[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 ...

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) Provides an overview of the group's financial position, performance, and cash flows [Consolidated Balance Sheet](index=1&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased by **2.90%** to **RMB 23.56 billion**, with liabilities at **RMB 7.99 billion** and equity at **RMB 15.58 billion** Consolidated Balance Sheet Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 23,562,286,972.80 | 22,898,703,360.27 | 663,583,612.53 | 2.90 | | Total Current Assets | 13,831,963,446.95 | 13,603,520,670.99 | 228,442,775.96 | 1.68 | | Total Non-current Assets | 9,730,323,525.85 | 9,295,182,689.28 | 435,140,836.57 | 4.68 | | **Total Liabilities** | 7,985,551,983.65 | 7,891,774,311.86 | 93,777,671.79 | 1.19 | | Total Current Liabilities | 7,558,924,746.98 | 7,593,536,880.76 | (34,612,133.78) | (0.46) | | Total Non-current Liabilities | 426,627,236.67 | 298,237,431.10 | 128,389,805.57 | 43.05 | | **Total Shareholders' Equity** | 15,576,734,989.15 | 15,006,929,048.41 | 569,805,940.74 | 3.80 | [Consolidated Income Statement](index=4&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, revenue decreased by **4.50%** to **RMB 5.53 billion**, while net profit increased by **19.63%** to **RMB 900 million** Consolidated Income Statement Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (260,386,848.78) | (4.50) | | Operating Costs | 3,368,865,598.71 | 3,562,042,236.10 | (193,176,637.39) | (5.42) | | Operating Profit | 910,411,586.37 | 861,400,564.97 | 49,011,021.40 | 5.69 | | Total Profit | 907,472,994.48 | 848,269,211.29 | 59,203,783.19 | 6.98 | | Income Tax Expense | 7,438,067.33 | 95,920,622.56 | (88,482,555.23) | (92.25) | | Net Profit | 900,034,927.15 | 752,348,588.73 | 147,686,338.42 | 19.63 | | Net Profit Attributable to Parent Company Shareholders | 856,544,756.92 | 715,785,632.02 | 140,759,124.90 | 19.66 | | Basic Earnings Per Share (yuan/share) | 0.69 | 0.58 | 0.11 | 18.97 | [Consolidated Cash Flow Statement](index=6&type=section&id=Consolidated%20Cash%20Flow%20Statement) Operating cash flow significantly increased by **63.42%** to **RMB 621 million**, while financing cash outflow decreased by **34.80%** Consolidated Cash Flow Statement Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 620,729,893.04 | 379,837,357.10 | 240,892,535.94 | 63.42 | | Net Cash Flow from Investing Activities | (753,393,822.25) | (734,143,481.92) | (19,250,340.33) | (2.62) | | Net Cash Flow from Financing Activities | (377,618,433.78) | (579,171,553.35) | 201,553,119.57 | 34.80 | | Net Increase in Cash and Cash Equivalents | (510,282,362.99) | (933,477,678.17) | 423,195,315.18 | 45.34 | | Cash and Cash Equivalents at End of Period | 8,452,300,493.30 | 8,144,865,146.62 | 307,435,346.68 | 3.77 | - Net cash flow from operating activities increased primarily due to **RMB 130 million** in corporate income tax refunds received for 2024 and a year-on-year decrease in taxes paid[153](index=153&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Details the company's background, accounting policies, tax incentives, and specific financial item breakdowns [1. Company Profile](index=8&type=section&id=1.%20Company%20Profile) Established in 2005, the company is listed on HKEX and SSE, engaging in diverse publishing, distribution, and related businesses - The company was established on June 11, 2005, listed H-shares in 2007, A-shares in 2016, with share capital of **RMB 1,233,841,000.00**[17](index=17&type=chunk) - Main business activities include sales and production of books, newspapers, periodicals, electronic publications, audio-visual product wholesale, printing, publishing industry investment, property leasing, and retail[18](index=18&type=chunk) - The ultimate controlling shareholder is the **Sichuan Provincial State-owned Assets Supervision and Administration Commission**[18](index=18&type=chunk) [2. Basis of Preparation of Financial Statements](index=8&type=section&id=2.%20Basis%20of%20Preparation%20of%20Financial%20Statements) Financial statements are prepared under PRC accounting standards and comply with HKEX and Hong Kong Companies Ordinance disclosure requirements - The group adheres to accounting standards issued by the Ministry of Finance and relevant regulations, disclosing financial information in accordance with **Rule No. 15 for Information Disclosure by Companies Issuing Securities**, the **Hong Kong Companies Ordinance**, and the **Listing Rules**[19](index=19&type=chunk) - The financial statements are prepared on a **going concern basis**, with management finding no significant doubts about the group's ability to continue as a going concern[20](index=20&type=chunk) [3. Tax Incentives and Approvals](index=9&type=section&id=3.%20Tax%20Incentives%20and%20Approvals) The company and its subsidiaries benefit from corporate income tax exemptions, reduced rates, and VAT refund/exemption policies - The company and certain subsidiaries (e.g., Beijing Shuchuan Xinhua Bookstore, Sichuan Xinhua Online, Sichuan Wenxuan Culture Communication, and fourteen publishing units) are **exempt from corporate income tax** from their conversion registration date until **December 31, 2027**[21](index=21&type=chunk) - Some subsidiaries, classified as encouraged industries in western regions, are subject to a **reduced corporate income tax rate of 15%**[22](index=22&type=chunk) - From January 1, 2024, to December 31, 2027, specific publications (e.g., children's/elderly newspapers, textbooks, minority language publications) enjoy a **100% VAT refund policy**; other publications (e.g., books, periodicals, audio-visual products) enjoy a **50% VAT refund policy**; and book wholesale/retail businesses are **exempt from VAT**[23](index=23&type=chunk) [4. Significant Accounting Policy Changes](index=10&type=section&id=4.%20Significant%20Accounting%20Policy%20Changes) No significant changes in accounting policies or estimates occurred during the six months ended June 30, 2025 - No significant changes in accounting policies or accounting estimates occurred during this period[24](index=24&type=chunk) [5. Cash and Bank Balances](index=10&type=section&id=5.%20Cash%20and%20Bank%20Balances) Total cash and bank balances increased slightly to **RMB 9.22 billion**, with bank deposits as the main component and some restricted funds Cash and Bank Balances | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash on Hand | 99,147.05 | 202,669.04 | | Bank Deposits | 9,182,333,209.69 | 9,133,208,450.36 | | Other Cash and Bank Balances | 36,053,866.93 | 46,266,458.64 | | **Total** | **9,218,486,224.10** | **9,179,678,124.68** | - Bank deposits include **RMB 6,260,239,136.98** in time deposits with maturities over three months, intended by management for flexible fund arrangements[28](index=28&type=chunk) - Restricted cash and bank balances of **RMB 31,212,414.50** primarily include bank acceptance bill deposits, letter of guarantee deposits, tourism service quality assurance deposits, housing reform special funds, and bank deposits frozen due to litigation[28](index=28&type=chunk) [6. Accounts Receivable](index=11&type=section&id=6.%20Accounts%20Receivable) Accounts receivable book value increased to **RMB 1.72 billion**, with a credit loss provision reversal of **RMB 54.87 million** this period Accounts Receivable Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Accounts Receivable Book Balance | 2,534,282,944.64 | 2,388,933,657.59 | | Less: Credit Loss Provision | 818,661,216.68 | 862,123,401.06 | | **Total (Book Value)** | **1,715,621,727.96** | **1,526,810,256.53** | - The current period recognized a credit loss provision of **RMB 11,555,826.07** and reversed a credit impairment provision of **RMB 54,872,983.22**[37](index=37&type=chunk) - Accounts receivable written off in this reporting period amounted to **RMB 145,027.23**[39](index=39&type=chunk) [7. Inventories](index=15&type=section&id=7.%20Inventories) Inventories book value slightly decreased to **RMB 2.40 billion**, with inventory impairment provision of **RMB 40.26 million** recognized this period Inventories Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Inventories Book Balance | 2,669,237,208.68 | 2,650,365,711.88 | | Less: Inventory Impairment Provision | 265,610,616.98 | 227,776,988.40 | | **Total (Book Value)** | **2,403,626,591.70** | **2,422,588,723.48** | - The current period recognized an inventory impairment provision of **RMB 40,259,188.44** and reversed or wrote off **RMB 158,830.56**[42](index=42&type=chunk) [8. Long-term Receivables](index=17&type=section&id=8.%20Long-term%20Receivables) Long-term receivables decreased by **35.75%** to **RMB 25.18 million**, mainly due to reclassification to current assets Long-term Receivables Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Long-term Receivables Book Balance | 64,366,836.91 | 91,589,834.55 | | Less: Credit Loss Provision | 2,055,321.30 | 3,133,647.19 | | Less: Non-current Assets Due Within One Year | 37,129,860.39 | 49,263,308.47 | | **Net (Book Value)** | **25,181,655.22** | **39,192,878.89** | - Long-term receivables decreased by **35.75%**, primarily because payments for education informatization and equipment business were reclassified to non-current assets due within one year[48](index=48&type=chunk)[155](index=155&type=chunk) - The current period recognized a credit loss provision of **RMB 960,632.94** and reversed a credit impairment provision of **RMB 2,038,958.83**[50](index=50&type=chunk) [9. Long-term Equity Investments](index=18&type=section&id=9.%20Long-term%20Equity%20Investments) Long-term equity investments increased to **RMB 822 million**, primarily in joint ventures and associates, with **RMB 18.12 million** investment income recognized Long-term Equity Investments Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Long-term Equity Investments Book Balance | 828,204,071.14 | 812,969,446.27 | | Less: Impairment Provision for Long-term Equity Investments | 6,647,345.57 | 6,647,345.57 | | **Book Value** | **821,556,725.57** | **806,322,100.70** | - Investment income recognized under the equity method for the current period was **RMB 18,119,131.91**[56](index=56&type=chunk) - Unrecognized investment losses accumulated to **RMB 41,958,400.00**, mainly from Xinhua Yingxuan, Guizhou Wenxuan, and Fudou Technology[59](index=59&type=chunk) [10. Investments in Other Equity Instruments](index=23&type=section&id=10.%20Investments%20in%20Other%20Equity%20Instruments) Investments in other equity instruments grew to **RMB 2.46 billion**, generating **RMB 83.75 million** in dividend income and **RMB 239 million** in other comprehensive income Investments in Other Equity Instruments | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Wanxin Media | 851,291,200.00 | 914,857,600.00 | | Bank of Chengdu | 1,608,000,000.00 | 1,368,000,000.00 | | Harbin Gongda Intelligent | 375,393.81 | 438,147.26 | | Others | – | 246,833.59 | | **Total** | **2,459,666,593.81** | **2,284,471,141.07** | - Dividend income recognized for the current period was **RMB 83,749,585.40**[61](index=61&type=chunk) - Gains recognized in other comprehensive income for the current period amounted to **RMB 239,216,298.12**[61](index=61&type=chunk) [11. Other Non-current Financial Assets](index=24&type=section&id=11.%20Other%20Non-current%20Financial%20Assets) Other non-current financial assets increased to **RMB 444 million**, with a fair value change gain of **RMB 10.85 million** this period Other Non-current Financial Assets | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | CITIC M&A Investment Fund | 50,245,142.70 | 54,735,996.10 | | Wenxuan Hengxin Equity Investment Fund | 13,930,352.24 | 37,271,655.94 | | Qingdao Jinshi Zhixin Investment Center | 110,359.16 | 110,225.19 | | Ningbo Meishan Bonded Port Area Wenxuan Dingsheng Equity Investment Partnership | 75,410,057.53 | 77,397,665.02 | | Xinhua Internet E-commerce Co., Ltd. | 1,055,422.24 | 1,055,422.24 | | Sichuan Wentou Jinwen Equity Investment Fund | 39,877,936.13 | 39,898,387.42 | | Jinshi Growth Equity Investment | 51,559,200.90 | 31,263,184.99 | | CICC Qichen II Emerging Industry Equity Investment Fund | 147,786,077.33 | 119,730,029.16 | | Sinopec Sales Co., Ltd. | 64,501,647.23 | 61,365,524.00 | | **Total** | **444,476,195.46** | **422,828,090.06** | - Fair value change gains for the current period amounted to **RMB 10,851,916.68**, a significant improvement from the loss in the same period last year[106](index=106&type=chunk) [12. Fixed Assets](index=25&type=section&id=12.