and cash significantly decreased from RMB11.999 million at the beginning of the period to RMB3.535 million, indicating cash flow pressure[8] Notes to the Condensed Consolidated Interim Financial Statements Note 1. General Information Zhejiang Ruiyuan Intelligent Control Technology Co Ltd is a GEM-listed company incorporated in China, primarily engaged in selling electronic equipment and component control systems, and manufacturing and selling CNC machine tool bare machines, with financial statements denominated in RMB - The company is a joint stock limited company incorporated in the People's Republic of China, with its shares listed on the GEM of The Stock Exchange of Hong Kong Limited[9] - The Group's principal activities in China involve selling controller systems for electronic equipment and components used in electronic products, and manufacturing and selling CNC machine tool bare machine products[9] - The unaudited consolidated financial statements are presented in RMB, which is also the company's functional currency[10] Note 2. Basis of Preparation The Group's unaudited condensed consolidated results are prepared under HKFRS and reviewed by the Audit Committee; despite significant going concern uncertainties, the Board believes the Group can continue operating for at least twelve months due to shareholder support and cost controls - The Group's unaudited condensed consolidated results are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Generally Accepted Accounting Principles, disclosure requirements of the Hong Kong Companies Ordinance, and the GEM Listing Rules[11] - The period recorded a net loss of approximately RMB0.613 million, net current liabilities of approximately RMB54.17 million, and a capital deficiency of approximately RMB54.058 million, indicating significant operating uncertainties[12] - The Board believes, considering the controlling shareholder's commitment to provide sufficient financial support and enhanced cost control measures, the Group will have adequate working capital to meet its needs for the next twelve months, thus preparing the consolidated financial statements on a going concern basis[12][13] Note 3. Changes in Accounting Policies and Disclosures Accounting policies for the condensed consolidated financial statements are consistent with the prior year, adopting only new standards effective January 1, 2025, with no material impact on reported amounts or disclosures - Accounting policies adopted for the condensed consolidated financial statements are consistent with those followed for the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of new standards effective January 1, 2025[14] - The application of new and revised standards during the reporting period had no material impact on the amounts reported and/or disclosures in these condensed consolidated financial statements[15] Note 4. Revenue and Other Income Total revenue for H1 2025 was RMB9.91 million, a 24.16% year-on-year decrease, with controller system sales slightly up and CNC machine tool bare machine sales significantly down by 74.62% Revenue and Other Income Details | Goods Type | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-Year Change (RMB Thousand) | Year-on-Year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Sales of controller systems for electronic equipment and components and electronic product parts | 8,629 | 8,019 | 610 | 7.61% | | Sales of CNC machine tool bare machine products | 1,281 | 5,048 | (3,767) | -74.62% | | Total Revenue | 9,910 | 13,067 | (3,157) | -24.16% | | Other Income | 1 | 2 | (1) | -50.00% | Note 5. Segment Information The Group operates two reportable segments: controller systems and bare machine products; controller systems saw revenue growth but expanded losses, while bare machine products experienced significant revenue decline and a shift from profit to loss, with all revenue and assets in China and high customer concentration - The Group's operating and reportable segments are: (i) sales of controller systems for electronic products; and (ii) sales of bare machine products[18] Segment Revenue and Results | Segment | H1 2025 Revenue (RMB Thousand) | H1 2024 Revenue (RMB Thousand) | Revenue Change Rate | H1 2025 Results (RMB Thousand) | H1 2024 Results (RMB Thousand) | Results Change Rate | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Controller Systems | 8,629 | 8,019 | 7.61% | (437) | (348) | 25.57% (Loss expanded) | | Sales of Bare Machine Products | 1,281 | 5,048 | -74.62% | 49 | 434 | -88.71% (Profit significantly decreased) | | Consolidated Revenue | 9,910 | 13,067 | -24.16% | (388) | 86 | -551.16% (Shift from profit to loss) | - All of the Group's revenue is derived from customers in China, and all segment assets are located in China[23][24] Major Customer Turnover Contribution | Customer | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Customer A1 | 6,160 | 6,560 | | Customer B1 | 2,675 | –* | | Customer C2 | –* | 5,047 | | Total | 8,835 | 11,607 | *Represents revenue for the period accounting for less than 10% of the Group's total revenue Note 6. Finance Costs For the six months ended June 30, 2025, the Group incurred finance costs of