開拓創新 追求卓越 Champion Alliance International Holdings Limited 冠均國際控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1629 2025 中期報告 2025 INTERIM REPORT Champion Alliance International Holdings Limited 冠均國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code: 1629 LEADING IN 公司資料 董事名稱 陳辰先生 （主席兼執行董事） 陳小龍先生 （執行董事） 胡恩鋒先生 （執行董事） 李愛國先生 （執行董事） 羅豔紅女士 （執行董事） 陳華先生 （獨立非執行董事） 趙振東先生 （獨立非執行董事） 錢志浩先生 （獨立非執行董事） INNOVATION STRIVING FOR EXCELLENCE 冠均國際控股有限公司 二零二五年中期報告 目 錄 2 公司資料 3 管理層討論及分析 9 企業管治及其他資料 12 中期簡明綜合損益及其他全面收益表 14 ...

(於開曼群島註冊成立的有限公司 ) 股份代號：01530 目錄 2 公司概覽 3 公司資料 5 財務摘要 6 管理層討論及分析 26 企業管治及其他資料 37 獨立審閱報告 39 中期簡明綜合損益表 40 中期簡明綜合全面收益表 41 中期簡明綜合財務狀況表 43 中期簡明綜合權益變動表 45 中期簡明綜合現金流量表 47 中期簡明綜合財務資料附註 公司概覽 三生制药（「本公司」或「三生制药」，連同其附屬公司統稱「本集團」）為中華人民共和國（「中國」）領先的生物技術公司。本集團作為 中國生物技術行業的先鋒，在研發、生產及營銷生物醫藥產品方面擁有豐富的經驗。本集團的核心商業化產品包括多種生物藥 物，即特比澳、重組人促紅素（「rhEPO」）產品益比奧及賽博爾、益賽普和賽普汀，以及小分子藥物蔓迪。特比澳為當今全球唯一 商業化的重組人血小板生成素（「rhTPO」）產品。根據IQVIA1，於二零二五年上半年，按銷售額計，特比澳在中國內地2血小板減少 症治療市場的份額為63.0%。憑藉兩種rhEPO產品，二十多年來，本集團一直為中國內地rhEPO市場龍頭，於二零二五年上半年共 佔41.5%的總市場份額。益賽普為中國內地市 ...

Revenue and Sales Performance - Total revenue for the first half of 2025 reached RMB 141,602 million, an increase of approximately 26.3% compared to RMB 112,124 million in the same period of 2024[15] - Passenger vehicle sales generated RMB 128,646 million in revenue for the first half of 2025, accounting for 90.9% of total revenue[13] - Revenue from new energy vehicles (NEVs) increased significantly to RMB 36,194 million, representing 28.1% of passenger vehicle sales in the first half of 2025, up from 14.7% in the same period of 2024[15] - Revenue from automotive components and parts increased to RMB 9,679 million, representing 6.8% of total revenue in the first half of 2025[13] - Fuel vehicle sales accounted for RMB 92,452 million, or 71.9% of passenger vehicle sales in the first half of 2025, down from 85.3% in the same period of 2024[15] - Passenger vehicle revenue increased from RMB 101,862 million to RMB 128,646 million, a growth of approximately 26.3% due to technological innovation and market development[17] - Fuel vehicle sales revenue increased from RMB 86,912 million to RMB 92,452 million, reflecting the expansion of business in domestic and international markets[18] - New energy vehicle sales revenue surged from RMB 14,950 million to RMB 36,194 million, attributed to the launch of a new strategy for electric vehicles[18] Financial Performance - The company recorded a net profit of RMB 9,906 million for the period, compared to RMB 7,898 million in the previous period, with a net profit margin of 7.0%[30] - Gross profit increased from approximately RMB 16,806 million to RMB 18,419 million, a growth of about 9.6%, while gross margin decreased from approximately 15.0% to 13.0%[20] - Other income and gains significantly increased from RMB 3,331 million to RMB 8,266 million, a rise of approximately 148.2%, mainly due to increased foreign exchange gains[21] - The company reported a profit of RMB 9,906 million for the six months ended June 30, 2025, representing a 25.4% increase from RMB 7,898 million in 2024[74] - Total comprehensive income for the period was RMB 8,802 million, up from RMB 7,760 million, reflecting a 13.4% growth year-over-year[74] - The basic earnings per share for the period was RMB 1.77, compared to RMB 1.43 in 2024, marking a 23.7% increase[73] Research and Development - Investment in new technology research and development will be a key focus to strengthen the company's competitive advantages[11] - Research and development expenses grew from RMB 3,597 million to RMB 5,200 million, an increase of about 44.6%, reflecting higher investment in R&D[24] - Research and development expenses amounted to RMB 5,200 million, up 44.7% from RMB 3,597 million in 2024[93] Cash Flow and Liquidity - As of June 30, 2025, the company's cash and cash equivalents amounted to approximately RMB 42,520 million, a decrease from RMB 62,693 million as of December 31, 2024[36] - The net cash inflow from operating activities for the period was approximately RMB 14,004 million, down from RMB 20,520 million in the previous period, primarily due to increased income tax payments[37] - The net cash outflow from