高伟电子(01415) - 2025 - 中期财报

Company Information Provides key corporate governance details, including board composition, company secretary, and committee structures Board of Directors and Committees Outlines the composition of the Board of Directors, including executive, non-executive, and independent non-executive members, and the chairs of key committees - Board members include Mr. Meng Yan (Executive Director, Chairman), Mr. Wu Yingzheng (Executive Director, CEO & CFO), Mr. Chen Hanyang and Mr. Yang Li (Non-executive Directors), and Ms. Su Yanxue, Mr. Cai Zhenlong, and Ms. Liu Xia (Independent Non-executive Directors)[7] - The Audit Committee is chaired by Ms. Liu Xia, the Remuneration Committee by Ms. Su Yanxue, and the Nomination Committee by Mr. Cai Zhenlong[7] Company Contact and Professional Advisors Provides essential contact information and details of professional service providers, including registered office, headquarters, auditors, and principal banks - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in Dongguan City, Guangdong Province, PRC[7][8][9] - The auditor is KPMG, and the legal counsel is Reed Smith Richards Butler LLP[10] - The Hong Kong share registrar is Computershare Hong Kong Investor Services Limited, and principal bankers include The Hongkong and Shanghai Banking Corporation Limited and China Merchants Bank Co, Ltd[10] Management Discussion and Analysis Analyzes the company's operational performance, financial position, and strategic outlook for the reporting period Business Review Reviews the company's significant business growth in H1 2025, driven by increased customer orders for precision optical modules - The Group is a supplier of precision optical modules for electronic mobile devices, engaged in the design, development, manufacturing, and sale of modules and system integration products for smartphones, multimedia tablets, intelligent driving, and other mobile devices[12] - The Group continues to focus on technological innovation and product upgrades, actively expanding into emerging markets and multi-dimensional application scenarios, and deepening strategic collaboration with partners to achieve steady business growth[12] 2025 H1 Key Financial Performance | Indicator | 2025 H1 (million USD) | 2024 H1 (million USD) | YoY Growth | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,360.3 | 585.9 | 132.2% | Increased customer orders, including new rear camera modules | | Profit for the period | 67.4 | 16.6 | 306.0% | Driven by business growth | Outlook and Future Strategies Details strategies for R&D investment, new product commercialization, supply chain optimization, and leveraging AI for emerging market opportunities - Global economic growth is projected to slow to 2.4% (from 2.9% in 2024), with global trade growth expected to plummet from 3.3% to 1.6%, as tariffs, trade policy uncertainties, high interest rates, and fiscal space constraints continue to impact investment and production activities[15] - The company will continue to increase R&D investment, promote new product mass production and supply chain optimization, and deepen collaboration with domestic and international partners to consolidate its competitive advantage in the global market[15] - The integration of AI technology will drive the iteration and update of terminal products such as smartphones and multimedia tablets, accelerating the demand for high-precision optical components[16] - The convergence of AI with emerging technologies like AR/VR, LiDAR, and robotics will drive new application scenarios, bringing breakthroughs in smart terminals, intelligent driving, and smart cities, with the global LiDAR market size projected to expand at a CAGR of 14.7% to 3.795 billion USD by 2031[16][17] - The company will actively deploy MicroLED display technology and related components to seize market opportunities arising from display technology innovation[18] - The company will continue to strengthen the cultivation and recruitment of key high-end talent teams to meet the demands of business expansion and rapid growth[18] Liquidity, Financial Resources and Capital Structure Assesses the company's strong financial position, marked by increased net current assets, total equity, and cash, with improved gearing Financial Position Overview as of June 30, 2025 | Indicator | June 30, 2025 (million USD) | December 31, 2024 (million USD) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,436.7 | 1,442.6 | -0.4% | | Net Current Assets | 360.8 | 270.3 | +33.5% | | Total Equity | 600.4 | 523.7 | +14.6% | | Unpledged Cash and Cash Equivalents | 404.0 | 113.3 | +256.6% | | Total Bank Facilities | 911.5 | 831.9 | +9.6% | | Utilized Bank Facilities | 266.5 | N/A | N/A | | Gearing Ratio | -9.9% | 12.8% | Significantly improved | - The Company and