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。 KWG Living Group Holdings Limited 合景悠活集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3913） 截至2025年6月30日止六個月的未經審核中期業績公告 中期業績摘要 截至2025年6月30日止六個月的未經審核中期業績 合景悠活集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，本公司及其附 屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月之未經審核簡明合併財務 業績連同截至2024年6月30日止六個月之同期比較數字。截至2025年6月30日止六個月之 未經審核簡明合併中期財務資料（「中期財務資料」）已由本公司審核委員會（「審核委員 會」）審閱。 – 1 – • 截至2025年6月30日止六個月收入約人民幣1,658.1百萬元，較2024年同期下降 13.8%。 • 截至2025年6月30日止六個月毛利約人民幣418 ...

[2024 Annual Report Supplementary Announcement](index=1&type=section&id=2024%20Annual%20Report%20Supplementary%20Announcement) [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement supplements the 2024 Annual Report of Japan Kyosei Group Co., Ltd., ensuring comprehensive information disclosure - This announcement serves as a supplementary document to the Japan Kyosei Group Co., Ltd.'s 2024 Annual Report, providing additional information[3](index=3&type=chunk)[4](index=4&type=chunk) [Supplementary Information on Share Option Scheme](index=1&type=section&id=Supplementary%20Information%20on%20Share%20Option%20Scheme) This section supplements disclosures on share options available for grant as of January 1 and December 31, 2024, and under the new share option scheme Key Data for Share Option Scheme | Metric | Number of Options | | :--- | :--- | | Number of options available for grant as of January 1, 2024 | 11,236,749 | | Number of options available for grant as of December 31, 2024 | 11,236,749 | | Number of options available for grant under the new share option scheme | 0 | [Other Information Unchanged and Board Members](index=2&type=section&id=Other%20Information%20Unchanged%20and%20Board%20Members) This supplementary announcement's disclosures do not affect other 2024 Annual Report content and list the Board of Directors' composition as of the announcement date - All other information in the 2024 Annual Report remains unchanged, except for this supplementary disclosure[6](index=6&type=chunk) - As of August 27, 2025, the Board of Directors comprises one Executive Director (Dr. Hiroshi Kaneko), one Non-Executive Director (Mr. Chung Ho Wai), and three Independent Non-Executive Directors (Mr. Wong Chung Chuen, Ms. Tang Ying Sum, and Ms. Ha Sze Wan)[7](index=7&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部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。 2025年中期業績公告 中 國 鋁 業 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6月30日 止6個月期間之未經審計 中 期 業 績。本 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交易所有限公司證券上市規則中有關中期業績初步公告附載的資料的 要 求。2025年中報將於2025年9月30日或之前刊載於香港聯交所的網站 www.hkex.com.hk及本公司的網站www.chalco.com.cn。 目 錄 | 2 | 釋義 | | --- | --- | | 7 | 公司資料 | | 10 | 行業情況及市場回顧 | | 13 | 業務回顧 | | 17 | 前景與展望 | | 17 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） – 2 – – 1 – 簡明綜合損益及其他全面收入報表 （股份代號：563） 截至二零二五年六月三十日止六個月 截至二零二五年六月三十日止六個月之 中期業績公告 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 以下人士應佔期內（虧損）溢利： | | | | | 本公司擁有人 | | (492,139) | (231,564) | | 非控股權益 | | (70,288) | 43,263 | | | | (562,427) | (188,301) | | 以下人士應佔期內全面（開支）收入總額： | | | | | 本公司擁有人 | | (72,342) | (574,499) | | 非控 ...

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

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1181） – 2 – 簡明綜合全面收益表 截至二零二五年六月三十日止六個月 中期業績公告 唐宮（中國）控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 （統稱「本集團╱集團」）截至二零二五年六月三十日止六個月（「本期間」╱「期內」）的未經 審核簡明綜合中期業績，連同截至二零二四年六月三十日止六個月的比較數字，並載述 如下： 摘要 | | 截至六月三十日 | | | | --- | --- | --- | --- | | | 止六個月 | | 變更 | | 二零二五年 | | 二零二四年 | 百分比 | | （人民幣千元） 收益 | 464,928 | 527,309 | -11.8% | | (1) （人民幣千元） 毛利 | 312,462 | 349,196 | -10.5% | | 毛利率 | 67.2% | 66.2% | + ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周生生集團國際有限公司* （於百慕達註冊成立之有限公司） 股份代號：116 截至2025年6月30日止六個月之 中期業績公告 董事會宣布本集團截至2025年6月30日止六個月之未經審核中期業績。中期業績已由董事會之審 核委員會審閱。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 未經審核 | | | | | 截至 6 月 30 | 日止六個月 | | | | 2025 年 | 2024 年 | | | | 千港元 | 千港元 | 變動 | | 持續經營業務 | | | | | 營業額 | | | | | 零售 | 10,762,505 | 11,049,022 | -3% | | 其他業務 | 273,034 __________ | 263,722 _________ ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 China Vered Financial Holding Corporation Limited （於香港註冊成立之有限公司） 中薇金融控股有限公司 （股份代號：245） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 中 薇 金 融 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）謹 此 呈 列 本 公 司 及 其 附 屬 公 司（下 文 統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 ...

