[Financial Summary](index=1&type=section&id=Financial%20Summary) [Performance Overview](index=1&type=section&id=Performance%20Overview) The Group recorded decreased revenue, a significant decline in gross profit, and a loss for the period due to goodwill and intangible asset impairment in the six months ended June 30, 2025 Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,134.7 | 10,655.9 | -4.9% | | Gross Profit | 475.7 | 806.4 | -41.0% | | Gross Profit Margin | 4.7% | 7.6% | -2.9 percentage points | | Impairment of Goodwill and Intangible Assets | 867.9 | 151.3 | +473.6% | | Loss for the Period | 818.2 | 22.9 | +3477.3% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) [Performance for the Period](index=2&type=section&id=Performance%20for%20the%20Period) The Group reported a significant loss in H1 2025, primarily due to decreased revenue, a substantial reduction in gross profit, and a surge in impairment losses on goodwill and intangible assets Key Data from Consolidated Statement of Comprehensive Income (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 10,134,666 | 10,655,863 | | Cost of Sales | (9,658,922) | (9,849,442) | | Gross Profit | 475,744 | 806,421 | | Other Gains and Income, Net | 41,024 | 105,799 | | Distribution Costs | (259,769) | (295,440) | | Administrative Expenses | (258,216) | (324,395) | | Impairment Loss on Goodwill and Intangible Assets | (867,874) | (151,304) | | Operating (Loss)/Profit | (869,091) | 141,081 | | Finance Costs | (156,259) | (131,035) | | Share of Profit of Joint Ventures | 4,405 | 8,287 | | (Loss)/Profit Before Tax | (1,020,945) | 18,333 | | Income Tax | 202,795 | (41,264) | | Loss for the Period | (818,150) | (22,931) | | Loss Attributable to Equity Holders of the Company | (814,662) | (26,998) | | Basic Loss Per Share (RMB cents) | (60.51) | (2.01) | | Diluted Loss Per Share (RMB cents) | (60.51) | (2.01) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Assets and Liabilities Overview](index=4&type=section&id=Assets%20and%20Liabilities%20Overview) As of June 30, 2025, the Group's total assets and liabilities decreased, mainly due to impairment of intangible assets and goodwill, convertible bond redemption, and reduced cash and cash equivalents, leading to a significant decrease in net assets Key Data from Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Intangible Assets | 245,948 | 1,129,773 | | Goodwill | – | 17,527 | | Total Non-current Assets | 3,299,017 | 4,368,248 | | **Current Assets** | | | | Inventories | 845,035 | 760,711 | | Trade and Other Receivables | 1,158,833 | 1,587,709 | | Pledged Bank Deposits | 845,513 | 2,108,108 | | Cash and Cash Equivalents | 868,781 | 2,644,539 | | Total Current Assets | 3,741,162 | 7,113,067 | | **Current Liabilities** | | | | Loans and Borrowings | 673,764 | 709,785 | | Trade and Other Payables | 2,668,101 | 4,056,458 | | Convertible Bonds | – | 1,759,170 | | Total Current Liabilities | 3,551,269 | 6,788,394 | | Net Current Assets | 189,893 | 324,673 | | **Non-current Liabilities** | | | | Deferred Tax Liabilities | 74,420 | 293,905 | | Total Non-current Liabilities | 1,413,494 | 1,736,138 | | Net Assets | 2,075,416 | 2,956,783 | | Total Equity | 2,075,416 | 2,956,783 | [Notes to the Unaudited Interim Financial Report](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [1 General Information and Basis of Presentation](index=6&type=section&id=1%20General%20Information%20and%20Basis%20of%20Presentation) The Group primarily engages in 4S dealership business in China, with interim financial reports prepared under HKEX Listing Rules and HKAS 34, reviewed by KPMG - The Company is incorporated in the Cayman Islands and primarily engages in 4S dealership business in China[10](index=10&type=chunk) - The interim financial report is prepared in accordance with the HKEX Listing Rules and HKAS 34, and has been reviewed by KPMG[11](index=11&type=chunk)[12](index=12&type=chunk) [2 Changes in Accounting Policies](index=6&type=section&id=2%20Changes%20in%20Accounting%20Policies) HKAS 21 amendments were applied this period, but had no significant impact as the Group did not engage in foreign currency non-exchangeable transactions - The Group has applied the amendments to HKAS 21, but there was no significant impact on the interim report as no foreign currency non-exchangeable transactions were conducted[13](index=13&type=chunk) [3 Revenue and Segment Reporting](index=7&type=section&id=3%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from passenger vehicle sales and after-sales and mortgage application services, all generated in mainland China with a diversified customer base Revenue Breakdown (Six Months Ended June 30) | Product or Service Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of Passenger Vehicles | 7,929,796 | 8,569,387 | | After-sales and Mortgage Application Services | 2,204,870 | 2,086,476 | | **Total Revenue** | **10,134,666** | **10,655,863** | - All revenue is recognized at a single point in time and is entirely generated from mainland China[16](index=16&type=chunk)[18](index=18&type=chunk) - The Group has only one operating segment, which is the sale of new passenger vehicles and the provision of after-sales and mortgage application services[17](index=17&type=chunk) - The customer base is diversified, with no single customer transaction exceeding **10%** of total revenue[19](index=19&type=chunk) [4 Other Gains and Other Income, Net](index=8&type=section&id=4%20Other%20Gains%20and%20Other%20Income,%20Net) Net other gains and income significantly decreased this period, mainly due to reduced bank interest and commission income, and the absence of gains from convertible bond repurchases in the prior year Other Gains and Other Income, Net (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Commission Income | 26,823 | 43,954 | | Bank Interest Income | 7,173 | 55,745 | | Management Service Income | 1,317 | 2,316 | | Net Loss on Disposal of Property, Plant and Equipment | (4,866) | (5,863) | | Net Exchange Loss | (1,364) | (9,173) | | Gain on Repurchase of Convertible Bonds | – | 11,227 | | Others | 11,941 | 7,593 | | **Total** | **41,024** | **105,799** | [5 (Loss)/Profit Before Tax](index=8&type=section&id=5%20(Loss)%2FProfit%20Before%20Tax) Pre-tax profit turned into a substantial loss this period, primarily due to a significant increase in impairment losses on goodwill and intangible assets, higher finance costs, and reduced other income Components of (Loss)/Profit Before Tax (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Finance Costs** | | | | Interest on Loans and Borrowings | 19,224 | 33,033 | | Interest on Convertible Bonds | 2,975 | 50,608 | | Interest on Lease Liabilities | 36,131 | 40,230 | | Loss on Redemption of Convertible Bonds | 92,315 | – | | Other Finance Costs | 5,614 | 7,164 | | **Total Finance Costs** | **156,259** | **131,035** | | **Staff Costs** | | | | Salaries, Wages and Other Benefits | 344,742 | 315,776 | | Share-based Payment Expenses | 1,061 | 4,434 | | Contributions to Defined Contribution Retirement Plans | 13,917 | 13,998 | | **Total Staff Costs** | **359,720** | **334,208** | | **Other Items** | | | | Cost of Inventories | 9,469,146 | 9,739,231 | | Write-down of Inventories | 52,595 | 14,977 | | Depreciation Expense (Owned Property, Plant and Equipment) | 113,776 | 119,294 | | Depreciation Expense (Right-of-use Assets) | 67,551 | 72,038 | | Impairment Loss (Goodwill) | 17,527 | 104,762 | | Impairment Loss (Intangible Assets) | 850,347 | 46,542 | | Amortization of Intangible Assets | 33,478 | 90,507 | | Short-term Lease Expenses | 996 | 4,277 | | Net Exchange Loss | 1,364 | 9,173 | - The Group's contributions to defined contribution retirement plans are non-refundable, with no other significant retirement benefit payment obligations[22](index=22&type=chunk)[23](index=23&type=chunk) [6 Income Tax](index=9&type=section&id=6%20Income%20Tax) Income tax shifted from an expense to a credit this period, primarily due to the reversal of deferred tax liabilities resulting from intangible asset impairment Income Tax (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: Provision for PRC income tax for the period | 25,826 | 113,583 | | Deferred tax: Origination and reversal of temporary differences | (228,621) | (72,319) | | **Total** | **(202,795)** | **41,264** | - The Group's PRC subsidiaries are subject to a statutory income tax rate of **25%**, with some subsidiaries enjoying preferential tax rates[26](index=26&type=chunk) - Dividends distributed from PRC enterprise profits are subject to a **5%** withholding tax due to the Company's Hong Kong resident status[27](index=27&type=chunk) [7 Loss Per Share](index=10&type=section&id=7%20Loss%20Per%20Share) Both basic and diluted loss per share significantly increased this period, reflecting the expanded loss attributable to equity holders of the Company Loss Per Share (Six Months Ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic Loss Per Share | (60.51) | (2.01) | | Diluted Loss Per Share | (60.51) | (2.01) | - Basic loss per share is calculated based on the loss attributable to equity holders of the Company of **RMB 814,662,000**[28](index=28&type=chunk) - Diluted loss per share is equal to basic loss per share due to the anti-dilutive effect of share options and convertible bonds[29](index=29&type=chunk) [8 Property, Plant and Equipment](index=10&type=section&id=8%20Property,%20Plant%20and%20Equipment) Acquisitions of property, plant and equipment remained stable year-on-year, while the net book value of disposals decreased, leading to a slight reduction in disposal losses - Acquisitions of property, plant and equipment at original cost were **RMB 81,198,000** this period, similar to **RMB 81,396,000** in the prior period[30](index=30&type=chunk) - Property, plant and equipment with a net book value of **RMB 59,397,000** were disposed of, resulting in a loss on disposal of **RMB 4,866,000**[30](index=30&type=chunk) [9 Right-of-use Assets](index=11&type=section&id=9%20Right-of-use%20Assets) The increase in right-of-use assets significantly decreased this period, reflecting a substantial reduction in the scale of new lease agreements - Right-of-use assets increased by **RMB 332,000** this period, a significant decrease from **RMB 62,423,000** in the prior period[31](index=31&type=chunk) [10 