IVD MEDICAL HOLDING LIMITED 華 檢 醫 療 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 股份代號：1931 中期報告 2025 IVD MEDICAL HOLDING LIMITED 華 檢 醫 療 控 股 有 限 公 司 Stock Code: 1931 (Incorporated in the Cayman Islands with limited liability) Interim Report 2025 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 6 | | 中期簡明綜合損益及其他全面收益表 | 30 | | 中期簡明綜合財務狀況表 | 32 | | 中期簡明綜合權益變動表 | 34 | | 中期簡明綜合現金流量表 | 36 | | 中期簡明綜合財務資料附註 | 38 | | 其他資料 | 57 | 公司資料 董事 執行董事 2025 Interim Report 中期報告 IVD MEDICAL HOLDING LIMI TED 華檢醫療控股有限公司 目錄 何鞠誠先生 （自二零二五年七月一日辭任 ...

Financial Performance - The Group recorded revenue of approximately HK$124.1 million for the six months ended 30 June 2025, a decrease of 1.0% compared to HK$125.3 million for the same period in 2024[10]. - Overall gross profit increased to approximately HK$28.2 million, representing a 13.7% increase from approximately HK$24.8 million for the six months ended 30 June 2024[10]. - The Group reported a consolidated net loss of approximately HK$0.7 million for the Period, compared to a net profit of approximately HK$5.7 million for the six months ended 30 June 2024[11]. - Revenue for the six months ended June 30, 2025, was HK$124,144,000, a decrease of 0.9% from HK$125,321,000 in 2024[53]. - Gross profit increased to HK$28,164,000, representing a 13.4% increase from HK$24,785,000 in the previous year[53]. - Profit before taxation decreased to HK$2,233,000, down 73.8% from HK$8,507,000 in 2024[53]. - The Group reported a segment loss of HK$1,040,000 from construction and ancillary services, while the consumer goods business generated a segment profit of HK$7,902,000, leading to a total segment profit of HK$6,862,000[79]. - The Group incurred a loss of HK$706,000 for the period after taxation, compared to a profit of HK$5,711,000 for the same period in 2024[81]. Revenue Breakdown - Revenue from the consumer goods business contributed approximately HK$95.0 million to the Group for the six months ended 30 June 2025[11]. - The construction and ancillary services segment generated revenue of approximately HK$29.1 million, accounting for 23.5% of total revenue, down from HK$43.2 million (34.5%) in the previous year[25]. - The consumer goods business accounted for 76.5% of total revenue, up from 65.5% in the previous year[25]. - Revenue from construction and ancillary services decreased by 32.6% to approximately HK$29.1 million compared to HK$43.2 million for the six months ended 30 June 2024[26][27]. - Revenue from consumer goods business accounted for approximately 76.5% of total revenue, amounting to approximately HK$95.0 million, up from approximately HK$82.1 million for the six months ended 30 June 2024[28][33]. - Revenue from Hong Kong increased to HK$29,116,000 in 2025, up 45.6% from HK$19,975,000 in 2024[87]. - Revenue from the PRC rose to HK$95,028,000, an increase of 15.6% compared to HK$82,146,000 in 2024[87]. Economic Outlook and Strategy - The Group anticipates a recovery in the economic environment in Hong Kong, Macau, and the PRC, which is expected to enhance business performance in 2025[12]. - The Group plans to commence more construction projects in Hong Kong and Macau to maintain a stable revenue stream in 2025[12]. - The Group aims to maximize shareholder value by exploring new business opportunities in consumer goods and other sectors[13]. - The management remains committed to a pragmatic approach in executing business strategies to broaden the revenue and profit base[13]. - The Group anticipates a recovery in the economic environment in 2025, which is expected to enhance business performance and lead to more construction projects in Hong Kong and Macau[31][36]. - The Group will continue to explore new business opportunities to broaden its revenue and profit base, particularly in the consumer goods sector[32][36]. Financial Position - The Group had total cash and bank balances of approximately HK$80.7 million as of 30 June 2025, up from approximately HK$62.2 million as of 31 December 2024[41][48]. - Net current assets increased to approximately HK$468.9 million as of 30 June 2025, compared to approximately HK$328.1 million as of 31 December 2024[42][48]. - The current ratio improved to approximately 4.6 times as of 30 June 2025, compared to approximately 3.8 times as of 31 December 2024[42][48]. - The gearing ratio decreased to approximately 13.7% as of 30 June 2025, down from approximately 21.3% as of 31 December 2024[43][48]. - Total equity increased to HK$549,086,000 from HK$351,604,000, reflecting a solid capital structure[57]. - Cash flows from operating activities resulted in a net cash used of HK$112,726,000 for the six months ended June 30, 2025, compared to HK$29,520,000 for the same period in 2024[63]. - The net cash generated from financing activities was HK$184,845,000 for the six months ended June 30, 2025, compared to HK$24,021,000 in the same period of 2024[63]. - The Group's inventory of consumer goods was HK$199.5 million as of June 30, 2025, significantly up from HK$89.3 million as of December 31, 2024[116]. Shareholder Information - Basic and diluted loss per share attributable to owners of the company was HK$0.04, down from earnings of HK$0.37 in 2024[53]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[102]. - As of June 30, 2025, the company had 1,866,240,000 issued and fully paid ordinary shares, an increase from 1,555,200,000 shares as of June 30, 2024, representing a growth of approximately 20%[134]. - The weighted average number of ordinary shares in issue increased to 1,866,240,000 in 2025 from 1,555,200,000 in 2024[105]. - The Group does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year where no dividend was declared[140]. Management and Governance - The Company has maintained a public float of not less than 25% of the issued shares during the six months ended 30 June 2025[183]. - The Audit Committee reviewed the accounting principles and unaudited condensed consolidated financial statements for the six months ended 30 June 2025[178]. - There were no changes in the information regarding directors for the six months ended 30 June 2025[173]. - The Company did not purchase, sell, or redeem any of its listed securities for the six months ended 30 June 2025[172]. - No arrangements were made for Directors to acquire benefits through the acquisition of shares or debentures during the six months ended 30 June 2025[165].

康方生物科技(開曼)有限公司 Akeso, Inc. (於開曼群島註冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) Stock Code 股份代號 : 9926 2025 中期報告 INTERIM REPORT 康方生物科技(開曼)有限公司 Akeso, Inc. INTERIM REPORT 2025 中期報告 目 錄 | | 頁次 | | --- | --- | | 公司簡介 | 2 | | 釋義 | 3 | | 公司資料 | 6 | | 摘要 | 8 | | 管理層討論及分析 | 9 | | 補充資料 | 27 | | 獨立審閱報告 | 66 | | 中期簡明綜合損益及其他全面收益表 | 67 | | 中期簡明綜合財務狀況表 | 69 | | 中期簡明綜合權益變動表 | 71 | | 中期簡明綜合現金流量表 | 73 | | 中期簡明綜合財務資料附註 | 75 | 公司簡介 康方生物科技（開曼）有限公司是一家致力於研究、開發、生產及商業化讓全球病人可負擔的創新抗體藥的生物製藥 公司。自成立以來，本公司建立了端對端 ...

