海纳智能(01645) - 2025 - 中期财报

Company Information This section provides fundamental information about Haina Intelligent Equipment International Holdings Limited, including its board members, committees, auditors, registered office, and stock details Company Basic Information This section outlines the basic information of Haina Intelligent Equipment International Holdings Limited, including its board members, committee compositions, company secretary, auditor, registered office, principal place of business, share registrar, principal bankers, stock code, and website - The Board of Directors includes Executive Directors Hong Yiyuan (Chairman and CEO), Zhang Zhixiong, Su Chengya, He Ziping, Non-executive Director Zheng Zhixiong, and Independent Non-executive Directors Chen Mingjie, Chen Minyi, Dr. Xia Anjun (Dr. Wang Fengxiang resigned on April 9, 2025, and Dr. Xia Anjun was appointed)[3] - The company's principal places of business are located in Wuli Science and Technology Industrial Park, Jinjiang Economic Development Zone, Jinjiang City, China, and Unit C, 21st Floor, Top Glory Centre, 373 King's Road, North Point, Hong Kong[4] - The company's stock code is 1645, and its official website is www.haina-intelligent.com[6](index=6&type=chunk) Management Discussion and Analysis This section provides an overview of the company's business performance, future outlook, and financial results for the period Business Review Haina Intelligent, as a manufacturer of automated machinery for disposable hygiene products, achieved steady growth in the first half of 2025 amidst a moderate economic recovery in China, driven by technological innovation and market expansion, with significant breakthroughs in production efficiency and energy consumption, and active expansion into overseas markets - The company's principal business is the design and manufacture of automated machinery for disposable hygiene products, including baby diapers, adult diapers, feminine sanitary napkins, and wet wipes[8] - The company operates three production bases in Jinjiang, Hangzhou, and Foshan, China, with a total construction area of approximately 130,000 square meters, with part of the new Hangzhou production base completed and operational[9] - The company's sales network has expanded to over 14 overseas countries, achieving significant sales growth and enhanced market penetration[10] - As of June 30, 2025, the company held 165 patents in China[10] - The company achieved technological breakthroughs: the new generation high-speed smart diaper production line increased production speed by nearly 30% (from 700 pieces/minute to 900 pieces/minute), with an estimated 30% reduction in energy consumption per unit product; the full-servo panty liner production line increased capacity by nearly 150% (from a maximum of 1,200 pieces/minute to 3,000 pieces/minute), with an estimated 60% reduction in energy consumption per unit product[11] - The company prioritizes sustainable development as a core strategy, launching energy-efficient intelligent equipment and actively promoting green factory construction to deepen digital and green transformation[12] Future Outlook Looking ahead to the second half of 2025, the company anticipates a promising outlook for the disposable hygiene products industry, focusing on enhancing R&D efficiency, expanding production capacity, deepening its global 'platformization' strategy, and strengthening risk management to address global economic uncertainties Industry Outlook Despite global economic uncertainties, the disposable hygiene products industry has an optimistic outlook, driven by an aging population, intelligent innovation upgrades, and increased hygiene awareness, with significant growth potential particularly in emerging markets - The global economy still faces uncertainties, but the disposable hygiene products industry has a promising outlook, driven by an aging population, intelligent innovation upgrades, and increased hygiene awareness[13] - Emerging markets (such as Asia, Africa, and South America) show particularly significant industry growth potential, accompanied by consumption upgrades and accelerated urbanization[13][18] Development Strategies The company will enhance R&D efficiency by establishing R&D centers and acquiring precision equipment; expand production capacity and provide integrated solutions by building new digital factories and increasing the self-sufficiency rate of core components; and deepen its global market strategy by increasing investment in emerging markets and enhancing brand exposure - The company will establish an R&D center, expected to be fully operational in the second half of 2025, to enhance R&D efficiency, shorten customized product development cycles, and optimize production line layout and intelligent manufacturing levels[14][47] - R&D expenses (including capitalized expenses) for the period were approximately RMB 15.1 million, with the company continuously acquiring various precision manufacturing and automation equipment to strengthen R&D activities[14][47] - Parts of the company's new digital factory have been delivered and put into use, and once fully operational, it will primarily engage in the design and production of automated machinery for disposable hygiene products, meeting customer demands and providing integrated solutions[15][48] - The company will accelerate technological iteration and process upgrades, gradually increasing the self-sufficiency rate of core components to replace external procurement, thereby shortening procurement cycles, optimizing production processes, and integrating supporting equipment supply[17][50] - The company will deeply advance its global 'platformization' strategy, increasing investment in emerging markets (such as Asia, Africa, and South America) and enhancing brand exposure and penetration through domestic and international media advertising and exhibitions[18] Risks and Challenges The company faces challenges such as global economic uncertainties, raw material price fluctuations, and supply chain pressures, which it will address by strengthening risk management, optimizing supply chain layout, and improving operational efficiency - The company faces numerous challenges, including global economic uncertainties, raw material price fluctuations, and supply chain pressures[19] - To address risks, the company will strengthen risk management, optimize supply chain layout, and improve operational