香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHENGYE INTERNATIONAL HOLDINGS COMPANY LIMITED （於百慕達註冊成立的有限公司） （股份代號：3363） 正業國際控股有限公司 截至二零二五年六月三十日止六個月 中期業績公告 | 財務摘要 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 截至六月三十日止六個月 | | | | | | | | | | 二零二五年 | 二零二四年 | | | | | | | | | 人民幣千元 | 人民幣千元 | | | 收 入 | | | | | | 1,137,332 | 1,161,830 | | | 毛利率 | | | | | | 9.09% | | 14.08% | | 稅息折舊及攤銷前盈 ...

截至2025年6月30日止六個月之中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 MBV INTERNATIONAL LIMITED 中國大人國際有限公司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1957） 財務摘要 截至2025年6月30日止六個月（「本期間」）： 中國大人國際有限公司（「本公司」）董事（「董事」）會（「董事會」）提呈本公司及其附屬公司 （統稱「本集團」）於本期間的未經審核中期業績，連同去年同期的比較數字如下。中期業 績未經外聘核數師審核，惟已經本公司審核委員會審閱。 — 1 — • 本集團（定義見下文）錄得未經審核收益約87,300,000令吉，較截至2024年6月30日止 六個月（「去年同期」）的約92,700,000令吉減少約5.8%； • 本集團於本期間錄得本公司擁有人應佔期內溢利約8,200,000令吉，較去年同期的約 6,200,000令吉增加約32.3%； • 本集團於 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 ISP HOLDINGS LIMITED 昇柏控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：02340） 截 至 2025 年 6 月 30 日 止 六 個 月 之 未 經 審 核 中 期 業 績 公 告 昇 柏 控 股 有 限 公 司 （「 本 公 司 」） 之 董 事 （「 董 事 」） 會 （「 董 事 會 」） 公 佈 本 公 司 及 其 附 屬 公 司（ 統 稱「 本 集 團 」）截 至 2 0 25 年 6 月 3 0 日 止 六 個 月（「 報 告 期 間 」） 之 未 經 審 核 中 期 業 績 。 財務概覽 | | 截至 6 月 30 日 | | | | | --- | --- ...

（於開曼群島註冊成立的有限公司） （股份代號：1782） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 國 際 商 業 數 字 技 術 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 中 期 簡 明 綜 合 財 務 報 表。 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 中 期 簡 明 綜 合 財 務 業 績 已 經 本 公 司 審 計 委 員 會 及 管 理 層 審 閱，彼 等 認 為 編 製 該 等 財 務 業 績 的 過 程 符 合 適 用 的 會 計 準 則、香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）證 券 上 市 規 則（「上 市 規 則」）及 其 他 適 用 法 律 的 規 定，並 已 作 出 充 分 披 露。 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 King's Flair International (Holdings) Limited 科勁國際（控 股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6822） 截至二零二五年六月三十日止六個月 中期業績公佈 財務摘要 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | 變 動 | | | （未 經 審 核） | （未 經 審 核） | | | 收 益 | 249,838 | 332,923 | –25.0% | | 毛 利 | 51,096 | 87,481 | –41.6% | | 本公司擁有人應佔（虧 損）╱溢 利 | (40,978) | 3,426 | –1,296.1% | | 每股基本及攤薄（虧 損） ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Beijing Capital Jiaye Property Services Co., Limited （股份代號：2210） 截至2025年6月30日止六個月中期業績公告 | 業績概要 | | | | --- | --- | --- | | | 截至6月30日止六個月 | | | | 2025年 | 2024年 | | 收入 （人民幣百萬元） | 1,045.1 | 889.6 | | 毛利 （人民幣百萬元） | 160.2 | 181.6 | | 毛利率 | 15.3% | 20.4% | | （人民幣百萬元） 年內溢利 | 24.4 | 47.0 | | 淨利率 | 2.3% | 5.3% | | （人民幣百萬元） 本公司擁有人應佔年內溢利 | 22.6 | 45.3 | | 每股基本盈利 （人民幣元） | 0.15 | 0.31 | | （人民幣百萬元） 現金及現金等價物 | 585.9 | ...

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) This report presents the unaudited interim condensed consolidated financial statements and management's discussion and analysis for the six months ended June 30, 2025 [Disclaimer](index=1&type=section&id=Disclaimer) HKEX and HKSE are not responsible for the content's accuracy or completeness and disclaim liability for any losses incurred from reliance on this announcement - HKEX is not responsible for the content, accuracy, or completeness of this announcement, and disclaims liability for any losses[1](index=1&type=chunk) [Company Information](index=1&type=section&id=Company%20Information) China Boton Group Company Limited's Board approved the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, reviewed by the Audit Committee - China Boton Group Company Limited (Stock Code: 3318) Board approved the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025[2](index=2&type=chunk) - The interim financial statements have been reviewed by the Company's Audit Committee[2](index=2&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents China Boton Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the balance sheet, income statement, and comprehensive income statement [Interim Condensed Consolidated Balance Sheet](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets slightly increased, driven by non-current asset growth, while current assets decreased; total liabilities and equity remained relatively stable Interim Condensed Consolidated Balance Sheet (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 4,590,960 | 4,434,214 | | Current assets | 1,719,706 | 1,863,711 | | **Total Assets** | **6,310,666** | **6,297,925** | | **Equity** | | | | Attributable to owners of the Company | 3,133,854 | 3,140,955 | | Non-controlling interests | 277,609 | 268,323 | | **Total Equity** | **3,411,463** | **3,409,278** | | **Liabilities** | | | | Non-current liabilities | 1,246,529 | 1,071,645 | | Current liabilities | 1,652,674 | 1,817,002 | | **Total Liabilities** | **2,899,203** | **2,888,647** | - Non-current assets increased, primarily driven by growth in property, plant, and equipment[3](index=3&type=chunk) - Current assets decreased, mainly due to reductions in inventories, trade and other receivables, and cash and cash equivalents[3](index=3&type=chunk) [Interim Condensed Consolidated Income Statement](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue and gross profit significantly declined, leading to a substantial decrease in profit for the period and a loss attributable to owners Interim Condensed Consolidated Income Statement (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 637,753 | 750,975 | | Cost of sales | (438,894) | (445,344) | | Gross profit | 198,859 | 305,631 | | Operating profit | 33,725 | 109,237 | | Profit before income tax | 10,840 | 81,230 | | Profit for the period | 8,707 | 62,682 | | Attributable to owners of the Company | (8,119) | 44,332 | | Basic and diluted (loss)/earnings per share (RMB) | (0.01) | 0.04 | - Revenue decreased by **15.1% year-on-year**, and gross profit decreased by **34.9% year-on-year**[5](index=5&type=chunk) - Profit for the period significantly decreased by **86.1% year-on-year**, with profit attributable to owners of the Company turning into a loss[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income significantly decreased, mainly due to reduced profit for the period and changes in currency translation differences, resulting in a loss attributable to owners Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 