Intangible Assets and Goodwill](index=11&type=section&id=10%20Intangible%20Assets%20and%20Goodwill) Impairment losses on goodwill and intangible assets significantly increased this period due to heightened macroeconomic uncertainty, intense automotive industry competition, and new policies on super luxury car consumption tax and reduced mortgage application commission rates - The estimated useful life of automotive dealership rights is **20 years**, with fair value determined using the multi-period excess earnings method[32](index=32&type=chunk) Impairment Loss on Goodwill and Intangible Assets (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Impairment Loss on Goodwill | 17,527 | 104,762 | | Impairment Loss on Intangible Assets | 850,347 | 46,542 | - Impairment reasons include macroeconomic uncertainty, intensified price competition, the introduction of super luxury car consumption tax policies, and a decrease in mortgage application commission rates[33](index=33&type=chunk) - Management has further lowered future performance expectations, leading to additional impairment losses[34](index=34&type=chunk) Key Input Data and Assumptions for Impairment Test | Input Data | 2025 (Annual Revenue Growth Rate) | 2026 (Annual Revenue Growth Rate) | 2027-2030 (Annual Revenue Growth Rate) | | :--- | :--- | :--- | :--- | | June 30, 2025 | -17.6%~0.5% | -1.6%~-1.1% | 0.0%~2.9% | | December 31, 2024 | -3.5%~2.0% | 0%~0.3% | 0%~0.3% | | Input Data | 2025 (Gross Profit Margin) | 2026 (Gross Profit Margin) | 2027-2030 (Gross Profit Margin) | | :--- | :--- | :--- | :--- | | June 30, 2025 | 2.5%~5.8% | 2.8%~4.3% | 4.1%~10.8% | | December 31, 2024 | 4.2%~11.4% | 4.2%~11.4% | 4.2%~11.4% | - The pre-tax discount rate applied in the impairment test ranged from **13.0% to 14.2%** (December 31, 2024: 13.5% to 15.9%)[39](index=39&type=chunk) [11 Inventories](index=12&type=section&id=11%20Inventories) Total inventories increased this period, primarily driven by higher vehicle inventories, while inventory write-downs significantly rose Inventory Composition (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Vehicles | 701,526 | 610,835 | | Others | 143,509 | 149,876 | | **Total** | **845,035** | **760,711** | Amount of Inventories Recognized as Expense (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount of inventories sold | 9,469,146 | 9,739,231 | | Write-down of inventories | 52,595 | 14,977 | [12 Trade and Other Receivables](index=13&type=section&id=12%20Trade%20and%20Other%20Receivables) Total trade and other receivables significantly decreased this period, mainly due to reductions in prepayments and other receivables Ageing Analysis of Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 255,947 | 317,892 | | Over 3 months | 1,999 | 1,946 | | **Trade Receivables** | **257,946** | **319,838** | | Prepayments | 163,477 | 290,147 | | Other receivables and deposits | 735,696 | 973,122 | | Amounts due from third parties | 1,157,119 | 1,583,107 | | Amounts due from related parties | 1,714 | 4,602 | | **Total Trade and Other Receivables** | **1,158,833** | **1,587,709** | - Trade receivables primarily refer to mortgages granted by financial institutions to customers, typically repaid within one month[43](index=43&type=chunk) [13 Pledged Bank Deposits](index=13&type=section&id=13%20Pledged%20Bank%20Deposits) Total pledged bank deposits significantly decreased this period, mainly due to a substantial reduction in restricted bank deposits pledged for bills payable Pledged Bank Deposits (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Pledged for loans and borrowings | 38,993 | 20,073 | | Pledged for bills payable | 806,520 | 2,088,035 | | Others | 24,778 | – | | **Total** | **870,291** | **2,108,108** | - Pledged bank deposits will be released upon settlement of related loans, borrowings, and bills payable[44](index=44&type=chunk) [14 Cash and Cash Equivalents and Bank Time Deposits](index=14&type=section&id=14%20Cash%20and%20Cash%20Equivalents%20and%20Bank%20Time%20Deposits) Cash and cash equivalents significantly decreased this period, while bank time deposits with maturities over three months at the time of placement increased Cash and Bank Time Deposits (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank time deposits with original maturity over three months when placed | 23,000 | 12,000 | | Cash at bank and in hand | 868,781 | 2,644,539 | [15 Loans and Borrowings](index=14&type=section&id=15%20Loans%20and%20Borrowings) Total loans and borrowings slightly decreased this period, with short-term loans remaining the primary component, and most loans secured by assets or guaranteed by related parties Repayment Period of Loans and Borrowings (As of June 30) | Repayment Period | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year or on demand | 673,764 | 709,785 | | After one year but within two years | 267,800 | 47,800 | | After two years but within five years | – | 243,900 | | **Total** | **941,564** | **1,001,485** | Collateralization of Loans and Borrowings (As of June 30) | Type of Collateral | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Secured bank loans - supplier financing | 149,020 | 96,098 | | Other secured borrowings from financial institutions - supplier financing | 61,422 | 71,201 | | Other secured bank loans | 731,122 | 834,186 | | **Total** | **941,564** | **1,001,485** | - Loans and borrowings are secured by property, plant and equipment, right-of-use assets, inventories, trade and other receivables, and pledged bank deposits, with some guaranteed by related parties[46](index=46&type=chunk) [16 Trade and Other Payables](index=15&type=section&id=16%20Trade%20and%20Other%20Payables) Total trade and other payables significantly decreased this period, mainly due to reductions in trade payables and bills payable Ageing Analysis of Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total trade payables and bills payable | 1,612,508 | 3,039,785 | | Contract liabilities | 759,536 | 721,004 | | Other payables and accruals | 286,609 | 286,590 | | Amounts due to third parties | 2,658,653 | 4,047,379 | | Amounts due to related parties | 9,448 | 9,079 | | **Total Trade and Other Payables** | **2,668,101** | **4,056,458** | - Bills payable primarily relate to supplier financing arrangements, some secured by related party guarantees or asset pledges[47](index=47&type=chunk) - All trade and other payables are expected to be settled within one year[47](index=47&type=chunk) [17 Convertible Bonds](index=16&type=section&id=17%20Convertible%20Bonds) The Group fully redeemed all outstanding convertible bonds this period, resulting in zero convertible bond liabilities and equity components, and recognizing a redemption loss - Sail Vantage Limited, a subsidiary of the Company, issued guaranteed zero-coupon convertible bonds with a principal amount of **HKD 2,750,000,000** in January 2022, maturing in January 2027[48](index=48&type=chunk) - The Group redeemed all outstanding convertible bonds on January 13, 2025, at **106.9428%** of the principal amount, resulting in a loss on settlement of the liability component of **RMB 92,315,000**[49](index=49&type=chunk)[51](index=51&type=chunk) Movements in Convertible Bonds (As of June 30) | Item | Liability Component (RMB thousand) | Equity Component (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | January 1, 2024 | 2,206,781 | 203,976 | 2,410,757 | | Interest expense | 90,834 | – | 90,834 | | Repurchase | (579,606) | (17,623) | (597,229) | | Exchange adjustment | 41,161 | – | 41,161 | | December 31, 2024 and January 1, 2025 | 1,759,170 | 186,353 | 1,945,523 | | Interest expense | 2,975 | – | 2,975 | | Redemption | (1,757,640) | (186,353) | (1,943,993) | | Exchange adjustment | (4,505) | – | (4,505) | | **June 30, 2025** | **–** | **–** | **–** | [18 Capital, Reserves and Dividends](index=17&type=section&id=18%20Capital,%20Reserves%20and%20Dividends) No interim dividend was declared this period, but the final dividend for the previous fiscal year was approved; some share options lapsed, but a significant number remain unexercised - No interim dividend was declared for the period[52](index=52&type=chunk) Final Dividend Approved for Prior Fiscal Year (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | RMB 0.0445 per ordinary share | 59,908 | 44,426 | - Dividends of **RMB 4,783,000** were paid by subsidiaries to non-controlling shareholders this period[53](index=53&type=chunk) Number of Share Options and Weighted Average Exercise Price | Item | June 30, 2025 (Number of Share Options) | December 31, 2024 (Number of Share Options) | | :--- | :--- | :--- | | Outstanding at beginning of period/year | 12,478,250 | 15,605,750 | | Forfeited during period/year | (427,000) | (3,127,500) | | Outstanding at end of period/year | 12,051,250 | 12,478,250 | | Exercisable at end of period/year | 12,051,250 | 10,712,750 | - As of June 30, 2025, the weighted average remaining contractual life of outstanding share options was **5.29 years**[56](index=56&type=chunk) [19 Commitments](index=19&type=section&id=19%20Commitments) As of June 30, 2025, the Group's outstanding capital commitments not provided for in the interim financial report significantly decreased to zero Outstanding Capital Commitments (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted | – | 15 | [20 Comparative Figures](index=19&type=section&id=20%20Comparative%20Figures) Certain comparative figures have been reclassified to conform with the current period's presentation - Certain comparative figures have been reclassified to conform with the current period's presentation[58](index=58&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) [Market Overview](index=20&type=section&id=Market%20Overview) In H1 2025, China's auto market recovered with policy support, driven by NEVs, but the luxury car market faced deep adjustments due to competition and NEV substitution, leading to squeezed dealer profits and network exits - In H1 2025, domestic passenger vehicle sales increased by **10.8%** to **10.902 million units**, with NEV sales rising by **33.3%** to **5.469 million units**, achieving a market penetration rate of **50.2%**[59](index=59&type=chunk) - The luxury car market experienced deep adjustments, with significant brand sales declines, an average discount rate