Capital and Structure - The registered capital of Guangzhou Rural Commercial Bank is RMB 14,409,789,327[5]. - The total share capital of the company is 14,409,789,327 shares, with domestic shares accounting for 81.44% and H-shares for 18.56%[139]. - The company has increased its registered capital for its wholly-owned subsidiary, Pearl River Financial Leasing Co., Ltd., from 1 billion to 1.5 billion yuan[133]. - The total number of employees in the group is 13,029, with 12,604 under labor contracts and 425 as dispatched workers[179]. - The board of directors consists of 14 members, including 2 executive directors and 5 independent non-executive directors[168]. Financial Performance - The company achieved a revenue of 273 million in the 2025 global banking brand value ranking, placing it at 273rd[10]. - Net profit for the period was RMB 1,510.00 million, a decrease of 11.21% compared to the previous year[13]. - Operating income increased to RMB 8,037.46 million, reflecting a year-on-year growth of 9.41%[19]. - In the first half of 2025, the company achieved a net profit of RMB 1.51 billion, a decrease of RMB 190.64 million or 11.21% compared to the same period last year[31]. - The net profit for the first half of 2025 was RMB 8,037.46 million, representing a 9.4% increase compared to RMB 7,345.96 million in the same period of 2024[77]. Assets and Liabilities - Total assets reached RMB 1,406.71 billion, an increase of 3.25% compared to the beginning of the year[19]. - Total liabilities amounted to RMB 1,304.46 billion, growing by 3.57% year-to-date[19]. - Customer deposits reached RMB 1,014.76 billion, accounting for 77.80% of total liabilities, reflecting a significant increase compared to the previous year[58]. - The total amount of normal loans was RMB 653.83 billion, representing 91.15% of total loans[64]. - The total loans and advances decreased by RMB 2.89 billion, a decline of 0.40%, totaling RMB 717.34 billion as of June 30, 2025[51]. Loan and Deposit Activities - Small and micro loans reached RMB 215 billion, growing by 9.6% year-to-date[20]. - The loan-to-deposit ratio was 70.69%, a decrease of 2.84 percentage points[15]. - The balance of inclusive small and micro enterprise loans reached CNY 56.44 billion, with a growth rate of 9.24%[26]. - The company has issued CNY 21.64 billion in loans to over 30,000 small and micro enterprises, ranking fifth among peers in Guangzhou[25]. - The bank's agricultural loans balance reached 41.484 billion yuan, an increase of over 1.3 billion yuan, with a growth rate of 3.36%[94]. Risk Management - The overall credit risk remains controllable, with non-performing loan ratio and non-performing asset ratio meeting regulatory requirements[115]. - The company has established a market risk management system that actively manages interest rate and exchange rate risks, ensuring that all key market risk indicators are met[117]. - The company has optimized its credit approval processes and enhanced post-loan management to prevent misuse of funds and improve risk monitoring capabilities[115]. - The company has established a comprehensive risk management framework and clearly defined the responsibilities of various departments in risk management[199]. - The company has conducted quarterly liquidity risk stress tests to assess its capacity to withstand liquidity pressures[118]. Digital Transformation and Technology - The company has implemented 212 RPA application scenarios to enhance office efficiency as of the end of the reporting period[30]. - The company is actively promoting data management systems and enhancing data governance to improve regulatory reporting quality[30]. - The company has developed various AI models for customer management, product marketing, and loan risk management to support business development[30]. - The company is focusing on digital transformation with a strategic plan for 2025-2027, aiming to enhance core competitiveness in small asset businesses and improve risk control levels[110]. - The company has established a robust reputation risk management system, conducting real-time monitoring and proactive response measures[127]. Awards and Recognition - The company was awarded the "TOP10 Rural Commercial Bank Retail Banking Award" at the 2024 RBA 8th Retail Banking Awards[10]. - The company received recognition for its innovative financial consumer protection and service case in March 2025[10]. - The company was recognized as an excellent mixed-asset management rural commercial bank in June 2025[10]. - The company was awarded the 2025 Guangdong Green Financial Reform Innovation Promotion Case in June 2025[10]. - The company has been recognized as a top ten achievement in technology finance development in Guangzhou for 2024[22]. Shareholder Information - The top ten shareholders collectively hold 51.78% of the company's shares, with the largest shareholder, Guangzhou Financial Holdings Group Co., Ltd., holding 8.29%[143]. - The company has 29,101 domestic shareholders, with 720 being legal entity shareholders and 28,381 being individual shareholders[142]. - Major shareholders Guangzhou Financial Holdings Group and Guangzhou Metro Group hold 1,194,271,140 shares and 722,950,000 shares respectively, both exceeding 5% of total shares[158]. - The company does not have a controlling shareholder or actual controller, indicating a dispersed ownership structure[148]. - As of the end of the reporting period, 152,991,211 shares (1.06% of total shares) are subject to judicial freeze, and 665,981,832 shares (4.62% of total shares) are pledged[159]. Corporate Governance - The company has established a comprehensive internal control system, with the board of directors responsible for its implementation and oversight[130]. - The company is committed to maintaining compliance with legal and regulatory requirements in its operations[191]. - The board of directors held a total of 5 meetings during the reporting period, reviewing 64 proposals and listening to 22 reports[193]. - The independent non-executive directors emphasized compliance with laws and regulations, ensuring that related transactions were conducted fairly and reasonably[194]. - The supervisory board is responsible for evaluating the performance of directors and senior management, ensuring accountability and compliance[196].

