Financial Performance - The total cargo throughput for the six months ended June 30, 2025, was approximately 1,302,000 tons, a decrease of about 429,000 tons or 24.8% compared to the same period last year[7]. - Revenue for the six months ended June 30, 2025, was approximately RMB 181.5 million, a decrease of about 15.7% from RMB 215.4 million in the same period last year[11]. - Revenue from cargo handling services decreased by approximately 25.8% to about RMB 26.1 million, primarily due to a decline in overall demand[12]. - Oil product sales revenue was approximately RMB 154.6 million, down about 13.8% from RMB 179.4 million in the same period last year[9]. - The overall gross profit decreased from approximately RMB 25.0 million for the six months ended June 30, 2024, to about RMB 15.4 million for the same period in 2025[16]. - The overall gross profit margin decreased from approximately 11.6% to about 8.5% during the same periods[16]. - Profit attributable to owners of the company was approximately RMB 4.9 million for the six months ended June 30, 2025, down from approximately RMB 12.4 million for the six months ended June 30, 2024[21]. - Operating profit decreased to RMB 9,319,000, a decline of 56.5% compared to RMB 21,414,000 in the previous year[50]. - Net profit for the period was RMB 6,180,000, representing a 60.2% decrease from RMB 15,534,000 in the prior year[50]. - Basic and diluted earnings per share were RMB 0.008, down from RMB 0.021 in the same period last year[50]. Expenses and Costs - Sales and administrative expenses increased from approximately RMB 6.2 million for the six months ended June 30, 2024, to approximately RMB 6.5 million for the six months ended June 30, 2025, primarily due to increased depreciation of right-of-use assets[18]. - Total employee costs for the six months ended June 30, 2025, were approximately RMB 10.4 million, down from approximately RMB 11.0 million for the six months ended June 30, 2024, primarily due to a reduction in the number of employees and bonuses[31]. - The cost of goods sold for the six months ended June 30, 2025, was RMB 147,696, a decrease of 14% compared to RMB 171,712 for the same period in 2024[8]. - Total sales, general and administrative expenses amounted to RMB 172,646, down 12% from RMB 196,593 in the previous year[8]. - The company incurred income tax expenses of RMB 3,146 for the six months ended June 30, 2025, down from RMB 5,855 in the same period of 2024, reflecting a decrease of 46%[82]. Assets and Liabilities - Current assets net value was approximately RMB 175.2 million as of June 30, 2025, compared to approximately RMB 177.9 million as of December 31, 2024[23]. - The debt-to-asset ratio was approximately 0.3% as of June 30, 2025, down from approximately 0.4% as of December 31, 2024[24]. - Total assets decreased from RMB 403,907 thousand in December 2024 to RMB 374,307 thousand in June 2025, a decline of approximately 7.4%[52]. - Current assets decreased from RMB 211,767 thousand in December 2024 to RMB 200,690 thousand in June 2025, a decline of about 5.2%[52]. - Cash and cash equivalents significantly dropped from RMB 34,265 thousand in December 2024 to RMB 7,616 thousand in June 2025, a decrease of approximately 77.8%[52]. - Total liabilities decreased from RMB 36,212 thousand in December 2024 to RMB 25,861 thousand in June 2025, a reduction of about 28.6%[53]. - The company's equity attributable to owners decreased from RMB 314,518 thousand in December 2024 to RMB 294,032 thousand in June 2025, a decline of approximately 6.5%[52]. Shareholder Information - As of June 30, 2025, Mr. Yang Jinming holds 213,000,000 shares, representing approximately 35.5% of the company's equity[40]. - Mr. Yang Jinming is also the founder and beneficiary of a family trust that holds 210,000,000 shares, accounting for about 35.0% of the company's equity[40]. - Mr. Yang Fan holds 27,000,000 shares, which is approximately 4.5% of the company's equity[40]. - Major shareholders include Hanfu Enterprises Limited with a 35.5% stake and Zhang Dan with a 70.5% stake, indicating concentrated ownership[42]. Corporate Governance - The company has adhered to the corporate governance standards as per the listing rules, with no purchases, sales, or redemptions of its listed securities in the six months ending June 30, 2025[38]. - The board consists of three independent non-executive directors, ensuring a balance of power and independent advice on board matters[39]. - The company plans to hire external consultants for an internal review of the audit committee's scope in the second half of the year[39]. - The board believes that the current organizational structure and close supervision by management provide sufficient risk management and internal control[39]. - The company has not established an independent internal audit department but has implemented appropriate measures for internal audit functions[39]. Business Strategy and Outlook - The group plans to optimize cargo structure, strengthen cost control, and solidify customer relationships while focusing on market expansion for oil product sales[36]. - The group will continue to actively seek new business and investment opportunities to enhance diversification[37]. Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[64]. - The group maintains sufficient cash and cash equivalents to manage liquidity risk and reduce cash flow volatility[66]. - Financial liabilities, excluding lease liabilities, are due within one year from the reporting date[66]. - The group has not made any changes to its risk management policies since the fiscal year ending December 31, 2024[65]. Related Party Transactions - The company has ongoing significant transactions with related parties, including leasing office space and providing handling services[99]. - Revenue from providing handling services to related parties was RMB 1,670,000 for the six months ended June 30, 2025, a decrease of 65.9% compared to RMB 4,889,000 for the same period in 2024[101].

公司簡介 2025 INTERIM REPORT 中期報告 目錄 | 公司簡介 | 2 | | --- | --- | | 公司資料 | 3 | | 財務摘要 | 5 | | 業務摘要 | 8 | | 管理層討論與分析 | 12 | | 其他資料 | 35 | | 簡明綜合財務報表審閱報告 | 55 | | 簡明綜合損益及其他全面收入表 | 56 | | 簡明綜合財務狀況表 | 57 | | 簡明綜合權益變動表 | 59 | | 簡明綜合現金流量表 | 60 | | 簡明綜合財務報表附註 | 62 | | 釋義 | 91 | 概覽 信達生物製藥集團成立於2011年，以開發出老百姓用得起的 高質量生物藥為使命和目標，公司成長為一家領先的生物製藥 公司，並已打造符合全球質量標準的全面集成生物製藥平台， 集研發、臨床開發、生產製造及商業化能力於一體。本公司致 力於開發、生產和銷售腫瘤、CVM、自身免疫、眼科等重大 疾病領域的創新藥物。本公司已建立起一條豐富的產品管線， 涵蓋一系列創新藥物形式（包括單克隆抗體、多特異性抗體、 細胞因子、ADC、細胞治療及小分子藥物等）。 「始於信，達於行」，本公司秉持最高標準的行業規 ...

Financial Performance - The company reported revenue of RMB 2,626.5 million for the first half of 2025, representing a year-on-year increase of approximately 40.7%[9]. - The core business, the "4Paradigm Prophet AI Platform," achieved revenue of RMB 2,149.0 million, a year-on-year growth of about 71.9%, accounting for approximately 81.8% of total revenue[9]. - Adjusted net loss attributable to shareholders narrowed to RMB 437.0 million, a reduction of about 71.2% compared to RMB 1,516.0 million in the same period last year[9]. - Total revenue for the first half of 2025 reached RMB 2,626.5 million, a year-on-year increase of 40.7% compared to RMB 1,866.6 million in the same period of 2024[32]. - Revenue from the core Fourth Paradigm Prophet AI platform was RMB 2,149.2 million, accounting for 81.8% of total revenue, with a year-on-year growth of 71.9%[33]. - The period loss narrowed by 56.2% to RMB 73.9 million compared to RMB 168.5 million in the first half of 2024, indicating improved cost control and resource optimization[32]. Research and Development - Research and development expenses amounted to RMB 893.0 million, an increase of approximately 5.1% year-on-year, with a research and development expense ratio of 34.0%, down 11.5% year-on-year[10]. - The company is focusing on key industries and strategic clients for the SHIFT solutions, enhancing the standardization of the 4Paradigm Sage AI platform[25]. - The company aims to build a new AI productivity system through comprehensive upgrades of its AI capabilities, including software and hardware collaboration[20]. Technology and Innovation - The company is focused on the "AI agent + world model" technology path to enhance its AI platform capabilities and drive enterprise AI productivity[10]. - The company aims to create a new AI productivity system by integrating AI agents and vertical world models to provide comprehensive solutions for enterprise clients[11]. - The company launched the "AI agent + industry large model" solutions, resulting in a 20% increase in container yard turnover rates and a 13% production capacity improvement in semiconductor manufacturing[12]. - The AI platform aims to integrate distributed energy resources in virtual power plants, optimizing control and coordination for better market participation[15]. - A joint venture was formed to integrate AI technology with energy storage systems, enhancing operational efficiency and reducing costs through real-time demand-supply forecasting[16]. Consumer Electronics - The "Phancy" consumer electronics business was introduced, featuring AI agent-based hardware and software solutions, with multiple products like smartwatches and smart glasses launched in collaboration with brands such as Lamborghini and Lenovo[13]. - The introduction of the "Phancy" brand is expected to accelerate the expansion of the consumer electronics ecosystem, positioning the company as a leader in AI-integrated products[13]. - The company is actively expanding its consumer electronics business "Phancy" by iterating AI solutions and forming partnerships with international brands and leading chip manufacturers[29]. Financial Position - Total assets as of June 30, 2025, were RMB 7,759.3 million, compared to RMB 7,587.6 million as of December 31, 2024[8]. - Total liabilities decreased to RMB 1,496.6 million from RMB 2,516.8 million as of December 31, 2024[8]. - Cash and cash equivalents totaled approximately RMB 2,698.4 million as of June 30, 2025, up from RMB 1,825.8 million as of December 31, 2024[57]. - Current cash resources amounted to approximately RMB 3,264.8 million as of June 30, 2025, compared to RMB 2,301.0 million as of December 31, 2024[58]. - Current ratio improved to approximately 4.0 as of June 30, 2025, compared to 2.3 as of December 31, 2024, indicating stronger financial risk resilience[60]. Shareholder and Governance - The company has adopted corporate governance standards and believes that good governance is essential for protecting shareholder interests and enhancing corporate value[78]. - The company has complied with the corporate governance code during the reporting period, except for the separation of the roles of Chairman and CEO[78]. - The company did not declare any interim dividend for the six months ending June 30, 2025, consistent with the previous period[91]. - The company established a joint venture with Jiuyang Technology on July 27, 2025, holding 51% of the equity, focusing on fintech services[77]. Market and Strategic Initiatives - The company is exploring new business models and growth opportunities through AI applications in emerging markets such as AI + stablecoins and AI + energy storage[29]. - The company aims to maintain its leading position in the enterprise AI market by continuously improving its AI capabilities and expanding its product offerings[28]. - The company is expanding its ecosystem partnerships to enhance product boundaries and resource efficiency in various sectors[24]. Employee and Social Responsibility - The company has made significant investments in social responsibility initiatives, including a RMB 2 million donation for disaster relief in flood-affected areas[31]. - The total employee cost for the reporting period was approximately RMB 156.3 million, covering salaries, bonuses, and other employee benefits[74]. - The company adopted an employee incentive plan on April 25, 2021, and a share option plan on September 19, 2024, to motivate employees for growth and development[75].

