Revenue Performance - Total revenue for the six months ended June 30, 2025, was RMB 349.6 million, a decrease of approximately 23.7% compared to RMB 458.3 million for the same period in 2024[6] - Revenue from the user operation SaaS platform business was RMB 89.6 million, down from RMB 117.0 million in the first half of 2024[9] - The internet advertising business revenue decreased by approximately 27.6% to RMB 230.3 million, compared to RMB 318.2 million in the first half of 2024[10] - User operation SaaS platform revenue decreased by approximately 23.4% to RMB 89.6 million for the six months ended June 30, 2025, compared to RMB 117.0 million in the same period of 2024[17] - Internet advertising revenue decreased by 27.6% to RMB 230,251,000 from RMB 318,169,000 in the previous year[83] Customer Metrics - The number of paid customers for the user operation SaaS platform was 487, down from 531 in the first half of 2024, including 128 customers from the financial industry[9] - The number of new signed contracts (including renewals) for the user operation SaaS platform was 177, down from 224 in the first half of 2024[12] - Major customer contributions included Customer 1 with RMB 59,484,000 (down 12.7% from RMB 68,140,000) and Customer 2 with RMB 55,768,000 (down 10.7% from RMB 62,437,000)[82] Financial Losses - The adjusted loss for the six months ended June 30, 2025, was RMB 24.5 million, compared to an adjusted loss of RMB 17.6 million for the same period in 2024[8] - The company reported a loss attributable to shareholders of RMB 26.7 million for the six months ended June 30, 2025, compared to a loss of RMB 19.1 million in the same period of 2024[21] - The company reported a net loss of RMB 26,728,000 for the six months ending June 30, 2025, compared to a net loss of RMB 19,078,000 in the prior year, indicating a worsening financial performance[68] Expenses and Costs - Gross profit for the six months ended June 30, 2025, was RMB 57.3 million, a decrease of approximately 6.8% from RMB 61.5 million in the same period of 2024, with a gross margin of approximately 16.4%[18] - Research and development expenses decreased by approximately 3.8% to RMB 22.9 million for the six months ended June 30, 2025, from RMB 23.8 million in the same period of 2024[20] - Selling and distribution expenses increased by approximately 12.6% to RMB 46.5 million for the six months ended June 30, 2025, compared to RMB 41.3 million in the same period of 2024[19] - Administrative expenses decreased by approximately 5.0% to RMB 49.9 million for the six months ended June 30, 2025, from RMB 52.5 million in the same period of 2024[20] Cash and Liquidity - Cash and cash equivalents amounted to approximately RMB 433.4 million as of June 30, 2025, compared to RMB 232.0 million as of June 30, 2024[25] - Cash flow from operating activities for the six months ended June 30, 2025, was RMB 86,000 thousand, a significant improvement from a cash outflow of RMB 374,925 thousand in the same period of 2024[73] - Cash and cash equivalents increased by RMB 153,417 thousand, rising from RMB 280,750 thousand at the beginning of the period to RMB 433,393 thousand at the end of the period[74] Debt and Liabilities - The capital debt ratio increased to approximately 37.9% as of June 30, 2025, from approximately 34.5% as of June 30, 2024, primarily due to an increase in interest-bearing bank loans[24] - Interest-bearing bank borrowings totaled RMB 855,815,000 as of June 30, 2025, compared to RMB 667,164,000 as of December 31, 2024, reflecting a significant increase in debt[97][98] - The company’s total liabilities decreased significantly, with non-current liabilities dropping from RMB 1,377 thousand to RMB 499 thousand[71] Shareholder Information - As of June 30, 2025, the total number of issued shares is 1,076,823,200[48] - Mr. Chen holds 461,438,329 shares, representing approximately 42.85% of the company's equity[47] - The major shareholder, China Merchants Yonglong Trust Co., Ltd., holds 454,552,000 shares, accounting for 42.21% of the company's equity[50] - The stock option plan allows for a maximum issuance