%20Fixed%20Assets) Fixed assets book value stood at **RMB 2.32 billion**, with buildings and structures being the largest component Fixed Assets Book Value | Item | June 30, 2025 Book Value (Unaudited) | | :--- | :--- | | Buildings and Structures | 2,133,707,780.77 | | Machinery and Equipment | 112,185,374.46 | | Electronic Equipment and Others | 43,250,901.82 | | Transportation Vehicles | 34,169,645.79 | | **Total** | **2,323,313,702.84** | - As of the end of the current period, fixed assets for which property certificates have not been obtained totaled **RMB 131,083,095.29**, which does not have a significant impact on the group's operations[71](index=71&type=chunk) [13. Goodwill](index=25&type=section&id=13.%20Goodwill) Goodwill amounted to **RMB 623 million**, primarily from acquisitions of publishing companies and Xinhuabookstore in Liangshan Prefecture Goodwill Book Value | Item | June 30, 2025 (Unaudited) | | :--- | :--- | | Acquisition of Fifteen Publishing Companies | 500,571,581.14 | | Acquisition of Liangshan Prefecture Xinhua Bookstore | 122,081,326.10 | | Others | 544,629.46 | | **Total** | **623,197,536.70** | - Goodwill primarily originated from the acquisition of fifteen publishing companies (**RMB 500,571,581.14**) on August 31, 2010, and the acquisition of Liangshan Prefecture Xinhua Bookstore (**RMB 122,081,326.10**) on December 31, 2022[74](index=74&type=chunk) [14. Accounts Payable](index=27&type=section&id=14.%20Accounts%20Payable) Accounts payable slightly increased to **RMB 5.47 billion**, with the majority due within one year Accounts Payable Aging Analysis | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 4,286,355,711.22 | 4,281,192,649.53 | | 1 to 2 years | 504,870,601.96 | 529,920,928.25 | | 2 to 3 years | 176,544,946.69 | 186,994,251.27 | | Over 3 years | 506,141,574.45 | 454,924,646.54 | | **Total** | **5,473,912,834.32** | **5,453,032,475.59** | - Accounts payable with an aging over one year primarily represent outstanding payments to suppliers for goods[76](index=76&type=chunk) [15. Contract Liabilities](index=28&type=section&id=15.%20Contract%20Liabilities) Contract liabilities decreased slightly to **RMB 584 million**, mainly comprising advances from customers and membership card points Contract Liabilities Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Advances from Customers for Goods | 583,425,020.82 | 603,137,849.05 | | Membership Card Points | 1,026,837.93 | 730,016.64 | | **Total** | **584,451,858.75** | **603,867,865.69** | - Significant contract liabilities with an aging over one year primarily consist of pre-stored top-up cards, amounting to **RMB 338,051,906.01**[78](index=78&type=chunk) - Changes in advances from customers for goods primarily include a decrease of **RMB 165,375,324.58** from revenue recognized at the beginning of the year and an increase of **RMB 145,662,496.35** from cash received[80](index=80&type=chunk) [16. Other Payables](index=29&type=section&id=16.%20Other%20Payables) Other payables significantly increased by **55.94%** to **RMB 481 million**, primarily due to the declared 2024 H-share cash dividend Other Payables Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Dividends Payable | 181,194,211.00 | – | | Other Payables | 299,800,273.41 | 308,454,407.85 | | **Total** | **480,994,484.41** | **308,454,407.85** | - Other payables increased by **55.94%**, mainly due to the company's declared 2024 H-share cash dividend of **RMB 181 million**[83](index=83&type=chunk)[156](index=156&type=chunk) - Other payables with an aging over one year primarily consist of deposits and guarantees[85](index=85&type=chunk) [17. Share Capital](index=30&type=section&id=17.%20Share%20Capital) Share capital remained unchanged at **RMB 1.23 billion** as of June 30, 2025 Share Capital | Item | January 1, 2025 | Change in Current Period | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | | Total Shares | 1,233,841,000.00 | – | 1,233,841,000.00 | [18. Retained Earnings](index=30&type=section&id=18.%20Retained%20Earnings) Retained earnings increased to **RMB 7.91 billion**, driven by net profit attributable to parent company shareholders, less dividends paid Retained Earnings | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Retained Earnings at Beginning of Period/Year | 7,561,485,821.67 | 6,881,030,888.86 | | Add: Net Profit Attributable to Parent Company Shareholders for Current Period/Year | 856,544,756.92 | 1,544,856,196.33 | | Less: Dividends Payable on Ordinary Shares | 505,874,810.00 | 727,966,190.00 | | **Retained Earnings at End of Period/Year** | **7,911,908,935.00** | **7,561,485,821.67** | - On May 20, 2025, the general meeting of shareholders approved the 2024 profit distribution plan, with a cash dividend of **RMB 0.41 per share** (tax inclusive)[90](index=90&type=chunk) [19. Operating Revenue and Operating Costs](index=31&type=section&id=19.%20Operating%20Revenue%20and%20Operating%20Costs) Operating revenue decreased by **4.50%** to **RMB 5.53 billion**, while operating costs decreased by **5.42%** to **RMB 3.37 billion** Operating Revenue and Operating Costs Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (4.50) | | Main Business Revenue | 5,439,042,898.58 | 5,708,283,455.50 | (4.72) | | Total Operating Costs | 3,368,865,598.71 | 3,562,042,236.10 | (5.42) | | Main Business Costs | 3,353,937,901.50 | 3,554,773,609.97 | (5.65) | - The **4.72%** decrease in main business revenue was primarily due to a decline in textbook and supplementary materials, education informatization, and education equipment businesses[123](index=123&type=chunk) Main Business Revenue by Segment | Product Segment | Jan 1 - Jun 30, 2025 Operating Revenue | Jan 1 - Jun 30, 2024 Operating Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Publishing Segment Subtotal | 1,279,892,593.54 | 1,211,622,731.49 | 5.63 | | Distribution Segment Subtotal | 4,863,826,902.35 | 5,152,376,843.81 | (5.60) | [20. Investment Income](index=33&type=section&id=20.%20Investment%20Income) Investment income decreased by **16.76%** to **RMB 102 million**, mainly due to lower dividends from Wanxin Media Investment Income Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for by Equity Method | 18,119,131.91 | 9,268,834.02 | | Dividend Income from Other Equity Instrument Investments Held During the Period | 83,749,585.40 | 109,759,200.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 307,414.81 | 193,481.05 | | **Total** | **102,176,132.12** | **122,750,749.47** | - Investment income decreased by **16.76%**, primarily because the 2024 cash dividend declared by Wanxin Media was lower than in the same period last year[146](index=146&type=chunk) [21. Segment Reporting](index=34&type=section&id=21.%20Segment%20Reporting) The group operates in publishing and distribution segments, with over **99%** of revenue and assets located in China - The group's operating segments are classified into publishing (books, periodicals, audio-visual products, digital product publishing, printing services, and material supply) and distribution (educational books, education informatization and equipment business, publication retail, distribution, and internet sales)[101](index=101&type=chunk) Main Business Revenue by Segment | Segment | Jan 1 - Jun 30, 2025 Main Business Revenue | Jan 1 - Jun 30, 2024 Main Business Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Publishing Segment | 1,279,892,593.54 | 1,211,622,731.49 | 5.63 | | Distribution Segment | 4,863,826,902.35 | 5,152,376,843.81 | (5.60) | - Over **99%** of the group's revenue is derived from customers in China, and most of its assets are located in China[103](index=103&type=chunk) [22. Fair Value Change Gains (Losses)](index=35&type=section&id=22.%20Fair%20Value%20Change%20Gains%20%28Losses%29) Fair value change gains significantly improved to **RMB 10.86 million** from a loss, influenced by capital market performance of investment funds Fair Value Change Gains (Losses) | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value with Changes Recognized in Profit or Loss | 10,859,065.07 | (36,709,633.98) | | Of which: Other Non-current Financial Assets | 10,851,916.68 | (36,711,347.40) | | Financial Assets Held for Trading | 7,148.39 | 1,713.42 | | **Total** | **10,859,065.07** | **(36,709,633.98)** | - Fair value change gains increased by **129.58%**, mainly because projects held by investment funds such as Wenxuan Hengxin and CITIC M&A were affected by capital market conditions[141](index=141&type=chunk)[143](index=143&type=chunk) [23. Credit Impairment Gains (Losses)](index=35&type=section&id=23.%20Credit%20Impairment%20Gains%20%28Losses%29) Credit impairment losses reversed to a gain of **RMB 48.70 million**, a **205.78%** improvement, due to enhanced historical debt collection efforts Credit Impairment Gains (Losses) | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Accounts Receivable Credit Impairment Loss | 43,317,157.15 | (24,460,963.40) | | Other Receivables Bad Debt Loss | 4,299,655.35 | 4,031,274.36 | | Long-term Receivables Bad Debt Loss | 1,078,325.89 | (25,606,119.53) | | **Total** | **48,695,138.39** | **(46,035,808.57)** | - Credit impairment gains increased by **205.78%**, primarily due to strengthened efforts in recovering historical overdue accounts during the current period[141](index=141&type=chunk)[144](index=144&type=chunk) [24. Income Tax Expense](index=36&type=section&id=24.%20Income%20Tax%20Expense) Income tax expense significantly decreased by **92.25%** to **RMB 7.44 million**, primarily due to changes in tax incentives for cultural enterprises Income Tax Expense | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Current Income Tax Calculated According to Tax Laws and Regulations | 4,743,460.25 | 121,636,058.97 | | Deferred Income Tax Expense | 2,686,813.50 | (26,669,600.76) | | **Total** | **7,438,067.33** | **95,920,622.56** | - Income tax expense decreased by **92.25%**, mainly due to changes in income tax preferential policies for converted cultural enterprises[141](index=141&type=chunk)[149](index=149&type=chunk) [25. Other Comprehensive Income](index=37&type=section&id=25.%20Other%20Comprehensive%20Income) Other comprehensive income, net of tax, decreased by **33.68%** to **RMB 176 million**, influenced by market value fluctuations of listed equity investments Other Comprehensive Income | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Fair Value Changes of Other Equity Instrument Investments | 175,645,823.59 | 264,840,893.92 | | **Total** | **175,645,823.59** | **264,840,893.92** | - Other comprehensive income, net of tax, decreased by **33.68%**, primarily due to fluctuations in the market value of the company's holdings in listed company shares such as Wanxin Media and Bank of Chengdu[141](index=141&type=chunk)[150](index=150&type=chunk) [26. Basic Earnings Per Share](index=37&type=section&id=26.