[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 company's revenue decreased by 11.7% to RMB1,180,762 thousand, and profit for the period fell by 18.8% to RMB72,931 thousand, driven by lower gross profit and higher administrative expenses, partially offset by net other gains and reduced tax | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,180,762 | 1,337,234 | -11.7% | | Cost of sales | (1,078,954) | (1,193,807) | -9.6% | | Gross profit | 101,808 | 143,427 | -29.0% | | Other income | 10,409 | 14,492 | -28.3% | | Net other gains/(losses) | 14,479 | (7,837) | Swung to profit | | Administrative expenses | (28,945) | (21,474) | +34.8% | | Distribution expenses | (2,095) | (2,190) | -4.3% | | Finance costs | (941) | (979) | -3.9% | | Profit before income tax | 94,715 | 125,439 | -24.5% | | Income tax expense | (21,784) | (35,644) | -38.8% | | Profit for the period | 72,931 | 89,795 | -18.8% | | Profit for the period attributable to owners of the Company | 72,318 | 90,126 | -19.7% | | Basic and diluted earnings per share (RMB cents) | 11.7 | 14.5 | -19.4% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, net assets grew to RMB1,861,028 thousand, with stable net current assets and significant increases in property, plant and equipment, cash, contract liabilities, and trade payables | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 1,081,708 | 1,035,733 | +4.4% | | Total current assets | 1,073,241 | 987,279 | +8.7% | | Total current liabilities | 256,633 | 174,646 | +46.9% | | Total non-current liabilities | 37,288 | 37,335 | -0.1% | | Net assets | 1,861,028 | 1,811,031 | +2.8% | | Equity attributable to owners of the Company | 1,853,857 | 1,804,473 | +2.7% | | Cash and bank balances | 752,792 | 702,097 | +7.2% | | Trade payables | 55,800 | 32,738 | +70.4% | | Contract liabilities | 100,630 | 55,911 | +80.0% | [Notes to the Condensed Consolidated Interim Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) Dongguang Chemical Co., Ltd., incorporated in the Cayman Islands and listed on HKEX, primarily manufactures and sells urea and by-products in China - The company was incorporated in the Cayman Islands on July 26, 2013, with shares listed on the Hong Kong Stock Exchange[7](index=7&type=chunk) - The Group is principally engaged in the manufacturing and sale of urea and by-products in China[7](index=7&type=chunk) [2. Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) Interim financial statements, prepared under IAS 34 and HKEX Listing Rules, were authorized on August 27, 2025, maintaining consistent accounting policies with no significant impact from new standards - The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Hong Kong Stock Exchange[8](index=8&type=chunk) - These statements were authorized for issue on August 27, 2025[8](index=8&type=chunk) - The adoption of the revised International Financial Reporting Standards had no significant impact on these condensed consolidated interim financial statements[8](index=8&type=chunk) [3. Changes in International Financial Reporting Standards](index=6&type=section&id=3.%20Changes%20in%20International%20Financial%20Reporting%20Standards) Revised IFRS standards, including amendments to IAS 21 and IFRS 1, effective this period, had no significant impact on the Group's accounting policies - Amendments to IAS 21 and IFRS 1 became effective for the first time in the current accounting period[11](index=11&type=chunk) - These amendments had no significant impact on the Group's accounting policies[11](index=11&type=chunk) [4. Application of Judgements and Estimates](index=6&type=section&id=4.%20Application%20of%20Judgements%20and%20Estimates) Significant judgments and key sources of estimation uncertainty in these interim financial statements are consistent with those applied in the 2024 annual financial statements - The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those applied to the 2024 annual financial statements[12](index=12&type=chunk) [5. Revenue and Other Income](index=6&type=section&id=5.%20Revenue%20and%20Other%20Income) Total revenue for the six months ended June 30, 2025, was RMB1,180,762 thousand, primarily from China urea sales, with other income at RMB10,409 thousand and contract liabilities significantly rising to RMB100,630 thousand | Revenue Source | 2025 (RMB'000) | 2024 (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | | **Major Geographical Markets** | | | | | – China | 1,164,333 | 1,337,234 | -12.9% | | – Others | 16,429 | – | N/A | | **Major Products** | | | | | – Sales of urea | 1,007,671 | 1,159,211 | -13.1% | | – Sales of methanol | 66,684 | 66,498 | +0.3% | | – Sales of liquid ammonia | – | 3,165 | -100% | | – Sales of carbon dioxide | 8,981 | 11,975 | -25.0% | | – Sales of liquefied natural gas | 15,357 | 13,820 | +11.1% | | – Sales of compound fertilizer | 3,759 | 28,094 | -86.6% | | – Sales of automotive urea solution | 78,310 | 54,471 | +43.8% | | **Other Income** | | | | | Government grants | 973 | 976 | -0.3% | | Bank interest income | 3,610 | 9,488 | -61.9% | | Sales of scrap materials | 5,470 | 4,028 | +35.8% | | Others | 356 | – | N/A | | **Contract Liabilities** | 100,630 | 55,911 | +80.0% | - Contract liabilities primarily relate to advance consideration received from customers, with the period-end balance significantly increasing to **RMB100,630 thousand** from RMB55,911 thousand at the end of 2024[17](index=17&type=chunk) [6. Net Other Gains/(Losses)](index=7&type=section&id=6.