8,707 | 62,682 | | Currency translation differences | 2,604 | (3,292) | | Total comprehensive income for the period | 11,311 | 59,390 | | Attributable to owners of the Company | (4,875) | 42,461 | - Total comprehensive income for the period decreased by **80.9% year-on-year**, with the portion attributable to owners of the Company turning into a loss[7](index=7&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering company information, accounting policies, financial risk management, key estimates, segment information, and specific balance sheet and income statement items [General Information](index=6&type=section&id=General%20Information) China Boton Group, established in Cayman Islands in 2005 and listed on HKEX, primarily produces and sells flavors, fragrances, and e-cigarette products in China and Asia, with interim financial information presented in RMB - The Group's principal business involves the production and sale of flavors, fragrances, and e-cigarette products[8](index=8&type=chunk) - The Company was incorporated in the Cayman Islands on March 9, 2005, and listed on the Hong Kong Stock Exchange on December 9, 2005[8](index=8&type=chunk)[9](index=9&type=chunk) - The interim financial information is presented in **RMB** and was approved for issue by the Board on August 22, 2025[10](index=10&type=chunk)[11](index=11&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial statements are prepared in accordance with HKAS 34 and should be read with the annual financial statements; new and revised standards adopted have no material impact - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA[13](index=13&type=chunk) - The adoption of new and revised standards by the Group had no material impact on the financial performance and position for the current and prior periods[14](index=14&type=chunk) - Standards issued but not yet effective are not expected to have a significant impact on the entity in current or future reporting periods[15](index=15&type=chunk) [Financial Risk Management](index=7&type=section&id=Financial%20Risk%20Management) The Group faces market risks (exchange rate, interest rate), credit risk, and liquidity risk, with full details available in the annual financial statements - The Group is exposed to market risks (foreign exchange, fair value interest rate, cash flow interest rate), credit risk, and liquidity risk[16](index=16&type=chunk) - The interim financial statements should be read in conjunction with the annual financial statements for the year ended December 31, 2024, for complete financial risk management information[16](index=16&type=chunk) [Critical Accounting Estimates and Judgments](index=7&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) Preparing interim financial statements involves management judgments, estimates, and assumptions, which may differ from actual results, with significant judgments consistent with the prior annual consolidated financial statements - The preparation of interim financial statements requires management to make judgments, estimates, and assumptions, and actual results may differ[17](index=17&type=chunk) - The significant judgments made during this period are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024[17](index=17&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group operates in five segments: flavor enhancers, food flavors, daily use flavors, e-cigarette products, and investment properties; total revenue decreased year-on-year, primarily due to a significant decline in flavor enhancers - The Group's business is divided into five segments: flavor enhancers, food flavors, daily use flavors, e-cigarette products, and investment properties[18](index=18&type=chunk) Segment Revenue (RMB thousands) | Segment | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Flavor enhancers | 179,463 | 308,057 | -41.7% | | Food flavors | 93,051 | 90,286 | +3.1% | | Daily use flavors | 73,115 | 69,567 | +5.0% | | E-cigarette products | 267,233 | 256,132 | +4.3% | | Investment properties | 24,891 | 26,933 | -7.6% | | **Total** | **637,753** | **750,975** | **-15.1%** | - The flavor enhancers segment's operating profit turned from profit to loss, and the e-cigarette products segment's loss widened[20](index=20&type=chunk)[22](index=22&type=chunk) [Property, Plant and Equipment and Intangible Assets](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment%20and%20Intangible%20Assets) As of June 30, 2025, the Group's net book value of property, plant, and equipment increased, while intangible assets slightly decreased, with a significant increase in additions to property, plant, and equipment during the period Property, Plant and Equipment and Intangible Assets (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net book value of property, plant and equipment at period end | 2,164,053 | 1,528,866 | | Net book value of intangible assets at period end | 1,597,156 | 1,721,629 | | Additions to property, plant and equipment (current period) | 204,622 | 72,496 | - Additions to property, plant, and equipment for the six months ended June 30, 2025, amounted to **RMB 204,622 thousands**, significantly higher than **RMB 72,496 thousands** in the same period last year[23](index=23&type=chunk) [Leases](index=10&type=section&id=Leases) As of June 30, 2025, both right-of-use assets and lease liabilities increased, along with higher depreciation and interest expenses for right-of-use assets during the period Lease Information (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Right-of-use assets | 156,771 | 152,934 | | Lease liabilities | 15,356 | 9,879 | Lease Expenses (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation expense for right-of-use assets | 5,630 | 4,227 | | Interest expense | 445 | 195 | - Lease liabilities (current and non-current) increased from **RMB 9,879 thousands** as of December 31, 2024, to **RMB 15,356 thousands** as of June 30, 2025[24](index=24&type=chunk) [Trade and Other Receivables](index=11&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, both net trade receivables and other receivables decreased, primarily due to a reduction in trade receivables, particularly those less