of **20.7%**, and widespread dealer profit inversions[59](index=59&type=chunk)[60](index=60&type=chunk) - A wave of dealer network exits occurred, with the national 4S dealership network size decreasing by **2.7%** in 2024, totaling **4,419** exited stores[60](index=60&type=chunk) - Dealers are shifting strategic focus to efficient operations, cash flow management, and cost control, while "trade-in" policies and NEV hybrid model transformation offer new business opportunities[61](index=61&type=chunk) [Performance and Financial Review](index=21&type=section&id=Performance%20and%20Financial%20Review) The Group's H1 2025 performance was impacted by macroeconomic uncertainty, intensified competition, and policy changes, resulting in decreased revenue, significantly reduced gross profit, and substantial impairment losses on goodwill and intangible assets, yet after-sales services performed well and operating expenses were controlled - New passenger vehicle sales saw slight growth, while after-sales and mortgage application services achieved good revenue and profit growth, with absorption rate rising to **257.9%**[62](index=62&type=chunk) - All convertible bonds with a principal amount of **HKD 1,873.0 million** were fully redeemed and delisted during the period[62](index=62&type=chunk) - Due to macroeconomic uncertainty, intensified price competition, super luxury car consumption tax policies, and reduced mortgage application commission rates, further non-cash impairment of goodwill and dealership rights of approximately **RMB 870 million** was recognized[63](index=63&type=chunk) - The impairment test used value in use as the recoverable amount, with a pre-tax discount rate ranging from **13.0% to 14.2%**[64](index=64&type=chunk) [Revenue for the Period](index=22&type=section&id=Revenue%20for%20the%20Period) Total revenue decreased by **4.9%** year-on-year this period, mainly due to a decline in the average selling price of new passenger vehicles, though after-sales and mortgage application service revenue increased Revenue Composition for the Period | Business Type | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | New Passenger Vehicle Sales | 7,929.8 | 8,569.4 | -7.5% | 78.2% | | After-sales and Mortgage Application Services | 2,204.9 | 2,086.5 | +5.7% | 21.8% | | **Total Revenue** | **10,134.7** | **10,655.9** | **-4.9%** | **100%** | [Cost of Sales](index=23&type=section&id=Cost%20of%20Sales) Cost of sales decreased by **1.9%** year-on-year, primarily due to lower new passenger vehicle sales revenue and increased manufacturer rebates, while after-sales service costs grew in line with revenue - Cost of sales decreased by **1.9%** to **RMB 9,658.9 million** year-on-year, mainly due to lower new passenger vehicle sales revenue and increased manufacturer rebates[66](index=66&type=chunk) - Cost of sales for after-sales and mortgage application services increased by **3.5%** year-on-year, broadly in line with revenue growth[66](index=66&type=chunk) [Gross Profit](index=23&type=section&id=Gross%20Profit) Gross profit significantly decreased by **41.0%** year-on-year this period, with the overall gross profit margin falling by **2.9** percentage points, and new passenger vehicle sales gross profit margin turning negative Gross Profit and Gross Profit Margin | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB million) | 475.7 | 806.4 | -41.0% | | Overall Gross Profit Margin | 4.7% | 7.6% | -2.9 percentage points | | New Passenger Vehicle Sales Gross Profit Margin | -10.8% | -5.1% | -5.7 percentage points | [Expenses](index=23&type=section&id=Expenses) Impairment of goodwill and dealership rights significantly increased this period, but the Group reduced overall operating expenses (distribution, administrative) through prudent cost control, while finance costs rose due to convertible bond redemption losses - Impairment of goodwill and dealership rights of approximately **RMB 867.9 million** was incurred during the period, a significant increase from **RMB 151.3 million** in the prior period[68](index=68&type=chunk) Operating Expenses (Six Months Ended June 30) | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | % of Total Revenue (2025) | % of Total Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | | Distribution Costs | 259.8 | 295.4 | 2.6% | 2.8% | | Administrative Expenses | 258.2 | 324.4 | 2.5% | 3.0% | | Finance Costs | 156.3 | 131.0 | 1.5% | 1.2% | - The increase in finance costs was mainly due to a loss of approximately **RMB 92.3 million** on the repurchase of convertible bonds[69](index=69&type=chunk) [Taxation](index=24&type=section&id=Taxation) Income tax shifted from an expense to a credit this period, primarily due to the reversal of deferred tax liabilities resulting from intangible asset impairment - Income tax credit for the period was **RMB 202.8 million**, compared to an income tax expense of **RMB 41.3 million** in the prior period[70](index=70&type=chunk) - The change was mainly due to the reversal of deferred tax liabilities resulting from intangible asset impairment, leading to a reversal of deferred tax expense of approximately **RMB 212.6 million**[70](index=70&type=chunk) [Loss for the Period and Loss Attributable to Equity Holders](index=24&type=section&id=Loss%20for%20the%20Period%20and%20Loss%20Attributable%20to%20Equity%20Holders) Loss for the period significantly widened, and net profit margin substantially decreased, primarily due to squeezed gross profit from new passenger vehicle sales and impairment of goodwill and dealership rights Loss for the Period | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Loss for the Period | 818.2 | 22.9 | Widened | | Net Profit Margin | -8.1% | -0.2% | Decreased 7.9 percentage points | | Loss Attributable to Equity Holders | 814.7 | 27.0 | Widened | [Dividends](index=24&type=section&id=Dividends) The Board resolved not to declare an interim dividend due to the widened loss for the period - The Board resolved not to declare an interim dividend for the period[72](index=72&type=chunk) [Joint Ventures](index=24&type=section&id=Joint%20Ventures) Share of profit of joint ventures decreased by nearly half year-on-year this period - Share of profit of joint ventures for the period was **RMB 4.4 million**, a decrease of approximately **46.8%** from **RMB 8.3 million** in the prior period[73](index=73&type=chunk) [Operating Review](index=24&type=section&id=Operating%20Review) In H1 2025, the Group's new passenger vehicle sales increased, but revenue decreased due to lower average selling prices; after-sales and mortgage application services achieved good growth in both revenue and service counts; the number of operating stores slightly decreased [New Passenger Vehicle Sales](index=24&type=section&id=New%20Passenger%20Vehicle%20Sales) Benefiting from "two new policies," new passenger vehicle sales saw slight growth, but revenue decreased due to lower average selling prices, with luxury brands remaining the core revenue source - New passenger vehicle sales totaled **28,214 units** for the period, an increase of **7.8%** year-on-year[74](index=74&type=chunk) - New passenger vehicle sales revenue decreased by **7.5%** year-on-year to **RMB 7,929.8 million**, mainly dragged by lower average selling prices[74](index=74&type=chunk) - Luxury brands accounted for approximately **85.4%** of total new passenger vehicle sales revenue, with Porsche, BMW, and Lexus being the main contributors[74](index=74&type=chunk) [After-sales and Mortgage Application Services](index=25&type=section&id=After-sales%20and%20Mortgage%20Application%20Services) After-sales and mortgage application service revenue and service counts both achieved good growth this period, benefiting from an expanding customer base and increased adoption of mortgage application services - After-sales and mortgage application service revenue for the period was **RMB 2,204.9 million**, an increase of **5.7%** year-on-year[75](index=75&type=chunk) - Service counts reached **384,324 units**, an increase of **5.7%** year-on-year[75](index=75&type=chunk) [Existing Network](index=25&type=section&id=Existing%20Network) As of June 30, 2025, the Group operated **74** self-owned stores, a decrease of **4** from the prior period, mainly reducing Porsche, Toyota, Audi, and Tesla after-sales service centers - As of June 30, 2025, the Group operated **74** self-owned stores, including one joint venture and one Tesla after-sales service center[76](index=76&type=chunk) Number of Operating Stores | Brand | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Porsche | 15 | 16 | -1 | | BMW | 27 | 27 | – | | Lexus | 20 | 20 | – | | Toyota | 11 | 12 | -1 | | Audi | 0 | 1 | -1 | | Tesla After-sales Service | 1 | 2 | -1 | | **Total** | **74** | **78** | **-4** | [Liquidity, Financial Resources and Position](index=26&type=section&id=Liquidity,%20Financial%20Resources%20and%20Position) The Group's total equity and net current assets both decreased, mainly due to reduced cash and bank deposits from convertible bond redemption and bills payable repayment; total loans and borrowings slightly decreased, and financial resources are sufficient to meet operational needs Liquidity and Financial Resources | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Equity | 2,075.4 | 2,956.8 | | Current Assets | 3,741.2 | 7,113.1 | | Current Liabilities | 3,551.3 | 6,788.4 | | Net Current Assets | 189.9 | 324.7 | | Loans and Borrowings | 941.6 | 1,001.5 | | Outstanding Convertible Bonds | – | 1,759.2 | | Cash and cash equivalents, time deposits, pledged bank deposits | 1,762.1 | – | - The decrease in current assets was mainly due to the early full redemption of convertible bonds and repayment of bills payable, leading to a **67.1%** and **59.9%** reduction in cash and cash equivalents and pledged bank deposits, respectively, at period-end[78](index=78&type=chunk) - The Group's primary transactions are denominated in RMB, with limited foreign exchange risk, and no significant financial instruments are used to hedge foreign exchange risk[80](index=80&type=chunk) - The Group possesses sufficient financial resources to meet all contractual obligations and operational needs[81](index=81&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[82](index=82&type=chunk) [Material Investments, Acquisitions and