approximately RMB0.1 million, compared to zero in the prior corresponding period - For the six months ended June 30, 2025, finance costs were approximately RMB0.1 million (six months ended June 30, 2024: zero)[25] Note 7. Loss Before Tax Loss before tax for H1 2025 expanded to RMB0.613 million from RMB0.245 million in the prior period, primarily driven by staff costs and inventory costs recognized as expenses Components of Loss Before Tax | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loss Before Tax | (613) | (245) | | Staff Costs (excluding remuneration for Chairman, Directors and Supervisors) | 274 | 361 | | Depreciation of Property, Plant and Equipment | 9 | 13 | | Cost of Inventories Recognized as Expense | 9,447 | 11,816 | - Total staff costs decreased from RMB0.361 million in H1 2024 to RMB0.274 million in H1 2025[26] Note 8. Income Tax Expense The company incurred no income tax expense in H1 2025, compared to RMB0.004 million in the prior period, with some Chinese subsidiaries benefiting from a 5% preferential corporate income tax rate as small low-profit enterprises Income Tax Expense | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | – | 4 | | Income Tax Expense | – | 4 | - For eligible small low-profit enterprises, the corporate income tax rate is 5% on annual taxable income not exceeding RMB3 million (inclusive)[28] - No provision for Hong Kong profits tax was made for the periods ended June 30, 2025, and 2024, as the Group generated no assessable profits in Hong Kong during those periods[28] Note 9. Dividends No dividends were distributed during the reporting period, and the Board does not recommend paying any dividends for the six months ended June 30, 2025 - No dividends were distributed during the reporting period, and the Board does not recommend paying dividends for the six months ended June 30, 2025[29] Note 10. Loss Per Share Basic loss per share for H1 2025 increased to RMB0.0012 from RMB0.0005 in the prior period, mainly due to expanded losses, with no potentially dilutive ordinary shares - Loss per share is calculated based on the Group's loss attributable to shareholders of approximately RMB0.613 million for the six months ended June 30, 2025 (six months ended June 30, 2024: RMB0.245 million), and 500 million issued shares during the respective periods[30] - No diluted loss per share is presented as the company had no potentially dilutive ordinary shares during any period[30] Note 11. Trade Receivables As of June 30, 2025, trade receivables significantly increased to RMB2.522 million from RMB0.012 million on December 31, 2024, with all receivables aged within 90 days and an average credit period of 90 days Trade Receivables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables | 2,522 | 12 | | Less: Accumulated Impairment Losses | – | – | | Trade Receivables, Net of Impairment | 2,522 | 12 | - The aging analysis of trade receivables shows all RMB2.522 million are within 0 to 90 days[31] - The Group grants an average credit period of 90 days to its trade customers[31] Note 12. Trade Payables As of June 30, 2025, trade payables increased to RMB5.523 million from RMB3.695 million on December 31, 2024, with most payables aged within 90 days and an average credit period for purchases of 90 days Trade Payables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | 0 to 90 days | 5,482 | 3,695 | | 91 to 180 days | 41 | – | | 181 to 365 days | – | – | | Over 365 days | – | – | | Total | 5,523 | 3,695 | - The average credit period for purchases of goods is 90 days[32] Note 13. Contingent Liabilities The company faces a 2016 labor tribunal claim of approximately HKD2.6 million from a former employee, currently suspended indefinitely, for which a provision of RMB0.086 million has been made, considered the best estimate of liability - Around November 7, 2016, a former employee, dismissed around October 5, 2016, initiated labor tribunal proceedings against the company and its former subsidiary, Hong Kong Man Ho Enterprise Limited, claiming approximately HKD2.6 million (equivalent to approximately RMB2.34 million)[33] - The labor tribunal proceedings were indefinitely suspended by an order dated May 5, 2017[33] - As of December 31, 2016, the Group made a claim provision of approximately RMB0.086 million, with no further provisions since, and directors consider this amount the best estimate of liability as of June 30, 2025, based on legal advice[33][34] Note 14. Events After the Reporting Period As of the report date, the Group has no significant events after the reporting period - As of the report date, the Group has no significant events after the reporting period[36] Management Discussion and Analysis Business Review The Group's core business involves designing, manufacturing, and selling CNC machine tool bare machines and electronic equipment controller systems, primarily operating in China, with plans to expand into industrial electronic intelligent control equipment and high-end CNC products to enhance innovation and market reach - The Group's principal activities include designing, manufacturing, and selling CNC machine tool bare machine products, and selling controller