紅星美凱龍家居集團股份有限公司 Red Star Macalline Group Corporation Ltd. （一家於中華人民共和國註冊成立的中外合資股份有限公司） 股票代號 : 1528 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務及經營摘要 | 4 | | 管理層討論及分析 | 7 | | 企業管治及其他資料 | 28 | | 簡明合併損益及其他全面收益表 | 46 | | 簡明合併財務狀況表 | 48 | | 簡明合併股東權益變動表 | 51 | | 簡明合併現金流量表 | 53 | | 簡明合併財務報表附註 | 56 | 公司資料 董事會 於本報告日，本公司董事（「董事」）會（「董事會」） 之董事如下： 執行董事 李玉鵬先生 （董事長） 車建興先生 施姚峰先生 楊映武先生 非執行董事 葉衍榴女士 鄒少榮先生 徐國峰先生 獨立非執行董事 薛偉先生 黃建忠先生 陳善昂先生 黃志偉先生 蔡慶輝先生 職工董事 鄭建傑先生 審計委員會 薛偉先生 （主席） 黃建忠先生 鄒少榮先生 薪酬與考核委員會 黃建忠先生 （主席） 黃志偉先生 葉衍榴女士 提名委員會 陳善昂先 ...

Financial Performance - In the first half of 2025, the Group's revenue decreased by 14.4% to RMB2,177.6 million from RMB2,544.4 million in the same period of 2024[13] - The adjusted net loss significantly decreased by 73.1% from a loss of RMB437.7 million in the first half of 2024 to a loss of RMB117.9 million in the same period of 2025[13] - For the six months ended June 30, 2025, total revenue was RMB 2,177,632, a decrease of RMB 366,720 compared to RMB 2,544,352 in the same period of 2024[22] - The Group's total revenue for the Reporting Period was RMB 2,177.6 million, a decrease of 14.4% compared to RMB 2,544.4 million for the six months ended June 30, 2024[64] Revenue Breakdown - Revenue from Nayuki self-operated stores was RMB1,912.3 million, accounting for 87.8% of total revenue[20] - Revenue from ready-to-drink beverages decreased by 37.7% to RMB107.1 million, accounting for 4.9% of total revenue[20] - Revenue from other business lines decreased by 40.9% to RMB158.2 million, accounting for 7.3% of total revenue[20] - Freshly-made tea drinks accounted for 75.3% of total revenue, generating RMB 1,638,847, down from RMB 1,721,778 in 2024, reflecting a change of RMB (82,931) or 7.6 percentage points[22] Store Operations - As of June 30, 2025, the Group had a total of 1,638 Nayuki teahouses, including 1,321 self-operated stores and 317 franchise stores[15] - The average daily sales per teahouse increased by 4.1% to RMB7.6 thousand from RMB7.3 thousand in the same period of 2024[14] - Average orders per teahouse per day increased by 11.4% to 296.3 orders from 265.9 orders in the same period of 2024[14] - The average daily sales per teahouse in Shenzhen remained stable at RMB10.4 thousand, while sales in Shanghai decreased from RMB6.8 thousand to RMB6.4 thousand[44] Membership and Customer Engagement - The number of registered members as of June 30, 2025, reached approximately 111.1 million, with monthly active members at approximately 3.9 million and a monthly repurchase rate of 23.5%[28] - Nayuki self-operated stores generated approximately 44.2% of their revenue from delivery orders placed by third-party platforms, and about 3.9% from their self-operated platform[60] - The Group plans to leverage its digital membership system to enhance customer engagement and boost repurchase rates in a competitive market[54] Financial Position - As of June 30, 2025, the Group held cash and deposits totaling RMB2,793.2 million, reflecting a 3.7% increase from RMB2,694.2 million as of December 31, 2024[55] - Total cash and cash equivalents as of June 30, 2025, amounted to RMB848.7 million, an increase from RMB579.1 million as of December 31, 2024[100] - The gearing ratio as of June 30, 2025, was 35.0%, a decrease from 36.5% as of December 31, 2024[113] - The current ratio as of June 30, 2025, was approximately 3.02 times, compared to approximately 2.51 times as of December 31, 2024[117] Cost Management - Cost of materials amounted to RMB743.6 million, representing 34.1% of total revenue, down from 36.7% in the same period of 2024[63] - Staff costs were RMB648.8 million, accounting for 29.8% of total revenue, compared to RMB746.7 million or 29.3% for the six months ended June 30, 2024[68] - Depreciation of right-of-use assets was RMB145.6 million, representing 6.7% of total revenue, down from RMB233.8 million or 9.2% for the six months ended June 30, 2024[70] - Other rentals and related expenses were RMB112.8 million, accounting for 5.2% of total revenue, compared to RMB140.4 million or 5.5% for the six months ended June 30, 2024[75] Capital Expenditure and Future Plans - Capital expenditures for the Reporting Period amounted to RMB 6.5 million, primarily for equipment and leasehold improvements[124] - Approximately 70.0% or HK$3,389.8 million of the net proceeds will be used to expand the Group's teahouse network and deepen market penetration[142] - The Group aims to expand its teahouse network and deepen market penetration, targeting a penetration rate of 70% by December 2025[144] - The Group plans to further improve overall operations by 10%, with an allocation of HK$484.2 million expected to be fully utilized by December 2024[144] Employee and Governance - The Group has adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to motivate and retain employees[138] - The Group is committed to establishing a competitive remuneration environment, with remuneration based on qualifications, experience, and performance[135] - The Group has implemented an employee retention initiative, incorporating employee retention rate as a key performance indicator[135] - The Group has undergone changes in its board of directors, with several resignations and appointments noted[149][150][151] Shareholder Information - As of June 30, 2025, Mr. Zhao Lin and Ms. Peng Xin hold a beneficial interest in 1,007,281,120 shares, representing approximately 58.99% of the Company's issued share capital[160] - The total number of shares in issue as of June 30, 2025, is 1,707,588,147[169] - The total number of shares underlying the Equity Incentive Plans is 110,881,012, which is about 6.5% of the total issued shares as of June 30, 2025[172] - The total number of shares available for grant under the Equity Incentive Plans is 76,828,619, representing approximately 4.5% of the total issued shares of the company[172]

Financial Performance - In the first half of 2025, the Group achieved revenue of RMB283.7 million, representing a significant increase of 38% compared to the same period in 2024[13]. - For the six months ended June 30, 2025, the Group's total revenue was RMB303.1 million, representing an increase of RMB83.7 million, or 38.1%, compared to the same period in 2024[37]. - Revenue from the MLCC segment for the same period was RMB283.7 million, an increase of RMB78.1 million, or 38.0%, attributed to increased sales volume and selling prices[37]. - The aggregate gross profit margin for the six months ended June 30, 2025, was 21.8%, an increase of 9.4 percentage points compared to the same period in 2024[38]. - The gross profit margin for the six months ended June 30, 2025, was 21.8%, an increase of 9.4 percentage points compared to the same period in 2024[42]. - The gross profit margin of the MLCC segment was 16.5% for the six months ended June 30, 2025, up from 6.5% for the same period in 2024, driven by a higher proportion of high-end products[43][48]. - The company reported a loss for the period of RMB 33,800,000, compared to a loss of RMB 59,169,000 in the previous year, showing a narrowing of losses[171]. - Total comprehensive loss for the period was RMB 36,411,000, compared to RMB 58,817,000 in the prior year, demonstrating overall financial improvement[171]. - Loss before taxation decreased to RMB 32,244,000 from RMB 56,934,000, reflecting a reduction in operational losses[171]. - For the six months ended June 30, 2025, the loss attributable to owners of the Company was RMB 33,800,000, a decrease of 42.8% compared to RMB 59,169,000 for the same period in 2024[173]. Investment and Development - The Group's investment in research and development has focused on high-end products, including industrial and automotive-grade capacitors, to strengthen competitiveness[16]. - The Group has developed multiple series of niche products for special circuit applications to meet high-end customer needs[16]. - The Group plans to enhance core competitiveness through investments in new materials and processes, while expanding its product portfolio to include medium and large-sized high-capacitance products[93]. - The company has maintained a strong emphasis on R&D investments to achieve technological breakthroughs in small-sized high-capacity MLCC products, solidifying its leading position in the domestic market[96]. - Research and development costs increased by RMB1.3 million to RMB29.1 million for the six months ended June 30, 2025, reflecting a greater investment in R&D[47][52]. Market and Economic Conditions - The overall economic recovery has been hampered by geopolitical conflicts and high inflation, impacting the Group's segments[12]. - The MLCC market is expected to maintain a favorable long-term development trend, driven by demand in IoT, 5G communications, new energy vehicles, and AI servers[94]. - The MLCC industry is expected to gradually recover by 2025, driven by growth in IoT, 5G communications, new energy vehicles, and AI servers, despite facing challenges[96]. Operational Efficiency - Selling and distribution costs fell by 24.9% to RMB7.7 million for the six months ended June 30, 2025, attributed to improved cost control[45][50]. - Administrative expenses decreased by RMB7.8 million to RMB35.9 million for the six months ended June 30, 2025, mainly due to lower legal fees and better cost management[46][51]. - Other income decreased by 18.6% to RMB8.8 million for the six months ended June 30, 2025, primarily due to a reduction in government grants[44][49]. - The company reported a net impairment loss of accounts receivables of RMB 0 thousand in 2025, compared to RMB (39) thousand in 2024, indicating improved receivables management[182]. - The increase in inventories was RMB (21,607) thousand in 2025, a reduction from RMB (41,155) thousand in 2024, suggesting better inventory control[182]. Financial Position and Liquidity - As of June 30, 2025, the total capital commitment of the funds was approximately US$647.8 million, with the Group committing approximately US$89.9 million and investing US$75.8 million[27]. - The Group's net current liabilities decreased to approximately RMB576.1 million as of June 30, 2025, compared to RMB603.4 million as of December 31, 2024, with current assets at RMB784.2 million[77]. - The current ratio remained stable at 0.6 as of June 30, 2025, consistent with the level at the end of 2024[78]. - The Group's gearing ratio increased to approximately 78.3% as of June 30, 2025, up from 75.9% at the end of 2024, due to an increase in bank and other loans[83]. - The Group's liquidity position is deemed sufficient to meet ongoing operational requirements, supported by liquid assets and credit facilities[84]. - The Group is actively negotiating with banks on loan terms and financial covenants, and exploring other debt or equity financing arrangements[200]. Corporate Governance and Shareholder Information - The company is committed to enhancing corporate governance practices to safeguard the interests of shareholders and stakeholders, ensuring compliance with the Corporate Governance Code[109][110]. - The interests of directors and chief executives in shares and debentures are disclosed in accordance with the Securities and Futures Ordinance[120][125]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[112][115]. - The Share Award Scheme aims to align the interests of eligible participants with those of shareholders through ownership of interests in the company[132][135]. - A total of 74,475,000 shares are available for issue under the Share Award Scheme, representing 10% of the issued share capital of the Company[139]. Employee and Talent Management - As of June 30, 2025, the company employed 1,353 individuals, an increase from 1,257 employees as of December 31, 2024, reflecting a focus on talent acquisition[99][102].