investment activities was approximately RMB 26,704 million, significantly higher than RMB 4,339 million in the previous period, mainly due to increased expenditures on financial products and structured deposits[37] - Cash generated from operating activities was RMB 17,136 million, a decrease from RMB 21,082 million in the prior year, representing a decline of 18.5%[82] - The company reported a net cash outflow of RMB 20,522 million in cash and cash equivalents, contrasting with a net inflow of RMB 565 million in the previous year[86] Debt and Liabilities - As of June 30, 2025, the company's total debt, including bank loans and other borrowings, was approximately RMB 19,989 million, down from RMB 23,166 million as of December 31, 2024[38] - The debt-to-asset ratio as of June 30, 2025, was 86.1%, a slight improvement from 87.9% as of December 31, 2024[40] - The company's total liabilities increased to RMB 192,303 million as of June 30, 2025, compared to RMB 187,072 million at the end of 2024, reflecting a 2.4% rise[77] Employee and Management - Employee costs recognized for the period were approximately RMB 7,588 million, an increase from RMB 6,513 million for the same period in 2024[56] - The company had 58,256 employees as of June 30, 2025[56] - The total remuneration paid to key management personnel for the six months ended June 30, 2025, was RMB 77,494 thousand, an increase of 17.5% compared to RMB 65,930 thousand for the same period in 2024[118] Market Expansion and Strategy - The company plans to further expand its product lineup and enhance product positioning in the second half of 2025[11] - The company is committed to implementing a globalization strategy to consolidate and expand its overseas advantages[11] - The company plans to invest HKD 1,775.9 million in developing and expanding its new energy vehicle products by 2028[58] - The company plans to expand into overseas markets with an investment of HKD 1,775.9 million by 2029[58] Assets and Investments - The company's non-current assets increased to RMB 57,455 million as of June 30, 2025, compared to RMB 51,595 million at the end of 2024, marking an increase of 11.5%[76] - The net book value of property, plant, and equipment increased to RMB 27,337 million as of June 30, 2025, from RMB 21,156 million as of December 31, 2024, reflecting a growth of approximately 29%[105] - The company recorded a total of RMB 5,432 million in additions to property, plant, and equipment for the six months ended June 30, 2025, compared to RMB 3,601 million for the same period in 2024, reflecting a growth of 51%[105] Risk Management - The company has implemented a comprehensive risk management strategy to mitigate various financial risks, including interest rate and foreign currency risks[43][45] - The company has established a risk control and audit committee to oversee financial matters, comprising four independent non-executive directors[63] Listing and Financial Instruments - The company successfully listed on the Hong Kong Stock Exchange on September 25, 2025, issuing 297,397,000 shares at a price of HKD 30.75 per share[124] - The fair value of financial assets measured at fair value through other comprehensive income included receivables of RMB 2,041 million as of June 30, 2025, compared to RMB 7,547 million as of December 31, 2024[121]

Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 1.84 billion, an increase of 2.49% compared to the same period in 2024[6] - Net profit attributable to shareholders for the first half of 2025 was approximately RMB 193.61 million, a decrease of about 44.38% year-on-year[6] - The gross profit margin for the first half of 2025 was 56.80%, an increase of 0.31 percentage points year-on-year[7] - The comprehensive gross margin was 56.80%, an increase of 0.31 percentage points year-on-year[26] - Net profit attributable to shareholders was approximately RMB 194 million, a year-on-year decrease of 44.38%[26] - The company reported a significant increase in tax expenses, totaling RMB 11,428,375.33 for the first half of 2025, compared to RMB 4,625,993.78 in the same period of 2024, reflecting a year-over-year increase of approximately 147%[139] - The company