%20Net%20Other%20Gains%2F%28Losses%29) For the six months ended June 30, 2025, the company reported net other gains of RMB14,479 thousand, a swing from prior year's loss, driven by fair value investment gains and exchange gains | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Investment gains/(losses) recognized at fair value through profit or loss | 8,545 | (1,435) | | Fair value gains on investments recognized at fair value through profit or loss | 89 | 189 | | Exchange gains/(losses) | 5,845 | (6,591) | | **Total** | **14,479** | **(7,837)** | - Net other gains swung from a loss in the prior period to a gain, primarily due to investment gains and exchange gains[18](index=18&type=chunk) [7. Segment Information](index=7&type=section&id=7.%20Segment%20Information) The Group operates a single segment, producing and selling urea and by-products, to which all assets and capital expenditures are primarily attributed - The Group has only one operating segment: the production and sale of urea and by-products[19](index=19&type=chunk) [8. Finance Costs](index=8&type=section&id=8.%20Finance%20Costs) Finance costs for the six months ended June 30, 2025, were RMB941 thousand, mainly interest on lease liabilities, consistent with the prior period | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 941 | 979 | [9. Profit Before Income Tax](index=8&type=section&id=9.%20Profit%20Before%20Income%20Tax) Profit before income tax for the six months ended June 30, 2025, was RMB94,715 thousand, after deducting costs, depreciation, and slightly reduced employee benefit expenses | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Auditor's remuneration | 368 | 368 | | Cost of inventories sold recognized as expense | 1,078,954 | 1,193,807 | | Depreciation of property, plant and equipment | 67,779 | 65,312 | | Depreciation of right-of-use assets | 1,969 | 1,813 | | Depreciation of investment properties | 293 | 292 | | Total employee benefit expenses | 63,219 | 63,958 | [10. Income Tax Expense](index=9&type=section&id=10.%20Income%20Tax%20Expense) Income tax expense for the six months ended June 30, 2025, decreased by 38.8% to RMB21,784 thousand due to lower profit before tax, with Chinese subsidiaries subject to a 25% rate, and some small enterprises receiving preferential rates | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Current tax – China | 22,924 | 36,314 | | Withholding tax on dividends | 990 | 5,800 | | Deferred tax | (2,130) | (6,470) | | **Total** | **21,784** | **35,644** | - Current income tax in mainland China is calculated at the statutory rate of **25%**, with some small and micro enterprises eligible for a **10%** preferential tax rate[23](index=23&type=chunk) - Subsidiaries incorporated in the Cayman Islands, Samoa, and the British Virgin Islands are exempt from income tax, and the Hong Kong subsidiary had no assessable income[22](index=22&type=chunk) [11. Dividends and Distributions](index=9&type=section&id=11.%20Dividends%20and%20Distributions) Directors did not recommend an interim dividend for the six months ended June 30, 2025, while the 2024 final dividend of HK3.6 cents per share was paid in May 2025 - The directors did not recommend the payment of an interim dividend for the six months ended June 30, 2025, and 2024[24](index=24&type=chunk) - The final dividend for the year ended December 31, 2024, of **HK3.6 cents** per ordinary share (approximately **RMB20,564 thousand**) was paid in May 2025[24](index=24&type=chunk) [12. Earnings Per Share](index=10&type=section&id=12.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the six months ended June 30, 2025, decreased to RMB11.7 cents from RMB14.5 cents, with both being identical due to no potential dilutive ordinary shares | Indicator | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 72,318 | 90,126 | | Weighted average number of ordinary shares for calculating basic and diluted earnings per share | 620,944,000 | 620,944,000 | | **Basic and diluted earnings per share (RMB cents)** | **11.7** | **14.5** | - There were no potential dilutive ordinary shares outstanding for the periods ended June 30, 2025, and 2024, thus basic and diluted earnings per share are identical[25](index=25&type=chunk) [13. Property, Plant and Equipment](index=10&type=section&id=13.