its controlling shareholder provided guarantees for bank facilities totaling 912 million USD (December 31, 2024: 832 million USD)[20] - The Group's gearing ratio was -9.9%, primarily due to an increase in cash and cash equivalents[21] Pledged Group Assets Reports an increase in pledged deposits, primarily used to secure bank loans from Chinese banks Pledged Deposits | Indicator | June 30, 2025 (million USD) | December 31, 2024 (million USD) | Change | | :--- | :--- | :--- | :--- | | Pledged Deposits | 21.0 | 10.5 | +100% | - Pledged deposits primarily refer to deposits provided to obtain certain bank loans in China[22] Capital Expenditure and Commitments Reports a decrease in capital expenditure but an increase in contracted capital commitments for advanced camera module equipment Capital Expenditure and Commitments | Indicator | 2025 H1 (million USD) | 2024 H1 (million USD) | Change | | :--- | :--- | :--- | :--- | | Capital Expenditure | 44.4 | 105.3 | -57.8% | | Contracted Capital Commitments (end of period) | 14.0 | 9.4 | +48.9% | - Capital expenditure primarily reflects the purchase of additional equipment to produce more sophisticated flip-chip camera modules[23] - The Group intends to fund planned future capital expenditure through a combination of cash flows from operating activities, bank borrowings, and potential fundraising activities[23] Currency Risk Addresses currency exposure from transactions in USD, HKD, RMB, and KRW, noting no hedging activities during the reporting period - The Group's currency risk primarily arises from receivables, payables, and cash balances denominated in HKD, RMB, and KRW[24] - Product sales and purchases are mainly settled in USD, while some purchases, labor, and other operating costs are settled in RMB and KRW[24] - For the six months ended June 30, 2025, the Group did not use any forward foreign exchange contracts or other derivative instruments to hedge currency fluctuations[24] Overview of Investments and Liabilities States no significant investments, acquisitions, disposals, contingent liabilities, or future capital asset plans during the period - For the six months ended June 30, 2025, the Group did not hold any significant investments or undertake any material acquisitions or disposals of subsidiaries, associates, and joint ventures[25] - As of June 30, 2025, the Group had no significant contingent liabilities[26] - As of June 30, 2025, the Group had no plans for any significant investments and capital assets[27] Human Resources Notes an increase in employee headcount and staff costs, with continued investment in talent development, training, and incentive programs Human Resources Overview | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 6,728 | 6,035 | +11.5% | | Total Staff Costs (excluding directors' emoluments) | 61.8 million USD | 52.0 million USD | +18.8% | - The Group provides employees with accommodation, recreation, dining, and training facilities, with training covering human resources policies, health and safety, and management skills[28] - The Group terminated the 2015 Share Option Scheme and adopted a new Share Option Scheme in 2021, with 672,000 share options exercised during the reporting period[29] - The Board approved the adoption of a Share Award Scheme on March 21, 2024, with 400,000 share awards lapsed and 13,220,000 share awards remaining unexercised during the reporting period[30] Supplementary Information Provides additional disclosures on directors' and major shareholders' interests, share option and award schemes, and corporate governance Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations Discloses directors' and chief executive's long positions in the company's shares and underlying shares, mainly from share options and awards Directors' Long Positions in Shares and Underlying Shares of the Company (June 30, 2025) | Name | Position | Nature of Interest | Number of Shares or Underlying Shares of the Company | Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Mr. Meng Yan | Executive Director, Chairman | Beneficial Interest (Share Options) | 2,197,000 | 0.25% | | Mr. Wu Yingzheng | Executive Director, CEO & CFO | Beneficial Interest (Share Options) | 1,763,000 | 0.20% | | Mr. Chen Hanyang | Non-executive Director | Beneficial Interest (Share Options) | 1,480,000 | 0.17% | | Mr. Yang Li | Non-executive Director | Beneficial Interest (Share Options) | 1,120,000 | 0.13% | Directors' Long Positions in Shares and Underlying Shares of Associated Corporations (June 30, 2025) | Name | Position | Nature of Interest | Number of Shares or Underlying Shares | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Meng Yan | Executive Director, Chairman | Beneficial Interest (Share Awards) | 14,773,575 | 1.07% | | Mr. Wu Yingzheng | Executive Director, CEO & CFO | Beneficial Interest (Share Awards) | 3,161,875 | 0.23% | | Mr. Chen Hanyang | Non-executive Director | Beneficial Interest (Share Awards) | 6,632,732 | 0.48% | | Mr. Yang Li | Non-executive Director | Beneficial Interest (Share Awards) | 7,121,694 | 0.52% | Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures Details substantial shareholders' interests in the company's shares and underlying shares, including pledged shares Substantial Shareholders' Interests (June 30, 2025) | Shareholder Name | Nature of Interest | Number of Shares or Underlying Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Luxvisions Innovation Technology Limited | Beneficial Interest | 607,455,760 | 70.39% (Long Position) | | Luxvisions Innovation Technology Limited | Beneficial Interest | 551,229,760 | 63.88% (Short Position, Pledged) | | Ms. Wang Laichun | Interest in Controlled Corporation | 607,455,760 | 70.39% (Long Position) | | Ms. Wang Laichun | Interest in Controlled Corporation | 551,229,760 | 63.88% (Short Position, Pledged) | - Luxvisions Innovation Technology Limited is the indirect controlling company of the Company, with some of its shares pledged as security for bank financing[38] Share Option Scheme Outlines the share option scheme, detailing changes in outstanding options and the total shares available for issuance to eligible participants - The Company adopted a new Share Option Scheme on May 5, 2021, aiming to incentivize and reward eligible participants for their contributions to the Group[37] - During the reporting period, the Company did not grant any new share options to any eligible participants under the Share Option Scheme[37] Share Option Movements (Six months ended June 30, 2025) | Indicator | Outstanding as of January 1, 2025 | Exercised | Cancelled | Lapsed | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 26,524,000 | 672,000 | 274,000 | 180,000 | 25,398,000 | - The vesting conditions for share options are linked to the grantee's performance appraisal results; if the appraisal result is grade D, the Board may cancel all exercisable share options[41] - As of June 30, 2025, the total number of shares available for issue under the Share Option Scheme was 46,184,880 shares, representing approximately 5.4% of the Company's issued shares[29] Share Award Scheme Describes the share award scheme, noting no new awards but some lapsed awards, with a significant number remaining unexercised - The Share Award Scheme aims to incentivize the Group's employees, enhance their performance and efficiency, and retain and attract suitable talent for the Group's further development[44] - During the reporting period, the Company did not grant any awarded shares to employees under the Share Award Scheme[45] Share Award Movements (Six months ended June 30, 2025) | Indicator | Outstanding as of January 1, 2025 | Granted | Cancelled | Lapsed | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 13,620,000 | — | — | 400,000 | 13,220,000 | - The vesting period for share awards is five years, with 20% vesting annually, and vesting conditions are also linked to the grantee's performance appraisal results[48][50] - As of June 30, 2025, the number of awarded shares available for grant under the Share Award Scheme's authorized limit remained at 71,692,480 shares[49] Interim Dividend The Board does not recommend an interim dividend to support future market adaptation and investments in new products - The Board does not recommend the payment of any interim dividend for the reporting period (2024: nil)[52] - This decision aims to ensure the Group maintains its leading position in the optical business, in response to future market changes and investments required for new product development[52] Corporate Governance and Board Responsibilities Confirms full compliance with corporate governance codes and directors' securities dealing standards, with the Board providing strategic leadership - The Company has fully complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the reporting period[54][55] - The Audit Committee has reviewed the accounting principles and policies adopted by the Group and the unaudited interim financial report for the reporting period, confirming that the financial statements are fairly presented[56] - All Directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period[57] - The Board is responsible for the overall strategic leadership and planning of the Company, retaining decision-making authority on significant matters while delegating day-to-day operational authority and responsibilities to senior management[60][61] Material Events After the Reporting Period States that no material events requiring disclosure occurred after the end of the reporting period - No material events affecting the Company or any of its