Company Information This section details the company's corporate structure, including Board and committee changes, key personnel, and essential corporate information [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors underwent significant changes, with new CEO and Executive Director appointments, and multiple resignations or suspensions - Mr. Qiu Yiming was appointed Chief Executive Officer on **May 2, 2025**[4](index=4&type=chunk) - Ms. Chen Jianyue was appointed Executive Director on **March 12, 2025**[4](index=4&type=chunk) - Mr. Guan Xiongjun was appointed Executive Director on **May 2, 2025**[4](index=4&type=chunk) - Mr. Au Chi Fung resigned as Executive Director on **July 16, 2025**[4](index=4&type=chunk) - Ms. Bohra Shilpa Rajesh resigned as Executive Director on **March 12, 2025**[4](index=4&type=chunk) - Dr. Zhao Zhihua resigned as Executive Director on **May 2, 2025**[4](index=4&type=chunk) - Mr. Luk Man Fu resigned as Executive Director on **April 2, 2025**[4](index=4&type=chunk) - The executive directorships of Mr. Li Kam Hung and Mr. Yu Ming Hao were suspended[4](index=4&type=chunk) - Ms. Dong Qing, Mr. Tam Tsz Hin, and Mr. Yu Kwan Sheung were appointed Independent Non-executive Directors during the reporting period[4](index=4&type=chunk) [Committees](index=3&type=section&id=Committees) Changes occurred in the chairpersons and members of the Audit, Remuneration, and Nomination Committees, reflecting the Board restructuring - Mr. Yu Kwan Sheung was appointed Chairman of the Audit Committee on **July 16, 2025**[4](index=4&type=chunk) - Mr. Tam Tsz Hin was appointed Chairman of the Remuneration Committee on **July 16, 2025**[5](index=5&type=chunk) - Ms. Dong Qing was appointed Chairman of the Nomination Committee on **July 16, 2025**[5](index=5&type=chunk) [Authorized Representatives and Company Secretary](index=4&type=section&id=Authorized%20Representatives%20and%20Company%20Secretary) Mr. Au Chi Fung resigned as Authorized Representative, with Mr. Guan Xiongjun appointed, while Mr. Wong Sze Lok remains Company Secretary - Mr. Au Chi Fung resigned as Authorized Representative on **July 16, 2025**[6](index=6&type=chunk) - Mr. Guan Xiongjun was appointed Authorized Representative on **July 16, 2025**[6](index=6&type=chunk) - Mr. Wong Sze Lok serves as Company Secretary[6](index=6&type=chunk) [Auditor and Registered Office](index=4&type=section&id=Auditor%20and%20Registered%20Office) The company's auditor is HLB Hodgson Impey Cheng Limited, and its registered office is located in the Cayman Islands - The auditor is HLB Hodgson Impey Cheng Limited[6](index=6&type=chunk) - The registered office is located at Cricket Square, Cayman Islands[6](index=6&type=chunk) [Principal Place of Business and Share Registrar](index=4&type=section&id=Principal%20Place%20of%20Business%20and%20Share%20Registrar) The company maintains principal places of business in Macau and Hong Kong, with its principal share registrar in the Cayman Islands and Hong Kong branch registrar being Tricor Investor Services Limited - The Macau head office and principal place of business is located at Alameda Dr. Carlos d'Assumpcao[6](index=6&type=chunk) - The Hong Kong principal place of business is located at On Lok Industrial Centre, Chai Wan, Hong Kong[6](index=6&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[7](index=7&type=chunk) [Principal Bankers and Legal Advisers](index=4&type=section&id=Principal%20Bankers%20and%20Legal%20Advisers) The company's principal bankers include Banco Comercial de Macau and Banco Weng Hang, with Khoo & Co as its Hong Kong legal adviser - Principal bankers are Banco Comercial de Macau and Banco Weng Hang[7](index=7&type=chunk) - Hong Kong legal adviser is Khoo & Co[7](index=7&type=chunk) [Stock Code and Website](index=4&type=section&id=Stock%20Code%20and%20Website) The company's stock code is 3321, listed on the Main Board of The Stock Exchange of Hong Kong Limited, with its website at whh.com.hk - The stock code is **3321**, listed on the Main Board of The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) - The company's website is whh.com.hk[7](index=7&type=chunk) Management Discussion and Analysis This section provides an overview of the Group's business operations, financial performance, capital structure, and risk management strategies [Business Review and Prospects](index=5&type=section&id=Business%20Review%20and%20Prospects) The Group primarily offers renovation and maintenance services in Macau and Hong Kong, focusing on commercial properties, but faced challenges in new project acquisition due to senior management issues, leading to a strategic shift towards anti-counterfeiting technology and related interior decoration projects - The Group primarily engages in providing renovation, maintenance, and repair services in Macau and Hong Kong, historically focused on commercial properties, particularly within integrated resorts in Macau[10](index=10&type=chunk) - During the reporting period, the Group's performance was significantly impacted by events involving senior management, leading to challenges in securing new casino projects and a notable decrease in new project acquisitions[10](index=10&type=chunk) - On **May 13, 2025**, the Company entered into a non-legally binding Memorandum of Understanding with Nanjing Zhongke Micropoint Group Co, Ltd to explore business opportunities in developing and distributing cutting-edge anti-counterfeiting technology products[10](index=10&type=chunk) - The Company will directly participate as a consultant or engage in interior decoration projects for multiple independent data and production centers to be established in dozens of provinces across China for the Nanjing Zhongke Micropoint project[10](index=10&type=chunk) - The Board proposes to change the company's English name to "Zhongke Micropoint (Group) Co., Ltd" and adopt the Chinese name "中科微點（集團）有限公司" to reflect the new business direction[11](index=11&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group's total revenue significantly decreased by **82.9%** to **MOP1.1 million**, with a loss for the period of approximately **MOP58.0 million**, largely consistent with the prior year, primarily due to reduced new project acquisitions, increased impairment losses, and higher finance costs Major Financial Data Overview | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | | :--- | :--- | :--- | | Total Revenue | 1,100 | 6,100 | | Loss for the Period | (58,000) | (58,600) | - The Group completed **1** renovation project in Macau during the six months ended **June 30, 2025**[13](index=13&type=chunk) Revenue Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | Change (thousand MOP) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,100 | 6,100 | (5,000) | -82.9% | Direct Costs Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | Change (thousand MOP) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Direct Costs | 1,000 | 5,900 | (4,900) | -83.0% | Gross Profit and Gross Margin Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | | :--- | :--- | :--- | | Gross Profit | 100 | 200 | | Gross Margin | 3.6% | 2.9% | Other Income and Net Other Gains Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | Change (thousand MOP) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Other Income and Net Other Gains | 0 | 1 | (1) | -100% | - Other income and net other gains primarily comprised bank interest income[18](index=18&type=chunk) Impairment Losses Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Provision for impairment losses on financial assets and contract assets | 49,000 | 42,800 | 6,200 | - The increase in impairment losses was due to a decrease in the recoverability of long outstanding trade receivables during the reporting period[19](index=19&type=chunk) Administrative Expenses Change | Indicator | Six Months Ended June 30, 2025 (thousand MOP) | Six Months Ended June 30, 2024 (thousand MOP) | Change (thousand MOP) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 5,400 | 14,400 | (9,000) | | Percentage of Total Revenue | 515.5% | 235.4% | | | Administrative Staff Costs | 4,000 | 8,200 | (4,200) | - The

Financial Performance - For the six months ended June 30, 2025, the company's consolidated revenue from continuing operations was approximately HKD 20,258,000, a decrease of about 77.4% compared to HKD 89,721,000 in 2024[7]. - The company reported a profit from continuing operations of approximately HKD 6,229,000, a significant improvement from a loss of HKD 250,400,000 in 2024[7]. - Earnings per share for continuing operations was approximately HKD 0.89, compared to a loss of HKD 18.21 per share in 2024[7]. - Gross profit for continuing operations decreased to approximately HKD 10,052,000, with a gross margin of about 49.6%, down from HKD 57,567,000 and 64.2% in 2024[11]. - Other income for continuing operations decreased to approximately HKD 842,000, primarily due to a reduction in government subsidies[11]. - Revenue for the first half of 2025 was approximately HKD 20,258,000, despite a challenging business environment[24]. - Revenue for the six months ended June 30, 2025, was HKD 20,258,000, a decrease of 77.6% compared to HKD 89,721,000 for the same period in 2024[49]. - Gross profit for the same period was HKD 10,052,000, down 82.5% from HKD 57,567,000 in 2024[49]. - The company reported a profit of HKD 11,126,000 for the period, a significant recovery from a loss of HKD 359,970,000 in the previous year[49]. - The company reported a net loss attributable to the owners of the company from continuing operations of HKD 9,470,000, compared to a loss of HKD 194,050,000 in the previous year[50]. - The company’s total comprehensive income for the period was HKD 13,996,000, a recovery from a