[Interim Results Highlights](index=1&type=section&id=Interim%20Results%20Highlights) The company turned from profit to loss in H1 2025, driven by a significant drop in linen yarn prices and higher raw material costs - The company turned from profit to loss in H1 2025, mainly due to a significant drop in average linen yarn prices (approximately **30%** YoY) and the use of more expensive raw materials purchased in the previous year, despite revenue growth[2](index=2&type=chunk) - Average linen yarn prices continuously declined from Q4 2024 to Q2 2025, primarily due to abundant raw material supply from a bumper harvest in 2024, bottoming out at the end of Q2 2025 and showing signs of recovery[2](index=2&type=chunk) Interim Results Summary | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,269,510,000 | 1,129,916,000 | 12.4% Growth | | Gross Profit/Loss | Loss 45,467,000 | Profit 198,845,000 | Turned from Profit to Loss | | Loss/Profit for the Period | Loss 121,517,000 | Profit 78,508,000 | Turned from Profit to Loss | | Loss/Profit Attributable to Owners of the Parent | Loss 118,553,000 | Profit 73,961,000 | Turned from Profit to Loss | | Loss/Earnings Per Share | Loss RMB 0.19 | Profit RMB 0.12 | Turned from Profit to Loss | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) The group's H1 2025 financial performance shifted from profit to loss, driven by substantial changes in key financial metrics [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) The Group turned from profit to loss in H1 2025, driven by a significant drop in gross profit and increased cost of sales Interim Condensed Consolidated Income Statement Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,269,510 | 1,129,916 | 139,594 | 12.4% | | Cost of Sales | (1,314,977) | (931,071) | (383,906) | 41.2% | | Gross Profit | (45,467) | 198,845 | (244,312) | -122.9% | | (Loss)/Profit Before Tax | (144,174) | 108,260 | (252,434) | -233.2% | | (Loss)/Profit for the Period | (121,517) | 78,508 | (199,025) | -253.5% | | (Loss)/Profit Attributable to Owners of the Parent | (118,553) | 73,961 | (192,514) | -260.3% | | Basic (Loss)/Earnings Per Share | RMB (0.19) | RMB 0.12 | | | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group recorded a comprehensive loss in H1 2025, a reversal from prior period income, mainly due to net loss Interim Condensed Consolidated Statement of Comprehensive Income Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | (Loss)/Profit for the Period | (121,517) | 78,508 | (199,025) | | Exchange differences on translation of overseas operations | 4,878 | (7,722) | 12,600 | | Total Comprehensive Income for the Period | (116,639) | 70,786 | (187,425) | | Attributable to Owners of the Parent | (113,675) | 66,239 | (179,914) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets decreased, with inventories down and cash equivalents up Interim Condensed Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,031,384 | 1,041,403 | (10,019) | -1.0% | | Total Current Assets | 1,850,590 | 2,073,606 | (223,016) | -10.8% | | Inventories | 672,943 | 1,195,126 | (522,183) | -43.7% | | Cash and Cash Equivalents | 534,742 | 230,871 | 303,871 | 131.6% | | Total Current Liabilities | 1,455,674 | 1,596,119 | (140,445) | -8.8% | | Net Current Assets | 394,916 | 477,487 | (82,571) | -17.3% | | Net Assets | 1,332,539 | 1,474,829 | (142,290) | -9.6% | | Total Equity | 1,332,539 | 1,474,829 | (142,290) | -9.6% | [Notes to Interim Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section details notes on interim consolidated financial statements, covering company info, policies, and segment data [Company and Group Information](index=6&type=section&id=Company%20and%20Group%20Information) Jinda Holdings Limited, a Cayman Islands-registered company listed in Hong Kong, primarily produces and sells linen yarn - The Company was incorporated in the Cayman Islands on July 21, 2006, and listed on the Hong Kong Stock Exchange on December 12, 2006[7](index=7&type=chunk) - The Group is principally engaged in the production and sale of linen yarn[8](index=8&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Interim financial information follows IAS 34, consistent with annual statements, with IAS 21 amendments having no impact [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Interim condensed consolidated financial information is prepared under IAS 34 and should be read with the 2024 annual financial statements - The interim condensed consolidated financial information is prepared in accordance with IAS 34 "Interim Financial Reporting"[9](index=9&type=chunk) - It should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2024[9](index=9&type=chunk) [Changes in Accounting Policies](index=7&type=section&id=Changes%20in%20Accounting%20Policies) Revised IFRS, including IAS 21, were adopted but had no impact as all Group transaction currencies are convertible - Revised IFRS accounting standards, including amendments to IAS 21 regarding lack of exchangeability, were adopted[10](index=10&type=chunk)[11](index=11&type=chunk) - These amendments had no impact on the interim condensed consolidated financial information as all currencies in which the Group transacts are convertible[11](index=11&type=chunk) [Operating Segment Information](index=7&type=section&id=Operating%20Segment%20Information) The Group operates as a single linen yarn business; geographical revenue shows strong China growth and EU decline [Geographical Information](index=8&type=section&id=Geographical%20Information) Mainland China is the largest revenue source with 25.1% YoY growth; EU sales declined, while non-current assets are in China and Ethiopia Geographical Revenue by Region | Region | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change Rate | | :--- | :--- | :--- | :--- | | Mainland China | 674,368 | 538,944 | 25.1% | | European Union | 233,383 | 253,008 | -7.8% | | Other Countries/Regions | 361,759 | 337,964 | 7.0% | | **Total** | **1,269,510** | **1,129,916** | **12.4%** | Non-current Assets by Region | Region | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 658,456 | 677,472 | | Ethiopia | 325,310 | 338,749 | | **Total** | **983,766** | **1,016,221** | [Information about Major Customers](index=8&type=section&id=Information%20about%20Major%20Customers) No single customer accounted for 10% or more of the Group's total sales revenue during the reporting period - For the six months ended June 30, 2025, no sales to a single customer accounted for **10%** or more of the Group's total revenue[14](index=14&type=chunk) [Revenue, Other Income and Gains](index=9&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Revenue from yarn and waste sales increased by 12.4% YoY; other income and gains decreased - Revenue refers to the value of sales of linen yarn, hemp yarn, and waste, net of sales tax and after deducting any sales discounts and returns[15](index=15&type=chunk) Revenue from Contracts with Customers | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of linen yarn, hemp yarn and waste | 1,152,231 | 1,056,673 | | Sales of other products | 100,450 | 50,072 | | Other services | 16,829 | 23,171 | | **Total Revenue from Contracts with Customers** | **1,269,510** | **1,129,916** | Other Income and Gains | Other Income | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 1,527 | 3,084 | | Bank interest income | 480 | 567 | | Others | 1,593 | 553 | | **Total Other Income and Gains** | **3,602** | **4,204** | [Loss/Profit Before Tax Items](index=10&type=section&id=Loss_Profit%20Before%20Tax%20Items) Loss before tax was impacted by increased cost of inventories, higher employee benefits, and net exchange differences Loss/Profit Before Tax Items Summary | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 1,298,148 | 907,900 | 390,248 | | Depreciation of property, plant and equipment and investment properties | 48,634 | 50,846 | (2,212) | | Research and development expenses | 4,747 | 8,746 | (3,999) | | Total employee benefit expenses | 110,318 | 79,101 | 31,217 | | Exchange differences, net | 12,476 | 4,268 | 8,208 | | Impairment provision for inventories | 3,140 | 5,092 | (1,952) | [Income Tax](index=11&type=section&id=Income%20Tax) The Group recorded an income tax credit in H1 2025, reversing from an expense, primarily due to deferred tax credits and Ethiopian exemptions Income Tax Summary | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current period expense | 3,428 | 29,428 | | Deferred | (26,085) | 324 | | **Total Tax (Credit)/Expense for the Period** | **(22,657)** | **29,752** | - Ethiopian operations have enjoyed a **5-year** profit tax exemption since 2020, extended for another **4 years** from 2025[18](index=18&type=chunk) - Projects within the Egyptian free zone and dividends from such projects are exempt from income tax under current Egyptian tax laws[18](index=18&type=chunk) [Dividends](index=12&type=section&id=Dividends) The Board decided not to declare any interim dividend for H1 2025, consistent with the previous period - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[19](index=19&type=chunk) [Loss/Earnings Per Share](index=12&type=section&id=Loss_Earnings%20Per%20Share) The Group recorded a basic and diluted loss per share of RMB 0.19 in H1 2025, a significant decline from H1 2024 earnings Loss/Earnings Per Share Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | (Loss)/Profit attributable to ordinary equity holders of the parent | (118,553) | 73,961 | | Weighted average number of ordinary shares in issue during the period (thousands) | 616,447 | 616,447 | | **Basic (Loss)/Earnings Per Share** | **RMB (0.19)** | **RMB 0.12** | | **Diluted (Loss)/Earnings Per Share** | **RMB (0.19)** | **RMB 0.12** | - The weighted average number of ordinary shares used for calculating basic earnings per share remained unchanged at **616,447,000** shares[20](index=20&type=chunk)[22](index=22&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables decreased, with changes in aging structure for trade receivables Trade and Bills Receivables Summary | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Trade receivables | 434,000 | 500,657 | (66,657) | | Bills receivables | 68,974 | 38,051 | 30,923 | | Impairment | (1,344) | (1,943) | 599 | | **Total** | **501,630** | **536,765** | **(35,135)** | - All of the Group's bills receivables are within six months and are not overdue or impaired[23](index=23&type=chunk) Trade Receivables Aging | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within one month | 204,156 | 188,641 | | One to two months | 65,101 | 152,549 | | Two to three months | 122,320 | 82,736 | | Over three months | 41,079 | 74,788 | | **Total** | **432,656** | **498,714** | [Trade and Bills Payables](index=14&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables significantly decreased from year-end 2024, mainly due to reduced longer-term payables Trade and Bills Payables Aging | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (RMB '000) | | :--- | :--- | :--- | :--- | | Due within one month or on demand | 96,073 | 147,390 | (51,317) | | Due after one month but within three months | 219,385 | 287,056 | (67,671) | | Over three months | – | 20,250 | (20,250) | | **Total** | **315,458** | **454,696** | **(139,238)** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business and financial performance, highlighting operational challenges, strategic initiatives, and results [Business Review](index=15&type=section&id=Business%20Review) The Group faced declining linen yarn prices, leading to a gross loss despite sales volume growth, while expanding domestic markets and diversifying production [Linen Yarn Prices and Sales Volume](index=15&type=section&id=Linen%20Yarn%20Prices%20and%20Sales%20Volume) Average linen yarn prices declined from Q4 2024 to Q2 2025, then recovered; sales volume grew 61.7% YoY, but average selling price fell 30% - Average linen yarn prices continuously declined from Q4 2024 to Q2 2025, showing encouraging signs of recovery at the end of Q2 2025[26](index=26&type=chunk) - **11,606 tonnes** of linen yarn were sold during the review period, an increase of **61.7%** compared to **7,179 tonnes** sold in the previous period[26](index=26&type=chunk) - The average price of linen yarn decreased by approximately **30%** compared to the same period last year[26](index=26&type=chunk) [Key Markets and Customers](index=15&type=section&id=Key%20Markets%20and%20Customers) The Group's international sales strategy saw domestic growth of 25.1%, while overseas sales slightly increased - The Group implements an international sales strategy with a sales network covering approximately **20 countries and regions** worldwide[27](index=27&type=chunk) - Domestic sales reached **RMB 674.368 million**, contributing approximately **53.1%** of total revenue, an increase of approximately **25.1%** compared to the same period last year[27](index=27&type=chunk) - Overseas sales reached approximately **RMB 595.142 million**, contributing approximately **46.9%** of total revenue, a slight increase of approximately **0.7%** year-on-year[27](index=27&type=chunk) - Total sales to EU countries decreased by **7.8%** year-on-year, while total sales to non-EU countries increased by **7.0%** year-on-year[27](index=27&type=chunk) - The Group continues to expand its domestic market, aiming to collaborate with more target customers in China[27](index=27&type=chunk) [Raw Material Procurement](index=16&type=section&id=Raw%20Material%20Procurement) Flax fiber imports from Europe increased 42.0% YoY in volume, but average purchase price fell 50.9% due to a bumper harvest - Flax fiber is primarily imported from high-quality suppliers in France, Belgium, and the Netherlands[28](index=28&type=chunk) - During the review period, the Group procured approximately **23,541 tonnes** of raw materials overseas (previous period: **16,583 tonnes**), an increase of approximately **42.0%** year-on-year[28](index=28&type=chunk) - The average purchase price per tonne was approximately **RMB 36,320**, a decrease of approximately **50.9%** compared to approximately **RMB 73,999** in the same period last year, due to a bumper harvest in 2024[28](index=28&type=chunk) [Production Capacity and Expansion](index=16&type=section&id=Production%20Capacity%20and%20Expansion) The Group operates five production bases, with Chinese factories near full capacity and Ethiopian factory at 70% utilization; a new Egyptian plant is planned for H2 2025 Production Capacity and Utilization | No. | Plant | Location | Country | Annual Capacity (tonnes) | Utilization/Status | | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Haiyan Phase I Plant | Zhejiang | China | 7,000 | Near 100% | | 2 | Rugao Plant | Jiangsu | China | 6,000 | Near 100% | | 3 | Haiyan Phase II Plant | Zhejiang | China | 5,000 | Near 100% | | 4 | Qinggang Plant | Heilongjiang | China | 4,000 | Near 100% | | 5 | Ethiopia | Adama | Ethiopia | 5,000 | Approx. 