Financial Performance - MicroPort CardioFlow Medtech Corporation reported a significant increase in revenue, achieving a total of $150 million for the first half of 2025, representing a 25% year-over-year growth[3]. - The company reported a net profit of $30 million for the first half of 2025, a 40% increase compared to the same period last year, indicating strong operational performance[3]. - The company reported a revenue increase of 15% year-over-year for the first half of 2025, reaching RMB 1.2 billion[21]. - The company expects a revenue guidance of RMB 2.5 billion for the full year 2025, representing a 10% increase from previous estimates[21]. - Revenue for the six months ended June 30, 2025, was RMB 229,103 thousand, a 2% increase from RMB 223,138 thousand in 2024[195]. - Gross profit for the same period was RMB 160,922 thousand, compared to RMB 158,224 thousand in 2024, reflecting a slight increase[195]. - Operating profit improved to RMB 3,817 thousand from a loss of RMB 28,480 thousand in the previous year[195]. - The net loss for the period was reduced to RMB 2,197 thousand from RMB 57,753 thousand, indicating a substantial recovery[198]. - Total comprehensive loss for the period was RMB 8,042 thousand, compared to RMB 45,465 thousand in 2024, showing a significant improvement[198]. Market Expansion and User Growth - The company has expanded its user base, with over 10,000 new patients treated using its innovative medical devices in the last quarter, marking a 30% increase compared to the previous quarter[3]. - User data showed a 20% growth in the active user base, now totaling 500,000 users[21]. - The company plans to expand its market presence in Asia, targeting a 15% market share in the region by the end of 2026[3]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2026[21]. - In the first half of 2025, the company achieved over 2,100 TAVI implants, maintaining the leading market position with a significant increase in hospital admissions[25]. Product Development and Innovation - The company is actively developing new technologies, including the AnchorMan® Pro left atrial appendage closure system, which is currently in the research and design phase[5]. - New product development includes the VitaFlow Liberty® Flex, which is currently in the design phase and aims to enhance the delivery system for aortic valve implantation[15]. - The company plans to launch the VitaFlow® TriumphTM product for treating tricuspid regurgitation patients in Q4 2025[15]. - The product pipeline includes 7 certified products and various TAVI, TMV, TTV, and left atrial appendage products at different development stages[38]. - The company is committed to ongoing product development in structural heart disease, including TAVI, TMV, TTV, and next-generation surgical support products[70]. Research and Development - The company has invested $20 million in R&D for new product development, which is expected to yield three new product launches by the end of 2025[3]. - Research and development expenses increased by 25% to RMB 300 million, reflecting the company's commitment to innovation[21]. - R&D expenses decreased significantly to RMB 51,407 thousand from RMB 83,090 thousand, a reduction of approximately 38%[195]. Strategic Acquisitions and Partnerships - MicroPort CardioFlow has completed the acquisition of a 49% stake in Shanghai Zuoxin, enhancing its product portfolio in the mitral and tricuspid valve device market[5]. - A strategic acquisition of Valcare, Inc. is underway, which will enhance the company's capabilities in mitral and tricuspid valve devices[15]. - The company has established a new partnership with Shanghai MicroPort to enhance distribution channels in China[21]. - The company is focusing on strategic partnerships with key opinion leaders in the medical field to enhance product adoption and market penetration[9]. Financial Health and Assets - The company’s total assets as of June 30, 2025, were RMB 2,667,508 thousand, slightly down from RMB 2,675,762 thousand at the end of 2024[31]. - Non-current liabilities increased to RMB 205,013 thousand from RMB 20,182 thousand, while current liabilities decreased to RMB 245,534 thousand from RMB 433,891 thousand[31]. - The company's cash and cash equivalents rose to RMB 332,069 thousand from RMB 108,029 thousand, highlighting a strong cash position[200]. Corporate Governance and Compliance - The company continues to adhere to high standards of corporate governance, complying with all applicable code provisions[175]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2025, ensuring compliance with accounting standards[179]. - The independent review of the interim financial report was conducted by KPMG, confirming no reservations in their review report[180]. Stock Options and Incentive Plans - The company has adopted stock plans and incentive programs to motivate eligible participants, with the stock option plan terminated on June 27, 2023[65]. - The share incentive plan aims to recognize contributions from certain directors, employees, consultants, and advisors to motivate them to remain with the group and contribute to its future development and expansion[164]. - The total number of stock options and rewards that can be granted under the service provider participant sub-limit is 24,110,633 shares, as no rewards were granted during the reporting period[128].