Disposals](index=27&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) The Group held no material investments and conducted no material acquisitions or disposals this period - The Group held no material investments and conducted no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[83](index=83&type=chunk) [Pledges of the Group's Assets](index=27&type=section&id=Pledges%20of%20the%20Group's%20Assets) Total pledged assets of the Group significantly decreased this period, primarily used for certain bills payable, loans, and borrowings - As of June 30, 2025, the Group's total pledged assets were approximately **RMB 1,700.3 million**, a decrease from **RMB 3,053.2 million** as of December 31, 2024[84](index=84&type=chunk) - Pledged assets include property, plant and equipment, right-of-use assets, inventories, trade and other receivables, and pledged bank deposits[84](index=84&type=chunk) [Outlook](index=27&type=section&id=Outlook) In the second half, the auto dealership industry will face ongoing challenges; the Group will maintain a prudent approach by reducing debt, maintaining ample cash, exploring NEV opportunities, and developing after-sales services to navigate market uncertainties, while carefully evaluating store performance to control costs - The industry is expected to face challenges in the second half, including insufficient consumer spending, intensified price wars, expanded luxury car tax scope, reduced mortgage commission rates, and dealer network adjustments[85](index=85&type=chunk) - The Group will address challenges by reducing debt, maintaining ample cash, exploring NEV opportunities, and promoting the development of after-sales and mortgage application services[85](index=85&type=chunk) - Store performance will be carefully evaluated, and strict cost control maintained, aiming to survive the market reshuffle[85](index=85&type=chunk) [Material Events and Other Information](index=28&type=section&id=Material%20Events%20and%20Other%20Information) [Staff Training and Development](index=28&type=section&id=Staff%20Training%20and%20Development) The Group's employee count slightly increased, staff costs rose, and it is committed to providing competitive compensation, career development paths, and mentorship to attract and retain talent - As of June 30, 2025, the Group had **3,763** employees, with total staff costs of **RMB 359.7 million**[86](index=86&type=chunk) - The Group promotes a simple, direct, and data-driven corporate culture, offering competitive remuneration, discretionary bonuses, and share options, while prioritizing employee satisfaction and career development[86](index=86&type=chunk) [Non-Competition Undertaking](index=28&type=section&id=Non-Competition%20Undertaking) The Company's controlling shareholder confirmed compliance with the non-competition undertaking, and independent non-executive directors found no breaches during the period - The controlling shareholder confirmed compliance with the non-competition undertaking, and independent non-executive directors found no breaches during the period[87](index=87&type=chunk) [Update on Rectification of Property Title Defects](index=28&type=section&id=Update%20on%20Rectification%20of%20Property%20Title%20Defects) The Group had no updates on property title defects this period and will announce progress in a timely manner according to regulations - The Group had no updates on property title defects during the period and will announce progress in a timely manner according to relevant regulations[88](index=88&type=chunk) [Use of Proceeds from Previous Placing and Subscription](index=29&type=section&id=Use%20of%20Proceeds%20from%20Previous%20Placing%20and%20Subscription) The Company decided to change the use of the remaining unutilized net proceeds of approximately **HKD 506 million**, allocating them entirely to working capital and other general corporate purposes to flexibly respond to market challenges - Net proceeds from the January 2023 placing amounted to approximately **HKD 1,012 million**[89](index=89&type=chunk) Change in Intended Use of Net Proceeds | Original Use | % of Total Net Proceeds | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | | Business expansion (including strategic investments and acquisitions) | 50% | 506 | | Working capital and other general corporate purposes | 50% | 0 | | **Total** | **100%** | **506** | - The Directors resolved to reallocate the remaining unutilized net proceeds of approximately **HKD 506 million** entirely to working capital and other general corporate purposes, expected to be fully utilized by the end of 2028[89](index=89&type=chunk)[90](index=90&type=chunk) [Material Events and Other Information](index=29&type=section&id=Material%20Events%20and%20Other%20Information) The Group completed the full redemption and delisting of convertible bonds, approved a new share option scheme, and made changes to company secretary and nomination committee members, while maintaining compliance with corporate governance codes [Full Redemption of Convertible Bonds Issued by Sail Vantage Limited](index=29&type=section&id=Full%20Redemption%20of%20Convertible%20Bonds%20Issued%20by%20Sail%20Vantage%20Limited) The Group fully redeemed all outstanding convertible bonds on January 13, 2025, which have been cancelled, and their listing status has been withdrawn - As of January 1, 2025, convertible bonds with a principal amount of **HKD 1,873 million** remained outstanding[92](index=92&type=chunk) - The Group redeemed all outstanding convertible bonds on January 13, 2025, at **106.9428%** of the principal amount, and they have been cancelled[92](index=92&type=chunk) - The listing status of the convertible bonds on the Stock Exchange was withdrawn on January 22, 2025[92](index=92&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The Company approved a new 2025 Share Option Scheme, aimed at incentivizing directors and employees, which has received shareholder approval - The 2023 November Share Option Scheme expired, and the Company announced a proposed adoption of the 2025 Share Option Scheme on February 18, 2025[93](index=93&type=chunk) - The 2025 Share Option Scheme was approved by shareholders at an EGM held on June 10, 2025[93](index=93&type=chunk) - As of June 30, 2025, **12,051,250** share options remained unexercised under the previous share option scheme[94](index=94&type=chunk) [Change of Company Secretary and Authorised Representative](index=31&type=section&id=Change%20of%20Company%20Secretary%20and%20Authorised%20Representative) Ms. Chan Cheuk Man replaced Mr. Wong Cheung Ki as Company Secretary and Authorised Representative effective February 18, 2025 - Ms. Chan Cheuk Man replaced Mr. Wong Cheung Ki as Company Secretary, Authorised Representative under Listing Rule 3.05, and other positions, effective February 18, 2025[95](index=95&type=chunk) [Change in Composition of Nomination Committee](index=31&type=section&id=Change%20in%20Composition%20of%20Nomination%20Committee) Ms. Law Lau Yuk and Mr. Chan Kwai Yick were appointed as Nomination Committee members effective August 27, 2025, to enhance corporate governance - Executive Director Ms. Law Lau Yuk and Independent Non-executive Director Mr. Chan Kwai Yick were appointed as members of the Nomination Committee effective August 27, 2025[96](index=96&type=chunk) - This change aims to further enhance the diversity of the Nomination Committee and the Company's overall corporate governance standards[96](index=96&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=31&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Except for the convertible bond redemption disclosed, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities this period - Save as disclosed in this announcement, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period and up to the date of this announcement[97](index=97&type=chunk) - As of June 30, 2025, the Company held no treasury shares[97](index=97&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) The Company complied with the applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the period - The Company complied with the applicable code provisions in Part 2 of the Corporate Governance Code set out in Appendix C1 of the Listing Rules in effect during the period[98](index=98&type=chunk) [Standard of Dealings in Securities by Directors](index=31&type=section&id=Standard%20of%20Dealings%20in%20Securities%20by%20Directors) The Company adopted the Standard Code in Appendix C3 of the Listing Rules, and all Directors confirmed compliance during the period - The Company adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code during the period[99](index=99&type=chunk) [Audit Committee and External Auditor Review](index=31&type=section&id=Audit%20Committee%20and%20External%20Auditor%20Review) The interim results and this announcement were reviewed by the Company's Audit Committee and by external auditor KPMG - The interim results and this announcement have been reviewed by the Company's Audit Committee[100](index=100&type=chunk) - The Group's external auditor, KPMG, has reviewed the interim financial report for the period[100](index=100&type=chunk) [Publication of Interim Report](index=32&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report will be made available on the HKEX and Company websites in due course - The Company's interim report for the period will be made available on the HKEX website and the Company's website in due course[101](index=101&type=chunk) [Acknowledgement](index=32&type=section&id=Acknowledgement) The Board expresses gratitude to all employees, management, shareholders, and investors for their contributions and support - The Board expresses its gratitude to all employees, management team, shareholders, and investors for their unwavering support[102](index=102&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。 （於開曼群島註冊成立的有限公司） （股份代號：1181） – 2 – 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 中期業績公告 唐宮（中國）控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 （統稱「本集團╱集團」）截至二零二五年六月三十日止六個月（「本期間」╱「期內」）的未經 審核簡明綜合中期業績，連同截至二零二四年六月三十日止六個月的比較數字，並載述 如下： 摘要 | | 截至六月三十日 | | | | --- | --- | --- | --- | | | 止六個月 | | 變更 | | 二零二五年 | | 二零二四年 | 百分比 | | （人民幣千元） 收益 | 464,928 | 527,309 | -11.8% | | (1) （人民幣千元） 毛利 | 312,462 | 349,196 | -10.5% | | 毛利率 | 67.2% | 66.2% | + ...