efficiency to ensure steady business growth[19] Financial Review In the first half of 2025, the company's total revenue increased by 22.9% to RMB 224.2 million, with a significant increase in profit after tax. Gross profit margin improved, but other income decreased, while selling and distribution costs, administrative expenses, and finance costs all increased. The company's capital structure remained sound, but the gearing ratio increased Revenue Total revenue for the period was approximately RMB 224.2 million, a 22.9% year-on-year increase, primarily driven by significant growth in sales of baby diaper machines and adult diaper machines, partially offset by reduced sales of feminine sanitary napkin machines, wet wipe machines, and parts and components Total Revenue Comparison | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 224,153 | 182,391 | Revenue by Product Type | Product Type | H1 2025 (Units) | H1 2025 (RMB thousands) | H1 2025 (%) | H1 2024 (Units) | H1 2024 (RMB thousands) | H1 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baby Diaper Machines | 15 | 115,800 | 52 | 11 | 78,121 | 43 | | Adult Diaper Machines | 6 | 81,897 | 37 | 9 | 61,031 | 33 | | Feminine Sanitary Napkin Machines | 2 | 9,401 | 4 | 5 | 20,605 | 11 | | Wet Wipe Machines | – | – | – | 4 | 3,468 | 2 | | Parts and Components | Not applicable | 17,055 | 7 | Not applicable | 19,166 | 11 | | Total | 23 | 224,153 | 100 | 29 | 182,391 | 100 | - As of June 30, 2025, the company had signed sales contracts with customers totaling approximately RMB 242.2 million for baby diaper machines, RMB 137.7 million for adult diaper machines, RMB 46.4 million for feminine sanitary napkin machines, and RMB 1.7 million for wet wipe machines[21] Gross Profit and Gross Profit Margin Gross profit for the period increased by approximately RMB 21.2 million to RMB 51.7 million, with gross profit margin improving by 6.4 percentage points to 23.1%, primarily due to higher selling prices from upgraded technical configurations and a decrease in prices of major raw materials and components Changes in Gross Profit and Gross Profit Margin | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 51,651 | 30,533 | Increase of 21,118 (69.1%) | | Gross Profit Margin | 23.1% | 16.7% | Increase of 6.4 percentage points | - The increase in gross profit and gross profit margin was primarily due to (i) higher selling prices of machines sold resulting from upgraded technical configurations; and (ii) a decrease in prices of major raw materials and components[22] Other Income Other income decreased by 49.0% from approximately RMB 5.1 million in the prior period to approximately RMB 2.6 million in the current period, mainly due to reduced bond interest income and foreign exchange gains/losses Changes in Other Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Income | 2,552 | 5,145 | - The decrease in other income was mainly attributable to reduced bond interest income and foreign exchange gains/losses during the period[24] Selling and Distribution Costs Selling and distribution costs increased by 37.7% year-on-year to approximately RMB 10.6 million, primarily due to increased advertising expenses, consulting fees, exhibition travel expenses, and after-sales service fees Changes in Selling and Distribution Costs | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Selling and Distribution Costs | 10,584 | 7,708 | - The increase in selling and distribution costs was mainly due to increased advertising expenses, consulting fees, exhibition travel expenses, and after-sales service fees during the period[25] Administrative and Other Operating Expenses Administrative and other operating expenses increased by 5.7% year-on-year to approximately RMB 35.1 million, primarily due to increased R&D expenses, administrative staff salaries, and welfare benefits Changes in Administrative and Other Operating Expenses | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Administrative and Other Operating Expenses | 35,111 | 33,152 | - The increase in administrative and other operating expenses was mainly due to increased R&D expenses, administrative staff salaries, and welfare benefits during the period[26] Finance Costs Finance costs increased by 100.0% year-on-year to approximately RMB 1.4 million, primarily due to increased bank borrowing interest Changes in Finance Costs | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Costs | 1,404 | 725 | - The increase in finance costs was mainly due to increased bank borrowing interest[27] Income Tax Expense Income tax expense increased by 500.0% year-on-year to approximately RMB 0.6 million, primarily due to increased taxable profits of the company's operating subsidiaries in China Changes in Income Tax Expense | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Income Tax Expense | 636 | 117 | - The increase in income tax expense was mainly due to increased taxable profits of the Group's operating subsidiaries in China during the period[28] Profit Attributable to Owners of the Company Profit attributable to owners of the company for the period was approximately RMB 8.8 million, compared to a loss of approximately RMB 11.6 million in the prior period, primarily benefiting from increased gross profit Changes in Profit (Loss) Attributable to Owners of the Company | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit (Loss) Attributable to Owners of the Company | 8,787 | (11,627) | - The increase in profit attributable to owners of the company was mainly due to increased gross profit[30] Interim Dividend The Board resolved not to declare an interim dividend for the period - The Board does not recommend the payment of an interim dividend for the period[10][31] Liquidity and Financial Resources The Group's working capital primarily originates from internal resources and interest-bearing borrowings, with the current ratio maintained at approximately 0.7 times. The company regularly monitors liquidity requirements to ensure sufficient cash reserves - The Group's working capital primarily originates from internal resources and interest-bearing borrowings[32] - As of June 30, 2025, the Group's current ratio was approximately 0.7 times (December 31, 2024: approximately 0.7 times)[32] - The Group's policy is to regularly monitor current and anticipated liquidity requirements to ensure it maintains sufficient cash reserves[34] Capital Structure As of June 30, 2025, the Group's capital