[Company Profile](index=3&type=section&id=Company%20Profile) The Group, established in June 2012, is the sole red-chip listed company under China State Shipbuilding Corporation, specializing in vessel and marine equipment leasing and investment operations [Company Overview](index=3&type=section&id=Company%20Overview) The Group, established in June 2012, is the sole red-chip listed company under China State Shipbuilding Corporation, focusing on vessel and marine equipment leasing and investment operations, with **143 vessels** and **HKD 42.2 billion** in total assets as of June 30, 2025 - The Group is the **sole red-chip listed company** under China State Shipbuilding Corporation, a leading shipyard-affiliated leasing company in Greater China, and one of the world's leading vessel leasing enterprises[6](index=6&type=chunk) - The business model integrates vessel leasing and investment operations, with continuous efforts in the green and clean energy sector[8](index=8&type=chunk) Company Profile as of June 30, 2025 | Metric | Value | | :--- | :--- | | Number of Vessels | 143 vessels | | Total Assets | HKD 42.2 billion | - Strategic focus on "dual carbon" goals, serving national strategies such as "clean energy", "strong shipbuilding and maritime nation", and "Guangdong-Hong Kong-Macao Greater Bay Area construction"[8](index=8&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This section provides fundamental company details, including board members, committee structures, registered office, auditors, and listing information, illustrating its governance and external partnerships [Company Basic Information and Governance Structure](index=5&type=section&id=Company%20Basic%20Information%20and%20Governance%20Structure) This section lists the company's board members, committee compositions, company secretary, registered office, legal advisors, share registrar, auditor, principal bankers, company website, stock code, and listing date, showcasing its governance structure and external partners - Board members include executive directors, non-executive directors, and independent non-executive directors, with committees for audit, remuneration, nomination, strategy and investment, and ESG and sustainable development[11](index=11&type=chunk) - The company's registered office is located at Room 1801, 18/F, Worldwide House, 19 Des Voeux Road Central, Hong Kong[13](index=13&type=chunk) - The auditor is Grant Thornton Hong Kong Limited, and principal bankers include Bank of China (Hong Kong) Limited and China Construction Bank (Asia) Corporation Limited[13](index=13&type=chunk) Company Listing Information | Metric | Value | | :--- | :--- | | Stock Code | 3877 | | Listing Date | June 17, 2019 | [Financial Summary](index=7&type=section&id=Financial%20Summary) This section provides a high-level overview of the Group's financial performance and position, including key figures from the income statement, statement of financial position, and selected financial ratios [Condensed Consolidated Statement of Profit or Loss Summary](index=7&type=section&id=1.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20Summary) For the six months ended June 30, 2025, the Group's revenue increased by **2.7%** year-on-year to **HKD 2.018 billion**, and operating profit grew by **5.6%** to **HKD 1.167 billion**, while profit for the period decreased by **14.1%** to **HKD 1.151 billion**, with basic earnings per share at **HKD 0.179**, a **17.1%** year-on-year decline Condensed Consolidated Statement of Profit or Loss Summary (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 2,017,965 | 1,965,771 | 2.7% | | Total expenses | (833,297) | (1,095,844) | (24.0%) | | Operating profit | 1,167,050 | 1,105,081 | 5.6% | | Profit for the period | 1,151,157 | 1,339,860 | (14.1%) | | Earnings per share (HKD) – Basic | 0.179 | 0.216 | (17.1%) | | Earnings per share (HKD) – Diluted | 0.178 | 0.216 | (17.6%) | [Condensed Consolidated Statement of Financial Position Summary](index=8&type=section&id=2.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20Summary) As of June 30, 2025, the Group's total assets were **HKD 42.201 billion**, a **3.9%** decrease from the end of 2024; total liabilities were **HKD 27.496 billion**, a **7.2%** decrease; and total equity was **HKD 14.704 billion**, an increase of **2.8%** Condensed Consolidated Statement of Financial Position Summary (As of June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total assets | 42,200,612 | 43,920,995 | (3.9%) | | Total liabilities | 27,496,286 | 29,622,959 | (7.2%) | | Total equity | 14,704,326 | 14,298,036 | 2.8% | [Selected Financial Ratios](index=9&type=section&id=3.%20Selected%20Financial%20Ratios) As of June 30, 2025, the Group's profitability metrics included an average return on assets (ROA) of **5.4%** and an average return on equity (ROE) of **15.4%**, while liquidity indicators showed a debt-to-asset ratio of **65.2%** and a leverage ratio of **1.7 times**, with S&P Global Ratings and Fitch Ratings both at A- Selected Financial Ratios (As of June 30) | Metric | 2025 H1 | 2024 H2 | | :--- | :--- | :--- | | Average Return on Assets (ROA) | 5.4% | 4.8% | | Average Return on Equity (ROE) | 15.4% | 15.7% | | Average Cost of Interest-Bearing Debt | 3.1% | 3.5% | | Net Interest Margin | 57.0% | 53.4% | | Debt-to-Asset Ratio | 65.2% | 67.5% | | Risk Assets to Equity Ratio | 2.8 times | 2.9 times | | Leverage Ratio | 1.7 times | 1.9 times | | Net Debt to Equity Ratio | 1.7 times | 1.8 times | | S&P Global Rating | A- | A | | Fitch Rating | A- | A | | Dagong Global Credit Rating | AAA | AAA | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operational performance, financial position, and future outlook, covering industry trends, strategic initiatives, and risk management [Industry Environment](index=11&type=section&id=1.%20Industry%20Environment) In H1 2025, the international shipping market experienced overall upward volatility, driven by the Red Sea crisis, commodity demand, and inventory replenishment in Europe and the US, while the oil tanker and product tanker markets saw slight increases, dry bulk freight rates fluctuated, container shipping rates rebounded after a decline, and LNG and VLGC freight rates remained relatively stable despite some weakness - In H1 2025, the Clarkson Shipping Index rose from **USD 21,621/day** in January to **USD 25,453/day** in June, an increase of **17.7%**, but the average for the first half of the year decreased by **4.9%** year-on-year[24](index=24&type=chunk) - The oil tanker market slowly increased, with the Baltic Dirty Tanker Index (BDTI) average for H1 decreasing by **21.3%** year-on-year, while the product tanker market saw a slight increase, with the Baltic Clean Tanker Index (BCTI) average for H1 at **681 points**[24](index=24&type=chunk)[25](index=25&type=chunk) - Dry bulk freight rates fluctuated, with the Baltic Dry Index (BDI) average for H1 decreasing by **29.7%** year-on-year, while the China Containerized Freight Index (CCFI) and Shanghai Containerized Freight Index (SCFI) averages for H1 decreased by **8.2%** and **26.6%** year-on-year, respectively[26](index=26&type=chunk)[27](index=27&type=chunk) - LNG vessel freight rates were exceptionally weak, with the H1 average decreasing by **86.2%** to **56.0%**, while VLGC freight rates decreased by **27.4%** year-on-year but remained at a relatively good level[28](index=28&type=chunk)[29](index=29&type=chunk) - Looking ahead to H2, global seaborne trade volume and turnover growth are projected to be **0.1%** and **0.3%** respectively, with global fleet capacity expected to grow by **4.3%**, potentially leading to a decline in earnings for most vessel types[32](index=32&type=chunk)[33](index=33&type=chunk) - In terms of green initiatives, the IMO launched the world's first mandatory "dual-track" emission reduction agreement, with LNG and methanol fuels as short-term primary choices, and green ammonia and green hydrogen as long-term directions, while smart vessel technology made breakthroughs, with the Maritime Autonomous Surface Ships (MASS CODE) entering voluntary implementation and China Classification Society revising its "Smart Ship Rules"[35](index=35&type=chunk)[36](index=36&type=chunk) [H1 Work Summary](index=15&type=section&id=2.%20H1%20Work%20Summary) In H1 2025, the Group adhered to its "counter-cyclical investment, pro-cyclical operation" strategy, achieving revenue of **HKD 2.018 billion**, a **2.7%** year-on-year increase, and net profit of **HKD 1.151 billion**, a **14.1%** year-on-year decrease, primarily due to increased tax expenses from the OECD Pillar Two Model Rules, with an annualized ROE of **15.4%** and an annualized ROA of **5.4%**, making progress in fleet management, capital management, and lean management, optimizing fleet structure, controlling financing costs, and gaining authoritative recognition in ESG 2025 H1 Key Financial Performance | Metric | Amount (HKD) | Year-on-year Change | | :--- | :--- | :--- | | Operating Revenue | HKD 2.018 billion | +2.7% | | Net Profit | HKD 1.151 billion | -14.1% | | Annualized ROE | 15.4% | -0.3 percentage points | | Annualized ROA | 5.4% | +0.6 percentage points | - The decrease in net profit was primarily due to the retrospective application of the OECD Pillar Two Model Rules, resulting in a tax expense provision of **HKD 137.7 million**[37](index=37&type=chunk) [Fleet Size and Structure Optimization](index=15&type=section&id=2.1%20Maintaining%20Overall%20Fleet%20Size%20Stability%2C%20Further%20Enhancing%20Fleet%20Operating%20Attributes%20and%20High-Value-Added%20Characteristics) In H1 2025, the Group prudently deployed new vessels, signed **6 new shipbuilding orders** totaling **USD 308 million**, with **100%** being mid-to-high-end vessel types, resulting in a fleet of **143 vessels** as of June 30, of which **121 are operational** with an average age of approximately **4.13 years** and an average remaining lease term of **7.64 years** for leases over one year, indicating a trend towards a higher-value, younger fleet structure - Signed **6 new shipbuilding orders** with a contract value of **USD 308 million**, with **100%** being mid-to-high-end vessel types (including 4 MR tankers and 2 methanol dual-fuel MR tankers)[38](index=38&type=chunk) Fleet Overview as of June 30, 2025 | Metric | Value | | :--- | :--- | | Total Fleet Size | 143 vessels | | Operational Vessels | 121 vessels | | Vessels Under Construction | 22 vessels | | Average Age of Operational Vessels | Approx. 