loss of HKD 357,464,000 in 2024[50]. - The company experienced a total comprehensive loss of HKD 224,202,000 for the six months ended June 30, 2025, which includes a loss of HKD 226,005,000 during the period[53]. Expenses and Cost Management - The company reduced its distribution and sales expenses to approximately HKD 1,844,000, down from HKD 25,469,000 in 2024, due to decreased personnel and advertising costs[12]. - Research and development expenses decreased to approximately HKD 2,213,000, down from HKD 18,455,000 in 2024, reflecting a reduction in spending related to big data services[12]. - The company reported a significant decrease in executive compensation, with total remuneration for the six months ended June 30, 2025, at HKD 980,000, down from HKD 4,839,000 for the same period in 2024, representing an 80.7% decline[93]. Assets and Liabilities - As of June 30, 2025, the company's non-current assets were approximately HKD 23,989,000, a significant decrease from HKD 112,827,000 as of December 31, 2024[14]. - As of June 30, 2025, the total debt of the group was approximately HKD 76,210,000, a significant decrease from HKD 149,202,000 as of December 31, 2024[15]. - The asset-liability ratio was 1.1 times as of June 30, 2025, unchanged from December 31, 2024[16]. - Total assets decreased to HKD 188,363,000 as of June 30, 2025, from HKD 436,383,000 at the end of 2024, reflecting a decline of 56.9%[51]. - Current liabilities were HKD 224,289,000, down from HKD 578,320,000 in 2024, indicating a reduction of 61.2%[51]. - Trade receivables as of June 30, 2025, amounted to HKD 10,489,000, significantly down from HKD 135,661,000 as of December 31, 2024[80]. - Total trade and other receivables decreased to HKD 49,350,000 as of June 30, 2025, from HKD 307,791,000 as of December 31, 2024[80]. - Trade payables as of June 30, 2025, were HKD 108,244,000, a decrease from HKD 133,250,000 as of December 31, 2024[84]. - As of June 30, 2025, the company has unsecured other borrowings totaling approximately HKD 12,617,000, down from HKD 79,527,000 as of December 31, 2024, indicating a significant reduction of 84.1%[85]. Operational Changes and Strategy - The company has decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with 2024[8]. - The company is actively expanding its big data services into sectors such as education, culture, and telecommunications, leveraging its SaaS/PaaS cloud platform and AI capabilities[10]. - The group plans to enhance its existing credit risk control products and introduce more flexible service models to lower customer procurement thresholds[25]. - The group aims to expand into various industries such as education and telecommunications, leveraging its SaaS/PaaS cloud platform and AI capabilities[24]. - The company has completed the sale of its wholly-owned subsidiary, Pan Asia Data (BVI) Inc., which has been classified as a discontinued operation[56]. - The company has terminated its operations related to third-party payment services following the sale of a subsidiary, impacting its operational classification[62]. - The company is actively seeking to renew or sign licensing agreements to improve revenue from big data services and generate additional operating cash inflows[58]. Cash Flow and Financing - For the six months ended June 30, 2025, the company reported a net cash inflow from operating activities of HKD 10,154,000, a significant improvement compared to a net outflow of HKD 90,106,000 in the same period of 2024[54]. - The company recorded a net cash outflow from investing activities of HKD 38,945,000 for the six months ended June 30, 2025, compared to a cash inflow of HKD 16,749,000 in the prior year[54]. - The company reported a net decrease in cash and cash equivalents of HKD 32,426,000 for the six months ended June 30, 2025[54]. - The company aims to negotiate favorable settlement terms with convertible bondholders to address defaulted principal and interest[58]. - The company plans to seek additional funding through equity financing and unused bank credit to support its operations and cash flow[58]. Shareholder Information - Major shareholders include Mr. Shi Qingliu with 223,744,000 shares (21.00%) and Lian Yang Investment Limited with 76,092,789 shares (7.14%) as of June 30, 2025[41]. - The total number of issued shares as of June 30, 2025, is 1,065,454,100 shares[41]. - The company did not purchase, sell, or redeem any of its listed securities during the six-month period ending June 30, 2025[42]. - The stock option plan is effective for a period of ten years from June 30, 2021, and will expire on June 29, 2031[30]. - As of June 30, 2025, a total of 17,340,000 stock options were granted, with 16,600,000 options remaining unexercised[37]. - The exercise price for the stock options granted on July 27, 2021, is HKD 2.056, representing 0.61% and 0.92% of the total issued shares for employees and consultants, respectively[37]. - The company has not established any arrangements for directors to benefit from purchasing shares or debt securities of the company or any other entity[40]. Compliance and Governance - The company has adopted the corporate governance code and confirmed compliance with the standards for securities trading by directors[46]. - The company has applied new accounting standards effective from January 1, 2025, with no significant impact on the financial statements for the current and prior periods[60]. - The company has no significant capital commitments or contingent liabilities as of June 30, 2025[19]. - The company has not made any significant investments or acquisitions in the first half of 2025[22]. - The company has no transfers between Level 1 and Level 2, nor any transfers in or out of Level 3 for the reporting period[96].

電話 : (852) 2509 8333 傳真 : (852) 3525 8368 網址 : www.swhyhk.com C004888 2025 SHENWAN HONGYUAN (H.K.) LIMITED 申萬宏源（香港）有限公司 （於香港註冊成立之有限公司） 2025 中期報告 （股份代號：218） SHENWAN HONGYUAN (H.K.) LIMITED 申 萬 宏 源（香港 ） 有限公司 香港皇后大道東1號太古廣場三座六樓 中期報告 申萬宏源（香港）有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 業績 | 3 | | 簡明綜合損益及其他全面收益表 | 3 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合財務報表附註 | 10 | | 管理層探討與分析 | 28 | | 其他資料 | 37 | 1 申萬宏源（香港）有限公司 二零二五年中期報告 1 頁次 公司資料 董事 執行董事 吳萌女士 （主席） 談偉軍先生 （於二零二五年九月二十二日辭任） 梁鈞先生 （行政總裁） 胡憬先生 （首席風險官） ...

Financial Performance - The group reported revenue of HKD 19,260,000 for the six months ended June 30, 2025, a decrease of 67.1% compared to HKD 58,631,000 in the same period of 2024[7] - Gross profit for the same period was HKD 4,864,000, representing a slight increase of 2.3% from HKD 4,755,000 in 2024[7] - Operating profit was HKD 1,202,000, a significant turnaround from an operating loss of HKD 2,128,000 in the previous year[7] - The net profit for the period was HKD 799,000, compared to a net loss of HKD 2,928,000 in 2024, indicating a recovery[9] - Revenue from foundation and related engineering was HKD 19,238,000, a decrease of 67.0% from HKD 58,209,000 in the previous year[20] - Revenue from alcohol beverage sales was HKD 22,000, down 94.8% from HKD 422,000 in the prior year[20] - The total comprehensive income for the period was HKD 778,000, compared to a total comprehensive loss of HKD 2,746,000 in the previous year[12] - For the six months ended June 30, 2025, the company reported a profit of HKD 799,000, compared to a loss of HKD 2,784,000 for the same period in 2024[12] - Basic earnings per share for the six months ended June 30, 2025, was HKD 0.36, a recovery from a loss of HKD (2.42) in 2024[40] - The company recorded a net profit of approximately HKD 0.8 million for the six months ended June 30, 2025, compared to a net loss of approximately HKD 2.9 million for the same period in 2024[55] Assets and Liabilities - Total assets decreased to HKD 85,279,000 as of June 30, 2025, down from HKD 94,454,000 at the end of 2024[10] - Current liabilities decreased to HKD 33,437,000 from HKD 42,255,000, showing a reduction of 20.9%[11] - The total liabilities for the reportable segments decreased to HKD 34,524 in 2025 from HKD 58,321 in 2024[29] - The total assets for the reportable segments decreased to HKD 83,254 in 2025 from HKD 99,011 in 2024[30] - Total borrowings as of June 30, 2025, were HKD 2,518,000, down from HKD 7,559,000 as of December 31, 2024[48] - The group's total debt, including borrowings and lease liabilities, was approximately HKD 4.5 million as of June 30, 2025, significantly reduced from HKD 9.9 million as of December 31, 2024[64] - The capital debt ratio was approximately 8.9% as of June 30, 2025, down from 19.9% as of December 31, 2024[64] Cash Flow and Liquidity - The company’s cash and bank balances were HKD 1,219,000, down from HKD 2,672,000, indicating a liquidity challenge[10] - Cash generated from operating activities was HKD 3,853,000, a decrease of 41.4% from HKD 6,574,000 in the previous year[13] - The company’s cash and cash equivalents decreased to HKD 1,219,000 from HKD 2,019,000, reflecting a decline of 39.6%[13] - The company incurred a net cash outflow from financing activities of HKD 5,840,000, compared to HKD 8,776,000 in the previous year[13] - The group maintained a net cash position as of June 30, 2025, indicating a stable financial condition to pursue business expansion[63] Equity and Shareholder Information - Total equity increased to HKD 50,384,000 from HKD 49,603,000, reflecting a growth of 1.57%[11] - The total equity attributable to owners increased to HKD 49,879,000 from HKD 38,766,000, representing a growth of 28.7%[12] - The total equity attributable to owners of the company was approximately HKD 49.9 million as of June 30, 2025, compared to HKD 49.1 million as of December 31, 2024[63] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[73] - The company did not recommend