than three months old Trade and Other Receivables (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables – net | 385,511 | 466,841 | | Other receivables – net | 489,653 | 473,222 | | **Total** | **875,808** | **938,946** | Aging Analysis of Trade Receivables (RMB thousands) | Aging of Trade Receivables | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Less than three months | 208,247 | 300,331 | | Over three months but not over one year | 153,163 | 149,314 | | Over one year | 267,746 | 265,288 | - Net trade receivables decreased from **RMB 466,841 thousands** to **RMB 385,511 thousands**, mainly due to a reduction in trade receivables aged less than three months[26](index=26&type=chunk)[27](index=27&type=chunk) - Trade bills are due within six months[27](index=27&type=chunk) [Share Capital](index=12&type=section&id=Share%20Capital) As of June 30, 2025, the Company's issued and fully paid ordinary share capital remained unchanged, with 1,080,512 thousand shares outstanding Share Capital (RMB thousands) | Indicator | June 30, 2025 (thousand shares) | Share Capital (RMB thousands) | Share Premium (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Issued ordinary shares | 1,080,512 | 101,522 | 1,292,432 | 1,393,954 | - The share capital structure remained unchanged from January 1, 2024, to June 30, 2025[29](index=29&type=chunk) [Shares Held Under Share Award Scheme](index=12&type=section&id=Shares%20Held%20Under%20Share%20Award%20Scheme) The Company adopted a share award scheme on December 11, 2023, to reward employees; as of June 30, 2025, 500,000 shares held by the trustee remained unawarded, with no shares awarded during the period - The Company adopted a share award scheme on December 11, 2023, to reward employees or service providers who have contributed to the Company and its subsidiaries[30](index=30&type=chunk) - No shares were awarded under the share award scheme for the six months ended June 30, 2025[30](index=30&type=chunk) - As of June 30, 2025, the trustee held **500,000 shares** that had not yet been awarded[30](index=30&type=chunk) [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased, primarily due to reductions in trade payables, accrued wages, and other payables Trade and Other Payables (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 292,667 | 432,587 | | Payables for consolidated businesses | 150,000 | 150,000 | | Accrued wages | 14,720 | 44,447 | | Other taxes payable | 27,543 | 35,136 | | Amount due to a related party | 27,470 | — | | **Total** | **629,461** | **807,141** | Aging Analysis of Trade Payables (RMB thousands) | Aging of Trade Payables | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Less than three months | 133,881 | 290,632 | - Total trade payables decreased from **RMB 432,587 thousands** to **RMB 292,667 thousands**, with the largest decrease in trade payables aged less than three months[31](index=31&type=chunk)[32](index=32&type=chunk) - A new amount due to a related party of **RMB 27,470 thousands** is unsecured, repayable on demand, and interest-free[31](index=31&type=chunk)[32](index=32&type=chunk) [Borrowings](index=14&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings increased, mainly driven by the growth in non-current secured bank borrowings, primarily denominated in RMB and collateralized by various assets and guarantees Borrowings (RMB thousands) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current borrowings | 1,133,013 | 955,904 | | Current borrowings | 906,648 | 894,086 | | **Total Borrowings** | **2,039,661** | **1,849,990** | Borrowings by Currency (RMB thousands) | Borrowing Currency | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | RMB | 1,804,455 | 1,605,911 | | HKD | 235,206 | 244,079 | - Total borrowings increased by **RMB 189,671 thousands**, with non-current borrowings increasing by **RMB 177,109 thousands**[33](index=33&type=chunk) - Bank borrowings are secured by property, plant and machinery, investment properties, bank deposits, land use rights, 100% equity interest in Shenzhen Boton, personal guarantees from the Chairman, and corporate guarantees[38](index=38&type=chunk) [Revenue Details](index=15&type=section&id=Revenue%20Details) The Group's revenue primarily derives from goods sales and rental income; for the six months ended June 30, 2025, both sources experienced a decline Revenue by Source (RMB thousands) | Revenue Source | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of goods | 612,862 | 724,042 | | Rental income | 24,891 | 26,933 | | **Total Revenue** | **637,753** | **750,975** | - Revenue from sales of goods decreased by **15.3% year-on-year**, and rental income decreased by **7.6% year-on-year**[36](index=36&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) For the six months ended June 30, 2025, the Group's other income decreased year-on-year, mainly due to a reduction in government grants and other miscellaneous income Other Income (RMB thousands) | Income Source | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 1,239 | 1,306 | | Others | 221 | 938 | | **Total** | **1,460** | **2,244** | - Other income decreased by **34.9% year-on-year**[37](index=37&type=chunk) [Other Gains - Net](index=16&type=section&id=Other%20Gains%20-%20Net) For the six months ended June 30, 2025, the Group's other gains – net significantly decreased, primarily due to a reduction in other gains Other Gains - Net (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value loss on investment properties | (400) | (400) | | Others | 583 | 2,938 | | **Total** | **183** | **2,538** | - Other gains – net decreased by **92.8% year-on-year**[39](index=39&type=chunk) [Expenses by Nature](index=16&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, total expenses decreased, mainly due to lower raw materials and consumables used, employee benefit expenses, and consulting fees, despite a significant increase in advertising expenses Expenses by Nature (RMB thousands) | Expense Item | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation and amortization | 58,207 | 56,326 | | Employee benefit expenses | 91,466 | 96,929 | | Raw materials and consumables used | 348,588 | 405,999 | | Advertising expenses | 6,951 | 2,448 | | Consulting fees | 15,583 | 24,107 | | **Total Expenses** | **610,050** | **637,468** | - Raw materials and consumables used decreased by **14.2% year-on-year**, and employee benefit expenses decreased by **5.6% year-on-year**[40](index=40&type=chunk) - Advertising expenses significantly increased by **183.9% year-on-year**[40](index=40&type=chunk) [Finance Income and Costs](index=17&type=section&id=Finance%20Income%20and%20Costs) For the six months ended June 30, 2025, the Group's net finance income and costs both decreased, primarily due to reduced interest income, increased exchange gains, and changes in capitalized amounts Finance Income and Costs (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance income – interest income | 621 | 2,306 | | Finance costs – interest expense | (34,879) | (34,456) | | Finance costs – exchange gains | 3,582 | 737 | | Finance costs – net | (22,885) | (28,007) | - Interest income decreased by **73.1% year-on-year**, while exchange gains significantly increased by **385.8% year-on-year**[42](index=42&type=chunk) - Net finance costs decreased by **18.3% year-on-year**[42](index=42&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense significantly decreased, mainly due to lower current and deferred income taxes, with some high-tech subsidiaries enjoying a preferential tax rate of 15% Income Tax Expense (RMB thousands) | Indicator | Six months ended June 30, 2025 (RMB thousands) | Six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | 10,570 | 31,464 | | Deferred income tax | (8,437) | (12,916) | | **Total** | **2,133** | **18,548** | - Income tax expense significantly decreased by **88.5% year-on-year**[43](index=43&type=chunk) - Certain Chinese subsidiaries, as high-tech enterprises, enjoy a preferential tax rate of **15%**[43](index=43&type=chunk) [Earnings Per Share](index=18&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, profit attributable to owners of the Company turned into a loss, resulting in basic and diluted earnings per share shifting from profit to loss Earnings Per Share | Indicator | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (RMB thousands) | (8,119) | 44,332 | | Weighted average number of ordinary shares outstanding (thousand shares) | 1,080,012 | 1,080,493 | | Basic (loss)/earnings per share (RMB per share) | (0.01) | 0.04 | - Basic and diluted earnings per share turned from a profit of **RMB 0.04** in the prior period to a loss of **RMB 0.01** per share in the current period[45](index=45&type=chunk) - Diluted earnings per share are the same as basic earnings per share, as there were no potential dilutive effects in the current or prior periods[46](index=46&type=chunk) [Dividends](index=18&type=section&id=Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend an interim dividend for the six months ended June 30, 2025[47](index=47&type=chunk) [Contingent Liabilities (Financial Notes)](index=18&type=section&id=Contingent%20Liabilities%20%28Financial%20Notes%29) As of June 30, 2025, the Company is involved in a legal dispute regarding the outstanding consideration of RMB 150,000,000 for the Kimree acquisition, with the outcome currently not reasonably estimable - The Company is involved in a legal dispute with one of the vendors of the Kimree acquisition, concerning outstanding consideration of **RMB 150,000,000**[48](index=48&type=chunk) - This outstanding consideration has been accrued and included in "Trade and other payables"[48](index=48&type=chunk) - The case is still in its early stages, and management cannot reasonably estimate the outcome[48](index=48&type=chunk) [Commitments](index=19&type=section&id=Commitments) As of June 30, 2025, the Group's capital commitments significantly decreased, while short-term lease-related commitments slightly declined Commitments (RMB thousands) | Commitment Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for property, plant and equipment | 21,724 | 188,898 | | Short-term lease-related commitments (within one year) | 174 | 412 | - Capital commitments for property, plant, and equipment significantly decreased from **RMB 188,898 thousands** to **RMB 21,724 thousands**[49](index=49&type=chunk) [Related Party Transactions](index=19&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group did not enter into any significant related party transactions, consistent with the prior year - No significant related party transactions were entered into for the six months ended June 30, 2025[51](index=51&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business performance, financial position, market challenges, and future outlook for the reporting period, highlighting significant declines in revenue and net profit due to business downturns and economic uncertainties [Principal Activities of the Group](index=20&type=section&id=Principal%20Activities%20of%20the%20Group) The Group primarily designs and manufactures high-quality e-cigarette products and produces, trades, and sells extracts, flavors, and fragrances globally across various industries - The Group's core businesses include e-cigarette products (disposable, rechargeable, and accessories) and flavor and fragrance products (flavor enhancers, food flavors, daily use flavors)[52](index=52&type=chunk) - E-cigarette products are primarily sold to tobacco companies, independent e-cigarette manufacturers, and customers under various brands[52](index=52&type=chunk) - Flavor products are sold to industries such as tobacco, beverages, and daily food, while fragrance products are sold to beauty products, perfumes, and soaps[52](index=52&type=chunk) [Business Review](index=20&type=section&id=Business%20Review) The reporting period saw a complex global economy, international trade disruptions, and shifting consumption patterns, leading to challenges like rising production costs and regulatory tightening, which the Group addressed through cost control and automation - The global economy is complex, with international trade severely impacted by prolonged wars and geopolitical tensions, affecting consumption patterns[53](index=53&type=chunk) - E-cigarette product