4.13 years | | Average Remaining Lease Term for Leases over One Year | 7.64 years | - The operational fleet composition includes approximately **14.7%** marine clean energy equipment, **17.4%** container vessels, **23.1%** liquid cargo vessels, **23.1%** dry bulk vessels, and **21.7%** special purpose vessels[38](index=38&type=chunk) [Capital Management and Debt Structure](index=16&type=section&id=2.2%20Further%20Strengthening%20Capital%20Management%2C%20Maintaining%20Good%20Funding%20Costs%20and%20Debt%20Structure) The Group implemented a cross-currency financing strategy, replacing some high-interest USD borrowings with lower-interest RMB and HKD borrowings, controlling the comprehensive financing cost at **3.1%**, a **40 basis point** reduction from the beginning of the year, resulting in a debt-to-asset ratio of **65.2%** as of June 30, 2025, a **2.3 percentage point** decrease from year-end, with interest-bearing borrowings of approximately **HKD 25.55 billion**, a **7.4%** decrease, while actively advancing a **RMB 10 billion** credit facility agreement with CSSC Finance to ensure sufficient capital reserves - Comprehensive financing cost controlled at **3.1%**, a **40 basis point** reduction from the beginning of the year[39](index=39&type=chunk) Debt Structure as of June 30, 2025 | Metric | Amount (HKD) | Change from Year-end | | :--- | :--- | :--- | | Debt-to-Asset Ratio | 65.2% | Down 2.3% | | Interest-Bearing Borrowings | Approx. HKD 25.55 billion | Down 7.4% | - Actively advancing the **RMB 10 billion** credit facility agreement with CSSC Finance to increase credit reserve limits[39](index=39&type=chunk) [Lean Management and ESG Achievements](index=16&type=section&id=2.3%20Driving%20Quality%20and%20Efficiency%20Improvements%20through%20Lean%20Management) The Group further improved its comprehensive risk management system, deepened compliance control, and achieved significant ESG accomplishments, successfully being selected for S&P Global's "Sustainability Yearbook (China Edition) 2025" and ranking on the "Fortune China ESG Impact List" for the third consecutive year, fully demonstrating authoritative recognition of its ESG governance effectiveness - Improved the comprehensive risk management system, re-evaluating, refining, and expanding first, second, and third-tier risks, and formulating optimization plans[40](index=40&type=chunk) - Deepened compliance control, incorporating consolidated joint ventures and contracts involving significant reserved matters into legal review[40](index=40&type=chunk) - Successfully selected for S&P Global's "Sustainability Yearbook (China Edition) 2025" and ranked on the "Fortune China ESG Impact List" for the third consecutive year[40](index=40&type=chunk) [H2 Outlook](index=17&type=section&id=3.%20H2%20Outlook) In H2 2025, the company will maintain steady progress, focusing on expanding its vessel leasing business and securing new shipbuilding orders to grow its high-quality vessel asset portfolio, while also diligently managing asset risk disposal, strengthening vessel asset monitoring, and controlling comprehensive financing costs through measures such as establishing a **USD 3 billion** Medium Term Note framework program, advancing the **RMB 10 billion** credit agreement with CSSC Finance, and continuing cross-currency financing - Continue to expand vessel leasing business, secure new shipbuilding orders, and grow a high-quality vessel asset portfolio[42](index=42&type=chunk) - Diligently manage asset risk disposal, strengthen vessel asset monitoring, strictly control incremental risks, and prepare risk response plans in advance[42](index=42&type=chunk) - Strengthen comprehensive financing cost control, including completing the establishment of a **USD 3 billion** Medium Term Note framework program, advancing the implementation of the **RMB 10 billion** credit agreement with CSSC Finance, and continuously implementing cross-currency financing[42](index=42&type=chunk) [Financial Review](index=18&type=section&id=4.%20Financial%20Review) This section provides a detailed review of the Group's H1 2025 financial performance, including an analysis of the condensed consolidated statement of profit or loss and statement of financial position, noting revenue growth from operating lease services, decreased financial services income, significantly reduced total expenses due to lower financing costs and impairment reversals, and a decrease in profit for the period due to increased tax expenses from OECD Pillar Two rules and lower joint venture results, while the financial position showed decreased total assets and liabilities, increased total equity, and improved debt-to-asset ratio [Analysis of Condensed Consolidated Statement of Profit or Loss](index=18&type=section&id=4.1%20Analysis%20of%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) In H1 2025, the Group's revenue increased by **2.7%** year-on-year to **HKD 2.018 billion**, primarily driven by a **15.4%** increase in operating lease service income, while total expenses decreased by **24.0%** year-on-year, mainly due to a **19.3%** reduction in finance costs and a net reversal of impairment losses on loans and lease receivables, but the share of results of joint ventures decreased by **50.2%**, and income tax expense significantly increased to **HKD 137.7 million** due to the retrospective application of OECD Pillar Two rules, leading to a **14.1%** year-on-year decrease in profit for the period to **HKD 1.151 billion** [Revenue](index=18&type=section&id=4.1.1%20Revenue) The Group's revenue increased by **2.7%** year-on-year to **HKD 2.018 billion**, primarily driven by a **15.4%** increase in operating lease service income to **HKD 1.209 billion** due to the addition of **3 container vessels** in H2 2024, while financial services income decreased by **12.2%** to **HKD 787 million**, mainly due to the completion of some finance lease and loan borrowing projects Revenue Breakdown by Business Activity (For the six months ended June 30) | Business Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Shipping Integrated Services | 1,231,338 | 1,069,465 | 15.1% | | －Operating Lease Services | 1,208,824 | 1,047,123 | 15.4% | | －Vessel Brokerage Services | 22,514 | 22,342 | 0.8% | | Financial Services | 786,627 | 896,306 | (12.2%) | | －Finance Lease Services | 549,995 | 619,906 | (11.3%) | | －Loan Borrowing Services | 236,632 | 276,400 | (14.4%) | | **Total** | 2,017,965 | 1,965,771 | 2.7% | - Operating lease service income increased by **15.4%**, primarily due to the addition of **3 container vessels** in H2 2024[47](index=47&type=chunk) - Financial services income decreased by **12.2%**, primarily due to the completion of finance lease and loan borrowing projects during H2 2024 and H1 2025[48](index=48&type=chunk) [Other Income and Other (Losses) / Gains, Net](index=19&type=section&id=4.1.2%20Other%20Income%20and%20Other%20%28Losses%29%20%E2%88%95%20Gains%2C%20Net) In H1 2025, the Group recorded a net other loss of **HKD 17.6 million**, primarily due to net exchange losses, whereas in the same period of 2024, it recorded a net other income of **HKD 235.2 million**, mainly from early termination fees for finance lease projects and gains on disposal of vessels - Net other loss for H1 2025 was **HKD 17.6 million**, primarily due to net exchange losses[49](index=49&type=chunk) - Net other income for the same period in 2024 was **HKD 235.2 million**, mainly from early termination fees of **HKD 150.7 million** for finance lease projects and gains of **HKD 56.4 million** from the disposal of vessels[49](index=49&type=chunk) [Expenses](index=20&type=section&id=4.1.3%20Expenses) The Group's total expenses decreased by **24.0%** year-on-year to **HKD 833 million**, with finance costs and bank charges decreasing by **19.3%** to **HKD 416 million** due to efficient financing strategies, while depreciation expenses increased by **6.1%**, vessel operating costs increased by **37.8%**, and employee benefit expenses decreased by **7.6%**, notably recording a net reversal of impairment losses on loans and lease receivables of **HKD 132 million** compared to a net provision of **HKD 106 million** in the prior year Expense Breakdown (For the six months ended June 30) | Expense Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Finance costs and bank charges | 416,021 | 515,642 | (19.3%) | | Depreciation | 297,993 | 280,936 | 6.1% | | Vessel operating costs | 188,209 | 136,582 | 37.8% | | Employee benefit expenses | 28,669 | 31,022 | (7.6%) | | Other operating expenses | 34,728 | 25,998 | 33.6% | | Impairment (reversal) / provision for loans and lease receivables, net | (132,323) | 105,664 | (225.2%) | | **Total** | 833,297 | 1,095,844 | (24.0%) | - Finance costs and bank charges decreased by **19.3%**, primarily due to cross-currency financing strategies, reduction of existing loan interest rates, and financial derivative hedging of interest rate risks[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - Vessel operating costs increased by **37.8%**, mainly due to increased vessel repair and maintenance costs in H1 2025[56](index=56&type=chunk) - Net reversal of impairment losses on loans and lease receivables of **HKD 132.3 million** was primarily due to the reversal of provisions recognized in prior years for lease projects upon completion or early termination[58](index=58&type=chunk) [Share of Results of Joint Ventures](index=22&type=section&id=4.1.4%20Share%20of%20Results%20of%20Joint%20Ventures) The Group's share of results of joint ventures decreased by **50.2%** year-on-year to **HKD 131 million**, mainly due to the disposal of **2 chemical MR tankers** in H2 2024 and a decrease in daily charter rates for product and chemical tankers - Share of results of joint ventures decreased by **50.2%** from **HKD 264 million** in H1 2024 to **HKD 131 million** in H1 2025[60](index=60&type=chunk) - The decrease was primarily due to the disposal of **2 chemical MR tankers** in H2 2024 and a decline in daily charter rates for product and chemical tankers[60](index=60&type=chunk) [Income Tax Expense](index=22&type=section&id=4.1.5%20Income%20Tax%20Expense) Income tax expense significantly increased from **HKD 20.2 million** in H1 2024 to **HKD 137.7 million** in H1 2025, primarily due to the retrospective application of the OECD Pillar Two Model Rules (GloBE Rules) from January 1, 2025, requiring eligible multinational enterprises to pay taxes at a minimum effective tax rate of **15%** - Income tax expense increased to **HKD 137.7 million**, primarily due to the retrospective application of the OECD Pillar Two Model Rules from January 1, 2025[61](index=61&type=chunk) - The GloBE Rules apply to large multinational enterprises with consolidated revenue exceeding **EUR 750 million**, requiring them to pay taxes at a minimum effective tax rate of **15%**[61](index=61&type=chunk) [Profit for the Period](index=23&type=section&id=4.1.6%20Profit%20for%20the%20Period) In H1 2025, the Group's profit for the period was **HKD 1.151 billion**, a **14.1%** year-on-year decrease, primarily due to the combined impact of increased tax costs (due to OECD Pillar Two rules) and a **50.2%** decrease in the share of results of joint ventures, despite core business operating profit remaining stable at **HKD 1.013 billion** (excluding non-recurring items) compared to **HKD 1.004 billion** in the prior year - Profit for the period was **HKD 1,151.2 million**, a **14.1%** year-on-year decrease[62](index=62&type=chunk) - Core business operating profit remained stable, at **HKD 1,013.1 million** in H1 2025 compared to **HKD 1,003.6 million** in H1 2024[62](index=62&type=chunk) - The decrease in profit was primarily due to increased tax costs (due to OECD Pillar Two rules) and a **50.2%** reduction in the share of results of joint ventures[63](index=63&type=chunk) [Analysis of Condensed Consolidated Statement of Financial Position](index=24&type=section&id=4.2%20Analysis%20of%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were **HKD 42.201 billion**, a **3.9%** decrease from the end of 2024, primarily due to a reduction in loans and lease receivables, while total liabilities decreased by **7.2%** to **HKD 27.496 billion**, mainly due to the repayment of maturing USD bonds, and total equity increased by **2.8%** to **HKD 14.704 billion**, improving the debt-to-asset ratio by **2.3 percentage points** to **65.2%** Condensed