any interim dividend for the six months ended June 30, 2025, compared to no dividend in 2024[41] Operational Insights - The company has not disclosed any new product developments or market expansion strategies in the current report[7] - The company remains cautiously optimistic about future prospects, believing in gradual global economic recovery and long-term stable growth despite current challenges[56] - The company plans to continue investing in technological innovation and talent development to maintain its competitive advantage in the foundation engineering sector in Hong Kong[56] - The group did not make any significant investments, acquisitions, or disposals of subsidiaries or associates during the six months ended June 30, 2025[65] Governance and Compliance - The company has adopted the trading standards as per GEM Listing Rules, and all directors confirmed compliance during the six months ending June 30, 2025[81] - The company has adhered to all applicable corporate governance codes as per GEM Listing Rules during the reporting period[83] - An audit committee has been established to review and supervise the financial reporting process and internal control procedures[84] Management Changes - Following the resignation of Mr. Liu Songhao on September 10, 2025, Mr. Chen Juming was appointed as an executive director and co-chairman of the board[85] Miscellaneous - The company issued 106,340,018 shares through a rights issue at a subscription price of HKD 0.12 per share, raising net proceeds of approximately HKD 11,836,000[47] - Trade receivables overdue as of June 30, 2025, amounted to approximately HKD 97,000, compared to HKD 1,623,000 as of December 31, 2024[12] - Trade payables decreased from HKD 13,431,000 as of December 31, 2024, to HKD 6,562,000 as of June 30, 2025[50] - There were no competitive businesses or conflicts of interest involving directors, major shareholders, or their close associates during the reporting period[80] - No shares of the company were purchased, sold, or redeemed by the company or its subsidiaries during the six months ending June 30, 2025[79] - The group has no significant contingent liabilities as of June 30, 2025[69] - No stock options were granted, exercised, expired, or lapsed under the stock option plan during the six months ending June 30, 2025[82] - Post-reporting period, the company secretary acquired 51,000,000 shares and 750,000 shares from Qihao Limited and Liu Songhao respectively[86]

CONTENTS 目錄 2 Corporate Information 公司資料 5 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 7 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 9 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 11 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 12 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 30 Management Discussion and Analysis 管理層討論與分析 41 Additional Information 補充資料 59 Definitions 釋義 Independent ...

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 72,744,000, representing a 70.5% increase from HKD 42,705,000 in the same period of 2024[9] - Operating profit for the period was HKD 15,578,000, slightly up from HKD 15,544,000 in 2024, indicating stable operational performance[9] - Net profit for the period was HKD 2,223,000, down 33.5% from HKD 3,349,000 in the previous year[11] - Total comprehensive income for the period was HKD 1,233,000, a decrease of 59.9% compared to HKD 3,068,000 in 2024[11] - Basic and diluted earnings per share were HKD 0.03, down from HKD 0.10 in the same period last year[11] - The total segment profit for the six months was HKD 6,004,000, compared to HKD 13,166,000 in the previous year, indicating a decrease of 54.4%[36] - The company reported a pre-tax profit of HKD 2,228,000 for the six months ended June 30, 2025[36] - The profit attributable to owners for the six months ended June 30, 2025, was HKD 2,223,000, down from HKD 3,673,000 in the same period of 2024, representing a decline of 39.5%[53] Assets and Liabilities - Non-current assets totaled HKD 987,965,000 as of June 30, 2025, a slight decrease from HKD 1,005,764,000 at the end of 2024[14] - Current assets increased to HKD 90,803,000 from HKD 69,500,000, reflecting improved liquidity[14] - Total liabilities remained stable at HKD 323,752,000 compared to HKD 321,105,000 in December 2024[14] - Total assets as of June 30, 2025, amounted to HKD 1,078,768,000, a slight increase from HKD 1,075,264,000 at the end of 2024[39] - Total liabilities increased to HKD 586,771,000 from HKD 584,500,000 in 2024, reflecting a marginal rise of 0.4%[39] - The group recorded a net current liability of approximately HKD 172,216,000 as of June 30, 2025, raising significant doubts about its ability to continue as a going concern[20] - The controlling shareholder has agreed to provide sufficient funds to cover the group's maturing debts, amounting to approximately HKD 40,840,000, for at least the next twelve months[21] - The group expects to have adequate financial resources to meet its debts maturing within the next twelve months based on projected cash flows[20] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2025, was HKD 44,692,000, compared to a net cash used of HKD 14,856,000 in the same period of 2024[17] - The net cash used in investing activities was HKD 2,973,000 for the six months ended June 30, 2025, significantly improved from HKD 300,042,000 in the prior year[17] - Financing activities resulted in a net cash outflow of HKD 35,561,000 for the six months ended June 30, 2025, compared to a net inflow of HKD 291,301,000 in the same period of 2024[17] - The cash and cash equivalents increased by HKD 6,158,000 during the six months ended June 30, 2025, compared to a decrease of HKD 23,597,000 in the same period of 2024[17] Revenue Breakdown - Revenue from property investment under leasing agreements amounted to HKD 54,784,000, up from HKD 26,567,000 in 2024, indicating a growth of 106.5%[31] - The construction services segment generated revenue of HKD 1,771,000, marking the introduction of this new business line in the second half of 2024[31] - The gardening services and plant sales segment reported revenue of HKD 3,278,000, an increase from HKD 3,043,000 in 2024, reflecting a growth of 7.7%[31] - The property management and related services segment earned HKD 9,009,000, slightly down from HKD 9,639,000 in 2024, showing a decline of 6.5%[31] - Rental income from investment properties rose by approximately 28,663,000 HKD or 95.5% to about 58,686,000 HKD, primarily due to the commencement of subleasing operations at the Silicon Valley Industrial Park[77] Investment Properties - The fair value of investment properties in Hong Kong was reported at HKD 355,500,000 as of June 30, 2025, compared to HKD 355,000,000 as of December 31, 2024[27] - The group adopted the income approach for valuing residential units in Hong Kong, using capitalization rates and average monthly rent per square foot as key inputs[28] - The group has not experienced significant changes in its valuation methods for investment properties during the reporting period[28] - The fair value of investment properties as of June 30, 2025, is approximately HKD 355,500,000, an increase from HKD 355,000,000 as of December 31, 2024, reflecting a fair value gain of HKD 7,000,000[56] Shareholder Information - Major shareholder Central Asia Holdings Group Limited holds 3,812,395,735 shares, representing 60.01% of the company's ordinary shares[111] - Li Jun and Zhongjun Holdings Group Limited each hold 951,500,000 shares, accounting for 14.98% of the company's ordinary shares[111] - Xiong Guoqiang and Xuhong International Limited each hold 597,600,000 shares, representing 9.41% of the company's ordinary shares[111] Corporate Governance - The audit committee reviewed the interim report and confirmed compliance with relevant accounting standards and regulations[118] - The company has adhered to all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[115][117] - The board expresses gratitude to shareholders, business partners, and employees for their support and efforts during the reporting period[120]

Company Information [Company Basic Information](index=2&type=section&id=Company%20Basic%20Information) Shuanghua Holdings Limited (Stock Code: 1241) is a Cayman Islands-incorporated company based in Shanghai, focusing on supply chain management and food supply business - Company Name: **Shuanghua Holdings Limited**, Stock Code: **1241**[1](index=1&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) - Registered in the **Cayman Islands**; Headquarters in **Shanghai, China**; Principal place of business in Hong Kong: **Kowloon Bay, Hong Kong**[8](index=8&type=chunk) - Board members include Executive Directors Mr. Zheng Ping (Chairman and CEO), Ms. Zheng Fei, Ms. Deng Luna; Non-Executive Director Ms. Kong Xiaoling; and Independent Non-Executive Directors Mr. He Binhui, Mr. Chen Lifan, and Ms. Guo Ying[8](index=8&type=chunk) Management Discussion and Analysis This section details Shuanghua Holdings Limited's H1 2025 macroeconomic challenges, business performance, future strategies, financial position, liquidity, capital expenditure, and human resources [Business Review](index=5&type=section&id=Business%20Review) In H1 2025, the Group's revenue significantly declined due to global geopolitical conflicts, US tariffs, and China's economic downturn, yet loss attributable to owners narrowed through refined management and cost control - The Group's primary businesses are supply chain management based on its own cold storage and properties, and food supply of high-end agricultural products like fruits, both domestically and internationally[10](index=10&type=chunk) - In H1 2025, frequent global geopolitical conflicts, increased US tariffs, and