of 111,111,120 shares, which is approximately 10.32% of the total issued shares as of the report date[53] Legal Matters - The company believes it has valid defenses against the legal claims made by Hengfei Holding Limited, with potential liabilities being difficult to reliably estimate at this stage[30] - The court ruled in favor of the plaintiff on August 26, 2025, ordering the company to pay damages, with the amount to be determined later[100] - The company is involved in legal proceedings initiated by Hengfei Holding Limited against the company and its executive director, with a court ruling issued on August 26, 2025[120] Employee Compensation and Incentives - The group employed 498 staff as of June 30, 2025, up from 493 as of December 31, 2024, with a total wage cost and employee benefits expenditure of approximately RMB 68.8 million for the first half of 2025, compared to RMB 66.8 million in the same period of 2024[33] - The total remuneration paid to key management personnel amounted to RMB 2,767,000, an increase of 8.9% compared to RMB 2,541,000 for the same period in 2024[103] - The company has adopted a restricted stock unit plan to reward and retain eligible employees, with no performance targets set for the grants[104] Financial Assets and Investments - The total financial assets as of June 30, 2025, were RMB 1,974,076,000, with trade receivables contributing RMB 805,249,000[111] - The fair value of financial assets and liabilities as of June 30, 2025, is considered to be similar to their carrying amounts due to the short maturity of these instruments[115] - The company holds a 19% equity interest in Zhejiang Gushang Intelligent Technology Co., Ltd., which is involved in project operations[93]

Interim Report 中期報告 2025 TS Wonders Holding Limited | 2025 中期報告 Contents 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Financial Highlights | 5 | | 財務摘要 | | | Management Discussion and Analysis | 7 | | 管理層討論及分析 | | | Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income | 20 | | 中期綜合損益及其他全面收益表 | | | Interim Consolidated Statement of Financial Position | 21 | | 中期綜合財務狀況表 | | | Interim Consolidated Statement of Changes in Equity | 23 | | 中期綜合權益變動表 | | | Interim Consolid ...

Financial Performance - The company reported a revenue of RMB 71,123,000 for the six months ended June 30, 2025, compared to RMB 6,978,000 for the same period in 2024, representing a significant increase of 919%[10] - Gross profit for the same period was RMB 60,781,000, recovering from a gross loss of RMB 5,621,000 in 2024[10] - The net loss for the period was RMB 121,518,000, an improvement from a net loss of RMB 155,807,000 in 2024[10] - Basic and diluted loss per share was RMB 0.34, compared to RMB 0.43 in the previous year[10] - Revenue increased significantly from RMB 7.0 million for the six months ended June 30, 2024, to RMB 71.1 million for the six months ended June 30, 2025, driven by rising sales of the quadrivalent influenza virus subunit vaccine[41] - The total loss decreased by 22.0% from RMB 155.8 million for the six months ended June 30, 2024, to RMB 121.5 million for the six months ended June 30, 2025[54] - The company reported a pre-tax loss of RMB 121,518,000 for the six months ended June 30, 2025, an improvement from a loss of RMB 155,807,000 in 2024[111] - The company recorded a total comprehensive loss of RMB (121,518,000) for the six months ended June 30, 2025, compared to a loss of RMB (155,807,000) for the same period in 2024, reflecting a decrease in losses of approximately 22%[115] Research and Development - Research and development expenses were RMB 98,848,000, slightly decreased from RMB 99,865,000 in the previous year[10] - The company has two core products: a quadrivalent influenza virus subunit vaccine and a lyophilized human rabies vaccine, with 11 additional vaccines in development[11] - The quadrivalent influenza virus subunit vaccine is expected to complete safety research approval by Q4 2025, with further studies planned for 2026[12] - The company plans to initiate Phase I clinical trials for several vaccines, including a trivalent influenza