structure comprised equity of approximately RMB 269.6 million and bank borrowings of approximately RMB 308.7 million Capital Structure Composition | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity | 269,610 | 265,967 | | Bank Borrowings | 308,737 | 281,037 | Borrowings As of June 30, 2025, total bank loans amounted to approximately RMB 308.7 million, an increase from the end of 2024 - As of June 30, 2025, the Group had bank loans of approximately RMB 308.7 million (December 31, 2024: approximately RMB 281.0 million)[36] Borrowings Composition | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans - Unsecured | 6,000 | 6,000 | | Bank Loans - Secured | 302,737 | 275,037 | | Total | 308,737 | 281,037 | Effective Interest Rate Range | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed-rate Borrowings | 2.00% to 3.65% | 2.00% to 3.30% | | Variable-rate Borrowings | 2.00% to 3.78% | 2.00% to 3.90% | Gearing Ratio As of June 30, 2025, the gearing ratio was approximately 117.7%, an increase from 109.0% at the end of 2024 Changes in Gearing Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 117.7% | 109.0% | Capital Commitments As of June 30, 2025, total capital expenditure commitments amounted to RMB 65.9 million, primarily for construction in progress and development of intangible assets, a decrease from the end of 2024 Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Construction in Progress | 38,178 | 61,261 | | Development of Intangible Assets | 27,679 | 27,679 | | Total | 65,857 | 88,940 | - The development project for the '5G+ Smart Equipment Operation and Maintenance Service Platform' was suspended in 2024 due to the platform's application not meeting expectations[40] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - Save as disclosed elsewhere in this report, the Group had no significant contingent liabilities as of June 30, 2025 (December 31, 2024: nil)[41] Foreign Exchange Risk Management The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB, HKD, and USD, and no difficulties arose from exchange rate fluctuations during the period. The company has not entered into any foreign exchange derivative contracts but will regularly review and may consider hedging when appropriate - The Group's monetary assets, liabilities, and transactions are primarily denominated in RMB, HKD, and USD[42] - The Group did not enter into any foreign exchange derivative contracts to manage currency translation risk during the period but will continue to regularly review its foreign exchange risk and may consider using financial instruments for hedging when appropriate[42][43] Human Resources As of June 30, 2025, the Group had approximately 563 employees, with staff costs of approximately RMB 36.1 million. Remuneration policy is based on performance, experience, and market conditions, with discretionary bonuses provided - As of June 30, 2025, the Group employed a total of approximately 563 employees in Hong Kong and China (June 30, 2024: approximately 529 employees)[44] - During the period, staff costs (including directors' emoluments) were approximately RMB 36.1 million (prior period: approximately RMB 31.0 million)[44] - Remuneration is determined based on employees' performance, professional experience, and prevailing market conditions, with discretionary bonuses distributed as incentives[44] Pledge of the Group's Assets As of June 30, 2025, the Group pledged land use rights, buildings, and construction in progress, along with personal guarantees provided by controlling shareholders, to support bank credit facilities - As of June 30, 2025, secured bank deposits were jointly guaranteed by the Group's land use rights of approximately RMB 41.1 million, buildings of approximately RMB 48.5 million, and construction in progress of approximately RMB 343.2 million at their total net book value[125] - Mr. Hong Yiyuan, one of the controlling shareholders, provided a personal guarantee of approximately RMB 10.0 million[125] Material Investments, Acquisitions and Disposals During the period, the Group had no material investments, acquisitions, or disposals - During the period, the Group had no material investments, acquisitions, or disposals[46] Future Plans for Material Investments and Capital Assets The Group plans to continue advancing the construction of its R&D center and new digital factory to enhance R&D efficiency, expand production capacity, optimize production line layout, and gradually increase the self-sufficiency rate of core components, aiming for integrated solutions and green factory objectives - The main structure of the R&D center has been progressively topped out and is expected to be completed in the second half of 2025, which will optimize production line layout and intelligent manufacturing standards, enhancing production precision and speed[47] - The new digital factory saw partial delivery and use by the end of 2024, with the remaining areas in the final stages of completion; once fully operational, it will meet customer demand for automated packaging equipment, provide integrated solutions, and promote green factory construction[48] - The Group will gradually produce and process components for its machinery in the future, replacing the previous external procurement model, thereby accelerating component supply management and technological process upgrades[50] Events After Reporting Period Subsequent to the reporting period, Jinjiang Haina faces a civil lawsuit seeking approximately RMB 3.2 million in contract payments and approximately RMB 1.0 million in damages from a service provider, currently in the early stages of legal proceedings - In July 2025, a service provider of Jinjiang Haina filed a civil lawsuit with the Jinjiang City People's Court in Fujian Province, claiming approximately RMB 3,218,000 in unpaid contract amounts and approximately RMB 965,000 in damages from Jinjiang Haina for the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[138] - As of the date of this report, the claim is still in the early stages of legal proceedings, and the Directors believe that no further provision for the claim is required as of June 30, 2025[138] Corporate Governance and Other Information This section details the company's adherence to corporate governance codes, directors' and major shareholders' interests, and share option schemes Compliance with Corporate Governance Code The company has adopted the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are