reported a net profit of RMB 180,478,183.95 for the half-year ended June 30, 2025, down from RMB 339,684,234.43 in 2024[152] Cash Flow and Liquidity - The net cash flow from operating activities increased by 45.94% year-on-year, amounting to approximately RMB 185.53 million[8] - Cash flow from operating activities generated RMB 185,534,287.84, an increase of 46% compared to RMB 127,129,183.85 in 2024[63] - Cash flow from investing activities showed a net outflow of RMB 114,798,856.33, improving from a larger outflow of RMB 324,615,033.17 in 2024[63] - Cash flow from financing activities resulted in a net outflow of RMB 36,010,740.42, compared to a smaller outflow of RMB 7,530,906.23 in 2024[64] - Total cash and cash equivalents at the end of the period increased to RMB 1,094,144,866.77 from RMB 782,322,362.59 in 2024[64] Research and Development - Research and development expenses accounted for 28.99% of operating revenue in the first half of 2025, down from 33.31% in the same period of 2024[7] - Research and development (R&D) expenses totaled RMB 53.31 million, a decrease of 10.80% compared to the same period last year[24] - R&D investment amounted to approximately RMB 533 million, representing 28.99% of total revenue during the reporting period, indicating a high intensity of R&D expenditure[37] - The company has successfully launched a new generation of active and passive NFC tag products, enhancing performance to meet key customer application needs[16] - The company is advancing the development of heterogeneous fusion programmable devices, with a focus on RF-FPGA and RFSoC product lines expected to tape-out in the second half of the year[22] Assets and Liabilities - The company's total assets as of June 30, 2025, were approximately RMB 93.03 billion, reflecting a growth of about 2.90% from the beginning of the reporting period[8] - The net assets attributable to shareholders as of June 30, 2025, were approximately RMB 60.34 billion, an increase of about 2.37% from the beginning of the reporting period[8] - Total liabilities increased to RMB 2,632.27 million from RMB 2,496.99 million, indicating a rise in financial obligations[55] - Total assets as of June 30, 2025, amounted to RMB 397,875,893.03 for current non-current liabilities due within one year, an increase from RMB 368,203,159.44 at the end of 2024[128] Inventory and Receivables - The company's inventory at the end of the reporting period was valued at approximately RMB 3.09 billion, accounting for 45.75% of total current assets, with a provision for inventory impairment of RMB 548 million[36] - Accounts receivable at the end of the reporting period totaled approximately RMB 1.74 billion, with accounts receivable and notes receivable combined accounting for 110.87% of total revenue, indicating potential collection risks[39] - The total inventory as of June 30, 2025, was RMB 3,637,245,823.98, an increase from RMB 3,566,680,699.95 as of December 31, 2024, representing a growth of approximately 1.97%[103] - The provision for inventory impairment increased to RMB 548,261,080.05 as of June 30, 2025, compared to RMB 432,223,796.20 as of December 31, 2024, marking an increase of approximately 26.88%[102] Market and Competition - The company is actively expanding new products and markets to consolidate or increase market share despite intense competition in various product lines[7] - The global semiconductor market is projected to grow by 11.2% in 2025, with an estimated market value of USD 697 billion[9] - The company is exposed to risks from changes in government subsidies and tax incentives, which could impact profitability if supportive policies change[38] Subsidiaries and Investments - Shanghai Hualing Integrated Circuit Technology Co., Ltd. had total assets of RMB 1.32 billion as of June 30, 2025, a slight increase from RMB 1.32 billion at the end of 2024[163] - The company holds a 42.32% stake in Shanghai Hualing, maintaining control as the largest single shareholder despite a reduction in ownership due to public share issuance[162] - The company has established several subsidiaries, including Fudan Microelectronics (USA) Inc. and Shenzhen Fudan Microelectronics