production costs increased, labor costs rose, and tariff uncertainties hindered overseas expansion[53](index=53&type=chunk) - The Group's total revenue decreased by **15.1% year-on-year** to **RMB 637.8 million**, gross profit decreased by **34.9% year-on-year** to **RMB 198.9 million**, and net profit for the period significantly decreased by **86.1% year-on-year** to **RMB 8.7 million**[53](index=53&type=chunk) [Segment Revenue Breakdown](index=21&type=section&id=Segment%20Revenue%20Breakdown) For the six months ended June 30, 2025, flavor enhancers revenue significantly declined by 41.7%, while food flavors, daily use flavors, and e-cigarette products saw slight increases, and investment property revenue decreased marginally Segment Revenue Breakdown (RMB millions) | Segment | 2025 Revenue (RMB millions) | % of Total Revenue | 2024 Revenue (RMB millions) | % of Total Revenue | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Flavor enhancers | 179.5 | 28.1% | 308.1 | 41.0% | -41.7% | | Food flavors | 93.1 | 14.6% | 90.3 | 12.0% | +3.1% | | Daily use flavors | 73.1 | 11.5% | 69.6 | 9.3% | +5.0% | | E-cigarette products | 267.2 | 41.9% | 256.1 | 34.1% | +4.3% | | Investment properties | 24.9 | 3.9% | 26.9 | 3.6% | -7.4% | | **Total** | **637.8** | **100.0%** | **751.0** | **100.0%** | **-15.1%** | - The **41.7% significant decrease** in flavor enhancers revenue was the primary reason for the overall revenue decline[54](index=54&type=chunk) - E-cigarette products became the largest revenue contributing segment, accounting for **41.9%**[54](index=54&type=chunk) [Flavor Enhancers Business Review](index=21&type=section&id=Flavor%20Enhancers%20Business%20Review) Flavor enhancers revenue significantly decreased by 41.7% due to intense competition, rising raw material costs, stricter regulations, and changing consumer demand, leading to higher production costs and lower profit margins - Flavor enhancers revenue was approximately **RMB 179.5 million**, a significant **41.7% year-on-year decrease**[56](index=56&type=chunk) - Challenges include intense industry competition, increased costs of natural raw materials, stricter government safety regulations, and changing consumer demand[56](index=56&type=chunk) - The Group will allocate resources to improve product quality, competitiveness, and diversify overseas markets[56](index=56&type=chunk) [Food Flavors Business Review](index=21&type=section&id=Food%20Flavors%20Business%20Review) Food flavors revenue slightly increased by 3.1% to approximately RMB 93.1 million, as the Group maintained stable income in a competitive market by continuously developing new flavors - Food flavors revenue was approximately **RMB 93.1 million**, a slight **3.1% year-on-year increase**[57](index=57&type=chunk) - The Group maintained stable revenue in a competitive market by developing new flavors[57](index=57&type=chunk) [Daily Use Flavors Business Review](index=22&type=section&id=Daily%20Use%20Flavors%20Business%20Review) Daily use flavors revenue increased by 5.0% to approximately RMB 73.1 million, driven by the acquisition of new customers and continued support from long-term partners - Daily use flavors revenue was approximately **RMB 73.1 million**, a **5.0% year-on-year increase**[58](index=58&type=chunk) - Revenue growth is attributed to an increase in new customers and continued support from long-term cooperative clients[58](index=58&type=chunk) [E-cigarette Products Business Review](index=22&type=section&id=E-cigarette%20Products%20Business%20Review) E-cigarette product revenue slightly increased by 4.3% to approximately RMB 267.2 million, benefiting from diversified local customers and an extensive marketing network, with management anticipating improved business in the second half through collaborations - E-cigarette product revenue was approximately **RMB 267.2 million**, a slight **4.3% year-on-year increase**[59](index=59&type=chunk) - Revenue growth benefited from diversified local customers and an extensive marketing network[59](index=59&type=chunk) - Management is negotiating collaborations with major companies, expecting enhanced synergies and improved business in the second half of the year[59](index=59&type=chunk) [Investment Properties Business Review](index=22&type=section&id=Investment%20Properties%20Business%20Review) Investment property revenue decreased by 7.4% to approximately RMB 24.9 million, primarily due to lease terminations by some tenants amid a challenging property market in Shenzhen, China - Investment property revenue was approximately **RMB 24.9 million**, a **7.4% year-on-year decrease**[60](index=60&type=chunk) - The revenue reduction is due to the challenging property market in Shenzhen, leading to lease terminations by some tenants[60](index=60&type=chunk) [Gross Profit Analysis](index=22&type=section&id=Gross%20Profit%20Analysis) For the six months ended June 30, 2025, the Group's gross profit was approximately RMB 198.9 million, a significant 34.9% year-on-year decrease Gross Profit (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | % Change | | :--- | :--- | :--- | :--- | | Gross profit | 198.9 | 305.6 | -34.9% | - Gross profit significantly decreased by **34.9%**, reflecting declining revenue and challenges in cost control[61](index=61&type=chunk) [Net Profit for the Period Analysis](index=22&type=section&id=Net%20Profit%20for%20the%20Period%20Analysis) The Group's net profit for the period was approximately RMB 8.7 million, a substantial 86.1% year-on-year decrease, with the net profit margin falling to approximately 1.4% Net Profit for the Period (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | % Change | | :--- | :--- | :--- | :--- | | Net profit for the period | 8.7 | 62.7 | -86.1% | | Net profit margin | 1.4% | 8.3% | -6.9 percentage points | - Net profit significantly decreased by **86.1%**, and the net profit margin dropped from **8.3% to 1.4%**[62](index=62&type=chunk) [Other Income Analysis](index=22&type=section&id=Other%20Income%20Analysis) For the six months ended June 30, 2025, other income was RMB 1.5 million, a 34.9% year-on-year decrease, mainly due to reduced auxiliary business