Financial Performance - For the six months ended June 30, 2025, the revenue was approximately RMB 571.6 million, a decrease of about 9.7% compared to the same period last year[8]. - The gross profit for the same period was approximately RMB 126.6 million, an increase of about 5.0% year-on-year[8]. - The profit before tax for the six months ended June 30, 2025, was approximately RMB 48.4 million, reflecting an increase of about 26.7% compared to the previous year[8]. - The total profit and comprehensive income attributable to the owners of the company for the same period was approximately RMB 42.0 million, an increase of about 29.3% year-on-year[8]. - The earnings per share attributable to ordinary shareholders for the six months ended June 30, 2025, was RMB 0.084[8]. - Total revenue decreased by approximately RMB 61.1 million or 9.7% from about RMB 632.7 million for the six months ending June 30, 2024, to about RMB 571.6 million for the six months ending June 30, 2025[19]. - Equipment manufacturing revenue decreased by approximately RMB 107.2 million or 20.0% to about RMB 428.8 million for the six months ending June 30, 2025[21]. - Installation services revenue increased by approximately RMB 10.8 million or 468.0% to about RMB 13.1 million for the six months ending June 30, 2025[21]. - Production line construction revenue increased by approximately RMB 35.3 million or 37.4% to about RMB 129.7 million for the six months ending June 30, 2025[21]. - Gross profit increased by approximately RMB 6.1 million or 5.0% to about RMB 126.6 million for the six months ending June 30, 2025, with a gross margin of 22.1% compared to 19.0% in the previous year[23]. - Other income decreased by approximately RMB 3.6 million or 23.1% to about RMB 11.8 million for the six months ending June 30, 2025[24]. - Selling and distribution expenses increased by approximately RMB 7.6 million or 20.0% to about RMB 45.9 million for the six months ending June 30, 2025[26]. - Administrative expenses increased by approximately RMB 2.8 million or 11.2% to about RMB 27.4 million for the six months ending June 30, 2025[27]. - Research expenses decreased by approximately RMB 18.4 million or 49.4% to about RMB 18.8 million for the six months ending June 30, 2025[28]. - Income tax expenses rose by approximately RMB 0.7 million or 12.1% to about RMB 6.4 million for the six months ending June 30, 2025, with effective tax rates of 15.0% and 13.2% for the respective periods[30]. - Profit attributable to owners increased by approximately RMB 9.5 million or 29.3% to about RMB 42.0 million for the six months ending June 30, 2025[31]. Revenue Breakdown - Revenue generated from the building materials sector was approximately RMB 208.9 million for the six months ended June 30, 2025, compared to RMB 203.9 million for the same period last year[15]. - Non-building materials sector revenue accounted for approximately 81.9% of total equipment manufacturing revenue for the six months ended June 30, 2025[15]. - Revenue from "Belt and Road" countries accounted for approximately 20.8% and 11.1% of total revenue for the six months ending June 30, 2024, and June 30, 2025, respectively[16]. Assets and Liabilities - Current assets net value increased to approximately RMB 429.2 million as of June 30, 2025, with a current ratio of 125.3%[32]. - Inventory increased by approximately RMB 49.3 million or 6.8% to about RMB 777.9 million, with inventory turnover days rising from 263 days to 304 days[32]. - Trade receivables decreased by approximately RMB 84.2 million or 17.6% to about RMB 393.3 million, with trade receivables turnover days increasing from 34 days to 79 days[34]. - Prepayments to suppliers decreased by approximately RMB 17.1 million or 19.8% to about RMB 69.3 million, while contract liabilities increased by approximately RMB 105.9 million or 10.1% to about RMB 1,157.9 million[35]. - Cash and cash equivalents increased to approximately RMB 702.7 million as of June 30, 2025, compared to RMB 555.4 million as of December 31, 2024[36]. - Bank borrowings amounted to approximately RMB 0.3 million as of June 30, 2025, with a debt-to-equity ratio of 183%[37]. - The company’s total liabilities decreased slightly to RMB 1,698,804 thousand as of June 30, 2025, from RMB 1,711,199 thousand at the end of 2024, showing a reduction of about 0.72%[73]. Cash Flow - Net cash generated from operating activities was approximately RMB 103.0 million for the six months ending June 30, 2025, down from RMB 150.7 million for the same period in 2024[38]. - The company reported a net cash inflow from investing activities of RMB 94,708 thousand for the six months ended June 30, 2025, compared to RMB 38,451 thousand in the same period of 2024, indicating a significant increase of about 146.5%[78]. Shareholder Information - Major shareholders include Ambon Holding Limited with a 46.17% stake and PF International Group Limited with a 26.64% stake[69]. - The company has maintained a public float of at least 25% of its issued shares as required by the Hong Kong Stock Exchange[57]. - The company did not declare an interim dividend for the six months ending June 30, 2025, consistent with the previous period[60]. - The company declared dividends of RMB 20,185 thousand during the first half of 2025, compared to no dividends declared in the same period of 2024[76]. Management and Governance - The audit committee reviewed the unaudited interim financial information and confirmed compliance with applicable accounting standards and regulations[62]. - The company has not entered into any arrangements for directors to benefit from the subscription of shares or debt securities[67]. - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[53]. - The group had no significant contingent liabilities as of June 30, 2025, maintaining a stable financial position[45]. - There were no major off-balance sheet transactions or arrangements as of June 30, 2025, indicating a conservative financial strategy[49]. Employee Costs - Employee costs, including director remuneration, amounted to approximately RMB 62.0 million for the six months ended June 30, 2025, an increase from RMB 57.6 million in the same period last year[50]. - Total compensation for key management personnel for the six months ended June 30, 2025, is RMB 687 thousand, down from RMB 1,017 thousand in the same period of 2024, reflecting a reduction of approximately 32.4%[114]. - The performance-related bonuses for key management increased to RMB 304 thousand in 2025 from RMB 243 thousand in 2024, showing a growth of 25.3%[114].