Co., Ltd., both fully owned[160] Tax and Compliance - The company has a corporate income tax rate of 15%, while its subsidiaries in Shanghai also maintain the same rate[83] - The company and its subsidiary, Shanghai Hualing Integrated Circuit Technology Co., Ltd., obtained high-tech enterprise certificates in 2023, allowing them to benefit from a reduced tax rate of 15% for three years[84] - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations[76] Employee Compensation - The company’s total employee compensation for sales expenses was RMB 85,071,253.07 in the first half of 2025, slightly up from RMB 84,667,736.61 in 2024[140] - The company’s total employee compensation for R&D expenses was RMB 320,770,561.29 in the first half of 2025, down from RMB 332,827,727.24 in 2024, reflecting a decrease of about 3.6%[144] - The company’s short-term employee compensation decreased to RMB 150,398,240.51 as of June 30, 2025, from RMB 157,230,519.66 at the end of 2024, a decline of about 4.9%[122]

目錄 CONTENTS 2 公司資料 Corporate Information 5 釋義 Definitions 7 財務摘要 Financial Highlights 10 管理層討論及分析 Management Discussion and Analysis 87 補充資料 Supplementary Information 91 中期簡明綜合損益表 Interim Condensed Consolidated Statement of Profit or Loss 92 中期簡明綜合全面收益表 Interim Condensed Consolidated Statement of Comprehensive Income 93 中期簡明綜合財務狀況表 Interim Condensed Consolidated Statement of Financial Position 96 中期簡明綜合權益變動表 Interim Condensed Consolidated Statement of Changes in Equity 98 中期簡明綜合現金流量表 Interim Condensed Conso ...

中期報告 2025 SWANG CHAI CHUAN LIMITED 雙財莊有限公司 INTERIM REPORT 2025 ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 2321 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論與分析 | 5 | | 其他資料 | 7 | | 簡明綜合損益及其他全面收益表 | 16 | | 簡明綜合財務狀況表 | 17 | | 簡明綜合權益變動表 | 18 | | 簡明綜合現金流量表 | 19 | | 簡明綜合財務報表附註 | 21 | 公司資料 董事會 執行董事 Soon See Beng先生 （主席） Soon Chiew Ang先生 Soon See Long先生 獨立非執行董事 Khoo Chee Siang先生（於2025年8月1日辭任） 拿督Tan Teow Choon 魏華生先生（於2025年8月1日辭任） Tiong Hui Ling女士（於2025年8月1日辭任） Lee Teck Hoe先生（於2025年8月1日獲委任） 林勤輝先生（於2025年8月1日獲委任） Saw Chooi Le ...

華億金控集 團 有 限 公 司 SINOFORTUNE FINANCIAL HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock code: 08123) 華億金控集 團 有 限 公 司 SINOFORTUNE FINANCIAL HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：08123） INTERIM 中期報告 2025 REPORT 2025 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市 的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承 受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責、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報告全部或 ...

Financial Performance - For the first half of 2025, the company reported revenue of RMB 245.93 million, a 63.1% increase compared to RMB 150.82 million in the same period of 2024[5]. - Gross profit for the first half of 2025 was RMB 127.04 million, up 57.7% from RMB 80.56 million in the first half of 2024[6]. - The net loss for the first half of 2025 was RMB 2.29 million, a significant reduction of 93.9% from a loss of RMB 37.74 million in the first half of 2024[6]. - Operating costs increased by 69.2% to RMB 118.89 million for the six months ending June 30, 2025, compared to RMB 70.25 million in 2024, mainly due to rising material costs associated with increased sales[34]. - The company reported a total comprehensive loss of RMB 2,296,654.12 for the six months ended June 30, 2025, compared to a loss of RMB 37,665,057.57 in the same period of 2024[107]. - The company’s financial expenses improved, showing a net financial income of RMB 22,673,423.70 for the six months ended June 30, 2025, compared to a loss of RMB 35,102,512.56 in the same period of 2024[105]. - The company reported a net loss of RMB -287,341,067.32 in retained earnings as of June 30, 2025, slightly worsening from RMB -285,048,379.75 at the end of 2024[111]. Sales and Market Expansion - The company achieved international revenue of RMB 121.29 million in the first half of 2025, representing a 218.0% increase from RMB 38.14 million in the same period of 2024[11]. - The continuous glucose monitoring system generated RMB 143.11 million in sales, a 91.5% increase from RMB 74.72 million in the first half of 2024[6]. - The company expanded its product reach to over 2,500 