MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公 司 （於開曼群島註冊成立的有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （股份代號：848） 截至2025年6月30日止六個月之中期業績 摘要 1 • 門店零售總額（含租賃商戶）達人民幣3,404.5百萬元 • 銷售所得款項及租賃收入總額為人民幣2,980.4百萬元 • 經營收入總額為人民幣2,040.7百萬元 • 本期錄得除稅前利潤為人民幤52.4百萬元，淨利潤為人民幣11.9百萬元 • 期內每股基本盈利為人民幣0.50分，董事會不建議就截至2025年6月30日止六 個月派發中期股息 中期業績 茂業國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附屬 公司（「本集團」）截至2025年6月30日止六個月之未經審核綜合中期業績。 中期簡明綜合損益表 | | | 截至6月30日止六個月 | | | --- | --- | ...

香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 福萊特玻璃集團股份有限公司 Flat Glass Group 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：6865） 截至二零二五年六月三十日止六個月的中期業績公告 福萊特玻璃集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核綜合業績。本公告載有本公司截至 二零二五年六月三十日止六個月的中期報告（「中期報告」）全文，符合香港聯合交易所有限公司證券 上市規則有關中期業績初步公告隨附資料的相關規定。 於聯交所及本公司網站刊登二零二五年度的中期報告 本公告亦會刊登於聯交所(www.hkexnews.hk)及本公司(www.flatgroup.com.cn)網站，而載有上市規 則規定所有數據的本公司二零二五年度的中期報告，將於適當時候寄發予股東（如需）及分別刊登於 本公司及聯交所各自的網站。 承董事會命 福萊特玻璃 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 董事會欣然提呈本集團於本期的未經審計簡 明綜合中期業績，連同2024年同期的比較 數字。 – 1 – CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二五年六月三十日止六個月 中期業績公告 摘要 1 • 本集團報告期期內溢利約人民幣392.8百萬元（截至二零二四年六月三十日止 六個月：約人民幣369.0百萬元），較去年同期增加約6.5%。 • 受惠於以低成本融資置換高成本融資工作持續進行，本集團報告期財務費用 約人民幣558.9百萬元（截至二零二四年六月三十日止六個月︰約人民幣663.8 百萬元），較去年同期下降約15.8%。 • 本集團報告期末資產負債率維持良好水平，約60.17%。同時，本集團報告期 末現金及現金等價物約人民幣4,122.9百萬元，流動比率為1.94。財務儲備足以 支持業務發展。 • 截至二零二五年六月三十日止六個月之每股基本及攤薄盈利分別為人民幣 12.77分（截至二零二四年六月三十日止六個月：人民幣12.28分）及人民幣 12.77分（截至二零二四年六月三十日 ...

（於開曼群島註冊成立的有限責任公司） (股份代號：1789) 截至2025年6月30日止六個月的中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 財務摘要 愛康醫療控股有限公司（「愛康醫療」或「本公司」）董事（「董事」）會（「董事會」） 謹此宣佈本公司及其附屬公司（此後統稱「本集團」）截至2025年6月30日止六個 月（「報告期間」）的未經審核綜合中期業績，其已經本公司審計委員會（「審計委 員會」）審閱。本集團於報告期間的財務摘要連同上一期間同期的比較數字載列如 下： 截至6月30日止六個月 | | 2025年 | 2024年 | 變動百分比 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | % | | 收入 | 694,227 | 657,102 | 5.6% | | 毛利 | 410,335 | 398,480 | 3.0% | | 期內溢利 | 160,611 | 139,253 | 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Xikang Cloud Hospital Holdings Inc. 熙康雲醫院控股有限公司 （前稱Neusoft Xikang Holdings Inc. 東軟熙康控股有限公司） （於開曼群島註冊成立的有限公司） （股份代號：9686） 截至2025年6月30日止六個月之中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | | | | 2025年 | 2024年 | 變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 178,605 | 179,214 | (609) | | 毛利 | 39,313 | 42,556 | (3,243) | | 毛利率 | 22.0% | 23.7% | (1.7%) | | 期內虧損 | (49,975) | (60,484) | 10,509 | | 加：以股份為基 ...

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佈之內 容 概 不 負 責，對 其 準 確 性 或 完 備 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 TRIGIANT GROUP LIMITED 俊知集團有限公司 * （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1300） 截 至2025年6月30日止六個月的中期業績公佈 摘 要 截 至2025年6月30日止六個月中期業績與2024年 上 半 年 中 期 業 績 的 比 較： * 僅供識別 – 1 – • 營業額增加約人民幣76,600,000元或約6.6%至約人民幣1,235,600,000元； • 毛利率降約1.0個百分點至約11.3%； • 期內溢利減少約人民幣15,900,000元或約38.9%至約人民幣25,000,000 元（2024年 上 半 年：人 民 幣40,900,000元）； • 純利率由約3.5%減少至約2.0%； • 每股盈利 從 人民幣2.28分減少至人民幣1.40分；及 ...

[Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Consolidated Statement of Comprehensive Income Summary](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income%20Summary) Profit for the period significantly decreased by 84.9% to RMB 17,715 thousand due to reduced gross profit and increased expenses Key Financial Performance for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,357,566 | 1,359,778 | -0.2% | | Cost of sales | (1,304,505) | (1,229,559) | +6.1% | | Gross profit | 53,061 | 130,219 | -59.3% | | Operating profit | 25,286 | 141,130 | -82.1% | | Profit for the period | 17,715 | 116,983 | -84.9% | | Profit for the period attributable to owners of the Company | 17,715 | 117,032 | -84.9% | | Basic and diluted earnings per share (RMB cents) | 0.84 | 6.08 | -86.2% | - Total comprehensive income for the period significantly decreased from **RMB 117,141 thousand** in 2024 to **RMB 17,381 thousand** in 2025, a reduction of **85.2%**[4](index=4&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Consolidated Statement of Financial Position Summary](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20Summary) Total assets decreased due to lower current assets, while net current assets slightly increased and total equity grew stably Key Asset and Liability Data as at June 30, 2025 | Metric | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 2,357,291 | 2,673,717 | -11.8% | | Total non-current assets | 385,334 | 400,199 | -3.8% | | Total current assets | 1,971,957 | 2,273,518 | -13.2% | | Inventories | 569,057 | 793,403 | -28.3% | | Trade and bills receivables | 355,984 | 659,808 | -46.1% | | Cash and cash equivalents | 896,941 | 655,837 | +36.8% | | Total current liabilities | 1,119,258 | 1,448,620 | -22.7% | | Trade payables | 990,680 | 1,252,414 | -20.9% | | Net current assets | 852,699 | 824,898 | +3.4% | | Total liabilities | 1,275,847 | 1,609,654 | -20.7% | | Total equity | 1,081,444 | 1,064,063 | +1.6% | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [1 General Information](index=6&type=section&id=1%20General%20Information) The Group, incorporated in the Cayman Islands and listed in Hong Kong, primarily conducts unaudited coal-related businesses in China - The Company was incorporated in the Cayman Islands on February 19, 2010, and listed on the Main Board of the Hong Kong Stock Exchange on January 12, 2012[7](index=7&type=chunk) - The Group's principal activities are coal trading, coal processing services, and supply chain services in China[8](index=8&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) Interim financial statements are prepared under HKAS 34 and Listing Rules, using historical cost basis, with consistent accounting policies - The interim condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The statements are prepared on a historical cost basis, except for financial assets at fair value through other comprehensive income and derivative financial assets measured at fair value[10](index=10&type=chunk) [3 Changes in Accounting Policies](index=7&type=section&id=3%20Changes%20in%20Accounting%20Policies) The Group adopted new HKFRS standards, including HKAS 21 (Revised), with no significant impact on current or future financial statements - The Group has adopted HKAS 21 (Revised) "Lack of Exchangeability", which specifies how an entity assesses whether a currency is exchangeable and determines the spot exchange rate[12](index=12&type=chunk) - Management believes the adoption of new and revised standards has no significant impact on the amounts reported and disclosures in these interim condensed consolidated financial statements[12](index=12&type=chunk) - Several new and revised standards effective for accounting periods beginning in 2026 or 2027 are not expected to have a significant impact on the Group's financial performance and position based on preliminary assessment[13](index=13&type=chunk) [4 Estimates](index=8&type=section&id=4%20Estimates) Management's judgments and estimates for financial statements are consistent with 2024, but actual results may vary - The significant judgments made by management and key sources of estimation uncertainty in preparing the financial statements are the same as those applied in the 2024 annual financial statements[14](index=14&type=chunk) [5 Financial Risk Management](index=8&type=section&id=5%20Financial%20Risk%20Management) The Group faces market, credit, liquidity, and concentration risks, with no significant policy changes, and fair values are estimated across three levels - The Group's operations are exposed to market risks (including foreign exchange risk and interest rate risk), credit risk, liquidity risk, and concentration risk[15](index=15&type=chunk) - There have been no significant changes in risk management policies since December 31, 2024[16](index=16&type=chunk) Fair Value Hierarchy of Financial Instruments | Fair Value Measurement Level | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Derivative financial assets (Level 2) | – | 1,504 | | Financial assets at fair value through other comprehensive income (Level 2) | – | 541 | [6 Segment Information](index=9&type=section&id=6%20Segment%20Information) The Group operates a single coal business segment, with revenue from China covering trading, processing, and supply chain services, and non-current assets primarily in China - The Group's chief operating decision-maker considers the coal business as a single operating segment, thus no separate segment analysis is presented in the interim condensed consolidated financial report[20](index=20&type=chunk) Revenue from Customer Contracts by Category (For the six months ended June 30) | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Major geographical markets** | | | | - China | 1,357,566 | 1,359,778 | | **Major products and services** | | | | - Trading of coal and provision of coal processing services | 1,294,494 | 1,329,032 | | - Coal supply chain management services | 63,072 | 30,746 | | **Timing of revenue recognition** | | | | - At a point in time | 1,357,566 | 1,359,778 | Geographical Information (For the six months ended June 30) | Region | 2025 Revenue (RMB thousand) | 2024 Revenue (RMB thousand) | 2025 Non-current assets (RMB thousand) | 2024 Non-current assets (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | China | 1,357,566 | 1,359,778 | 369,859 | 377,738 | | Hong Kong | – | – | 4,555 | 5,515 | | Singapore | – | – | 1,109 | 1,797 | | **Total** | **1,357,566** | **1,359,778** | **375,523** | **385,050** | [7 Other (Losses)/Gains – Net](index=11&type=section&id=7%20Other%20(Losses)%2FGains%20%E2%80%93%20Net) Net other losses of RMB 8.6 million were primarily driven by RMB 10.1 million in exchange losses due to USD and HKD depreciation Other (Losses)/Gains – Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net exchange (losses)/gains | (10,088) | 4,138 | | Government grants | 502 | 4,737 | | Other (losses)/gains – net | (8,649) | 9,479 | - The exchange losses for the period primarily arose from financial assets denominated in USD and HKD, due to the depreciation of USD and HKD against RMB[23](index=23&type=chunk) [8 Finance Income/(Costs) – Net](index=12&type=section&id=8%20Finance%20Income%2F(Costs)%20%E2%80%93%20Net) Net finance income improved to RMB 1.008 million, driven by higher interest income and lower interest expenses Finance Income/(Costs) – Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance income (interest income) | 5,029 | 1,141 | | Finance costs | (4,021) | (3,081) | | Finance income/(costs) – net | 1,008 | (1,940) | [9 Profit Before Income Tax](index=13&type=section&id=9%20Profit%20Before%20Income%20Tax) Profit before tax is calculated after deducting increased inventory costs, depreciation, and employee costs Profit Before Income Tax Deductions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of inventories | 1,206,708 | 1,157,369 | | Depreciation of right-of-use assets | 2,771 | 2,496 | | Depreciation of property, plant and equipment | 15,172 | 4,761 | | Employee costs | 56,521 | 41,787 | [10 Income Tax Expense](index=13&type=section&id=10%20Income%20Tax%20Expense) Income tax expense significantly decreased to RMB 8.6 million due to lower PRC enterprise income tax and various preferential tax policies Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax – PRC enterprise income tax | 4,601 | 18,844 | | Deferred tax | 3,978 | 2,386 | | Income tax expense | 8,579 | 21,230 | - Hong Kong subsidiaries are subject to Hong Kong profits tax at a rate of **16.5%**, with eligible entities benefiting from a two-tiered profits tax rate (first HKD 2 million at **8.25%**)[27](index=27&type=chunk)[28](index=28&type=chunk) - PRC subsidiaries are subject to enterprise income tax at a rate of **25%**, with certain small low-profit enterprises, Hainan Runce, and Shenzhen Runce enjoying preferential tax rates (e.g., **15%**)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) [11 Earnings/(Loss) Per Share](index=15&type=section&id=11%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share significantly decreased to RMB 0.84 cents, driven by lower profit attributable to owners Earnings/(Loss) Per Share (For the six months ended June 30) | Item | 2025 (RMB thousand/cents) | 2024 (RMB thousand/cents) | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB thousand) | 17,715 | 117,032 | | Weighted average number of shares in issue (thousand shares) | 2,103,141 | 1,924,198 | | Basic and diluted earnings per share (RMB cents) | 0.84 | 6.08 | - There were no potential ordinary shares with dilutive effect for the six months ended June 30, 2025 and 2024, thus diluted earnings per share equal basic earnings per share[33](index=33&type=chunk) [12 Dividends](index=15&type=section&id=12%20Dividends) Directors do not recommend an interim dividend for the period, consistent with the prior year - The directors do not recommend the payment of an interim dividend for the current period (2024: nil)[34](index=34&type=chunk) [13 Property, Plant and Equipment](index=15&type=section&id=13%20Property%2C%20Plant%20and%20Equipment) Capital expenditure for property, plant and equipment significantly decreased to RMB 8.4 million, with no disposals Capital Expenditure for Property, Plant and Equipment (For the six months ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Capital expenditure | 8.4 | 23.2 | [14 Trade and Bills Receivables](index=16&type=section&id=14%20Trade%20and%20Bills%20Receivables) Net trade and bills receivables significantly decreased to RMB 356 million, with improved collection reflected in reduced credit loss allowance Net Trade and Bills Receivables | Item | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net trade receivables | 297,422 | 523,073 | | Net bills receivables | 58,562 | 136,735 | | **Total net trade and bills receivables** | **355,984** | **659,808** | Ageing Analysis of Trade and Bills Receivables | Ageing | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Up to 3 months | 198,992 | 513,981 | | 3 to 6 months | 150,645 | 142,805 | | 6 to 12 months | 6,347 | 3,022 | | **Total** | **355,984** | **659,808** | Movement in Loss Allowance for Trade and Bills Receivables | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at January 1 | 18,848 | 5,603 | | (Reversal of) / Expected credit loss recognised during the period | (10,955) | 603 | | Balance at June 30 | 7,893 | 6,206 | [15 Other Receivables and Prepayments](index=17&type=section&id=15%20Other%20Receivables%20and%20Prepayments) Net other receivables and prepayments slightly decreased to RMB 150 million, with a RMB 4.9 million reversal of credit loss allowance Net Other Receivables and Prepayments | Item | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Consideration receivable from disposal of a subsidiary | 94,000 | 94,000 | | Net other receivables | 100,345 | 101,617 | | Deposits paid to suppliers – third parties | 10,293 | 13,567 | | Prepayments to suppliers – third parties | 20,483 | 29,731 | | Other recoverable taxes | 18,854 | 17,510 | | **Total net other receivables and prepayments** | **149,975** | **162,425** | Movement in Loss Allowance for Other Receivables | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at January 1 | 63,310 | 63,501 | | Reversal of expected credit loss recognised during the period | (4,919) | (495) | | Exchange differences | (1,816) | 2,358 | | Balance at June 30 | 56,575 | 65,364 | [16 Trade Payables](index=18&type=section&id=16%20Trade%20Payables) Trade payables decreased to RMB 990.7 million, with most balances aged within three months Ageing Analysis of Trade Payables | Ageing | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Up to 3 months | 747,204 | 1,067,251 | | 3 to 6 months | 242,790 | 4,785 | | 6 to 12 months | 196 | 179,990 | | Over 12 months | 490 | 388 | | **Total** | **990,680** | **1,252,414** | [17 Other Payables and Accrued Charges](index=18&type=section&id=17%20Other%20Payables%20and%20Accrued%20Charges) Other payables and