Financial Performance - For the six months ended June 30, 2025, the Group's revenue was approximately RMB262,889,000, a decrease of 9.9% compared to RMB291,829,000 in the prior period[14]. - The Group's gross profit for the period was approximately RMB126,076,000, representing a decrease of 9.7% from RMB139,662,000 in the prior period[14]. - The net profit for the period was approximately RMB15,334,000, a decrease of 25.3% compared to RMB20,530,000 in the prior period, primarily due to increased selling and distribution expenses[15]. - Basic and diluted earnings per share were RMB1.93 cents, down from RMB2.85 cents in the prior period[16]. - Total comprehensive income for the period attributable to owners was RMB14,342,000, down 29.5% from RMB20,334,000 in 2024[113]. - Profit for the period was RMB15,334,000, representing a decline of 25.5% from RMB20,530,000 in 2024[113]. - Profit before tax for the six months ended June 30, 2025, was RMB17,490,000, down from RMB23,219,000 in the same period of 2024, representing a decline of 24.0%[136][138]. - The Group's profit before tax for the six months ended June 30, 2025, was RMB17,490,000, down from RMB23,219,000 in the same period of 2024, representing a decline of 24.0%[136][138]. Segment Performance - Revenue from the Faux Leather Chemicals Business decreased by 6.6% to approximately RMB113,104,000, while gross profit for this segment was approximately RMB26,137,000[18]. - The segment revenue from the Chinese Liquor Business was approximately RMB149,785,000, down from RMB170,795,000 in the prior period, with a gross profit of approximately RMB99,940,000[26]. - Segment profit from the Chinese Liquor Business was approximately RMB11,350,000, down from RMB19,817,000 in the prior period[26]. - The segment profit for the Faux leather chemicals was RMB4,951,000, while the Chinese Liquor products segment reported a profit of RMB11,350,000[136]. Expenses and Costs - Selling and distribution expenses for the period were approximately RMB7,942,000, accounting for 7.0% of segment revenue, up from 5.4% in the prior period[23]. - The Group's finance costs increased to RMB960,000 from RMB519,000, representing an increase of 84.9%[155]. - Research and development expenses for the period were RMB3,914,000, slightly down from RMB4,142,000 in 2024[157]. - The Group received government grants totaling RMB1,210,000, down from RMB1,782,000 in 2024, indicating a decrease of 32%[150]. Assets and Liabilities - The current assets of the Group as of June 30, 2025, were approximately RMB652,560,000, up from RMB557,411,000 as of December 31, 2024[39]. - The current liabilities of the Group as of June 30, 2025, were approximately RMB213,407,000, compared to RMB155,653,000 as of December 31, 2024[39]. - The current ratio decreased from approximately 3.58 times as of December 31, 2024, to approximately 3.06 times as of June 30, 2025[39]. - Total segment assets increased to RMB794,306,000 as of June 30, 2025, compared to RMB761,510,000 as of December 31, 2024, reflecting a growth of 4.3%[139]. - The liabilities of the Faux leather chemicals business rose to RMB200,330,000 as of June 30, 2025, from RMB141,054,000 as of December 31, 2024, indicating a significant increase of 42.0%[139]. Cash Flow - Net cash used in operating activities for the six months ended June 30, 2025, was RMB23,227,000, compared to a net cash generated of RMB8,390,000 in 2024[121]. - Net cash used in investing activities was RMB2,285,000, a significant decrease from RMB40,777,000 in the previous year[121]. - The company generated net cash from financing activities amounting to RMB48,132,000, an increase from RMB27,484,000 in the prior year[121]. - Cash and cash equivalents at the end of the period increased to RMB77,819,000 from RMB43,766,000 at the end of June 2024[121]. Shareholder Information - As of June 30, 2025, Mr. Chen Hua held 6,000,800 shares (0.83% of total shareholding) and Mr. Huang Zhenming held 4,000,000 shares (0.56% of total shareholding)[90][92]. - As of June 30, 2025, Sunlight Global Investment Limited and Lilian Global Investment Limited held approximately 0.50% and 0.33% of the total issued share capital of the Company, respectively[93]. - Ms. Zheng Xiuyue holds a long position of 52,000,000 shares, representing approximately 7.22% of the Company's shareholding[99]. - No other persons, apart from Directors and chief executives, had interests or short positions in the shares or underlying shares of the Company as of June 30, 2025[100]. Corporate Governance - The company has adopted the Corporate Governance Code and is committed to transparency and accountability to shareholders[79]. - The company has complied with the Corporate Governance Code since the listing date, with exceptions related to the absence of a Chairman since May 25, 2022[80]. - The Audit Committee, comprising independent non-executive Directors, reviewed the interim financial report and discussed internal control and financial reporting matters[105]. - All directors have complied with the Model Code for Securities Transactions during the reporting period[83]. Strategic Developments - The Group entered into a strategic cooperation agreement with Shanghai Jiuyue in August 2025 to expand the sales of alcoholic beverages and food products[36]. - The Group continues to explore sales channels for its Chinese baijiu products through advertising and hosting tasting events[26]. - The Group's management continues to focus on strategic expansions and partnerships to enhance market presence and operational efficiency[187].