virus subunit vaccine and a lyophilized human rabies vaccine, in Q4 2025[12] - The company aims to submit IND applications for multiple vaccines, including mRNA and varicella vaccines, by Q1 2026[12] - The company is developing an adjuvanted vaccine for individuals aged 65 and above, a trivalent influenza subunit vaccine for individuals aged 3 and above, and a trivalent influenza subunit vaccine (adjuvanted) for individuals aged 65 and above[16] - The company is developing a 23-valent pneumococcal polysaccharide vaccine (PPSV23) for individuals aged 2 and above, which has shown a strong immune response in Phase I clinical trials[21] - The recombinant herpes zoster vaccine is being developed for individuals aged 40 and above, with IND approvals for Phase I and II clinical trials obtained in August 2024[23] - The company is developing a 24-valent pneumococcal conjugate vaccine (PCV24) that targets 24 serotypes of pneumococcus, aiming to reduce the risk of invasive diseases such as meningitis and pneumonia[24] - The recombinant RSV vaccine is designed to protect adults, including pregnant women, from acute RSV infections and related severe lower respiratory diseases, with IND applications submitted in May and June 2025[25] - The company is currently developing an RSV-mRNA vaccine aimed at preventing acute RSV infections in individuals aged 60 and above, which is in preclinical research[26] - The company is also developing an mRNA monkeypox vaccine for individuals aged 18 and above, which is in preclinical research[27] Product Development and Approval - The four-valent influenza subunit vaccine received NDA approval from the National Medical Products Administration (NMPA) in May 2023 for individuals aged 3 and above, and is the first and only full-dose four-valent influenza subunit vaccine approved in China[16] - The company began commercialization of the four-valent influenza subunit vaccine in September 2023, with all production conducted in-house by June 30, 2025[16] - The trivalent influenza subunit vaccine aims to provide protection against two strains of influenza A (H1N1 and H3N2) and one strain of influenza B (Victoria lineage), aligning with the WHO's recommended strains for the 2024-2025 Northern Hemisphere seasonal influenza vaccine[20] - The quadrivalent influenza virus subunit vaccine has completed market access procedures in 30 provinces and has been selected by over 1,100 county-level disease control centers[34] - The company has received IND approvals for nine vaccine candidates from the National Medical Products Administration as of June 30, 2025[31] Financial Position and Cash Flow - Cash and cash equivalents amounted to RMB 108.4 million as of June 30, 2025, with expectations of generating more cash from operations through the sale of vaccines and new product launches[59] - Total current liabilities were RMB 859,880,000 as of June 30, 2025, compared to RMB 908,679,000 at the end of 2024[112] - The company’s cash and cash equivalents decreased to RMB 108,427,000 from RMB 132,194,000 in the previous year[112] - The net cash used in operating activities for the six months ended June 30, 2025, was RMB (31,882,000), an improvement compared to RMB (107,921,000) for the same period in 2024, indicating a reduction in cash outflow of about 70%[115] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB (46,726,000), compared to RMB (96,716,000) in the same period of 2024, showing a reduction in cash outflow of approximately 52%[115] - The company reported financing cash inflows of RMB 54,841,000 for the six months ended June 30, 2025, a decrease from RMB 340,982,000 in the same period of 2024, indicating a decline of about 84%[115] Shareholder Structure and Ownership - As of June 30, 2025, the company’s director holds 39.93% of unlisted shares and 42.25% of H shares, indicating substantial insider ownership[83] - The company has a total of 190 patents in China, including 37 invention patents and 153 utility model patents, as of June 30, 2025[35] - Major shareholders include Jiangsu Qiaoyu and Mr. Cai, each with substantial holdings in both unlisted and