70% | - The Ethiopian factory investment helps the Group save on land, labor, energy costs, and tax expenses, and benefits from the EU's "Everything But Arms (EBA)" initiative for least developed countries, enjoying duty-free and quota-free preferential treatment[30](index=30&type=chunk) - The Group has obtained a Golden License from the Egyptian Prime Minister's Office and will commence construction of a new plant in Egypt in H2 2025, which will offer tax incentives and qualify for duty-free exports to the EU[30](index=30&type=chunk) - During the review period, a total of **40 tonnes** of multi-specification hemp yarn were produced, and the Group holds a **78.67%** equity interest in the Heilongjiang joint venture, marking its first step into the hemp yarn market[30](index=30&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) The Group turned from profit to loss in H1 2025 due to gross loss from declining linen yarn prices [Revenue](index=17&type=section&id=Revenue) Revenue increased by 12.4% YoY to **RMB 1.2695 billion**, driven by sales volume growth, offset by a price drop - During the review period, the Group's revenue increased by approximately **12.4%** to approximately **RMB 1,269.510 million** (previous period: **RMB 1,129.916 million**)[31](index=31&type=chunk) - The increase in revenue was mainly due to a **61.7%** increase in linen yarn sales volume during the review period compared to the previous year, while the average selling price of linen yarn decreased by approximately **30%**[31](index=31&type=chunk) Revenue by Sales Region | Sales Region | 2025 (RMB '000) | % of Total | 2024 (RMB '000) | % of Total | YoY Change (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China | 674,368 | 53.1% | 538,944 | 47.7% | 135,424 | 25.1% | | European Union | 233,383 | 18.4% | 253,008 | 22.4% | (19,625) | -7.8% | | Non-European Union | 361,759 | 28.5% | 337,964 | 29.9% | 23,795 | 7.0% | | **Total Revenue** | **1,269,510** | **100.0%** | **1,129,916** | **100.0%** | **139,594** | **12.4%** | [Gross Profit and Gross Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group recorded a gross loss of **RMB 45.467 million** (3.6% margin) in H1 2025, a reversal from H1 2024 profit - The Group recorded a gross loss of approximately **RMB 45.467 million** during the review period (previous period: gross profit of approximately **RMB 198.845 million**)[34](index=34&type=chunk) - The gross loss margin for the review period was **3.6%** (previous period: gross profit margin of approximately **17.6%**)[34](index=34&type=chunk) - This was mainly due to the continuous decline in average linen yarn prices (down approximately **30%** compared to the same period last year), coupled with the use of some more expensive raw materials from the previous year in the cost of sales for 2025[34](index=34&type=chunk) [Other Income and Gains](index=18&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased, primarily comprising government grants and bank interest income - Other income and gains for the review period were approximately **RMB 3.602 million** (previous period: approximately **RMB 4.204 million**)[35](index=35&type=chunk) - This primarily included government grants and subsidies of approximately **RMB 1.511 million** and interest income of approximately **RMB 0.480 million**[35](index=35&type=chunk) [Selling and Distribution Expenses](index=19&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses slightly increased but remained stable as a percentage of total revenue - Selling and distribution expenses were approximately **RMB 18.402 million** (previous period: approximately **RMB 16.163 million**)[36](index=36&type=chunk) - This accounted for approximately **1.4%** of the Group's total revenue, the same as the previous period[36](index=36&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **5.9%** YoY, primarily due to reduced R&D expenses - Administrative expenses were approximately **RMB 50.131 million** (previous period: approximately **RMB 53.273 million**), a decrease of approximately **5.9%** compared to the same period last year[37](index=37&type=chunk) - The decrease in administrative expenses was mainly due to a reduction of approximately **RMB 4 million** in research and development expenses during the review period[37](index=37&type=chunk) [Other Expenses](index=19&type=section&id=Other%20Expenses) Other expenses significantly increased, primarily due to a rise in net exchange losses - Other expenses were approximately **RMB 12.747 million** (previous period: approximately **RMB 7.294 million**)[38](index=38&type=chunk) - This primarily refers to net exchange losses of **RMB 12.476 million** during the review period (previous period: **RMB 4.268 million**)[38](index=38&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) Total finance costs increased, mainly due to higher interest expenses on borrowings from increased bank rates - Total finance costs for the review period were approximately **RMB 21.507 million** (previous period: approximately **RMB 18.660 million**)[40](index=40&type=chunk) - Interest on borrowings was approximately **RMB 21.361 million** (previous period: approximately **RMB 18.512 million**), with the increase mainly due to higher bank borrowing interest rates compared to the previous period[39](index=39&type=chunk) [Income Tax Credit](index=20&type=section&id=Income%20Tax%20Credit) The Group recorded an income tax credit of **RMB 22.657 million** in H1 2025, reversing from an expense, with the effective tax rate decreasing - Income tax credit for the review period was approximately **RMB 22.657 million** (previous period: income tax expense of **RMB 29.752 million**)[41](index=41&type=chunk) - The effective tax rates for the review period and the same period last year were approximately **15.7%** and **27.5%**, respectively[41](index=41&type=chunk) [Loss for the Period](index=20&type=section&id=Loss%20for%20the%20Period) The Group recorded a loss of **RMB 121.5 million** in H1 2025, a significant reversal from H1 2024 profit - The Group recorded a loss of approximately **RMB 121.517 million** during the review period (previous period: profit of approximately **RMB 78.508 million**)[42](index=42&type=chunk) [Non-controlling Interests](index=20&type=section&id=Non-controlling%20Interests) Non-controlling interests accounted for a loss of **RMB 2.964 million** in H1 2025, reflecting their share in the Group's loss - Non-controlling interests of approximately **RMB 2.964 million** refer to the loss attributable to minority shareholders of certain subsidiaries of the Group during the review period (previous period: profit attributable of **RMB 4.547 million**)[43](index=43&type=chunk) [Loss Attributable to Owners of the Parent](index=20&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Parent) In H1 2025, loss attributable to owners of the parent was **RMB 118.5 million**, a substantial reversal from H1 2024 profit - During the review period, the Group recorded a loss attributable to owners of the parent of approximately **RMB 118.553 million** (previous period: profit of approximately **RMB 73.961 million**)[44](index=44&type=chunk) [Liquidity and Financial Resources](index=21&type=section&id=Liquidity%20and%20Financial%20Resources) Net current assets and total equity decreased, but cash and cash equivalents significantly increased; gearing ratio rose to **78.3%** - As of June 30, 2025, the Group's net current assets were approximately **RMB 394.916 million** (as of December 31, 2024: approximately **RMB 477.487 million**)[45](index=45&type=chunk) - Cash and cash equivalents were approximately **RMB 534.742 million** (as of December 31, 2024: approximately **RMB 230.871 million**), an increase of **131.6%** year-on-year[45](index=45&type=chunk) - The current ratio as of June 30, 2025, was approximately **127.1%** (as of December 31, 2024: approximately **129.9%**)[45](index=45&type=chunk) - The total capital gearing ratio (total borrowings divided by total equity) was approximately **78.3%** (as of December 31, 2024: approximately **69.4%**)[46](index=46&type=chunk) - The Board believes that the Group's existing financial resources are relatively adequate, and if additional funds are required, the Group will consider all possible financing options[46](index=46&type=chunk) [Capital Commitments](index=22&type=section&id=Capital%20Commitments) As of June 30, 2025, outstanding contractual capital commitments for right-of-use assets decreased, with no authorized but uncontracted commitments - As of June 30, 2025, the Group's outstanding contractual capital commitments for the purchase of right-of-use assets not provided for in the interim condensed consolidated financial statements were approximately **RMB 8.240 million** (as of December 31, 2024: approximately **RMB 13.115 million**)[47](index=47&type=chunk) - As of June 30, 2025, the Group had no authorized but not yet contracted capital commitments[47](index=47&type=chunk) [Contingent Liabilities](index=22&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[48](index=48&type=chunk) [Pledge of Assets](index=22&type=section&id=Pledge%20of%20Assets) Portions of the Group's property, plant, equipment, and right-of-use assets are pledged as collateral for borrowings - Current interest-bearing bank loans with a carrying amount of **RMB 356.869 million** are secured by property, plant and equipment with a carrying amount of approximately **RMB 129.920 million** and right-of-use assets of approximately **RMB 31.711 million**[49](index=49&type=chunk) - Non-current interest-bearing bank borrowings with a carrying amount of **RMB 80.000 million** are secured by property, plant and equipment with a carrying amount of approximately **RMB 12.298 million** and right-of-use assets of approximately **RMB 20.809 million**[49](index=49&type=chunk) [Significant Acquisitions and Disposals](index=22&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the review period, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[50](index=50&type=chunk) [Material Investments Held](index=23&type=section&id=Material%20Investments%20Held) The Group held no material investments during the reporting period - The Group held no material investments during the review period[51](index=51&type=chunk) [Future Plans for Material Investments or Capital Assets](index=23&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group plans a new **3,800-tonne** linen yarn factory in Egypt, with **RMB 200 million** capital expenditure funded by internal resources and bank loans - The Group plans to construct a new factory in Egypt with an annual production capacity of **3,800 tonnes** of linen yarn[52](index=52&type=chunk) - Capital expenditure is estimated at **RMB 200 million** and will be funded by internal resources and bank loans[52](index=52&type=chunk) - Aside from disclosed plans and existing factory maintenance, there are currently no plans to acquire any material investments or capital assets[52](index=52&type=chunk) [Foreign Currency Risk](index=23&type=section&id=Foreign%20Currency%20Risk) The Group's transactions are in multiple currencies; exchange rate fluctuations are monitored, with no significant derivative financial assets - The Group's transactions are primarily denominated in Renminbi, US Dollars, Euros, Hong Kong Dollars, and Ethiopian Birr[53](index=53&type=chunk) - The Group regularly monitors and properly manages exchange rate fluctuations between these currencies, potentially utilizing credit lines to enter into certain foreign currency forward contracts and derivative financial instruments[53](index=53&type=chunk) - As of June 30, 2025, no significant derivative financial assets or liabilities were recorded[53](index=53&type=chunk) [Remuneration Policy](index=23&type=section&id=Remuneration%20Policy) As of June 30, 2025, the Group had **3,706 employees** with **RMB 110.3 million** staff costs, offering competitive remuneration - As of June 30, 2025, the Group employed a total of **3,706 employees** (June 30, 2024: **3,736 employees**)[54](index=54&type=chunk) - Total staff costs incurred during the review period were approximately **RMB 110.318 million** (previous period: **RMB 79.101 million**)[54](index=54&type=chunk) - The Group provides comprehensive and competitive remuneration, retirement plans, and benefits to its employees, and is required to contribute to China's social security scheme[54](index=54&type=chunk) - The remuneration policy is formulated by the Board with reference to each employee's qualifications, experience, responsibilities, contribution to the Group, and prevailing market remuneration levels for similar positions[55](index=55&type=chunk) - The Group has also adopted a share option scheme and a share award scheme, aiming to provide incentives and rewards to directors and other employees who have contributed to the Group's business success[55](index=55&type=chunk) [Miscellaneous Information](index=24&type=section&id=Miscellaneous%20Information) No significant events affecting the Group have occurred since December 31, 2024, other than those disclosed - Except as disclosed in this announcement, no significant events affecting the Group have occurred since December 31, 2024[56](index=56&type=chunk) [Key Risks and Uncertainties](index=24&type=section&id=Key%20Risks%20and%20Uncertainties) Key risks include linen yarn demand fluctuations, trade protectionism, raw material supply, transport disruptions, and project execution risks - Key risks include demand for linen yarn, trade protectionism in certain countries, and potential punitive tariffs on products manufactured in China[57](index=57&type=chunk) - Stable raw material supply, disruptions to transport routes due to military conflicts in different regions, and increased transport costs[57](index=57&type=chunk) - Depreciation of the US Dollar against the Renminbi, execution risks for Ethiopian and Egyptian projects, and epidemic outbreaks leading to production disruptions[57](index=57&type=chunk) [Outlook and Plans](index=25&type=section&id=Outlook%20and%20Plans) The Group is optimistic about the linen yarn market, planning continued domestic and international development, and a new Egyptian factory in H2 2025 - We remain optimistic about the long-term outlook for the linen yarn market, with linen yarn prices having bottomed out at the end of Q2 2025[58](index=58&type=chunk) - The Group will continue to develop both domestic and overseas markets[58](index=58&type=chunk) - The Group's factory in Ethiopia is enhancing its operational efficiency and will contribute additional production capacity to the Group[59](index=59&type=chunk) - The Group will commence construction of a new factory in Egypt in H2 2025 to further diversify its production bases and meet customer demand[59](index=59&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The Company and its subsidiaries did not purchase, sell, or redeem any listed securities, holding no treasury shares as of June 30, 2025 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the review period[60](index=60&type=chunk) - As of June 30, 2025, the Company held no treasury shares[60](index=60&type=chunk) [Corporate Strategy and Long-term