accrued charges slightly decreased to RMB 81.4 million, including customer deposits and salaries Other Payables and Accrued Charges | Item | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Other payables | 46,731 | 41,564 | | Salaries and welfare payable | 25,778 | 25,204 | | Accrued taxes (excluding income tax) | 6,424 | 19,983 | | Interest payable on loan from a shareholder of the Company | 2,510 | 1,308 | | **Total** | **81,443** | **88,059** | [18 Share Capital and Share Premium](index=19&type=section&id=18%20Share%20Capital%20and%20Share%20Premium) Issued shares, share capital, and share premium remained consistent with January 1, 2025, totaling RMB 971,672 thousand in equity Movement in Share Capital and Share Premium | Item | Number of shares (thousand shares) | Share capital (RMB thousand) | Share premium (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2024 | 1,787,388 | 152,933 | 703,804 | 856,737 | | Shares issued upon acquisition of a subsidiary | 156,600 | 14,303 | 28,606 | 42,909 | | As at June 30, 2024 | 1,943,988 | 167,236 | 732,410 | 899,646 | | As at January 1, 2025 and June 30, 2025 | 2,103,141 | 181,896 | 789,776 | 971,672 | [19 Acquisition of CCB LOGISTICS LIMITED](index=19&type=section&id=19%20Acquisition%20of%20CCB%20LOGISTICS%20LIMITED) The Group acquired CCB Logistics for RMB 77,558 thousand, strengthening coal operations and generating a RMB 20,071 thousand bargain purchase gain - The Group entered into an agreement on December 29, 2023, to acquire **100%** equity interest in CCB Logistics for **RMB 77,558 thousand**, with the acquisition completed on January 24, 2024[45](index=45&type=chunk) - CCB Logistics and its subsidiaries engage in coal supply chain management services, and this acquisition enhances the Group's existing coal trading business and supply chain management capabilities[45](index=45&type=chunk) Fair Value of Identifiable Assets and Liabilities Acquired in CCB Logistics Acquisition | Item | RMB thousand | | :--- | :--- | | Net identifiable assets acquired | 97,629 | | Consideration | (77,558) | | **Bargain purchase gain on acquisition of a subsidiary** | **20,071** | [20 Discontinued Operations](index=21&type=section&id=20%20Discontinued%20Operations) The Group ceased mining operations in 2024, resulting in no revenue or losses from discontinued operations this period - The Group disposed of its entire equity interest in Hami Jinhua Mineral Resources Development Co., Ltd. in July 2024, completing the sale on September 29, 2024, and ceasing its mining operations[49](index=49&type=chunk) Loss Analysis of Discontinued Operations (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | – | – | | Cost of sales | – | (590) | | Gross loss | – | (590) | | Administrative expenses | – | (387) | | Operating loss | – | (977) | | Loss for the period | – | (985) | [21 Related Party Transactions](index=22&type=section&id=21%20Related%20Party%20Transactions) Related party transactions include compensation for key management personnel, which decreased to RMB 2.785 million - Tianyuan International Limited is a shareholder of the Company, holding a **24.8%** equity interest in the Company[53](index=53&type=chunk) Key Management Personnel Compensation (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Basic salaries, allowances and other benefits | 2,683 | 3,387 | | Contributions to retirement benefit schemes | 102 | 89 | | **Total** | **2,785** | **3,476** | [22 Capital Commitments](index=22&type=section&id=22%20Capital%20Commitments) Contracted capital commitments for property and equipment significantly decreased to RMB 1.457 million Capital Commitments | Item | As at June 30, 2025 (RMB thousand) | As at December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of property and equipment | 1,457 | 10,255 | [23 Contingent Liabilities](index=22&type=section&id=23%20Contingent%20Liabilities) The Group reported no significant contingent liabilities as at June 30, 2025 - The Group had no significant contingent liabilities as at June 30, 2025[56](index=56&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=23&type=section&id=Business%20Review) The Group's coal business faces declining prices due to high supply and inventory, while it expands into photovoltaic projects for green transition - The Group primarily engages in coal business, including coal processing, supply chain services, and trading[57](index=57&type=chunk) - China's coal consumption accounts for **53.2%** of national energy consumption, significantly higher than the global average[58](index=58&type=chunk) - In the first half of 2025, raw coal production by industrial enterprises above designated size was **2.40 billion tonnes**, a **5.4%** year-on-year increase; coal and lignite imports reached **222 million tonnes**, a **11.1%** year-on-year decrease[59](index=59&type=chunk)[60](index=60&type=chunk) - Total coal inventory at major Bohai Rim ports was **27.56 million tonnes**, an increase of **7.9%** from the beginning of the year, indicating relatively slow consumption of imported coal[61](index=61&type=chunk) - The China Coal Index 5500K continuously declined in the period, from **RMB 770/tonne** to **RMB 620/tonne**, reflecting an expansion in production and a downward trend in prices[64](index=64&type=chunk) - The Group has initiated photovoltaic projects to promote decarbonization, integrate coal-based energy with diversified green energy, and expand channels for green transformation of its coal business[70](index=70&type=chunk) [Results Review](index=26&type=section&id=Results%20Review) Revenue remained stable, but gross profit significantly declined due to increased cost of sales and administrative expenses, while net finance income improved - The Group's revenue decreased by approximately **0.2%** from approximately **RMB 1,360 million** in the prior period to approximately **RMB 1,358 million** in the current period, with stable sales revenue indicating a significant increase in coal transaction volume[72](index=72&type=chunk) - Cost of sales increased by approximately **6.1%** year-on-year to **RMB 1,305 million**, primarily attributable to increased transaction volume[72](index=72&type=chunk) - Gross profit decreased by approximately **59.3%** from approximately **RMB 130.2 million** in the prior period to approximately **RMB 53.1 million** in the current period, as continuous coal price declines severely compressed gross margins in the coal trading business[73](index=73&type=chunk) - Administrative expenses increased to **RMB 33.6 million** (prior period: **RMB 18.9 million**), mainly due to increased depreciation expenses from the operational use of Changzhi Desheng Coal Shed and higher employee costs[75](index=75&type=chunk) - Other net losses were approximately **RMB 8.6 million** (prior period: net gains of approximately **RMB 9.5 million**), primarily due to net exchange losses of approximately **RMB 10.1 million**[76](index=76&type=chunk) - Net finance income was approximately **RMB 1.0 million** (prior period: net finance costs of approximately **RMB 1.9 million**), mainly from bank interest income[78](index=78&type=chunk) - Income tax expense was approximately **RMB 8.6 million** (prior period: **RMB 21.3 million**), primarily due to reduced current enterprise income tax expenses from PRC operations[79](index=79&type=chunk) [Significant Investments Held](index=28&type=section&id=Significant%20Investments%20Held) The Group held no significant debt securities investments as at June 30, 2025 - As at June 30, 2025, the Group held no significant investments in debt securities (December 31, 2024: **RMB 0.5 million**)[80](index=80&type=chunk) [Capital Expenditure](index=28&type=section&id=Capital%20Expenditure) Capital expenditure decreased to RMB 8.4 million, mainly for property, plant and equipment and right-of-use assets Capital Expenditure (For the six months ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Capital expenditure for