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。 SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源 （ 香 港 ） 有 限 公 司 1 茲提述本公司於二零二五年四月三十日刊發的截至二零二四年十二月三十一日止年度之年報（「二零 二四年年報」）。除文義另有所指外，本公告所用詞彙與二零二四年年報所界定者具有相同涵義。 持續關連交易 除二零二四年年報中「關連交易及持續關連交易」一段下的披露外，本公司謹此根據上市規則第 14A 章第 14A.71 條的規定，於二零二四年年報中提供以下進一步資料： (a) 二零二二年申萬宏源集團備忘錄 於二零二二年四月二十日，本公司與申萬宏源集團公司訂立二零二二年申萬宏源集團備忘錄，內容有 關自二零二二年六月一日至二零二五年五月三十一日期間申萬宏源集團與本集團之間可能出現的以 下交易: （於香港註冊成立之有限公司） （股份代號：218） 申萬宏源集團向本集團提供以下服務： 二零二四年年報之補充公告 ...

CONTENTS 目錄 In the first half of 2025, the Group continued to be committed to the development of the water resources industry and the beer industry in Tibet, striving to enhance the user experience and optimize channel expansion, so as to enable Tibet's distinctive and premium products to reach more consumers and potential consumers. | FINANCIAL HIGHLIGHTS | 2 | | --- | --- | | 財務摘要 | | | MANAGEMENT DISCUSSION AND ANALYSIS | 3 | | 管理層討論及分析 | | | CORPORATE GOVERNANCE PRACTICES | 13 | | 公司管治常規 | | | FINANCIAL ...

大唐西市絲路投資控股有限公司 DTXS SILK ROAD INVESTMENT HOLDINGS COMPANY LIMITED (於百慕達註冊成立之有限公司) (股份代號: 620) (Incorporated in Bermuda with limited liability) (Stock Code: 620) 大唐西市絲路投資控股有限公司 DTXS SILK ROAD INVESTMENT HOLDINGS COMPANY LIMITED DTXS SIL K R OAD INVEST MENT HOL DINGS C O MPANY LI MITE D 大 唐 西 市 絲 路 投 資 控 股 有 限 公 司 Interim Report 2025 中 期 報 告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 其他資料 | 7 | | 簡明綜合損益及其他全面收益表 | 14 | | 簡明綜合財務狀況表 | 16 | | 簡明綜合權益變動表 | 18 | | 簡明綜合現金流量表 | 19 | | 簡明中期財務資料附註 | 20 | 公司資料 董事會 ...