Business Model](index=25&type=section&id=Corporate%20Strategy%20and%20Long-term%20Business%20Model) The Group aims to enhance long-term shareholder returns and become a leading global linen yarn manufacturer through financial strength, global production, and innovation - The Group's primary objective is to enhance long-term total shareholder returns[61](index=61&type=chunk) - The Group's strategy is to build a solid financial foundation, deliver sustained returns, implement a globalized production layout strategy, commit to sustainable development and technological innovation, develop independent intellectual property rights, engage in product brand marketing, and pursue management excellence[61](index=61&type=chunk) - The Group is determined to become one of the largest linen yarn manufacturers globally, creating or maintaining value in the long term[61](index=61&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the Company's corporate governance practices, including dividend policy, share incentive schemes, and listing rule compliance [Interim Dividend](index=26&type=section&id=Interim%20Dividend) The Board resolved not to recommend any interim dividend for H1 2025, consistent with the previous period - The Board of Directors resolved not to recommend the declaration of any interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[62](index=62&type=chunk) [Share Option Scheme](index=26&type=section&id=Share%20Option%20Scheme) The Company adopted a share option scheme in 2016 to incentivize contributors; no options have been granted since adoption - The Company adopted a share option scheme on May 30, 2016, to provide incentives and rewards to any director, employee, consultant, customer, supplier, agent, business partner, or advisor or contractor who has contributed to the Group's business success[63](index=63&type=chunk) - No share options have been granted under the scheme since its adoption on May 30, 2016[63](index=63&type=chunk) - As of June 30, 2025, the number of share options available for grant under the share option scheme was **62,967,800**, representing approximately **10%** of the issued shares[63](index=63&type=chunk) [Share Award Scheme](index=26&type=section&id=Share%20Award%20Scheme) The Company adopted a share award scheme in 2016 to incentivize and align interests; shares are market-purchased, with limits - The Company adopted a share award scheme on August 26, 2016, to incentivize, recognize, and reward eligible persons for their contributions to the Group, attract and retain personnel, and align the interests of award holders with those of shareholders[64](index=64&type=chunk) - Awards will be satisfied by shares purchased in the market at prevailing market prices, and no new shares will be allotted and issued under the share award scheme[64](index=64&type=chunk) - If the grant of any awarded shares to a selected person would result in the total number of shares granted to that selected person exceeding **1%** of the issued shares within the 12-month period up to the date of such grant, it shall be subject to shareholders' approval at a general meeting[65](index=65&type=chunk) - The maximum number of shares purchased by the trustee under the share award scheme in any financial year of the Company shall not exceed **5%** of the issued shares at the beginning of that financial year[65](index=65&type=chunk) - As of June 30, 2025, the remaining **13,230,750 shares** held by the trustee (representing approximately **2.1%** of the issued shares as of June 30, 2025) have not yet been granted to any eligible persons under the share award scheme and are available for future grants[66](index=66&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, no significant disclosable events have occurred after June 30, 2025 - No significant disclosable events after June 30, 2025, have occurred up to the date of this announcement[67](index=67&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted a code for directors' securities transactions, no less exacting than the Model Code; all directors confirmed compliance - The Company has adopted its own code of conduct for directors' securities transactions, with terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[68](index=68&type=chunk) - Following specific enquiries made to all Directors, all Directors have confirmed that they have complied with the required standards set out in the Model Code and the Company's code of conduct regarding directors' securities transactions throughout the review period and up to the date of this announcement[68](index=68&type=chunk) [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with the Corporate Governance Code, with one deviation regarding the Chairman's dual role - The Company has complied with the code provisions set out in Part 2 of the Code throughout the review period, except for the deviation from code provision C.2.1 of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as disclosed below[69](index=69&type=chunk) - Deviation from code provision C.2.1: Mr. Ren Weiming is the Chairman of the Company and is also responsible for overseeing the general operations of the Group, a role that should not be held by the same individual[70](index=70&type=chunk) - The Board believes that this structure will not impair the balance of power and authority between the Board and the Company's management, and contributes to strong and stable leadership[70](index=70&type=chunk) [Audit Committee and Review of Interim Results](index=29&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviews financial reporting and internal controls, and has reviewed interim results - The Company has established an Audit Committee in compliance with Listing Rules 3.21 and 3.22[71](index=71&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Liu Yingjie (Chairman), Ms. Zhang Chan, and Mr. Fan Lei[71](index=71&type=chunk) - The primary responsibilities of the Audit Committee are to review and monitor the Group's financial reporting process, risk management, and internal control systems[71](index=71&type=chunk) - The Group's interim results for the review period have been reviewed by the Audit Committee, with no disagreements[71](index=71&type=chunk) [Acknowledgement and Board Composition](index=29&type=section&id=Acknowledgement%20and%20Board%20Composition) The Chairman thanked the Board and employees; the Board comprises executive, non-executive, and independent non-executive directors - The Chairman of the Company expressed gratitude to all Directors for their valuable advice and guidance, and to all employees of the Group for their diligent work and loyal service to the Group[72](index=72&type=chunk) - As of the date of this announcement, the executive directors are Mr. Ren Weiming, Mr. Shen Yueming, Mr. Zhang Hongwen, Mr. Ren Zhong, and Mr. Tang Tianheng; the non-executive director is Mr. Yan Jintang; and the independent non-executive directors are Mr. Liu Yingjie, Ms. Zhang Chan, and Mr. Fan Lei[74](index=74&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佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對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。 TEXHONG INTERNATIONAL GROUP LIMITED 天虹國際集團有限公 司 （股份代號：2678） （於開曼群島註冊成立之有限公司） 截至二零二五年六月三十日止六個月之 中期業績公佈 財務摘要 – 1 – • 收入下跌1.9%至人民幣110億元 • 毛利率上升1.0個百分點至14.2% • 淨溢利為人民幣4.635億元 • 本公司擁有人應佔溢利為人民幣4.188億元 • 每股基本盈利為人民幣0.46元 簡明綜合收益表 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | （經重列） 人民幣千元 | | 收入 | 4 | 11,034,056 | 11,243,529 | | 銷售成本 | 6 | (9,468,405) | (9,763 ...

香港交易及結算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 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而 産生或因依賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份編號：00042） 截至二零二五年六月三十日止六個月之 未經審計業績公告 東北電氣發展股份有限公司（「本公司」）董事會（「董事會」）及董事（「董事 」）謹此宣佈本公司及其附屬公司（「本集團」）截至二零二五年六月三十日止之 未經審計中期業績。 第一節 重要提示 1 1.1 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任 。 1.2 本公司董事長朱欣光、主管會計工作負責人劉可佳及會計機構負責人(會計主管人員) 林彬聲明：保證本半年度報告中財務報告的真實、準確、完整。 1.3 本公告經二零二五年八月二十七日召開的十屆十五次董事會會議審議並批准。所有董 事均已出席審議本報告的董事會會議。 1.4 本集團按照《中國企業會計準則》和《國際財務報告準則》編製截至二零二 ...

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Group Financial Highlights](index=1&type=section&id=Group%20Financial%20Highlights) The company reported unaudited interim results for H1 2025, showing a slight revenue decrease but a turnaround to profit for operating profit and EPS Group Financial Highlights (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | | Operating Profit / (Loss) | 4,583 | (2,602) | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | | Earnings / (Loss) Per Share (US cents) | 0.04 | (0.94) | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) For H1 2025, revenue slightly declined, but effective cost control and reduced expenses led to a significant improvement in operating profit and a turnaround to profit for the period Condensed Consolidated Income Statement (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | | Cost of Sales | (254,645) | (265,901) | | Gross Profit | 41,179 | 38,621 | | Operating Profit / (Loss) | 4,583 | (2,602) | | Finance Costs — Net | (4,795) | (6,412) | | Profit / (Loss) Before Income Tax | 99 | (8,654) | | Income Tax Credit / (Expense) | 155 | (1,154) | | Profit / (Loss) for the Period | 254 | (9,808) | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, profit for the period turned to profit, and despite currency translation differences, total comprehensive income shifted from a significant loss to a modest profit Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 254 | (9,808) | | Currency Translation Differences | (251) | 465 | | Total Comprehensive Income / (Loss) for the Period | 3 | (9,343) | | Total Comprehensive Income / (Loss) Attributable to Owners of the Company | 122 | (8,946) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets grew due to increased current assets (inventory, trade receivables, cash), while total liabilities rose from increased borrowings, with total equity remaining stable Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 162,498 | 165,811 | | Total Current Assets | 318,426 | 280,172 | | **TOTAL ASSETS** | **480,924** | **445,983** | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 156,076 | 155,954 | | Total Equity | 156,705 | 156,702 | | **LIABILITIES** | | | | Total Non-current Liabilities | 29,266 | 26,079 | | Total Current Liabilities | 294,953 | 263,202 | | **TOTAL LIABILITIES** | **324,219** | **289,281** | | **TOTAL EQUITY AND LIABILITIES** | **480,924** | **445,983** | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This interim financial information is prepared under HKAS 34 'Interim Financial Reporting' and should be read with the company's annual report and public announcements - Interim financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual report[8](index=8&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20Accounting%20Policies) Accounting policies align with 2024 annual statements, with new HKFRS 18 expected to significantly impact consolidated income and cash flow statement presentation, currently under assessment - First-time adoption of HKAS 21 and HKFRS 1 (amended) — Lack of Exchangeability, with no significant impact expected[11](index=11&type=chunk) - HKFRS 18 (Presentation and Disclosure of Financial Statements) is expected to have a significant impact on the presentation of the consolidated income statement and cash flow statement, with the company still assessing its effects[14](index=14&type=chunk) [3. Segment Information](index=7&type=section&id=3.%20Segment%20Information) The Group's core business is apparel and accessories manufacturing and trading; H1 2025 saw apparel loss narrow, accessories revenue grow, and overall segment profit turn positive due to reduced corporate expenses - The Group's principal activities are the manufacturing and trading of apparel and accessories[15](index=15&type=chunk) Segment Revenue and Profit (For the six months ended June 30) | Segment | 2025 Revenue (USD thousands) | 2024 Revenue (USD thousands) | Revenue YoY Change (%) | 2025 Segment Profit/(Loss) (USD thousands) | 2024 Segment Profit/(Loss) (USD thousands) | Profit YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Apparel | 171,553 | 183,362 | -6.4% | (2,741) | (9,635) | 71.6% (Improvement) | | Accessories | 124,271 | 121,160 | +2.6% | 5,040 | 5,277 | -4.5% | | **Group Total** | **295,824** | **304,522** | **-2.9%** | **2,299** | **(4,358)** | **Turnaround to Profit** | - Corporate expenses significantly decreased from **USD 5,450 thousand** in 2024 to **USD 2,045 thousand** in 2025, a key factor in the turnaround to profit for the period[19](index=19&type=chunk) [4. Operating Profit / (Loss)](index=9&type=section&id=4.%20Operating%20Profit%20%2F%20%28Loss%29) Operating profit improved due to reduced depreciation, gains from asset disposal, and trade receivables impairment reversal, despite increased provisions for slow-moving inventories Components of Operating Profit (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Amortisation of Intangible Assets | 334 | 334 | 0 | | Depreciation of Property, Plant and Equipment | 6,058 | 7,271 | -1,213 | | Depreciation of Right-of-Use Assets | 1,985 | 2,766 | -781 | | (Gain) / Loss on Disposal of Property, Plant and Equipment | (199) | 56 | -255 (Turned from Loss to Gain) | | Impairment (Reversal) / Provision for Trade Receivables | (79) | 41 | -120 (Turned from Provision to Reversal) | | Provision for Slow-Moving Inventories | 907 | — | +907 | [5. Finance Costs — Net](index=10&type=section&id=5.%20Finance%20Costs%20%E2%80%94%20Net) For H1 2025, net finance costs significantly decreased due to lower interest expenses on bank loans and overdrafts, alongside increased bank deposit interest income Components of Net Finance Costs (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Finance Costs | (5,203) | (6,755) | +1,552 | | Interest Expense on Bank Loans and Overdrafts | (4,415) | (5,880) | +1,465 | | Finance Income | 408 | 343 | +65 | | **FINANCE COSTS — NET** | **(4,795)** | **(6,412)** | **+1,617** | [6. Income Tax (Credit) / Expense](index=10&type=section&id=6.%20Income%20Tax%20%28Credit%29%20%2F%20Expense) Income tax shifted from expense to credit due to prior year over-provision reversals, while the company navigates ongoing tax audits, disputes, and recognized current tax expenses under OECD Pillar Two rules Components of Income Tax (For the six months ended June 30) | Item | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Current Income Tax | 1,912 | 1,243 | +669 | | Over-provision in Prior Years | (1,660) | — | -1,660 | | Deferred Income Tax | (407) | (89) | -318 | | **Total** | **(155)** | **1,154** | **-1,309 (Turned from Expense to Credit)** | - Settlement reached with Hong Kong Inland Revenue Department for offshore profit claims for assessment years 2000/01 to 2014/15, with an additional tax payable of **USD 4,150 thousand** already provided for[24](index=24&type=chunk) - Potential withholding tax exposure of approximately **USD 1,533 thousand** related to indirect transfers by Chinese companies has been fully provided for[25](index=25&type=chunk) - Current tax expense of **USD 562 thousand** recognized for the six months ended June 30, 2025, in relation to OECD Pillar Two rules[26](index=26&type=chunk) [7. Earnings / (Loss) Per Share](index=12&type=section&id=7.