property, plant and equipment and right-of-use assets | 8.4 | 23.2 | [Liquidity and Financial Resources](index=28&type=section&id=Liquidity%20and%20Financial%20Resources) Equity attributable to owners increased, total assets decreased, while strong liquidity is maintained with increased cash balances and a net cash position - Equity attributable to owners of the Company increased by **1.6%** to approximately **RMB 1,081.4 million**[82](index=82&type=chunk) - The Group's total assets decreased to approximately **RMB 2.36 billion** (December 31, 2024: approximately **RMB 2.67 billion**)[82](index=82&type=chunk) - The Group's bank and cash balances increased by **36.8%** to approximately **RMB 896.9 million** (December 31, 2024: **RMB 655.8 million**)[85](index=85&type=chunk) - The Company's net cash position was **RMB 768.5 million** (December 31, 2024: **RMB 526.5 million**)[87](index=87&type=chunk) [Treasury Policy](index=29&type=section&id=Treasury%20Policy) The Group maintains a conservative treasury policy, primarily transacting in RMB, USD, and HKD, with surplus cash in USD fixed deposits - The Group continues to adopt a conservative treasury policy for liquidity and financial management[86](index=86&type=chunk) - The Group primarily conducts its continuing operations in RMB, USD, and HKD, with surplus cash mostly invested in USD-denominated fixed deposits[86](index=86&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) The Group's gearing ratio is based on net debt to total capital, with a net cash position of RMB 768.5 million - The Group's gearing ratio is calculated as net debt divided by total capital[87](index=87&type=chunk) - As at June 30, 2025, the Company was in a net cash position of **RMB 768.5 million** (December 31, 2024: **RMB 526.5 million**)[87](index=87&type=chunk) [Key Risks](index=30&type=section&id=Key%20Risks) The Group manages foreign exchange risk with hedging strategies and credit risk from receivables through strict controls and loss provisions - The Group's business is primarily conducted in RMB, but international coal supply chain trade involves USD transactions, exposing it to potential foreign currency risk between USD and RMB[89](index=89&type=chunk) - To manage foreign exchange risk, the Company has established a dedicated team to monitor exchange rate fluctuations, assess risks, and formulate hedging strategies, utilizing foreign currency forward contracts[89](index=89&type=chunk) - The Group faces credit risk in its coal business, primarily from trade and bills receivables, which is managed through strict control of outstanding receivables and regular review of overdue balances[90](index=90&type=chunk) - As at June 30, 2025, a loss allowance of approximately **RMB 7.9 million** was provided for the total trade and bills receivables (December 31, 2024: **RMB 18.8 million**)[90](index=90&type=chunk) [Pledge of the Company’s Assets, Commitments and Contingent Liabilities](index=31&type=section&id=Pledge%20of%20the%20Company%E2%80%99s%20Assets%2C%20Commitments%20and%20Contingent%20Liabilities) The Group had no other significant capital commitments, asset pledges, or contingent liabilities beyond disclosed notes - Except as disclosed in Note 22 (Capital Commitments) and Note 23 (Contingent Liabilities), the Group had no other contracted capital expenditure, commitments, pledge of the Company's assets, or significant contingent liabilities[93](index=93&type=chunk) [Dividends](index=31&type=section&id=Dividends) Directors do not recommend an interim dividend for the current period, consistent with the prior year - The directors do not recommend the payment of any interim dividend for the current period (prior period: nil)[94](index=94&type=chunk) [Human Resources and Share Option Scheme](index=31&type=section&id=Human%20Resources%20and%20Share%20Option%20Scheme) The Group employed 839 staff with RMB 56.5 million in employee costs, and no share options were granted or outstanding - As at June 30, 2025, the Group employed **839** staff (December 31, 2024: **999** staff)[95](index=95&type=chunk) - Total employee costs (including directors' emoluments) expensed for the period were approximately **RMB 56.5 million** (prior period: **RMB 41.8 million**)[95](index=95&type=chunk) - The share option scheme aims to incentivize and reward eligible participants, and to recruit and retain high-caliber personnel, but no share options were granted, exercised, lapsed, or outstanding during the period or as at June 30, 2025[95](index=95&type=chunk) [Future Outlook and Prospects](index=31&type=section&id=Future%20Outlook%20and%20Prospects) Coal prices declined in H1 due to market factors, but H2 outlook suggests potential price recovery with slower supply growth and increased electricity demand, while the Group pursues green transformation - In the first half, the coal market experienced price declines and significant margin contraction due to low heating demand, slower growth in manufacturing electricity consumption, and coal miners' strategy of prioritizing volume over price, causing prices to revert to pre-2021 surge levels[96](index=96&type=chunk)[97](index=97&type=chunk) - The National Energy Administration will investigate coal mines for overproduction, which is expected to slow domestic coal supply growth and further reduce coal imports[98](index=98&type=chunk) - National electricity consumption is projected to grow by approximately **6–8%** in the second half of 2025 compared to the same period in 2024, with thermal coal power expected to maintain high consumption levels[98](index=98&type=chunk) - The Group actively expanded revenue sources by maintaining long-term cooperative relationships with major coal trading customers, leading to significant growth in coal trading volume; coal supply chain management service revenue and gross profit significantly increased, effectively offsetting the decline in gross margin from coal trading business[99](index=99&type=chunk) - The Group has initiated the development and construction of photovoltaic projects to promote carbon reduction and facilitate the integrated development of coal-based energy and green energy[101](index=101&type=chunk) [Corporate Governance and Other Information](index=33&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors’ and Chief Executive’s Interests in Shares, Underlying Shares and Debentures](index=33&type=section&id=Directors%E2%80%99%20and%20Chief%20Executive%E2%80%99s%20Interests%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) Directors Mr. Cui Yazhou and Mr. Ye Xin held significant equity interests through controlled corporations Directors’ and Chief Executive’s Interests in Shares | Name/Designation | Nature of interest | Total interest in shares (shares) | Approximate percentage of issued share capital (%) | | :--- | :--- | :--- | :--- | | Tianyuan International Limited | Beneficial owner | 521,000,000 (L) | 24.77 | | Mr. Cui Yazhou | Interest in controlled corporation | 521,000,000 (L) | 24.77 | | Fulian Holdings Limited | Beneficial owner | 137,792,017 (L) | 6.55 | | Mr. Ye Xin | Interest in controlled corporation | 137,792,017 (L) | 6.55 | [Substantial Shareholders’ and Other Persons’ Interests in Shares and Underlying Shares](index=35&type=section&id=Substantial%20Shareholders%E2%80%99%20and%20Other%20Persons%E2%80%99%20Interests%20in%20Shares%20and%20Underlying%20Shares) Several individuals and entities, including Mr. Feng Yuantao and China Clean Energy Technology, are substantial shareholders with significant equity interests Substantial Shareholders’ and Other Persons’ Interests in Shares | Name/Designation | Nature of interest | Total interest in shares (shares) | Approximate percentage of issued share capital (%) | | :--- | :--- | :--- | :--- | | Mr. Feng Yuantao | Beneficial owner | 306,522,040 (L) | 14.57 | | Mr. Bong Chin Chung | Beneficial owner | 242,419,957 (L) | 11.53 | | China Clean Energy Technology Co., Ltd. | Beneficial