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 53.2 million, a decrease of 12.5% from RMB 60.8 million for the same period in 2024[8]. - Loss for the period decreased significantly by 54.5% to RMB 76.4 million from RMB 167.0 million in the previous year[10]. - Adjusted loss for the period was RMB 72.9 million, a reduction of 52.2% from RMB 152.6 million in the same period last year[11]. - Total comprehensive loss for the period was RMB 87,994,000, compared to RMB 168,242,000 in 2024, marking a 47.8% decrease[123]. - The company reported a loss attributable to ordinary shareholders of RMB 76,378,000 for the six months ended June 30, 2025, a significant improvement from a loss of RMB 167,033,000 in the same period of 2024[157]. Income and Expenses - Other income and gains increased to RMB 38.1 million, up 39.5% from RMB 27.3 million in the prior year[9]. - R&D expenses decreased by 38.9% to RMB 79.9 million from RMB 130.8 million in the previous year[10]. - Sales and distribution expenses reduced by 33.9% to RMB 37.0 million compared to RMB 56.0 million in the same period last year[10]. - Administrative expenses fell by 32.8% to RMB 39.3 million from RMB 58.5 million in the prior year[10]. - The cost of goods sold for the six months ended June 30, 2025, was RMB 10,274 thousand, an increase from RMB 8,856 thousand in 2024, reflecting a rise of approximately 16%[143]. Product Development and Pipeline - The company’s product pipeline and business operations achieved significant progress during the reporting period[12]. - The commercialized asset includes ATG-022, a Claudin 18.2 antibody-drug conjugate, which is in clinical development[13]. - ATG-031 is currently undergoing a Phase I trial in the U.S. for advanced solid tumors[16]. - The company is developing multiple bispecific antibodies targeting various cancers, including ATG-201 for B-cell related autoimmune diseases and ATG-106 for ovarian and kidney cancers[27]. - The company has ongoing global clinical trials in collaboration with partners for its pipeline products[27]. Regulatory Approvals and Market Expansion - XPOVIO® (Selinexor) has been approved for inclusion in Taiwan's National Health Insurance as of March 1, 2025, for adult patients with relapsed/refractory multiple myeloma (rrMM) who have received at least two prior lines of therapy[14]. - The company has received NDA approvals for XPOVIO® in multiple regions including mainland China, Taiwan, Hong Kong, Macau, South Korea, Singapore, Malaysia, Thailand, Indonesia, and Australia[25]. - The company is focused on expanding its market presence in the Asia-Pacific region with its pipeline products[27]. - The company entered a commercialization agreement with Hansoh Pharmaceutical for the drug Xivivo® (Selinexor) in mainland China, with a potential upfront payment of up to RMB 200 million[33]. Corporate Governance and Leadership - The board of directors has committed to maintaining high standards of corporate governance to protect shareholder interests[89]. - The roles of the chairman and CEO are currently held by the same individual, Dr. Mei Jianming, which the board believes facilitates effective execution of strategic initiatives[89]. - The company has a strong leadership team, including CFO Long Zhen Guo, who has over 20 years of experience in investment banking and asset management[77]. - The management team is committed to strategic planning and market expansion to drive future growth[85]. - The company aims to leverage its experienced board and management team to navigate market challenges and capitalize on growth opportunities[85]. Shareholder Information and Equity Incentives - As of June 30, 2025, Dr. Jay Mei holds a total of 184,267,994 shares, representing approximately 27.12% of the company's equity[98]. - The total number of shares held by major shareholders includes 175,927,994 shares owned by JAY MEI 2025 GRAT, accounting for 25.89% of the equity[101]. - The company has various stock options and restricted share units granted to executives, which may influence future shareholdings[98]. - The company has granted a total of 42,814,766 stock options, with 2,048,000 options being canceled or expired during the reporting period[107]. - The company aims to retain and attract talent through the Restricted Share Unit Plan, which vests over a four-year period[170].

Financial Performance - For the six months ended June 30, 2025, China Renewable Energy Investment Limited recorded a turnover of HK$94.2 million, a 27% increase from HK$74.3 million in the same period last year[7]. - Gross profit for the period increased 213% to HK$32.9 million, compared to HK$10.5 million for the six months ended June 30, 2024[7]. - Net profit after tax attributable to equity holders increased 178% to HK$32.5 million, with earnings per share of HK1.30 cents, up from HK$11.7 million or HK0.47 cents in the prior year[9]. - Revenue for the six months ended June 30, 2025, was HK$94,176,000, an increase of 26.8% compared to HK$74,299,000 for the same period in 2024[103]. - Gross profit for the same period was HK$32,878,000, significantly up from HK$10,492,000, reflecting a gross margin improvement[103]. - Operating profit for the six months was HK$19,872,000, compared to an operating loss of HK$1,447,000 in the previous year[103]. - Profit for the period reached HK$30,945,000, a substantial increase from HK$10,388,000 in the prior year[103]. - Total comprehensive income for the period was HK$69,004,000, compared to a loss of HK$28,954,000 in the same period last year[103]. - Profit attributable to equity holders of the Company for the six months ended June 30, 2025, was HK$32,475,000, a significant increase from HK$11,662,000 in the same period of 2024, representing an increase of 178.5%[104]. - Total comprehensive income attributable to equity holders of the Company for the six months ended June 30, 2025, was HK$70,733,000, compared to a loss of HK$27,779,000 in the same period of 2024[104]. - Basic and diluted earnings per share for the six months ended June 30, 2025, was HK$1.30, up from HK$0.47 in the same period of 2024, reflecting a growth of 276.6%[104]. Financial Position - Total assets as of June 30, 2025, increased to HK$2,178,167,000 from HK$2,131,113,000 as of December 31, 2024, marking a growth of 2.2%[105]. - Total equity as of June 30, 2025, was HK$1,878,055,000, an increase from HK$1,821,582,000 as of December 31, 2024, representing a growth of 3.1%[106]. - Non-current liabilities