systems for electronic equipment and components for electronic products[37] - The Group's operations are primarily in China, with revenue mainly derived from Chinese customers[38] - The Group continues to actively develop businesses in industrial electronic intelligent control equipment, mechanical equipment, industrial control computer numerical control (CNC) systems, and general parts processing and manufacturing, with plans to launch various high-end CNC machine tool bare machine products[38] - The Group has signed letters of intent with multiple agents and will continue to expand its business in cities like Hangzhou, Jiaxing, and Shanghai, continuously adding new sales customers[38] Financial Review For the six months ended June 30, 2025, the Group's turnover decreased by 24.16% to RMB9.91 million, mainly due to reduced downstream customer export orders; loss attributable to shareholders expanded by 146.18% to RMB0.613 million due to lower revenue, increased cost of sales, and finance costs; gross margin declined to 4.67% due to rising raw material costs without product price increases; administrative expenses decreased - For the six months ended June 30, 2025, the Group recorded a turnover of approximately RMB9.91 million, a decrease of approximately RMB3.157 million, primarily due to a significant reduction in sales customer orders from a downstream client engaged in international export trade, facing high export taxes and fees[39] - Loss attributable to shareholders was approximately RMB0.613 million, an increase of approximately RMB0.364 million, mainly due to decreased revenue and increased cost of sales and finance costs[39] - Gross profit margin was 4.67% (six months ended June 30, 2024: 9.49%), a decrease primarily due to rising raw material costs without a corresponding increase in product selling prices[39] - Administrative expenses were approximately RMB0.819 million, a decrease of approximately RMB0.492 million compared to the prior period, mainly because some partners' Q3 2025 expenses were not settled as of June 30, 2025[40] Prospects The Group is committed to product innovation and quality, having formed strategic partnerships to expand its intelligent control system trade and sales markets, with current products gaining market acceptance and promising prospects for industrial electronic intelligent control systems and CNC machine tool bare machine applications - The Group recognizes the critical importance of its competitive strength in product innovation and quality for future sales growth and has established strategic partnerships with several companies[41] - Currently marketed products, including electronic components, industrial electronic intelligent control systems, AC servo motors, and CNC machine tool bare machines, have progressively gained market and customer recognition[41] - The development of industrial electronic intelligent control systems and CNC machine tool bare machine applications has gradually integrated into the market, providing the Group with favorable market and development prospects[41] Dividends No dividends were distributed during the reporting period, and the Board does not recommend paying any dividends for the six months ended June 30, 2025 - No dividends were distributed during the reporting period, and the Board does not recommend paying dividends for the six months ended June 30, 2025[42] Financial Resources and Liquidity As of June 30, 2025, the Group's net current liabilities increased to RMB54.17 million, with significant reductions in current assets and bank balances and cash, indicating increased liquidity pressure, and no capital gearing ratio - As of June 30, 2025, the Group's net current liabilities were approximately RMB54.17 million (December 31, 2024: RMB53.566 million), indicating an increase in net current liabilities[43] - As of June 30, 2025, current assets were approximately RMB6.057 million (December 31, 2024: RMB12.041 million), with bank balances and cash at approximately RMB3.535 million (December 31, 2024: RMB11.999 million), reflecting a significant decrease in both current assets and cash[43] - The Group had no capital gearing ratio as of June 30, 2025[43] Currency Risk The Group primarily operates in China, with most transactions denominated and settled in RMB, thus facing no foreign exchange risk; management monitors currency risk and will consider hedging significant exposures if necessary - The Group operates in China, with most transactions denominated and settled in RMB, and all financial assets measured at amortized cost are denominated in RMB, thus facing no foreign exchange risk[44] - The Group currently has no foreign currency hedging policy; however, management monitors foreign exchange risk and will consider hedging significant exposures when necessary[44] Outlook and Future Developments Facing China's economic slowdown and intensified competition in the controller system market, the Group will continue strict cost control measures in 2025 and explore business opportunities in intelligent control systems for heavy industry, such as those used in industrial robots - With China's overall economic growth slowing in recent