owner | 170,000,000 (L) | 8.08 | | Mr. Li Langwei | Interest in controlled corporation | 170,000,000 (L) | 8.08 | | Baicheng International Group Co., Ltd. | Beneficial owner | 147,000,000 (L) | 6.99 | | Ms. Gao Miaomiao | Interest in controlled corporation | 147,000,000 (L) | 6.99 | | Mr. Cao Jianwei | Interest in controlled corporation | 147,000,000 (L) | 6.99 | [Major Contracts](index=36&type=section&id=Major%20Contracts) No directors or their associates held material interests in significant transactions or contracts related to the Group's business - During or at the end of the period, no director or their associates had a direct or indirect material interest in any significant transaction, arrangement, or contract entered into by the Company or its subsidiaries, fellow subsidiaries, and parent company concerning the Group's business[111](index=111&type=chunk) [Management Contracts](index=36&type=section&id=Management%20Contracts) The Company had no management or administration contracts for its business during the period - The Company had no contracts concerning the management and administration of the whole or any substantial part of its business during the period[112](index=112&type=chunk) [Directors’ Interests in Competing Business](index=36&type=section&id=Directors%E2%80%99%20Interests%20in%20Competing%20Business) No directors or their associates engaged in any business competing with the Group's operations - No director or their associates engaged in any business that competes or is likely to compete, directly or indirectly, with the Group's business[113](index=113&type=chunk) [Share Option Scheme](index=36&type=section&id=Share%20Option%20Scheme) A new share option scheme was adopted in 2021, but no options were granted, exercised, or outstanding during the period - The Company adopted a new share option scheme on May 28, 2021, to incentivize and reward eligible participants[114](index=114&type=chunk)[115](index=115&type=chunk) - The total number of shares available for issue under the share option scheme is **162,000,000 shares**, representing **7.7%** of the issued shares as at January 1, 2025, June 30, 2025, and the date of this announcement[120](index=120&type=chunk) - As at January 1, 2025, and June 30, 2025, no share options were outstanding, and no share options were granted, exercised, cancelled, or lapsed during the period[121](index=121&type=chunk) [Events After the Reporting Period](index=38&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the reporting period, except as otherwise disclosed - Save as disclosed elsewhere in this announcement, there were no significant events after the reporting period[122](index=122&type=chunk) [Sufficiency of Public Float](index=38&type=section&id=Sufficiency%20of%20Public%20Float) The Company maintained the required public float throughout the period - As at the date of this announcement, the Company maintained the public float required by the Listing Rules throughout the period[123](index=123&type=chunk) [Purchase, Redemption or Sale of Securities](index=38&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20Securities) Neither the Company nor its subsidiaries purchased, redeemed, or sold any listed securities, and no treasury shares were held - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the period[124](index=124&type=chunk) [Issue of Equity Securities](index=38&type=section&id=Issue%20of%20Equity%20Securities) The Company did not issue equity securities or sell treasury shares for cash during the period - The Company did not issue any equity securities or sell treasury shares for cash during the period[125](index=125&type=chunk) [Corporate Governance Compliance](index=39&type=section&id=Corporate%20Governance%20Compliance) [Compliance with Corporate Governance Code](index=39&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complies with the Corporate Governance Code, with plans to appoint a new CEO to segregate roles - The Company has taken appropriate steps to adopt and comply with the Corporate Governance Code during the period[126](index=126&type=chunk) - The roles of Chairman and Chief Executive Officer are not segregated, with the CEO's duties performed by other executive directors and senior management; the Board believes sufficient measures are in place to ensure corporate governance practices are comparable to the Code[126](index=126&type=chunk) - The Company will issue a separate announcement regarding the appointment of a new Chief Executive Officer in due course[127](index=127&type=chunk) [Directors’ Securities Transactions](index=39&type=section&id=Directors%E2%80%99%20Securities%20Transactions) All directors confirmed compliance with the Model Code for securities transactions throughout the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[128](index=128&type=chunk) - Following specific enquiries to all directors, all directors confirmed compliance with the required standards set out in the Model Code throughout the period[128](index=128&type=chunk) [Changes in Directors’ Information](index=39&type=section&id=Changes%20in%20Directors%E2%80%99%20Information) Independent non-executive director Mr. Ruan Guantong was appointed to another company, with no other disclosed director information changes - Mr. Ruan Guantong, an independent non-executive director of the Company, was appointed as an independent non-executive director of Zhudi Holdings Group Limited on June 18, 2025[129](index=129&type=chunk) [Review by Audit Committee](index=39&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee, composed of independent non-executive directors, reviewed the unaudited interim results and monitors financial reporting and controls - The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and monitoring the Group's financial reporting process, internal controls, and risk management systems[130](index=130&type=chunk)[131](index=131&type=chunk) - The interim results for the period, though unaudited, have been reviewed by the Audit Committee[131](index=131&type=chunk) [Past Performance and Forward-Looking Statements](index=40&type=section&id=Past%20Performance%20and%20Forward-Looking%20Statements) Group performance is historical, not indicative of future results, and forward-looking statements involve risks with no obligation for updates - The Group's performance and operating results contained in this report are historical, and past performance is not a guarantee of the Group's future results[132](index=132&type=chunk) - This announcement contains certain forward-looking statements regarding the Group's financial condition, operating results, and business, which involve known and unknown risks and uncertainties, and actual results may differ materially[132](index=132&type=chunk) - Neither the Group, its directors, employees, nor agents assume any obligation to correct or update the forward-looking statements or opinions contained in this report[133](index=133&type=chunk) [Publication of Interim Results and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) The interim results announcement is published online, and the interim report will be dispatched to shareholders and available on the same websites - This interim results announcement has been published on the Stock Exchange website (http://www.hkex.com.hk) and the Company's website (http://www.huili.hk)[134](index=134&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders and available on the same websites in due course[134](index=134&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 Zhongliang Holdings Group Company Limited 中 梁 控 股 集 團 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：2772） 截至2025年6月30日止六個月 未經審核中期業績公告 2025年中期業績摘要 – 1 – . 合約銷售金額（ 包括本集團的附屬公司、合營企業及聯營公司）為人民幣63.8億元，按 年減少約33.9%。 . 總收入為人民幣51億元，按年減少約77.4%。 . 擁有人應佔虧損為人民幣7.8億元，去年同期的擁有人應佔虧損約人民幣17.1億元。 . 於2025年6月30日，有息債務總額已受控及減少至人民幣184億元。 中梁控股集團有限公司（「本公司」或「中梁」）董事（「董事」，各為「董事」）會（「董事會」）欣然 公佈本公司及其附屬公司（ 統稱「本集團」）截至2025 年6月30日止六個月的未經審核中期簡 明綜合業績，連同2024年同 ...