held by the same individual, deviating from Code Provision C.2.1. The Board believes this arrangement ensures consistent leadership and efficiency and will review it periodically - The company has adopted the applicable code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the period[54] - Mr. Hong Yiyuan, the Chairman and Chief Executive Officer of the company, currently holds both positions, which deviates from Code Provision C.2.1 of the Corporate Governance Code[54] - The Board believes that combining the roles of Chairman and Chief Executive Officer ensures consistent leadership within the Group, making the Group's overall strategic planning more effective and efficient[54] Compliance with Model Code The company has adopted the Model Code as set out in Appendix C3 of the Listing Rules, and all Directors confirmed full compliance with the code during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for Directors' securities transactions[55] - Following specific enquiries made to all Directors, all Directors confirmed that they had fully complied with the required standards set out in the Model Code during the period[55] Audit Committee The Audit Committee comprises three independent non-executive directors and one non-executive director, with Ms. Chen Minyi, the Chairwoman, possessing professional accounting qualifications. The Committee has reviewed the interim financial information and deemed it compliant with applicable accounting standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors (Mr. Chen Mingjie, Dr. Xia Anjun, and Ms. Chen Minyi) and one non-executive director (Mr. Zheng Zhixiong)[56] - The Chairwoman of the Audit Committee is Ms. Chen Minyi, who possesses the appropriate professional accounting qualifications and financial management expertise as required by the Listing Rules[56] - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial information for the period and is of the opinion that these statements have been prepared in accordance with applicable accounting standards, the requirements of the Listing Rules, and other applicable legal requirements, and that adequate disclosures have been made[56] Purchase, Sale or Redemption of Shares During the 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 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[57] - As of June 30, 2025, the company held no treasury shares[57] Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures As of June 30, 2025, Directors including Hong Yiyuan, Zhang Zhixiong, Su Chengya, He Ziping, and Zheng Zhixiong held interests in the company's shares through controlled corporations and share options, with controlling shareholders collectively deemed to hold 61.92% equity Directors' Interests in the Company's Shares | Director's Name | Capacity | Number of Shares (excluding equity derivatives) | Number of Underlying Shares held under Share Option Scheme | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Hong Yiyuan | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Zhang Zhixiong | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Su Chengya | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. He Ziping | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Beneficial interest and interest held jointly with other persons | – | 10,000,000 | 1.77% | | Mr. Zheng Zhixiong | Interest in controlled corporation | 349,188,000 | – | 61.92% | | | Interest held jointly with other persons | – | 10,000,000 | 1.77% | - Pursuant to the confirmation of acting in concert, Mr. Hong, Mr. Zhang, Mr. Su, Mr. He, Mr. Zheng, and Well Fame International are parties acting in concert and are collectively deemed to be interested in 61.92% of the company's issued share capital[59] Interests of Major Shareholders As of June 30, 2025, Well Fame International, as a major shareholder, directly held 61.92% equity in the company and was deemed to hold 1.77% equity related to share options due to the acting in concert agreement Major Shareholders' Interests | Name | Capacity | Number of Shares/Underlying Shares held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Well Fame International | Beneficial owner | 349,188,000 | 61.92% | | | Interest held jointly with other persons | 10,000,000 | 1.77% | - Well Fame International is beneficially and legally owned by Mr. Hong, Mr. Zhang, Mr. Su, Mr. He, and Mr. Zheng, with 46.84%, 26.13%, 19.64%, 6.31%, and 1.08% interests, respectively[62] Share Option Scheme The company adopted a share option scheme on May 8, 2020, to incentivize and retain talent. No share options were granted or exercised during the period, and as of June 30, 2025, the number of share options available for grant under the scheme was 32,400,000 - The company adopted a share option scheme on May 8, 2020, to provide incentives or rewards for participants' contributions to the Group and/or to enable the Group to recruit and retain outstanding employees[127] - The share option scheme is valid and effective for ten years from the date of adoption[127] - During the period, no share options were granted or exercised. As of June 30, 2025, the number of share options available for grant under the share option scheme was 32,400,000[64] - On May 21, 2021, the company granted a total of 14,000,000 share options to certain eligible participants, with an exercise price of HKD 1.14 per company share, of which 10,000,000 were granted to executive directors and 4,000,000 to certain employees of the Group[129] Update on Directors' Information Pursuant to Rule 13.51B(1) of the Listing Rules Save as disclosed elsewhere in this report and in the announcement published on April 9, 2025, there were no other updates on Directors' information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules during the period - Save as disclosed elsewhere in this report and in the announcement published by the company on April 9, 2025, there was no other information required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules during the period[65] Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income In the first half of 2025, the company achieved revenue of RMB 224.2 million, a 22.9% year-on-year increase, turning a loss into a profit, recording a profit for the period of RMB 7.3 million, compared to a loss of RMB 13.6 million in the prior period. Basic earnings per share were 1.56 RMB cents Key Financial Data for H1 2025 (Profit or Loss