%20Earnings%20%2F%20%28Loss%29%20Per%20Share) For H1 2025, profit attributable to owners turned positive, resulting in basic EPS of **0.04 US cents** (vs. **-0.94 US cents** last year), with diluted EPS matching basic EPS Earnings / (Loss) Per Share | Metric | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | | Weighted Average Number of Ordinary Shares in Issue (thousands of shares) | 1,034,113 | 1,034,113 | | **Basic Earnings / (Loss) Per Share (US cents per share)** | **0.04** | **(0.94)** | - Diluted earnings per share are the same as basic earnings per share due to the absence of dilutive potential ordinary shares[29](index=29&type=chunk) [8. Dividends](index=13&type=section&id=8.%20Dividends) The Board decided not to declare an interim dividend for H1 2025, consistent with the prior year - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[30](index=30&type=chunk) [9. Trade and Other Receivables](index=13&type=section&id=9.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, net trade and other receivables increased, mainly in current assets, with customer credit up to 120 days and the largest portion aged 0-30 days Trade and Other Receivables (Current Portion) | Item | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Trade Receivables — Net | 108,585 | 104,197 | +4,388 | | Amounts Due from Related Parties — Net | 18,050 | 19,234 | -1,184 | | Deposits, Prepayments and Other Receivables | 27,124 | 25,285 | +1,839 | | Indemnity Guarantee Assets | 16,723 | 16,723 | 0 | | **Total Current Portion** | **170,482** | **165,439** | **+5,043** | Ageing Analysis of Trade Receivables (As at June 30, 2025) | Ageing | Amount (USD thousands) | Percentage (%) | | :--- | :--- | :--- | | 0 to 30 days | 56,356 | 49.98% | | 31 to 60 days | 25,421 | 22.55% | | 61 to 90 days | 16,517 | 14.65% | | 90 to 120 days | 10,241 | 9.08% | | Over 120 days | 4,214 | 3.74% | | **Total** | **112,749** | **100.00%** | [10. Trade and Other Payables](index=14&type=section&id=10.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased, driven by a significant rise in trade payables, with the largest portion aged 0-30 days Trade and Other Payables | Item | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Trade Payables | 50,635 | 40,404 | +10,231 | | Other Taxes Payable | 9,266 | 9,033 | +233 | | Accrued Wages and Salaries | 19,306 | 23,177 | -3,871 | | **Total** | **93,377** | **86,796** | **+6,581** | Ageing Analysis of Trade Payables (As at June 30, 2025) | Ageing | Amount (USD thousands) | Percentage (%) | | :--- | :--- | :--- | | 0 to 30 days | 44,680 | 88.24% | | 31 to 60 days | 3,437 | 6.79% | | 61 to 90 days | 863 | 1.70% | | Over 90 days | 1,655 | 3.27% | | **Total** | **50,635** | **100.00%** | [11. Other Reserves](index=15&type=section&id=11.%20Other%20Reserves) As of June 30, 2025, total other reserves were **negative USD 6,936 thousand**, slightly down from January 1, 2025, mainly due to negative currency translation differences Movement in Other Reserves (For the six months ended June 30) | Item | January 1, 2025 (USD thousands) | Currency Translation Differences (USD thousands) | June 30, 2025 (USD thousands) | | :--- | :--- | :--- | :--- | | Capital Reserve | 7,891 | — | 7,891 | | Other Capital Reserve | (4,031) | — | (4,031) | | Employee Benefit Reserve | 870 | 43 | 913 | | Exchange Reserve | (11,415) | (294) | (11,709) | | **Total** | **(6,685)** | **(251)** | **(6,936)** | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Operating Results and Overview](index=16&type=section&id=Operating%20Results%20and%20Overview) Despite global economic uncertainties and slight revenue decline, the Group achieved a profit turnaround by cutting non-recurring expenses, improving gross margin, and reducing finance costs - Global economic growth is projected to slow to **2.3%**, with US tariff policies introducing uncertainty[44](index=44&type=chunk) Key Financial Metrics Changes (For the six months ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 295,824 | 304,522 | (8,698) | -2.9% | | Gross Profit | 41,179 | 38,621 | +2,558 | +6.6% | | Profit / (Loss) Attributable to Owners of the Company | 373 | (9,728) | +10,101 | Turnaround to Profit | - Financial performance improvement primarily attributed to: (i) absence of non-recurring expenses related to US customs laws and regulations (approximately **USD 3,900 thousand** in prior period); (ii) overall gross profit margin increase of **1.2 percentage points** to **13.9%**; (iii) finance costs reduction of approximately **USD 1,617 thousand** to **USD 4,795 thousand**[36](index=36&type=chunk) [Segment Review](index=17&type=section&id=Segment%20Review) Apparel revenue declined but losses narrowed due to streamlined customer portfolio and eliminated non-recurring expenses, while accessories revenue grew but profit slightly decreased - Apparel and accessories businesses accounted for approximately **58.0%** and **42.0%** of total revenue, respectively[37](index=37&type=chunk) - Apparel segment revenue decreased by **6.4%** to **USD 171,553 thousand**, but segment loss significantly reduced by **71.6%** to **USD 2,741 thousand**, mainly due to the absence of non-recurring expenses[38](index=38&type=chunk) - Accessories segment revenue increased by **2.6%** to **USD 124,271 thousand**, but segment profit decreased by **4.5%** to **USD 5,040 thousand**[39](index=39&type=chunk) [Markets](index=17&type=section&id=Markets) Europe and the US remain key export markets, contributing **62.6%** of total revenue, while Asia (mainly China and Japan) accounted for **20.5%** - Total revenue from European and US customers was approximately **USD 185,196 thousand**, accounting for approximately **62.6%** of total revenue[40](index=40&type=chunk) - Revenue from Asian markets (primarily China and Japan) was approximately **USD 60,773 thousand**, accounting for approximately **20.5%** of total revenue[40](index=40&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's financial position is sound, with increased cash and bank deposits, but also higher bank borrowings, leading to a **62.0%** capital gearing ratio, with all borrowings due within one year Liquidity Metrics | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Deposits | 72,756 | 54,871 | +17,885 | | Total Bank Borrowings | 169,587 | 143,501 | +26,086 | - All bank borrowings (approximately **USD 169,587 thousand**) are repayable within one year[42](index=42&type=chunk) - Capital gearing ratio is approximately **62.0%**[42](index=42&type=chunk) [Foreign Exchange Risk Management](index=18&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group prudently hedges against exchange rate fluctuations by reviewing net foreign exchange exposure and using hedging arrangements, with no forward foreign exchange or hedging contracts entered this period - The Group adopts a prudent policy to hedge against exchange rate fluctuations, with major operating activities denominated in multiple currencies including USD, EUR, and HKD[43](index=43&type=chunk) - No forward foreign exchange or hedging contracts were entered into during the period[43](index=43&type=chunk) [Future Plans and Prospects](index=18&type=section&id=Future%20Plans%20and%20Prospects) Facing global economic slowdown and US tariff challenges, the Group will implement strict cost controls, streamline production, enhance strategic resilience, and adapt business strategies for sustainable development - Global economic growth is projected to slow to **2.3%**, with US tariff policies introducing uncertainty[44](index=44&type=chunk) - Will continue to implement stringent cost control measures, including reducing production, distribution, and administrative expenses, and achieving synergies through shared internal resources[45](index=45&type=chunk) - Will adhere to a long-term sustainable development strategy, streamlining and integrating diversified production bases to strengthen strategic resilience[45](index=45&type=chunk) [Significant Investments, Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=19&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) For the period ended June 30, 2025, the Group had no significant investment, acquisition, or disposal activities involving subsidiaries, associates, or joint ventures - No significant investment, acquisition, or disposal activities during the period[46](index=46&type=chunk) [Future Plans for Material Investments or Capital Assets](index=19&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, or the announcement date, the Group has no specific plans for material investments or capital assets - No specific plans for material investments or capital assets during the period[47](index=47&type=chunk) [Charge on Assets](index=19&type=section&id=Charge%20on%20Assets) As of June 30, 2025, the Group had no assets charged to third parties - No assets charged to third parties during the period[48](index=48&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, total contingent liabilities were approximately **USD 16,723 thousand**, mainly for overseas import duties, taxes, and penalties, with some related to Universal and Sachio business combinations settled - Total contingent liabilities approximately **USD 16,723 thousand**, involving overseas import duties, taxes, and penalties[49](index=49&type=chunk) - Contingent liabilities of **USD 5,504 thousand** related to the Universal business combination have been recognized as indemnity guarantee assets, with **USD 22 thousand** settled[49](index=49&type=chunk) - Contingent liabilities of **USD 11,461 thousand** related to the Sachio business combination have been recognized as indemnity guarantee assets, with **USD 220 thousand** settled[50](index=50&type=chunk) [Human Resources and Corporate Social Responsibility](index=20&type=section&id=Human%20Resources%20and%20Corporate%20Social%20Responsibility) Li & Fung recruits talent via targeted HR strategies and social responsibility programs, committed to providing a safe work environment, fair compensation, career growth, and promoting global supply chain development - Li & Fung recruits through targeted human resource strategies and adopts social responsibility programs[51](index=51&type=chunk) - Committed to providing a safe and pleasant working environment, fair compensation and benefits, and career advancement opportunities[51](index=51&type=chunk) - As a global corporate citizen, promotes global supply chain development and improves the surrounding environment[51](index=51&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for H1 2025, consistent with the prior year - The Board of Directors did not declare an interim dividend for the six months ended June 30, 2025[52](index=52&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares - No purchase, sale, or redemption of the company's listed securities during the period[53](index=53&type=chunk) [Corporate Governance Practices](index=21&type=section&id=Corporate%20Governance%20Practices) The company complied with Appendix C1 of the Listing Rules' Corporate Governance Code, with the Board establishing Audit, Remuneration, Nomination, and Finance & Banking Committees for enhanced oversight - The company complies with the applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[54](index=54&type=chunk) - The Board has established an Audit Committee, Remuneration Committee, Nomination Committee, and Finance and Banking Committee[55](index=55&type=chunk)[56](index=56&type=chunk) [Compliance with the Standard Code for Directors' Securities Transactions](index=22&type=section&id=Compliance%20with%20the%20Standard%20Code%20for%20Directors%27%20Securities%20Transactions) The company adopted a directors' securities transaction code, no less exacting than Listing Rules Appendix C3, with all directors confirming compliance during the reporting period - All directors confirmed compliance with the company's adopted code of conduct for directors' securities transactions, which is no less exacting than the Standard Code set out in Appendix C3 of the Listing Rules[57](index=57&type=chunk) [Review of Interim Financial Information](index=22&type=section&id=Review%20of%20Interim%20Financial%20Information) The Audit Committee reviewed accounting principles, internal controls, and financial reporting, while PricewaterhouseCoopers reviewed the unaudited interim financial information per HKSRE 2410 - The Audit Committee reviewed accounting principles, internal controls, and financial reporting matters[58](index=58&type=chunk) - External auditor PricewaterhouseCoopers reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[58](index=58&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement is published on HKEX and company websites; the full interim report, with all Listing Rules information, will be dispatched to shareholders and published online - This results announcement has been published on the websites of HKEX and the company[59](index=59&type=chunk) - The interim report will be dispatched to shareholders and published on the website in due course[59](index=59&type=chunk) [Board of Directors](index=23&type=section&id=Board%20of%20Directors) As of this announcement, the Board comprises five executive, one non-executive, and three independent non-executive directors, including CEO Mr. Chan Cho Lung - Board members include Executive Directors Wang Weimin, Chan Sau Yan, Chan Cho Lung, Zhang Min, Jin Xin; Non-Executive Director Huo Yushan; Independent Non-Executive Directors Chan Ming Yin, Li Cheuk Yan, Shi Min[61](index=61&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。 截至二零二五年六月三十日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收入 | 2 | 327,849 | 374,299 | | 銷售成本 | 4 | (229,164) | (260,622) | | 毛利 | | 98,685 | 113,677 | | 其他收益淨額 | 3 | 2,683 | 285 | | 銷售及分銷成本 | 4 | (11,007) | (11,269) | | 一般及行政費用 | 4 | (56,836) | (58,288) | | 金融資產的減值撥備 | 4 | (16) | (3,411) | | 經營溢利 | | 33,509 | 40,994 | | 財務收入 | 5 | 6,929 ...

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。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 截至二零二五年六月三十日止六個月 之未經審核中期業績公告 中國人民保險集團股份有限公司（「本公司」或「公司」）董事會（「董事會」）宣佈本公司及子 公司（「本集團」或「集團」）截至二零二五年六月三十日止六個月未經審計合併中期業績及 上年同期比較數據如下，請一併閱覽下文管理層討論與分析： 中期簡要合併財務資料及主要附註 註： 如無特別說明，本公告中幣種均為人民幣。 - 1 - 中期簡要合併利潤表 截至2025年6月30日止六個月期間 （除另有註明外，金額單位均為人民幣百萬元） | | | 截至2025年 | 截至2024年 | | --- | --- | --- | --- | | | | 6月30日 | 6月30日 | | | 附註 | 止六個月期間 | 止六個月期間 | | | | （未經審計） | （未經審計） | | 保險服務收入 ...

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。 物業開發 1) 入賬銷售收入 世茂集團控股有限公司（「世 茂 集 團」、「世 茂」或「本 公 司」）及其附屬公司（統 稱「本 集 團」）收 入 主 要 包 括 物 業 銷 售、物 業 管 理、酒 店 經 營 及 商 業 運 營 業 務。截 至2025年6月30日 止 六 個 月，本 集 團 收 入 達 人 民 幣148.27億 元。期 內 物 業銷售收入為人民幣89.05億 元，佔 收 入 總 額 的60.1%，入 賬 銷 售 面 積 為76.7 萬 平 方 米。 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：813） 截 至2025年6月30日止六個月 中期業績公告 業績摘要 – 1 – 1. 2025年上半年合約銷售額為人民幣135.23億 元。合 約 銷 售 面 積 為110.9萬 平 方 米。 2. 本集團營 ...