H shares[87] - The company has a diverse shareholder structure with multiple entities holding significant stakes[89] - The percentage of shares held by major shareholders indicates a concentrated ownership structure, which may impact governance[87] - The company is subject to the Securities and Futures Ordinance, which governs the disclosure of shareholdings[86] - The latest data reflects the company's ongoing compliance with regulatory requirements regarding shareholder disclosures[88] Risks and Challenges - The company faces significant risks in vaccine development, including complexity, uncertainty, and high costs associated with regulatory approvals[81] - The company has limited pipeline for vaccine candidates, which may impact future revenue potential[81] - Regulatory obligations may lead to significant additional expenses even after product approval[81] - The company may face challenges in recruiting clinical trial participants, potentially delaying development activities[81] - Data collected during the R&D process may be inaccurate or incomplete, posing risks to future trials[81] - International trade policies and geopolitical factors may affect the company's business and financial performance[81] Cost Management and Expenses - Sales cost decreased by 18.3% from RMB 12.6 million for the six months ended June 30, 2024, to RMB 10.3 million for the six months ended June 30, 2025, due to improved inventory management[42] - Administrative expenses decreased by 17.6% from RMB 31.8 million for the six months ended June 30, 2024, to RMB 26.2 million for the six months ended June 30, 2025, mainly due to the continued vesting of share-based awards[51] - Total employee costs decreased to RMB 73,474,000 in 2025 from RMB 92,424,000 in 2024, marking a 20% decline[128] - The total remuneration for directors and key management personnel for the six months ended June 30, 2025, was RMB 6,058,000, a decrease of 50.9% compared to RMB 12,337,000 in 2024[156] Capital and Investments - The company raised approximately HKD 431.4 million from its global offering, with a net amount of approximately HKD 382.7 million after expenses[77] - The estimated allocation of the net proceeds from the IPO includes 63.6% for the development and registration of core products, amounting to HKD 243.4 million, expected to be utilized by the end of 2027[78] - The company has not encountered any significant labor disputes or strikes that could adversely affect its business or recruitment as of June 30, 2025[37] - There were no major investments or acquisitions during the six months ended June 30, 2025[72] Future Outlook - The company provided a positive outlook for the next quarter, projecting revenue growth of B% and an increase in user engagement metrics[168] - New product launches are expected to contribute an additional $C million in revenue, with a focus on innovative technologies[169] - The company is expanding its market presence in region D, aiming for a market share increase of E% by the end of the fiscal year[169] - Ongoing research and development efforts are focused on vaccine technology, with an investment of $F million allocated for clinical trials[169] - Strategic partnerships are being formed to leverage synergies in technology and distribution, expected to yield a combined revenue increase of H%[169] - The company has set a performance guidance of I% growth for the upcoming fiscal year, driven by new market strategies[169] - The introduction of new vaccine products is anticipated to significantly boost sales, with projected revenues of $J million in the first year[169]

2025 2025 中期報告 Interim Report China Traditional Chinese Medicine Holdings Co. Limited 2025 Interim Report 2025 中期報告 中 國 中 藥 控 股 有 限 公 司 目錄 公司資料 2 管理層討論及分析 3 其他資料 25 中期簡明合併財務報表審閱報告 28 中期簡明合併損益及其他全面收益表 30 中期簡明合併財務狀況表 31 中期簡明合併權益變動表 33 中期簡明合併現金流量表 34 中期簡明合併財務資料附註 35 公司資料 董事會 執行董事 楊 軍先生 （主席） 李鴻堅先生 彭 力先生 非執行董事 劉海建先生 李向榮先生 祖 敬先生 許京輝女士 黃 灝先生 獨立非執行董事 謝 榮先生 余梓山先生 秦 嶺先生 李偉東先生 公司秘書 伍秀薇女士 審核委員會 謝 榮先生 （主席） 祖 敬先生 余梓山先生 秦 嶺先生 李偉東先生 薪酬與考核委員會 秦 嶺先生 （主席） 謝 榮先生 余梓山先生 李偉東先生 提名委員會 楊 軍先生 （主席） 李鴻堅先生 許京輝女士 謝 榮先生 余梓山先生 秦 嶺先生 李偉東先生 ...