%20Basic%20Earnings%20Per%20Share) Basic earnings per share increased by **18.97%** to **RMB 0.69**, based on net profit attributable to ordinary shareholders Basic Earnings Per Share | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders for the Current Period | 856,544,756.92 | 715,785,632.02 | | Weighted Average Number of Ordinary Shares Outstanding at Period End | 1,233,841,000.00 | 1,233,841,000.00 | | **Basic Earnings Per Share (yuan/share)** | **0.69** | **0.58** | - The company has no dilutive potential ordinary shares[117](index=117&type=chunk) [Management Discussion and Analysis](index=39&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the group's operational performance, financial results, and future outlook [(I) Business Review](index=39&type=section&id=%28I%29%20Business%20Review) Reviews the industry landscape and the group's overall performance, highlighting revenue decline but net profit growth [Industry Overview](index=39&type=section&id=Industry%20Overview) The cultural industry benefits from supportive policies, while the book retail market undergoes structural adjustments, with AI emerging as a key trend - Central and local governments continue to release policy benefits, promoting high-quality development of the cultural industry, including increased financial investment, promotion of national reading, regulation of market order, and boosting cultural consumption[119](index=119&type=chunk) - In the first half of 2025, the overall book retail market saw a year-on-year increase of **0.73%** in total sales value (碼洋) but a **0.31%** decrease in actual sales value (實洋), showing a trend of starting strong and then declining[120](index=120&type=chunk) - "AI + Publishing" is set to become a significant trend in the integrated development of publishing, as the industry is at a critical juncture for transformation and upgrading[121](index=121&type=chunk) [Overall Performance](index=40&type=section&id=Overall%20Performance) Operating revenue decreased by **4.50%** to **RMB 5.53 billion**, but net profit increased, and gross margin improved due to sales structure changes Overall Performance Metrics | Indicator | Jan 1 - Jun 30, 2025 | Jan 1 - Jun 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 5.53 billion | RMB 5.79 billion | (4.50) | | Main Business Revenue | RMB 5.44 billion | RMB 5.71 billion | (4.72) | | Operating Costs | RMB 3.37 billion | RMB 3.56 billion | (5.42) | | Main Business Costs | RMB 3.35 billion | RMB 3.55 billion | (5.65) | | Comprehensive Gross Margin | 39.05% | 38.46% | +0.59 percentage points | | Main Business Gross Margin | 38.34% | 37.73% | +0.61 percentage points | - The decrease in main business revenue was primarily due to a decline in textbook and supplementary materials, education informatization, and education equipment businesses[123](index=123&type=chunk) [Overview of Operating Segments](index=41&type=section&id=Overview%20of%20Operating%20Segments) The group focuses on publishing and media, with publishing segment revenue growing and distribution segment revenue declining due to market and policy impacts - The group focuses on its core publishing and media business, strengthening industrial chain collaboration, managing demand and supply, and deepening operational reforms to enhance the supply of high-quality cultural products and services, leading to a **RMB 68 million** increase in publishing segment main business revenue year-on-year[126](index=126&type=chunk)[127](index=127&type=chunk) - The distribution segment's main business revenue decreased by **RMB 289 million** year-on-year, with textbook and supplementary materials decreasing by **RMB 346 million** and general books increasing by **RMB 157 million**[127](index=127&type=chunk) - The company effectively mitigated the decline in distribution segment revenue by promoting store renovations, integrating online and offline channels, leveraging internet book e-commerce advantages, and optimizing the product structure of cultural and educational books[127](index=127&type=chunk) [Operating Information by Segment](index=42&type=section&id=Operating%20Information%20by%20Segment) Details revenue and margin changes for publishing and distribution segments, including performance of online and offline sales channels Main Business Revenue and Gross Margin by Product Segment | Product Segment | Operating Revenue Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | | **Publishing Segment** | **5.63** | **0.66** | | Textbooks and Supplementary Materials | 13.53 | 2.50 | | General Books | (7.20) | (2.25) | | **Distribution Segment** | **(5.60)** | **0.12** | | Textbooks and Supplementary Materials | (15.30) | (0.80) | | General Books | 5.91 | 1.65 | | Education Informatization and Others | (40.88) | (3.48) | | **Total** | **(4.72)** | **0.61** | Operating Revenue, Costs, and Gross Margin by Sales Model | Sales Model | Operating Revenue Change (%) | Operating Costs Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | | Offline Sales | (8.97) | (10.84) | 1.20 | | Online Sales | (0.03) | (0.54) | 0.34 | | **Total** | **(4.72)** | **(5.65)** | **0.61** | [Publishing Business](index=43&type=section&id=Publishing%20Business) The publishing segment focuses on educational materials, general books, and international rights, leveraging technology and cultural initiatives - For textbooks and supplementary materials, the company continues to develop online content for Sichuan Education Edition primary English textbooks on the "Chuanxuebao" APP, enrich the "Chuanjiao Learning" exclusive channel on Himalaya platform, and collaborate with Tencent Education to create the "AI Accompanying My Learning" series of integrated teaching aids[131](index=131&type=chunk) - In general books, the group's overall market share by actual sales value ranks **9th** among national publishing and media groups and **6th** among local groups, with **5 titles** entering the national bestseller TOP100 list[132](index=132&type=chunk) - The group actively promotes "going global" for publishing, deepening cultural exchange and cooperation, with **299 copyrights exported** in the first half of 2025, and several units selected as "2025-2026 National Key Cultural Export Enterprises" and "National Key Cultural Export Projects"[134](index=134&type=chunk) [Distribution Business](index=44&type=section&id=Distribution%20Business) The distribution segment innovates marketing, enhances educational services, and expands online and offline channels to adapt to market changes - The group continuously innovates marketing models, implements precise operating strategies focusing on both channels and products, accelerates the transformation from product sales to user and service operations, and enhances educational service capabilities[137](index=137&type=chunk) - In general books, the company continues to promote the integrated development of reading services and enhance its omni-channel online and offline operational capabilities, including strengthening the distribution of key thematic political readings, promoting store upgrades, optimizing product structure, building an online channel matrix, and expanding instant retail businesses[138](index=138&type=chunk) - For education informatization and equipment business, the "Wenxuan Youxue" online service platform covers over **6,000 schools** and serves over **4.95 million students**; labor and practice education services reached over **300,000 primary and secondary school students**; and **176 teacher training projects** were organized and implemented, serving **40,800 teachers**[139](index=139&type=chunk) - In the first half of 2025, the overall book retail market saw a year-on-year increase of **0.73%** in total sales value (碼洋) but a **0.31%** decrease in actual sales value (實洋), showing a trend of starting strong and then declining[120](index=120&type=chunk) - During this period, the group achieved operating revenue of **RMB 5.53 billion**, a year-on-year decrease of **4.50%**; net profit reached **RMB 900 million**, a year-on-year increase of **19.63%**[122](index=122&type=chunk) - The publishing segment's main business revenue increased by **RMB 68 million** year-on-year; the distribution business, affected by market structural adjustments, education policies, and demographic changes, saw its main business revenue decrease by **RMB 289 million** year-on-year[127](index=127&type=chunk) [(II) Analysis of Operating Results and Financial Performance](index=46&type=section&id=%28II%29%20Analysis%20of%20Operating%20Results%20and%20Financial%20Performance) Analyzes key financial metrics including expenses, other gains/losses, net profit, cash flows, and balance sheet items Key Financial Performance Indicators | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (4.50) | | Net Profit | 900,034,927.15 | 752,348,588.73 | 19.63 | | Selling Expenses | 698,894,015.13 | 715,635,380.70 | (2.34) | | R&D Expenses | 14,110,458.81 | 9,364,568.90 | 50.68 | | Fair Value Change Gains (Losses) | 10,859,065.07 | (36,709,633.98) | 129.58 | | Credit Impairment Gains (Losses) | 48,695,138.39 | (46,035,808.57) | 205.78 | | Asset Impairment Gains (Losses) | (41,270,639.32) | (21,027,688.19) | (96.27) | | Net Cash Flow from Operating Activities | 620,729,893.04 | 379,837,357.10 | 63.42 | - The asset-liability ratio was **33.89%**, a decrease of **0.57 percentage points** from **34.46%** on December 31, 2024, indicating a generally stable financial structure[157](index=157&type=chunk) - The current ratio was **1.8**, an increase of **0.1** from the same period last year, indicating stable operating conditions[161](index=161&type=chunk) [Expense Analysis](index=47&type=section&id=Expense%20Analysis) Sales expenses decreased, financial expenses increased due to lower interest income, and R&D expenses grew significantly for system and technology investments - Selling expenses decreased by **2.34%**, mainly due to a reduction in promotional expenses, logistics costs, and e-commerce platform service fees[142](index=142&type=chunk) - Financial expenses increased by **RMB 15.92 million**, primarily due to a year-on-year decrease in bank deposit interest income[142](index=142&type=chunk) - R&D expenses increased by **50.68%**, mainly due to increased investment in business management systems and technology innovation applications integrated with business during this period[142](index=142&type=chunk) [Analysis of Other Gains/Losses](index=47&type=section&id=Analysis%20of%20Other%20Gains%2FLosses) Fair value changes turned to gains, credit impairment improved, asset impairment increased, and income tax expense significantly decreased - Fair value change gains increased by **RMB 47.57 million**, mainly because projects held by investment funds such as Wenxuan Hengxin and CITIC M&A were affected by capital market conditions[143](index=143&type=chunk) - Credit impairment losses reversed to a gain of **RMB 48.70 million**, primarily due to strengthened efforts in recovering historical overdue accounts during the current period[144](index=144&type=chunk) - Asset impairment losses increased by **96.27%** to **RMB 41.27 million**, mainly due to changes in the aging structure of inventories[145](index=145&type=chunk) - Income tax expense decreased by **92.25%**, mainly due to changes in income tax preferential policies for converted cultural enterprises[149](index=149&type=chunk) - Other comprehensive income, net of tax, decreased by **33.68%**, primarily due to fluctuations in the market value of the company's holdings in listed company shares such as Wanxin Media and Bank of Chengdu[150](index=150&type=chunk) [Net Profit and Earnings Per Share](index=49&type=section&id=Net%20Profit%20and%20Earnings%20Per%20Share) Net profit increased by **19.63%** to **RMB 900 million**, and basic earnings per share grew by **18.97%** to **RMB 0.69** - The group achieved a net profit of **RMB 900 million**, a year-on-year increase of **19.63%**; net profit attributable to shareholders of the listed company was **RMB 857 million**, a year-on-year increase of **19.66%**[151](index=151&type=chunk) - After deducting non-recurring gains and losses, net profit attributable to shareholders of the listed company was **RMB 847 million**, a year-on-year increase of **13.81%**, primarily due to changes in income tax preferential policies for converted cultural enterprises[151](index=151&type=chunk) - The group's earnings per share for this period was **RMB 0.69**, an increase of **18.97%** from **RMB 0.58** in the same period last year[152](index=152&type=chunk) [Cash Flow Analysis](index=49&type=section&id=Cash%20Flow%20Analysis) Operating cash flow significantly increased due to tax refunds, while investment cash outflow was stable and financing cash outflow decreased - Net cash flow from operating activities was a net inflow of **RMB 621 million**, a year-on-year increase of **63.42%**, mainly due to receiving **RMB 130 million** in corporate income tax refunds for 2024 and a year-on-year decrease in corporate income tax, VAT, and other taxes paid[153](index=153&type=chunk) - Net cash flow from investing activities was a net outflow of **RMB 753 million**, largely unchanged from the same period last year, primarily due to the allocation of time deposits[153](index=153&type=chunk) - Net cash flow from financing activities was a net outflow of **RMB 378 million**, a year-on-year decrease of **34.80%**, mainly due to the distribution of 2024 A-share dividends of **RMB 325 million** during this period[153](index=153&type=chunk) [Balance Sheet Analysis](index=50&type=section&id=Balance%20Sheet%20Analysis) Key balance sheet items experienced notable changes due to business settlements, contract renewals, R&D, and dividend distributions Balance Sheet Item Changes | Item Name | Current Period End (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 38,588.12 | (35.82) | Primarily the company's stock investments | | Notes