[Company Information and Announcement Statements](index=1&type=section&id=Company%20Information%20and%20Announcement%20Statements) Innovent Biologics released its H1 2025 unaudited condensed consolidated results, reviewed by its audit committee and auditor [Announcement Overview](index=1&type=section&id=Announcement%20Overview) Innovent Biologics announced its unaudited condensed consolidated results for the six months ended June 30, 2025, which have been reviewed by the company's audit committee and auditor Deloitte Touche Tohmatsu - Innovent Biologics (Stock Code: 1801) released its interim results announcement for the six months ended June 30, 2025[2](index=2&type=chunk) - The unaudited condensed consolidated results have been reviewed by the company's audit committee and auditor Deloitte Touche Tohmatsu[3](index=3&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The company achieved significant IFRS and Non-IFRS profitability in H1 2025, with revenue up 50.6% and profit turning positive, demonstrating enhanced operational efficiency [IFRS Financial Metrics](index=2&type=section&id=IFRS%20Financial%20Metrics) The company's H1 2025 IFRS revenue increased by 50.6% to RMB 5,953.1 million, gross profit grew by 56.3% to RMB 5,119.6 million, achieving a profit of RMB 834.3 million for the period, successfully turning losses into profits 2025 H1 IFRS Key Financial Data | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 5,953,094 | 3,952,291 | 50.6% | | Gross Profit | 5,119,642 | 3,274,740 | 56.3% | | Profit (Loss) for the Period | 834,321 | (392,620) | N/A* | - Revenue growth primarily driven by strong performance of oncology products, expansion of comprehensive product lines, and increased licensing fee income[5](index=5&type=chunk) - Profit for the period significantly improved, reflecting continuous enhancement in operational efficiency[5](index=5&type=chunk) [Non-IFRS Financial Metrics](index=2&type=section&id=Non-IFRS%20Financial%20Metrics) The company's H1 2025 Non-IFRS profit increased to RMB 1,213.2 million, and Non-IFRS EBITDA rose to RMB 1,412.8 million, also achieving significant profitability, further confirming excellent operational efficiency 2025 H1 Non-IFRS Key Financial Data | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Non-IFRS Profit (Loss) for the Period | 1,213,152 | (160,226) | N/A* | | Non-IFRS EBITDA (LBITDA) for the Period | 1,412,829 | (160,789) | N/A* | - Non-IFRS measures eliminate the impact of non-cash items (such as share-based payments, foreign exchange gains/losses) that management believes do not reflect the Group's operating performance, to better compare operating performance across different periods and companies[6](index=6&type=chunk) [Business Overview and Strategy](index=5&type=section&id=Business%20Overview%20and%20Strategy) Guided by "dual-driven" and "global innovation" strategies, the company achieved strong H1 2025 growth, expanding its product portfolio, advancing R&D pipelines globally, and strengthening market access [Strategic Guidance and Execution](index=5&type=section&id=Strategic%20Guidance%20and%20Execution) Guided by "dual-driven" and "global innovation" strategies, Innovent Biologics achieved strong revenue growth and significant profit improvement in H1 2025, successfully commercializing five new drugs and advancing next-generation pipelines into registrational clinical development, accelerating its global expansion - The company adheres to "dual-driven" and "global innovation" strategies, achieving **strong revenue growth** and **significant improvement in profitability**[9](index=9&type=chunk) - Strategic progress is accelerating, expanding from oncology leadership to comprehensive product line commercialization, and moving from China-focused to global development[9](index=9&type=chunk) 2025 H1 Key Business Data | Indicator | Amount (RMB Million) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 5,953.1 | 50.6% | | Product Revenue | 5,233.8 | 37.3% | [Product Portfolio Expansion and Commercialization](index=5&type=section&id=Product%20Portfolio%20Expansion%20and%20Commercialization) The company's product portfolio has expanded to 16 products, with five new drugs successfully commercialized during the reporting period, covering oncology and comprehensive product lines, and two drug candidates and three new indications in NDA review, continuously driving product launches and indication expansion - The product portfolio has expanded to **16 products**, with five new drugs successfully commercialized during the reporting period, including oncology products Dabole®, Aoyixin®, Jiepali®, and comprehensive product lines Xinbimin®, Xinermai®[10](index=10&type=chunk) - Two drug candidates (IBI112, IBI310) and three new indications for approved products (Daboshu®, Mazdutide) are currently under New Drug Application (NDA) review[10](index=10&type=chunk) [R&D Pipeline Progress and Global Innovation](index=6&type=section&id=R%26D%20Pipeline%20Progress%20and%20Global%20Innovation) The company's core R&D pipelines have achieved positive Proof-of-Concept (PoC) data and advanced to registrational or Phase III clinical development, including the global first-in-class IO bispecific antibody IBI363, highly effective and low-toxicity ADC drugs IBI343 and IBI354, and cornerstone products Mazdutide and Picankibart in CVM and autoimmune fields, injecting new momentum for sustainable growth - Global first-in-class IO bispecific antibody **IBI363 (PD-1/IL-2α-bias)** entered registrational clinical studies, including the first global Phase III clinical study for lung cancer, and presented breakthrough clinical data at the ASCO annual meeting[11](index=11&type=chunk) - Next-generation ADC drugs **IBI343 (CLDN18.2 ADC)** and **IBI354 (HER2 ADC)** entered registrational clinical studies, respectively targeting pancreatic ductal adenocarcinoma, gastric cancer, and platinum-resistant ovarian cancer[11](index=11&type=chunk) - **Mazdutide (GCG/GLP-1)** and **Picankibart (IL-23p19)**, as cornerstone products in CVM and autoimmune fields, have multiple Phase III clinical studies ongoing or newly initiated[11](index=11&type=chunk) - National Institute of Biological Sciences (NIBS) successfully advanced **3 new molecules** into IND-enabling stage, covering bispecific antibodies, bispecific dual-payload ADCs, and novel comprehensive product molecules[13](index=13&type=chunk) [Strategic Partnerships and Market Access](index=7&type=section&id=Strategic%20Partnerships%20and%20Market%20Access) The company actively expands its global innovation footprint through a global exclusive collaboration and licensing agreement with Roche for IBI3009, approval of multiple products in Macau, and accelerated registration processes in Southeast Asian and Latin American markets - Reached a global exclusive collaboration and licensing agreement with Roche for **IBI3009 (DLL3 ADC)**[14](index=14&type=chunk) - Dabote®, Xinbile®, and Dayoutong® received approval for market launch from the Macao SAR Pharmaceutical Administration[14](index=14&type=chunk) - Collaborating with regional partners to accelerate the registration process of products like Daboshu® and Dayoutong® in Southeast Asian and Latin American markets[14](index=14&type=chunk) [R&D Achievements Publication and ESG](index=8&type=section&id=R%26D%20Achievements%20Publication%20and%20ESG) The company published high-quality R&D data at several internationally renowned academic conferences and top-tier journals, showcasing its R&D capabilities and global competitiveness. Concurrently, it continues to invest in production line construction and achieved an MSCI AAA ESG rating, becoming the only biotech company in China with this rating - Published preclinical and clinical data for multiple innovative drugs at international academic conferences such as AACR, ASCO, ADA, and in top-tier journals like The New England Journal of Medicine and Nature Medicine[15](index=15&type=chunk)[16](index=16&type=chunk) - The company's operational capacity is **140,000 liters**, ensuring product portfolio expansion and continuous business growth[15](index=15&type=chunk) - Released the 2024 ESG report, achieving an **MSCI ESG rating of AAA**, making it the only biotech company in China with this rating[15](index=15&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) The company's H1 2025 performance reflects robust revenue growth and improved profitability, driven by a diversified product matrix and accelerated global clinical development [Revenue and Profitability Enhancement](index=9&type=section&id=Revenue%20and%20Profitability%20Enhancement) In H1 2025, the company's revenue reached RMB 5,953.1 million, a 50.6% year-on-year increase, primarily driven by growth in oncology products, comprehensive product lines, and licensing fee income. Non-IFRS net profit and EBITDA significantly improved, validating the sustainable development of domestic business and providing solid support for the globalization strategy 2025 H1 Revenue and Profitability Overview | Indicator | Amount (RMB Million) | YoY Growth | | :--- | :--- | :--- | | Revenue | 5,953.1 | 50.6% | | Non-IFRS Net Profit | 1,213.2 | Turned Loss into Profit | | Non-IFRS EBITDA | 1,412.8 | Turned Loss into Profit | - Strong revenue growth stemmed from the continued robust performance of oncology products, increased contributions from comprehensive product lines, and higher licensing fee income[19](index=19&type=chunk) - As of the announcement date, the company's cash reserves were approximately **US$2 billion**, providing a solid financial foundation for sustainable growth and global innovation[19](index=19&type=chunk) [Dual-Driven Strategy: Product Matrix](index=10&type=section&id=Dual-Driven%20Strategy%3A%20Product%20Matrix) The company's commercialized product pipeline has expanded to 16 products, with two new approved products expected by the end of 2025. By expanding core product indications and advancing new products into registrational studies, the company continuously strengthens its advantages in oncology and comprehensive product areas, building new growth drivers - The commercialized product pipeline has expanded to **16 products**, including **12 oncology products** and **4 comprehensive pipeline products**, with **IBI112** and **IBI310** expected to be approved by the end of 2025[20](index=20&type=chunk) [Strengthening Leadership in Oncology](index=10&type=section&id=Strengthening%20Leadership%20in%20Oncology) The company reinforced its oncology leadership with strong growth from key products, new commercialized drugs, and advanced next-generation IO and ADC pipelines - Key products (including Daboshu®) maintained good growth momentum; Dabole®, Aoyixin®, and Jiepali® three new products were successively commercialized, further enriching the product portfolio[20](index=20&type=chunk) - Daboshu®'s ninth and tenth indications are undergoing NDA review, and another Phase III clinical trial for perioperative treatment of NSCLC is expected to read out data in early 2026[21](index=21&type=chunk) - Next-generation IO and ADC pipelines (IBI363, IBI343, IBI354) are accelerating into late-stage development, with the potential to establish new treatment standards in multiple tumor types[21](index=21&type=chunk) [Building New Growth Drivers with Comprehensive Pipeline](index=10&type=section&id=Building%20New%20Growth%20Drivers%20with%20Comprehensive%20Pipeline) The comprehensive pipeline is building new growth drivers with successful launches, advanced clinical studies for cornerstone products, and plans for new Phase III trials - Xinbimin® and Xinermai® were approved and successfully launched as scheduled, and Xinbile® was successfully included in the National Reimbursement Drug List (NRDL)[22](index=22&type=chunk) - Mazdutide, as a cornerstone CVM product, has seven Phase III clinical studies ongoing, covering overweight/obesity, T2D, MAFLD, OSA, etc., with the second indication for T2D expected to be approved in H2 2025[23](index=23&type=chunk) - IBI112 (Picankibart) is expected to be approved for psoriasis treatment by the end of 2025, and a Phase III clinical study for patients with poor response to IL-17 treatment has been initiated[24](index=24&type=chunk) - Xinbimin® plans to initiate two new Phase III clinical studies, IBI302 for nAMD Phase III clinical study is expected to read out primary endpoints in 2026, and IBI128 for hyperuricemia in gout achieved positive results in Phase II and plans to initiate Phase III[23](index=23&type=chunk)[11](index=11&type=chunk) [Leading Pipeline Enters Global Registrational Clinical Development](index=11&type=section&id=Leading%20Pipeline%20Enters%20Global%20Registrational%20Clinical%20Development) Leveraging NIBS's scientific insights and cutting-edge technology platforms, the company has built a globally competitive product pipeline, with new-generation IO+ADC therapies and comprehensive product lines achieving significant progress in oncology, CVM, autoimmune, and ophthalmology fields, and accelerating the establishment of overseas organizational structures to support efficient implementation of the global innovation strategy - Innovative pipeline focuses on next-generation "IO+ADC" therapies, aiming to reshape global cancer standard treatments; comprehensive product lines cover CVM, autoimmune, and ophthalmology fields[25](index=25&type=chunk) - Next-generation pipelines such as **IBI363 (PD-1/IL-2α-bias)** and **IBI343 (CLDN18.2 ADC)** have read out PoC data and advanced to registrational study stages[25](index=25&type=chunk) - The company is accelerating the establishment of overseas organizational structures and professional teams, including building clinical development and operational capabilities in key markets such as the United States[25](index=25&type=chunk) [IBI363 (PD-1/IL-2α-bias)](index=12&type=section&id=IBI363%20(PD-1/IL-2%CE%B1-bias)) IBI363 demonstrated breakthrough efficacy in IO-resistant tumors, advancing to registrational Phase II and global Phase III clinical studies - IBI363 presented Ib/II PoC study data at the ASCO annual meeting, covering IO-resistant lung cancer, melanoma, MSS CRC, and other "cold" tumors, demonstrating unique mechanism advantages and strong efficacy potential[26](index=26&type=chunk) - Three registrational studies are planned for IBI363, including a pivotal Phase II study for melanoma in China, and global multi-regional Phase III clinical studies for MSS CRC and squamous NSCLC[26](index=26&type=chunk) [IBI343 (CLDN18.2 ADC)](index=12&type=section&id=IBI343%20(CLDN18.2%20ADC)) IBI343 initiated a global Phase III study for pancreatic cancer, becoming the first ADC in this indication, and showed significant efficacy in gastric cancer - IBI343 recently initiated a Phase III clinical study for third-line treatment of pancreatic cancer, becoming the **first ADC drug globally** to enter registrational clinical stage for this refractory cancer type[27](index=27&type=chunk) - The first international multi-center Phase III clinical study for gastric cancer started in 2024 and is ongoing, with plans to discuss MRCT Phase III clinical study protocol for second-line PDAC treatment with regulatory agencies[27](index=27&type=chunk) [Next-Generation Oncology and Comprehensive Product Pipelines](index=12&type=section&id=Next-Generation%20Oncology%20and%20Comprehensive%20Product%20Pipelines) The company's next-generation pipelines, including novel ADCs, IO therapies, and autoimmune/CVM