income not classified under principal segments Other Income (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | % Change | | :--- | :--- | :--- | :--- | | Other income | 1.5 | 2.2 | -34.9% | - Other income decreased by **34.9%**, primarily due to a reduction in other auxiliary business income[63](index=63&type=chunk) [Other Gains - Net Analysis](index=23&type=section&id=Other%20Gains%20-%20Net%20Analysis) For the six months ended June 30, 2025, other gains – net were approximately RMB 0.2 million, a significant decrease from RMB 2.5 million in the prior year, mainly due to the absence of gains from derecognition of Chinese subsidiaries Other Gains - Net (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | | :--- | :--- | :--- | | Other gains – net | 0.2 | 2.5 | - Other gains – net significantly decreased, mainly due to the absence of gains from the derecognition of Chinese subsidiaries in the current period[64](index=64&type=chunk) [Expenses Analysis](index=23&type=section&id=Expenses%20Analysis) Selling and marketing expenses increased by 5.5% year-on-year due to higher advertising costs, while administrative expenses decreased by 13.2% due to lower employee benefits, consulting, and office expenses Expenses (RMB millions) | Expense Item | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | % Change | | :--- | :--- | :--- | :--- | | Selling and marketing expenses | 24.9 | 23.6 | +5.5% | | Administrative expenses | 146.3 | 168.5 | -13.2% | - Selling and marketing expenses as a percentage of total revenue increased from **3.1% to 3.9%**[65](index=65&type=chunk) - The reduction in administrative expenses is primarily due to decreases in employee benefit expenses, consulting fees, and office expenses[65](index=65&type=chunk) [Net Finance Costs Analysis](index=23&type=section&id=Net%20Finance%20Costs%20Analysis) For the six months ended June 30, 2025, net finance costs were approximately RMB 22.9 million, an 18.3% year-on-year decrease, primarily attributable to lower loan interest rates on borrowings Net Finance Costs (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | % Change | | :--- | :--- | :--- | :--- | | Net finance costs | 22.9 | 28.0 | -18.3% | - Net finance costs decreased primarily due to lower loan interest rates on borrowings[66](index=66&type=chunk) [Corporate Culture](index=23&type=section&id=Corporate%20Culture) The Group upholds its "Four New and Five Hearts" corporate culture, with core values of "high technology, high quality, high starting point, and high standards," aiming to enhance competitiveness and embark on internationalization - The Group's corporate culture embodies "Four New" (new brand, new culture, new strength, new image) and "Five Hearts" (attentiveness, dedication, meticulousness, sincerity, care)[67](index=67&type=chunk) - Core values are "high technology, high quality, high starting point, and high standards," aiming to enhance competitiveness and embark on an international journey[67](index=67&type=chunk) [Business Outlook](index=24&type=section&id=Business%20Outlook) The Group anticipates a slow global economic recovery in the second half of 2025, driven by emerging economies, and plans to actively regain domestic market share, accelerate globalization, and capture high-value-added markets through technological cooperation and production enhancements, while committing to green economy and sustainability - The global economy is expected to recover slowly and unevenly in the second half of 2025, with growth driven by emerging economies such as India and Southeast Asia[68](index=68&type=chunk) - The Group will actively regain domestic market share, accelerate globalization, and drive existing business growth in overseas markets through localization and technological cooperation[68](index=68&type=chunk) - The Group is committed to long-term goals such as green economy, carbon reduction, and enhancing resilience to maintain sustainable development[68](index=68&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) As of June 30, 2025, the Group's net current assets and current ratio improved, but the gearing ratio increased, while maintaining a prudent financial management approach Financial Ratios (RMB millions) | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--- | :--- | | Net current assets | 67.0 | 46.7 | | Current ratio | 1.04 | 1.03 | | Gearing ratio | 59.8% | 54.3% | - Net current assets increased, primarily due to a reduction in trade and other payables[69](index=69&type=chunk) - The gearing ratio (total borrowings divided by total equity) increased from **54.3% to 59.8%**[70](index=70&type=chunk) [Funding](index=25&type=section&id=Funding) The Group can finance acquisitions through bank borrowings or equity fundraising and is confident in achieving its operational and expansion plans with funds generated from business operations - The Group can obtain financing for its acquisitions through bank borrowings or equity fundraising[71](index=71&type=chunk) - The Group is confident in having sufficient funds to achieve its operational and expansion plans[71](index=71&type=chunk) [Capital Structure](index=25&type=section&id=Capital%20Structure) During the reporting period, the Company's share capital consisted of ordinary shares, with the total number of issued shares remaining at 1,080,512,146 - The Company's share capital consists of ordinary shares, with the total number of issued shares remaining at **1,080,512,146**[72](index=72&type=chunk) [Foreign Exchange and Interest Rate Risk](index=25&type=section&id=Foreign%20Exchange%20and%20Interest%20Rate%20Risk) For the six months ended June 30, 2025, the Group recorded a net foreign exchange gain of approximately RMB 3.6 million; its primary business is RMB-denominated, with some transactions and borrowings in USD and HKD, and interest rate risk is not hedged but deemed insignificant Foreign Exchange Net Gain (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | | :--- | :--- | :--- | | Foreign exchange net gain | 3.6 | 0.7 | - Net foreign exchange gain significantly increased year-on-year; the primary business is denominated in **RMB**, with some transactions and