China's economic pressure led to a **0.1% year-on-year decrease in CPI** and a **2.8% decrease in PPI**[10](index=10&type=chunk) H1 2025 Sales Revenue and Loss | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-Year Change (RMB million) | | :--- | :--- | :--- | :--- | | Sales Revenue | 12.8 | 60.6 | -47.8 | | Loss Attributable to Owners of Parent | 2.1 | 3.2 | -1.1 (Loss narrowed) | H1 2025 Business Segment Revenue | Business Segment | H1 2025 Revenue (RMB million) | | :--- | :--- | | Supply Chain Management Business | 6.5 | | Food Supply Business | 6.3 | - Due to China's consumption downgrade leading to lower sales prices and unstable global trade increasing import costs, the Group reduced low-margin orders and actively pursued product diversification[11](index=11&type=chunk) [Outlook and Strategies](index=6&type=section&id=Outlook%20and%20Strategies) For H2 2025, the Group anticipates continued geopolitical and trade uncertainties, focusing on product and service diversification, one-stop supply chain solutions, and exploring innovative tech like power battery technology for robust growth - In H2 2025, the global geopolitical landscape remains complex, with uncertain US tariffs and trade policies, making it difficult to significantly boost domestic effective demand[13](index=13&type=chunk) - Strategy one: Promote product and service diversification, deepen one-stop supply chain solutions, and enhance warehousing capacity and turnover rate; expand protein and aquatic product lines in food supply, strengthening upstream resource integration and downstream customer network development[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Strategy two: Expand supply chain businesses for other goods and services through acquisitions, investments, joint ventures, or strategic alliances, actively seeking opportunities in innovative technology sectors (e.g., green energy), and planning to introduce advanced global power battery technology to develop new productive forces[13](index=13&type=chunk)[16](index=16&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) In H1 2025, the Group experienced a significant revenue and gross profit decline, but increased other income and gains, substantial trade receivables impairment reversal, reduced administrative expenses, and stable interest expenses, leading to a narrowed loss attributable to owners H1 2025 Revenue Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Revenue | 12,789 | 60,563 | -47,774 | | Gross Profit | 1,119 | 4,439 | -3,320 | | Other income, gains and losses | 3,005 | 2,090 | +915 | | Reversal of impairment loss on trade receivables | 2,676 | 112 | +2,564 | | Selling and distribution costs | 938 | 916 | +22 | | Administrative expenses | 8,257 | 8,896 | -639 | | Interest expenses | 3 | 12 | -9 | | Loss Attributable to Owners of Parent | 2,115 | 3,183 | -1,068 (Loss narrowed) | H1 2025 Revenue and Gross Profit by Business Segment | Business Segment | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | 2025 Gross Profit (RMB thousand) | 2024 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Supply Chain Management Business | 6,463 | 13,531 | 1,112 | 3,819 | | Food Supply Business | 6,326 | 47,032 | 7 | 620 | | Total | 12,789 | 60,563 | 1,119 | 4,439 | - The decrease in gross profit was primarily due to lower product sales prices and volumes resulting from China's consumption downgrade, coupled with increased import product costs[18](index=18&type=chunk) - The increase in other income, gains and losses was mainly attributable to investment income from financial assets[21](index=21&type=chunk) - The decrease in administrative expenses was primarily due to reduced consulting fees[24](index=24&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net current assets and total cash and financial assets increased with no bank borrowings, while significantly reduced average inventory turnover days and increased trade receivables and payables turnover days reflect enhanced inventory management and improved terms with stakeholders Liquidity and Financial Resources Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Net Current Assets | 90.3 | 89.7 | +0.6 | | Total Cash and Financial Assets | 91.1 | 88.2 | +2.9 | - The Group had **no bank borrowings** as of June 30, 2025, and December 31, 2024[29](index=29&type=chunk) Working Capital Turnover Days | Metric | H1 2025 (days) | H1 2024 (days) | Change (days) | | :--- | :--- | :--- | :--- | | Average Inventory Turnover Days | 0 | 5 | -5 | | Average Trade Receivables and Bills Receivable Turnover Days | 135 | 81 | +54 | | Average Trade Payables and Bills Payable Turnover Days | 97 | 51 | +46 | - The decrease in average inventory turnover days was mainly due to the Group's enhanced inventory turnover management[30](index=30&type=chunk) - The increase in average trade receivables and bills receivable turnover days was primarily due to extended credit terms for reputable customers; the increase in average trade payables and bills payable turnover days was mainly due to the Group negotiating more favorable terms with suppliers[31](index=31&type=chunk) [Capital Expenditure, Capital Commitments and Human Resources](index=11&type=section&id=Capital%20Expenditure%2C%20Capital%20Commitments%20and%20Human%20Resources) In H1 2025, the Group's capital expenditure focused on cold storage construction, with a significant year-on-year reduction in capital commitments; as of period-end, 42 employees' remuneration and benefits were disclosed, guided by position, performance, market conditions, and statutory social security Capital Expenditure and Capital Commitments | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (RMB million) | | :--- | :--- | :--- | :--- | | Capital Expenditure | 1.7 | 1.3 | +0.4 | | Capital Commitments (Period-end) | 1.0 | 7.3 | -6.3 | - Capital expenditure and capital commitments were primarily for cold storage area construction[32](index=32&type=chunk) Human Resources and Remuneration Benefits | Metric | June 30, 2025 | H1 2025 (RMB million) | | :--- | :--- | :--- | | Total Employees | 42 employees | - | | Remuneration (excluding Directors' and Senior Management's) | - | 2.5 | | Benefit Expenses | - | 0.4 | - Remuneration policy is based on employee responsibilities, performance, length of service, and market conditions, complying with Chinese labor laws and regulations, and providing various employee social insurance schemes and housing provident funds[32](index=32&type=chunk)[33](index=33&type=chunk) [Significant Investments, Acquisitions and Disposals](index=13&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group made no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had **no significant investments, acquisitions, or disposals** of subsidiaries, associates, or joint ventures[34](index=34&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=Foreign%20Exchange%20Risk) Operating in China with RMB as functional currency, the Group faces transactional currency risk from HKD and USD exchange rate fluctuations against RMB, with no current hedging intent but ongoing monitoring for future measures - The Group's operations are in China, with RMB as its functional and presentation currency, primarily exposed to transactional currency risk from **HKD and USD exchange rate fluctuations against RMB**[35](index=35&type=chunk) - Currently, the Group has **no intention to hedge foreign exchange fluctuation risks**, but management will continue to monitor and consider appropriate hedging measures when necessary[35](index=35&type=chunk) [Contingent Liabilities](index=14&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** (December 31, 2024: Nil)[36](index=36&type=chunk) [Pledge of Assets](index=14&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets - As of June 30, 2025, the Group had **no pledge of assets** (December 31, 2024: Nil)[37](index=37&type=chunk) [Interim Dividend](index=14&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend** the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: Nil)[38](index=38&type=chunk) [Significant Events After Reporting Period](index=14&type=section&id=Significant%20Events%20After%20Reporting%20Period) No significant events requiring disclosure occurred after the reporting period - No significant events requiring disclosure occurred after the reporting period[39](index=39&type=chunk) Corporate Governance and Other Information This section discloses Shuanghua Holdings Limited's corporate governance practices, including directors' and major shareholders' interests, share option scheme, securities trading compliance, board committee structures, and adherence to the Corporate Governance Code, noting the deviation of combined Chairman and CEO roles [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=14&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, Executive Director Mr. Zheng Ping and his spouse, Non-Executive Director Ms. Kong Xiaoling, jointly held a **43.5% long position** in the Company's issued share capital through You Shen International Group Limited Directors' and Chief Executive's Long Positions in Shares (June 30, 2025) | Director's Name | Nature of Interest | Number of Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zheng Ping | Corporate Interest (through You Shen Group) | 282,750,000 | 43.5% | | Ms. Kong Xiaoling | Family Interest (spouse of Mr. Zheng Ping) | 282,750,000 | 43.5% | - Mr. Zheng Ping holds **100% interest** in You Shen International Group Limited, and Ms. Kong Xiaoling, his spouse, is deemed to have an interest in the shares held by You Shen Group[41](index=41&type=chunk) [Interests Discloseable Under the Securities and Futures Ordinance and Major Shareholders](index=15&type=section&id=Interests%20Discloseable%20Under%20the%20Securities%20and%20Futures%20Ordinance%20and%20Major%20Shareholders) As