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。 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司* （於百慕達註冊成立之有限公司） 股份代號：116 截至2025年6月30日止六個月之 中期業績公告 董事會宣布本集團截至2025年6月30日止六個月之未經審核中期業績。中期業績已由董事會之審 核委員會審閱。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 未經審核 | | | | | 截至 6 月 30 | 日止六個月 | | | | 2025 年 | 2024 年 | | | | 千港元 | 千港元 | 變動 | | 持續經營業務 | | | | | 營業額 | | | | | 零售 | 10,762,505 | 11,049,022 | -3% | | 其他業務 | 273,034 __________ | 263,722 _________ ...

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。 China Vered Financial Holding Corporation Limited （於香港註冊成立之有限公司） 中薇金融控股有限公司 （股份代號：245） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 中 薇 金 融 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹 此 呈 列 本 公 司 及 其 附 屬 公 司（下 文 統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）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依賴該等內容而引致的任何損失承擔任何 責任。 DONGGUANG CHEMICAL LIMITED 東 光 化 工 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6月30日 止 六 個 月（「報告期間」）之 未 經 審 核 綜 合 中期業績。2024年同期或其他日期╱期間的相關財務數字亦已載於本公告，以作 比較。 – 1 – 簡明綜合損益及其他全面收益表 截 至2025年6月30日止六個月 | | | | | | | | 截 | 至6月30日止六個月 2025年 | 2024年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 附 註 人民幣千元 | 人民幣千元 | ...

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。 JW (Cayman) Therapeutics Co. Ltd 藥明巨諾（開曼）有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2126） 截至2025年6月30日止六個月之中期業績公告 及 上市所得款項淨額用途變更 藥明巨諾（開曼）有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月（「報 告期間」）之未經審核簡明綜合中期業績，連同2024年相應期間之比較數字。該 等中期業績已由本公司審核委員會（「審核委員會」）及核數師德勤 • 關黃陳方 會計師行審閱。 中期業績摘要 國際財務報告準則計量： – 1 – ‧ 收入於截至2025年6月30日止六個月為人民幣106.3百萬元，較截至2024年 6月30日止六個月的人民幣86.8百萬元增加22.5%。該收入來自(i)我們目 前處於商業化的產品倍諾達®的銷售 ...

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。 摘要 天津港發展控股有限公司董事會欣然宣佈本公司及其附屬公司截至2025年6月30日止 六個月的未經審核綜合業績如下： – 1 – ‧ 完成貨物總吞吐量2.29億噸，其中集裝箱總吞吐量為1,060萬標準箱。 ‧ 收入為69.47億港元。 ‧ 本公司股權持有人應佔溢利為3.46億港元。 ‧ 每股基本盈利為5.6港仙。 簡明綜合收益表 截至2025年6月30日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 6,947,080 | 6,746,266 | | 銷售成本 | | (4,994,260) | (4,753,903) | | 稅金及附加 | | (4,887) | (3,820) | | 毛利 | | 1, ...

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依賴該等內容而引致的任何損失承擔任何責任。 China Cinda Asset Management Co., Ltd. 中國信達資產管理股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01359及04621（優先股）） 2025年中期業績公告 在本報告中，除文義另有所指外，下列詞語具有如下涵義： 中國信達資產管理股份有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公 司截至2025年6月30日止六個月之未經審計業績。本公告列載本公司2025年中期報告全文， 並符合《香港聯合交易所有限公司證券上市規則》中有關中期業績初步公告附載的資料之要 求。本公司2025年中期報告將於2025年9月下旬發佈，並可在香港聯合交易所有限公司的網 站 www.hkexnews.hk 及本公司的網站 www.cinda.com.cn 閱覽。 承董事會命 中國信達資產管理股份有限公司 張衛東 董事長 中國，北京 二零二五年八月二十七日 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Financial Summary Overview](index=1&type=section&id=Financial%20Summary%20Overview) Aowei Holdings Limited reported a 15.6% revenue decline and an 89.7% drop in gross profit for the six months ended June 30, 2025, resulting in a wider net loss Financial Highlights | Indicator | 6 Months Ended June 30, 2025 (RMB Million) | 6 Months Ended June 30, 2024 (RMB Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 273.1 | 323.7 | -15.6% | | Gross Profit | 4.8 | 46.7 | -89.7% | | Gross Profit Margin | 1.8% | 14.4% | -12.6 p.p. | | Loss Attributable to Equity Holders | (75.6) | (50.6) | +49.4% (Loss Widened) | | Basic Loss Per Share | (0.05) | (0.03) | +66.7% (Loss Widened) | - The Board of Directors does not recommend the payment of any interim dividend for the reporting period[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue decreased by 15.6% to RMB 273.1 million, leading to a significant 89.7% fall in gross profit and an expanded period loss of RMB 75.6 million Statement of Profit or Loss Highlights (RMB'000) | Indicator | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 273,140 | 323,731 | -15.6% | | Cost of sales | (268,296) | (277,059) | -3.2% | | Gross profit | 4,844 | 46,672 | -89.7% | | Other income, gains and losses, net | 5,861 | 2,365 | +147.8% | | Distribution expenses | (554) | (821) | -32.5% | | Administrative expenses | (51,827) | (59,684) | -13.2% | | Net impairment losses under ECL model | (8,542) | (10,128) | -15.6% | | Finance costs | (27,941) | (30,720) | -9.1% | | Loss before tax | (78,159) | (52,316) | +49.4% (Loss Widened) | | Income tax credit | 2,535 | 1,729 | +46.6% | | Loss for the period | (75,624) | (50,587) | +49.5% (Loss Widened) | | Basic loss per share | (0.05) | (0.03) | +66.7% (Loss Widened) | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets decreased while current liabilities increased, resulting in a larger net current liability position and reduced total equity Statement of Financial Position Highlights (RMB'000) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 1,299,408 | 1,492,019 | -12.9% | | Total current assets | 493,055 | 365,779 | +34.8% | | **Liabilities** | | | | | Total current liabilities | 1,049,492 | 900,646 | +16.5% | | Total non-current liabilities | 131,021 | 269,538 | -51.4% | | **Equity** | | | | | Net assets/Total equity | 611,950 | 687,614 | -11.0% | | Net current liabilities | (556,437) | (534,867) | +4.0% (Deficit Widened) | - As of June 30, 2025, **pledged bank deposits increased significantly** to RMB 181.1 million from RMB 20.0 million at the end of 2024[5](index=5&type=chunk) - **Bank borrowings classified as current liabilities rose** to RMB 773.5 million from RMB 633.0 million at the end of 2024[5](index=5&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) Aowei Holdings Limited primarily engages in iron ore operations and the production of green building materials from tailings in China, with its ultimate controlling parties being Mr. Li Yanjun and Mr. Li Ziwei - The Group's principal activities include iron ore exploration, mining, processing, and sales, as well as the production and sale of green building sand and stone aggregates from tailings[7](index=7&type=chunk) - The Group's consolidated financial statements are presented in **Renminbi (RMB)**, and its main operations are located in China[8](index=8&type=chunk) - The Group's ultimate controlling parties are **Mr. Li Yanjun and Mr. Li Ziwei**[8](index=8&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The financial statements were prepared on a going concern basis, despite material uncertainties arising from net losses, net current liabilities, and significant short-term borrowings exceeding cash reserves - The Group incurred a loss of approximately RMB 75,624,000, had net current liabilities of approximately RMB 556,437,000, and borrowings due within one year of approximately RMB 773,500,000 against cash and cash equivalents of only RMB 13,923,000, indicating a **material uncertainty related to going concern**[10](index=10&type=chunk) - To address these uncertainties, the Board plans to negotiate loan renewals, pledge non-current assets if necessary, and has secured a commitment of sufficient financial support from the ultimate controlling parties[11](index=11&type=chunk)[14](index=14&type=chunk) [3. Principal Accounting Policies](index=6&type=section&id=3.%20Principal%20Accounting%20Policies) The financial statements are prepared under the historical cost convention, with the first-time application of amendments to IAS 21 having no material impact on the Group's financial position - The unaudited condensed consolidated financial statements have been prepared on the **historical cost basis**, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - The first-time application of amendments to IAS 21 "Lack of Exchangeability" during the interim period had **no material impact** on the Group's financial position and performance[13](index=13&type=chunk) [4. Revenue from Contracts with Customers](index=7&type=section&id=4.%20Revenue%20from%20Contracts%20with%20Customers) Total revenue from customer contracts decreased by 15.6% to RMB 273.1 million, driven by a 22.1% drop in iron concentrate sales, partially offset by a 100.2% surge in sand and stone aggregate sales Disaggregation of Revenue from Contracts with Customers (RMB'000) | Type of Goods | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Iron concentrate | 239,038 | 306,694 | -22.1% | | Sand and stone aggregates | 34,102 | 17,037 | +100.2% | | **Total** | **273,140** | **323,731** | **-15.6%** | | Geographical market: PRC | 273,140 | 323,731 | -15.6% | | Timing of revenue recognition: At a point in time | 273,140 | 323,731 | -15.6% | [5. Operating Segments](index=8&type=section&id=5.%20Operating%20Segments) The Group operates under a single reportable segment, the mining segment, which encompasses all its iron ore and green building material activities - The Group's sole reportable and operating segment is the **mining segment**, which includes iron ore operations and the production and sale of green building sand and stone aggregates[17](index=17&type=chunk) - All of the Group's revenue for the six months ended June 30, 2025 and 2024 was derived from the mining segment[17](index=17&type=chunk) [6. Other Income, Gains and Losses, Net](index=8&type=section&id=6.%20Other%20Income%2C%20Gains%20and%20Losses%2C%20Net) Net other income increased significantly to RMB 5.9 million, primarily driven by new dividend income from equity instruments and higher government grants Other Income, Gains and Losses, Net (RMB'000) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (8) | – | N/A | | Loss on write-off of property, plant and equipment | (31) | (434) | -92.9% | | Government grants | 640 | 480 | +33.3% | | Interest income | 2,260 | 2,319 | -2.6% | | Dividend from equity instruments at FVTOCI | 3,000 | – | N/A | | **Total** | **5,861** | **2,365** | **+147.8%** | [7. Net Impairment Losses under Expected Credit Loss (ECL) Model](index=9&type=section&id=7.