Receivable | – | (100.00) | Decrease in outstanding payments for logistics business settled by commercial acceptance bills | | Prepayments | 92,211,362.91 | 42.27 | Increase in prepayments for operating costs and royalties | | Contract Assets | 11,176,898.51 | 100.14 | Primarily changes in quality assurance deposits | | Long-term Receivables | 25,181,655.22 | (35.75) | Payments for education informatization and equipment business reclassified to "non-current assets due within one year" | | Right-of-use Assets | 366,181,153.81 | 56.11 | Renewal of a three-year lease contract with Sichuan Xinhua Publishing and Distribution Group | | Development Expenditures | 6,575,706.77 | 75.57 | Increase in software R&D projects not yet completed | | Notes Payable | 73,800.00 | (98.36) | Decrease in outstanding payments for education informatization and equipment business, logistics business, etc., settled by bills | | Taxes Payable | 24,939,247.31 | (40.66) | Decrease in unpaid VAT, corporate income tax, and individual income tax | | Other Payables | 480,994,484.41 | 55.94 | Increase due to declared 2024 H-share cash dividend | | Lease Liabilities | 304,897,700.10 | 69.45 | Increase in future lease payments due to renewal of a three-year lease contract with Sichuan Xinhua Publishing and Distribution Group | [Liquidity and Financial Resources](index=52&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintains strong liquidity with **RMB 9.22 billion** in cash, a stable asset-liability ratio of **33.89%**, and no significant contingent liabilities - As of June 30, 2025, the group had cash and bank balances of approximately **RMB 9.22 billion** and short-term borrowings of **RMB 10 million**[157](index=157&type=chunk) - The asset-liability ratio was **33.89%**, a decrease of **0.57 percentage points** from **34.46%** on December 31, 2024, indicating a generally stable financial structure[157](index=157&type=chunk) - The group has no significant contingent liabilities and extremely low foreign exchange risk, with no foreign exchange hedging arrangements in place[158](index=158&type=chunk)[160](index=160&type=chunk) Working Capital Management Indicators | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.8 | 1.7 | +0.1 | | Inventory Turnover Days | 130.7 | 127.9 | +2.8 | | Accounts Receivable and Notes Turnover Days | 55.4 | 53.2 | +2.2 | | Accounts Payable and Notes Turnover Days | 296.1 | 280.9 | +15.2 | [(III) Overview of Significant Investments, Acquisitions, and Disposals](index=53&type=section&id=%28III%29%20Overview%20of%20Significant%20Investments%2C%20Acquisitions%2C%20and%20Disposals) The group made strategic financial investments in Chengdu Bank and Wanxin Media, yielding substantial dividends and capital appreciation - The company holds **80 million shares** of Bank of Chengdu, representing a **1.89%** stake, with an investment cost of **RMB 240 million**. This period, **RMB 71.28 million** in dividend income and **RMB 239 million** in fair value gains were recognized[162](index=162&type=chunk) - The company holds **124.64 million shares** of Wanxin Media, representing a **6.37%** stake, with an investment cost of **RMB 186 million**. This period, **RMB 12.46 million** in dividend income was recognized, along with a fair value loss of **RMB 64 million**[163](index=163&type=chunk) - Investments in Wanxin Media and Bank of Chengdu are financial investments for the company, bringing considerable dividend income and high capital appreciation to the group[163](index=163&type=chunk) [(IV) Future Outlook](index=54&type=section&id=%28IV%29%20Future%20Outlook) The group plans to enhance content creation, improve educational services, refine reading service systems, strengthen supply chain capabilities, and optimize capital operations - Further enhance content creation: Focus on high-quality publishing, strengthen original content cultivation, leverage AI for integrated publishing innovation, and strengthen international communication[167](index=167&type=chunk) - Further improve the quality and effectiveness of education services: Research and promote educational books that meet market demand, explore and develop new scenarios for educational equipment use across all academic stages, actively expand labor and practice education businesses, develop specialized teacher training courses, and promote the optimization and upgrading of online service platforms[167](index=167&type=chunk) - Further improve the reading service system: Fully implement the promotion and distribution of key thematic political readings, promote cultural tourism integration, actively expand library and university reading services, strengthen commodity operations, enhance the communication effectiveness of content e-commerce channels, deepen the integration of new technologies with business, and continuously build a national reading activity system[168](index=168&type=chunk) - Further strengthen supply chain service capabilities: Focus on digital transformation and upgrading of logistics, accelerate investment in and renewal of intelligent logistics equipment, plan and construct logistics operation management platforms, and explore the deep application of big data in demand forecasting, inventory analysis, and operational decision-making scenarios[168](index=168&type=chunk) - Further enhance capital operation efficiency: Link cultural technology, artificial intelligence, and other strategic emerging industries through capital means, rationally allocate investment portfolios to diversify investment risks, and continuously build an investment landscape that combines short-term returns and long-term value[169](index=169&type=chunk) [(V) Potential Risks](index=56&type=section&id=%28V%29%20Potential%20Risks) The group faces technological, market, and policy risks, requiring continuous innovation, diversified product offerings, and adaptive strategies - Technological risks: The deepening trend of digitalization and accelerated iteration of technologies in integrated publishing, smart education, and AIGC pose challenges to the group's content and technology integration transformation[170](index=170&type=chunk) - Market risks: The rapid development of emerging channels and increasing consumer demand for diversified knowledge services and immersive interactive experiences place higher demands on the publishing industry's content production and channel expansion capabilities[171](index=171&type=chunk) - Policy risks: Adjustments in industry and education policies will impact the industry's operating environment and market competition landscape, requiring the company to timely adjust its product structure and expand service areas[172](index=172&type=chunk) [Other Information](index=57&type=section&id=Other%20Information) Provides additional disclosures on corporate governance, interim dividends, shareholder meetings, post-reporting events, and audit committee review [Corporate Governance](index=57&type=section&id=Corporate%20Governance) The company complies with corporate governance codes, though board and supervisory board re-elections are pending - The company has adopted and complied with all applicable principles and code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules during this period, although the re-election of the board of directors and supervisory board has not yet been completed, and their terms of office have been extended accordingly[174](index=174&type=chunk) - All directors and supervisors confirm that they have complied with the required terms of the "Model Code for Securities Transactions by Directors of Listed Issuers" during this period[175](index=175&type=chunk) [Interim Dividend](index=57&type=section&id=Interim%20Dividend) The board proposes an interim dividend of **RMB 0.19 per share**, subject to EGM approval, with tax implications for non-resident shareholders - The board of directors proposes to declare an interim dividend of **RMB 0.19 per share** (tax inclusive) for the period ended June 30, 2025, totaling approximately **RMB 234,429,790.00** (tax inclusive), subject to approval at the extraordinary general meeting[176](index=176&type=chunk) - The company will withhold and pay **10%** corporate income tax on behalf of non-resident enterprise shareholders[176](index=176&type=chunk) - The company will withhold and pay individual income tax on dividends for non-resident individual shareholders at a tax rate of **10%**; if tax laws and relevant tax agreements stipulate otherwise, the relevant provisions shall apply[177](index=177&type=chunk) [General Meeting and Share Transfer Registration](index=58&type=section&id=General%20Meeting%20and%20Share%20Transfer%20Registration) An EGM is scheduled for October 23, 2025, with H-share transfer registration suspended to determine eligibility for attendance and interim dividends - The company's extraordinary general meeting will be held on **Thursday, October 23, 2025**[179](index=179&type=chunk) H-share Transfer Registration Suspension Dates | Item | Date | | :--- | :--- | | Suspension period for determining H-share shareholders eligible to attend the EGM | From Tuesday, September 23, 2025, to Thursday, October 23, 2025 | | Suspension period for determining H-share shareholders eligible for the proposed 2025 interim dividend | From Thursday, October 30, 2025, to Tuesday, November 4, 2025 | [Events After Reporting Period](index=59&type=section&id=Events%20After%20Reporting%20Period) The board approved an interim dividend of **RMB 0.19 per share** on August 27, 2025, pending EGM approval, with no other significant post-period events - The company's board of directors approved the 2025 interim profit distribution plan at its meeting on August 27, 2025, proposing to distribute dividends of **RMB 234,429,790.00** (tax inclusive) at **RMB 0.19 per share** (tax inclusive) from the 2025 interim undistributed profits[118](index=118&type=chunk)[183](index=183&type=chunk) - This proposal is subject to approval at the extraordinary general meeting before it can be implemented[118](index=118&type=chunk)[183](index=183&type=chunk) [Audit Committee](index=59&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2025, confirming compliance and proper disclosure - The Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025, as contained in this interim results announcement[184](index=184&type=chunk) - The Audit Committee confirms that the preparation of the group's interim financial report complies with applicable accounting standards and regulations and that appropriate disclosures have been made[184](index=184&type=chunk) [Publication of Information](index=60&type=section&id=Publication%20of%20Information) The interim results announcement is published on HKEX and company websites, with the full interim report to be dispatched to shareholders by September 30, 2025 - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.winshare.com.cn)[185](index=185&type=chunk) - The company's 2025 interim report will be dispatched to the company's shareholders on or before September 30, 2025, and will also be published on the HKEX and the company's websites[185](index=185&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。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2150） 截 至2025年6月30日止六個月 中期業績公告 董事會謹此宣佈本集團於報告期間的未經審核綜合中期業績。本集團於報告期間 的簡明綜合財務報表未經審核但已經由本公司外聘核數師畢馬威會計師事務所 根據香港會計師公會頒佈的香港審閱委聘準則第2410號 「由實體獨立核數師審閱 中期財務資料」 進行審閱。 – 1 – 管理層討論及分析 1. 業務回顧 2025年上半年，本集團收入由截至2024年6月30日止六個月的人民幣2,544.4百 萬元下跌14.4%至人民幣2,177.6百萬元。經調整淨虧損由截至2024年6月30日 止六個月的虧損人民幣437.7百萬元大幅減少73.1%至2025年同期的虧損人民 幣117.9百萬元。