1 擎華控股集團有限公司 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為較於聯交所上市之其他公司帶有更高投資風險之中小型公司提供一個上 市之市場。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮 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香港聯合交易所有限公司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任何部分內容產生或 因倚賴該等內容引致之任何損失承擔任何責任。 本報告乃遵照香港聯合交易所有限公司GEM證券上市規則之規定提供有關擎華控股集團有 限公司之資料。擎華控股集團有限公司各董事願就本報告共同及個別承擔全部責任，並經作 出一切合理查詢後確認，就彼等所深知及確信，本報告所載之資料在各重大方面均屬準確及 完整，且無誤導或欺詐成份；及本報告並無遺漏其他事實致使本報告所載任何陳述產生誤 導。 二零二五年中期報告 2 公司資料 執行董事 唐才智先生 （主席） 鍾楚霖先 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of HK$500 million for the interim period, representing a 25% year-over-year growth[1]. - For the six months ended June 30, 2025, the company's revenue increased by 1.3% to RMB 209.2 million from RMB 206.4 million for the same period in 2024[35]. - The total comprehensive loss for the period was RMB 92.6 million, a decrease from RMB 114.1 million in the same period of 2024[136]. - Adjusted total comprehensive loss for the period was RMB 72.151 million for the six months ended June 30, 2025, compared to RMB 97.659 million for the same period in 2024[51]. - The gross margin improved to 60%, up from 55% in the previous year, due to cost optimization strategies[1]. - Gross profit increased by 2.1% to RMB 192.9 million from RMB 188.9 million for the same period in 2024, with a gross profit margin of 92.2% compared to 91.5% in 2024[37]. User Growth and Market Expansion - User data showed a 30% increase in active users, reaching 1.2 million by the end of the reporting period[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share within the next two years[1]. - The company is focusing on accelerating product development and commercialization processes to enhance operational efficiency and bring forward novel medicines[198]. - The company aims to strategically collaborate with partners to expand into emerging markets for the development and commercialization of 恩維達®[200]. Research and Development - Research and development efforts focused on the new PD-L1 inhibitor, ENWEIDA, which is expected to enter clinical trials in Q3 2025[1]. - The company is involved in the research and development of PD-1 and PD-L1 related therapies, targeting non-small cell lung cancer (NSCLC) and renal cell carcinoma (RCC)[9]. - The company has advanced a proprietary 177Lu-labeled PSMA-targeted RDC, which is now in the investigator-initiated trial (IIT) stage[29]. - The ongoing development of Envafolimab includes multiple clinical trials demonstrating its efficacy and safety across various cancer types[26][27]. - The company has established a comprehensive nucleic acid drug development system, including drug design, preparation, and preclinical research, with a focus on tumor neoantigen vaccines and the development of the 3D-PreciseAg antigen prediction system[115]. Product Development and Commercialization - The company has commercialized Envafolimab, which is now sold in over 3,000 hospitals and 760+ pharmacies across 30 provinces in China[133]. - Envafolimab achieved sales revenue of RMB 209.2 million in China for the first half of 2025, contributing to a total sales of approximately RMB 1.9 billion[58]. - The company is developing a new mRNA therapeutic cancer vaccine, 3D124, which targets multiple tumor-specific antigens and has shown strong anti-tumor effects in pre-clinical studies[95]. - The production capacity expansion for Envafolimab Injection received official approval from the National Medical Products Administration (NMPA) in the first half of 2025, enhancing manufacturing capabilities to meet growing market demand[125]. Strategic Partnerships and Acquisitions - A strategic acquisition of a local biotech firm was announced, which is expected to enhance the company's product pipeline and capabilities[1]. - The company has initiated a partnership with a leading pharmaceutical company to co-develop new therapies, aiming for a launch by 2026[1]. - The company has established a licensing agreement with Glenmark and is actively pursuing overseas licensing opportunities for Envafolimab in additional countries and regions[62]. Financial Position and Cash Flow - Cash and bank balances as of June 30, 2025, were RMB 660.5 million, down from RMB 864.3 million as of December 31, 2024[34]. - The net cash used in operating activities for the six months ended June 30, 2025, was RMB 205.8 million, compared to RMB 179.7 million for the same period in 2024[170]. - The Group's total revenue increased by approximately 1.3% compared to the corresponding period in 2024, driven by improved market conditions and strong sales execution[58]. - Total current assets decreased by RMB 185.2 million to RMB 802.6 million as of June 30, 2025, from RMB 987.8 million as of December 31, 2024[165][167]. Corporate Governance and Structure - The company has undergone changes in its board of directors, with new appointments and resignations effective June 30, 2025[12]. - The principal bank for the company is Bank of Communications, indicating a stable banking relationship for financial operations[15]. - The company is registered in the Cayman Islands, with its corporate headquarters located in Qingdao, Shandong, PRC[15]. Employee and Operational Insights - The Group had 183 full-time employees as of June 30, 2025, with total employee benefits expenses of approximately RMB 63.4 million for the six months ended June 30, 2025[192]. - Employee recruitment is based on various factors, including work experience and educational background, with ongoing training programs provided to enhance skills and knowledge[197]. - The company is building differentiated commercial capabilities in mainland China and plans to expand these capabilities in the global market[199].