%20Property%2C%20Plant%20and%20Equipment) Additions to property, plant and equipment for the six months ended June 30, 2025, significantly increased to RMB143,840 thousand, with no impairment losses recognized - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to approximately **RMB143,840 thousand**, a significant increase compared to approximately RMB44,320 thousand in the prior period of 2024[26](index=26&type=chunk) - No impairment losses were recognized for property, plant and equipment during both periods[26](index=26&type=chunk) [14. Inventories](index=10&type=section&id=14.%20Inventories) Total inventories as of June 30, 2025, slightly increased to RMB86,544 thousand, with a decrease in raw materials and an increase in finished goods | Inventory Category | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Raw materials | 35,075 | 47,365 | | Finished goods | 48,224 | 35,908 | | Components and parts | 3,245 | 2,596 | | **Total** | **86,544** | **85,869** | [15. Trade Receivables](index=11&type=section&id=15.%20Trade%20Receivables) Trade receivables as of June 30, 2025, significantly decreased to RMB2,357 thousand, with all amounts current and not overdue | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables | 2,357 | 5,636 | | Within 3 months | 2,357 | 5,636 | - The balances of trade receivables as of June 30, 2025, and December 31, 2024, were not overdue[30](index=30&type=chunk) [16. Prepayments, Deposits and Other Receivables](index=11&type=section&id=16.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables decreased to RMB178,116 thousand as of June 30, 2025, mainly due to reductions in other recoverable taxes and equipment prepayments | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Other recoverable taxes | 119,015 | 150,945 | | Prepayments for equipment | 219 | 35,043 | | Prepayments to coal suppliers | 41,966 | 16,032 | | Prepayments to employees | 2,228 | 2,457 | | Deposits | 10,630 | 6,637 | | Other prepayments and other receivables | 34,058 | 33,865 | | Less: Impairment loss on other receivables | (30,000) | (30,000) | | **Total** | **178,116** | **214,979** | [17. Restricted Cash](index=12&type=section&id=17.%20Restricted%20Cash) Restricted cash totaled RMB46,190 thousand as of June 30, 2025, mainly for collateralizing futures contracts, with no such cash reported at the end of 2024 - As of June 30, 2025, restricted cash amounted to **RMB46,190 thousand**, primarily used for letters of guarantee and bank bills collateralizing futures contracts[33](index=33&type=chunk) - There was no restricted cash for the year ended December 31, 2024[33](index=33&type=chunk) [18. Trade Payables](index=12&type=section&id=18.%20Trade%20Payables) Total trade payables significantly increased to RMB55,800 thousand as of June 30, 2025, with a typical credit period of 0 to 90 days | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | 0 to 90 days | 48,060 | 28,307 | | 91 to 180 days | 1,441 | 185 | | 181 to 365 days | 2,973 | 1,233 | | Over 365 days | 3,326 | 3,013 | | **Total** | **55,800** | **32,738** | - Trade payables are interest-free, and the credit period generally ranges from **0 to 90 days**[34](index=34&type=chunk) [19. Other Payables and Accruals](index=13&type=section&id=19.%20Other%20Payables%20and%20Accruals) Total other payables and accruals decreased to RMB74,619 thousand as of June 30, 2025, primarily comprising amounts due for plant improvements, equipment replacement, and maintenance | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Accrued expenses | 17,853 | 26,553 | | Other payables | 56,766 | 56,292 | | **Total** | **74,619** | **82,845** | - Other payables primarily represent amounts due to construction and manufacturing equipment companies for plant improvements, equipment replacement, and maintenance and repair[36](index=36&type=chunk) [20. Share Capital](index=13&type=section&id=20.%20Share%20Capital) As of June 30, 2025, authorized share capital was 500,000,000 ordinary shares of US$0.0001 par value, with 620,944 thousand issued shares totaling RMB392 thousand, unchanged from 2024 year-end | Item | Number of Shares (thousand shares) | Amount (US$) | Amount (RMB'000) | | :--- | :--- | :--- | :--- | | Authorized share capital (ordinary shares of US$0.0001 par value each) | 500,000,000 | 50,000,000 | 340,499 | | Issued share capital | 620,944 | 62,094 | 392 | - The authorized and issued share capital remained unchanged since January 1, 2024[37](index=37&type=chunk) [21. Bank Facilities](index=14&type=section&id=21.%20Bank%20Facilities) As of June 30, 2025, the Group had RMB650,000 thousand in bank credit facilities, collateralized by two land parcels, with no funds drawn - The Group was granted bank credit facilities of **RMB650,000 thousand** by a bank[38](index=38&type=chunk) - Two parcels of land located in Hebei Province (with a total carrying value of approximately **RMB66,675 thousand**) were pledged as collateral[38](index=38&type=chunk) - As of June 30, 2025, the Group had not drawn down any funds from these credit facilities[38](index=38&type=chunk) [22. Related Party Transactions and Balances](index=14&type=section&id=22.