years, competition in the controller system market has intensified[45] - The Group will continue to implement strict cost control measures in 2025 and explore business opportunities for intelligent control systems used in heavy industry, such as those applied in industrial robots[45] Significant Acquisitions or Disposals of Subsidiaries, Associates and Joint Ventures For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[46] Employees and Remuneration Policy As of June 30, 2025, the Group had 10 employees, with remuneration determined by market terms, individual performance, qualifications, and experience, including bonuses and retirement benefit scheme contributions - As of June 30, 2025, the Group had 10 employees (December 31, 2024: 11 employees)[47] - Remuneration is determined by market terms, individual performance, qualifications, and experience, with performance-based bonuses and contributions to retirement benefit schemes as other benefits[47] Pledge of Assets As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets (December 31, 2024: nil)[48] Contingent Liabilities Details of contingent liabilities are provided in Note 13 to the unaudited condensed consolidated interim financial statements - Details of contingent liabilities are provided in Note 13 to the unaudited condensed consolidated interim financial statements[49] Material Investments Held As of June 30, 2025, the Group held no material investments - As of June 30, 2025, the Group held no material investments[50] Future Plans for Material Investments or Capital Assets As of June 30, 2025, the Group had no specific plans for material investments or capital asset acquisitions - As of June 30, 2025, the Group had no specific plans for material investments or capital asset acquisitions[51] Events After the Reporting Period As of the report date, the Group has no significant events after the reporting period - As of the report date, the Group has no significant events after the reporting period[52] Other Information Directors, Chief Executive and Supervisors' Rights to Acquire Shares For the six months ended June 30, 2025, no directors, chief executive, or supervisors, nor their spouses or children under 18, were granted or exercised any rights to acquire shares in the company or its associated corporations - For the six months ended June 30, 2025, no directors, chief executive (if any), or supervisors, nor their spouses or children under 18, were granted or exercised any rights to acquire shares in the company or its associated corporations[53] Pledge of Shares by Controlling Shareholder Zhejiang Ruiyuan Intelligent Robot Co Ltd, the controlling shareholder, pledged 322,675,000 domestic shares, representing approximately 64.535% of the company's total issued share capital, to an independent third party for its own purposes and obligations - A total of 322,675,000 domestic shares held by Zhejiang Ruiyuan Intelligent Robot Co Ltd ("Ruiyuan Robot"), the company's controlling shareholder, have been pledged to an independent third party[54] - The pledged shares represent approximately 64.535% of the company's total issued share capital as of the announcement date[54] - The purpose of the pledge is for Ruiyuan Robot's own use and to fulfill its obligations[54] Directors, Chief Executive and Supervisors' Interests and Short Positions As of June 30, 2025, Mr He Keng held 74.00% of the company's domestic shares through controlled corporations and beneficially owned 1,000 H shares, while Ms Zou Jing beneficially owned 4,225,000 H shares, representing 0.845% of the registered capital, with no other directors, chief executive, or supervisors holding interests or short positions Directors' Long Positions in Shares | Director Name | Number of Shares Held | Nature of Interest | Approximate Percentage of Shares Held in the Same Class of Securities | Approximate Percentage of Shares Held in Registered Capital | | :--- | :--- | :--- | :--- | :--- | | Mr He Keng | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Mr He Keng | 1,000 H Shares | Beneficial owner | 0.0008% | 0.0002% | | Ms Zou Jing | 4,225,000 H Shares | Beneficial owner | 3.25% | 0.845% | - Except as disclosed, as of June 30, 2025, no directors, chief executive, or supervisors (including their spouses and children under 18) held any interests in the shares of the company or its associated corporations, nor were they granted or exercised any rights to subscribe for such shares[56] Interests of Substantial Shareholders in Shares or Underlying Shares of the Company As of June 30, 2025, Ruiyuan Robot and its concert parties collectively held 74.00% of the company's domestic shares, with Hangzhou Qindie, Zhuji Jinfu, Mr Tang Jingfeng, Mr Zhao Zhongxin, and Mr He Yanggen indirectly holding the same proportion through controlled corporations; Shaoxing Qinyuan held 9.47% domestic shares as a nominee, and Martin Currie China Hedge Fund Limited and its affiliates held 2.85% H shares as investment managers Substantial Shareholders' Long Positions in Shares | Name of Substantial Shareholder | Number of Shares Held | Nature of Interest | Approximate Percentage of Shares Held in the Same Class of