of June 30, 2025, You Shen International Group Limited, Ms. Zhou Shuxian, and Mr. Xu Zonglin were major shareholders, holding **43.5%**, **18.5%**, and **9.1%** long positions respectively, excluding directors Major Shareholders' Long Positions in Shares (June 30, 2025) | Shareholder Name | Capacity | Number of Shares | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | You Shen Group | Beneficial Owner | 282,750,000 | 43.5% | | Ms. Zhou Shuxian | Beneficial Owner | 120,160,000 | 18.5% | | Mr. Xu Zonglin | Beneficial Owner | 59,144,000 | 9.1% | - The interest of You Shen Group is associated with the interests of Executive Director Mr. Zheng Ping and his spouse Ms. Kong Xiaoling[44](index=44&type=chunk) [Share Option Scheme](index=16&type=section&id=Share%20Option%20Scheme) The Company adopted a new 2022 Share Option Scheme on June 30, 2022, with a ten-year validity, to reward eligible participants, capped at **10% of issued shares** and **1% for any single participant within 12 months**, with no options granted as of June 30, 2025 - The Company adopted a new Share Option Scheme (the **2022 Share Option Scheme**) on **June 30, 2022**, with a **ten-year validity**, aiming to reward eligible participants who contribute to the Group[46](index=46&type=chunk)[47](index=47&type=chunk) - The scheme limit is **10% of the total issued shares** (**65,000,000 shares**), with a **1% limit** for options granted to any single eligible participant within a 12-month period[46](index=46&type=chunk) - For the six months ended June 30, 2025, **no share options were granted, exercised, lapsed, or cancelled**, and no share options under the 2022 Share Option Scheme were issued[48](index=48&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=18&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities%20or%20Sale%20of%20Treasury%20Shares) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**, nor held any treasury shares[49](index=49&type=chunk) [Compliance with the Corporate Governance Code](index=18&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, complying with all provisions during the reporting period except for Code Provision C.2.1, where Mr. Zheng Ping holds both Chairman and CEO roles, which the Board believes facilitates swift decision-making - The Company has adopted the Corporate Governance Code in **Appendix C1 of the Listing Rules** and complied with all code provisions during the reporting period[50](index=50&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and held by **Mr. Zheng Ping**, which the Board believes facilitates prompt and efficient decision-making and implementation[51](index=51&type=chunk) [Compliance with the Model Code](index=18&type=section&id=Compliance%20with%20the%20Model%20Code) The Company adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, with all directors confirming compliance for the six months ended June 30, 2025 - The Company has adopted the Model Code in **Appendix C3 of the Listing Rules** as the code of conduct for directors' securities transactions[52](index=52&type=chunk) - All Directors confirmed compliance with the required standards of the Model Code for the six months ended June 30, 2025[52](index=52&type=chunk) [Competition and Conflicts of Interest](index=19&type=section&id=Competition%20and%20Conflicts%20of%20Interest) As of the report date, no director or their associates held any direct or indirect interests in businesses competing or potentially competing with the Group, nor were there any other conflicts of interest - As of the date of this report, **no Director or their associates** had any direct or indirect interests in any business competing or potentially competing with the Group's business, nor were there any other conflicts of interest[53](index=53&type=chunk) [Nomination Committee](index=19&type=section&id=Nomination%20Committee) The Company established a Nomination Committee, chaired by Mr. Chen Lifan, primarily responsible for recommending suitable directors and management to the Board to enhance corporate strategy - The Company has established a Nomination Committee, chaired by **Mr. Chen Lifan**, with members including Mr. He Binhui and Ms. Guo Ying[54](index=54&type=chunk) - Its primary responsibility is to make recommendations to the Board regarding the appointment of suitable directors and management (including skills, knowledge, and experience) to enhance the Company's corporate strategy[54](index=54&type=chunk) [Board Diversity Policy](index=19&type=section&id=Board%20Diversity%20Policy) The Board adopted and revised its Diversity Policy in 2019 and 2023, respectively, aiming to enhance company performance, optimize leadership structure, and promote long-term development by considering gender, age, race, cultural and educational background, professional skills, and occupational experience, with the Nomination Committee making appointment decisions based on overall merits - The Board adopted its Diversity Policy in **2019** and revised it in **2023**, aiming to enhance company performance, optimize leadership structure, improve talent quality, and promote the Group's long-term development[55](index=55&type=chunk) - Candidate selection will be based on a range of diversity criteria, including but not limited to **gender, age, race, cultural and educational background, professional skills, occupational experience, management level, and length of service**[55](index=55&type=chunk) [Remuneration Committee](index=19&type=section&id=Remuneration%20Committee) The Company established a Remuneration Committee, chaired by Ms. Guo Ying, primarily responsible for recommending remuneration policies and structures for directors and senior management to the Board, and determining their specific remuneration packages - The Company has established a Remuneration Committee, chaired by **Ms. Guo Ying**, with members including Mr. He Binhui and Mr. Chen Lifan[56](index=56&type=chunk) - Its primary responsibility is to make recommendations to the Board regarding the Group's remuneration policies and structures for directors and senior management, and to determine their specific remuneration packages[56](index=56&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Company established an Audit Committee, comprising three independent non-executive directors with Mr. He Binhui as Chairman, responsible for reviewing financial reporting, internal controls, and risk management systems, and serving as a key liaison between the Board and auditors, deeming current systems adequate and effective - The Company has established an Audit Committee, comprising three independent non-executive directors: **Mr. He Binhui (Chairman)**, Ms. Guo Ying, and Mr. Chen Lifan[57](index=57&type=chunk) - The Committee is responsible for reviewing the financial reporting process and the adequacy and effectiveness of the Group's internal control and risk management systems[57](index=57&type=chunk) - The Audit Committee believes that the Group's current internal control and risk management systems are **adequate and effective**[57](index=57&type=chunk) [Review of Interim Results](index=20&type=section&id=Review%20of%20Interim%20Results) The Audit Committee reviewed the Company's unaudited consolidated results and interim report for the six months ended June 30, 2025, discussing accounting principles, practices, internal controls, and financial reporting matters with management - The Audit Committee has reviewed the Company's **unaudited consolidated results** and this interim report for the six months ended June 30, 2025[58](index=58&type=chunk) - The Committee, together with management, reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters[58](index=58&type=chunk) Unaudited Interim Condensed Consolidated Financial Information This section presents Shuanghua Holdings Limited's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, providing an overview of the Company's financial performance during the reporting period [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=21&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group reported **RMB 12.8 million in revenue**, **RMB 1.1 million in gross profit**, a **loss attributable to owners of RMB 2.1 million**, and a **basic loss per share of 0.3 cents**, reflecting significant declines in revenue and gross profit but a narrowed loss compared to the prior period Profit or Loss and Other Comprehensive Income Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 12,789 | 60,563 | | Cost of sales | (11,670) | (56,124) | | Gross Profit | 1,119 | 4,439 | | Other income, gains and losses | 3,005 | 2,090 | | Reversal of impairment loss on trade receivables | 2,676 | 112 | | Selling and distribution costs | (938) | (916) | | Administrative expenses | (8,257) | (8,896) | | Interest expenses | (3) | (12) | | Loss before tax | (2,398) | (3,183) | | Income tax recoverable | 283 | – | | Total comprehensive loss for the period | (2,115) | (3,183) | | Loss Attributable to Owners of Parent | (2,115) | (3,183) | | Basic and diluted loss per share | (0.3) cents | (0.5) cents | [Interim Condensed Consolidated Statement of Financial Position](index=22&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **RMB 279.3 million**, slightly up from year-end 2024, with non-current assets primarily comprising property, plant and equipment, investment properties, and right-of-use assets; current assets saw increases in cash and cash equivalents and financial assets at fair value, while total liabilities slightly rose due to increased trade payables Financial Position Overview (June 30, 2025 vs December 31, 2024) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 169,556 | 172,569 | | Total current