Statement) | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 224,153 | 182,391 | | Cost of Sales | (172,502) | (151,858) | | Gross Profit | 51,651 | 30,533 | | Other Income | 2,552 | 5,145 | | Selling and Distribution Costs | (10,584) | (7,708) | | Administrative and Other Operating Expenses | (35,111) | (33,152) | | Finance Costs | (1,404) | (725) | | Profit (Loss) Before Tax | 7,913 | (13,438) | | Income Tax Expense | (636) | (117) | | Profit (Loss) for the Period | 7,277 | (13,555) | | Profit (Loss) Attributable to Owners of the Company | 8,787 | (11,627) | | Basic Earnings (Loss) Per Share | 1.56 RMB cents | (2.06) RMB cents | Unaudited Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 924.5 million, comprising non-current assets of approximately RMB 474.9 million and current assets of approximately RMB 449.6 million. Net current liabilities amounted to RMB 198.6 million, and total equity was RMB 269.6 million Key Financial Data as of June 30, 2025 (Statement of Financial Position) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 474,907 | 448,180 | | Current Assets | 449,560 | 423,679 | | Total Assets | 924,467 | 871,859 | | Current Liabilities | 648,148 | 598,508 | | Non-current Liabilities | 6,709 | 7,384 | | Total Liabilities | 654,857 | 605,892 | | Net Current Liabilities | (198,588) | (174,829) | | Net Assets | 269,610 | 265,967 | | Total Equity | 269,610 | 265,967 | - Key assets include property, plant and equipment of approximately RMB 468.1 million, inventories of approximately RMB 243.4 million, and trade and other receivables of approximately RMB 159.4 million[68] - Key liabilities include trade and other payables of approximately RMB 335.1 million, and interest-bearing borrowings of approximately RMB 308.7 million[68] Unaudited Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity attributable to owners of the company was RMB 270.7 million, an increase from RMB 266.4 million as of January 1, 2025, primarily due to the contribution from profit for the period, partially offset by exchange losses Changes in Equity Attributable to Owners of the Company | Metric | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 266,426 | 270,679 | - Profit for the period of RMB 8,787 thousand was recognized in accumulated profits, contributing to equity growth[71] - Total other comprehensive loss for the period was RMB 4,655 thousand, mainly from exchange differences, partially offsetting the equity growth[71] Unaudited Condensed Consolidated Statement of Cash Flows In the first half of 2025, net cash generated from operating activities was RMB 27.4 million, net cash used in investing activities was RMB 54.8 million, and net cash generated from financing activities was RMB 24.9 million. Cash and cash equivalents at the end of the period amounted to RMB 29.0 million H1 2025 Cash Flow Overview | Activity Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated From (Used In) Operating Activities | 27,437 | (14,552) | | Net Cash Used In Investing Activities | (54,800) | (100,302) | | Net Cash Generated From Financing Activities | 24,899 | 127,969 | | Net (Decrease) Increase in Cash and Cash Equivalents | (2,464) | 13,115 | | Cash and Cash Equivalents at End of Reporting Period | 29,013 | 69,018 | - Cash flow from operating activities shifted from an outflow in the prior period to an inflow, primarily benefiting from improved profit before tax and changes in working capital[72] - In financing activities, new bank borrowings amounted to RMB 82.5 million, and bank borrowings repaid were RMB 54.8 million[74] Notes to the Unaudited Condensed Consolidated Financial Statements This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, basis of preparation, accounting policies, segment information, and specific financial items 1. General Information Haina Intelligent was incorporated in the Cayman Islands, with its principal business being investment holding, and its subsidiaries in China are engaged in the design and production of automated machinery for disposable hygiene products. The ultimate controlling parties are the controlling shareholders, including Hong Yiyuan - The company was incorporated as an exempted company in the Cayman Islands under the Companies Act on December 20, 2017, and listed on the Main Board of The Stock Exchange of Hong Kong Limited on June 3, 2020[75] - The company's principal business is investment holding. The Group is primarily engaged in the design and production of automated machinery for disposable hygiene products in the People's Republic of China[76] - The Directors consider Well Fame International Limited to be the immediate and ultimate holding company, and the ultimate controlling parties to be Mr. Hong Yiyuan, Mr. Zhang Zhixiong, Mr. Su Chengya, Mr. He Ziping, and Mr. Zheng Zhixiong (collectively referred to as the 'Controlling Shareholders')[76] 2. Basis of Preparation The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules, presented in RMB, and based on historical cost. Company management assessed that, based on future cash flow forecasts and credit commitments, the Group will prepare its financial statements on a going concern basis - The Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, have been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange[77] - The interim financial statements are presented in RMB, and all amounts are rounded to the nearest thousand[78] - As of June 30, 2025, the Group recorded net current liabilities of approximately RMB 198,588,000. The Directors believe that the Group will have sufficient working capital to finance its normal operations and meet its liabilities falling due within twelve months from the end of the reporting period, and thus the financial statements are prepared on a going concern basis[81] 3. Adoption of New/Revised Hong Kong Financial Reporting Standards During the period, the Group first adopted the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability', which had no significant impact on financial position or performance. The Directors anticipate that new standards adopted in the future will also have no material impact - During the current interim period, the Group has first adopted new/revised Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, including the amendment to Hong Kong Accounting Standard 21 'Lack of Exchangeability'[82] - The adoption of new/revised Hong Kong Financial Reporting Standards during the current period had no significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in the interim financial statements[83] 4. Segment Information The Group manages its overall business as a single operating segment, which is the design and production of automated machinery for disposable hygiene products. Geographical revenue indicates that Mainland China remains the primary market, but South Asia, South America, and East Africa markets showed significant growth Geographical Information The Group's revenue from external customers primarily originated from Mainland China, but revenue from South Asia, South America, and East Africa markets achieved substantial growth in the first half of 2025. Non-current assets are mainly located in Mainland China Revenue from External Customers (by Geographical Location) | Region | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 97,751 | 109,823 | | Southeast Asia | 47,153 | 54,345 | | South Asia | 40,526 | 33 | | South America | 22,073 | 7,509 | | Central Asia | 6,576 | 10,649 | | East Africa | 5,879 | – | | West Asia | 3,755 | – | | Others | 440 | 32 | | Total | 224,153 | 182,391 | Non-current Assets (by Geographical Location) | Region | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 472,667 | 445,835 | | Hong Kong | 66 | 171 | | Total | 472,733 | 446,006 | Information About Major Customers In the first half of 2025, Customer A contributed RMB 23.7 million in revenue, accounting for over 10% of total revenue Major Customer Revenue | Customer | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 23,725 | – | 5. Revenue Revenue primarily derived from machine sales (baby diapers, adult diapers, feminine sanitary napkins, wet wipes) and parts and components sales. Total revenue for the first half of 2025 was RMB 224.2 million, a 22.9% increase from the prior period Revenue Composition | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Baby Diaper Machines | 115,800 | 78,121 | | Adult Diaper Machines | 81,897 | 61,031 | | Feminine Sanitary Napkin Machines | 9,401 | 20,605 | | Wet Wipe Machines | – | 3,468 | | Parts and Components Sales | 17,055 | 19,166 | | Total | 224,153 | 182,391 | - During the current and prior periods, the amount of revenue recognized that was included in contract liabilities at the beginning of each reporting period was approximately RMB 55.3 million and RMB 50.5 million, respectively[93] 6. Other Income Other income primarily includes government grants, scrap sales, and bank interest income. Other income for the first half of 2025 was RMB 2.6 million, a 49.0% decrease from the prior period, mainly due to reduced bond interest income and foreign exchange gains Other Income Details | Income Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Interest Income | 184 | 340 | | Interest Income from Debt Instruments | – | 1,341 | | Net Foreign Exchange Gains | – | 1,350 | | Government Grants | 544 | 380 | | Additional Input VAT Deduction | 268 | – | | Scrap Sales | 731 | 607 | | Others | 825 | 1,127 | | Total | 2,552 | 5,145 | - Government grants primarily refer to unconditional grants provided by Fujian provincial government authorities[94] - Jinjiang Haina Machinery Co., Ltd. and Hangzhou Haina Machinery Co., Ltd. qualify for a 5% additional input VAT deduction as advanced manufacturing enterprises[94] 7. Profit (Loss) Before Tax Profit before tax for the first half of 2025 was RMB 7.9 million, compared to a loss of RMB 13.4 million in the prior period. This section details the composition of finance costs, staff costs, and other items 7(a) Finance Costs Total finance costs amounted to RMB 4.5 million, including bank borrowing interest of RMB 4.4 million and finance costs on lease liabilities of RMB 0.2 million, with a portion capitalized to construction in progress Finance Costs Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 4,366 | 2,334 | | Finance costs on lease liabilities | 181 | 373 | | Total | 4,547 | 2,707 | | Less: Interest on bank borrowings capitalized to construction in progress | (3,143) | (1,982) | | Net Finance Costs | 1,404 | 725 | 7(b) Staff Costs Total staff costs amounted to RMB 36.1 million, primarily comprising salaries, allowances, discretionary bonuses, and other benefits in kind, as well as contributions to defined contribution plans Staff Costs Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, allowances, discretionary bonuses and other benefits in kind | 30,680 | 26,901 | | Equity-settled share-based payment expenses | 121 | 280 | | Contributions to defined contribution plans | 5,323 | 3,812 | | Total | 36,124 | 30,993 | 7(c) Other Items Other items include cost of inventories, auditor's remuneration, amortization of intangible assets, depreciation of property, plant and equipment, foreign exchange gains/losses, short-term lease payments, and R&D expenses Other Items Details | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories | 172,502 | 151,858 | | Auditor's remuneration | 196 | 194 | | Amortisation of intangible assets | 2,095 | 2,703 | | Depreciation of property, plant and equipment (net) | 6,376 | 7,550 | | Net foreign exchange losses (gains) | 573 | (1,350) | | Research and development expenses | 15,108 | 13,920 | 8. Income Tax Expense Income tax expense for the first half of 2025 was RMB 0.6 million, a significant increase from the prior period. Chinese operating entities are subject to a 25% corporate income tax rate, but high-tech enterprises can enjoy a preferential rate of 15%. Hong Kong profits tax is calculated under a two-tiered system Income Tax Expense Details | Tax Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC corporate income tax - current period | 352 | 117 | | Hong Kong profits tax - current period | 284 | – | | Income Tax Expense for the Period | 636 | 117 | - Entities established by the Group in China are subject to PRC corporate income tax at a statutory rate of 25%, while Jinjiang Haina, Hangzhou Haina, and Jinjiang Haijia Intelligent Equipment Co., Ltd. are recognized as high-tech enterprises and are entitled to a preferential tax rate of 15%[97] - During the period, Hong Kong profits tax was calculated under a two-tiered profits tax system, with the first HKD 2 million of assessable profits taxed at 8.25% and profits above that at 16.5%[98] 9. Dividends The Board has resolved not to declare an interim dividend for the period - The Board has resolved not to declare an interim dividend for the period (prior period: nil)[100] 10. Earnings (Loss) Per Share Basic