Consolidated Statement of Financial Position Summary (As of June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Total assets | 42,200,612 | 43,920,995 | (3.9%) | | Total liabilities | 27,496,286 | 29,622,959 | (7.2%) | | Total equity | 14,704,326 | 14,298,036 | 2.8% | | Debt-to-asset ratio | 65.2% | 67.5% | Down 2.3% | - The decrease in total assets was primarily due to a reduction in loans and lease receivables, as several lease projects were completed, with the proceeds used to repay borrowings[65](index=65&type=chunk) - The decrease in total liabilities was mainly due to the repayment of a maturing USD bond in H1 2025, which helped reduce interest-bearing debt and overall financial costs[65](index=65&type=chunk) [Total Assets Composition](index=24&type=section&id=Total%20Assets%20Composition) As of June 30, 2025, the Group's total assets were **HKD 42.201 billion**, primarily comprising property, plant and equipment, loans and lease receivables, cash and bank deposits, and financial assets measured at fair value, accounting for **93.9%** of total assets Total Assets Breakdown (As of June 30) | Asset Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Loans and lease receivables | 20,201,368 | 20,714,833 | (2.5%) | | Property, plant and equipment | 16,099,700 | 16,394,376 | (1.8%) | | Financial assets measured at fair value | 2,160,567 | 2,136,047 | 1.1% | | Cash and cash equivalents and time deposits maturing over three months | 1,179,872 | 1,909,346 | (38.2%) | | Other assets | 2,559,105 | 2,766,393 | (7.5%) | | **Total** | 42,200,612 | 43,920,995 | (3.9%) | [Loans and Lease Receivables](index=25&type=section&id=4.2.1%20Loans%20and%20Lease%20Receivables) The Group's total loans and lease receivables amounted to **HKD 20.201 billion**, a **2.5%** decrease from the end of 2024, with net lease receivables decreasing by **2.3%** to **HKD 14.002 billion**, primarily due to the scheduled completion of some finance lease projects, and loan borrowings and loans to joint ventures also slightly decreased Loans and Lease Receivables Breakdown (As of June 30) | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Lease receivables | 14,002,469 | 14,331,654 | (2.3%) | | Loan borrowings | 5,982,268 | 6,118,321 | (2.2%) | | Loans to joint ventures | 216,631 | 264,858 | (18.2%) | | **Total** | 20,201,368 | 20,714,833 | (2.5%) | - Lease receivables decreased by **2.3%**, primarily due to the scheduled completion of some finance lease projects during the six months ended June 30, 2025[69](index=69&type=chunk) [Property, Plant and Equipment](index=26&type=section&id=4.2.2%20Property%2C%20Plant%20and%20Equipment) The Group's total property, plant and equipment amounted to **HKD 16.099 billion**, a **1.8%** decrease from the end of 2024, primarily due to the disposal of **2 dry bulk vessels** in H2 2024 and depreciation from vessels in the leasing business - Property, plant and equipment decreased by **1.8%**, primarily due to the disposal of **2 dry bulk vessels** in H2 2024 and depreciation from vessels in the leasing business[72](index=72&type=chunk) [Financial Assets Measured at Fair Value](index=26&type=section&id=4.2.3%20Financial%20Assets%20Measured%20at%20Fair%20Value) The Group's total financial assets measured at fair value amounted to **HKD 2.161 billion**, primarily comprising listed bonds and wealth management products, as the Group continuously optimizes its financial asset allocation to diversify portfolio risks and achieve stable returns - Total financial assets measured at fair value amounted to **HKD 2,160.6 million**, primarily referring to listed bonds and wealth management products held by the Group[73](index=73&type=chunk) - The Group continuously diversifies its investment portfolio risks and achieves stable returns by investing in various listed bonds and wealth management products[73](index=73&type=chunk) [Total Liabilities Composition](index=26&type=section&id=Total%20Liabilities%20Composition) As of June 30, 2025, the Group's total liabilities were **HKD 27.496 billion**, primarily consisting of borrowings, which accounted for **92.9%** of total liabilities, with bank borrowings increasing by **8.3%** to **HKD 13.889 billion**, while bond borrowings decreased by **22.8%** to **HKD 10.370 billion**, mainly due to the repayment of maturing USD bonds and the addition of low-cost bank loans Total Liabilities Breakdown (As of June 30) | Liability Category | 2025 (thousand HKD) | 2024 (thousand HKD) | Change | | :--- | :--- | :--- | :--- | | Borrowings – Bank borrowings | 13,889,083 | 12,829,276 | 8.3% | | Borrowings – Bonds | 10,369,790 | 13,432,257 | (22.8%) | | Borrowings – Other | 1,289,195 | 1,325,622 | (2.7%) | | Other liabilities | 1,948,218 | 2,035,804 | (4.3%) | | **Total** | 27,496,286 | 29,622,959 | (7.2%) | - Bank borrowings increased by **8.3%**, primarily because the Group repaid the **USD 400 million** secured bond due in February 2025 on time and in full by adding low-cost bank loans[76](index=76&type=chunk) - Bond borrowings decreased by **22.8%** due to the repayment of the **USD 400 million** secured bond due in February 2025, while the issuance of the **RMB 3 billion** "Panda Bond" framework in the domestic interbank market was completed[76](index=76&type=chunk)[77](index=77&type=chunk) [Asset Quality](index=27&type=section&id=5.%20Asset%20Quality) The Group did not write off any loans or lease receivables in H1 2025 or 2024, indicating stable asset quality - As of the year ended December 31, 2024, and the six months ended June 30, 2025, the Group did not write off any loans and lease receivables[78](index=78&type=chunk) [Liquidity and Working Capital](index=28&type=section&id=6.%20Liquidity%20and%20Working%20Capital) The Group funds its operations through cash generated from operating activities, bank borrowings, and bond issuances, maintaining a robust liquidity management strategy, with net cash generated from operating activities of **HKD 1.320 billion** in H1 2025, net cash generated from investing activities of **HKD 287 million**, and net cash used in financing activities of **HKD 2.346 billion**, ensuring sufficient funding sources to cover debt repayment and business development needs through good credit ratings - The Group primarily funds its operations and growth through cash generated from operating activities, bank borrowings, and bond issuances, maintaining a robust liquidity risk appetite[79](index=79&type=chunk) - Maintained an AAA rating from Dagong Global Credit Rating Co., Ltd., an A- international rating from S&P, and an A- international rating from Fitch (Fitch's rating change was due to Fitch's adjustment of China's sovereign credit rating during the period)[80](index=80&type=chunk) Condensed Consolidated Cash Flow Statement Summary (For the six months ended June 30) | Cash Flow Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,320,276 | 4,273,137 | | Net cash generated from / (used in) investing activities | 286,880 | (997,327) | | Net cash used in financing activities | (2,345,639) | (2,812,250) | | Net (decrease) / increase in cash and cash equivalents | (738,483) | 463,560 | | Cash and cash equivalents at end of period | 1,052,669 | 1,401,173 | - Net cash generated from operating activities was primarily due to the receipt of funds from completed finance lease projects and the generation of operating profit[82](index=82&type=chunk) - Net cash generated from investing activities was primarily due to the receipt of dividends from a joint venture[83](index=83&type=chunk) - Net cash used in financing activities was primarily due to the repayment of maturing bonds[83](index=83&type=chunk) [Capital Management](index=30&type=section&id=7.%20Capital%20Management) In H1 2025, the Group actively navigated a complex financial environment, effectively controlling financing costs through diversified financing channels and cross-currency financing strategies, and utilizing financial instruments to hedge interest rate and exchange rate risks, resulting in a comprehensive financing cost reduction to **3.1%**, ample credit facilities, and a healthy debt-to-asset level [Bank Loans and Capital Structure](index=30&type=section&id=7.1%20Bank%20Loans%20and%20Capital%20Structure) The Group effectively controlled financing costs by opportunistically utilizing RMB and HKD financing, reducing the comprehensive financing cost from **3.5%** at the end of 2024 to **3.1%** in H1 2025, and signed a **RMB 10 billion** credit facility agreement with CSSC Finance, further enhancing capital management efficiency, maintaining ample credit facilities and a leverage ratio of **1.7 times** as of June 30, 2025, indicating a healthy debt-to-asset level - Comprehensive financing cost decreased from **3.5%** for the year ended December 31, 2024, to **3.1%** for the six months ended June 30, 2025[85](index=85&type=chunk) - Adopted "cross-currency" financing measures, utilizing low-interest RMB and HKD borrowings to effectively control the rapid growth of financing costs[85](index=85&type=chunk) - Signed a **RMB 10 billion** credit facility agreement with CSSC Finance, valid until December 31, 2027, significantly enhancing capital management efficiency[86](index=86&type=chunk) Loan Facilities and Leverage Ratio as of June 30, 2025 | Metric | Amount (HKD) | | :--- | :--- | | Total Loan Facilities | Approx. HKD 34.84 billion | | Utilized Loan Facilities | Approx. HKD 15.18 billion | | Unutilized Bank Loan Facilities | Approx. HKD 19.66 billion | | Leverage Ratio | 1.7 times | [Interest Rate Risk](index=31&type=section&id=7.2%20Interest%20Rate%20Risk) The Group hedges interest rate risk exposure by employing financial instruments such as interest rate swaps, with existing interest rate swap products having a notional principal of approximately **HKD 3.338 billion** as of June 30, 2025, locking in an average long-term fixed USD interest rate of approximately **1.58%**, effectively hedging against the impact of high USD interest rates, while also improving the matching of interest-bearing methods for assets and liabilities through fixed-rate bonds and loans to reduce interest rate risk exposure - Employed financial instruments such as interest rate swaps to hedge interest rate risk exposure, with existing interest rate swap products having a notional principal of approximately **HKD 3,338.0 million** as of June 30, 2025[88](index=88&type=chunk) - The locked-in average long-term fixed USD interest rate is approximately **1.58%**, effectively hedging against the negative impact of high USD interest rates[88](index=88&type=chunk) - Continuously improved the matching of interest-bearing methods for operating lease assets and liabilities through measures such as issuing fixed-rate bonds, fixed-rate loans, and operating interest rate swaps[88](index=88&type=chunk) [Exchange Rate Risk](index=32&type=section&id=7.3%20Exchange%20Rate%20Risk) The Group adopts a prudent foreign exchange risk management strategy, as vessel purchases and lease receivables are primarily denominated in USD, and the main funding source is USD bank loans, thus presenting no significant exchange rate risk exposure, while for RMB exchange rate risk exposure, the Group hedges through foreign exchange swaps, cross-currency swaps, and replacing RMB financing with HKD financing, maintaining exchange rate risk at a controllable level during the period - Vessels under finance lease and operating lease businesses are purchased in USD, and corresponding finance lease receivables and fixed assets are denominated in USD, with the main funding source being USD bank loans, thus presenting no significant exchange rate risk exposure[89](index=89&type=chunk) - For existing RMB exchange rate risk exposure, the Group effectively hedges foreign exchange risk exposure by partially engaging in financial activities such as foreign exchange swaps and cross-currency swaps, and partially utilizing HKD financing to replace RMB financing[89](index=89&type=chunk) [Risk Management](index=32&type=section&id=8.