decreased to HK$212,657,000 as of June 30, 2025, from HK$223,096,000 as of December 31, 2024, a reduction of 4.7%[106]. - Current assets increased to HK$653,074,000 as of June 30, 2025, compared to HK$596,608,000 as of December 31, 2024, reflecting an increase of 9.5%[105]. - Cash and cash equivalents as of June 30, 2025, were HK$244,407,000, up from HK$232,170,000 as of December 31, 2024, indicating a growth of 5.5%[105]. - Trade and other receivables increased to HK$399,438,000 as of June 30, 2025, from HK$355,307,000 as of December 31, 2024, representing an increase of 12.4%[105]. Borrowings and Cash Flow - Total bank borrowings as of June 30, 2025, were HK$218.4 million, down from HK$227.6 million as of December 31, 2024, primarily due to loan repayments[10]. - The Group's finance costs decreased from HK$8.3 million in the interim period of 2024 to HK$4.9 million in 2025 due to loan repayments[7]. - The Group's net cash generated from operating activities decreased significantly to HK$5.5 million, down 80.6% from HK$28.3 million in the previous year[122]. - The Group's net cash generated from investing activities was HK$37.5 million, a decrease of 18.7% from HK$46.1 million in the prior period[122]. - The Group's repayment of bank borrowings was HK$17.1 million, a decrease of 58.3% compared to HK$41.0 million in the same period last year[122]. - The Group's interest received increased to HK$2.5 million, up 88.5% from HK$1.3 million in the previous year[122]. Operational Performance - The Group's wind farms achieved a total power dispatch of 848.7 GWh in the first half of 2025, a 23% increase from 690.6 GWh in the same period of 2024[27]. - The average power tariffs for the Group declined by 4.8% year-on-year during the interim period, excluding the impact of the elimination of contractual tariff subsidies[30]. - The Group operates eight wind farms and one distributed solar project, with a total gross power generating capacity of 738 MW and net capacity of 427 MW as of June 30, 2025[26]. - The Group's operating assets generated 851.2 GWh of electricity, reducing approximately 276,000 tons of coal consumption and 657,000 tons of carbon emissions in the first half of 2025[65]. - The Group's strategy "Grow‧Advance‧Sustain" focuses on evaluating investment opportunities based on economic, environmental, and social benefits[47]. - The Group aims to continue developing renewable energy projects and seek growth investment opportunities[47]. Market and Industry Trends - As of June 30, 2025, the Group's total power consumption in China increased by 3.7% year-on-year, reaching 4,842,000 GWh in the first half of 2025[24]. - China's wind power generation capacity rose by 22.7% to 672 GW, while solar power generation capacity increased by 54.2% to 1,317 GW[25]. - Total wind power output was 588,000 GWh, a 15.6% increase compared to 2024, accounting for 12.1% of total power generation in China[25]. - Total solar power output reached 559,100 GWh, marking a 42.9% increase from 2024, representing 11.5% of total power generation[25]. - The renewable energy consumption ratio for steel, cement, and polysilicon industries is set between 25.2% and 70%, while data centers should exceed 80%[53]. Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the six months ended June 30, 2025, except for the separation of roles between the chairman and CEO[87]. - The company is committed to reviewing its governance structure to ensure compliance with best practices[90]. - All Directors confirmed compliance with the Model Code regarding securities transactions throughout the six months ended June 30, 2025[88]. Shareholder Information - As of June 30, 2025, Mr. OEI Kang, Eric holds a corporate interest in 1,833,696,937 shares, representing 73.168% of the company's existing issued share capital[72]. - The joint interest of Mr. OEI Kang, Eric and Mrs. OEI Valonia Lau amounts to 41,661,439 shares, accounting for 1.662% of the company's issued share capital[72]. - The beneficial interest of Genesis Capital Group Limited is 276,065,897 shares, representing 11.016% of the issued share capital[78]. - The beneficial interest of Creator Holdings Limited is 154,278,990 shares, accounting for 6.156% of the issued share capital[78]. - The Company does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[80]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[182]. - Future guidance indicates a revenue growth target of 20% for the next fiscal year, aiming for HKD 1.44 billion[182]. - The company is implementing new strategies to improve operational efficiency, aiming for a 15% reduction in costs by the end of 2024[182]. - China Renewable Energy Investment Limited is committed to sustainability, with plans to reduce carbon emissions by 40% by 2030[182].

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The company's board comprises executive, non-executive, and independent non-executive directors, with committees like audit, remuneration, nomination, and investment & compliance, ensuring sound corporate governance. Mr. Zhang Jianguo serves as Chairman and CEO - Board members include executive directors Zhang Jianguo (Chairman and CEO), Zhang Feng, Zhang Jianmei; non-executive directors Chen Rui (resigned) and Wang Xinjie (appointed); and independent non-executive directors Chen Meibao, Shen Hao, Liang Mingshu[5](index=5&type=chunk) - Key committees (e.g., Audit, Remuneration, Nomination, Investment and Compliance Committees) are chaired by independent non-executive directors or executive directors, ensuring independence and professionalism in corporate governance[5](index=5&type=chunk) [Company Basic Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) The company's headquarters are in Chengdu High-tech Zone, Sichuan, China, with its principal place of business in Hong Kong at Des Voeux Road Central, stock code 6919, and details on registered office, share registrar, and principal bankers - Company headquarters are located at 5th Floor, Building 3, No. 688, Middle Section of Tianfu Avenue, Chengdu High-tech Zone, Sichuan Pilot Free Trade Zone, China[6](index=6&type=chunk) - The principal place of business in Hong Kong is 19th Floor, Golden Centre, 188 Des Voeux Road Central, Hong Kong[6](index=6&type=chunk) - The company's stock code is **6919**[6](index=6&type=chunk) [Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Condensed Consolidated Statement of Profit or Loss Highlights](index=5&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, revenue