hospitals domestically and sold products to 118 countries globally[9]. - The company plans to enhance its continuous glucose monitoring system's commercialization capabilities, utilizing 7% of the net proceeds, approximately RMB 107.34 million[69]. - The company is actively pursuing market expansion strategies, targeting entry into three new international markets by the end of 2025[147]. Product Development and Innovation - The company has developed a comprehensive product portfolio for diabetes management, including continuous glucose monitoring systems and insulin pump systems, with 21 medical device registrations in China and 60 overseas[15]. - The core product, Equil, is a patch insulin pump that has received regulatory approval for adult use in 2017 and is now under registration for pediatric use and a second-generation model[17]. - The AiDEX continuous glucose monitoring system, launched in 2021, is the second commercialized system globally that offers real-time monitoring without calibration, with expanded approval for children in 2024[18]. - The company has submitted registration applications for the AiDEX X system, which features a smaller design and improved performance, with approvals received in 2024[19]. - The company is enhancing its diabetes management paradigm through an innovative model combining devices, algorithms, and cloud platforms, focusing on smart hardware technology and personalized treatment solutions[56]. Research and Development - The company has established a strong R&D platform with an interdisciplinary team averaging over 17 years of experience, focusing on diabetes monitoring and treatment devices[26]. - Research and development expenses decreased by 5.7% to RMB 32.57 million for the six months ending June 30, 2025, from RMB 34.55 million in 2024, due to reduced phase-specific investments[38]. - The company has invested RMB 50 million in R&D for new technologies aimed at improving diabetes management solutions[147]. Cash Flow and Financial Position - Cash reserves as of June 30, 2025, stood at RMB 1.716 billion, indicating strong liquidity[7]. - As of June 30, 2025, the company had cash resources of RMB 1.716 billion, a 1.1% increase from RMB 1.697 billion as of December 31, 2024, sufficient to meet operational needs[42]. - The total liabilities reached RMB 238,366,025.44 as of June 30, 2025, compared to RMB 171,722,463.18 at the end of 2024, marking an increase of about 38.7%[111]. - The company's cash and cash equivalents decreased to RMB 227,668,890.49 by June 30, 2025, down from RMB 500,341,142.43 at the end of 2024, a decline of approximately 54.5%[115]. Corporate Governance and Shareholder Information - The board of directors believes that having the same individual serve as both chairman and CEO ensures consistent leadership and effective strategic planning[60]. - The board will continue to review corporate governance practices and may consider separating the roles of chairman and CEO in the future[62]. - Major shareholder Chen Fei holds 24,776,804 domestic shares, representing approximately 11.90% of the relevant shares[76]. - The company has not disclosed any changes in the information of directors, supervisors, and senior management during the reporting period[70]. Employee Incentives and Management - The company has established two employee incentive platforms holding a total of 11,575,363 H-shares and 23,154,199 domestic shares[98]. - The management has introduced a new employee incentive program to enhance productivity, with an expected impact of increasing operational efficiency by 10%[147]. - The reward shares granted under the H-share plan do not require any payment from the selected employees[94]. Future Outlook - The company has set a future outlook with a revenue target of RMB 1 billion for the full year 2025, indicating a 20% increase compared to 2024[147]. - A strategic acquisition of a local competitor is anticipated to enhance the company's market position and is projected to contribute an additional RMB 100 million in revenue annually[147]. - The company plans to enhance its online sales platform, aiming for a 30% increase in e-commerce revenue by the end of 2025[147].