本集團經營活動所得現金淨額由截至2024年6月30日止六個 月的人 ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company's revenue increased by 31.86% year-on-year for the six months ended June 30, 2025, but loss attributable to owners expanded by 100%, with a significant increase in loss per share Six Months Ended June 30 Financial Highlights | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Revenue | 654 | 496 | | Loss Attributable to Owners of the Company | (348) | (174) | | Basic Loss Per Share (RMB cents) | (23.42) | (14.14) | | Diluted Loss Per Share (RMB cents) | (23.42) | (14.14) | - For the six months ended June 30, 2025, the company's revenue increased by **31.86%** year-on-year, but loss attributable to owners of the company expanded by **100%** year-on-year, with a significant increase in loss per share[4](index=4&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E5%A0%B1%E8%A1%A8) The company's loss significantly expanded during the period, primarily due to a substantial increase in net impairment losses under the expected credit loss model, despite revenue growth and reduced finance costs Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 654,088 | 496,473 | | Gross Profit | 75,251 | 70,230 | | Net Impairment Losses under Expected Credit Loss Model | (295,655) | (70,849) | | Finance Costs | (22,136) | (39,426) | | Loss for the Period | (240,111) | (74,352) | | Loss Attributable to Owners of the Company | (348,394) | (174,452) | - Revenue increased by **31.77%** year-on-year, and gross profit increased by **7.15%** year-on-year[5](index=5&type=chunk) - Net impairment losses under the expected credit loss model significantly increased from **RMB 70,849 thousand** to **RMB 295,655 thousand**, which is the primary reason for the expanded loss for the period[5](index=5&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The company's asset structure underwent significant changes, with a substantial increase in non-current assets primarily due to growth in interests in joint ventures, while current assets decreased, leading to a reduction in net current assets Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 5,042,380 | 3,815,256 | | Current Assets | 1,747,279 | 2,178,975 | | Net Current Assets | 1,174,938 | 1,568,225 | | Total Equity | 5,037,553 | 4,828,764 | - Interests in joint ventures significantly increased from **RMB 3,734 thousand** to **RMB 1,078,280 thousand**, which is the main factor contributing to the substantial growth in non-current assets[6](index=6&type=chunk) - Trade and other receivables decreased from **RMB 1,074,550 thousand** to **RMB 643,874 thousand**, and contract liabilities within current liabilities also significantly decreased[6](index=6&type=chunk) [Notes](index=5&type=section&id=%E9%99%84%E8%A8%BB) [General Information](index=5&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) GCL New Energy Holdings Limited is an investment holding company incorporated in Bermuda, with subsidiaries primarily engaged in electricity sales, PV power plant development, construction, operation and management (PV energy business), and sales of liquefied natural gas and related products (LNG business) - The company is an investment holding company, primarily engaged in PV energy business and LNG business[8](index=8&type=chunk) - The interim financial information is presented in RMB and was approved for publication by the Board of Directors on August 27, 2025[8](index=8&type=chunk) [Basis of Preparation](index=5&type=section&id=2A.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The unaudited condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and should be read in conjunction with the annual consolidated financial statements - The financial statements are prepared in accordance with International Accounting Standard 34 and Appendix D2 of the Listing Rules[10](index=10&type=chunk) - This interim financial report does not contain all the information required for a complete set of financial statements and should be read in conjunction with the 2024 annual consolidated financial statements[10](index=10&type=chunk) [Significant Events and Transactions during the Interim Period](index=5&type=section&id=2B.%20%E6%9C%AC%E4%B8%AD%E6%9C%9F%E6%9C%9F%E9%96%93%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6%E5%8F%8A%E4%BA%A4%E6%98%93) The company entered into a sale and purchase agreement with GCL Group Limited on January 9, 2025, to acquire the entire issued share capital of World Global Limited for RMB 325 million, with the acquisition completed on March 21, 2025, and consideration paid in cash, shares, and convertible bonds - The company signed an agreement on January 9, 2025, to acquire World Global Limited for **RMB 325 million**[11](index=11&type=chunk) - The acquisition consideration included **RMB 200 million** in cash, the issuance of **153,400,000 consideration shares** (at HKD 0.45 per share), and the issuance of convertible bonds with a principal amount of **HKD 63.72 million**[11](index=11&type=chunk) - The acquisition was completed on March 21, 2025[11](index=11&type=chunk) [Revenue and Segment Information](index=6&type=section&id=3.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Revenue for the period was primarily driven by significant growth in LNG business-related income, offsetting declines in electricity sales and tariff subsidies, with China contributing the largest share of revenue and non-current assets Composition of Revenue Recognized During the Period | Revenue Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Electricity Sales | 25,326 | 41,854 | | Tariff Subsidies | 2,342 | 2,386 | | PV-related Ancillary Services Income | 9,268 | 8,285 | | LNG Business-related Income | 483,227 | 306,544 | | Operation and Management Services Income | 133,925 | 137,404 | | **Total Revenue** | **654,088** | **496,473** | - LNG business-related income increased by **57.69%** year-on-year, becoming the main driver of revenue growth[13](index=13&type=chunk) Regional Revenue and Non-current Assets | Region | Six Months Ended June 30, 2025 Revenue (RMB thousand) | Six Months Ended June 30, 2024 Revenue (RMB thousand) | June 30, 2025 Non-current Assets (RMB thousand) | December 31, 2024 Non-current Assets (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | China | 626,189 | 454,074 | 2,765,707 | 1,661,996 | | United States | 26,181 | 42,399 | 516,608 | 518,648 | | Other | 1,718 | – | 7,969 | 8,815 | | **Total** | **654,088** | **496,473** | **3,290,284** | **2,189,459** | [Other Income](index=9&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income increased by 30.99% year-on-year, primarily due to a substantial increase in imputed interest from receivables with a significant financing component, while government subsidies and bank interest income decreased Composition of Other Income | Income Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Subsidies | 3,384 | 7,585 | | Interest from Contracts with Significant Financing Component | 7 | 556 | | Interest Income from Financial Assets Measured at Amortized Cost | 12,398 | 13,102 | | Imputed Interest from Receivables with Significant Financing Component | 38,656 | 20,387 | | Other | 5,312 | 3,985 | | **Total** | **59,757** | **45,615** | - Imputed interest from receivables with a significant financing component increased by **89.61%** year-on-year, reaching **RMB 38,656 thousand**[21](index=21&type=chunk) [Other Gains and Losses, Net](index=10&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) Net other gains and losses for the period shifted from a loss to a gain, primarily due to the contribution of net realized and unrealized gains from derivative financial instruments, offsetting fair value change losses on financial assets measured at fair value through profit or loss Other Gains and Losses, Net | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Exchange Gains | 2,065 | 2,807 | | Gain on Disposal of PV Power Plant Projects | – | 3,452 | | Net Realized and Unrealized Gains from Derivative Financial Instruments | 4,245 | – | | Fair Value Change Loss on Financial Assets Measured at Fair Value Through Profit or Loss | (1,486) | (10,028) | | **Total** | **5,007** | **(96)** | - Net realized and unrealized gains from derivative financial instruments amounted to **RMB 4,245 thousand**, compared to zero in the prior period[22](index=22&type=chunk) [Finance Costs](index=10&type=section&id=6.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs significantly decreased by 43.9% year-on-year, mainly due to reduced interest on bank and other borrowings, reflecting the scaled-down PV power plant generation business Composition of Finance Costs | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 17,300 | 35,888 | | Interest on Lease Liabilities | 3,314 | 3,538 | | Interest Expense on Convertible Bonds | 1,522 | – | | **Total** | **22,136** | **39,426** | - Interest on bank and other borrowings decreased by **51.79%** year-on-year, which is the primary reason for the decline in finance costs[23](index=23&type=chunk) [Income Tax Expense](index=11&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense slightly decreased year-on-year, primarily influenced by China's corporate income tax, with some subsidiaries enjoying preferential tax rates as high-tech enterprises, while no tax provision was made for Hong Kong and US operations due to the absence of taxable profits Composition of Income Tax Expense | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 1,014 | 1,293 | | Deferred Tax | 17 | 17 | | **Total** | **1,031** | **1,310** | - Certain Chinese subsidiaries are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[24](index=24&type=chunk) - No tax provision was made for Hong Kong, US, and Singapore operations due to the absence of taxable profits[25](index=25&type=chunk) [Loss for the Period](index=12&type=section&id=8.%20%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) Loss for the period was primarily affected by factors such as depreciation, inventory costs, and staff costs, with a reversal of inventory provision positively impacting the loss Items Deducted From/(Credited To) Loss for the Period | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation | 15,413 | 35,261 | | Inventory Costs Recognized as Expense | 474,201 | 303,634 | | Reversal of Inventory Provision | (31,879) | – | | Staff Costs | 114,447 | 115,094 | | Share-based Payment Expenses | 328 | 2,135 | - Reversal of inventory provision amounted to **RMB 31,879 thousand**, with no such item in the prior period[26](index=26&type=chunk) [Dividends](index=12&type=section&id=9.%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company did not pay, declare, or propose any dividends to ordinary shareholders - No dividends were distributed in the current period or the prior period[27](index=27&type=chunk) [Loss Per Share](index=12&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Both basic and diluted loss per share attributable to owners of the company were RMB (23.42) cents, a significant increase from RMB (14.14) cents in the prior period, mainly due to increased loss and a higher weighted average number of ordinary shares outstanding Loss Per Share Calculation Data | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for Basic Loss Per Share Calculation | (348,394) | (174,452) | | Loss for Diluted Loss Per Share Calculation | (346,872) | (174,452) | | Weighted Average Number of Ordinary Shares Outstanding During the Period (thousand shares) | 1,487,369 | 1,234,146 | - Convertible bonds had an anti-dilutive effect on basic loss per share for the interim period and were therefore not considered in the calculation of diluted loss per share[29](index=29&type=chunk) [Trade and Other Receivables](index=13&type=section&id=11.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables decreased, but the credit loss provision significantly increased, primarily due to impairment assessment of amounts due from former subsidiaries, reflecting the company's cautious approach to receivable recoverability Trade and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 138,037 | 164,390 | | Prepayments to LNG Business Suppliers | 233,753 | 241,765 | | Amounts Due from Former Subsidiaries | 1,957,855 | 2,015,428 | | Credit Loss Provision | (1,181,751) | (886,096) | | **Total (Net of Provision)** | **1,479,552** | **1,892,339** | - Credit loss provision increased by **33.38%** year-on-year, reaching **RMB 1,181,751 thousand**, primarily for other receivables of a non-trade nature[30](index=30&type=chunk)[33](index=33&type=chunk) Ageing Analysis of Trade Receivables (Net of Loss Provision) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 91,511 | 117,415 | | 91 to 180 days | 15,235 | 13,901 | | Over 180 days | 31,291 | 31,725 | | **Total** | **138,037** | **163,041** | [Bank and Other Borrowings](index=16&type=section&id=12.