[Financial Highlights](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) Zhongcheng Energy Holdings Limited reported a 20% year-on-year revenue decrease and a loss attributable to equity holders of RMB 7.3 million for H1 2025 Key Financial Data Comparison for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,082.0 | 3,839.4 | -20% | | Loss/Profit Attributable to Equity Holders | (7.3) | 27.0 | From profit to loss | | Basic Loss/Earnings Per Share (RMB) | (0.02) | 0.07 | From profit to loss | [Financial Statements](index=2&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the unaudited condensed consolidated interim financial statements for H1 2025, including income, comprehensive income, and financial position statements [Consolidated Income Statement](index=2&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) Revenue declined 20% to RMB 3,082.0 million, resulting in reduced gross profit and a loss of RMB 7.3 million attributable to equity holders Key Data from Consolidated Income Statement | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,082,015 | 3,839,411 | | Cost of sales | (2,930,716) | (3,627,383) | | Gross profit | 151,299 | 212,028 | | Operating profit | 6,990 | 55,242 | | Loss/Profit before tax | (5,321) | 42,070 | | Loss/Profit for the period | (5,832) | 27,940 | | Loss/Profit attributable to equity holders of the Company | (7,278) | 26,970 | | Basic Loss/Earnings Per Share (RMB) | (0.02) | 0.07 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income shifted from a RMB 28.8 million profit to a RMB 6.4 million loss, driven by period loss and foreign exchange differences Key Data from Consolidated Statement of Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss/Profit for the period | (5,832) | 27,940 | | Exchange differences on translation of financial statements denominated in foreign currencies | (531) | 893 | | Total comprehensive income for the period | (6,363) | 28,833 | | Total comprehensive income attributable to equity holders of the Company | (7,859) | 27,886 | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) Total assets increased, but net assets slightly decreased, and current liabilities significantly rose, leading to a higher debt ratio as of June 30, 2025 Key Data from Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 534,833 | 543,559 | | Current assets | 1,899,729 | 1,333,724 | | Current liabilities | 1,725,551 | 1,101,023 | | Non-current liabilities | 181,649 | 228,305 | | Net assets | 527,362 | 547,955 | | Total equity | 527,362 | 547,955 | [Notes to the Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the basis of preparation, accounting policy changes, revenue, segment reporting, income, tax, EPS, receivables, prepayments, and dividends [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=%E7%BC%96%E8%A3%BD%E5%9F%BA%E5%87%86%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%98%E5%8A%A8) Interim financial report prepared under Listing Rules and IAS 34, with HKAS 21 amendments applied but no significant impact due to no foreign currency transactions - The interim financial report is prepared under Listing Rules and IAS 34, and reviewed by KPMG[9](index=9&type=chunk)[10](index=10&type=chunk) - The Group applied amendments to HKAS 21, with no significant impact due to the absence of foreign currency transactions[13](index=13&type=chunk) Number of Gas and Petrol Stations and Oil Storage Facilities | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gas and petrol stations owned by the Group | 38 | 38 | | Oil storage facilities owned by the Group | 2 | 2 | | Gas and petrol stations operated under management agreements | 39 | 39 | | Oil storage facilities operated under management agreements | 1 | 1 | [Revenue and Segment Reporting](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E6%8A%A5%E5%91%8A) Total revenue decreased 20% year-on-year, primarily due to reduced refined oil and natural gas sales, with all business segments experiencing declines [Revenue Breakdown](index=7&type=section&id=%E6%94%B6%E7%9B%8A%E6%98%8E%E7%BB%86) Sales of refined oil and natural gas generated RMB 3,050.3 million, a 19.5% year-on-year decrease, driving the overall revenue decline Revenue Breakdown from Customer Contracts by Major Product or Service Line | Product/Service | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of refined oil and natural gas | 3,050,307 | 3,790,626 | | Transportation service revenue | 31,699 | 37,807 | | Franchise service revenue | – | 9,411 | | Revenue from trading of compressed natural gas and liquefied petroleum gas | 9 | 1,567 | | **Total Revenue** | **3,082,015** | **3,839,411** | [Segment Results](index=7&type=section&id=%E5%88%86%E9%83%A8%E4%B8%9A%E7%BB%A9) All three reportable segments—refined oil, natural gas, and transportation services—saw declines in revenue and gross profit, with natural gas sales decreasing most - The Group is managed by business lines, divided into three reportable segments: sales of refined oil, sales of natural gas, and provision of transportation services[19](index=19&type=chunk) Revenue and Gross Profit by Reportable Segment | Segment | H1 2025 Revenue (RMB thousand) | H1 2024 Revenue (RMB thousand) | H1 2025 Gross Profit (RMB thousand) | H1 2024 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Sales of refined oil | 2,975,427 | 3,660,728 | 100,752 | 138,908 | | Sales of natural gas | 74,889 | 140,876 | 19,272 | 30,951 | | Provision of transportation services | 31,699 | 37,807 | 31,275 | 42,169 | | **Total** | **3,082,015** | **3,839,411** | **151,299** | **212,028** | [Geographical Information](index=9&type=section&id=%E5%9C%B0%E7%90%86%E8%B5%84%E6%96%99) All of the Group's customers, non-current assets, and associates are exclusively located in China - All of the Group's customers, non-current assets (including property, plant and equipment and investment properties), and associates are located in China[24](index=24&type=chunk) [Other Income](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income, primarily rental income from operating leases, totaled RMB 3.4 million, a slight decrease from the prior period Other Income Breakdown | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Rental income from operating leases | 1,387 | 2,063 | | Net gain/(loss) on disposal of property, plant and equipment | 309 | (245) | | Interest income | 301 | 700 | | Others | 1,442 | 1,067 | | **Total** | **3,439** | **3,585** | [Details of Loss/Profit Before Tax](index=10&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%EF%BC%88%E4%B8%8B%E8%B7%8C%EF%BC%89%EF%BC%8F%E6%BA%A2%E5%88%A9%E6%98%8E%E7%BB%86) This section details key cost items impacting loss/profit before tax, including finance, staff, depreciation, lease, and inventory costs Breakdown of Costs Related to Loss/Profit Before Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance costs | 13,066 | 13,696 | | Staff costs | 78,646 | 83,108 | | Depreciation expense | 30,372 | 32,652 | | Operating lease expenses for short-term leases and leases of low-value assets | 2,440 | 2,192 | | Cost of inventories | 2,925,154 | 3,620,297 | [Income Tax](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E) Income tax decreased 96% to RMB 0.5 million due to a pre-tax loss, with varying corporate tax rates and preferential rates applied Income Tax Breakdown | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax - Provision for the period | 12,319 | 21,705 | | Deferred tax - Origination and reversal of temporary differences | (11,808) | (7,575) | | **Total Income Tax** | **511** | **14,130** | - Chinese subsidiaries (excluding Hong Kong) are subject to a **25% corporate income tax rate**, with preferential rates of **5% for small-scale operations** and **15% for high-tech enterprises**[30](index=30&type=chunk) [Loss/Earnings Per Share](index=11&type=section&id=%E6%AF%8F%E8%82%A1%EF%BC%88%E4%B8%8B%E8%B7%8C%EF%BC%89%EF%BC%8F%E7%9B%88%E5%88%A9) Basic loss per share was RMB 0.02 for H1 2025, compared to RMB 0.07 earnings per share last year, with no potential dilutive ordinary shares Loss/Earnings Per Share | Metric | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss/Earnings Per Share | (0.02) | 0.07 | | Number of ordinary shares in issue | 374,502,000 | 374,502,000 | - There were no potential dilutive ordinary shares for the six months ended June 30, 2025 and 2024[28](index=28&type=chunk) [Trade and Bills Receivables](index=11&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9%E5%8F%8A%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) Total trade and bills receivables significantly increased to RMB 173.1 million as of June 30, 2025, primarily due to higher bills receivables Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 32,966 | 29,630 | | Bills receivables | 140,093 | 66,000 | | **Total** | **173,059** | **95,630** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 