candidates, are progressing through early-stage clinical development - Next-generation ADCs (e.g., IBI3001, IBI3005, IBI3020) and novel IO therapies (IBI3003) have all entered Phase I clinical study stages[28](index=28&type=chunk) - Phase I clinical study data for next-generation autoimmune and CVM drug candidates (e.g., IBI355, IBI356, IBI3002, IBI3016, IBI3032) from the comprehensive product line will be successively read out[28](index=28&type=chunk) [Collaborations and Expanded Market Access](index=12&type=section&id=Collaborations%20and%20Expanded%20Market%20Access) Strategic partnerships, including a global licensing deal with Roche for IBI3009, and expanded market access in Macau and other regions, bolster global innovation - Achieved global collaboration and licensing for **IBI3009 (DLL3 ADC)** with Roche, and continuously expanding market access for approved products in multiple countries and regions, including Hong Kong, Macau, Southeast Asia, and Latin America[28](index=28&type=chunk) [Conclusion](index=12&type=section&id=Conclusion) Innovent Biologics, with its comprehensive R&D layout and continuously strengthening commercialization capabilities, continues to consolidate its leading position in the Chinese biopharmaceutical industry and lays a solid foundation for global development, striving to become a world-class biopharmaceutical enterprise - The company adheres to its mission of "developing high-quality biologics affordable for the public," continuously strengthening its China business and actively expanding its global footprint[29](index=29&type=chunk) - In the future, it will fully leverage its industry insights, strategic planning, execution, and corporate culture advantages, striving to become a world-class biopharmaceutical enterprise[29](index=29&type=chunk) [Product Portfolio and Pipeline Details](index=13&type=section&id=Product%20Portfolio%20and%20Pipeline%20Details) The company's extensive product portfolio of 16 commercialized drugs and numerous clinical-stage candidates spans oncology, CVM, autoimmune, and ophthalmology, with significant milestones achieved [Commercialized Products](index=14&type=section&id=Commercialized%20Products) Innovent Biologics has 16 commercialized products covering oncology, cardiovascular metabolism, autoimmune, and ophthalmology. During the reporting period, several core products achieved significant milestones in regulatory approval, clinical progress, and data publication, further consolidating market position and expanding treatment scope - The company's commercialized product portfolio includes **16 approved products**, covering oncology, CVM, autoimmune, and ophthalmology fields[33](index=33&type=chunk) [Daboshu® (Sintilimab)](index=14&type=section&id=Daboshu%C2%AE%20(Sintilimab)) Daboshu® has multiple approved indications and is advancing with new NDA submissions and ongoing Phase III studies for NSCLC and cHL - **Seven indications** approved in China and included in NRDL; the eighth indication for endometrial cancer conditionally approved; two other NDAs for MSI-H/dMMR colorectal cancer and renal cell carcinoma are under NMPA review[34](index=34&type=chunk) - The ninth indication (in combination with IBI310 for neoadjuvant treatment of resectable MSI-H/dMMR colorectal cancer) has received NMPA priority review and is expected to be approved by the end of 2025[35](index=35&type=chunk) - The tenth indication (in combination with fruquintinib for TKI-failed RCC) NDA has been accepted by NMPA[35](index=35&type=chunk) - Phase III clinical study for perioperative treatment of NSCLC is ongoing, with data readout expected in early 2026[36](index=36&type=chunk) - Phase III data for second-line cHL treated with combination of ifosfamide, carboplatin, and etoposide (ICE) was presented as an oral report at the ASCO annual meeting[38](index=38&type=chunk) [Dayoutong® (Bevacizumab)](index=15&type=section&id=Dayoutong%C2%AE%20(Bevacizumab)) Dayoutong® has eight approved indications in China and was recently approved for market access in Macau - **Eight indications** approved in China and included in NRDL[39](index=39&type=chunk) - Approved by Macao ISAF in July 2025[40](index=40&type=chunk) [Dabote® (Fluzeretinib)](index=15&type=section&id=Dabote%C2%AE%20(Fluzeretinib)) Dabote® is approved for KRAS G12C mutated NSCLC in China and Macau, with ongoing combination therapy studies - Approved in China for the treatment of adult patients with advanced NSCLC carrying **KRAS G12C mutation**[40](index=40&type=chunk) - Approved by Macao ISAF in June 2025[41](index=41&type=chunk) - Ib/III clinical study of combination therapy for initial treatment of KRAS G12C mutated advanced NSCLC patients is ongoing[42](index=42&type=chunk) [Dabole® (Taletrectinib)](index=15&type=section&id=Dabole%C2%AE%20(Taletrectinib)) Dabole® is approved for ROS1-positive NSCLC in China and the US, and recommended by NCCN guidelines for various treatment lines - Approved in China for first-line and second-line treatment of adult patients with locally advanced or metastatic **ROS1-positive NSCLC**[43](index=43&type=chunk) - In June 2025, the US FDA approved **IBTROZI™ (taletrectinib adipate capsules)** for the treatment of adult patients with ROS1-positive NSCLC[43](index=43&type=chunk) - In June 2025, IBTROZI™ was recommended by NCCN guidelines as a preferred drug for ROS1+ NSCLC first-line and later-line treatment, especially for patients with brain metastases and resistant mutations[48](index=48&type=chunk) [Jiepali® (Pirtobrutinib)](index=16&type=section&id=Jiepali%C2%AE%20(Pirtobrutinib)) Jiepali® is approved in China for relapsed or refractory MCL patients who have received prior BTK inhibitors - Approved by NMPA in October 2024 for monotherapy in adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have previously received at least two systemic therapies, including a BTK inhibitor[45](index=45&type=chunk) [Aoyixin® (Liertinib)](index=16&type=section&id=Aoyixin%C2%AE%20(Liertinib)) Aoyixin® is approved for EGFR T790M mutated NSCLC and first-line EGFR-mutated NSCLC in China, with Phase III data published - Approved by NMPA in January 2025 for the treatment of adult patients with locally advanced or metastatic **EGFR T790M mutation NSCLC**[49](index=49&type=chunk) - In April 2025, NMPA approved the second NDA for first-line treatment of adult patients with NSCLC carrying **EGFR exon 19 deletion or exon 21 L858R mutation**[49](index=49&type=chunk) - Phase III study for first-line treatment of EGFR-mutated NSCLC published in The Lancet Respiratory Medicine[49](index=49&type=chunk) [Xinbile® (Tolecimab)](index=17&type=section&id=Xinbile%C2%AE%20(Tolecimab)) Xinbile® is approved for hypercholesterolemia in China, included in NRDL as the first domestic PCSK9 inhibitor, and approved in Macau - Approved in China for the treatment of adult patients with primary hypercholesterolemia and mixed dyslipidemia and included in NRDL[50](index=50&type=chunk) - In November 2024, successfully became the **first domestic original PCSK9 inhibitor** included in China's National Medical Insurance Drug List, effective January 1, 2025[55](index=55&type=chunk) - Approved by Macao ISAF in May 2025[55](index=55&type=chunk) [Xinbimin® (Tepezza)](index=17&type=section&id=Xinbimin%C2%AE%20(Tepezza)) Xinbimin® is the first IGF-1R drug approved in China for TED, filling a 70-year gap, and is approved in Macau with new Phase III studies planned - Approved in China for the treatment of TED, it is the **first IGF-1R drug approved in China**, filling a 70-year treatment gap in the Chinese TED field[52](index=52&type=chunk)[56](index=56&type=chunk) - Approved by Macao ISAF in August 2025[56](index=56&type=chunk) - Plans to initiate new Phase III clinical studies for inactive TED and head-to-head steroid therapy for TED in H2 2025[53](index=53&type=chunk) [Mazdutide (Mazdutide)](index=17&type=section&id=Mazdutide%20(Mazdutide)) Mazdutide, the world's first GLP-1/GCG dual agonist for weight management, is advancing with NDA review for T2D and positive Phase III data published in NEJM - The **world's first GLP-1/GCG dual receptor agonist** approved for long-term weight management in overweight or obese adults[53](index=53&type=chunk)[57](index=57&type=chunk) - NDA for glycemic control in T2D patients is under NMPA review, expected to be approved in H2 2025[57](index=57&type=chunk) - **Seven Phase III clinical studies** initiated or completed, covering obesity, T2D, MAFLD, OSA, etc., with GLORY-1, DREAMS-1, and DREAMS-2 studies reaching their endpoints[58](index=58&type=chunk) - Phase III clinical study results of GLORY-1 published in The New England Journal of Medicine (NEJM), marking the **first time a Chinese-developed innovative metabolic and endocrine therapy** was published in NEJM[59](index=59&type=chunk)[61](index=61&type=chunk) - Phase III clinical study results of DREAMS-1 presented at the 85th ADA Scientific Sessions, demonstrating strong hypoglycemic efficacy and weight loss effects[61](index=61&type=chunk) [Clinical Stage Drug Candidates - Oncology](index=19&type=section&id=Clinical%20Stage%20Drug%20Candidates%20-%20Oncology) The company has a rich pipeline of clinical-stage drug candidates in oncology, including CTLA-4 mAb, CLDN18.2 ADC, HER2 ADC, PD-1/IL-2α-bias bispecific antibody, and multiple novel ADCs and trispecific antibodies, with several drugs entering pivotal clinical studies or receiving breakthrough therapy designations, demonstrating significant therapeutic potential [Ipilimumab N01 Injection (IBI310)](index=19&type=section&id=Ipilimumab%20N01%20Injection%20(IBI310)) IBI310's NDA for MSI-H/dMMR colorectal cancer neoadjuvant treatment is under priority review, with approval expected by end of 2025 - IBI310's NDA has been accepted by NMPA and granted priority review, in combination with sintilimab for neoadjuvant treatment of resectable MSI-H/dMMR colorectal cancer, expected to be approved by the end of 2025[60](index=60&type=chunk) [IBI343 (CLDN18.2 ADC)](index=19&type=section&id=IBI343%20(CLDN18.2%20ADC)) IBI343 initiated a global Phase III study for pancreatic cancer, becoming the first ADC in this indication, and showed significant efficacy in gastric cancer - MRCT Phase III clinical study for third-line treatment of advanced GC is ongoing in China and Japan[62](index=62&type=chunk) - Phase III clinical study for third-line treatment of PDAC has completed first patient dosing[62](index=62&type=chunk) - IBI343 for PDAC and GC has received NMPA BTD, and for second-line treatment of PDAC has received US FDA FTD[62](index=62&type=chunk) - Latest Phase I data for IBI343 in PDAC patients presented at ASCO annual meeting, showing significant efficacy signals[63](index=63&type=chunk)[67](index=67&type=chunk) - Nature Medicine published Phase I clinical study results of IBI343 for advanced gastric/gastroesophageal junction adenocarcinoma, showing a cORR of **32.3%** and DCR of **90.3%**[67](index=67&type=chunk) [IBI354 (HER2 ADC)](index=20&type=section&id=IBI354%20(HER2%20ADC)) IBI354 is in a China Phase III study for PROC and showed excellent safety and efficacy in early-stage trials for various HER2-expressing tumors - China Phase III clinical study as monotherapy for PROC patients completed first subject dosing; this indication has been granted NMPA BTD[64](index=64&type=chunk) - Latest Phase I/II data presented at ASCO annual meeting, showing excellent safety and encouraging efficacy in PROC, HER2-low breast cancer, and other solid tumors[65](index=65&type=chunk) [IBI363 (PD-1/IL-2α-bias)](index=20&type=section&id=IBI363%20(PD-1/IL-2%CE%B1-bias)) IBI363 demonstrated breakthrough efficacy and safety in IO-resistant tumors, advancing to registrational Phase II and global Phase III studies - Clinical Phase I/Ib study showed IBI363 demonstrated controllable safety, breakthrough efficacy, and clear survival benefits in multiple cancer types, including IO-resistant NSCLC, IO-resistant/naïve melanoma, and immune "cold" tumors like CRC[66](index=66&type=chunk) - The first registrational Phase II clinical study for IO-naïve mucosal and acral melanoma, head-to-head with pembrolizumab, has been initiated and granted NMPA BTD[71](index=71&type=chunk) - The IND for the first global Phase III clinical study (MarsLight-11) was approved by the US FDA for the treatment of immune-resistant squamous NSCLC patients, with plans to enroll patients in multiple regions globally[71](index=71&type=chunk) - Three Phase I PoC clinical study results presented at ASCO annual meeting, confirming its unique immune mechanism and therapeutic potential as a differentiated next-generation immunotherapy[70](index=70&type=chunk)[71](index=71&type=chunk) [IBI3009 (DLL3 ADC)](index=22&type=section&id=IBI3009%20(DLL3%20ADC)) IBI3009 is under global development with Roche, securing an US$80 million upfront payment and up to US$1 billion in milestone payments - Reached a global exclusive collaboration and licensing agreement with Roche, granting Roche exclusive rights for global development, manufacturing, and commercialization of IBI3009; the company received an **US$80 million upfront payment** and up to **US$1 billion in milestone payments**[72](index=72&type=chunk) - IBI3009 is undergoing MRCT Phase I clinical studies in Australia, China, and the United States[73](index=73&type=chunk) [IBI3020 (CEACAM5 ADC)](index=22&type=section&id=IBI3020%20(CEACAM5%20ADC)) IBI3020, the world's first dual-payload ADC of its kind, has completed first-in-human dosing in a Phase I clinical trial for advanced solid tumors - The **world's first dual-payload ADC of its kind** to complete first-in-human dosing; MRCT Phase I clinical trial for advanced solid tumor patients has completed first patient dosing[74](index=74&type=chunk) [IBI3001 (B7-H3/EGFR ADC)](index=22&type=section&id=IBI3001%20(B7-H3/EGFR%20ADC)) IBI3001 is currently undergoing an international multi-center Phase I clinical study - IBI3001's international multi-center Phase I clinical study is ongoing[75](index=75&type=chunk) [IBI3003 (GPRC5D/BCMA/CD3 Tri-specific)](index=22&type=section&id=IBI3003%20(GPRC5D/BCMA/CD3%20Tri-specific)) IBI3003 is in multi-regional Phase I clinical trials in China and Australia, with dose escalation ongoing - IBI3003 is undergoing multi-regional Phase I clinical trials in China and Australia, with the dose escalation phase currently in progress[76](index=76&type=chunk) [Clinical Stage Drug Candidates - Comprehensive Product Line](index=23&type=section&id=Clinical%20Stage%20Drug%20Candidates%20-%20Comprehensive%20Product%20Line) The company continues to advance clinical development of multiple innovative drugs in its comprehensive product line, covering autoimmune, ophthalmology, and cardiovascular metabolic diseases, with several drugs entering Phase III clinical trials or achieving positive Phase II data, and plans to initiate more new studies to meet unmet global chronic disease needs [IBI112 (Picankibart)](index=23&type=section&id=IBI112%20(Picankibart)) IBI112's NDA for moderate-to-severe plaque psoriasis is under NMPA review, with new studies planned for PsA and juvenile psoriasis - NDA for the treatment of moderate-to-severe plaque psoriasis is under NMPA review, expected to be approved by the end of 2025[78](index=78&type=chunk) - Phase III clinical study for the treatment of psoriasis patients with poor response to previous IL-17 biologics has completed first subject dosing[79](index=79&type=chunk)[84](index=84&type=chunk) - Plans to