1792 中期報告 INTERIM REPORT 1792 RT INTERIM REPO 中期報告 2025 RT CMON Limited 目錄 1 2025年中期報告 2 公司資料 4 簡明綜合損益及其他全面收益表 5 簡明綜合財務狀況表 7 簡明綜合權益變動表 8 簡明綜合現金流量表 9 簡明綜合財務報表附註 16 管理層討論及分析 22 企業管治及其他資料 CMON Limited 公司資料 薪酬委員會 梁毓雄先生 （主席） 王宇山先生 蔡敏先生 董事會 執行董事 黃成安先生 （主席兼聯席行政總裁） 建邦先生 （聯席行政總裁） 許政開先生 （辭任自二零二五年 十一月十四日起生效） 非執行董事 蔡穩健先生 李學瑾女士 David Preti先生 （自二零二五年 四月十四日起辭任） 獨立非執行董事 王宇山先生 蔡敏先生 梁毓雄先生 審核委員會 王宇山先生 （主席） 蔡敏先生 梁毓雄先生 提名委員會 蔡敏先生 （主席） 王宇山先生 梁毓雄先生 授權代表 黃俊穎先生 （自二零二五年八月二十八日起 獲委任） 許政開先生 （辭任自二零二五年十一月 十四日起生效） 黃成安先生 （自二零二五年十一月十四日起 獲委任 ...

目錄 | 釋義 | 02 | | --- | --- | | 公司資料 | 06 | | 管理層討論與分析 | 07 | | 其他資料 | 29 | | 簡明合併財務報表審閱報告 | 35 | | 簡明合併利潤表及其他全面收益表 | 36 | | 簡明合併財務狀況表 | 38 | | 簡明合併權益變動表 | 40 | | 簡明合併現金流量表 | 42 | | 簡明合併財務報表註釋 | 45 | 01 金風科技股份有限公司 二零二五年中期報告 釋義 本半年報內，除文義另有所指外，以下詞語具有以下含義： | 「2024年度股東會」 | 公司於2025年6月26日舉行的2024年度股東會； | | --- | --- | | 「A股」 | 本公司於深交所發行上市並以人民幣買賣的普通股，每股面值以人民幣計值為 | | | 人民幣1.00元； | | 「A股股東」 | A股的持有者； | | 「《章程》」 | 本公司《章程》，經不時修訂、增補或以其他方式修改； | | 「聯繫人」 | 具有《上市規則》所賦予之含義； | | 「權益容量」 | 代表本集團所佔權益容量，通過本集團在某電力項目中之所有權百分比乘以該 | | ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's board members changed with Mr. Lun Zhaoming and Mr. Lu Peijun resigning, and Ms. Wang Di appointed as executive director, while committee members remained stable - Executive Director Mr. Lun Zhaoming resigned effective from **January 1, 2025**, and Mr. Lu Peijun resigned effective from **September 8, 2025**[5](index=5&type=chunk) - Ms. Wang Di was appointed as an executive director effective from **May 16, 2025**[5](index=5&type=chunk) - The chairmen and members of the Audit Committee, Nomination Committee, and Remuneration Committee remained unchanged[5](index=5&type=chunk)[6](index=6&type=chunk) [Registered and Principal Places of Business](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company's registered office is in the Cayman Islands, with its principal place of business in Dongguan, Guangdong, and Hong Kong - The registered office is located at Cricket Square, Hutchins Drive, Cayman Islands[7](index=7&type=chunk) - The principal place of business and head office in China is located at No. 1 Beihuan Road, Houjie Town, Dongguan City, Guangdong Province[10](index=10&type=chunk) - The principal place of business in Hong Kong is located at Room 1907, 19th Floor, Great Eagle Centre, 23 Harbour Road, Hong Kong[11](index=11&type=chunk) [Professional Advisors and Banks](index=4&type=section&id=%E5%B0%88%E6%A5%AD%E9%A1%A7%E5%95%8F%E5%8F%8A%E9%8A%80%E8%A1%8C) The company's auditor is BCT CPA Limited, legal counsel is Leung & Yentak Solicitors, and principal bankers include Hang Seng Bank - The auditor is BCT CPA Limited[11](index=11&type=chunk) - The legal counsel is Leung & Yentak Solicitors (for Hong Kong law)[12](index=12&type=chunk) - Principal bankers include Hang Seng Bank, Dongguan Rural Commercial Bank Houjie Branch, Industrial and Commercial Bank of China Dongguan Houjie Branch, and China Construction Bank Dongguan Houjie Branch[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Overall Review](index=6&type=section&id=%E6%95%B4%E4%BD%93%E6%A6%82%E8%A7%88) China's real estate market continued deep adjustments in 2025; the Group maintained its "one core, two wings" strategy focusing on residential development and urban renewal in high-value cities - China's real estate industry continued to experience deep adjustments in **2025**, with the government adhering to the "housing is for living, not for speculation; city-specific policies" policy, aiming for "stable land prices", "stable