subsidiaries occurred after the end of the reporting period that require disclosure in this interim report[58] Review Report to the Board of Directors of Cowell e Holdings Inc. Presents the independent review report on the interim financial information, outlining the scope and conclusion Introduction and Scope of Review KPMG reviewed the interim financial report prepared under IAS 34, emphasizing that the review scope is less than an audit - The auditor has reviewed the interim financial report for the six months ended June 30, 2025, which was prepared in accordance with International Accounting Standard 34[62] - The review primarily involved inquiries of personnel responsible for financial and accounting matters and applying analytical and other review procedures, but its scope is substantially less than an audit, thus no audit opinion is expressed[63] Conclusion Concludes that no matters were identified suggesting the interim financial report was not prepared in accordance with IAS 34 - Based on the review, the auditor did not note any matters that caused them to believe that the interim financial report as of June 30, 2025, was not prepared in all material respects in accordance with International Accounting Standard 34[64] Consolidated Financial Statements Presents the company's consolidated financial performance, position, equity changes, and cash flows for the reporting period Consolidated Statement of Profit or Loss Reports significant growth in revenue, gross profit, operating profit, and profit for the period, resulting in higher earnings per share Consolidated Statement of Profit or Loss Summary (Six months ended June 30) | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,360,302 | 585,934 | +132.2% | | Cost of Sales | (1,204,625) | (514,400) | +134.2% | | Gross Profit | 155,677 | 71,534 | +117.6% | | Operating Profit | 94,703 | 25,476 | +271.7% | | Profit Before Tax | 85,016 | 17,307 | +391.2% | | Profit for the Period | 67,403 | 16,609 | +305.8% | | Profit Attributable to Equity Shareholders of the Company | 67,398 | 16,039 | +320.2% | | Basic Earnings Per Share | $0.078 | $0.019 | +310.5% | | Diluted Earnings Per Share | $0.075 | $0.018 | +316.7% | Consolidated Statement of Profit or Loss and Other Comprehensive Income Shows substantial increases in profit for the period and total comprehensive income, positively impacted by exchange differences Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (Six months ended June 30) | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 67,403 | 16,609 | +305.8% | | Exchange Differences on Translation of Financial Statements | 4,040 | (4,706) | From negative to positive | | Other Comprehensive Income for the Period | 4,028 | (4,714) | From negative to positive | | Total Comprehensive Income for the Period | 71,431 | 11,895 | +500.5% | | Total Comprehensive Income Attributable to Equity Shareholders of the Company | 71,395 | 11,369 | +528.0% | Consolidated Statement of Financial Position Presents increased net current assets and total equity, a slight decrease in total assets, and a significant rise in cash and cash equivalents Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 402,183 | 407,473 | -1.3% | | Current Assets | 1,034,487 | 1,035,081 | -0.1% | | Inventories | 203,601 | 315,185 | -35.4% | | Trade and Other Receivables | 329,092 | 434,708 | -24.3% | | Cash and Cash Equivalents | 403,974 | 113,349 | +256.4% | | Current Liabilities | 673,719 | 764,777 | -11.9% | | Trade and Other Payables | 375,000 | 536,553 | -30.1% | | Net Current Assets | 360,768 | 270,304 | +33.5% | | Total Equity | 600,393 | 523,655 | +14.6% | Consolidated Statement of Changes in Equity Illustrates a significant increase in total equity attributable to shareholders, driven by profit for the period and share-based transactions Consolidated Statement of Changes in Equity Summary (Six months ended June 30) | Indicator | Balance as of January 1, 2025 (thousand USD) | Profit for the Period (thousand USD) | Other Comprehensive Income (thousand USD) | Total Comprehensive Income (thousand USD) | Balance as of June 30, 2025 (thousand USD) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Attributable to Equity Shareholders of the Company | 516,533 | 67,398 | 3,997 | 71,395 | 593,235 | | Non-controlling Interests | 7,122 | 5 | 31 | 36 | 7,158 | | Total Equity | 523,655 | 67,403 | 4,028 | 71,431 | 600,393 | - Equity movements for the period include proceeds from shares issued under the Share Option Scheme of 374 thousand USD and payments for shares purchased for the Share Award Scheme of 4,907 thousand USD[74] Condensed Consolidated Statement of Cash Flows Reports a positive shift in operating cash flow, decreased investing cash flow, and increased financing cash flow, boosting net cash increase