initiate new studies for PsA and juvenile psoriasis in H2 2025[84](index=84&type=chunk) [IBI302 (Emovop)](index=23&type=section&id=IBI302%20(Emovop)) IBI302 is in Phase III for nAMD, with primary endpoint readout expected in 2026, and Phase II for diabetic macular edema initiated - Phase III clinical study (STAR) of **8mg IBI302** for nAMD is ongoing, with primary clinical endpoint readout expected in 2026[81](index=81&type=chunk)[84](index=84&type=chunk) - Phase II clinical study for the treatment of diabetic macular edema has completed first subject dosing, comparing the efficacy and safety of IBI302 with faricimab[84](index=84&type=chunk) - Phase II study results of **6.4/8mg IBI302** for nAMD presented at the 2025 AVRO annual meeting[82](index=82&type=chunk) [IBI128 (Tigulixostat)](index=23&type=section&id=IBI128%20(Tigulixostat)) IBI128 showed positive Phase II results for hyperuricemia in gout, demonstrating superior uric acid reduction and safety, with Phase III planned - Phase II study for the treatment of hyperuricemia in gout patients achieved positive results, demonstrating more potent uric acid reduction and superior safety compared to febuxostat[83](index=83&type=chunk)[85](index=85&type=chunk) - Plans to initiate Phase III study of tigulixostat in China in H2 2025[85](index=85&type=chunk) [IBI356 (OX40L)](index=24&type=section&id=IBI356%20(OX40L)) IBI356 showed encouraging efficacy and tolerability in Phase I for moderate-to-severe AD, with Phase II and US IND submission planned - Preliminary results from Phase I clinical study in moderate-to-severe AD showed encouraging efficacy and good tolerability[86](index=86&type=chunk)[89](index=89&type=chunk) - Plans to initiate Phase II clinical study of IBI356 in H2 2025 and submit IND application to the US FDA[89](index=89&type=chunk) [IBI355 (CD40L)](index=24&type=section&id=IBI355%20(CD40L)) IBI355 demonstrated good safety and encouraging efficacy in Phase I for primary Sjögren's syndrome, with potential for monthly dosing - Preliminary results from Phase I clinical study in primary Sjögren's syndrome (pSS) showed good safety, encouraging efficacy, and potential for monthly dosing interval[86](index=86&type=chunk) [IBI3002 (TSLP/IL-4α)](index=24&type=section&id=IBI3002%20(TSLP/IL-4%CE%B1)) IBI3002 has initiated Phase I clinical studies in Australia and China, exploring indications such as asthma - Phase I clinical studies initiated in Australia in 2024 and China in 2025, will continue to explore indications such as asthma[87](index=87&type=chunk)[90](index=90&type=chunk) [IBI3016 (AGT siRNA)](index=24&type=section&id=IBI3016%20(AGT%20siRNA)) IBI3016 is currently undergoing Phase I clinical trials in healthy subjects and patients with mild hypertension - Undergoing Phase I clinical trials in healthy subjects and patients with mild hypertension[87](index=87&type=chunk) [IBI3032 (Oral GLP-1R)](index=24&type=section&id=IBI3032%20(Oral%20GLP-1R)) IBI3032 received US FDA IND approval, with NMPA review ongoing, and Phase I clinical studies planned in China and the US - IND approval received from the US FDA, and NMPA is also reviewing the IND application[88](index=88&type=chunk)[91](index=91&type=chunk) - Plans to initiate Phase I clinical studies in China and the United States in H2 2025[91](index=91&type=chunk) [Financial Review and Analysis](index=25&type=section&id=Financial%20Review%20and%20Analysis) The company's H1 2025 financial performance shows strong revenue growth, improved profitability, and efficient cost management, supported by strategic licensing agreements [Revenue Composition](index=26&type=section&id=Revenue%20Composition) Total revenue in H1 2025 reached RMB 5,953.1 million, a 50.6% year-on-year increase. Product sales revenue was RMB 5,233.8 million, up 37.3%; licensing fee income significantly grew to RMB 665.6 million, primarily due to the upfront payment from the exclusive license and collaboration agreement with Roche 2025 H1 Revenue Composition | Revenue Source | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Pharmaceutical Product Sales | 5,233,773 | 3,811,406 | | Licensing Fee Income | 665,619 | 115,931 | | R&D Service Fee Income | 53,702 | 24,954 | | **Total Revenue** | **5,953,094** | **3,952,291** | - Significant increase in licensing fee income primarily due to the **US$80 million upfront payment** received from the exclusive license and collaboration agreement with Roche[94](index=94&type=chunk) [Cost of Sales](index=26&type=section&id=Cost%20of%20Sales) Cost of sales in H1 2025 was RMB 833.5 million, an increase from RMB 677.6 million in the same period last year, mainly related to the growth in product sales Cost of Sales Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cost of Sales | 833,452 | 677,551 | - Cost of sales includes raw materials, direct labor, manufacturing costs, depreciation and amortization, and inventory impairment expenses[95](index=95&type=chunk) [Other Income](index=27&type=section&id=Other%20Income) Other income in H1 2025 was RMB 238.9 million, a decrease from RMB 300.6 million in H1 2024, primarily comprising interest income and various government grants Other Income Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Other Income | 238,865 | 300,606 | - Other income mainly includes interest income and various government grants, which comprise amounts related to capital expenditures, R&D activities, and unconditional awards[96](index=96&type=chunk) [Other Gains and Losses](index=27&type=section&id=Other%20Gains%20and%20Losses) Other gains and losses in H1 2025 resulted in a gain of RMB 1.0 million, a significant decrease from RMB 85.5 million in H1 2024, primarily due to the impact of foreign exchange rate fluctuations, with a foreign exchange loss of RMB 36.4 million recorded during the reporting period Other Gains and Losses Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Other Gains and Losses | 1,043 | 85,516 | | Net Foreign Exchange Loss (Gain) | (36,448) | 65,328 | - Other gains and losses primarily include foreign currency exchange rate changes, fair value changes of financial assets and liabilities, and gains or losses from disposal of property[97](index=97&type=chunk) [Research and Development Expenses](index=27&type=section&id=Research%20and%20Development%20Expenses) R&D expenses in H1 2025 were RMB 1,008.8 million, a decrease from RMB 1,399.4 million in H1 2024, reflecting the company's continued global development of next-generation innovative pipelines while maintaining high investment efficiency R&D Expenses Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | R&D Expenses | 1,008,799 | 1,399,432 | - R&D expenses include third-party contractor costs, clinical trial expenses, raw material costs, staff costs and benefits, depreciation and amortization, and payments under collaboration agreements[98](index=98&type=chunk) [Administrative and Other Expenses](index=27&type=section&id=Administrative%20and%20Other%20Expenses) Administrative and other expenses in H1 2025 were RMB 442.1 million, a 38.2% year-on-year increase. However, benefiting from rapid revenue growth, this expense as a percentage of total revenue decreased from 8.1% to 7.4%, indicating continuous improvement in operating leverage Administrative and Other Expenses Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Administrative and Other Expenses | 442,111 | 319,801 | | As % of Total Revenue | 7.4% | 8.1% | - Administrative and other expenses as a percentage of total revenue decreased by **0.7 percentage points**, reflecting continuous improvement in operating leverage[99](index=99&type=chunk) [Selling and Marketing Expenses](index=28&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses in H1 2025 were RMB 2,375.1 million, a 26.4% year-on-year increase. This expense as a percentage of total revenue decreased from 47.6% to 39.9%, indicating improved commercialization efficiency, and the company plans to further increase sales and marketing investment for new products in H2 Selling and Marketing Expenses Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Selling and Marketing Expenses | 2,375,070 | 1,879,356 | | As % of Total Revenue | 39.9% | 47.6% | - Selling and marketing expenses as a percentage of total revenue decreased by **7.7 percentage points**, reflecting improved commercialization efficiency[100](index=100&type=chunk) - The company plans to further increase sales and marketing investment for new products in H2 2025[100](index=100&type=chunk) [Royalty Payments and Other Related Payments](index=28&type=section&id=Royalty%20Payments%20and%20Other%20Related%20Payments) Royalty payments and other related payments in H1 2025 were RMB 551.6 million, an increase from RMB 416.8 million in H1 2024, primarily related to royalties, sales milestones, and profit sharing for co-developed and licensed products in the commercialization stage Royalty Payments and Other Related Payments Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Royalty Payments and Other Related Payments | 551,627 | 416,838 | - These payments refer to royalties, sales milestones, profit-sharing payments, and other related payments to third parties for various co-developed and licensed products in the commercialization stage[101](index=101&type=chunk) [Income Tax Expense](index=28&type=section&id=Income%20Tax%20Expense) Income tax expense in H1 2025 was RMB 62.8 million, a significant increase from RMB 0.04 million in H1 2024, primarily due to the recognition of licensing fee income during the reporting period Income Tax Expense Comparison | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Income Tax Expense | 62,796 | 35 | - The increase in income tax expense was primarily due to the recognition of licensing fee income during the reporting period[102](index=102&type=chunk) [Non-IFRS Financial Metrics Reconciliation](index=28&type=section&id=Non-IFRS%20Financial%20Metrics%20Reconciliation) The company provided reconciliation for Non-IFRS profit, EBITDA, gross profit, R&D expenses, administrative and other expenses, and selling and marketing expenses, which, by excluding non-cash items like share-based payment expenses and foreign exchange gains/losses, more clearly reflect core operating performance, showing significant profitability for both Non-IFRS profit and EBITDA Reconciliation of Profit (Loss) for the Period to Non-IFRS Profit (Loss) for the Period | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Profit (Loss) for the Period | 834,321 | (392,620) | | Add: Share-based Payment Expenses | 342,383 | 297,722 | | Add: Net Foreign Exchange Loss (Gain) | 36,448 | (65,328) | | **Non-IFRS Profit (Loss) for the Period** | **1,213,152** | **(160,226)** | Reconciliation of Profit (Loss) for the Period to Non-IFRS EBITDA (LBITDA) for the Period | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Profit (Loss) for the Period | 834,321 | (392,620) | | Add: Interest Income | (190,373) | (237,288) | | Add: Finance Costs | 61,264 | 38,020 | | Add: Depreciation and Amortization | 265,990 | 198,670 | | Add: Income Tax Expense | 62,796 | 35 | | Add: Share-based Payment Expenses | 342,383 | 297,722 | | Add: Net Foreign Exchange Loss (Gain) | 36,448 | (65,328) | | **Non-IFRS EBITDA (LBITDA) for the Period** | **1,412,829** | **(160,789)** | - Non-IFRS measures, by eliminating non-cash items that management believes do not reflect the Group's operating performance, help compare operating performance across different periods and companies within applicable limits[103](index=103&type=chunk) [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains healthy liquidity with increased cash reserves and improved financial ratios, while managing asset pledges and foreign exchange risks [Balance Sheet Overview](index=31&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, the company's total assets were RMB 23,594.3 million, an increase from December 31, 2024. Net current assets reached RMB 8,080.4 million, indicating healthy liquidity Balance Sheet Overview (RMB Thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 13,092,874 | 10,272,837 | | Total Non-Current Assets | 10,501,398 | 11,329,765 | | **Total Assets** | **23,594,272** | **21,602,602** | | Total Current Liabilities | 5,012,466 | 4,368,869 | | Total Non-Current Liabilities | 4,159,986 | 4,116,004 | | **Total Liabilities** | **9,172,452** | **8,484,873** | | Net Current Assets | 8,080,408 | 5,903,968 | [Cash and Liquidity](index=31&type=section&id=Cash%20and%20Liquidity) As of June 30, 2025, the company's bank balances and cash, time deposits, etc., totaled RMB 11,002.9 million, current assets were RMB 13,092.9 million, current liabilities were RMB 5,012.5 million, and it had approximately RMB 4,011.5 million in unutilized long-term bank loan facilities - Bank balances and cash, time deposits and other deposits, structured products, and investment notes in other financial assets totaled **RMB 11,002.9 million**, an increase from RMB 10,221.1 million at the end of 2024[107](index=107&type=chunk) - Current assets were **RMB 13,092.9 million**, of which bank balances and cash amounted to **RMB 9,540.1 million**[107](index=107&type=chunk) - Possesses unutilized long-term bank loan facilities of approximately **RMB 4,011.5 million**[107](index=107&type=chunk) [Key Financial Ratios](index=32&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, the company's current ratio was 2.6 and quick ratio was 2.4, both improving from December 31, 2024, indicating enhanced short-term solvency. The debt-to-equity ratio is not meaningful as interest-bearing borrowings less cash equivalents is negative Key Financial Ratios Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 2.6 | 2.4 | | Quick Ratio | 2.4 | 2.2 | | Debt-to-Equity Ratio | N/A | N/A | - Both current ratio and quick ratio improved, indicating enhanced short-term solvency[108](index=108&type=chunk)[113](index=113&type=chunk) [Material Investments, Acquisitions, and Disposals](index=32&type=section&id=Material%20Investments%2C%20Acquisitions%2C%20and%20Disposals) For the six months ended June 30, 2025, the company held no material investments and had no material acquisitions or disposals of subsidiaries, consolidated affiliated entities, or associates - For the six months ended June 30, 2025, the Group held no material investments[109](index=109&type=chunk) - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, consolidated affiliated entities, or associates[109](index=109&type=chunk) [Pledged Assets and Contingent Liabilities](index=32&type=section&id=Pledged%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the company had pledged certain property, plant and equipment, land use rights, and bank deposits to secure loans and bank facilities. During the reporting period, the company had no material contingent liabilities - Pledged property, plant and equipment totaling **RMB 1,960.8 million**, land use rights of **RMB 266.4 million**, and bank deposits of **RMB 32.3 million** to secure its loans and bank facilities[110](index=110&type=chunk) - As of June 30, 2025, the company had no material contingent liabilities[111](index=111&type=chunk) [Foreign Exchange Risk](index=32&type=section&id=Foreign%20Exchange%20Risk) Most of the company's transactions are settled in RMB, but a significant portion of bank balances and cash are denominated in USD. Except for certain foreign currency-denominated bank balances, cash, receivables, and payables, the company's operations had no significant foreign currency risk