%20Net%20Impairment%20Losses%20under%20Expected%20Credit%20Loss%20(ECL)%20Model) Net impairment losses under the ECL model decreased to RMB 8.5 million, mainly due to a larger reversal of impairment losses on trade receivables Net Impairment Losses under ECL Model (RMB'000) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Reversal of impairment loss on trade receivables | 4,982 | 1,604 | +210.6% | | Reversal of impairment loss on other receivables | 934 | 50 | +1768.0% | | Impairment loss on trade receivables | (14,458) | (11,558) | +25.1% (Loss Increased) | | Impairment loss on other receivables | – | (224) | -100.0% | | **Net** | **(8,542)** | **(10,128)** | **-15.6%** | [8. Finance Costs](index=9&type=section&id=8.%20Finance%20Costs) Finance costs decreased by 9.1% to RMB 27.9 million, primarily attributable to lower interest expenses on bank borrowings Finance Costs (RMB'000) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 26,557 | 29,785 | -10.8% | | Interest expense on discounted bills | 457 | 29 | +1475.9% | | Interest expense on lease liabilities | – | 23 | -100.0% | | Reversal of interest expense on provision for reclamation | 927 | 883 | +4.9% | | **Total** | **27,941** | **30,720** | **-9.1%** | [9. Income Tax Credit](index=10&type=section&id=9.%20Income%20Tax%20Credit) The Group's income tax credit increased to RMB 2.5 million, consisting of an overprovision of PRC Enterprise Income Tax from prior years and deferred tax for the period Income Tax Credit (RMB'000) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current tax: Overprovision in prior years | 2,395 | 21,043 | -88.6% | | Deferred tax: For the period | 140 | (19,314) | N/A | | **Total** | **2,535** | **1,729** | **+46.6%** | [10. Loss for the Period](index=10&type=section&id=10.%20Loss%20for%20the%20Period) The Group's loss for the period of RMB 75.6 million was arrived at after charging key expenses including staff costs, transportation fees, and depreciation and amortization Items Charged in Loss for the Period (RMB'000) | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 33,550 | 36,074 | -7.0% | | Transportation service fees (net of capitalisation in inventories) | 554 | 821 | -32.5% | | Total depreciation and amortisation (net of capitalisation in inventories) | 8,142 | 14,070 | -42.2% | | Cost of inventories recognised as expense | 266,488 | 274,613 | -3.0% | [11. Dividends](index=11&type=section&id=11.%20Dividends) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year period - No dividend was paid, declared or proposed by the Company during the interim period[22](index=22&type=chunk) [12. Loss Per Share](index=11&type=section&id=12.%20Loss%20Per%20Share) Basic loss per share attributable to owners of the Company widened to RMB 0.05 from RMB 0.03 in the prior year period, with no dilutive potential ordinary shares outstanding Loss Per Share Data | Indicator | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the purpose of calculating basic loss per share (RMB'000) | (75,624) | (50,587) | | Basic loss per share (RMB) | (0.05) | (0.03) | | Diluted loss per share | N/A | N/A | [13. Property, Plant and Equipment](index=11&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) During the period, the Group acquired property, plant and equipment of RMB 26.9 million and recorded depreciation of RMB 48.4 million, while title certificates for certain assets remain pending - The Group acquired property, plant and equipment (including right-of-use assets) costing approximately **RMB 26,872,000**, a significant increase from the prior period (RMB 328,000)[27](index=27&type=chunk) - As of June 30, 2025, the Group had not yet obtained title certificates for leased land with a carrying amount of approximately **RMB 44,843,000** and buildings and plants of approximately **RMB 221,423,000**[26](index=26&type=chunk)[29](index=29&type=chunk) - During the reporting period, depreciation on property, plant and equipment was approximately **RMB 48,393,000**, with a write-off loss of RMB 31,000 and a disposal loss of RMB 8,000[27](index=27&type=chunk)[28](index=28&type=chunk) [14. Construction in Progress](index=12&type=section&id=14.%20Construction%20in%20Progress) The Group's additions to construction in progress amounted to approximately RMB 3.0 million, primarily for green mine construction and plant and machinery installation - The Group's additions to construction in progress of approximately **RMB 3,001,000** were mainly for green mine construction costs, processing plants, and machinery and equipment under construction and installation[30](index=30&type=chunk) [15. Trade and Other Receivables](index=13&type=section&id=15.%20Trade%20and%20Other%20Receivables) Net trade receivables decreased by 14.6% to RMB 92.9 million as of June 30, 2025, while the aging analysis shows a significant portion remains over one year outstanding Trade and Other Receivables (RMB'000) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gross trade receivables, net | 92,939 | 108,835 | -14.6% | | Bills receivable, net | 5,100 | 1,300 | +292.3% | | Gross other receivables, net | 89,916 | 91,696 | -1.9% | | Trade and other receivables, net, classified as current assets | 176,089 | 179,007 | -1.6% | Aging Analysis of Trade Receivables (RMB'000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 5,560 | 7,008 | | 31 to 90 days | 15,629 | 14,489 | | 91 to 180 days | 3,814 | 13,039 | | 181 to 365 days | 23,395 | 13,882 | | Over 1 year | 44,541 | 60,417 | - Prepayments and deposits mainly consist of prepayments to transportation service providers, with Laiyuan County Ruitong Transportation Co, Ltd being the largest[33](index=33&type=chunk)[34](index=34&type=chunk) [16. Trade and Other Payables](index=15&type=section&id=16.%20Trade%20and%20Other%20Payables) Total trade and other payables increased by 3.9% to RMB 213.3 million as of June 30, 2025, mainly driven by an increase in amounts due to a related party Trade and Other Payables (RMB'000) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 89,050 | 86,911 | +2.5% | | Bills payable | 40,000 | 40,000 | 0.0% | | Other tax payables | 11,879 | 11,219 | +5.9% | | Payables for construction in progress, purchase of equipment and others | 38,480 | 39,824 | -3.4% | | Interest payable | 1,384 | 1,816 | -23.8% | | Amount due to a related party | 4,000 | – | N/A | | Other payables | 28,459 | 25,538 | +11.4% | | **Total** | **213,252** | **205,308** | **+3.9%** | Aging Analysis of Trade Payables (RMB'000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 29,709 | 33,419 | | 31 to 90 days | 11,882 | 8,326 | | 91 to 180 days | 7,437 | 8,327 | | 181 to 365 days | 7,987 | 4,721 | | Over 1 year | 32,035 | 32,118 | - The amount due to a related party (Hebei Aowei Industrial Group Co, Ltd) is unsecured, interest-free, and repayable on demand[36](index=36&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Iron Ore Business](index=16&type=section&id=Iron%20Ore%20Business) The iron ore market experienced a downward trend in the first half of 2025, leading to a 22.1% decline in the Group's iron ore business revenue amid lower selling prices and a mining suspension [Market Review](index=16&type=section&id=Market%20Review) The iron ore market in the first half of 2025 started strong but trended downwards due to supply recovery and policy impacts, with prices fluctuating between a high of US$109.50 and a low of US$92.75 per ton - In the first half of 2025, the iron ore market was volatile, with the **Platts 62% iron ore index** fluctuating from a high of US$109.50/ton to a low of US$92.75/ton[37](index=37&type=chunk) [Business Review](index=16&type=section&id=Business%20Review) The Group's iron ore business revenue fell 22.1% due to the suspension of mining at Jiheng Mining and a 16.1% drop in the average selling price of iron concentrate, despite cost reduction efforts - The Group's loss during the period was mainly attributable to the **suspension of mining at Jiheng Mining's open-pit mine** and a decline in the selling price of iron concentrate, which lowered the gross profit margin[38](index=38&type=chunk) - The average unit cash operating cost of iron concentrate at Jingyuancheng Mining was approximately **RMB 663.43/ton**, a year-on-year decrease of about 1.1%[38](index=38&type=chunk) Iron Concentrate Production, Sales, and Price Details | Indicator | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Iron concentrate production ('000 tonnes) | 327.50 | 337.53 | -3.0% | | Iron concentrate sales volume ('000 tonnes) | 332.75 | 358.26 | -7.1% | | Average selling price of iron concentrate (RMB/tonne) | 718.37 | 856.06 | -16.1% | | Iron ore business revenue (RMB million) | 239.0 | 306.7 | -22.1% | [Operating Mines](index=17&type=section&id=Operating%20Mines) The Wang'ergou and Shuanmazhuang mines, with a combined annual capacity of 14 million tonnes, saw reduced ore extraction and production volumes, though unit cash operating costs slightly decreased - The Wang'ergou Mine and Shuanmazhuang Mine have a combined annual mining capacity of **14 million tonnes per year**[41](index=41&type=chunk) Wang'ergou and Shuanmazhuang Mines Production Details | Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Ore mined ('000 tonnes) | 5,677.22 | 6,054.37 | -6.2% | | Waste rock stripped ('000 tonnes) | 2,839.92 | 3,457.22 | -17.9% | | Raw ore processed ('000 tonnes) | 5,602.43 | 6,238.23 | -10.2% | | Iron concentrate production ('000 tonnes) | 327.50 | 337.53 | -3.0% | Average Unit Cash Operating Cost of Iron Concentrate (RMB/tonne) | Cost Item | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Mining cost | 314.64 | 329.63 | -4.5% | | Dry processing cost | 115.73 | 115.09 | 0.6% | | Wet processing cost | 129.21 | 127.68 | 1.2% | | Administrative expenses | 73.80 | 