Revenue Growth - Revenue for the six months ended June 30, 2025, was HKD 14,082,000, a significant increase of 134% compared to HKD 5,997,000 for the same period in 2024[8] - Customer contracts contributed HKD 11,756,000 to revenue, up from HKD 3,766,000, reflecting a growth of 212% year-over-year[8] - Total revenue for the year 2025 reached 14,082 thousand HKD, a significant increase from 5,997 thousand HKD in 2024, representing a growth of approximately 134.5%[28] - Customer contracts and revenue recognized at a point in time amounted to 11,756 thousand HKD in 2025, up from 3,765 thousand HKD in 2024, indicating a growth of 212.5%[28] - The brokerage services segment generated revenue of HKD 13,212,000, while the guarantee financing and related advisory services segment contributed HKD 870,000, leading to a total segment revenue of HKD 14,082,000 for the six months ended June 30, 2025[23] - Brokerage, related advisory services, and margin financing business revenue increased by HKD 9.2 million, or 229%, attributed to heightened market activity[54] Profitability - The company reported a pre-tax profit of HKD 9,776,000, compared to a loss of HKD 1,074,000 in the previous year, indicating a turnaround in performance[8] - Basic earnings per share for the period was HKD 0.83, compared to a loss per share of HKD 0.14 in the same period last year[8] - The net profit attributable to the owners of the company for 2025 was 8,013 thousand HKD, a turnaround from a loss of 1,122 thousand HKD in 2024[34] - The group’s net profit for the period was HKD 8.0 million, compared to a loss of HKD 1.1 million in the previous period, driven by higher revenue and overall cost savings[62] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 22,560,000 from HKD 13,898,000, representing a growth of 62%[9] - Operating cash flow before changes in working capital increased to HKD 9,180,000 from HKD 448,000 year-on-year, marking a growth of approximately 1,952%[14] - The net cash generated from operating activities for the six months ended June 30, 2025, was HKD 27,685,000, compared to HKD 1,998,000 in the previous year, indicating a growth of approximately 1,286%[15] - Total cash and cash equivalents increased to HKD 22,560,000 as of June 30, 2025, up from HKD 12,506,000 a year earlier, reflecting a growth of approximately 80.5%[15] - As of June 30, 2025, the group's cash and cash equivalents amounted to approximately HKD 22.6 million, an increase from HKD 13.9 million as of December 31, 2024[64] - The group maintained a net cash position as of June 30, 2025, compared to a 31% net debt ratio as of December 31, 2024[64] Assets and Liabilities - Total assets as of June 30, 2025, were HKD 80,963,000, a decrease from HKD 88,993,000 in 2024[9] - The company’s total liabilities decreased to HKD 20,362,000 from HKD 36,405,000, showing a reduction of 44%[10] - The equity total increased to HKD 60,601,000 from HKD 52,588,000, reflecting a growth of 15%[10] - The company’s total liabilities included a repayment of shareholder loans amounting to HKD 19,300,000 during the reporting period[15] - Shareholder loans as of June 30, 2025, were HKD 10.7 million, down from HKD 30.0 million as of December 31, 2024[65] Expenses - The company’s administrative expenses decreased to HKD 1,901,000 from HKD 3,949,000, a reduction of 52%[8] - Other operating and administrative expenses were approximately HKD 1.9 million, a decrease of about HKD 2.0 million, or 51.9%, compared to the previous period, mainly due to cost-saving measures[60] - The total employee costs rose to 3,208 thousand HKD in 2025, compared to 2,584 thousand HKD in 2024, reflecting an increase of 24.1%[32] Share Capital and Dividends - The company issued new shares amounting to HKD 38,200,000 during the period, enhancing its capital base[13] - The weighted average number of ordinary shares used for calculating basic earnings per share increased to 960,000 in 2025 from 800,000 in 2024[34] - The total number of issued shares as of the report date is 960,000,000 shares[91] - The board has not declared any dividends for the current period, consistent with the previous period's dividend of HKD 0 per share[79] Market Outlook - The group anticipates strong market momentum in the second half of 2025, supported by significant southbound capital and expectations of interest rate cuts[63] Corporate Governance - The board is committed to good corporate governance practices and has adhered to the GEM Listing Rules and Corporate Governance Code[74] Other Information - The group has not reported any significant changes in accounting policies that would materially affect its financial performance or position[20] - The group has complied with the liquidity requirements under the Securities and Futures (Financial Resources) Rules during the reporting period[65] - The group does not face significant credit risk as all bank balances and deposits are held with recognized banks in Hong Kong and Macau[66] - There are no significant contingent liabilities as of June 30, 2025[69] - The group has not made any significant investments or acquisitions during the reporting period[73]