borrowings in **USD** and **HKD**[73](index=73&type=chunk) - The Group does not hedge interest rate risk, and the Board believes it will not have a significant impact[73](index=73&type=chunk) [Pledged Assets of the Group](index=25&type=section&id=Pledged%20Assets%20of%20the%20Group) As of June 30, 2025, the Group pledged equity interests in certain subsidiaries, properties in Shenzhen and Huizhou, land use rights, bank deposits, and Hong Kong properties as collateral for borrowings - Pledged assets include equity interests in certain subsidiaries, various buildings, warehouses, investment properties, land use rights in Shenzhen and Huizhou, bank deposits, and Hong Kong properties[74](index=74&type=chunk) - Chairman Mr. Wang Mingfan provided personal guarantees[38](index=38&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, the Group's investments in fixed assets and construction in progress significantly increased, while capital commitments substantially decreased, all funded by internal and financing sources Capital Expenditure (RMB millions) | Indicator | Six months ended June 30, 2025 (RMB millions) | Six months ended June 30, 2024 (RMB millions) | | :--- | :--- | :--- | | Investment in fixed assets and construction in progress | 241.6 | 75.3 | | Capital commitments for fixed assets | 21.7 | 188.9 | - Investments in fixed assets and construction in progress significantly increased by **220.8% year-on-year**[75](index=75&type=chunk) - Capital commitments for fixed assets significantly decreased from **RMB 188.9 million** to **RMB 21.7 million**[75](index=75&type=chunk) [Interim Dividend](index=25&type=section&id=Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 1,112 employees globally, offering competitive remuneration, retirement plans, share option schemes, and benefits, with performance-based bonuses, adhering to social security and provident fund regulations Employee Information | Indicator | June 30, 2025 | 2024 | | :--- | :--- | :--- | | Number of employees | 1,112 | 1,259 | - The number of employees decreased by **11.7% year-on-year**[77](index=77&type=chunk) - The Group offers comprehensive and competitive remuneration, retirement plans, share option schemes, and benefits, with discretionary bonuses based on performance[77](index=77&type=chunk) [Significant Investments](index=26&type=section&id=Significant%20Investments) For the six months ended June 30, 2025, the Group made a significant investment in a construction project on land in Huizhou, China, with a planned investment of approximately RMB 400 million to expand its e-cigarette products segment - The Group made a significant investment in a construction project located in Zhongkai High-tech Zone, Huizhou, China[78](index=78&type=chunk) - A planned investment of approximately **RMB 400 million** in fixed assets on this land aims to expand the e-cigarette products segment[78](index=78&type=chunk) [Contingent Liabilities (Management Discussion)](index=26&type=section&id=Contingent%20Liabilities%20%28Management%20Discussion%29) As of June 30, 2025, the Group had no significant contingent liabilities other than the legal dispute involving the vendor of the Kimree acquisition - The Group has no significant contingent liabilities, except for the legal dispute involving the vendor of the Kimree acquisition[79](index=79&type=chunk) [Land Resumption in Shenzhen](index=26&type=section&id=Land%20Resumption%20in%20Shenzhen) Shenzhen Boton Flavors & Fragrances Co., Ltd. received a letter from Shenzhen Nanshan government regarding the proposed acquisition of its land for a high-speed rail hub; compensation has been offered, and preliminary discussions suggest no significant operational impact - Shenzhen Boton Flavors & Fragrances Co., Ltd. received a letter from Shenzhen Nanshan government regarding the proposed acquisition of its land in Shenzhen for a high-speed rail hub construction[80](index=80&type=chunk) - Relevant departments have provided compensation proposals, but detailed information is not yet available[80](index=80&type=chunk)[81](index=81&type=chunk) - Preliminary discussions indicate that the land resumption (if implemented) will not have a significant impact on Shenzhen Boton's operations[81](index=81&type=chunk) [Legal Proceedings Against Vendor of an Acquisition](index=27&type=section&id=Legal%20Proceedings%20Against%20Vendor%20of%20an%20Acquisition) As of June 30, 2025, the Group is involved in four legal proceedings against the vendors of the Kimree acquisition, including claims for breach of non-compete clauses, fiduciary duties, and misrepresentation, with outcomes remaining uncertain - The Group is involved in **four legal proceedings** against the vendors of the Kimree acquisition, including Mr. Liu Qiuming and Mr. Xiang Zhiyong[82](index=82&type=chunk) - The lawsuits include claims for breach of non-compete clauses, breach of fiduciary duties, and misrepresentation regarding the terms of the acquisition agreement[82](index=82&type=chunk)[83](index=83&type=chunk) - Some cases are still ongoing, with uncertain outcomes, and the Company is seeking legal advice on whether the relevant claims are time-barred[82](index=82&type=chunk)[83](index=83&type=chunk) [Supplemental Agreement - Profit Guarantee Extension](index=28&type=section&id=Supplemental%20Agreement%20-%20Profit%20Guarantee%20Extension) The Group signed a supplemental agreement extending the profit guarantee arrangement for the sale of certain equity interests in Boton Flavors & Fragrances Co., Ltd. until March 31, 2026, requiring a minimum 5% net profit growth, which constitutes a discloseable connected transaction - The Group signed a supplemental agreement extending the profit guarantee arrangement for Boton Flavors & Fragrances Group until **March 31, 2026**[85](index=85&type=chunk) - The new guarantee requires Boton Flavors & Fragrances Group's net profit to grow by no less than **5%** from January 1, 2025, to March 31, 2026[85](index=85&type=chunk) - This supplemental agreement constitutes a connected transaction and is subject to reporting and announcement requirements under the Listing Rules[85](index=85&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers information on the Company's listed securities transactions, the operations of its Audit, Remuneration, and Nomination Committees, corporate governance practices, and the publication arrangements for the interim results report [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[86](index=86&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising four independent non-executive directors, reviews and oversees the Group's financial reporting, risk management, and internal control systems, and has reviewed the unaudited interim condensed consolidated financial statements - The Audit Committee comprises **four independent non-executive directors**, with Mr. Wu Guanyun as Chairman[87](index=87&type=chunk) - The Committee's responsibilities include reviewing and overseeing the Group's financial reporting process, risk management, and internal control systems[87](index=87&type=chunk) - The Committee has reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025[87](index=87&type=chunk) [Remuneration Committee](index=29&type=section&id=Remuneration%20Committee) The Remuneration Committee, consisting of four independent non-executive directors and one executive director, is responsible for considering and approving remuneration arrangements for the Group's senior employees, including salaries, bonuses, and long-term incentive plans - The Remuneration Committee comprises **four independent non-executive directors** (Chairman Mr. Wu Guanyun) and **one executive director** (Mr. Wang Mingfan)[88](index=88&type=chunk) - The Committee aims to consider and approve remuneration arrangements for the Group's senior employees, including terms for salaries, bonus schemes, and other long-term incentive plans[88](index=88&type=chunk) [Nomination Committee](index=29&type=section&id=Nomination%20Committee) The Nomination Committee, composed of four independent non-executive directors and two executive directors, reviews the Board's structure, size, and diversity, and makes recommendations on director appointments and succession planning - The Nomination Committee comprises **four independent non-executive directors** (Chairman Mr. Liang Weimin) and **two executive directors** (Mr. Wang Mingfan and Ms. Wang Xinyi)[89](index=89&type=chunk) - The Committee's responsibilities include reviewing the Board's structure, size, and diversity, and making recommendations to the Board on director appointments and succession planning[89](index=89&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Company's Board is committed to maintaining high corporate governance standards for transparency and stakeholder protection, complying with all Code Provisions of Appendix C1 of the Listing Rules, except for the separation of Chairman and CEO roles - The Company is committed to maintaining good corporate governance standards to enhance corporate transparency and protect stakeholders' interests[90](index=90&type=chunk) - During the reporting period, the Company complied with all Code Provisions of Appendix C1 of the Listing Rules' Corporate Governance Code, except for Code Provision C.2.1[90](index=90&type=chunk) - Mr. Wang Mingfan serves concurrently as the Company's Executive Director, Chief Executive Officer, and Chairman, with the Board believing the current structure provides strong and continuous leadership[91](index=91&type=chunk) [Standard Code for Securities Transactions by Directors](index=30&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance during the reporting period - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions[92](index=92&type=chunk) - All directors confirmed compliance with the required standards set out in the Standard Code during the reporting period[92](index=92&type=chunk) [Publication of Interim Results and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This results announcement has been published on the HKEX and Company websites, and the 2025 interim report will be dispatched to shareholders and published on these websites in due course - This results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.boton.com.hk)[93](index=93&type=chunk) - The 2025 interim report will be dispatched to shareholders and published on the aforementioned websites in due course[93](index=93&type=chunk) [Board of Directors Composition](index=30&type=section&id=Board%20of%20Directors%20Composition) As of the announcement date, the Board comprises three executive directors, one non-executive director, and four independent non-executive directors - As of the announcement date, the Executive Directors are Mr. Wang Mingfan, Mr. Li Qinglong, and Ms. Wang Xinyi[95](index=95&type=chunk) - The Non-executive Director is Ms. Yin Shuzhen[95](index=95&type=chunk) - The Independent Non-executive Directors are Mr. Wu Guanyun, Mr. Liang Weimin, Mr. Zhou Xiaoxiong, and Mr. Qiu Haobo[95](index=95&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ASIA ENERGY LOGISTICS GROUP LIMITED 亞 洲 能 源 物 流 集 團 有 限 公 司 （於 香 港 註 冊 成 立 之 有 限 公 司 ） （股 份 代 號：351） 截至二零二五年六月三十日止六個月中期業績公告 業績 亞洲能源物流集團有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及 其附屬公司（「本集團」）截至二零二五年六月三十日止六個月之未經審核綜合業績， 連同上年同期比較數字如下： – 1 – 簡明綜合全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 本公司擁有人應佔期內（虧損）溢利： | | | | | – 持續經營業 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不因本公告全部或任何部份內容而產 生或因依賴該等內容而引致之任何損失承擔任何責任。 BEIJING MEDIA CORPORATION LIMITED 北青傳媒股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1000） 截至二零二五年六月三十日止六個月 半年度業績公告 財務摘要： 北青傳媒股份有限公司（「本公司」或「北青傳媒」，連同其附屬公司，統稱「本集團」）董事 （「董事」）會（「董事會」）謹此提呈本集團截至二零二五年六月三十日止六個月（「二零二五 年上半年」或「報告期」）的未經審核綜合業績及本集團於二零二四年同期的比較業績。 – 3 – 合併資產負債表（未經審核） – 1 – 1. 營業總收入下降32.63%至人民幣65,985千元（二零二四年同期營業總收入：人民幣 97,937千元）。 2. 歸屬於本公司股東之淨虧損為人民幣19,047千元（二零二四年同期歸屬於本公司股 東之淨虧損：人民幣9,420千元）。 3. 每股虧損為人民幣0.10元（二零二四年同期每股虧 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 除 特 別 註 明 外，本 公 司 的 財 務 資 料 均 以 人 民 幣（「人民幣」）列 示。 本公告下文所載的資料並不構成本集團截至二零二五年六月三十日止六個月內的法定 財 務 報 表，但 該 等 財 務 資 料 乃 摘 錄 自 該 財 務 報 表。截 至 二 零 二 五 年 六 月 三 十 日 止 之 中 期 業 績 乃 按 照 中 國 財 政 部 頒 佈 的《企 業 會 計 準 則》及 相 關 規 定 編 製 而 成，未 經 任 何 會 計 師 事 務 所 審 計 但 已 由 董 事 會 審 核 委 員 會（「審核委員會」）審 核。 – 1 – 截至二零二五年六月三十日止六個月 （於中華人民共和國註冊成立的中外合資 ...