as of June 30, 2025 - Most of the Group's transactions are settled in **RMB**, while most bank balances and cash are denominated in **USD**[112](index=112&type=chunk) - Except for certain foreign currency-denominated bank balances and cash, other receivables, and trade and other payables, the Group's operations had no significant foreign currency risk as of June 30, 2025[112](index=112&type=chunk) [Employee Information](index=33&type=section&id=Employee%20Information) The company's employee base grew to 6,190, with significant R&D and sales personnel, supported by a comprehensive remuneration and training system [Employee Profile and Remuneration](index=33&type=section&id=Employee%20Profile%20and%20Remuneration) As of June 30, 2025, the company had 6,190 employees, with a significant proportion in R&D, CMC, and sales & marketing. The company's remuneration policy is regularly reviewed, including salaries, bonuses, provident funds, social security, and share-based payments, and provides external and internal training programs. Total staff costs for H1 2025 were RMB 1,603.4 million - As of June 30, 2025, the company had a total of **6,190 employees** (December 31, 2024: 5,659 employees), including over **1,100 R&D personnel**, over **1,000 CMC personnel**, and over **3,600 sales and marketing personnel**[114](index=114&type=chunk) - Remuneration packages include salaries, bonuses, employee provident fund and social security contributions, other welfare payments, and share-based payment expenses[114](index=114&type=chunk) - For the six months ended June 30, 2025, the Group incurred total staff costs of **RMB 1,603.4 million**, an increase from RMB 1,391.6 million in the same period of 2024[115](index=115&type=chunk) - The company has adopted multiple share award schemes to incentivize employees[115](index=115&type=chunk) - For the six months ended June 30, 2025, the company did not encounter any significant labor disputes or difficulties in recruiting employees[116](index=116&type=chunk) [Dividend Policy](index=34&type=section&id=Dividend%20Policy) The Board does not recommend an interim dividend for the six months ended June 30, 2025 [Interim Dividend Recommendation](index=34&type=section&id=Interim%20Dividend%20Recommendation) The Board does not recommend the distribution of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the distribution of an interim dividend for the six months ended June 30, 2025 (2024: nil)[117](index=117&type=chunk) [Corporate Governance and Other Information](index=34&type=section&id=Corporate%20Governance%20and%20Other%20Information) The company maintains high corporate governance standards, with compliance to Listing Rules, established committees, and transparent reporting on placings and litigation [Compliance with Corporate Governance Code](index=34&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company is committed to high-level corporate governance, having complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, with a deviation where the Chairman and CEO are the same person, which the Board believes ensures consistent leadership and efficient strategic planning - For the six months ended June 30, 2025, the company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[119](index=119&type=chunk) - There is a deviation where the Chairman and Chief Executive Officer are the same person (Dr. Yu Dechao), which the Board believes helps ensure consistent leadership and makes overall strategic planning more effective and efficient[119](index=119&type=chunk) [Standard Securities Dealing Code for Directors](index=35&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance for the six months ended June 30, 2025 - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[121](index=121&type=chunk) - All directors confirmed compliance with the Standard Code for the six months ended June 30, 2025[121](index=121&type=chunk) [Audit Committee and Other Committees](index=35&type=section&id=Audit%20Committee%20and%20Other%20Committees) The company has established an Audit Committee, comprising four independent non-executive directors, which has reviewed these interim results. Additionally, the company has also established a Nomination Committee, Remuneration Committee, and Strategy Committee - The Audit Committee comprises **four independent non-executive directors**, with Ms. Xu Yiyin as Chairperson[122](index=122&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[122](index=122&type=chunk) - The company has also established a Nomination Committee, Remuneration Committee, and Strategy Committee[123](index=123&type=chunk) [Dealings in Listed Securities](index=35&type=section&id=Dealings%20in%20Listed%20Securities) On June 26, 2025, the company completed the 2025 placing, placing 55,000,000 new shares, with net proceeds of approximately HK$4,265.4 million. Other than this, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period - On June 26, 2025, the company entered into a placing agreement with Morgan Stanley Asia Limited and Goldman Sachs (Asia) L.L.C. to place **55,000,000 new shares**, with net proceeds of approximately **HK$4,265.4 million**[124](index=124&type=chunk) - Save for the 2025 placing, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange during the reporting period[124](index=124&type=chunk) [Material Litigation](index=36&type=section&id=Material%20Litigation) For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration, nor were there any pending or threatened material litigation or claims - For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration[125](index=125&type=chunk) - To the best of the Directors' knowledge, for the six months ended June 30, 2025, the Group had no pending or threatened material litigation or claims[125](index=125&type=chunk) [Use of Proceeds](index=36&type=section&id=Use%20of%20Proceeds) The company disclosed the use of proceeds from two placings in 2023 and 2025. The 2023 placing generated net proceeds of approximately RMB 2,163.0 million, primarily for global pipeline R&D and the development, marketing, and commercialization of IBI362 (Mazdutide). The 2025 placing generated net proceeds of approximately HK$4,265.4 million, mainly for advancing global R&D of key innovative pipelines and global facility and equipment layout [2023 Placing](index=36&type=section&id=2023%20Placing) The 2023 placing generated RMB 2,163.0 million, primarily allocated to global pipeline R&D and Mazdutide's development and commercialization, with remaining funds for future use - Net proceeds from the 2023 placing were approximately **RMB 2,163.0 million**, used to accelerate R&D of multiple priority preclinical and clinical programs in the global pipeline (**60%**), develop, market, and commercialize IBI362 (Mazdutide) (**30%**), and for general and corporate purposes (**10%**)[127](index=127&type=chunk) Use of Proceeds from 2023 Placing (As of June 30, 2025) | Use of Net Proceeds | Unutilized as of Dec 31, 2024 (RMB Million) | Utilized for H1 2025 (RMB Million) | Unutilized as of June 30, 2025 (RMB Million) | | :--- | :--- | :--- | :--- | | Accelerate global pipeline R&D and build global infrastructure | 651.0 | 274.3 | 376.7 | | Develop, market, and commercialize IBI362 (Mazdutide) | 275.6 | 92.7 | 182.9 | | General and corporate purposes | – | – | – | | **Total** | **926.6** | **367.0** | **559.6** | - The remaining net proceeds (**RMB 559.6 million**) will be gradually utilized for their intended purposes within the next **12 months**[128](index=128&type=chunk) [2025 Placing](index=37&type=section&id=2025%20Placing) The 2025 placing raised HK$4,265.4 million, mainly for global R&D of innovative pipelines and infrastructure, with funds to be utilized over the next 60 months - Net proceeds from the 2025 placing were approximately **HK$4,265.4 million**, of which approximately **90%** is for advancing global R&D of key innovative pipelines and global facility and equipment layout, and approximately **10%** for general and corporate purposes[129](index=129&type=chunk) - All proceeds will be used for previously disclosed intended purposes and the remaining portion will be gradually utilized within the next **60 months**[129](index=129&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=38&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, with consistent accounting policies and no significant impact from revised IFRS [Basis of Preparation and Accounting Policies](index=41&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and the applicable disclosure requirements of the HKEX Listing Rules. Accounting policies remain consistent with the 2024 annual consolidated financial statements, except for new or changed policies due to the application of revised IFRS accounting standards - The condensed consolidated financial statements are prepared in accordance with **IAS 34 "Interim Financial Reporting"** and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[133](index=133&type=chunk) - Except for new accounting policies/changes in accounting policies resulting from the application of revised IFRS accounting standards, the accounting policies and methods of computation are the same as those presented in the Group's annual consolidated financial statements for the year ended December 31, 2024[134](index=134&type=chunk) - The application of revised IFRS accounting standards during this interim period had no significant impact on the Group's financial position and performance for the current and prior periods[135](index=135&type=chunk) [Revenue and Segment Information](index=42&type=section&id=Revenue%20and%20Segment%20Information) The company's revenue is derived from pharmaceutical product sales, licensing fee income, and R&D service fee income. The Group operates in a single operating segment, with most operations and non-current assets located in China, but revenue sources have expanded to the US and European markets Revenue by Timing of Recognition (RMB Thousand) | Timing of Revenue Recognition | 2025 | 2024 | | :--- | :--- | :--- | | At a point in time (Pharmaceutical product sales, Licensing fee income) | 5,782,397 | 3,811,406 | | Over a period of time (R&D service fee income, Licensing fee income) | 170,697 | 140,885 | | **Total** | **5,953,094** | **3,952,291** | - The Group has only one single operating segment, and the chief executive officer focuses on and reviews the Group's overall results and financial position[138](index=138&type=chunk) Revenue by Geographical Location (RMB Thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | China | 5,284,636 | 3,820,059 | | United States | 116,995 | 115,931 | | Europe | 551,463 | – | | Other | – | 16,301 | | **Total** | **5,953,094** | **3,952,291** | [Income Tax Expense](index=43&type=section&id=Income%20Tax%20Expense) Income tax expense in H1 2025 was RMB 62.8 million, primarily comprising China corporate income tax and Singapore corporate income tax, a significant increase from the same period last year Income Tax Expense Composition (RMB Thousand) | Tax | 2025 | 2024 | | :--- | :--- | :--- | | China Corporate Income Tax | 734 | 35 | | Singapore Corporate Income Tax | 62,062 | – | | **Total** | **62,796** | **35** | [Earnings (Loss) Per Share](index=43&type=section&id=Earnings%20(Loss)%20Per%20Share) In H1 2025, basic earnings per share were RMB 0.51, and diluted earnings per share were RMB 0.49, successfully achieving profitability. For the same period in 2024, basic and diluted loss per share was RMB 0.24 Earnings (Loss) Per Share Comparison | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Earnings (Loss) Per Share | 0.51 | (0.24) | | Diluted Earnings (Loss) Per Share | 0.49 | (0.24) | - Basic earnings per share calculation includes restricted shares that have vested but not yet been issued[141](index=141&type=chunk) - As a loss was incurred in H1 2024 and the inclusion of potential ordinary shares would be anti-dilutive, diluted loss per share was the same as basic loss per share[142](index=142&type=chunk) [Trade Receivables and Payables](index=44&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, trade receivables were RMB 1,722.4 million, with an average credit period of 45 to 60 days. Trade payables and bills payable totaled RMB 432.3 million, with an average credit period of 0 to 90 days Ageing Analysis of Trade Receivables (RMB Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-60 days | 1,717,090 | 1,184,407 | | 61-180 days | 1,030 | – | | 181-365 days | 4,233 | – | | **Total** | **1,722,353** | **1,184,407** | - The Group provides an average credit period of **45 to 60 days** to its trade customers[143](index=143&type=chunk) Ageing Analysis of Trade Payables and Bills Payable (RMB Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables (0-30 days) | 150,118 | 140,871 | | Trade Payables (31-60 days) | 169,713 | 159,874 | | Trade Payables (Over 60 days) | 87,904 | 46,798 | | Bills Payable (0-90 days) | 9,479 | 10,134 | | Bills Payable (91-180 days) | 15,078 | – | | **Total** | **432,292** | **357,677** | - The average credit period for trade purchases is **0 to 90 days**[144](index=144&type=chunk) [Dividends](index=45&type=section&id=Dividends) For the periods ended June 30, 2025 and 2024, the company neither paid, declared, nor proposed any dividends to shareholders - For the periods ended June 30, 2025 and 2024, no dividends were paid, declared, or proposed to the company's shareholders, nor have any dividends been proposed since the end of the reporting period[146](index=146&type=chunk) [Publication of Announcement](index=46&type=section&id=Publication%20of%20Announcement) The interim results announcement is published on the HKEX and company websites, with the full interim report to follow for shareholder reference [Publication of Interim Results Announcement and Interim Report](index=46&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the company's website. The Group's interim report for the six months ended June 30, 2025, will be published in due course for shareholders' reference - This interim results announcement is published on the HKEX website www.hkexnews.hk and the company's website www.innoventbio.com[147](index=147&type=chunk) - The Group's interim report for the six months ended June 30, 2025, will be published in due course and made available to shareholders in accordance with the company's communication arrangements[147](index=147&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。 （ 在 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：2328） 截至2025年6月30日止6個月之未經審計中期業績公告 中國人民財產保險股份有限公司（「本公司」）董事會謹此宣佈本公司及子公司截至 2025年6月30日止6個月之未經審計中期業績。本公告刊載本公司2025年中期報告 全文，並符合《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附 載的資料之要求。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2025年8月27日 於本公告日，本公司董事長為丁向群女士（非執行董事），副董事長為于澤先生（執行董 事），降彩石先生、張道明先生及胡偉先生為執行董事，獨立董事為程鳳朝先生、魏晨 陽先生、李偉斌先生、曲小波先生及薛爽女士。 - 1 - 公司簡介 本公司於2003年7月由中國人民保險集團 獨家發起設立，是中國內地最大的財產 保險 ...

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告全部或任 何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 SHUOAO INTERNATIONAL HOLDINGS LIMITED 碩奧國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：2336） 截至二零二五年六月三十日止六個月之 未經審核綜合中期業績公告 碩奧國際控股有限公司（「本公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（統稱為「本集團」）截至二零二五年六月三十日止六個月之未經審核綜合中期業 績，連同比較數字載列如下： 簡明綜合損益表－未經審核 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 二零二五年 | | | --- | --- | --- | --- | | | 附註 | | 二零二四年 | | | | 千港元 | 千港元 | | 收益 | 3 | 77,209 | 66,207 | | 銷售成本 | | (69,757) | (59,531) | | 毛利 | | 7,452 | 6,676 ...