62.17 | 18.7% | | Taxes and fees | 30.05 | 36.30 | -17.2% | | **Total** | **663.43** | **670.87** | **-1.1%** | [Green Building Materials - Sand and Stone Aggregates Business](index=19&type=section&id=Green%20Building%20Materials%20-%20Sand%20and%20Stone%20Aggregates%20Business) The Group's green building materials business saw significant growth in production and sales volumes, driven by the resumption of operations, despite a decline in average selling prices - The Group's solid waste comprehensive utilization projects have a total processing capacity of approximately **6.4 million tonnes per year**[44](index=44&type=chunk) - The growth in production and sales volume of sand and stone aggregates was mainly due to the **resumption of normal operations at Jiheng Mining** and partial resumption at Jingyuancheng Mining[45](index=45&type=chunk) - The decrease in average cash operating costs for sand and stone aggregates was primarily due to **lower unit electricity costs** and reduced unit labor costs resulting from increased production and sales[46](index=46&type=chunk) Sand and Stone Aggregates Production and Sales Details | Indicator | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Production ('000 tonnes) | 1,037.60 | 466.21 | +122.6% | | Sales volume ('000 tonnes) | 1,258.57 | 460.35 | +173.4% | | Average selling price (RMB) | 25.95 | 33.12 | -21.7% | | Average unit cash operating cost (RMB) | 20.49 | 22.10 | -7.3% | [Safety and Environmental Protection](index=19&type=section&id=Safety%20and%20Environmental%20Protection) The Group prioritizes safety and environmental protection, aiming for zero accidents, occupational diseases, and pollution incidents, and reported no major incidents during the period - The Group adheres to the goal of **"zero safety accidents, zero new occupational diseases, and zero environmental pollution incidents"**[47](index=47&type=chunk) - During the reporting period, the Group had **no major safety or environmental accidents**[48](index=48&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) This section details the Group's financial performance, highlighting revenue decline from lower selling prices, a sharp drop in gross profit, and an expanded net loss despite reduced operating expenses [Revenue](index=20&type=section&id=Revenue) Revenue decreased by 15.6% to RMB 273.1 million, reflecting the combined effect of lower selling prices for iron concentrate and aggregates, partially offset by higher aggregate sales volume - The Group's revenue for the period was approximately **RMB 273.1 million**, a decrease of about RMB 50.6 million or 15.6% year-on-year[49](index=49&type=chunk) - The decrease in revenue was mainly due to the combined effect of **lower selling prices for iron concentrate and sand and stone aggregates**, and an increase in the sales volume of aggregate products[49](index=49&type=chunk) [Cost of Sales](index=20&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 3.2% to RMB 268.3 million, primarily due to lower unit sales costs for products and reduced sales volume of iron concentrate - The Group's cost of sales for the period was approximately **RMB 268.3 million**, a decrease of about RMB 8.8 million or 3.2% year-on-year[50](index=50&type=chunk) - The decrease was mainly due to **lower unit sales costs** for iron concentrate and sand and stone aggregate products, as well as a decrease in the sales volume of iron concentrate[50](index=50&type=chunk) [Gross Profit and Gross Profit Margin](index=20&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit plummeted to RMB 4.8 million and the gross profit margin fell to 1.8%, mainly due to a significant drop in the selling price of iron concentrate products - The Group's gross profit was approximately **RMB 4.8 million**, a decrease of about RMB 41.9 million, with the gross profit margin at 1.8%, down 12.6 percentage points year-on-year[51](index=51&type=chunk) - The decrease in gross profit was primarily caused by the **significant decline in the selling price** of the Group's iron concentrate products[51](index=51&type=chunk) [Distribution Expenses](index=20&type=section&id=Distribution%20Expenses) Distribution expenses decreased to RMB 0.6 million, mainly due to reduced transportation costs for moving finished sand and stone aggregate products within the mining area - The Group's distribution expenses were approximately **RMB 0.6 million**, a decrease of about RMB 0.2 million, mainly due to reduced transportation costs for finished aggregate products[52](index=52&type=chunk) [Administrative Expenses](index=20&type=section&id=Administrative%20Expenses) Administrative expenses fell by 13.2% to RMB 51.8 million, primarily as a result of lower work suspension losses included in administrative costs - The Group's administrative expenses were approximately **RMB 51.8 million**, a decrease of about RMB 7.9 million or 13.2%, mainly due to a reduction in work suspension losses[53](index=53&type=chunk) [Finance Costs](index=21&type=section&id=Finance%20Costs) Finance costs decreased by 9.1% to RMB 27.9 million, which was mainly attributable to a lower average balance of bank borrowings during the period - The Group's finance costs were approximately **RMB 27.9 million**, a decrease of about RMB 2.8 million or 9.1%, primarily due to a lower average balance of bank borrowings[54](index=54&type=chunk) [Income Tax Credit](index=21&type=section&id=Income%20Tax%20Credit) The income tax credit for the period was RMB 2.5 million, an increase from RMB 1.7 million in the prior year, comprising an overprovision of current tax and deferred tax - The Group's income tax credit for the period was approximately **RMB 2.5 million**, compared to an income tax credit of approximately RMB 1.7 million in the same period last year[55](index=55&type=chunk) [Total Loss for the Period](index=21&type=section&id=Total%20Loss%20for%20the%20Period) The Group recorded a post-tax loss of RMB 75.6 million, an increase of RMB 25.0 million from the prior year, driven by lower gross profit from reduced iron concentrate prices - The Group recorded a post-tax loss of approximately **RMB 75.6 million**, an increase in loss of about RMB 25.0 million compared to the same period last year[56](index=56&type=chunk) - The loss was mainly due to the **decline in sales gross profit** caused by a significant drop in the selling price of iron concentrate, combined with the effects of lower administrative and finance costs[56](index=56&type=chunk) [Property, Plant and Equipment](index=21&type=section&id=Property%2C%20Plant%20and%20Equipment) The net book value of property, plant and equipment decreased by 2.1% to RMB 919.7 million as of June 30, 2025, primarily due to depreciation charges - As of June 30, 2025, the net book value of the Group's property, plant and equipment was approximately **RMB 919.7 million**, a decrease of about RMB 19.9 million or 2.1% from the end of last year, mainly due to depreciation[57](index=57&type=chunk) [Construction in Progress](index=21&type=section&id=Construction%20in%20Progress) Construction in progress stood at RMB 116.9 million as of June 30, 2025, representing a slight increase of RMB 1.2 million from the end of the previous year - As of June 30, 2025, the Group's construction in progress was approximately **RMB 116.9 million**, an increase of about RMB 1.2 million from the end of last year[58](index=58&type=chunk) [Intangible Assets](index=21&type=section&id=Intangible%20Assets) The net value of intangible assets, mainly comprising mining rights, decreased to RMB 40.6 million as of June 30, 2025, down by RMB 4.4 million from year-end 2024 - The Group's intangible assets, mainly consisting of mining rights and related premiums, had a net value of approximately **RMB 40.6 million** as of June 30, 2025, a decrease of about RMB 4.4 million from the end of last year[59](index=59&type=chunk) [Inventories](index=22&type=section&id=Inventories) Inventories decreased by 9.3% to RMB 100.8 million as of June 30, 2025, primarily due to a reduction in the value of finished goods - As of June 30, 2025, the Group's inventories were approximately **RMB 100.8 million**, a decrease of about RMB 10.3 million or 9.3% from the end of last year, mainly due to a decrease in the amount of finished goods inventory[61](index=61&type=chunk) [Trade and Other Receivables](index=22&type=section&id=Trade%20and%20Other%20Receivables) Trade receivables and bills receivable decreased to RMB 98.2 million due to lower credit sales, while other receivables also saw a slight reduction - As of June 30, 2025, the Group's trade and bills receivables were approximately **RMB 98.2 million**, a decrease of about RMB 11.9 million from the end of last year, mainly due to a reduction in credit sales[62](index=62&type=chunk) - The Group's other receivables were approximately **RMB 89.9 million**, a decrease of about RMB 1.8 million from the end of last year, mainly due to a decrease in prepayments[62](index=62&type=chunk) [Trade and Other Payables](index=22&type=section&id=Trade%20and%20Other%20Payables) Trade and other payables increased, driven by higher amounts due to major suppliers and increased related party transactions and accruals - As of June 30, 2025, the Group's trade and bills payables were approximately **RMB 129.1 million**, an increase of about RMB 2.2 million from the end of last year, mainly due to an increase in trade payables to major suppliers[63](index=63&type=chunk) - The Group's other payables were approximately **RMB 84.2 million**, an increase of about RMB 5.8 million from the end of last year, mainly due to an increase in related party transactions and accrued expenses[63](index=63&type=chunk) [Cash and Borrowings](index=22&type=section&id=Cash%20and%20Borrowings) Cash