%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E6%AC%BE) Total bank and other borrowings significantly increased, mainly due to a substantial rise in other loans, with all borrowings secured and carrying effective annual interest rates ranging from 2.6% to 7.4% Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Loans | 50,042 | 10,000 | | Other Loans | 846,290 | 330,235 | | **Total** | **896,332** | **340,235** | | Due within one year | (101,199) | (31,048) | | Due after one year | 795,133 | 309,187 | - Total borrowings increased by **163.45%** year-on-year, with other loans growing by **156.27%**[34](index=34&type=chunk) - Other borrowings of **RMB 500 million** are subject to specific covenants, including restrictions on the borrower's major operational changes such as mergers, divisions, and equity transfers[34](index=34&type=chunk)[36](index=36&type=chunk) [Business Review (Strategy and Development)](index=17&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) ["Light-Asset" Re-launch, Financial Stability Demonstrates Corporate Resilience](index=17&type=section&id=%E3%80%8C%E8%BC%95%E8%A3%9D%E3%80%8D%E5%86%8D%E5%87%BA%E7%99%BC%EF%BC%8C%E8%B2%A1%E5%8B%99%E7%A9%A9%E5%81%A5%E5%BD%B0%E9%A1%AF%E4%BC%81%E6%A5%AD%E9%9E%8D%E6%80%A7) GCL New Energy successfully transitioned from a "heavy-asset" to a "light-asset" model, focusing on its dual core businesses of "PV + natural gas," maintaining a gearing ratio of 27% to provide solid financial backing for business expansion - The company has successfully achieved a strategic transformation from a "heavy-asset" to a "light-asset" model[39](index=39&type=chunk) - The company deeply implements a strategic layout centered on its dual core businesses of "PV + natural gas"[39](index=39&type=chunk) - As of June 30, 2025, the company's gearing ratio was **27%**, indicating a stable financial position[39](index=39&type=chunk) [Technology Empowerment, Providing a New Paradigm for Integrated Energy Management System Solutions](index=18&type=section&id=%E7%A7%91%E5%89%B5%E5%8A%A0%E6%8C%81%EF%BC%8C%E6%8F%90%E4%BE%9B%E7%B6%9C%E5%90%88%E8%83%BD%E6%BA%90%E7%AE%A1%E7%90%86%E7%B3%BB%E7%B5%B1%E8%A7%A3%E6%B1%BA%E6%96%B9%E6%A1%88%E6%96%B0%E7%AF%84%E5%BC%8F) Suzhou GCL Operation achieved significant results in digital and intelligent operation and maintenance with its "Xin Yi Lian" integrated management platform, providing comprehensive solutions for PV, wind, and energy storage power plants, operating a total installed capacity of 11.9 GW of PV power plants, and continuously receiving high-tech enterprise certifications and multiple industry awards - Suzhou GCL Operation independently developed the "Xin Yi Lian" integrated management platform, offering a full-stack integrated energy system solution encompassing "computing power + algorithms + application scenarios"[40](index=40&type=chunk) - As of June 30, 2025, the total installed capacity of PV power plants operated and maintained by the company reached **11.9 GW**, an increase of **63.0%** compared to the prior period[40](index=40&type=chunk) - The company holds **36 software copyrights**, **5 invention patents**, and **14 utility model patents**, and was again recognized as a "National High-Tech Enterprise" in 2024[41](index=41&type=chunk) [Full Industry Chain Collaboration, Creating a New Model for "Station-Trade Integration" in Natural Gas](index=19&type=section&id=%E5%85%A8%E7%94%A2%E6%A5%AD%E9%8F%88%E5%8D%94%E5%90%8C%EF%BC%8C%E6%89%93%E9%80%A0%E5%A4%A9%E7%84%B6%E6%B0%A3%E3%80%8C%E7%AB%99%E8%B2%BF%E4%B8%80%E9%AB%94%E5%8C%96%E3%80%8D%E7%99%BC%E5%B1%95%E6%96%B0%E6%A8%A3%E6%9C%AC) The company deepened its natural gas sector presence, implementing a "station-trade integration" strategy through a dual-driven approach of "international long-term contracts + spot" and "domestic + international trade," achieving LNG trade volume of 348,000 tonnes and sales revenue of RMB 483 million, and successfully acquiring the Rudong LNG receiving station to form a north-south complementary layout - The company fully implements "station-trade integration" collaborative development, building an international and domestic natural gas resource pool[42](index=42&type=chunk) - As of June 30, 2025, LNG trade volume was approximately **348,000 tonnes**, with sales revenue reaching **RMB 483 million**, becoming a core growth driver for the company's profit[42](index=42&type=chunk) - The successful acquisition of the Rudong LNG receiving station in Q1 2025, complementing the Maoming receiving station, provides critical infrastructure support for trading operations[43](index=43&type=chunk) [From Competition to Co-opetition, Establishing "Long-Termism" for Ecological Coexistence](index=20&type=section&id=%E5%BE%9E%E7%AB%B6%E7%88%AD%E5%88%B0%E7%AB%B6%E5%90%88%EF%BC%8C%E5%BB%BA%E7%AB%8B%E7%94%9F%E6%85%8B%E5%85%B1%E7%94%9F%E7%9A%84%E3%80%8C%E9%95%B7%E6%9C%9F%E4%B8%BB%E7%BE%A9%E3%80%8D) Facing challenges in China's energy industry, the company will integrate international and domestic upstream and downstream resources, enhance full industry chain competitiveness through an ESG management system, and explore a flat, specialized, and integrated efficient management model to address international operating risks and achieve ecological coexistence - The company will integrate international and domestic upstream and downstream resources to improve overall operational efficiency[44](index=44&type=chunk) - Leveraging the ESG management system, the company aims to comprehensively enhance the overall competitiveness of the entire industry chain and create a unique value-sharing chain[44](index=44&type=chunk) - Efforts will be made to explore and establish a flat, specialized, and integrated efficient management model adapted to the characteristics of international business, and to build a sound risk management mechanism[44](index=44&type=chunk) [Overview (Performance Drivers)](index=21&type=section&id=%E6%A6%82%E8%A7%88) The company's performance was significantly impacted by increased losses attributable to owners, despite growth in certain business segments and reduced finance costs - Loss attributable to owners of the company expanded from **RMB 174.5 million** to **RMB 348.4 million**[46](index=46&type=chunk) - PV power plant operation and management services business expanded, with contracted total installed capacity growing by **63%** to **11.9 GW**[46](index=46&type=chunk) - LNG trading and related product sales revenue increased to **RMB 483.2 million**, driving an increase in gross profit[47](index=47&type=chunk) - Net impairment losses under the expected credit loss model significantly increased to **RMB 295.7 million**, primarily due to the provision for land use compensation tax[47](index=47&type=chunk) - Finance costs decreased by **43.9%** to **RMB 22.1 million**, mainly due to the reduced scale of PV power plant generation business[48](index=48&type=chunk) [Detailed Business Segment Review](index=22&type=section&id=%E8%A9%B3%E7%B4%B0%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A%E5%9B%9E%E9%A1%A7) [PV Power Plant Operation and Management Services](index=22&type=section&id=1.%20%E5%85%89%E4%BC%8F%E9%9B%BB%E7%AB%99%E7%B6%93%E7%87%9F%E5%8F%8A%E7%AE%A1%E7%90%86%E6%9C%8D%E5%8B%99) The Group continued to expand its PV power plant operation and management services business, with a significant increase in contracted total installed capacity, while also providing ancillary services such as procurement and technical consulting - As of June 30, 2025, the Group had entered into contracts to provide operation and management services for PV power plants with a total installed capacity of approximately **11.9 GW**, an increase from **7.3 GW** in the prior period[49](index=49&type=chunk) PV Power Plant Operation and Management Services Revenue | Revenue Source | Six Months Ended June 30, 2025 (RMB thousand) | | :--- | :--- | | PV Power Plant Operation and Management Services Income | 133,925 | | PV-related Ancillary Services Income | 9,268 | | **Total** | **143,193** | [Power Generation and Capacity](index=22&type=section&id=2.%20%E7%99%BC%E9%9B%BB%E9%87%8F%E5%8F%8A%E5%AE%B9%E9%87%8F) The grid-connected capacity of the Group's subsidiary PV power plants significantly decreased due to the disposal of US assets, leading to a corresponding reduction in electricity sales volume and revenue - As of June 30, 2025, the grid-connected capacity of the Group's subsidiary PV power plants was approximately **50 MW**, a significant decrease from **134 MW** in the prior period[51](index=51&type=chunk) Electricity Sales and Revenue from Subsidiary Power Plants by Region | Region | Electricity Sales Volume (thousand kWh) | Average Tariff (RMB/kWh) | Revenue (RMB thousand) | | :--- | :--- | :--- | :--- | | China | 7,248 | 0.41 | 2,978 | | United States | 33,703 | 0.73 | 24,690 | | **Total Subsidiary Power Plants** | **40,951** | **0.68** | **27,668** | - The United States region accounted for a larger proportion of electricity sales volume and revenue, but overall grid-connected capacity decreased[52](index=52&type=chunk) [LNG Trading Business](index=23&type=section&id=3.%20LNG%E8%B2%BF%E6%98%93%E6%A5%AD%E5%8B%99) The Group's LNG trading business continued to grow, with significant increases in both sales revenue and total sales, reflecting the company's sustained market penetration and expansion in the LNG trading market - The Group generated sales revenue of **RMB 483.2 million** from the trading of LNG and related products, a significant increase from **RMB 306.5 million** in the prior period[54](index=54&type=chunk) - For the six months ended June 30, 2025, the Group's total LNG trading volume was approximately **348,000 tonnes**[54](index=54&type=chunk) - The Group entered into trading contracts with total revenue of approximately **RMB 1,400 million**, of which approximately **RMB 482 million** was recognized as revenue as a principal, and approximately **RMB 995 thousand** as an agent[54](index=54&type=chunk) [Financial Review (P&L Item Analysis)](index=23&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) [Revenue and Gross Profit](index=23&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E6%AF%9B%E5%88%A9) Revenue for the period was primarily driven by growth in LNG business-related income, but the generally thin gross margins of the LNG business led to a decrease in overall gross margin Revenue Analysis | Revenue Source | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | PV Power Plant Operation, Management and Related Ancillary Services | 143,193 | 145,689 | | Electricity Sales and Tariff Subsidies | 27,668 | 44,240 | | LNG Business-related Income | 483,227 | 306,544 | | **Total Revenue** | **654,088** | **496,473** | - The gross profit margin for the period was **11.5%**, a decrease from **14.1%** in the prior period, mainly due to the thin gross margins of LNG and related product trading business and its increased proportion[57](index=57&type=chunk) [Other Income](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income primarily consisted of imputed interest from receivables with a significant financing component, which is non-cash in nature and significantly increased - For the period ended June 30, 2025, other income mainly included imputed interest from receivables of **RMB 38.7 million**, which is non-cash in nature[58](index=58&type=chunk) - Bank interest income was **RMB 2.1 million**, a decrease from **RMB 2.7 million** in the prior period[58](index=58&type=chunk) [Other Gains and Losses, Net](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) Net other gains and losses for the period shifted from a loss to a gain, primarily benefiting from the contribution of net realized and unrealized gains from derivative financial instruments - For the six months ended June 30, 2025, net gains were approximately **RMB 5.0 million**, compared to net losses of approximately **RMB 96 thousand** in the prior reporting period[59](index=59&type=chunk) - The main contribution came from net realized and unrealized gains from derivative financial instruments of **RMB 4.2 million**[59](index=59&type=chunk) [Administrative Expenses](index=24&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 20.8% year-on-year, mainly due to reduced staff costs, depreciation, and other general administrative expenses related to the disposal of PV power plants, as well as the company's cost control measures - Administrative expenses decreased to **RMB 96.9 million** from **RMB 122.4 million** in the prior period[60](index=60&type=chunk) - The decrease was due to reduced staff costs, depreciation, and other general administrative expenses related to the disposal of PV power plants in 2023 and 2024[60](index=60&type=chunk) [Net Impairment Losses under Expected Credit Loss Model](index=24&type=section&id=%E9%A0%90%E6%9C%9F%E4%BF%A1%E8%B2%B8%E虧%E6%90%8D%E6%A8%A1%E5%9E%8B%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net impairment losses under the expected credit