Condensed Consolidated Statement of Cash Flows Summary (Six months ended June 30) | Indicator | 2025 (thousand USD) | 2024 (thousand USD) | Change | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 186,130 | (44,599) | From negative to positive | | Net Cash Generated from Investing Activities | 45,136 | 106,589 | -57.6% | | Net Cash Generated from Financing Activities | 58,475 | 24,842 | +135.4% | | Net Increase in Cash and Cash Equivalents | 289,741 | 86,832 | +233.7% | | Cash and Cash Equivalents as of June 30 | 403,974 | 182,057 | +121.9% | - The significant improvement in operating cash flow is the primary reason for the substantial increase in cash and cash equivalents this period[75] - In investing activities, payments for the purchase of property, plant, and equipment significantly decreased, while proceeds from maturity of bank deposits declined[75] Notes to the Unaudited Interim Financial Report Provides detailed explanations and disclosures supporting the unaudited interim financial statements Basis of Preparation and Changes in Accounting Policies Outlines the basis of preparation under HKEX Listing Rules and IAS 34, including IAS 21 amendments and equity accounting for associates - This interim financial report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34, and has been reviewed by KPMG[77][78] - The Group has applied the amendments to International Accounting Standard 21, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," which did not have a material impact[79] - Interests in associates are accounted for using the equity method, initially recognized at cost and subsequently adjusted for the Group's share of profit or loss and other comprehensive income[81] Revenue and Segment Reporting Reports the group's main business, significant revenue concentration from its largest customer, and geographical revenue breakdown - The Group's principal business is the manufacturing and sale of camera modules and optical components[82] Revenue Contribution from Largest Customer | Indicator | 2025 H1 (thousand USD) | 2024 H1 (thousand USD) | Percentage of Total Revenue (2025) | | :--- | :--- | :--- | :--- | | Revenue from Largest Customer | 1,334,437 | 547,773 | 98.1% | Customer Revenue by Geographical Region (Six months ended June 30) | Region | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | People's Republic of China (including Hong Kong) | 1,230,772 | 502,951 | | Republic of Korea | 600 | 1,239 | | India | 59,673 | 56,205 | | Vietnam | 69,257 | 25,539 | | Total | 1,360,302 | 585,934 | Operating Seasonality Notes higher sales in the fourth quarter due to holiday retail demand, resulting in lower first-half revenue and segment results - The Group typically records higher sales in the fourth quarter compared to other quarters of the year, due to increased retail demand for products during holiday seasons[85] - The Group generally records lower revenue and segment results in the first half of the year compared to the second half[85] Profit Before Tax and Income Tax Expense Reports increased profit before tax and income tax expense, detailing tax components and applicable corporate tax rates by region Profit Before Tax Components (Six months ended June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Finance Costs | 9,572 | 8,169 | | Amortization | 248 | 364 | | Depreciation | 32,203 | 16,057 | | Research and Development Costs (excluding depreciation and amortization) | 54,330 | 36,361 | | Interest Income | (4,497) | (5,872) | | Net Loss/(Gain) on Disposal of Property, Plant and Equipment | 3,134 | (21) | Income Tax Expense (Six months ended June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Current Tax — Hong Kong Profits Tax | 7,099 | 234 | | Current Tax — Outside Hong Kong | (50) | 422 | | Withholding Tax on Dividend Income Outside Hong Kong | 10,000 | — | | Deferred Tax | 564 | 42 | | Income Tax Expense | 17,613 | 698 | - Hong Kong Profits Tax provision is based on an estimated annual effective tax rate of 16.5%, with some subsidiaries applying a two-tiered profits tax rate regime[87] - Chinese high-tech enterprises are subject to a corporate income tax rate of 15%, while other Chinese subsidiaries are subject to 25%. Korean subsidiaries are subject to statutory corporate tax rates ranging from 9% to 24%[88] - The Group has applied the temporary mandatory relief from deferred tax accounting for top-up tax and will account for the tax as current tax when it arises[90] Earnings Per Share Shows a substantial increase in both basic and diluted earnings per share, indicating improved profitability Earnings Per Share (Six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic Earnings Per Share | $0.078 | $0.019 | | Diluted Earnings Per Share | $0.075 | $0.018 | - Basic earnings per share are calculated