%20Related%20Party%20Transactions%20and%20Balances) As of June 30, 2025, RMB40 thousand was due to a non-controlling shareholder, unsecured and interest-free, while total key management personnel compensation was RMB704 thousand, consistent with the prior period - Amounts due to a non-controlling shareholder of a subsidiary were **RMB40 thousand**, unsecured, interest-free, and repayable on demand[39](index=39&type=chunk) | Item | 2025 (RMB'000) | 2024 (RMB'000) | | :--- | :--- | :--- | | Short-term employee benefits | 696 | 703 | | Contributions to retirement benefit schemes | 8 | 8 | | **Total key management personnel compensation paid** | **704** | **711** | [23. Capital Commitments](index=14&type=section&id=23.%20Capital%20Commitments) Contracted but unprovided capital commitments for property, plant and equipment acquisitions decreased to RMB73,989 thousand as of June 30, 2025 | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Commitments for the acquisition of property, plant and equipment: contracted but not provided for | 73,989 | 94,217 | [24. Contingent Liabilities](index=14&type=section&id=24.%20Contingent%20Liabilities) Neither the Group nor the Company had any significant contingent liabilities as of June 30, 2025, or December 31, 2024 - As of June 30, 2025, and December 31, 2024, neither the Group nor the Company had any significant contingent liabilities[42](index=42&type=chunk) [25. Events After the Reporting Period](index=14&type=section&id=25.%20Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, beyond those already disclosed in the condensed consolidated interim financial statements - No significant events occurred after June 30, 2025[43](index=43&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) In H1 2025, China's urea market saw complex price fluctuations and increased competition, leading to a 18.8% drop in net profit to RMB72.9 million and an 11.7% revenue decrease to RMB1,180.8 million, primarily due to lower urea prices, while the company advanced diversification and green initiatives - In the first half of 2025, China's urea industry faced a complex market landscape, with urea prices showing a trend of initial increase followed by a decline, and intensified competition due to increased new production capacity nationwide[44](index=44&type=chunk) - The Group's net profit decreased by **18.8%** from approximately RMB89.8 million to approximately **RMB72.9 million**, and revenue decreased by **11.7%** from approximately RMB1,337.2 million to approximately **RMB1,180.8 million**[45](index=45&type=chunk) - The average selling price of urea products was approximately **RMB1,632 per tonne**, a decrease of approximately **19.2%** compared to approximately RMB2,019 per tonne in the prior period[45](index=45&type=chunk) - The Group continued to implement its "urea-based and diversified development" strategy, initiating a gasification transformation project and a 540,000 tonnes/year urea energy-saving and carbon reduction upgrade project, currently in the civil engineering and equipment delivery stages[46](index=46&type=chunk) [Operating and Financial Review](index=16&type=section&id=Operating%20and%20Financial%20Review) The Group's total revenue decreased by 11.7% due to lower urea sales, despite significant growth in automotive urea solution revenue, leading to reduced gross profit and margin, while net other gains turned positive, administrative expenses rose, and overall profit for the period declined [Revenue by Product](index=16&type=section&id=Revenue%20by%20Product) Total revenue decreased by 11.7%, with urea sales down 13.1% due to lower prices, while automotive urea solution revenue grew 43.8% from increased volume, methanol revenue slightly rose, and other product revenue fell 50.8% | Product | 2025 (RMB'000) | 2024 (RMB'000) | Percentage Change (%) | | :--- | :--- | :--- | :--- | | Urea | 1,007,671 | 1,159,211 | (13.1) | | Automotive urea solution | 78,310 | 54,471 | 43.8 | | Methanol | 66,684 | 66,498 | 0.3 | | Other products | 28,097 | 57,054 | (50.8) | | **Total** | **1,180,762** | **1,337,234** | **(11.7)** | - The average selling price of urea decreased by **19.2%** from approximately RMB2,019 per tonne to approximately **RMB1,632 per tonne**, leading to a reduction in urea revenue[48](index=48&type=chunk) - Sales volume of automotive urea solution increased by **116.0%** to approximately **120,192 tonnes**, but the average selling price decreased by **33.4%** to approximately **RMB652 per tonne**[49](index=49&type=chunk) [Cost of Sales](index=18&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 9.6% to RMB1,079.0 million, mainly due to lower raw material costs from reduced coal prices and decreased equipment maintenance expenses - Cost of sales decreased by **9.6%** from approximately RMB1,193.8 million to approximately **RMB1,079.0 million**[52](index=52&type=chunk) - This was primarily due to a reduction in raw material costs (lower coal prices) and manufacturing overhead costs (reduced equipment maintenance costs)[52](index=52&type=chunk) [Gross Profit and Gross Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit decreased by 29.0% to RMB101.8 million, with gross margin falling from 10.7% to 8.6%, mainly due to reduced urea sales revenue from lower average selling prices | Product | 2025 Gross Profit (RMB'000) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB'000) | 2024 Gross Margin (%) | Change (RMB'000) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Urea | 87,938 | 8.7 | 148,038 | 12.8 | (60,100) | (40.6) | | Automotive urea solution | 5,782 | 7.4 | 983 | 1.8 | 4,799 | 488.2 | | Methanol | (3,471) | (5.2) | (14,291) | (21.5) | 10,820 | (75.7) | | Other products | 11,559 | 41.1 | 8,697 | 15.2 | 2,862 | 32.9 | | **Total** | **101,808** | **8.6** | **143,427** | **10.7** | **(41,619)** | **(29.0)** | - The decrease in gross profit was mainly due to a reduction in revenue from urea sales, resulting from lower average selling prices of urea[54](index=54&type=chunk) - Gross margin decreased from **10.7%** to **8.6%** as the decrease in revenue was greater than the decrease in cost of sales[54](index=54&type=chunk) [Other Income](index=19&type=section&id=Other%20Income) Other income decreased by 28.3% to RMB10.4 million, primarily due to a reduction in bank interest income - Other income decreased by **28.3%** from approximately RMB14.5 million to approximately **RMB10.4 million**[55](index=55&type=chunk) - This was mainly due to a decrease in bank interest income during the reporting period[55](index=55&type=chunk) [Net Other Gains/(Losses)](index=19&type=section&id=Net%20Other%20Gains%2F%28Losses%29) The reporting period recorded net other gains of RMB14.5 million, primarily from urea futures investment gains and exchange gains, contrasting with a prior period loss of RMB7.8 million - The reporting period recorded other gains of approximately **RMB14.5 million**, primarily due to gains on investments in urea futures contracts recognized at fair value through profit or loss and exchange gains[56](index=56&type=chunk) - In contrast, the prior period recorded other losses of **RMB7.8 million**[56](index=56&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses increased by 34.4% to RMB28.9 million, primarily driven by higher legal and professional fees - Administrative expenses increased by **34.4%** from approximately RMB21.5 million to approximately **RMB28.9 million**[57](index=57&type=chunk) - This was mainly due to an increase in legal and professional fees during the reporting period[57](index=57&type=chunk) [Distribution Expenses](index=19&type=section&id=Distribution%20Expenses) Distribution expenses showed no significant fluctuations between the current and prior reporting periods - There were no significant fluctuations in distribution expenses[58](index=58&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) Finance costs showed no significant fluctuations between the current and prior reporting periods - There were no significant fluctuations in finance costs[59](index=59&type=chunk) [Taxation](index=20&type=section&id=Taxation) Income tax expense decreased by 38.8% to RMB21.8 million, primarily attributable to a reduction in profit before income tax - Income tax expense decreased by **38.8%** from approximately RMB35.6 million to approximately **RMB21.8 million**[60](index=60&type=chunk) - This was mainly due to a decrease in profit before income tax[60](index=60&type=chunk) [Profit for the Period](index=20&type=section&id=Profit%20for%20the%20Period) Profit for the period decreased by 18.8% to RMB72.9 million, primarily due to lower gross profit, reduced other income, and increased administrative expenses, partially offset by a swing to other gains and decreased income tax - Profit for the period decreased by **18.8%** from approximately RMB89.8 million to approximately **RMB72.9 million**[61](index=61&type=chunk) - This was mainly due to a decrease in gross profit of approximately **RMB41.6 million**, a decrease in other income of approximately **RMB4.1 million**, and an increase in administrative expenses of approximately **RMB7.4 million**[61](index=61&type=chunk) - The decrease in profit was partially offset by a swing from other losses (net) to other gains (net) of approximately **RMB22.3 million** and a decrease in income tax expense of approximately **RMB13.8 million**[61](index=61&type=chunk) [Capital Structure](index=20&type=section&id=Capital%20Structure) As of June 30, 2025, the Group's net assets were RMB1,861.0 million, with net current assets at RMB816.6 million, comprising cash, inventories, and prepayments as assets, and trade payables, other payables, and