housing prices", and "stable expectations"[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group maintained its "one main, one core, two wings" business structure, namely, residential development as the main business, urban renewal as the core, and cultural tourism, health, and technology innovation industries as the two wings[17](index=17&type=chunk)[21](index=21&type=chunk) - The Group's strategy is "based in the Greater Bay Area, deeply cultivating Dongguan, and expanding into South China, Central China, and East China and other high-value cities"[17](index=17&type=chunk)[21](index=21&type=chunk) [Business Review](index=6&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group's total revenue for H1 2025 was RMB **136.1 million**, up **297%**, driven by property sales, despite significant drops in contracted sales and area 2025 H1 Business Overview | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Property Sales Revenue | 117.8 | 18.213 | +547.0% | | Investment Property Rental Income | 7.1 | - | - | | Contracted Sales Amount | 1.7 | - | -97.7% | | Contracted Sales GFA | 437.1 sq.m. | - | -93.3% | | Total GFA of Properties Sold and Recognized | 23,929 sq.m. | 2,779 sq.m. | +761.0% | | Average Selling Price | 4,924 RMB/square meter | 6,554 RMB/square meter | -24.9% | 2025 H1 Property Sales Regional Distribution | City | Recognized GFA (sq.m.) | % of Total GFA | Average Selling Price (RMB/square meter) | Recognized Revenue (RMB thousand) | % of Recognized Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan | 51 | 0.2% | 2,235 | 114 | 0.1% | | Heyuan | 22,836 | 95.5% | 5,012 | 114,450 | 97.2% | | Hengyang | 152 | 0.6% | 5,697 | 866 | 0.7% | | Changsha | 890 | 3.7% | 2,701 | 2,404 | 2.0% | | **Total** | **23,929** | **100%** | **4,924** | **117,834** | **100%** | - As of **June 30, 2025**, the Group's land reserve was approximately **2,175,219 sq.m.**, including **15** projects and **3** land parcels, distributed across **5** cities in the Greater Bay Area, Yangtze River Delta urban cluster, and Central Yangtze River urban cluster[36](index=36&type=chunk)[38](index=38&type=chunk) [Financial Review](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%B1) H1 2025 total revenue increased by **297%** to RMB **136.1 million**, but gross profit margin fell to **13.8%**, expanding net loss to RMB **240.9 million** due to product mix and exchange losses 2025 H1 Key Financial Performance | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Gross Profit | 18.8 | 18.8 | +0.1% | | Gross Profit Margin | 13.8% | 54.8% | -41.0 percentage points | | Loss for the Period | 240.9 | 228.1 | +5.6% | | Loss Attributable to Owners of the Parent | 250.8 | 227.8 | +10.1% | | Other Income and Gains | 0.7 | 5.9 | -88.1% | | Selling and Distribution Expenses | 1.5 | 6.6 | -77.3% | | Administrative Expenses | 28.9 | 51.8 | -44.2% | | Other Expenses | 77.3 | 19.0 | +306.8% | | Share of Loss of Joint Ventures | 12.0 | 5.9 | +103.4% | | Finance Costs | 134.3 | 149.4 | -10.1% | | Income Tax Expense | 30.8 | 1.7 | +1711.8% | - The decrease in gross profit margin was primarily due to changes in the product and geographical mix of properties delivered in **2025** and the relatively lower average selling price of delivered properties[54](index=54&type=chunk)[58](index=58&type=chunk) - The decrease in other income and gains was primarily due to a decrease in interest income from joint ventures of approximately RMB **3.7 million** and a decrease in exchange gains of approximately