Financial Performance - For the six months ended June 30, 2025, revenue increased to RMB 382.26 million, up 37.5% from RMB 277.84 million in the same period of 2024[19]. - Gross profit for the same period was RMB 149.54 million, representing a 30.3% increase compared to RMB 114.77 million in 2024[19]. - Profit for the period reached RMB 10.26 million, a significant increase of 201.5% from RMB 3.40 million in the previous year[19]. - Earnings per share attributable to ordinary equity holders rose to RMB 3.16 cents, compared to RMB 1.07 cents in 2024, marking a 195.3% increase[19]. - Revenue increased by 37.6% from RMB 277.8 million for the six months ended June 30, 2024, to RMB 382.3 million for the six months ended June 30, 2025[55]. - Revenue from online reading platform services rose by 31.3% from RMB 105.8 million to RMB 139.0 million during the same period, driven by increased online reading advertising[56]. - Revenue from digital marketing services surged by 47.0% from RMB 156.6 million to RMB 230.3 million, attributed to higher advertising demand[57]. - Revenue from online games publishing services grew by 26.3% from RMB 5.3 million to RMB 6.7 million, due to enhanced marketing efforts for an overseas game[58]. - Revenue from other digital content services decreased by 37.8% from RMB 10.1 million to RMB 6.3 million, primarily due to a decline in music digital content revenue[61]. - Cost of sales increased by 42.7% from RMB 163.1 million to RMB 232.7 million, mainly due to rising costs in digital marketing services[62]. - Gross profit margin improved to 39.1% for the six months ended June 30, 2025, compared to 41.3% for the same period in 2024[76]. - Selling and distribution expenses rose by 53.9% to RMB 105.9 million for the six months ended June 30, 2025, accounting for 27.7% of total revenue[78]. - Administrative expenses decreased by 63.8% to RMB 8.4 million for the six months ended June 30, 2025, representing 2.2% of total revenue[79]. - Research and development expenses increased by 26.9% to RMB 22.3 million for the six months ended June 30, 2025, accounting for 5.8% of total revenue[80]. - Profit before tax for the six months ended June 30, 2025, was RMB 11.6 million, up from RMB 5.2 million in 2024[87]. - Net profit for the period increased to RMB 10.3 million for the six months ended June 30, 2025, compared to RMB 3.4 million for the same period in 2024, with a net profit margin of 2.7%[89]. Market and Industry Insights - The global generative AI in content creation market size was USD 14.81 billion in 2024, projected to grow at a CAGR of 32%, reaching USD 134.23 billion by 2032[21]. - The global generative AI content creation market is projected to reach USD 14.81 billion in 2024, with a compound annual growth rate (CAGR) of 32% expected until 2032[23]. - The global in-app purchase revenue from short drama applications reached nearly USD 700 million in Q1 2025, marking a nearly fourfold increase compared to the same period in 2024[30]. Research and Development - R&D expenses for AI-generated content and intelligent recommendation technology amounted to RMB 22.3 million in the first half of 2025[21]. - The company plans to strengthen its core advantages in AI-based recommendation technology and improve recommendation accuracy through algorithm upgrades in the second half of the year[39][42]. - The company will leverage the latest big model technology to build a multi-dimensional content understanding system, enhancing the accuracy and efficiency of its AI engine[40][43]. - The company aims to promote the commercial application of AI technology across various fields, including digital marketing and content generation, to improve marketing conversion efficiency[44][45]. - The company has invested in a series of R&D projects focused on improving the Easou Recommendation Engine, with a total of HK$6.1 million allocated, of which HK$2.9 million has been utilized[180]. Strategic Initiatives - The Group's proprietary Easou Recommendation Engine is continuously upgraded and applied across various business