Financial Performance - The company's revenue decreased by approximately 10.5% from RMB 181.6 million for the six months ended June 30, 2024, to RMB 162.5 million for the six months ended June 30, 2025, primarily due to a decline in sales of proprietary brand products[10]. - Gross profit for the six months ended June 30, 2025, was approximately RMB 37.9 million, a decrease of about 30.1% from RMB 54.2 million for the same period in 2024, with the gross profit margin dropping from 29.8% to 23.3%[12]. - The company's net profit for the six months ended June 30, 2025, was approximately RMB 4.1 million, down from RMB 7.8 million in the same period of 2024[18]. - Revenue for the six months ended June 30, 2025, was RMB 162,533,000, a decrease of 10.5% compared to RMB 181,556,000 for the same period in 2024[79]. - Gross profit for the same period was RMB 37,942,000, down 30.0% from RMB 54,159,000 in 2024[79]. - The net profit for the period was RMB 4,081,000, representing a decline of 47.8% from RMB 7,822,000 in the previous year[79]. Expenses and Costs - Sales expenses decreased by approximately 19.1% from RMB 15.2 million for the six months ended June 30, 2024, to RMB 12.3 million for the six months ended June 30, 2025, mainly due to reduced marketing and promotional expenses[14]. - Administrative expenses decreased by approximately 11.5% from RMB 18.3 million for the six months ended June 30, 2024, to RMB 16.2 million for the six months ended June 30, 2025, primarily due to reduced travel expenses[15]. - The cost of goods sold decreased to RMB 117,779,000 in 2025 from RMB 126,170,000 in 2024, a reduction of 6.0%[97]. Cash Flow and Liquidity - As of June 30, 2025, the group's cash and cash equivalents amounted to approximately RMB 21.3 million, a decrease of about 8.7% from RMB 29.0 million as of December 31, 2024, primarily due to the repayment of bank loans[23]. - The company reported a net cash outflow from operating activities of RMB 68,701 thousand for the six months ended June 30, 2025, compared to a net outflow of RMB 12,191 thousand for the same period in 2024[84]. - The company’s financing activities resulted in a net cash outflow of RMB 76,956 thousand for the six months ended June 30, 2025[84]. Assets and Liabilities - Total assets as of June 30, 2025, were RMB 597,826,000, an increase from RMB 529,898,000 as of December 31, 2024[80]. - Current liabilities decreased significantly to RMB 65,299,000 from RMB 199,548,000 at the end of 2024[80]. - Total liabilities decreased to RMB 13,244,000 as of June 30, 2025, from RMB 48,487,000 at the end of 2024, a decrease of 72.7%[111]. Shareholder Information - The company’s major shareholders, Zheng Guosi and Zheng Zhenzhong, each hold 72.75% of the company’s shares, indicating significant insider ownership[55]. - Zheng Guosi beneficially owns 201,662,968 shares, representing approximately 25.46% of the total issued shares through Xiejia Limited[55]. - Zheng Zhenzhong beneficially owns 172,853,972 shares, representing approximately 21.82% of the total issued shares through Canon International Limited[55]. Corporate Governance - The company has adopted high corporate governance standards and complies with the relevant rules of the Hong Kong Stock Exchange, ensuring a balance of power between the board and management[48]. - The company will continue to review and consider the separation of the roles of Chairman and CEO at an appropriate time, ensuring effective governance[48]. - As of June 30, 2025, the company has not identified any non-compliance issues regarding securities trading by directors during the review period[50]. Employee and Training - The group employed 385 staff as of June 30, 2025, a slight decrease from 386 as of December 31, 2024[43]. - The group is committed to employee training and development, viewing employees as a key asset for sustainable growth[44]. Future Plans and Strategies - The company aims for sustainable growth and to strengthen its position as a confectionery manufacturer in China through strategies such as capacity expansion and upgrading production lines[46]. - The company plans to enhance marketing efforts through e-commerce channels to increase sales and expand its distribution network, targeting new markets with significant growth potential in China[47]. - The company is committed to continuous product development to meet changing consumer preferences and enhance its product offerings[46]. Stock Options and Share Issuance - The company has established a stock option plan to provide a private opportunity for eligible participants to own shares in the company[63]. - The maximum number of shares that can be issued under the stock option plan is capped at 10% of the total issued shares, which is 79,200,000 shares[65]. - No stock options have been granted since the adoption of the stock option plan, and the number of unexercised options available for issuance remains at 79,200,000[66].