and cash equivalents decreased to RMB 13.9 million, while total bank borrowings stood at RMB 870.5 million, with a significant portion classified as current liabilities - As of June 30, 2025, the Group's cash and cash equivalents balance was approximately **RMB 13.9 million**, a decrease of about RMB 20.7 million from the end of last year[64](index=64&type=chunk) - As of June 30, 2025, the Group's bank borrowings were approximately **RMB 870.5 million**, of which about RMB 773.5 million were current liabilities, with annual interest rates ranging from 2.8% to 7.5%[64](index=64&type=chunk) [Gearing Ratio](index=23&type=section&id=Gearing%20Ratio) The gearing ratio increased by 1.7 percentage points to 48.6% as of June 30, 2025, compared to the end of the previous year - The Group's gearing ratio as of June 30, 2025 was approximately **48.6%**, an increase of about 1.7% from the end of last year[66](index=66&type=chunk) [Capital Commitments](index=23&type=section&id=Capital%20Commitments) Total capital commitments amounted to approximately RMB 14.9 million as of June 30, 2025, a decrease from the end of 2024 - As of June 30, 2025, the Group's total capital commitments were approximately **RMB 14.9 million** (December 31, 2024: approximately RMB 18.1 million)[67](index=67&type=chunk) [Interest Rate Risk, Foreign Currency Risk](index=23&type=section&id=Interest%20Rate%20Risk%2C%20Foreign%20Currency%20Risk) The Group faces limited interest rate risk due to the short-term nature of its borrowings and is exposed to foreign currency risk as its RMB-denominated transactions are not hedged - The Group's fair value interest rate risk is mainly related to bank borrowings, but the risk is low as they are due within one to three years, and there is currently no interest rate hedging policy[68](index=68&type=chunk) - The Group's main operations are in China with transactions primarily in RMB, which is not freely convertible, exposing it to exchange rate risk that is not hedged[68](index=68&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - The Group had **no material acquisitions or disposals** of subsidiaries, associates, and joint ventures during the reporting period[69](index=69&type=chunk) [Pledge of Assets, Contingent Liabilities](index=23&type=section&id=Pledge%20of%20Assets%2C%20Contingent%20Liabilities) The Group's bank borrowings of RMB 870.5 million are secured by various assets, including mining rights, properties, and receivables, with no other significant contingent liabilities reported - As of June 30, 2025, the Group's bank borrowings of **RMB 870.5 million** were secured by the Group's mining rights, right-of-use assets, properties, trade receivables, bank deposits, and assets of related parties and third parties[70](index=70&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities**[71](index=71&type=chunk) [Outlook](index=24&type=section&id=Outlook) The Group anticipates a looser global iron ore market in the second half of 2025 and plans to focus on cost control, expand its green building materials business, and potentially dispose of its depleted iron ore assets - In the second half of 2025, the global iron ore supply-demand pattern is expected to **shift towards a looser balance**, with domestic demand showing structural differentiation[72](index=72&type=chunk) - The Company will continue to strengthen cost control and efficiency, adjust product and sales strategies, broaden market channels, and enhance customer credit management[73](index=73&type=chunk) - Given the depletion of Jiheng Mining's open-pit iron ore, the Group may consider **disposing of its iron ore business** to improve financial performance[73](index=73&type=chunk) - The Group will seize opportunities from the construction of the Xiong'an New Area to **expand its sand and stone aggregates production scale** and enhance profitability[73](index=73&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) As of the date of this announcement, the Company has not adopted any share option scheme - As at the date of this announcement, the Company had **not adopted any share option scheme**[74](index=74&type=chunk) [Model Code for Securities Transactions by Directors](index=24&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules, and all directors have confirmed their compliance throughout the period - The Company has adopted the Model Code as set out in Appendix C3 of the Listing Rules, and all directors have confirmed their compliance with its provisions throughout the six months ended June 30, 2025[75](index=75&type=chunk) [Competition and Conflict of Interests](index=25&type=section&id=Competition%20and%20Conflict%20of%20Interests) As of June 30, 2025, no director, controlling shareholder, or major shareholder held any competing interests in businesses that compete with the Group - As of June 30, 2025, no director, controlling shareholder, substantial shareholder, or their respective close associates had any competing interests in any business that directly or indirectly competes or may compete with the Group[76](index=76&type=chunk) [Purchase, Redemption or Sale of Listed Securities](index=25&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the first half of 2025 - During the first half of 2025, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities (including the sale of treasury shares)[77](index=77&type=chunk) [Employees and Remuneration Policies](index=25&type=section&id=Employees%20and%20Remuneration%20Policies) The Group had 733 employees as of June 30, 2025, with total remuneration expenses decreasing by 7.0% to RMB 33.6 million, and compensation is linked to performance - As of June 30, 2025, the Group had a total of **733 employees** (June 30, 2024: 797), with total remuneration and other employee benefits amounting to approximately **RMB 33.6 million** (June 30, 2024: RMB 36.1 million)[78](index=78&type=chunk) - Employee income is linked to individual performance and the Group's operating results, and the Group participates in local government-managed retirement pension schemes[78](index=78&type=chunk) - The Group enhances employees' professional skills by continuously improving its internal training system and formulating scientific and reasonable training and development plans[79](index=79&type=chunk) [Corporate Governance](index=25&type=section&id=Corporate%20Governance) The Group has complied with the Corporate Governance Code, and its Audit Committee has reviewed the interim financial results, confirming their proper preparation and disclosure - The Group has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[80](index=80&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the interim financial results and unanimously agreed that they have been prepared in accordance with applicable accounting principles and the Listing Rules with appropriate disclosures made[81](index=81&type=chunk)[82](index=82&type=chunk) [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the same period in 2024 - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025 (2024: Nil)[83](index=83&type=chunk) [Material Litigation](index=26&type=section&id=Material%20Litigation) The Group was not involved in any material litigation or arbitration during the six months ended June 30, 2025, and is not aware of any pending or threatened material claims - During the six months ended June 30, 2025, the Group was **not involved in any material litigation or arbitration**[84](index=84&type=chunk) [Events after the Reporting Period](index=26&type=section&id=Events%20after%20the%20Reporting%20Period) No significant events affecting the Group have occurred between July 1, 2025, and the date of this announcement - Save as disclosed in this announcement, no significant events affecting the Group have occurred from July 1, 2025 up to the date of this announcement[85](index=85&type=chunk) [Publication of Interim Results and Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20and%20Report) This results announcement and the 2025 interim report will be published on the websites of the Hong Kong Stock Exchange and the Company - This results announcement and the Company's 2025 Interim Report will be published on the website of the Hong Kong Stock Exchange at www.hkexnews.hk and on the Company's website at http://www.aoweiholding.com[86](index=86&type=chunk) [Appreciation](index=26&type=section&id=Appreciation) The Board of Directors extends its gratitude to the management, employees, shareholders, creditors, customers, and business partners for their contributions and support - The Board of Directors expresses its gratitude to the Group's management and employees, as well as to all shareholders, creditors, customers, and business partners[87](index=87&type=chunk) [Board of Directors](index=26&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises five executive directors, including the Chairman and CEO, and three independent non-executive directors - The Company's executive directors are **Mr. Li Yanjun (Chairman), Mr. Li Ziwei, Mr. Zuo Yuehui, Mr. Sun Tao, and Ms. Chen Lixian**[89](index=89&type=chunk) - The Company's independent non-executive directors are **Dr. Wong Sze Lok, Mr. Meng Likun, and Mr. Ge Xinjian**[89](index=89&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 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的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1786） 截至二零二 五 年六月三十日止六個月中期業績公告 本公司董事會欣然宣佈本公司及其附屬公司截至二零二 五 年六月三十日止六個月 的 未 經 審 計 中 期 業 績。本 公 告 符 合《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 的 要 求。本 公 司 二 零 二 五 年中期報告將於二零二 五 年九月三十日或之前刊載於香港聯合交易所有限公司的網站 www.hkexnews.hk 及 本公司的網站 www.crcce.com.cn 。 2025年以來，面對機遇與挑戰，本公司以深化改革為抓手，以科技創新為動力，以新質生產力為著力 點，持續深耕境內外市場，整體發展保持上升勢頭，經營業績總體向好。 市場 ...