25,858 | 25,115 | | 1 to 3 months | 6,490 | 3,006 | | 3 to 6 months | 618 | 1,509 | | **Total** | **32,966** | **29,630** | [Prepayments, Deposits and Other Receivables](index=12&type=section&id=%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E6%AC%BE%E9%A1%B9) Prepayments, deposits, and other receivables increased to RMB 1,121.0 million, mainly due to higher prepayments to related parties for inventory and services Breakdown of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for purchase of inventories and services - related parties | 874,159 | 630,468 | | Prepayments for purchase of inventories and services - third parties | 222,279 | 255,985 | | Deposits made to suppliers | 3,985 | 3,817 | | Advances to employees | 729 | 717 | | Recoverable VAT | 9,817 | 8,730 | | Amounts due from non-controlling interests of subsidiaries | – | 24,054 | | Others | 10,016 | 9,453 | | Financial assets measured at amortised cost | 24,547 | 46,771 | | **Total** | **1,120,985** | **933,224** | - All prepayments, deposits, and other receivables are expected to be recovered or recognized as expenses within one year[32](index=32&type=chunk) [Trade and Bills Payables](index=13&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E4%BB%98%E6%AC%BE%E9%A1%B9%E5%8F%8A%E5%BA%94%E4%BB%98%E7%A5%A8%E6%8D%AE) Total trade and bills payables significantly increased to RMB 286.8 million as of June 30, 2025, primarily due to higher bills payables Trade and Bills Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables to third parties | 1,822 | 2,748 | | Bills payables | 285,000 | – | | **Total** | **286,822** | **2,748** | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 month | 1,812 | 2,738 | | Over 3 months | 10 | 10 | | **Total** | **1,822** | **2,748** | [Dividends](index=13&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend an interim dividend for H1 2025, and no past financial year dividends were approved, unlike the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: RMB nil)[35](index=35&type=chunk) Approval Status of Past Financial Year and Special Dividends | Dividend Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Final dividend for past financial year (HKD 0.04 per share) | – | 13,872 | | Special dividend approved during the period (HKD 0.08 per share) | – | 27,345 | [Management Discussion and Analysis](index=14&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews H1 2025 industry, business, and financial performance, outlining future directions amid challenges from oil price volatility and EV penetration [Business and Financial Review](index=14&type=section&id=%E4%B8%9A%E5%8A%A1%E5%8F%8A%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B5) H1 2025 saw fluctuating oil prices, China's oil demand transformation, and natural gas market shifts, impacting sales and transport revenue, resulting in a loss despite stable finances [Industry Overview](index=14&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E8%A7%88) H1 2025 saw volatile oil prices, China's shifting oil demand, and global natural gas price declines, though China's natural gas consumption, especially for heavy trucks, is set for growth - International crude oil prices fluctuated in H1 2025, influenced by geopolitical risks and supply-demand dynamics[40](index=40&type=chunk) - China's crude oil demand structure is undergoing a historic shift: **declining fuel consumption** and **rising chemical consumption**[42](index=42&type=chunk) - Global natural gas supply increased, leading to lower prices due to weak demand, but China's market shows 'slight overall growth, structural transformation'[43](index=43&type=chunk)[44](index=44&type=chunk) - China's natural gas heavy truck production and sales grew strongly, with policy subsidies and oil-gas price differentials expected to stimulate market growth[46](index=46&type=chunk)[47](index=47&type=chunk) [Refined Oil Sales Business](index=16&type=section&id=%E6%88%90%E5%93%81%E6%B2%B9%E9%94%80%E5%94%AE%E4%B8%9A%E5%8A%A1) Refined oil sales revenue decreased by 19% to RMB 2,975.4 million, with a 12% volume drop, primarily due to declining market demand from EV adoption Refined Oil Sales Business Data | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales Revenue (RMB million) | 2,975.4 | 3,675.855 (Segment Revenue) | -19% | | Sales Volume (tonnes) | 433,000 | 493,000 | -12% | - Sales volume decreased primarily due to more automotive customers switching to new energy vehicles, leading to reduced market demand[48](index=48&type=chunk) [Natural Gas Sales Business](index=16&type=section&id=%E5%A4%A9%E7%84%B6%E6%B0%94%E9%94%80%E5%94%AE%E4%B8%9A%E5%8A%A1) Natural gas sales revenue decreased by 47% to RMB 74.9 million, with compressed natural gas volume down 49%, due to customers switching to EVs Natural Gas Sales Business Data | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Sales Revenue (RMB million) | 74.9 | 140.876 (Segment Revenue) | -47% | | Compressed Natural Gas Sales Volume (million cubic meters) | 13.4 | 26.2 | -49% | - Natural gas sales decreased primarily due to more natural gas vehicle customers switching to new energy vehicles, leading to reduced market demand[49](index=49&type=chunk) Gas and Petrol Station Locations and Products | Province/City | Gas Stations | Petrol Stations | Hybrid Stations | Total | | :--- | :--- | :--- | :--- | :--- | | Jilin Province | 13 | 35 | 9 | 57 | | Liaoning Province | – | 19 | 1 | 20 | | **Total** | **13** | **54** | **10** | **77** | [Provision of Transportation Services](index=18&type=section&id=%E6%8F%90%E4%BE%9B%E8%BF%90%E8%BE%93%E6%9C%8D%E5%8A%A1) Transportation service revenue decreased by 16% to RMB 31.7 million in H1 2025, with the company operating over 100 dangerous goods vehicles Transportation Services Business Data | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Transportation Revenue | 31.7 | 37.8 | -16% | - The company owns and manages a fleet of **over 100 dangerous goods transportation vehicles**, including 48 tractors, 45 trailers, and 30 integrated tractor-trailers for oil, and 23 tractors, 22 trailers, and 1 integrated tractor-trailer for natural gas[51](index=51&type=chunk) [Operating Results](index=18&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) Revenue decreased 20%, cost of sales fell 19%, gross margin dropped to 5%, resulting in a pre-tax loss and a net loss of RMB 5.8 million Key Operating Results Data | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,082.0 | 3,839.4 | -20% | | Cost of sales | 2,930.7 | 3,627.4 | -19% | | Gross profit | 151.3 | 212.0 | -28.6% | | Gross profit margin | 5% | 6% | -1% | | Impairment reversal/(loss) on trade receivables | 0.9 (reversal) | (1.0) (loss) | From loss to reversal | | Other income | 3.4 | 3.6 | -5.6% | | Staff costs | 78.6 | 83.1 | -5.4% | | Other operating expenses | 39.6 | 43.6 | -9.2% | | Finance costs | 13.1 | 13.7 | -4.4% | | Share of profit of an associate | 0.8 | 0.5 | +60% | | Loss/Profit before tax | (5.3) | 42.1 | From profit to loss | | Income tax | 0.5 | 14.1 | -96.5% | | Loss/Profit for the period | (5.8) | 27.9 | From profit to loss | [Financial Resources and Liquidity](index=20&type=section&id=%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91) The Group's financial position remained stable as of June 30, 2025, with total assets increasing 30% to RMB 2,434.6 million and total equity stable at RMB 527.4 million Financial Resources Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 2,434.6 | 1,877.3 | +30% | | Total equity | 527.4 | 548.0 | -3.8% | [Capital Expenditure](index=20&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF) Capital expenditure for H1 2025 was RMB 12.1 million, mainly for property, plant, and equipment, with period-end capital commitments of RMB 15.4 million Capital Expenditure and Commitments | Metric | June 30, 2025 (RMB million) | | :--- | :--- | | Capital expenditure | 12.1 | | Capital commitments | 15.4 | - Capital expenditure and commitments are primarily for property, plant, and equipment, expected to be funded by future operating income, bank borrowings, and other financing[63](index=63&type=chunk) [Borrowings](index=21&type=section&id=%E5%80%9F%E6%AC%BE) Total borrowings reached RMB 652.6 million as of June 30, 2025, with 98% short-term, and the debt ratio increased to 78% Borrowings Overview | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Short-term borrowings | 640,100 | 445,175 | | Long-term borrowings | 12,500 | 47,840 | | **Total Borrowings** | **652,600** | **493,015** | | Debt ratio | 78% | 71% | - Borrowings are primarily RMB-denominated, with **99% secured** and **100% fixed-rate**, ranging from **2.7% to 7.2%**[64](index=64&type=chunk) [Use of Proceeds](index=21&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) IPO net proceeds of HKD 115.6 million were fully utilized for network