%20Risk%20Management) The Group has established a comprehensive risk management system, adopting a prudent risk appetite strategy that favors industries with mature business models, economies of scale, and excellent asset quality, as well as large, leading, or high-quality listed company clients, and by scientifically classifying, valuing, and professionally managing lease assets, while continuously improving its risk management system, processes, and tools, it has effectively enhanced its risk management capabilities to maximize risk-adjusted returns - The Group's strategic objective is sustainable business development and enhancing Group value, establishing a comprehensive risk management system and adopting a prudent risk appetite strategy[90](index=90&type=chunk) - In terms of industry selection, the Group prefers industries and sectors with mature business models, economies of scale, and excellent asset quality; in terms of client selection, it prefers large enterprises, industry leaders, or high-quality listed companies[90](index=90&type=chunk) - In H1 2025, the company further improved its risk management system, processes and tools, risk management, internal control, compliance standardization, and risk management informatization, effectively enhancing its risk management capabilities[91](index=91&type=chunk) [Human Resources](index=33&type=section&id=9.%20Human%20Resources) As of June 30, 2025, the Group had **79 employees**, a decrease of **5** from the prior year, with approximately **31.6%** located in Hong Kong and approximately **94.9%** holding a bachelor's degree or higher, while employee benefit expenses were **HKD 28.7 million**, a **7.6%** year-on-year decrease, as the Group is committed to providing a competitive and fair remuneration and benefits system Human Resources Overview (As of June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 79 employees | 84 employees | | Proportion of Employees with Bachelor's Degree or Above | Approx. 94.9% | - | | Employee Benefit Expenses (thousand HKD) | 28,669 | 31,022 | - Employee benefit expenses decreased by **7.6%**, primarily due to a reduction in the Group's total number of employees[92](index=92&type=chunk) [Asset Pledges](index=33&type=section&id=10.%20Asset%20Pledges) As of June 30, 2025, approximately **HKD 9.282 billion** in loans and lease receivables, **HKD 242 million** in floating charge deposits, and **HKD 2.817 billion** in property, plant and equipment were pledged to banks to secure bank loans Pledged Assets Overview (As of June 30) | Pledged Asset Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Loans and lease receivables | 9,281,800 | 9,620,900 | | Floating charge deposits | 242,100 | 253,000 | | Property, plant and equipment | 2,817,300 | 2,870,900 | - Shares of certain subsidiaries, overall assignments, bareboat charterer assignments, and inter-group loan assignments have also been pledged to banks[93](index=93&type=chunk) [Corporate Governance / Other Information](index=34&type=section&id=Corporate%20Governance%20%E2%88%95%20Other%20Information) This section details the Group's corporate governance practices, interim dividend declaration, share registration arrangements, directors' securities dealings, changes in directors' information, and major shareholder interests [Corporate Governance Practices](index=34&type=section&id=Corporate%20Governance%20Practices) The Group is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code set out in Appendix C1 of the Hong Kong Stock Exchange Listing Rules, and despite the Chairman and CEO being the same person, the Board believes this arrangement facilitates business strategy execution and operational efficiency, with a balanced board structure that safeguards shareholder interests - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and complied with all applicable code provisions in H1 2025[95](index=95&type=chunk) - Mr. Li Hongtao serves as both Chairman and Chief Executive Officer, an arrangement the Board believes facilitates business strategy execution and enhances operational efficiency[96](index=96&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board declared an interim dividend of **HKD 0.05 per share** for the six months ended June 30, 2025, an increase from **HKD 0.03 per share** in the same period of 2024, payable on November 13, 2025, with shareholders having the option to receive it in HKD or RMB - The Board declared an interim dividend of **HKD 0.05 per share** for the six months ended June 30, 2025 (H1 2024: **HKD 0.03 per share**)[97](index=97&type=chunk) - The interim dividend will be paid on November 13, 2025, and shareholders may elect to receive it in HKD or RMB[97](index=97&type=chunk) [Closure of Register of Members](index=35&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend its share transfer registration from October 2 to October 6, 2025 (both dates inclusive), with the ex-dividend date for the interim dividend being September 29, 2025, and the record date being October 6, 2025 - The register of members will be closed from Thursday, October 2, 2025, to Monday, October 6, 2025[99](index=99&type=chunk) - The ex-dividend date for the interim dividend is Monday, September 29, 2025, and the record date is Monday, October 6, 2025[99](index=99&type=chunk) [Standard Code for Securities Transactions by Directors](index=35&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed compliance with this Standard Code during the six months ended June 30, 2025 - The company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code in H1 2025[100](index=100&type=chunk) [Changes in Directors' Information](index=35&type=section&id=Changes%20in%20Directors%27%20Information) Ms. Zhang Yi resigned as a non-executive director and a member of the company's Audit Committee and Strategy and Investment Committee on June 23, 2025, due to personal work arrangements, with no other changes in directors' information requiring disclosure under the Listing Rules during the six months ended June 30, 2025 - Ms. Zhang Yi resigned as a non-executive director and a member of the company's Audit Committee and Strategy and Investment Committee on June 23, 2025, due to personal work arrangements[101](index=101&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=35&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - In H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[102](index=102&type=chunk) - As of June 30, 2025, the company held no treasury shares[102](index=102&type=chunk) [Interim Results Review](index=35&type=section&id=Interim%20Results%20Review) The company's Audit Committee, in conjunction with senior management and external auditors, reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, to monitor the financial reporting system, risk management, and internal control systems - The Audit Committee, in conjunction with the company's senior management and external auditors, reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025[103](index=103&type=chunk) [Directors' and Chief Executive's Interests](index=36&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, no directors or chief executives of the company held any interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation that were required to be disclosed to the company and the Stock Exchange under the Securities and Futures Ordinance - As of June 30, 2025, no directors or chief executives of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any associated corporation[104](index=104&type=chunk) [Substantial Shareholders' Interests](index=36&type=section&id=Substantial%20Shareholders%27%20Interests) As of June 30, 2025, the State-owned Assets Supervision and Administration Commission of the State Council, China State Shipbuilding Corporation, and CSSC International Holdings Company Limited each held approximately **74.25%** long positions in the company's shares, while Central Huijin Investment Ltd., China Re Asset Management (Hong Kong) Company Limited, and China Reinsurance (Group) Corporation held approximately **8.07%** long positions Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares (As of June 30, 2025) | Shareholder Name | Capacity / Nature of Interest | Number of Shares | Long / Short Position | Approximate Percentage of Company's Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | State-owned Assets Supervision and Administration Commission of the State Council | Interest in controlled corporation | 4,602,046,234 | Long Position | 74.25 | | China State Shipbuilding Corporation | Interest in controlled corporation | 4,602,046,234 | Long Position | 74.25 | | China State Shipbuilding Corporation Limited | Interest in controlled corporation | 4,602,046,234 | Long Position | 74.25 | | CSSC International Holdings Company Limited | Beneficial owner | 4,602,046,234 | Long Position | 74.25 | | Central Huijin Investment Ltd. | Interest in controlled corporation | 500,246,000 | Long Position | 8.07 | | China Re Asset Management (Hong Kong) Company Limited | Investment manager | 500,246,000 | Long Position | 8.07 | | China Reinsurance (Group) Corporation | Beneficial owner | 500,246,000 | Long Position | 8.07 | [Share Option Scheme](index=37&type=section&id=Share%20Option%20Scheme) The company's share option scheme was approved on April 30, 2021, with a 10-year validity, and as of the reporting date, **172,250,000 share options** have been granted, with **26,808 thousand outstanding share options** as of June 30, 2025, at a weighted average exercise price of **HKD 1.26**, and the number of ordinary shares issued increased by **11,476 thousand** during the period due to the exercise of share options - The share option scheme was approved by shareholders on April 30, 2021, with a validity period of **10 years**[107](index=107&type=chunk) - As of the reporting date, the company has granted **172,250,000 share options** under the scheme[108](index=108&type=chunk) Share Option Movement Details (For the six months ended June 30) | Metric | 2025 (thousand shares) | 2024 (thousand shares) | | :--- | :--- | :--- | | Outstanding at January 1 | 58,941 | 115,368 | | Exercised | (11,476) | (16,206) | | Forfeited | (20,657) | (5,366) | | Outstanding at June 30 | 26,808 | 93,796 | | Exercisable at June 30 | 9,232 | 48,359 | - As of June 30, 2025, the weighted average remaining contractual life of outstanding share options was **6.2 years**, with exercise prices ranging from **HKD 1.15** to **HKD 1.32**[180](index=180&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=39&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate, nor were any such rights granted to or exercised by any director or their family members - In H1 2025, neither the company nor any of its subsidiaries entered into any arrangements enabling directors to acquire benefits by purchasing shares or debentures of the company or any other body corporate[114](index=114&type=chunk) [Disclosure Pursuant