earnings per share for the first half of 2025 were 1.56 RMB cents, compared to a loss per share of 2.06 RMB cents in the prior period. Diluted earnings per share were the same as basic earnings per share Earnings (Loss) Per Share | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and Diluted Earnings (Loss) Per Share | 1.56 | (2.06) | - The weighted average number of ordinary shares used in the calculation of basic earnings (loss) per share was 563,976 thousand shares[102] - Diluted earnings (loss) per share were the same as basic earnings (loss) per share for the current and prior periods because there was no assumption of the exercise of the company's share options in calculating diluted earnings (loss) per share[102] 11. Property, Plant and Equipment During the period, property, plant and equipment purchases amounted to approximately RMB 34.3 million, and right-of-use assets of approximately RMB 1.6 million were recognized. The Hangzhou production facility previously faced impairment losses due to market competition - During the period, the Group purchased property, plant and equipment (excluding right-of-use assets) of approximately RMB 34,322,000[103] - During the period, the Group recognized right-of-use assets of approximately RMB 1,578,000 by incurring lease liabilities[103] - In the prior period, in view of the intense market competition faced by the Group's Hangzhou production facility, which led to reduced revenue and continuous operating losses, the Group's management considered that there were indications of impairment for the property, plant and equipment allocated to Hangzhou Haina, and an impairment loss of approximately RMB 1,705,000 was recognized[104] 12. Trade and Other Receivables As of June 30, 2025, total trade and other receivables amounted to RMB 159.4 million, with net trade receivables of RMB 87.8 million. The company generally grants customers a credit period of up to 30 days and holds certain retention monies 12(a) Trade Receivables As of June 30, 2025, net trade receivables amounted to RMB 87.8 million. The company generally grants customers a credit period of up to 30 days and holds certain retention monies to be collected after the warranty period expires Net Trade Receivables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Trade Receivables | 87,826 | 55,613 | - The Group generally grants its customers a credit period of up to 30 days from the invoice date. Trade receivables include a portion of contract amounts retained by customers, payable upon the expiry of the Group's product warranty period (generally 12 months from customer acceptance of the machinery)[106] Ageing Analysis of Trade Receivables (net of provision for expected credit losses) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 39,565 | 3,278 | | 31 to 60 days | 6,653 | 6,054 | | 61 to 90 days | 1,997 | 4,665 | | 91 to 180 days | 14,917 | 11,273 | | 181 to 365 days | 12,995 | 19,544 | | Over 365 days | 12,035 | 11,328 | | Total | 88,162 | 56,142 | 12(b) Bills Receivable As of June 30, 2025, bills receivable amounted to RMB 0.3 million, are interest-free, guaranteed by PRC banks, and have maturity dates of less than one year - As of June 30, 2025, bills receivable were interest-free, guaranteed by PRC banks, and had maturity dates of less than one year[109] Bills Receivable Amount | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills Receivable | 336 | 529 | 12(c) Consideration Receivable As of June 30, 2025, consideration receivable amounted to RMB 2.3 million, representing the final installment payment for the disposal of unlisted equity instruments - As of June 30, 2025, consideration receivable refers to the final installment payment, before expected credit losses, with a carrying amount of HKD 2,500,000 (equivalent to approximately RMB 2,280,000) for the disposal of unlisted equity instruments to an independent third party for a total consideration of HKD 14,200,000 during the year ended December 31, 2022, as the investment no longer met the Group's investment objectives[110] 13. Debt Instruments Measured at Amortized Cost As of June 30, 2025, the balance of debt instruments measured at amortized cost was nil, as a full provision for expected credit losses had been made. The company has issued legal letters to the issuer and guarantor demanding repayment of the outstanding bond principal and interest Debt Instruments Measured at Amortized Cost | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted debt instruments, unsecured | – | 871 | | Less: Provision for expected credit losses | (31,912) | (31,939) | | Net Amount | – | 871 | - The company entered into a subscription agreement with Penggao Holdings Group Limited to subscribe for bonds with a principal amount of HKD 40,000,000 (equivalent to approximately RMB 33,248,000), with the maturity date extended to July 25, 2023, and the annual interest rate revised to 8%, guaranteed by an independent third party[111][112] - On August 1, 2025, the company issued a statutory demand requiring the issuer to repay the outstanding principal of HKD 35,000,000 (equivalent to approximately RMB 31,912,000) and related accrued interest of approximately HKD 3,588,000 (equivalent to approximately RMB 3,271,000) as of July 31, 2025[115] 14. Trade and Other Payables As of June 30, 2025, total trade and other payables amounted to RMB 335.1 million, primarily comprising trade payables, bills payable, contract liabilities, and payables for construction in progress 14(a) Trade Payables As of June 30, 2025, trade payables amounted to RMB 84.4 million, are interest-free, and generally have a credit period of up to 180 days Trade Payables | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 84,416 | 87,953 | - Trade payables are interest-free, and the Group is generally granted a credit period of up to 180 days[117] Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 56,680 | 54,441 | | 31 to 60 days | 7,394 | 10,132 | | 61 to 90 days | 6,086 | 9,865 | | 91 to 180 days | 7,670 | 8,312 | | 181 to 365 days | 2,748 | 2,404 | | Over 365 days | 3,838 | 2,799 | | Total | 84,416 | 87,953 | 14(b) Accruals and Other Payables As of June 30, 2025, accruals and other payables included approximately RMB 2.9 million related to the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform' - As of June 30, 2025, and December 31, 2024, the balance of accruals and other payables included approximately RMB 2,915,000, which was