contract liabilities as liabilities - As of June 30, 2025, the Group had net assets of approximately **RMB1,861.0 million** (December 31, 2024: approximately RMB1,811.0 million)[62](index=62&type=chunk) - The net current assets position was approximately **RMB816.6 million** (December 31, 2024: approximately RMB812.6 million)[62](index=62&type=chunk) - Major current assets included cash and bank balances of approximately **RMB752.8 million**, inventories of approximately **RMB86.5 million**, and prepayments, deposits, and other receivables of approximately **RMB177.9 million**[62](index=62&type=chunk) - Major current liabilities were trade payables and bills payable of approximately **RMB68.5 million**, other payables and accruals of approximately **RMB74.6 million**, and contract liabilities of approximately **RMB100.6 million**[62](index=62&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group held RMB752.8 million in cash and bank balances, with no interest-bearing bank borrowings and a 0% gearing ratio, and management is confident in future financial resources - As of June 30, 2025, the Group had cash and bank balances of approximately **RMB752.8 million** and no interest-bearing bank borrowings[63](index=63&type=chunk) - The Group's gearing ratio was **0%** (December 31, 2024: 0%)[63](index=63&type=chunk) - Management is confident that the Group has sufficient financial resources to meet its future debt obligations, working capital requirements, and future business expansion[63](index=63&type=chunk) [Outlook](index=21&type=section&id=Outlook) The Group will pursue capacity expansion, technological upgrades, and product diversification, with new projects enhancing energy efficiency and environmental performance, while strengthening core competitiveness despite an uncertain urea market - The Group will continue to pursue a growth strategy focused on capacity expansion, technological upgrades, and product diversification[64](index=64&type=chunk) - New projects will improve the energy efficiency and environmental performance of basic urea production[64](index=64&type=chunk) - The outlook for the urea market remains uncertain, with domestic supply and demand, adjustments to export policies, and fluctuations in international market conditions continuing to be major influencing factors[64](index=64&type=chunk) - The Group will continue to consolidate the stability and core competitiveness of its production and operations through measures such as expanding production capacity, optimizing processes, and promoting product innovation[64](index=64&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) The Group's primary foreign exchange risk stems from HKD-denominated bank balances, with no formal hedging policy, though management monitors and considers hedging as needed - The Group is primarily exposed to foreign exchange risk arising from bank balances denominated in Hong Kong Dollars[65](index=65&type=chunk) - The Group currently has no formal foreign exchange hedging policy and does not engage in hedging activities to mitigate foreign exchange risk[65](index=65&type=chunk) - Management monitors foreign exchange risk and will consider hedging significant foreign exchange exposures when necessary[65](index=65&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments) Contracted but unprovided capital commitments decreased to RMB74.0 million as of June 30, 2025 - As of June 30, 2025, the Group's contracted but unprovided capital commitments amounted to approximately **RMB74.0 million** (December 31, 2024: approximately RMB94.2 million)[66](index=66&type=chunk) [Pledge of Assets](index=22&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, two land parcels in Hebei Province were pledged for RMB650 million in credit facilities, a change from no pledges at 2024 year-end - As of June 30, 2025, two parcels of land held by Dongguang Chemical Co., Ltd in Hebei Province were pledged as collateral for certain credit facilities totaling **RMB650 million**[67](index=67&type=chunk) - As of December 31, 2024, there were no such pledges[67](index=67&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil)[68](index=68&type=chunk) [Employees and Remuneration Policy](index=22&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 1,241 staff with total costs of RMB63.2 million, guided by a remuneration policy based on industry practice, individual performance, and a share option scheme - As of June 30, 2025, the Group employed **1,241 staff** (December 31, 2024: 1,252 staff)[69](index=69&type=chunk) - Total employee costs (including directors' remuneration) for the reporting period were approximately **RMB63.2 million** (for the six months ended June 30, 2024: approximately RMB64.0 million)[69](index=69&type=chunk) - The remuneration policy is formulated based on industry practice and individual employee performance, and a share option scheme has been adopted to