increased by 26.6% to RMB 2,604,674 thousand, operating profit surged by 70.9% to RMB 58,496 thousand, and profit attributable to equity holders rose by 87.9% to RMB 41,071 thousand, with adjusted profit and net profit margin also significantly improving Condensed Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,604,674 | 2,056,909 | 26.6% | | Gross Profit | 191,903 | 172,801 | 11.1% | | Operating Profit | 58,496 | 34,227 | 70.9% | | Profit for the Period | 32,553 | 20,393 | 59.6% | | Profit Attributable to Equity Holders of the Company | 41,071 | 21,853 | 87.9% | | Adjusted Profit for the Period (Non-HKFRS) | 46,156 | 34,635 | 33.3% | | Adjusted Profit Attributable to Equity Holders of the Company (Non-HKFRS) | 49,502 | 31,154 | 58.9% | | Adjusted Net Profit Margin Attributable to Equity Holders of the Company (%) | 1.9 | 1.5 | 0.4 percentage points | - The operating results of Shanghai Sirui have been re-presented as discontinued operations, with its revenue, gross profit, and operating profit not included in the consolidated statement of profit or loss for continuing operations for the current period[8](index=8&type=chunk) [Condensed Consolidated Statement of Financial Position Highlights](index=5&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%91%98%E8%A6%81) As of June 30, 2025, total assets were RMB 2,080,934 thousand, a decrease from the end of 2024, with total equity and total liabilities also decreasing, reflecting the impact of the disposal of Shanghai Sirui equity Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 217,464 | 402,171 | | Current Assets | 1,863,470 | 2,248,878 | | **Total Assets** | **2,080,934** | **2,651,049** | | Total Equity | 1,253,133 | 1,418,884 | | Non-current Liabilities | 18,266 | 30,341 | | Current Liabilities | 809,535 | 1,201,824 | | **Total Liabilities** | **827,801** | **1,232,165** | | **Total Equity and Liabilities** | **2,080,934** | **2,651,049** | - Total assets decreased from **RMB 2,651,049 thousand** as of December 31, 2024, to **RMB 2,080,934 thousand** as of June 30, 2025, primarily due to the disposal of Shanghai Sirui equity[8](index=8&type=chunk) [Key Financial Ratios](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%AF%94%E7%8E%87) The company's revenue growth rate improved, but gross profit margin declined; adjusted net profit margin and adjusted net profit margin attributable to equity holders both improved, and the adjusted current ratio significantly increased, indicating stronger short-term solvency Key Financial Ratios (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue Growth | 26.6% | 20.0% | | Gross Profit Margin | 7.4% | 8.4% | | Adjusted Net Profit Margin (Non-HKFRS) | 1.8% | 1.7% | | Adjusted Net Profit Margin Attributable to Equity Holders of the Company (Non-HKFRS) | 1.9% | 1.5% | | Adjusted Current Ratio (times) | 2.3 | 1.9 | - Revenue growth rate increased from **20.0% to 26.6%**, indicating accelerated business expansion[9](index=9&type=chunk) - Gross profit margin decreased from **8.4% to 7.4%**, mainly due to market competition and clients' demand for cost reduction[9](index=9&type=chunk) - Adjusted current ratio improved from **1.9 times to 2.3 times**, demonstrating robust short-term solvency[9](index=9&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review and Outlook](index=8&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) In H1 2025, the company focused on IT talent business and global expansion amidst China's steady economic growth, establishing subsidiaries in 21 countries/regions, and optimizing its business structure by divesting 46% equity in Shanghai Sirui, aiming to build an integrated "consulting + technology + flexible staffing" solution and talent ecosystem - In H1 2025, China's GDP grew by **5.3%** year-on-year, and the company seized opportunities by focusing on IT talent business and advancing its global expansion strategy[11](index=11&type=chunk) - As of June 30, 2025, the company has established subsidiaries independently or in partnership with local business partners in **21 countries and regions** globally[11](index=11&type=chunk) - The company completed the disposal of **46% equity in Shanghai Sirui** on May 30, 2025, receiving a final consideration of **RMB 320,698,200**, with its operating results presented as discontinued operations[12](index=12&type=chunk) [Steady Development of Core Business, Maintaining High-Speed Organic Growth](index=8&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E7%A8%B3%E5%81%A5%E5%8

* （在中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code 股份代號 : 1272 For identification purpose only 僅供識別 * 2025中期報告 INTERIM REPORT CONTENTS 目錄 | Company Profile | 2 | | --- | --- | | 公司簡介 | | | Financial Highlights | 3 | | 財務摘要 | | | Management Discussion and Analysis | 6 | | 管理層討論與分析 | | | Changes in Share Capital and Shareholdings of | | | Substantial Shareholders | 28 | | 股本變動及主要股東持股情況 | | | Significant Events | 34 | | 重大事項 | | | Pr ...

Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 8,436,000, a decrease of 43.5% compared to HKD 14,861,000 for the same period in 2024[4] - Gross profit for the period was HKD 8,133,000, down 17.5% from HKD 9,858,000 year-on-year[4] - The company reported a loss of HKD 5,538,000 for the six months ended June 30, 2025, compared to a loss of HKD 8,983,000 in the same period of 2024, representing a 38.5% improvement[5] - The net loss attributable to equity holders of the company was HKD 3,065,000, compared to HKD 5,606,000 in the previous year, indicating a 45.4% reduction in losses[4] - Total comprehensive loss for the period was HKD 3,451,000, a decrease from HKD 8,390,000 in the prior year, reflecting a 58.8% improvement[5] - Total revenue for the six months ended June 30, 2025, was HKD 8,735,000, compared to HKD 15,126,000 for the same period in 2024, representing a decrease of approximately 42.5%[21] - The net loss for the six months ended June 30, 2025, was HKD 3,065,000, compared to a net loss of HKD 5,606,000 for the same period in 2024, indicating an improvement of about 45.4%[33] - The net loss for the period was approximately HKD 5,500,000, an improvement from a net loss of approximately HKD 9,000,000 in the same period last year, with the attributable loss to equity holders of the company being approximately HKD 3,100,000 compared to HKD 5,600,000 last year[52] Assets and Liabilities - Non-current assets as of June 30, 2025, totaled HKD 85,705,000, slightly down from