scenarios, enhancing its competitive advantage in the AI sector[6]. - The Group is actively exploring the integration of AI-based recommendation technology with blockchain technology in the RWA sector[7]. - Easou Technology signed a 10-year framework cooperation agreement with a Hong Kong technology company to jointly develop RWA products and other digital asset projects[33]. - The company has established a joint venture with Acceleronet HPC Limited and plans to complete a strategic investment in Lightnet Pte. Ltd. to advance its RWA and Web3.0 initiatives[51][52]. - The strategic partnerships will enable the company to leverage resource advantages and promote the construction of an on-chain rights confirmation and value conversion system for digital assets[52]. User Engagement and Growth - As of June 30, 2025, the cumulative registered users of Easou products reached 47 million, with an average monthly active user count of 25 million[26]. - In the first half of 2025, Easou Technology achieved revenue of RMB 230.3 million in digital marketing services, representing a year-on-year increase of 47.0%[25]. - Easou Technology is actively developing localized and customized short dramas based on overseas user preferences to enhance its globalization strategy[30]. - The company will focus on short drama content as a core entry point for global market expansion, targeting mature markets in Europe and America initially[46][49]. Financial Position and Assets - Total assets increased by 17.2% to RMB 798.2 million as of June 30, 2025, while total liabilities decreased by 27.2% to RMB 171.1 million[95]. - Net current assets rose by 55.6% to RMB 534.5 million as of June 30, 2025, driven by an increase in current assets and a decrease in current liabilities[96]. - Cash and cash equivalents rose by 60.6% from RMB 160.8 million as of December 31, 2024, to RMB 258.4 million as of June 30, 2025, primarily due to proceeds from share placement[122]. - Interest-bearing bank and other borrowings decreased by 31.5% from RMB 193.1 million as of December 31, 2024, to RMB 132.2 million as of June 30, 2025, mainly due to partial repayment of bank borrowings[123]. - The gearing ratio improved to 21.1% as of June 30, 2025, down from 43.3% as of December 31, 2024[124]. Corporate Governance and Shareholder Information - The Company adopted a Share Option Scheme for a period of 10 years starting from the Listing Date, aimed at attracting and retaining quality personnel and aligning their interests with shareholders[130][134]. - The roles of the chairman and CEO are both performed by Mr. Wang, which the Board believes enhances responsiveness and effectiveness in business strategy formulation[155]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[156]. - As of June 30, 2025, Mr. Wang holds 106,855,884 shares, representing approximately 27.66% of the company's issued share capital[192]. - The total number of ordinary shares issued by the company as of June 30, 2025, is 386,267,244[193]. - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2025[161].

Contents目錄 | Corporate Information 公司資料 | 3 | | --- | --- | | Management Discussion and Outlook 管理層討論及展望 | 5 | | Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 | 17 | | Condensed Consolidated Statement of Other Comprehensive Income | 19 | | 簡明綜合其他全面收益表 | | | Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 | 20 | | Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 | 22 | | Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 | 24 | | Notes to the Condensed Conso ...

| 2 | 公司資料 | | --- | --- | | 4 | 管理層討論與分析 | | 16 | 企業管治及其他資料 | | 24 | 簡明綜合財務報表審閱報告 | | 25 | 簡明綜合損益及其他全面收益表 | | 26 | 簡明綜合財務狀況表 | | 28 | 簡明綜合權益變動表 | | 29 | 簡明綜合現金流量表 | | 31 | 簡明綜合財務報表附註 | | 62 | 釋義 | 公司資料 董事會 深圳市天圖投資管理股份有限公司 TIAN TU CAPITAL CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 1973 2025 中 期 報 告 目錄 刁揚先生 （主席，自2025年5月23日起生效） 王永華先生 王世林先生 （辭任主席，自2025年5月23日起生效） 執行董事 王永華先生 （董事長） 馮衛東先生 鄒雲麗女士 李小毅先生 （於2025年5月23日辭任） 非執行董事 王仕生先生 （於2025年5月23日獲委任） 黎瀾先生 姚嘉雯女士 獨立非執行董事 王世林先生 刁揚先生 蔡洌先生 審計委員會 蔡洌先生 （主席） 姚嘉雯女士 刁揚先生 薪酬委員會 提名委員會 ...