assets | 109,783 | 105,750 | | **Total assets** | **279,339** | **278,319** | | **Liabilities** | | | | Total current liabilities | 19,487 | 16,069 | | Total non-current liabilities | 1,269 | 1,552 | | **Total liabilities** | **20,756** | **17,621** | | **Equity** | | | | Net assets/Total equity | 258,583 | 260,698 | - Trade receivables and bills receivable decreased from **RMB 11,954 thousand** at year-end 2024 to **RMB 7,234 thousand**[61](index=61&type=chunk) - Cash and cash equivalents increased from **RMB 79,934 thousand** at year-end 2024 to **RMB 81,520 thousand**[61](index=61&type=chunk) - Trade payables increased from **RMB 3,980 thousand** at year-end 2024 to **RMB 8,587 thousand**[61](index=61&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, equity attributable to owners of the parent decreased by **RMB 2.1 million** due to the loss for the period, from **RMB 260.7 million** as of January 1, 2025, to **RMB 258.6 million** Equity Changes Overview | Metric | January 1, 2025 (RMB thousand) | Loss and total comprehensive income for the period (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of Parent | 260,694 | (2,115) | 258,579 | | Non-controlling Interests | 4 | – | 4 | | **Total Equity** | **260,698** | **(2,115)** | **258,583** | [Interim Condensed Consolidated Statement of Cash Flows](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group generated **RMB 3.3 million** in net cash from operating activities, had **RMB 1.7 million** in net cash outflow from investing activities, and **RMB 3 thousand** in net cash outflow from financing activities, resulting in a **net increase of RMB 1.6 million** in cash and cash equivalents Cash Flow Overview | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 3,269 | 28,856 | | Net cash used in investing activities | (1,680) | (1,151) | | Net cash used in financing activities | (3) | (383) | | Net increase in cash and cash equivalents | 1,586 | 27,322 | | Cash and cash equivalents at beginning of period | 79,934 | 65,349 | | Cash and cash equivalents at end of period | 81,520 | 92,671 | - Net cash generated from operating activities significantly decreased year-on-year, reflecting increased pressure on business operating cash flow[65](index=65&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements This section provides detailed notes to the interim condensed consolidated financial statements, covering company and group information, basis of preparation, accounting standards application, operating segment information, revenue breakdown, loss before tax details, income tax, dividends, loss per share, key assets (property, plant and equipment, right-of-use assets, financial assets), receivables, cash, payables, capital commitments, related party transactions, and fair value measurement of financial instruments, offering essential context and details for understanding the financial data [Company and Group Information](index=26&type=section&id=Company%20and%20Group%20Information) Shuanghua Holdings Limited, incorporated in the Cayman Islands in 2010, primarily engages in supply chain management and food supply in China, with You Shen International Group Limited, incorporated in the British Virgin Islands, as its parent and ultimate holding company - The Company was incorporated in the **Cayman Islands** on **November 19, 2010**[66](index=66&type=chunk) - The Group is principally engaged in supply chain management business based on its own cold storage and properties, and food supply business of high-end agricultural products like fruits, both domestically and internationally[66](index=66&type=chunk) - The Company's parent and ultimate holding company is **You Shen International Group Limited**, incorporated in the British Virgin Islands[66](index=66&type=chunk) [Basis of Preparation](index=27&type=section&id=Basis%20of%20Preparation) These interim condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and Listing Rules disclosure requirements, using the historical cost convention and presented in RMB, and should be read in conjunction with the 2024 annual financial statements - These interim condensed consolidated financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 'Interim Financial Reporting'** and the applicable disclosure requirements of the Listing Rules[67](index=67&type=chunk) - The statements are prepared under the **historical cost convention** (except for certain financial assets) and presented in **RMB**[67](index=67&type=chunk) [Application of Revised Hong Kong Financial Reporting Standards](index=28&type=section&id=Application%20of%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The accounting policies and calculation methods used in the interim condensed consolidated financial statements for the six months ended June 30, 2025, are consistent with the 2024 annual financial statements, except for changes due to new and revised HKFRSs effective from January 1, 2025 (e.g., amendments to HKAS 21), which had no significant impact on the Group's accounting policies - The accounting policies for the six months ended June 30, 2025, are consistent with the 2024 annual financial statements, except for the application of new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective for annual periods beginning on or after **January 1, 2025**[68](index=68&type=chunk) - The revised HKFRSs (e.g., amendments to HKAS 21) had **no significant impact** on the Group's accounting policies[68](index=68&type=chunk) [Operating Segment Information](index=29&type=section&id=Operating%20Segment%20Information) The Group's operations are segmented into supply chain management and food supply based on internal reports reviewed by the chief operating decision maker; in H1 2025, both segments saw significant revenue declines, with food supply's gross profit near zero, all revenue and non-current assets originated from mainland China, and three major customers contributed over **10% of total revenue** during the period - The Group's operating segments include supply chain management business (based on its own cold storage and properties) and food supply business (high-end agricultural products like fruits, both domestically and internationally)[69](index=69&type=chunk) Operating Segment Revenue and Results (RMB thousand) | Segment | H1 2025 Revenue | H1 2024 Revenue | H1 2025 Segment Results | H1 2024 Segment Results | | :--- | :--- | :--- | :--- | :--- | | Food Supply Business | 6,326 | 47,032 | 7 | 620 | | Supply Chain Management Business | 6,463 | 13,531 | 1,112 | 3,819 | | **Total** | **12,789** | **60,563** | **1,119** | **4,439** | - All of the Group's revenue and non-current assets (excluding financial instruments) are located in its operating region, **mainland China**[72](index=72&type=chunk)[73](index=73&type=chunk) Major Customer Revenue Contribution (RMB thousand) | Customer | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Customer A | 6,265 | – | | Customer B | 3,179 | – | | Customer C | 1,318 | – | | Customer D | – | 19,851 | | Customer E | – | 19,581 | | **Total** | **10,762** | **39,432** | [Revenue, Other Income, Gains and Losses](index=32&type=section&id=Revenue%2C%20Other%20Income%2C%20Gains%20and%20Losses) In H1 2025, the Group's total revenue was **RMB 12.8 million**, comprising **RMB 1.8 million** from supply chain management services, **RMB 6.3 million** from food supply, and **RMB 4.6 million** from rental income; total other income, gains, and losses amounted to **RMB 3.0 million**, primarily from bank interest income and fair value changes of financial assets Revenue Analysis (RMB thousand) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Supply Chain Management: Supply Chain Services | 1,835 | 3,124 | | Food Supply | 6,326 | 47,032 | | Supply Chain Management: Rental | 4,628 | 10,407 | | **Total Revenue** | **12,789** | **60,563** | Other Income, Gains and Losses Analysis (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Bank interest income | 1,457 | 1,392 | | Fair value changes of financial assets | 1,320 | 1,132 | | Exchange (losses)/gains, net | (172) | 275 | | Others | 400 | (709) | | **Total** | **3,005** | **2,090** | - Regarding revenue recognition timing, supply chain services revenue is recognized **'over time'**, while food supply revenue is recognized **'at a point in time'**[80](index=80&type=chunk) [Loss Before Tax](index=35&type=section&id=Loss%20Before%20Tax) For the six months ended June 30, 2025, the Group's loss before tax narrowed to **RMB 2.4 million** from **RMB 3.2 million** in the prior period, primarily influenced by cost of inventories sold, depreciation, and employee benefit expenses, with a positive impact from the reversal of impairment loss on trade receivables Components of Loss Before Tax (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 6,319 | 46,412 | | Depreciation of property, plant and equipment | 2,831 | 2,873 | | Depreciation of investment properties | 2,904 | 2,875 | | Depreciation of right-of-use assets | 277 | 644 | | Reversal of impairment loss on trade receivables | (2,676) | (112) | | Employee benefit expenses (excluding directors' and chief executive's remuneration) | 2,460 | 3,341 | - Employee benefit expenses (excluding directors' and chief executive's remuneration) decreased from **RMB 3,341 thousand** in H1 2024 to **RMB 2,460 thousand** in H1 2025[84](index=84&type=chunk) [Income Tax](index=35&type=section&id=Income%20Tax) For the six months ended June 30, 2025, the Group recorded income tax recoverable of approximately **RMB 283 thousand**, compared to nil in the prior period, with income tax paid on a profit entity basis in the respective jurisdictions of Group members Income Tax Overview (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax: Expense for