to Rule 13.21 of the Listing Rules](index=39&type=section&id=Disclosure%20Pursuant%20to%20Rule%2013.21%20of%20the%20Listing%20Rules) The company entered into a liquidity loan agreement with a bank for a maximum of **RMB 800 million** over a 12-month term, with the condition that China State Shipbuilding Corporation must maintain its status as an enterprise directly managed by the State-owned Assets Supervision and Administration Commission of the State Council and remain the controlling shareholder of the company - The company entered into a liquidity loan agreement with a bank for a maximum loan amount of **RMB 800 million** with a 12-month term[115](index=115&type=chunk) - The loan condition requires China State Shipbuilding Corporation to maintain its status as an enterprise directly managed by the State-owned Assets Supervision and Administration Commission of the State Council and remain the controlling shareholder of the company[115](index=115&type=chunk) [Independent Review Report](index=40&type=section&id=Independent%20Review%20Report) This section presents the independent review report on the Group's condensed consolidated interim financial information, confirming its preparation in accordance with relevant accounting standards [Independent Review Report](index=40&type=section&id=Independent%20Review%20Report) Grant Thornton Hong Kong Limited conducted a review of China CSSC (Hong Kong) Shipping Company Limited's condensed consolidated interim financial information for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410, concluding that no matters came to the auditor's attention that caused them to believe the interim financial information was not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" - Grant Thornton Hong Kong Limited reviewed the Group's condensed consolidated interim financial information as of June 30, 2025[118](index=118&type=chunk) - The scope of the review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, thus no audit opinion is expressed[119](index=119&type=chunk) - The conclusion is that nothing has come to the auditor's attention that causes them to believe the interim financial information is not prepared in all material respects in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[120](index=120&type=chunk) [Condensed Consolidated Statement of Profit or Loss](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Group's unaudited condensed consolidated statement of profit or loss for the six months ended June 30, 2025, showing revenue of **HKD 2.018 billion** and operating profit of **HKD 1.167 billion**, but with profit for the period decreasing to **HKD 1.151 billion** due to a significant increase in income tax expense, resulting in basic earnings per share of **HKD 0.179** [Condensed Consolidated Statement of Profit or Loss](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the Group's unaudited condensed consolidated statement of profit or loss for the six months ended June 30, 2025, showing revenue of **HKD 2.018 billion** and operating profit of **HKD 1.167 billion**, but with profit for the period decreasing to **HKD 1.151 billion** due to a significant increase in income tax expense, resulting in basic earnings per share of **HKD 0.179** Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 2,017,965 | 1,965,771 | | Other income and other (losses) / gains, net | (17,618) | 235,154 | | Total expenses | (833,297) | (1,095,844) | | Operating profit | 1,167,050 | 1,105,081 | | Share of results of joint ventures | 131,328 | 263,789 | | Income tax expense | (137,730) | (20,161) | | Profit for the period | 1,151,157 | 1,339,860 | | Basic earnings per share (HKD) | 0.179 | 0.216 | [Condensed Consolidated Statement of Comprehensive Income](index=42&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the Group's condensed consolidated statement of comprehensive income, detailing profit for the period and other comprehensive income/expenses [Condensed Consolidated Statement of Comprehensive Income](index=42&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the Group's unaudited condensed consolidated statement of comprehensive income for the six months ended June 30, 2025, with profit for the period at **HKD 1.151 billion** and net other comprehensive expenses at **HKD 97.74 million**, resulting in total comprehensive income for the period of **HKD 1.053 billion**, a decrease from the prior year Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the period | 1,151,157 | 1,339,860 | | Total other comprehensive (expenses) / income for the period | (97,737) | 28,212 | | **Total comprehensive income for the period** | 1,053,420 | 1,368,072 | | Attributable to owners of the Company | 1,007,830 | 1,355,421 | | Attributable to non-controlling interests | 45,590 | 12,651 | [Condensed Consolidated Statement of Financial Position](index=43&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's condensed consolidated statement of financial position, outlining its assets, liabilities, and equity as of the reporting date [Condensed Consolidated Statement of Financial Position](index=43&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the Group's unaudited condensed consolidated statement of financial position as of June 30, 2025, with total assets of **HKD 42.201 billion**, total liabilities of **HKD 27.496 billion**, and total equity of **HKD 14.704 billion**, where the asset structure primarily includes loans and lease receivables, property, plant and equipment, and liabilities are mainly borrowings Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Property, plant and equipment | 16,099,700 | 16,394,376 | | Loans and lease receivables | 20,201,368 | 20,714,833 | | Cash and cash equivalents | 1,052,669 | 1,773,896 | | **Total assets** | 42,200,612 | 43,920,995 | | **Liabilities** | | | | Borrowings | 25,548,068 | 27,587,155 | | **Total liabilities** | 27,496,286 | 29,622,959 | | **Equity** | | | | Total equity | 14,704,326 | 14,298,036 | [Condensed Consolidated Statement of Changes in Equity](index=44&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the Group's condensed consolidated statement of changes in equity, illustrating the movements in equity components over the reporting period [Condensed Consolidated Statement of Changes in Equity](index=44&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the Group's unaudited condensed consolidated statement of changes in equity for the six months ended June 30, 2025, showing an increase in total equity from **HKD 14.298 billion** at the beginning of the period to **HKD 14.704 billion** at the end, primarily reflecting the impact of profit for the period, other comprehensive income, and transactions with equity holders such as share option issuance and dividend payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | At beginning of period | 14,298,036 | 12,829,911 | | Total comprehensive income for the period | 1,053,420 | 1,368,072 | | Shares issued under share option scheme | 14,701 | 20,629 | | Dividends | (644,630) | (553,778) | | At end of period | 14,704,326 | 13,666,747 | [Condensed Consolidated Statement of Cash Flows](index=45&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the Group's condensed consolidated statement of cash flows, detailing cash movements from operating, investing, and financing activities [Condensed Consolidated Statement of Cash Flows](index=45&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the Group's unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2025, with net cash generated from operating activities of **HKD 1.320 billion**, net cash generated from investing activities of **HKD 287 million**, and net cash used in financing activities of **HKD 2.346 billion**, resulting in cash and cash equivalents of **HKD 1.053 billion** at the end of the period Condensed Consolidated Cash Flow Statement (For the six months ended June 30) | Cash Flow Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,320,276 | 4,273,137 | | Net cash generated from / (used in) investing activities | 286,880 | (997,327) | | Net cash used in financing activities | (2,345,639) | (2,812,250) | | Net (decrease) / increase in cash and cash equivalents | (738,483) | 463,560 | | Cash and cash equivalents at end of period | 1,052,669 | 1,401,173 | [Notes to the Condensed Consolidated Interim Financial Information](index=46&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed explanatory notes to the condensed consolidated interim financial information, covering general information, accounting policies, fair value estimates, and other significant financial disclosures [General Information](index=47&type=section&id=1.%20General%20Information) This note provides basic information about China CSSC (Hong Kong) Shipping Company Limited, including its registration in Hong Kong and its primary engagement in shipping integrated services and financial services, with this interim financial information presented in HKD and approved for publication by the Board of Directors on August 28, 2025 - The company is a limited company incorporated in Hong Kong, primarily engaged in providing shipping integrated services and financial services[132](index=132&type=chunk) - This interim financial information is presented in HKD and was approved for publication by the company's Board of Directors on August 28, 2025[133](index=133&type=chunk) [Basis of Preparation](index=47&type=section&id=2.%20Basis%20of%20Preparation) This interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules, and while unaudited, it has been reviewed by Grant Thornton Hong Kong Limited - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[134](index=134&type=chunk) - The interim financial information is unaudited but has been reviewed by Grant Thornton Hong Kong Limited in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[134](index=134&type=chunk) [Adoption of Revised HKFRSs](index=48&type=section&id=3.%20Adoption%20of%20Revised%20HKFRSs) The accounting policies in this interim financial information are consistent with those applied in the 2024 annual consolidated financial statements, except for the adoption of the revised Hong Kong Accounting Standard 21 "Lack of Exchangeability" effective January 1, 2025, which had no significant impact on the Group's interim financial information - The interim financial information is prepared in accordance with the accounting policies adopted in the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the adoption of the revised Hong Kong Accounting Standard 21 "Lack of Exchangeability" effective January 1, 2025[135](index=135&type=chunk) - The adoption of these revisions had no significant impact on the Group's interim financial information[136](index=136&type=chunk) [Fair Value Estimation](index=48&type=section&id=4.%20Fair%20Value%20Estimation) This note details the Group's fair value estimation for financial assets and liabilities, categorized into Level 1, Level 2, and Level 3, with total financial assets amounting to **HKD 2.460 billion** and total financial liabilities to **HKD 146 million** as of June 30, 2025, noting no transfers between levels during the period and that the carrying amounts of short-term financial assets and liabilities approximate their fair values Financial Assets and Financial Liabilities Measured at Fair Value (As of June 30) | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Total financial assets | 2,459,676 | 2,540,912 | | Total financial liabilities | 145,561 | 195,801 | - Fair value hierarchy is divided into Level 1 (quoted prices in active markets), Level 2 (valuation based on observable market data), and Level 3 (valuation based on unobservable market data)[140](index=140&type=chunk) - There were no transfers between Level 1, Level 2, and Level 3 during the six months ended June 30, 2025[139](index=139&type=chunk) [Critical Accounting Estimates and Judgements](index=50&type=section&id=5.