loss model significantly increased during the period, primarily due to the provision for land use compensation tax and loss provisions for uncontactable debtors and other receivables - Net impairment losses amounted to **RMB 295.7 million**, compared to **RMB 70.9 million** in the prior period[61](index=61&type=chunk) - This primarily included land use compensation tax of approximately **RMB 295.5 million**, with zero in the prior period[61](index=61&type=chunk) - A loss provision of approximately **RMB 0.2 million** was made for other receivables, targeting uncontactable debtors with long-outstanding debts[62](index=62&type=chunk) [Finance Costs](index=25&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Total borrowing costs decreased by 43.9% year-on-year, primarily attributable to the scaled-down PV power plant generation business - Total borrowing costs decreased from **RMB 39.4 million** to **RMB 22.1 million**[65](index=65&type=chunk) - The main reason for the decrease is the scaled-down PV power plant generation business[65](index=65&type=chunk) [Income Tax Expense](index=25&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense slightly decreased year-on-year, primarily due to reduced taxable income resulting from the disposal of PV power plants in prior years - Income tax expense was **RMB 1.0 million**, compared to **RMB 1.3 million** in the prior period[66](index=66&type=chunk) - The decrease in income tax expense was due to reduced taxable income from the disposal of PV power plants in prior years[66](index=66&type=chunk) [Dividends](index=26&type=section&id=%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - No interim dividend is recommended by the Board for the six months ended June 30, 2025[67](index=67&type=chunk) [Property, Plant and Equipment](index=26&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) Property, plant and equipment as of June 30, 2025, amounted to RMB 546.4 million, showing no significant change compared to RMB 548.1 million as of December 31, 2024 - Property, plant and equipment as of June 30, 2025, was **RMB 546.4 million**, showing no significant change compared to **RMB 548.1 million** as of December 31, 2024[68](index=68&type=chunk) - There were no significant additions or disposals of property, plant and equipment for the six months ended June 30, 2025[68](index=68&type=chunk) [Interests in Joint Ventures](index=26&type=section&id=%E6%96%BC%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E4%B9%8B%E6%AC%8A%E7%9B%8A) Interests in joint ventures significantly increased from RMB 3.7 million as of December 31, 2024, to RMB 1,078.3 million as of June 30, 2025 - Interests in joint ventures significantly increased from **RMB 3.7 million** as of December 31, 2024, to **RMB 1,078.3 million** as of June 30, 2025[69](index=69&type=chunk) - The increase was primarily due to the successful acquisition of the joint venture GCL Huidong LNG Rudong Co, Ltd (Rudong LNG)[69](index=69&type=chunk) [Amounts Due from Related Companies](index=26&type=section&id=%E6%87%89%E6%94%B6%E9%97%9C%E8%81%AF%E5%85%AC%E5%8F%B8%E6%AC%BE%E9%A0%85) As of June 30, 2025, amounts due from related companies increased to RMB 1,414.4 million from RMB 1,268.1 million as of December 31, 2024 - As of June 30, 2025, amounts due from related companies were **RMB 1,414.4 million**, an increase from **RMB 1,268.1 million** as of December 31, 2024[70](index=70&type=chunk) - This primarily arose from receivables for the disposal of 36 PV power plant operating subsidiaries ("2023 Disposal") in 2023 and liabilities owed by former subsidiaries to the Group prior to the disposal[70](index=70&type=chunk) [Trade and Other Receivables](index=26&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade and other receivables decreased, with a significant portion classified as non-current and related to prior disposals of former subsidiaries - As of June 30, 2025, trade and other receivables were **RMB 1,479.6 million**, a decrease from **RMB 1,892.3 million** as of December 31, 2024[71](index=71&type=chunk) - This included deferred receivables of **RMB 835.7 million**, classified as non-current and expected to be collected in over one year[71](index=71&type=chunk) - Amounts due from former subsidiaries of **RMB 1,957.9 million** are related to current accounts generated prior to the disposal of former subsidiaries between 2018 and 2023[72](index=72&type=chunk) [Trade and Other Payables and Deferred Income](index=27&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E9%81%9E%E5%BB%B6%E6%94%B6%E5%85%A5) Trade and other payables and deferred income saw a slight decrease, primarily comprising amounts payable for plant and machinery and deferred revenue - Trade and other payables and deferred income decreased from **RMB 533.3 million** as of December 31, 2024, to **RMB 517.5 million** as of June 30, 2025[74](index=74&type=chunk) - This primarily included amounts payable for the purchase of plant and machinery and construction costs of **RMB 7.8 million**, and deferred income of **RMB 152.5 million**[74](index=74&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group adopts a prudent treasury management policy to maintain sufficient working capital - The Group adopts a prudent treasury management policy to maintain sufficient working capital[75](index=75&type=chunk) - As of June 30, 2025, bank balances and cash were approximately **RMB 317.3 million**, an increase from **RMB 284.9 million** as of December 31, 2024[75](index=75&type=chunk) - Funds primarily originated from cash generated from operating activities and the collection of consideration receivables from the disposal of PV power plant project subsidiaries[75](index=75&type=chunk) [Indebtedness and Gearing Ratio](index=27&type=section&id=%E5%82%B5%E5%8B%99%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group maintains a stable gearing ratio through its light-asset strategy, though the ratio increased due to the acquisition of Rudong LNG receiving station - The Group has adopted a light-asset business strategy since 2019, resulting in a more stable average gearing ratio[76](index=76&type=chunk) Ratio of Total Liabilities to Total Assets | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Liabilities | 1,853 | 1,265 | | Total Assets | 6,890 | 6,094 | | **Ratio of Total Liabilities to Total Assets** | **26.9%** | **20.8%** | - The increase in the gearing ratio was primarily due to the completion of the acquisition of the Rudong LNG receiving station during the period ended June 30, 2025[76](index=76&type=chunk) Debt Currency Denomination | Currency | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | RMB | 655 | 64 | | HKD | 38 | – | | USD | 352 | 388 | | **Total** | **1,045** | **452** | [Pledge of Assets](index=28&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The Group's bank and other financing are secured by property, plant and equipment, bank deposits, and interests in joint ventures - As of June 30, 2025, the Group's bank and other financing were secured by property, plant and equipment of **RMB 517.2 million**, bank and other deposits of **RMB 109.8 million**, and interests in joint ventures of **RMB 161.2 million**[78](index=78&type=chunk)[81](index=81&type=chunk) - Lease liabilities of **RMB 110 million** were recognized for right-of-use assets of **RMB 47.6 million**[78](index=78&type=chunk) [Guarantees Provided by Related Parties](index=28&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E6%8F%90%E4%BE%9B%E7%9A%84%E6%擔%E4%BF%9D) No other guarantees were provided by related parties, except for the borrowings disclosed in Note 12 - No other guarantees were provided by related parties, except for the borrowings disclosed in Note 12[79](index=79&type=chunk) [Capital Commitments](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's capital commitments for contributions to joint ventures and an associate were RMB 144.0 million and RMB 494.5 million, respectively - As of June 30, 2025, the Group's capital commitments for contributions to joint ventures and an associate were **RMB 144.0 million** and **RMB 494.5 million**, respectively[80](index=80&type=chunk) - In the prior period, capital commitments for joint ventures were **RMB 24.5 million**, and for associates, they were zero[80](index=80&type=chunk) [Major Investments, Acquisitions or Disposals and Capital Asset Plans](index=29&type=section&id=%E6%8C%81%E6%9C%89%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E5%B1%AC%E5%85%AC%E5%8F%B8%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E8%A8%88%E5%8A%83) The company completed a significant acquisition of a target company for RMB 325 million, paid through a combination of cash, shares, and convertible bonds - The company's acquisition of the target company for **RMB 325 million** was completed on March 21, 2025, with consideration paid in cash, issued shares, and convertible bonds[83](index=83&type=chunk) - Apart from the aforementioned acquisition, there were no major acquisitions or disposals of subsidiaries and affiliated companies by the Group for the six months ended June 30, 2025[84](index=84&type=chunk) [Breach of Loan Agreements](index=29&type=section&id=%E9%81%95%E5%8F%8D%E8%B2%B8%E6%AC%BE%E5%8D%94%E8%AD%B0) As of June 30, 2025, the company had not breached any terms of its loan agreements - As of June 30, 2025, the company had not breached any terms of its loan agreements[85](index=85&type=chunk) [Financial Assistance and Guarantees to Affiliated Companies](index=29&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%82%BA%E8%81%AF%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%8F%90%E4%BE%9B%E8%B2%A1%E5%8B%99%E8%B3%87%E5%8A%A9%E5%8F%8A%E4%BD%9C%E5%87%BA%E6%93%94%E4%BF%9D) The Group provided guarantees for bank and other borrowings of a joint venture, with the fair value and expected credit loss deemed immaterial - As of June 30, 2025, the Group provided guarantees for certain bank and other borrowings of a joint venture (GCL Huidong LNG Rudong Co, Ltd) up to a maximum amount of **RMB 1,224 million**[86](index=86&type=chunk) - The directors believe that the fair value of the guarantees was not material upon initial recognition, and the expected credit loss is also not material[86](index=86&type=chunk) [Advances to an Entity](index=30&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B5%A6%E4%BA%88%E6%9F%90%E5%AF%A6%E9%AB%94%E7%9A%84%E5%A2%8A%E6%AC%BE) As of June 30, 2025, the company had not made any advances to an entity that required disclosure under Listing Rule 13.20 - As of June 30, 2025, the company had not made any advances to an entity that required disclosure under Listing Rule 13.20[87](index=87&type=chunk) [Events After the Reporting Period](index=30&type=section&id=%E6%9C%AC%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no significant events after the reporting period - The Group had no significant events after the reporting period[88](index=88&type=chunk) [Risk Factors and Risk Management](index=30&type=section&id=%E9%A2%A8%E9%9A%AA%E5%9B%A0%E7%B4%A0%E5%8F%8A%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) [Risk of Market-Oriented Electricity Price Determination](index=30&type=section&id=1.%20%E5%B8%82%E5%A0%B4%E5%8C%96%E9%9B%BB%E5%83%B9%E9%87%90%E5%AE%9A%E7%9A%84%E9%A2%A8%E9%9A%AA) As the renewable energy tariff mechanism becomes market-oriented, the company's PV power plant operation and management services business faces the risk of price declines, which will be addressed by in-depth research into market rules and active participation in trading - Market-oriented competitive bidding may lead to a decrease in prices for PV power plant operation and management services[90](index=90&type=chunk) - The company will conduct in-depth research into market rules and actively participate in market-oriented transactions to expand its service scale[90](index=90&type=chunk) [Policy Risk Related to Electricity Prices](index=30&type=section&id=2.%20%E9%9B%BB%E5%83%B9%E7%9B%B8%E9%97%9C%E7%9A%84%E6%94%BF%E7%AD%96%E9%A2%A8%E9%9A%AA) Electricity prices and government subsidies are crucial for the company's profit growth, and the company will closely monitor policy changes and implement cost control measures to mitigate risks - Changes in electricity prices and government subsidies for renewable energy will affect the company's operating performance[91](index=91&type=chunk) - The operating team will closely monitor changes in local and national energy policies and implement cost control measures[91](index=91&type=chunk) [Risk of Unpredictable Prices for LNG and Related Products](index=30&type=section&id=3.