RMB **1.5 million**[61](index=61&type=chunk)[66](index=66&type=chunk) - The increase in other expenses was primarily due to an increase in exchange losses of approximately RMB **32.5 million**[65](index=65&type=chunk)[70](index=70&type=chunk) - The increase in income tax expense was primarily due to a significant decrease in land appreciation tax provision leading to an increase in deferred income tax of approximately RMB **24.2 million**, and an increase in land appreciation tax accrual due to increased property sales of

Financial Performance - The Company's revenue for the Reporting Period was approximately HK$64.8 million, a decrease of 1.5% compared to HK$65.8 million for the six months ended June 30, 2024[11]. - The Group recorded a loss before tax of approximately HK$212.6 million, a reduction of 22.6% from the loss of approximately HK$274.7 million in the same period ended June 30, 2024[11]. - The income tax credit for the Reporting Period was approximately HK$14.3 million, leading to a loss attributable to owners of the Company of approximately HK$198.7 million, down from HK$251.7 million for the same period in 2024[12]. - The Group recorded a loss of approximately HK$196.0 million for the segment, a decrease of approximately 23.6% compared to a loss of approximately HK$256.6 million in the same period ended June 30, 2024[43]. - The Group incurred a net loss of approximately HK$198,268,000 for the six months ended 30 June 2025[168]. - The total comprehensive income for the period attributable to owners of the Company was a loss of HK$248,506,000, slightly better than the loss of HK$255,651,000 in the previous year[158]. - Basic loss per share improved to HK$3.78 from HK$4.79 year-over-year, indicating a reduction in per-share losses[154]. Revenue Sources - Revenue from the shopping malls is derived from rental income and property management services[18]. - The revenue generated from the Shopping Mall Businesses in the PRC was approximately HK$38.5 million, primarily from rental income and property management services[26]. - Revenue from the flooring materials trading business decreased by approximately 3.6% to approximately HK$13.3 million compared to the same period ended June 30, 2024[45]. - Revenue from the medical equipment trading business decreased by approximately 13.4% to approximately HK$12.9 million compared to the same period ended June 30, 2024[46]. - Rental income from leases increased to HK$16,540,000, up 20.43% from HK$13,752,000 in 2024[186]. - The properties investment segment generated revenue of HK$38,589,000, while the financial services and assets management segment contributed HK$6,000[195]. Investment Properties and Acquisitions - A decrease in fair value of investment properties was approximately HK$83.1 million due to a sluggish retail shop rental market[14]. - The acquisitions of Anyang, Jinzhou, and Guangzhou shopping malls completed in 2021 have expanded the geographical coverage and scale of the Group's shopping mall businesses[23][24]. - As of June 30, 2025, the fair values of investment properties were approximately HK$268 million for Anyang Shopping Mall, HK$498 million for Jinzhou Shopping Mall, and HK$520 million for Guangzhou Shopping Mall[26][27]. Financial Liabilities and Debt - The total debt financing of the Group as of June 30, 2025, was approximately HK$1,472.2 million, compared to approximately HK$1,435.3 million as of December 31, 2024[60]. - The principal of the defaulted bank loan by the Borrowers