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 12,935,000, a significant decrease of 91.8% compared to RMB 157,288,000 for the same period in 2024[9]. - The gross profit for the same period was RMB 3,655,000, down from RMB 12,184,000, indicating a decline in profitability[9]. - The company recorded a net loss of RMB 3,564,000 for the six months ended June 30, 2025, compared to a net loss of RMB 16,353,000 in the prior year, showing an improvement in loss[10]. - Total revenue for the six months ended June 30, 2025, was RMB 12,935,000, a decrease of 18.5% compared to RMB 15,857,000 for the same period in 2024[22]. - Net loss for the six months ended June 30, 2025, was RMB 3,564,000, compared to a net loss of RMB 16,353,000 for the same period in 2024, indicating an improvement[22]. - The company reported a total comprehensive loss of RMB 1,805,000 for the six months ended June 30, 2025, compared to a total comprehensive loss of RMB 12,842,000 for the same period in 2024[11]. - The company reported a total comprehensive loss attributable to owners of approximately RMB 1.8 million for the six months ended June 30, 2025, down from RMB 12.8 million for the same period in 2024[56]. Assets and Liabilities - Total assets as of June 30, 2025, were RMB 1,034,999,000, slightly up from RMB 1,015,981,000 at the end of 2024[8]. - The company's total equity decreased to RMB 544,038,000 from RMB 545,843,000 at the end of 2024, reflecting a marginal decline[7]. - The company’s financial liabilities increased to RMB 490,961,000 from RMB 470,138,000, indicating a rise in debt levels[8]. - As of June 30, 2025, the total borrowings of the group amounted to approximately RMB 374.3 million, an increase from RMB 267.1 million as of December 31, 2024[76]. - The debt-to-equity ratio as of June 30, 2025, was approximately 40.8%, up from 32.9% as of December 31, 2024[77]. - The current ratio decreased to approximately 0.87 times as of June 30, 2025, compared to 1.07 times as of December 31, 2024[77]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2025, is RMB 24,083,000, compared to RMB 25,013,000 for the same period in 2024, indicating a slight improvement[12]. - The net cash used in investing activities for the six months ended June 30, 2025, is RMB 92,611,000, an increase from RMB 79,774,000 in 2024[12]. - The net cash generated from financing activities for the six months ended June 30, 2025, is RMB 106,614,000, significantly higher than RMB 32,644,000 in the previous year[12]. - The company reported a cash and cash equivalents balance of RMB 69,912,000 as of June 30, 2025, a decrease of 12.9% from RMB 80,001,000 as of December 31, 2024[33]. - The group's cash and bank balances were approximately RMB 72.4 million as of June 30, 2025, down from RMB 80.0 million as of December 31, 2024[76]. Operational Highlights - The company’s operations are primarily focused on iron ore processing and the sale of iron concentrates and other minerals in China[13]. - The company processed 103,000 tons of Brazilian coarse powder in the first half of 2025, continuing its processing business[57]. - The sales revenue from coal and coal products trade reached RMB 6.171 million in the first half of 2025, leveraging logistics advantages[57]. - The company aims to increase coal and coal product trading volume by leveraging logistics advantages and existing customer relationships[73]. - The company intends to enhance production capacity at the Zhuge Shangyu processing plant in the second half of 2025, striving for better output compared to the first half[74]. Expenses and Costs - The company’s administrative expenses rose to RMB 29,811,000 from RMB 28,489,000, indicating increased operational costs[9]. - Distribution costs and administrative expenses decreased by approximately RMB 1.8 million or 5.7% to about RMB 29.8 million for the six months ended June 30, 2025[70]. - Employee benefits expenses for the six months ended June 30, 2025, were approximately RMB 7.4 million, compared to RMB 6.8 million for the same period in 2024[81]. - The total sales cost for the six months ended June 30, 2025, decreased by approximately 93.6% to about RMB 9.3 million, down from approximately RMB 145.1 million in the previous year[67]. Investments and Future Plans - The investment in the Zhugeshangyu mining and selection plant construction is approximately RMB 1.5 billion, focusing on mining, production line construction, and automation[57]. - The company plans to invest approximately RMB 1.5 billion in the construction of the Zhuge Shangyu mine and processing plant, focusing on mining operations and production line construction[73]. - The company is actively pursuing low-carbon and environmentally friendly projects, with ongoing ecological enhancement works expected to be completed by the end of the year[58]. - The group plans to focus on low-carbon and sustainable growth projects in the second half of the year[78]. Governance and Compliance - The company has adopted the corporate governance code as its own governance code and believes it has complied with all relevant provisions during the six-month period ending June 30, 2025[98]. - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited interim consolidated results for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards and regulations[99].