the period | – | – | | Deferred tax | (283) | – | | **Total income tax recoverable for the period** | **(283)** | **–** | - The Group calculates its income tax expense for the period using the tax rate applicable to the expected total annual earnings[85](index=85&type=chunk) [Dividends](index=36&type=section&id=Dividends) The Board does not recommend the payment of a final dividend for the year ended December 31, 2024, or an interim dividend for the six months ended June 30, 2025 - The Board does **not recommend** the payment of a final dividend for the year ended December 31, 2024, or an interim dividend for the six months ended June 30, 2025[86](index=86&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=36&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, the Group's basic loss per share narrowed to **0.3 cents** from **0.5 cents** in the prior period, calculated based on the loss attributable to ordinary equity holders of the parent and **650,000,000 issued ordinary shares**, with no potential dilutive ordinary shares during the period - For the six months ended June 30, 2025, the basic loss per share was **0.3 cents** (2024: **0.5 cents**)[87](index=87&type=chunk) - Loss per share is calculated based on the loss attributable to ordinary equity holders of the parent for the period and the **650,000,000 ordinary shares** in issue during the period[87](index=87&type=chunk) - The Group had **no potential dilutive ordinary shares** in issue during the period[87](index=87&type=chunk) [Property, Plant and Equipment](index=37&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's additions to property, plant and equipment amounted to **RMB 1.7 million**, primarily for cold storage area construction, with no transfers to investment properties or disposals, and all buildings remaining unpledged Cost of Additions to Property, Plant and Equipment (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Additions | 1,680 | 1,274 | - There were **no transfers of property, plant and equipment to investment properties or disposals** during the period[88](index=88&type=chunk) - As of June 30, 2025, **all of the Group's buildings were unpledged**[89](index=89&type=chunk) [Right-of-use Assets](index=37&type=section&id=Right-of-use%20Assets) For the six months ended June 30, 2025, the Group made no transfers of right-of-use assets to investment properties - For the six months ended June 30, 2025, the Group made **no transfers of right-of-use assets to investment properties**[90](index=90&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=37&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the Group's financial assets at fair value through profit or loss amounted to **RMB 9.6 million**, primarily consisting of listed equity investments in Bank of Shanghai, which are fair valued based on market quotations Financial Assets at Fair Value (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Listed equity investments | 9,588 | 8,268 | - The listed equity investments are equity investments in **Bank of Shanghai**, measured at fair value based on market quotations of the investee company[91](index=91&type=chunk) [Trade Receivables and Bills Receivable](index=38&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable) As of June 30, 2025, the Group's net trade receivables and bills receivable decreased to **RMB 7.2 million** from **RMB 12.0 million** at year-end 2024; credit terms typically range from **30 to 90 days**, extendable up to **1 year** for major customers, with strict control over outstanding receivables and no significant credit concentration risk Trade Receivables and Bills Receivable (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 25,052 | 32,447 | | Bills receivable | 2 | 3 | | Impairment allowance | (17,820) | (20,496) | | **Net amount** | **7,234** | **11,954** | - The credit period for trade receivables generally ranges from **30 to 90 days**, extendable up to **1 year** for major customers[92](index=92&type=chunk) - The Group strives to strictly control its outstanding trade receivables and has **no significant credit concentration risk**[92](index=92&type=chunk) Ageing Analysis of Trade Receivables (net of impairment allowance, RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 3,544 | 10,181 | | 1 to 3 months | – | – | | 3 to 12 months | – | 76 | | Over 12 months | 3,688 | 1,694 | | **Total** | **7,232** | **11,951** | [Cash and Cash Equivalents and Restricted Term Deposits](index=40&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Term%20Deposits) As of June 30, 2025, the Group's cash and cash equivalents totaled **RMB 81.5 million**, with **RMB 42.2 million** denominated in RMB, which is not freely convertible but can be exchanged through authorized banks; bank balances are deposited with reputable banks and earn interest at floating rates Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 81,520 | 79,934 | - As of June 30, 2025, RMB-denominated cash and cash equivalents amounted to **RMB 42,175 thousand**[94](index=94&type=chunk) - RMB is **not freely convertible** into other currencies but can be exchanged through banks authorized to conduct foreign exchange business[94](index=94&type=chunk) [Trade Payables](index=40&type=section&id=Trade%20Payables) As of June 30, 2025, the Group's trade payables significantly increased to **RMB 8.6 million** from **RMB 4.0 million** at year-end 2024; trade payables are interest-free with an average credit period of **three months** Trade Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 8,587 | 3,980 | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 5,145 | 403 | | 1 to 3 months | – | 71 | | 3 to 6 months | – | 76 | | 6 to 12 months | – | – | | Over 12 months | 3,442 | 3,430 | | **Total** | **8,587** | **3,980** | - Trade payables are **interest-free**, with an average credit period of **three months**[96](index=96&type=chunk) [Capital Commitments](index=41&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's contracted but unprovided capital commitments amounted to approximately **RMB 1.0 million**, primarily for property, plant and equipment, representing a significant decrease from **RMB 7.3 million** at year-end 2024 Capital Commitments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted but not provided for: Property, plant and equipment | 1,000 | 7,262 | [Related Party Transactions](index=42&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2025, the Group paid **RMB 286 thousand** in office rental fees to Shanghai Automata Investment Co., Ltd., a transaction based on mutually agreed prices, with Director Ms. Kong Xiaoling having an investment in Shanghai Automata; total remuneration for key management personnel was **RMB 967 thousand** Related Party Transactions (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Office rental fees paid to Shanghai Automata | 286 | 383 | - Director **Ms. Kong Xiaoling** has an investment in Shanghai Automata Investment Co., Ltd[100](index=100&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 929 | 1,080 | | Pension scheme contributions | 38 | 92 | | **Total** | **967** | **1,172** | [Financial Instruments by Category](index=43&type=section&id=Financial%20Instruments%20by%20Category) As of June 30, 2025, the Group's total financial assets were **RMB 100.4 million**, comprising **RMB 9.6 million** in financial assets at fair value through profit or loss and **RMB 90.8 million** in financial assets measured at amortized cost; total financial liabilities were **RMB 10.7 million**, mainly trade payables and financial liabilities included in other payables and accrued expenses Financial Assets by Category (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 9,588 | 8,268 | | Financial assets debt instruments at fair value through other comprehensive income | 2 | 3 | | Financial assets measured at amortised cost | 90,807 | 93,840 | | **Total** | **100,397** | **102,111** | Financial Liabilities by Category (RMB thousand) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 8,587 | 3,980 | | Financial liabilities included in other payables and accrued expenses | 2,158 | 2,089 | | **Total** | **10,745** | **6,069** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=45&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's financial instruments' carrying amounts approximate their fair values, with fair value measurements categorized into a three-level hierarchy where listed equity investments are Level 1 (quoted prices in active markets) and bills receivable are Level 2 (observable inputs); no transfers between fair value hierarchy levels occurred during the period for financial assets and liabilities - All carrying amounts of the Group's financial instruments approximate their fair values[106](index=106&type=chunk) - The fair value of listed equity investments is calculated based on market quotations, classified as **Level 1 measurement**[107](index=107&type=chunk)[108](index=108&type=chunk) - The fair value of bills receivable is calculated by discounting expected future cash flows, classified as **Level 2 measurement**[107](index=107&type=chunk)[108](index=108&type=chunk) - During the period, there were **no transfers** between Level 1 and Level 2, nor any transfers into or out of Level 3 for fair value measurements of financial assets and financial liabilities[111](index=111&type=chunk) [Approval of Interim Condensed Consolidated Financial Statements](index=47&type=section&id=Approval%20of%20Interim%20Condensed%20Consolidated%20Financial%20Statements) These interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - These interim condensed consolidated financial statements were **approved and authorized for issue by the Board of Directors on August 29, 2025**[112](index=112&type=chunk)