expansion, marketing, working capital, acquisitions, and logistics fleet expansion Use of Proceeds from Initial Public Offering | Purpose | Revised Allocation (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | | Expansion of compressed natural gas station network | 19,500 | 19,500 | | Strengthening marketing and promotion strategies | 5,800 | 5,800 | | General working capital | 5,800 | 5,800 | | Acquisition of Yinquan and transfer of shareholder loans | 34,500 | 34,500 | | Expansion of oil and gas station network | 40,000 | 40,000 | | Expansion of logistics fleet | 10,000 | 10,000 | | **Total** | **115,600** | **115,600** | [Pledge of Assets](index=22&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) Bank loans and credits are pledged against RMB 65.6 million in property, plant, and equipment, with some personally guaranteed by the controlling shareholder - The Group's bank and other loans and bank acceptance bill credits are pledged against property, plant and equipment and investment properties with a total carrying value of **RMB 65.6 million**[67](index=67&type=chunk) - Some bank loans and acceptance bill credits are personally guaranteed by the ultimate controlling shareholder, Mr. Zhao Jinmin, and his spouse[67](index=67&type=chunk) [Contingent Liabilities](index=23&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) The Board is not aware of any significant contingent liabilities as of the announcement date and June 30, 2025 - The Board is not aware of any significant contingent liabilities[68](index=68&type=chunk) [Human Resources](index=23&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B5%84%E6%BA%90) As of June 30, 2025, the Group had 1,344 employees, providing benefits and performance-based remuneration, with no share options granted Human Resources Overview | Metric | June 30, 2025 | | :--- | :--- | | Total number of employees | 1,344 | - The Group participates in retirement, medical, unemployment insurance, and housing provident fund schemes for Chinese employees, and contributes to the MPF for Hong Kong employees[69](index=69&type=chunk) - No share options were granted or agreed to be granted under the share option scheme as of June 30, 2025[69](index=69&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=23&type=section&id=%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E8%81%AF%E5%B1%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A1%B9) The Group had no significant investments, acquisitions, or disposals for the six months ended June 30, 2025 - The Group had no significant investments, acquisitions, or disposals for the six months ended June 30, 2025[70](index=70&type=chunk) [Foreign Exchange Risk Management](index=23&type=section&id=%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) Sales and purchases are primarily RMB-denominated, subject to government control; no current hedging policy, but management monitors and considers hedging significant FX risks - The Group's sales and purchases are mostly denominated in RMB, which is not a freely convertible currency[71](index=71&type=chunk) - The Group currently has no foreign currency hedging policy, but management will monitor foreign exchange risks and consider hedging when necessary[71](index=71&type=chunk) [Business Outlook](index=24&type=section&id=%E4%B8%9A%E5%8A%A1%E5%B1%95%E6%9C%9B) H2 outlook anticipates moderate global growth, policy-supported Chinese economy, and declining oil/gas prices; the Group will focus on station operations, optimize distribution, and explore new energy opportunities [Future Outlook](index=24&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) Global economy to grow 2.8%, China's GDP targets 5% with policy support; oil prices face downward pressure, natural gas prices may decline, while the Group focuses on station operations and EV charging infrastructure - IMF and World Bank forecast **2.8% global economic growth** in 2025, with China's GDP targeting around **5%**, supported by ongoing policies[72](index=72&type=chunk) - IEA expects **20% global oil demand increase** in 2025, but significant supply growth will lead to overcapacity and downward pressure on oil prices[73](index=73&type=chunk) - Natural gas, a bridge in energy transition, expects **1.5% global demand growth**, but weak developed economy demand suggests further price decline[74](index=74&type=chunk) - The Group will deepen gas and petrol station operations, optimize distribution and transportation, seek transformation, explore oil and gas value chain opportunities, diversify revenue, and seize EV charging infrastructure growth[75](index=75&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) This section covers corporate governance, including code compliance, audit committee duties, directors' securities trading, public float, pre-emptive rights, and interim results publication [Corporate Governance](index=25&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The company complied with the Corporate Governance Code, with exceptions for independent non-executive director attendance and combined Chairman/CEO roles - Certain independent non-executive directors were unable to attend the AGM due to overseas commitments, violating Corporate Governance Code Provision C.1.6[76](index=76&type=chunk) - Mr. Zhao Jinmin holds both Chairman and CEO roles, violating Corporate Governance Code Provision C.2.1, but the Board believes this provides strong, consistent leadership and effective strategy implementation[76](index=76&type=chunk)[77](index=77&type=chunk) [Audit Committee](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%98%E6%9C%83) The Audit Committee, established in 2017, reviews financial reporting, risk management, and internal controls, and has approved the H1 2025 unaudited interim financial statements - The Audit Committee's primary responsibilities include reviewing the Group's financial reporting, risk management, and internal control systems[78](index=78&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for H1 2025 and found them compliant with applicable accounting standards and requirements[79](index=79&type=chunk) [Review of Interim Financial Information](index=26&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The H1 2025 interim financial report is unaudited but has been reviewed by KPMG in accordance with HK Standard on Review Engagements 2410 - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[79](index=79&type=chunk) [Standard Code for Directors' Securities Transactions](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted and confirmed compliance with the Listing Rules' Standard Code for directors' securities transactions during the reporting period - The company adopted the Standard Code in Listing Rules Appendix C3 and confirms directors' compliance during the reporting period[80](index=80&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities for H1 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[81](index=81&type=chunk) [Sufficiency of Public Float](index=26&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F%E7%9A%84%E5%85%85%E8%B6%B3%E6%80%A7) The company has consistently maintained a sufficient public float since its initial public offering date up to this announcement - The company has maintained a sufficient public float since its initial public offering date up to this announcement[82](index=82&type=chunk) [Pre-emptive Rights](index=26&type=section&id=%E5%84%AA%E5%85%88%E8%B3%BC%E8%B2%B7%E6%AC%8A) Neither the company's articles nor Cayman Islands law contain pre-emptive rights provisions for proportional new share offerings - Neither the company's memorandum and articles of association nor Cayman Islands law contain pre-emptive rights provisions[83](index=83&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=27&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E5%A0%B1) This interim results announcement is published on HKEX and company websites; the interim report will follow for shareholders - This interim results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company[84](index=84&type=chunk) [Acknowledgement](index=27&type=section&id=%E9%B8%A3%E8%B0%A2) The Board extends gratitude to management, employees, shareholders, business partners, and banks for their support - The Board expresses gratitude to management, all employees, shareholders, business partners, and banks for their support[85](index=85&type=chunk) [Board Composition](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) As of this announcement date, the Board comprises five executive directors and three independent non-executive directors - The Board comprises five executive directors (Mr. Zhao Jinmin, Mr. Liu Yingwu, Ms. Bian Xiaodan, Mr. Ma Haidong, and Mr. Wang Zhiwei) and three independent non-executive directors (Ms. Su Dan, Mr. Liu Yingjie, and Mr. Zhang Zhifeng)[87](index=87&type=chunk)