based on profit attributable to ordinary equity shareholders of the Company of 67,398,000 USD and the weighted average number of ordinary shares outstanding during the interim period of 861,664,000 shares[91] Property, Plant and Equipment Reports changes in property, plant, and equipment, including new right-of-use assets, acquisitions, and disposals, and customer-provided machinery Property, Plant and Equipment Movements (Six months ended June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Additions to Right-of-Use Assets | 3,494 | 1,574 | | Disposals of Right-of-Use Assets | 1,548 | — | | Cost of Items of Plant and Equipment Acquired | 30,166 | 112,090 | | Net Book Value of Items of Plant and Equipment Disposed | 4,656 | 157 | | Loss/(Gain) on Disposal of Plant and Equipment | 3,181 (Loss) | (21) (Gain) | - A customer provided machinery to the Group with an original purchase cost of 111,382,000 USD, which is not recognized as an asset of the Group[95] Trade and Other Receivables Indicates a decrease in total trade and other receivables, with the majority of trade receivables due within one month Ageing Analysis of Trade and Other Receivables (As of June 30) | Ageing | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Within 1 month | 309,443 | 404,582 | | Over 1 to 2 months | 2,334 | 238 | | Over 2 to 3 months | 561 | 237 | | Over 3 months | 353 | 194 | | Total Trade Receivables | 312,691 | 405,251 | | Other Receivables and Prepayments | 16,401 | 29,457 | | Total | 329,092 | 434,708 | - Trade receivables are due within 30 to 90 days from the invoice date[97] Bank Deposits and Cash and Cash Equivalents Shows a significant increase in bank and cash on hand, with a decrease in bank deposits maturing over three months Bank Deposits and Cash and Cash Equivalents (As of June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Bank and Cash on Hand | 403,974 | 113,349 | | Bank Deposits with Maturity Over 3 Months at Deposit Date | 76,831 | 161,371 | Trade and Other Payables Indicates a decrease in total trade and other payables, with a larger proportion of trade payables due within one month Ageing Analysis of Trade and Other Payables (As of June 30) | Ageing | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Within 1 month | 338,260 | 205,379 | | Over 1 to 3 months | 252 | 119,648 | | Over 3 to 6 months | 3,134 | 152,029 | | Total Trade Payables | 341,646 | 477,056 | | Accrued Expenses and Other Payables | 33,354 | 59,497 | | Total | 375,000 | 536,553 | Capital and Reserves Explains changes in capital and reserves, impacted by share option and award schemes, including exercises, lapses, and share purchases - For the six months ended June 30, 2025, 672,000 share options were exercised under the Share Option Scheme, and 454,000 share options lapsed/were cancelled[100] - For the six months ended June 30, 2025, 400,000 share awards lapsed, and no share awards were granted, vested, cancelled, or exercised under the Share Award Scheme[100] - For the six months ended June 30, 2025, the trustee purchased and withheld 2,000,000 ordinary shares of the Company, totaling approximately 4,907,000 USD, for the Share Award Scheme[101] Commitments Reports an increase in contracted capital commitments not yet provided for as of June 30, 2025 Capital Commitments (As of June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Contracted Capital Commitments | 13,961 | 9,433 | Material Related Party Transactions Details significant related party transactions, including management remuneration, sales, purchases, equipment, services, and bank financing guarantees Key Management Personnel Remuneration (Six months ended June 30) | Item | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | | Salaries and Other Short-term Benefits | 918 | 346 | Material Transactions with Related Parties (Six months ended June 30) | Transaction Type | Related Party | 2025 (thousand USD) | 2024 (thousand USD) | | :--- | :--- | :--- | :--- | | Sales of Goods | Indirect Holding Company and its Subsidiaries | 2,252 | 1,420 | | Sales of Goods | Non-controlling Interests | 22,895 | 35,394 | | Purchases of Raw Materials | Indirect Holding Company and its Subsidiaries | 6,043 | 9,418 | | Purchases of Raw Materials | Associated Companies | 71,874 | 4,061 | | Acquisition of Equipment | Associated Companies | 1,156 | 4,033 | | Purchase of Services | Indirect Holding Company and its Subsidiaries | 71 | — | | Purchase of Services | Associated Companies | 713 | — | | Provision of Services | Indirect Holding Company and its Subsidiaries | 1,379 | — | | Provision of Services | Associated Companies | 943 | — | - As of June 30, 2025, the Company and its controlling shareholder provided guarantees for bank facilities totaling 912 million USD (December 31, 2024: 832 million USD)[106]