HKD 86,147,000 at the end of 2024[7] - Current assets increased to HKD 177,408,000 from HKD 174,787,000, showing a growth of 1.5%[7] - The total equity attributable to equity holders of the company was HKD 193,984,000, a slight decrease from HKD 194,682,000 at the end of 2024[8] - Reportable segment assets increased to HKD 261,469,000 as of June 30, 2025, from HKD 259,290,000 as of December 31, 2024, reflecting a growth of about 0.8%[22] - Reportable segment liabilities rose to HKD 90,450,000 as of June 30, 2025, compared to HKD 84,820,000 as of December 31, 2024, an increase of approximately 6.1%[22] - Accounts receivable as of June 30, 2025, amounted to HKD 6,199,000, down from HKD 7,960,000 as of December 31, 2024, reflecting a decrease of approximately 22%[36] - Accounts payable rose to HKD 5,389,000 as of June 30, 2025, from HKD 3,685,000 as of December 31, 2024, indicating an increase of about 46%[44] Cash Flow and Liquidity - The company's cash and cash equivalents stood at HKD 26,472,000, up from HKD 24,468,000, representing an 8.2% increase[7] - Operating cash flow for the six months ended June 30, 2025, was HKD 4,757,000, an increase of 35.5% compared to HKD 3,508,000 for the same period in 2024[12] - Cash and cash equivalents increased by HKD 2,158,000 for the six months ended June 30, 2025, compared to a decrease of HKD 86,000 in the same period of 2024[13] - Total cash and cash equivalents as of June 30, 2025, amounted to HKD 26,472,000, up from HKD 20,793,000 as of June 30, 2024, representing a growth of 27.0%[13] - The financing activities cash outflow for the six months ended June 30, 2025, was HKD 2,599,000, a decrease of 27.7% from HKD 3,594,000 in the same period of 2024[12] - As of June 30, 2025, the company reported a net cash position of HKD 26,500,000, resulting in a debt-to-asset ratio of zero[76] Segment Performance - The company operates in four reportable segments: Investment Holding, Medical, Lending and Related Services, and Hotel, with each segment contributing to overall revenue generation[18][20] - The Medical segment generates revenue primarily through procurement, marketing, and management services for the healthcare industry, with operations in Hong Kong, South Korea, and China[18] - The Lending and Related Services segment focuses on providing loans and earning interest, with activities primarily in China and Hong Kong[20] - Medical revenue for the six months ended June 30, 2025, was HKD 522,000, down from HKD 6,714,000 in 2024, a decline of about 92.2%[23] - Interest income from third-party loans was HKD 7,914,000 for the six months ended June 30, 2025, compared to HKD 8,147,000 in 2024, a decrease of approximately 2.9%[24] - The medical segment recorded zero revenue and a net loss of approximately HKD 4,200,000, down from revenue of approximately HKD 5,900,000 and a net loss of HKD 6,300,000 in the same period last year, mainly due to business suspension and renovations[54] - The lending and related business segment reported third-party loan interest income of HKD 7,900,000, down from HKD 8,100,000 in the same period last year, but recorded a reversal of expected credit losses of approximately HKD 2,500,000[55] Credit Quality and Provisions - The company reported an increase in expected credit loss reversal to HKD 2,496,000 from HKD 399,000 in the previous year, indicating a significant improvement in credit quality[4] - The provision for expected credit losses on accounts receivable decreased from HKD 4,021,000 to HKD 3,029,000, a reduction of about 25%[36] - The company has provided loans to third parties totaling HKD 187,668,000, with an expected credit loss provision of HKD 68,315,000, resulting in net loans of HKD 119,353,000[39] Strategic Developments - The company actively developed new skincare products during the period, indicating a strategic focus on expanding its medical segment[53] - The company plans to further develop and expand its core business in the medical and aesthetic sectors, particularly in China and other Asian markets, anticipating growth in consumer spending in the medical beauty industry[57] - The company has launched the DA mask, a hyaluronic acid mask designed for immediate post-procedure use in medical beauty settings, and will promote it through Shanghai Hospital's customer channels[58] - The brand PoAoyan aims to provide a full cycle of skincare products for post-aesthetic treatment, targeting existing customers of Shanghai Hospital to convert them into seed users[58] - The company has received the Bazaar Beauty Annual Award in 2024, enhancing the brand's influence and online promotion capabilities, with plans to increase market presence and share throughout the year[59] - The company will continue its lending and related businesses, adopting a cautious approach to credit assessment due to the adverse effects of US-China trade tensions[60] - The company intends to hold various securities and will monitor and adjust its investment portfolio according to economic conditions, aiming to improve investment returns[61] - The management is actively seeking new business opportunities to diversify and increase revenue sources while developing existing operations[62] Governance and Compliance - The company has not adopted any new accounting standards or amendments that would significantly impact its financial position or performance during the reporting period[17] - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[15] - The management team evaluates segment performance based on operating profit, which includes revenue and expenses allocated to each reportable segment[19] - The company has adopted the "Standard Code for Securities Transactions by Directors" and confirmed compliance throughout the reporting period[72] - No share option schemes are in place as of the reporting date[80] - Major shareholders include Dong Jufeng and Jia Tianjiang, each holding approximately 66.69% of the issued share capital[82] - The company confirms that there are no significant discrepancies between the existing information and the data disclosed in the 2024 annual report[84] - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the mid-term financial report for 2025, assuming legal responsibility for any misstatements or omissions[84] Legal Matters - The company is currently involved in legal proceedings related to loan recoveries, with a court ruling expected by January 24, 2026[42] - The company initiated bankruptcy proceedings against Mr. Li on July 2, 2021, with a total claim amounting to approximately $12,000,000, including unpaid interest as of the bankruptcy order date[70] - The trustee accepted a claim of approximately HKD 95,000,000 from the company on November 25, 2022, related to the bankruptcy proceedings[70] Employee and Operational Costs - The total employee cost for the six months ending June 30, 2025, was HKD 3,400,000, covering salaries, wages, and other benefits for 31 employees[79] - As of June 30, 2025, the company had no bank borrowings and no pledged assets[76][77] - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[74] - There were no major contingent liabilities reported as of June 30, 2025[75]