provide incentives and rewards[69](index=69&type=chunk) [Events After Reporting Period](index=23&type=section&id=Events%20After%20Reporting%20Period) No material events affecting the Group occurred from the reporting period end to the announcement date - No events that could materially affect the Group occurred from the end of the reporting period up to the date of this announcement[70](index=70&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) No significant acquisitions or disposals of the Company's subsidiaries, associates, or joint ventures occurred during the reporting period - During the reporting period, there were no significant acquisitions or disposals of the Company's subsidiaries, associates, or joint ventures[71](index=71&type=chunk) [Material Investments](index=23&type=section&id=Material%20Investments) The Company held no material investments during the reporting period - During the reporting period, the Company held no material investments[72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[73](index=73&type=chunk) [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board of Directors decided not to declare an interim dividend for the reporting period - The Board of Directors decided not to declare an interim dividend for the reporting period[74](index=74&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) [Audit Committee and Review of Interim Results](index=23&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, composed of independent non-executive directors, reviewed the Group's interim results without disagreement, and the auditor conducted a review per ISRE 2410 - The Audit Committee comprises independent non-executive directors Mr Wu Shiliang (Chairman), Mr Liu Jincheng, and Ms Lin Xiuxiang[75](index=75&type=chunk) - The Audit Committee has reviewed and discussed the interim results with management, with no disagreements[75](index=75&type=chunk) - The interim results have been reviewed by BDO Limited, the Company's auditor, in accordance with International Standard on Review Engagements 2410[75](index=75&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The Board adopted the Corporate Governance Code from Listing Rules Appendix C1 Part 2 and confirmed the company's compliance throughout the reporting period - The Board has adopted the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules[76](index=76&type=chunk) - The Company has complied with the code provisions set out in Part 2 of the Corporate Governance Code throughout the reporting period[76](index=76&type=chunk) [Standard Code for Securities Transactions by Directors](index=24&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted a code of conduct for directors' securities transactions, no less stringent than the Listing Rules' Standard Code, with all directors confirming compliance during the reporting period - The Company has adopted a code of conduct regarding directors' securities transactions, the terms of which are no less stringent than the Standard Code set out in Appendix C3 to the Listing Rules[77](index=77&type=chunk) - All directors confirmed that throughout the reporting period, they have complied with the required standards set out in the Standard Code and the Company's code of conduct governing directors' securities transactions[77](index=77&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=24&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is available on the HKEX and company websites, with the interim report to be dispatched to shareholders and published on these sites in due course - This interim results announcement is published on the HKEX website www.hkex.com.hk and the Company's website www.dg-chemical.com[78](index=78&type=chunk) - In accordance with the Listing Rules, the interim report for the reporting period will be dispatched to the Company's shareholders and published on the aforementioned HKEX and Company websites in due course[78](index=78&type=chunk) [Acknowledgement](index=24&type=section&id=Acknowledgement) Chairman Wang Chunmeng, on behalf of the Board, extended sincere gratitude to management, employees, shareholders, and customers for their hard work, dedication, and support - Chairman Wang Chunmeng, on behalf of the Board, expressed sincere gratitude to the management and all staff for their hard work and dedication, and to the Company's shareholders and the Group's customers for their support[79](index=79&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，概不就因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 JW (Cayman) Therapeutics Co. Ltd 藥明巨諾（開曼）有限公司* （於開曼群島註冊成立的有限公司） （股份代號：2126） 截至2025年6月30日止六個月之中期業績公告 及 上市所得款項淨額用途變更 藥明巨諾（開曼）有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月（「報 告期間」）之未經審核簡明綜合中期業績，連同2024年相應期間之比較數字。該 等中期業績已由本公司審核委員會（「審核委員會」）及核數師德勤 • 關黃陳方 會計師行審閱。 中期業績摘要 國際財務報告準則計量： – 1 – ‧ 收入於截至2025年6月30日止六個月為人民幣106.3百萬元，較截至2024年 6月30日止六個月的人民幣86.8百萬元增加22.5%。該收入來自(i)我們目 前處於商業化的產品倍諾達®的銷售 ...