related to the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[119] 15. Interest-bearing Borrowings As of June 30, 2025, total interest-bearing borrowings amounted to RMB 308.7 million, primarily secured bank loans. The borrowings are jointly secured by land use rights, buildings, construction in progress, and personal guarantees from controlling shareholders Total Interest-bearing Borrowings | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans - Unsecured | 6,000 | 6,000 | | Bank Loans - Secured | 302,737 | 275,037 | | Total | 308,737 | 281,037 | Maturity Analysis of Interest-bearing Borrowings | Maturity | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year | 52,289 | 65,851 | | Over one year but within two years | 12,096 | 13,288 | | Over two years but within five years | 33,154 | 28,336 | | Over five years | 210,006 | 174,754 | | Total | 308,737 | 281,037 | - Secured bank deposits are jointly guaranteed by the Group's land use rights of approximately RMB 41.1 million, buildings of approximately RMB 48.5 million, and construction in progress of approximately RMB 343.2 million at their total net book value, and a personal guarantee of approximately RMB 10.0 million provided by Mr. Hong Yiyuan, one of the controlling shareholders[123][125] 16. Share Capital As of June 30, 2025, the company's authorized share capital was 2,000,000,000 shares of HKD 0.01 each, with issued and fully paid share capital of 563,976,000 shares, equivalent to RMB 5.1 million Share Capital Composition | Metric | Number of Shares | HKD | Equivalent RMB thousands | | :--- | :--- | :--- | :--- | | Authorized share capital (ordinary shares of HKD 0.01 each) | 2,000,000,000 | 20,000,000 | 10,695 | | Issued and fully paid share capital (ordinary shares of HKD 0.01 each) | 563,976,000 | 5,639,760 | 5,088 | 17. Share-based Payments The company adopted a share option scheme on May 8, 2020, to incentivize employees. On May 21, 2021, 14,000,000 share options were granted with an exercise price of HKD 1.14. Share-based payment expenses of approximately RMB 0.1 million were recognized during the period - Pursuant to the company's general meeting on May 8, 2020, a share option scheme was approved and adopted to provide incentives or rewards for participants' contributions to the Group and/or to enable the Group to recruit and retain outstanding employees[127] - On May 21, 2021, the company granted a total of 14,000,000 share options to certain eligible participants, with an exercise price of HKD 1.14 per company share, of which 10,000,000 were granted to the company's executive directors and 4,000,000 to certain employees of the Group[129] - During the period, the Group recognized equity-settled share-based payment expenses of approximately RMB 121,000 (prior period: approximately RMB 280,000)[132] 18. Related Party/Connected Transactions This section discloses the Group's key management personnel compensation and material purchase and sales transactions with related parties (companies controlled by relatives of controlling shareholders or ultimate controlling parties) 18(a) Related Party Transactions During the current and prior periods, there were no other related party transactions apart from those disclosed elsewhere - Save as disclosed elsewhere in the interim financial statements, the Group had the following transactions with related parties: during the current and prior periods, there were no other related party transactions[133] 18(b) Compensation of the Group's Key Management Personnel Total compensation for the Group's key management personnel (including Directors) amounted to RMB 1.3 million, primarily comprising salaries, discretionary bonuses, and share-based payment expenses Compensation of the Group's Key Management Personnel | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, allowances and benefits | 560 | 553 | | Discretionary bonuses | 540 | 546 | | Share-based payment expenses | 85 | 200 | | Contributions to defined contribution plans | 146 | 143 | | Total | 1,331 | 1,442 | 18(c) Connected Transactions The Group engaged in material purchase and sales transactions with connected parties such as Hengqin Machinery, Shengrong Machinery, Guangdong Aimeigao, and Foshan Houdao, which are ultimately controlled by relatives of controlling shareholders or controlling shareholders of Aopusi Purchase of Materials from Connected Persons | Connected Person | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Jinjiang Hengqin Machinery Industry and Trade Co., Ltd. | 1,885 | 2,817 | | Jinjiang Shengrong Machinery Equipment Co., Ltd. | 1,180 | 653 | | Guangdong Aimeigao Intelligent Equipment Co., Ltd. | 742 | 1,062 | | Foshan Houdao Packaging Equipment Co., Ltd. | 351 | – | - Sales of materials to Guangdong Aimeigao Intelligent Equipment Co., Ltd.: RMB 28 thousand in H1 2025 (H1 2024: RMB 912 thousand)[135] - Hengqin Machinery is wholly owned by three relatives of one of the company's controlling shareholders; Shengrong Machinery is wholly owned by one relative of one of the company's controlling shareholders; Guangdong Aimeigao and Foshan Houdao are ultimately controlled by the controlling shareholders of Aopusi Intelligent Packaging System (Foshan) Co., Ltd.[139] 19. Commitments As of June 30, 2025, the Group's total capital expenditure commitments amounted to RMB 65.9 million, primarily for construction in progress and development of intangible assets Capital Expenditure Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Construction in Progress | 38,178 | 61,261 | | Development of Intangible Assets | 27,679 | 27,679 | | Total | 65,857 | 88,940 | 20. Events After Reporting Period Subsequent to the reporting period, Jinjiang Haina faces a civil lawsuit seeking approximately RMB 3.2 million in contract payments and approximately RMB 1.0 million in damages from a service provider, currently in the early stages of legal proceedings - In July 2025, a service provider of Jinjiang Haina filed a civil lawsuit with the Jinjiang City People's Court in Fujian Province, claiming approximately RMB 3,218,000 in unpaid contract amounts and approximately RMB 965,000 in damages from Jinjiang Haina for the development of the '5G+ Smart Equipment Operation and Maintenance Service Platform'[138] - As of the date of this report, the claim is still in the early stages of legal proceedings, and the Directors believe that no further provision for the claim is required as of June 30, 2025[138]