%20LNG%E5%8F%8A%E7%9B%B8%E9%97%9C%E7%94%A2%E5%93%81%E5%83%B9%E6%A0%BC%E4%B8%8D%E5%8F%AF%E9%A0%90%E6%B8%AC%E7%9A%84%E9%A2%A8%E9%9A%AA) Prices of natural gas, crude oil, and related products are highly volatile due to various factors, potentially impacting the company's business, cash flow, and profits, and the company will comprehensively manage risks and implement cost controls - Prices of natural gas, crude oil, and related products may fluctuate significantly due to changes in supply and demand, macroeconomic conditions, geopolitical factors, and more[92](index=92&type=chunk) - The company will comprehensively manage related risks, respond in a tiered manner, and implement cost control measures[92](index=92&type=chunk) [Risk of Increased Difficulty in Expanding LNG Trading Market](index=31&type=section&id=4.%20LNG%E4%BA%A4%E6%98%93%E5%B8%82%E5%A0%B4%E6%8B%93%E5%B1%95%E9%9B%A3%E5%BA%A6%E5%A2%9E%E5%8A%A0%E7%9A%84%E9%A2%A8%E9%9A%AA) Increased market competition due to major upstream gas suppliers expanding downstream operations poses challenges for the company, which will optimize its resource portfolio, formulate sales strategies, and broaden market coverage to address these challenges - Major upstream gas suppliers continue to expand their downstream operations, leading to increased difficulty in market penetration[93](index=93&type=chunk) - The company will optimize its resource portfolio, formulate sales strategies, and broaden market coverage to ensure continuous growth in natural gas trading volume[93](index=93&type=chunk) [Interest Rate Risk](index=31&type=section&id=5.%20%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) Fluctuations in bank loan interest rates may affect the company's capital and financing expenses, while the light-asset transformation helps effectively reduce liabilities and interest rate risk - Interest rate changes will affect the company's future capital and financing expenses, thereby impacting operating performance[94](index=94&type=chunk) - The light-asset transformation can effectively reduce liabilities and interest rate risk[94](index=94&type=chunk) [Foreign Exchange Risk](index=31&type=section&id=6.%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) While most of the company's business is denominated in RMB, US projects are funded in USD, and fluctuations in foreign currency exchange rates against RMB may impact operating performance; the company currently does not use foreign exchange derivatives for hedging - Most of the company's revenue, capital expenditures, assets, and liabilities are denominated in RMB, but US projects are funded in USD[95](index=95&type=chunk) - Fluctuations in foreign currency exchange rates against RMB will impact the company's operating performance, and the company currently does not engage in foreign exchange hedging[95](index=95&type=chunk) [Risk of Disputes with Joint Venture Partners](index=31&type=section&id=7.%20%E8%88%87%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E5%A4%A5%E4%BC%B4%E7%B3%BE%E7%B4%9B%E7%9A%84%E9%A2%A8%E9%9A%AA) Joint ventures may face risks of partner financial difficulties or liability disputes, which could adversely affect the company's business operations, profitability, and prospects - Joint ventures may expose the company to risks of financial difficulties or liability disputes with joint venture partners[96](index=96&type=chunk) - Potential disputes could adversely affect the company's business operations, profitability, and prospects[96](index=96&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E9%85%AC%E9%87%91%E6%94%BF%E7%AD%96) The Group's employee count increased, with remuneration based on performance, experience, and qualifications, including discretionary bonuses and share options - As of June 30, 2025, the Group had approximately **1,153 employees** in China and overseas, an increase from **1,075** as of December 31, 2024[97](index=97&type=chunk) - Employee remuneration is determined with reference to individual performance, work experience, qualifications, and industry practice, with benefits including discretionary bonuses and share options[97](index=97&type=chunk) - Total staff costs for the six months ended June 30, 2025, were approximately **RMB 114.8 million**, compared to **RMB 117.2 million** in the prior period[97](index=97&type=chunk) [Share Capital](index=32&type=section&id=%E8%82%A1%E6%9C%AC) On May 22, 2025, the annual general meeting of shareholders approved an increase in the company's authorized share capital from HKD 150,000,000 to HKD 250,000,000 through the creation of an additional 1,200,000,000 shares - On May 22, 2025, the annual general meeting of shareholders approved an increase in the company's authorized share capital from **HKD 150,000,000** to **HKD 250,000,000** through the creation of an additional **1,200,000,000 shares**[98](index=98&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=32&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) The company completed an acquisition using cash, shares, and convertible bonds, with no other purchases, sales, or redemptions of its listed securities during the period - The company acquired the target company for **RMB 325 million**, with consideration paid in cash, the issuance of **153,400,000 consideration shares**, and the issuance of convertible bonds with a principal amount of **HKD 63.72 million**[100](index=100&type=chunk) - The consideration shares and convertible bonds were issued as part of the acquisition consideration, and no proceeds were raised therefrom[100](index=100&type=chunk) - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares listed on the Stock Exchange[101](index=101&type=chunk) [Corporate Governance Practices](index=33&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) [Compliance with Corporate Governance Code](index=33&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company is committed to continuously optimizing its corporate governance practices and has complied with the code provisions set out in Appendix C1 of the Listing Rules' Corporate Governance Code for the six months ended June 30, 2025 - The company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[103](index=103&type=chunk) [Standard Code for Securities Transactions by Directors](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Standard Code in Appendix C3 of the Listing Rules, but Executive Director Mr. Zhu Gongshan had an untimely disclosure regarding his share interests potentially held after the conversion of convertible bonds, and the company is taking steps to ensure compliance - The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as its own standard code for directors' securities transactions[104](index=104&type=chunk) - Executive Director Mr. Zhu Gongshan's total voting share interests through Asia Pacific Energy Fund Limited amounted to **552,773,629 shares**, including **141,600,000 shares** that may be issued upon conversion of convertible bonds[104](index=104&type=chunk) - Mr. Zhu has engaged legal counsel and is taking appropriate actions to ensure compliance with the disclosure requirements under the Securities and Futures Ordinance as soon as possible[105](index=105&type=chunk) [Enhanced Corporate Governance Measures](index=34&type=section&id=%E5%8A%A0%E5%BC%B7%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E6%8E%AA%E6%96%BD) To prevent similar incidents and strengthen corporate governance, the company will develop enhanced notification and internal monitoring procedures, discuss with relevant directors to raise awareness, and arrange legal counsel for training - The company will develop enhanced notification and internal monitoring procedures to assist directors in fulfilling their disclosure obligations under the Securities and Futures Ordinance[109](index=109&type=chunk) - The company's management has discussed this incident with the relevant directors to enhance their awareness and understanding of the Standard Code and the requirements of the Securities and Futures Ordinance[109](index=109&type=chunk) - The company will arrange for legal counsel to emphasize the Standard Code and the disclosure requirements of the Securities and Futures Ordinance in director training[109](index=109&type=chunk) [Audit Committee](index=34&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee has reviewed the Group's accounting principles, internal controls, and financial reporting matters, including this interim report and interim results - The Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group, internal controls, and financial reporting matters[106](index=106&type=chunk) [Auditor](index=34&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB) The external auditor, Crowe (HK) CPA Limited, has reviewed the Group's interim financial information, and neither the auditor nor the Audit Committee has raised any objections to the accounting treatments adopted by the company - The external auditor has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[107](index=107&type=chunk) - Neither the auditor nor the Audit Committee has raised any objections to the accounting treatments adopted by the company[108](index=108&type=chunk) [Other Information](index=35&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section provides details on the availability of the interim report and the composition of the Board of Directors - This announcement has been published on the company's website and the HKEXnews website, and the 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course[110](index=110&type=chunk) - As of the date of this announcement, the Board of Directors comprises Executive Directors Mr. Zhu Gongshan (Chairman), Mr. Zhu Yufeng, Mr. Wang Dong, and Mr. Gu Zengcai; Non-executive Directors Ms. Sun Wei, Mr. Yang Wenzhong, and Mr. Fang Jiancai; and Independent Non-executive Directors Mr. Li Gangwei, Mr. Wang Yanguo, Dr. Chen Ying, and Mr. Cai Xianhe[112](index=112&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 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之任何損失承擔任何責 任。 TIAN CHENG HOLDINGS LIMITED 天成控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2110） 截至二零二五年五月三十一日止年度之 全年業績公告 財務摘要 – 1 – • 收益約為202.8百 萬 港 元（二 零 二 四 年 財 年：約223.3百 萬 港 元），減 少 約 9.2%。 • 來自海事建築工程分部的收益約為154.4百 萬 港 元（二 零 二 四 年 財 年：約 186.4百 萬 港 元），減 少 約17.2%。 • 來自其他土木工程分部的收益約為37.3百 萬 港 元（二 零 二 四 年 財 年：約 10.8百 萬 港 元），增 加 約244.8%。 • 來自船隻租賃服務分部的收益約為7.2百 萬 港 元（二 零 二 四 年 財 年：約21.5 百 萬 港 元），減 少 約66.5%。 • 來自康 ...

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。 Auntea Jenny (Shanghai) Industrial Co., Ltd. 滬上阿姨（上海）實業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：02589） 截 至2025年6月30日止六個月之中期業績公告 滬上阿姨（上 海）實業股份有限公司（「本公司」）董 事（「董 事」）會（「董事會」）僅此宣佈本 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」）之未經審 核 簡 明 綜 合 中 期 業 績，連 同2024年 同 期 的 比 較 數 字 如 下： 財務表現摘要 | 至6月30日止六個月 | 截 | 2025年 | 2024年 | 變動 | | | | | | | | | | ...

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。 CHANHIGH HOLDINGS LIMITED – 1 – 滄海控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此呈報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未經審核比較數字如下： 簡明綜合損益及其他全面收益表 滄海控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2017） 截至二零二五年六月三十日止六個月 未經審核中期業績公告 | 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 | | | （未經審核） | （未經審核） | | 收入 | 764,497 | 1,098,008 | | 毛利 | 59,949 | 62,042 | | 期內溢利及全面 ...

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，並明確表明，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 容而引致之任何損失承擔任何責任。 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變化 | | 息稅折舊及攤銷前溢利(EBITDA)1 | | | | | （人民幣） | 10.65億 | 8.15億 | 30.6% | | 息稅折舊及攤銷前溢利(EBITDA)1率 | 5.4% | 3.6% | 不適用 | | 2 息稅前溢利(EBIT) （人民幣） | 4.59億 | 2.50億 | 83.8% | | 息稅前溢利(EBIT)2率 | 2.3% | 1.1% | 不適用 | | （人民幣） 除所得稅前溢利 | 4.21億 | 1.43億 | 194.2% | | 期內溢利 （人民幣） | 2.43億 | 1.23億 | 97.5% | | 期內本公司權益持有者 | | | | | （人民幣） 應佔溢利 | 2.03億 | 0.94億 | 116. ...

SING TAO NEWS CORPORATION LIMITED 星島新聞集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：1105） 截至二零二五年六月三十日止六個月之中期業績公告 星島新聞集團有限公司（「本公司」）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，連同二零二四年同期之比較 數字如下： 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。 綜合損益表 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 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 350,413 | 379,577 | | 銷售成本 | | (255,773) | (270,175) | | 毛利 | | 94,64 ...