amounted to RMB3,400,000,000 as of June 30, 2025[70]. - The Group's consolidated net liabilities increased to approximately HK$1,984.5 million from HK$1,736.4 million as of December 31, 2024, representing an increase of approximately HK$248.1 million[58]. - The Group's current liabilities amounted to approximately HKD 3,237,923,000, with total liabilities of approximately HKD 1,984,505,000, including overdue bank borrowings of approximately HKD 1,471,430,000[170]. Cost Management and Operational Strategies - The Company actively implements a continuous cost-saving plan to mitigate losses[11]. - The Group's diversified business strategy aims to enhance the effectiveness and cost-efficiency of promotional campaigns and marketing activities for its shopping malls[23][24]. - The Group plans to reduce debts and guarantee obligations of Guangzhou and Jinzhou Shopping Malls through collaboration with banks and stakeholders, ensuring healthy operations[107]. Employee and Corporate Governance - As of June 30, 2025, the Group had 171 employees, an increase from 163 employees as of December 31, 2024, with approximately 8.8% located in Hong Kong[93]. - The company complied with all applicable provisions of the Corporate Governance Code during the reporting period[137]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the unaudited condensed consolidated financial statements for compliance with applicable accounting standards[148]. Market Conditions and Economic Outlook - The PRC economy's GDP grew by 5.3% year-on-year in the first half of the year, indicating resilience and potential for economic development[96]. - Total retail sales of consumer goods in the PRC exceeded RMB 24 trillion, reflecting a 5% year-on-year increase[96]. - The external environment remains uncertain, particularly due to ongoing tariff disputes initiated by the US[97]. Share Capital and Compliance - As of June 30, 2025, the total number of issued shares of the Company is 5,250,019,852[124]. - Satinu Resources Group Ltd. holds 3,937,234,889 shares, representing approximately 74.99% of the Company's issued share capital[126]. - The Company has adopted a Share Option Scheme allowing for the issuance of up to 125,091,243 shares, representing 10% of the issued shares as of September 17, 2015[131]. - The Company aims to ensure that any judgments related to the transferred liabilities are correctly allocated to the appropriate entities[114].

先 聲 藥 業 集 團 有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） 股 份 代 號 : 2025 中期報告 目錄 公司資料 2 財務概要 4 公司概覽 5 管理層討論及分析 7 企業管治及其他資料 34 獨立核數師審閱報告 46 合併損益表 47 合併損益及其他全面收益表 48 合併財務狀況表 49 合併權益變動表 51 簡明合併現金流量表 54 未經審核中期財務報告附註 55 公司資料 執行董事 任晉生先生 （董事長兼首席執行官） 唐任宏先生 萬玉山先生 王熙女士 獨立非執行董事 宋瑞霖先生 汪建國先生 王新華先生 宋嘉桓先生 審計委員會 王新華先生 （主席） 宋瑞霖先生 汪建國先生 薪酬與考核委員會 汪建國先生 （主席） 任晉生先生 萬玉山先生 王新華先生 宋嘉桓先生 提名委員會 宋瑞霖先生 （主席） 任晉生先生 王熙女士 汪建國先生 宋嘉桓先生 戰略委員會 公司資料 主要往來銀行 中國銀行股份有限公司 南京江北新區分行 中國江蘇省 南京市浦口區 夢澤路33號2幢101室 招商銀行股份有限公司 南京解放路支行 中國江蘇省 南京市秦淮區 解放路53號 核數師 任晉生先生 （主席） ...

* 股份代號：6661 （於中華人民共和國註冊成立的股份有限公司） 2025 中期報告 * 僅供識別 Customer Service Center 客 服 服 务 中 心 峋䄎挼奠 粁㞀椳嬈✂꿟긲 目錄 02 公司資料 03 釋義 06 管理層討論與分析 14 企業管治及其他資料 18 獨立審閱報告 20 中期簡明綜合損益表 21 中期簡明綜合全面收益表 22 中期簡明綜合財務狀況表 24 中期簡明綜合權益變動表 26 中期簡明綜合現金流量表 28 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 汪驊先生 （主席） 王韜先生 （於2025年4月25日獲委任） 孫曉慧女士 楊帆先生 （於2025年4月25日辭任） 非執行董事 王鵬先生 宮羅建先生 （於2025年4月25日獲委任） 劉建鋒先生 （於2025年4月25日辭任） 獨立非執行董事 張立憲先生 劉雪樵博士 周鑫發先生 監事 邢燕女士 蔡銳先生 沈佳輝先生 （於2025年3月26日獲委任） 徐國新先生 （於2025年3月26日辭任） 審核委員會 張立憲先生 （主席） 劉雪樵博士 周鑫發先生 提名委員會 周鑫發先生 （主席） 張立憲先生 劉雪樵博士 ...