Financial Performance - The company achieved a net profit of approximately RMB 203.0 million, representing a significant year-on-year increase of about 22.9%[12]. - Total revenue from main business operations was approximately RMB 405.1 million, showing a slight year-on-year decline of about 7.1%[12]. - The company's share of profits from joint ventures reached approximately RMB 79.0 million, marking a substantial year-on-year growth of about 94.1%[12]. - Revenue from digital financial solutions decreased by 29.5% year-on-year to RMB 194.0 million for the six months ended June 30, 2025, down from RMB 275.0 million in the previous year[24]. - Revenue from supply chain asset refinancing dropped by 94.1% year-on-year to RMB 0.4 million for the six months ended June 30, 2025, compared to RMB 7.2 million in the same period last year[25]. - Adjusted net profit rose by 22.6% year-on-year to RMB 203.5 million for the six months ended June 30, 2025, compared to RMB 166.0 million in the previous year[31]. - The main business revenue decreased by 7.1% year-on-year to RMB 405.1 million for the six months ending June 30, 2025, primarily due to the ongoing shift towards a light-asset strategy[22]. - Net profit for the six months ended June 30, 2025, was RMB 203.0 million, an increase of 22.9% from RMB 165.1 million for the same period in 2024[30]. Customer and Market Insights - As of June 30, 2025, the total number of platform customers exceeded 19,100, with the platform processing supply chain assets totaling approximately RMB 278 billion, reflecting year-on-year growth of about 14.4% and 28.7% respectively[12]. - Over 97% of the customers are small and micro enterprises, with a customer retention rate exceeding 80% and first-time borrowers accounting for over 30%[12]. - The inclusive matchmaking business on the platform accounts for approximately 88.0% of total business volume, with a year-on-year growth of about 28.3%[13]. - Cumulative e-commerce funding matchmaking volume exceeded RMB 2.8 billion, nearly an 8-fold increase compared to the same period last year[13]. Technology and Innovation - The platform's technology services helped small and micro enterprises reduce financing costs by at least 30%[12]. - The company has successfully generated AI information service revenue exceeding RMB 400,000 for the first time through AI Agent assistance[12]. - The company plans to continue expanding its AI-driven services and enhance its platform capabilities to support the growth of small and micro enterprises[10]. - The strategic focus includes building a global supply chain technology platform and providing comprehensive solutions such as flexible supply chain services and digital empowerment[72]. Research and Development - Total R&D investment reached RMB 2,020 million, with a year-on-year increase of 14.4%[4]. - Cumulative R&D investment is close to RMB 270 million, with R&D personnel accounting for about 30.0% of the workforce[13]. - The group is committed to enhancing its research and development investments, focusing on key areas such as data, AI applications, and computing power[88]. Financial Position and Assets - The total assets of the company as of June 30, 2025, were RMB 10,545.7 million, while total liabilities were RMB 6,969.7 million[5]. - As of June 30, 2025, the fair value of supply chain assets was RMB 3,166.4 million, a decrease of 44.6% year-over-year[39]. - The average daily balance of owned supply chain assets for the first half of 2025 was RMB 4,004.9 million, down 35.8% compared to the first half of 2024[39]. - Borrowings as of June 30, 2025, amounted to RMB 4,742.1 million, a decrease of 19.3% year-over-year[46]. - The leverage ratio (total liabilities to total equity) increased to 1.95 as of June 30, 2025, compared to 1.58 as of December 31, 2024[59]. Shareholder and Dividend Information - The company has committed to a dividend payout ratio of no less than 90% for the years ending December 31, 2024, 2025, and 2026, with a total dividend amount approaching RMB 950 million for 2025[15]. - The company did not recommend any interim dividend for the period ending June 30, 2025, consistent with the previous year[60]. - The major shareholder Tung Chi Fung holds 561,436,960 shares, representing 55.66% of the company's equity[96]. Employee and Management Insights - Total employee costs for the six months ended June 30, 2025, were approximately RMB 838 million, compared to RMB 819 million for the same period in 2024[90]. - The group has 370 employees as of June 30, 2025, an increase from 363 employees as of December 31, 2024[90]. - The group has established a comprehensive incentive plan to reward existing senior management and employees, ensuring competitiveness in talent retention[90]. Compliance and Governance - The company has complied with the corporate governance code as per the listing rules from the listing date to June 30, 2025[178]. - The independent auditor has reviewed the interim financial statements for the six months ended June 30, 2025, ensuring compliance with applicable accounting standards[182]. - The company has adopted a code of conduct for securities trading by directors, and all directors confirmed compliance with the trading standards during the reporting period[171].

宁 波 力 勤 资 源 科 技 股 份 有 限 公 司 LYGEND RESOURCES & TECHNOLOGY CO., LTD. (A joint stock company incorporated in the People's Republic of China with limited liability) Stock Code: 2245 （於中華人民共和國註冊成立的股份有限公司） 股份代號：2245 2025 中期報告 INTERIM REPORT 2025 目錄 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 4 | | 董事長報告書 | 6 | | 管理層討論與分析 | 8 | | 企業管治及其他資料 | 24 | | 未經審核中期簡明綜合損益及其他全面收益表 | 34 | | 未經審核中期簡明綜合財務狀況表 | 35 | | 未經審核中期簡明綜合權益變動表 | 37 | | 未經審核中期簡明綜合現金流量表 | 39 | | 未經審核中期簡明綜合財務資料附註 | 41 | 寧波力勤資源科技股份有限公司 二零二五年中期報告 2 公司簡介 我們是一家鎳全產業鏈公司，公 ...