Securities | Approximate Percentage of Shares Held in Registered Capital | | :--- | :--- | :--- | :--- | :--- | | Ruiyuan Robot | 370,000,000 Domestic Shares | Beneficial owner | 100.00% | 74.00% | | Hangzhou Qindie Electromechanical Equipment Co Ltd | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Zhuji Jinfu Electromechanical Equipment Co Ltd | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Shaoxing Qinyuan Electronic Technology Co Ltd | 47,325,000 Domestic Shares | Nominee | 12.79% | 9.47% | | Mr Tang Jingfeng | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Mr Zhao Zhongxin | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Mr He Yanggen | 370,000,000 Domestic Shares | Interest in controlled corporation | 100.00% | 74.00% | | Martin Currie China Hedge Fund Limited | 14,245,000 H Shares | Investment manager | 10.96% | 2.85% | | Martin Currie Investment Management Limited | 14,245,000 H Shares | Investment manager | 10.96% | 2.85% | - Ruiyuan Robot is a joint stock limited company incorporated in China, 55% owned by Hangzhou Qindie and 45% by Zhuji Jinfu[59] - Shaoxing Qinyuan (transferee of the second batch of sale shares) is a nominee of Ruiyuan Robot, 60% owned by Mr He Keng and 40% by Mr Tang Jingfeng[59] Purchase, Sale or Redemption of Listed Securities During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including the sale of treasury shares)[61] - As of June 30, 2025, the company held no treasury shares[62] Competing Interests During the reporting period, no directors, supervisors, controlling shareholders, or their respective associates held interests in any business directly or indirectly competing with the Group's business, nor were there any other conflicts of interest - During the reporting period, no directors, supervisors, controlling shareholders, or their respective associates held interests in any business directly or indirectly competing with the Group's business, nor were there any other conflicts of interest[63] Securities Transactions by Directors and Supervisors The Group adopted the Model Code for Securities Transactions by Directors and Supervisors under the GEM Listing Rules, and all directors and supervisors confirmed compliance during the reporting period after specific inquiries - The Group adopted the Model Code for Securities Transactions by Directors and Supervisors as set out in Rules 5.48 to 5.67 of the GEM Listing Rules for its directors and supervisors[64] - Following specific inquiries to all directors and supervisors, they confirmed compliance with the Model Code for Securities Transactions for the six months ended June 30, 2025[64] Changes in Information of Directors and Supervisors There were no changes in directors' and supervisors' information requiring disclosure under GEM Listing Rule 17.50A(1) - There were no changes in directors' and supervisors' information requiring disclosure under GEM Listing Rule 17.50A(1)[65] Corporate Governance For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for a deviation from code provision C.2.1 regarding the absence of a Chief Executive Officer title, with the Board believing its current operational model ensures a balance of power and accountability - For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for a deviation from code provision C.2.1: the company has no Chief Executive Officer title[66] - The Board believes that operating with a board composed of experienced individuals, meeting regularly to discuss matters affecting the company's operations, is sufficient to ensure a balance of power and accountability[66] Share Scheme During the reporting period and as of the report date, the company had no share schemes, nor were any share options or awards granted or agreed to be granted to any directors, supervisors, or employees of the company or its subsidiaries - During the reporting period and as of the report date, the company had no share schemes, nor were any share options or awards granted or agreed to be granted to any directors, supervisors, or employees of the company or its subsidiaries[67] Audit Committee The company's Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting standards and practices, and discussed internal controls and financial reporting matters, including the unaudited consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors: Mr Guo Jianxiong (Chairman of the Audit Committee), Mr Zhou Weibo, and Ms Sheng Ting[68] - The Audit Committee reviewed the Group's accounting standards and practices with senior management and discussed internal controls and financial reporting matters, including the unaudited consolidated financial statements for the six months ended June 30, 2025[68] By Order of the Board This report is issued by Mr He Keng, Chairman and Executive Director, on behalf of the Board, listing current Board members including executive and independent non-executive directors - This report is issued by Mr He Keng, Chairman and Executive Director of the Board[69] - Board members include Executive Directors Mr He Keng (Chairman), Mr Yao Yongtao, Mr Chen Weiqiang, Ms Zou Jing, and Independent Non-executive Directors Mr Zhou Weibo, Ms Sheng Ting, Mr Guo Jianxiong[69]