%20Critical%20Accounting%20Estimates%20and%20Judgements) This note states that the significant judgments made by management and key sources of estimation uncertainty in preparing the interim financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management and key sources of estimation uncertainty in applying the Group's accounting policies when preparing the interim financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[141](index=141&type=chunk) [Segment Information and Revenue](index=50&type=section&id=6.%20Segment%20Information%20and%20Revenue) The Group's chief operating decision maker categorizes its business into "Shipping Integrated Services" (including operating lease services and vessel brokerage services) and "Financial Services" (including finance lease services and loan borrowing services), with Shipping Integrated Services revenue of **HKD 1.231 billion** and Financial Services revenue of **HKD 787 million** for the six months ended June 30, 2025, and segment assets and liabilities are not presented - The chief operating decision maker has been identified as the executive directors of the company, and the business is divided into shipping integrated services and financial services[142](index=142&type=chunk) Revenue Breakdown by Business Activity (For the six months ended June 30) | Business Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Shipping Integrated Services | 1,231,338 | 1,069,465 | | Financial Services | 786,627 | 896,306 | | **Total** | 2,017,965 | 1,965,771 | - Segment assets and liabilities are not presented because the Group's segment reports submitted to the chief operating decision maker for internal review do not contain assets and liabilities[147](index=147&type=chunk) [Finance Costs and Bank Charges](index=52&type=section&id=7.%20Finance%20Costs%20and%20Bank%20Charges) For the six months ended June 30, 2025, the Group's finance costs and bank charges were **HKD 416 million**, a **19.3%** decrease from **HKD 516 million** in the prior year, primarily comprising bond interest and fees, bank loan interest and fees, and other related charges Finance Costs and Bank Charges Breakdown (For the six months ended June 30) | Expense Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Bond interest and fees | 145,577 | 167,770 |

Financial Performance - Revenue for the first half of 2025 was RMB 335.45 billion, a decrease of 5.8% compared to RMB 356.01 billion in 2024[4] - Gross profit decreased by 14.0% to RMB 35.77 billion from RMB 41.60 billion year-on-year[4] - Net profit attributable to shareholders was RMB 9.99 billion, down 16.9% from RMB 12.02 billion in the previous year[4] - The company reported a basic earnings per share of RMB 0.58, down 17.1% from RMB 0.70 in the previous year[4] - Operating profit decreased by 16.2% to RMB 17.208 billion, compared to RMB 20.527 billion in 2024, primarily due to the decline in gross profit[105] - The profit before tax for the six months ended June 30, 2025, was RMB 16.764 billion, a decrease of 11.6% compared to RMB 18.969 billion for the same period in 2024[111] - The income tax expense for the six months ended June 30, 2025, was RMB 3.461 billion, down 9.3% from RMB 3.814 billion in 2024[113] - The company reported a total of RMB 886.28 billion for signed but not yet started projects, and RMB 2,542.71 billion for ongoing unfinished projects[79] Contract and Project Management - New contract value reached RMB 991.05 billion, an increase of 3.1% compared to RMB 960.87 billion in 2024[6] - The company signed new contracts in emerging business areas amounting to RMB 320.26 billion, accounting for 32% of total new contracts[6] - The company signed new overseas contracts worth CNY 200.379 billion during the reporting period, representing a year-on-year growth of 2.2%[31] - The new contracts by project type include 30% for roads and bridges, 26% for building construction, 15% for railway construction, and 7% for port construction[31] - The company secured new contracts for urban construction projects amounting to CNY 506.76 billion, a year-on-year increase of 7.3%, making up 56% of the infrastructure construction business[51] - The company achieved a new contract value of 320.3 billion yuan in emerging business areas, a year-on-year decrease of 1.6%[34] - The company holds an unexecuted contract amount of CNY 3,428.988 billion as of June 30, 2025[40] Asset and Liability Management - The total assets increased by 8.6% to RMB 2,018.49 billion from RMB 1,858.27 billion at the end of 2024[4] - Total liabilities rose by 10.2% to RMB 1,531.86 billion from RMB 1,390.46 billion at the end of 2024[4] - The debt ratio, calculated as net debt divided by total capital, was 53.9% as of June 30, 2025, compared to 49.1% as of December 31, 2024[157] - The total borrowings as of June 30, 2025, were RMB 703.890 billion, an increase from RMB 586.323 billion as of December 31, 2024[156] Strategic Initiatives and Growth Areas - The company aims to enhance quality development and maintain a focus on strategic growth areas, including international expansion and innovation[7] - The company aims for over 30% revenue contribution from "strategic emerging industries" within the next two years[12] - The company plans to implement five major action initiatives to improve cash flow and control debt levels[9] - The company is actively expanding its urban construction business, targeting major cities and public infrastructure projects, with a focus on enhancing efficiency and management in the housing construction sector[22] - The company is advancing its green transformation strategy, focusing on green transportation, cities, energy, materials, and buildings, while enhancing its ecological and environmental protection capabilities[26] Research and Development - R&D expenditure amounted to 8.891 billion yuan, accounting for 2.7% of operating income[35] - The company has established 4 national-level R&D innovation platforms and has over 30,000 technology personnel[35] - The company has accumulated 37,175 authorized patents and participated in the formulation of 196 national standards and 572 industry standards[35] - The company is focusing on key areas such as offshore wind power, Beidou technology applications, and pipeline laying for strategic emerging industries[34] Risk Management - The company plans to enhance risk management and establish a comprehensive risk control framework[12] - The group has established risk management strategies to address internationalization risks, including compliance and investment risks in over 130 countries[165] - The group emphasizes "value investment" and strictly controls non-core investments to mitigate investment risks[166] Cash Flow and Financial Position - The net cash outflow from operating activities for the six months ended June 30, 2025, was RMB 77.301 billion, compared to RMB 74.161 billion in 2024[141] - The total cash and cash equivalents at the end of June 30, 2025, increased to RMB 136.024 billion from RMB 119.852 billion in 2024[141] - The net cash flow used in operating activities for 2025 was RMB (77,301) million, compared to RMB (74,161) million in 2024, indicating a decline in operational cash flow[193] - The cash flow generated from financing activities for 2025 was RMB 97,147 million, slightly down from RMB 99,205 million in 2024, showing a stable financing environment[194] Market Position and Competitive Advantage - The company has a strong competitive advantage with the world's largest fleet of engineering vessels and extensive operations in 139 countries and regions[18] - The company is recognized as the largest port construction enterprise in China, with limited competition in the market[46] - The company has the largest and most advanced dredging fleet in China, with 87 major dredging vessels, ranking first globally[56] Environmental and Social Responsibility - The company is committed to enhancing its corporate culture and ecological environment[13] - The company is actively involved in national strategic technology initiatives, aiming to strengthen its core technology supply[32] - The company is advancing ecological restoration projects, including winning bids for green mining projects in Hubei province[27]

心动有限公司 2025 年中期報告 目錄 目錄 | 01 | P 2 公司資料 | 08 | P 54 中期簡明合併權益變動表 | | --- | --- | --- | --- | | 02 | P 4 摘要 | 09 | P 57 中期簡明合併現金流量表 | | 03 | P 6 管理層討論與分析 | 10 | P 59 中期財務資料附註 | | 04 | P 19 其他資料 | 11 | P 104 釋義及詞彙 | | 05 | P 46 中期財務資料審閱報告 | | | | 06 | P 48 中期簡明合併綜合收益表 | | | | 07 | P 51 中期簡明合併財務狀況表 | | | 01 公司資料 心动有限公司 2025 年中期報告 公司資料 3 公司資料 董事會 執行董事 黃一孟先生 （主席兼首席執行官） 戴雲傑先生 樊舒暘先生 非執行董事 裴大鵬先生 辛全東先生 劉千里女士 審核委員會 辛全東先生 （主席） 裴大鵬先生 劉千里女士 薪酬及考核委員會 劉千里女士 （主席） 戴雲傑先生 辛全東先生 提名委員會 裴大鵬先生 （主席） 黃一孟先生 劉千里女士 戰略發展委員會 黃一孟先生 （主席） 戴 ...

Financial Performance - Total revenue for the six months ended June 30, 2025, reached approximately RMB 1,020,381 thousand, representing a year-on-year growth of about 21.6% compared to RMB 839,263 thousand in the same period of 2024[12][21][22] - Gross profit for the same period was RMB 21,772 thousand, a decrease from RMB 55,643 thousand in 2024[10] - The company reported a loss before tax of RMB 68,352 thousand, compared to a profit of RMB 8,226 thousand in the previous year[10] - The company reported a net loss of RMB 60,627 thousand for the six months ended June 30, 2025, compared to a profit of RMB 7,167 thousand in the prior year[90] - The pre-tax loss for the reporting period was approximately RMB 68,352 thousand, a decline of about 930.9% compared to a profit of RMB 8,226 thousand in the same period last year[35] - The basic and diluted loss per share for the period was RMB (0.814), compared to earnings of RMB 0.007 per share in the same period last year[90] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 811,870 thousand, a decrease from RMB 838,450 thousand as of December 31, 2024[11] - The total liabilities were RMB 365,002 thousand, slightly up from RMB 356,045 thousand at the end of 2024[11] - Total current assets and current liabilities as of June 30, 2025, were RMB 705,943 thousand and RMB 358,311 thousand, respectively, resulting in a current ratio of 2.0 times[39] - The company's debt-to-capital ratio was 16.6% as of June 30, 2025, compared to 15.0% as of December 31, 2024[39] - The net asset value decreased to RMB 446,868 thousand from RMB 482,405 thousand, a decline of about 7.4%[92] Revenue Breakdown - For the six months ended June 30, 2025, the total revenue from integrated marketing services was RMB 1,018,769,000, an increase from RMB 833,697,000 in the same period of 2024, representing a growth of approximately 22.1%[172] - The revenue from digital marketing services reached RMB 962,922,000 for the six months ended June 30, 2025, compared to RMB 652,002,000 in 2024, reflecting a growth of approximately 47.5%[172] - The revenue from SaaS interactive marketing services was RMB 1,612,000 for the six months ended June 30, 2025, down from RMB 5,566,000 in 2024, indicating a decline of approximately 71%[172] Expenses and Costs - Sales cost for the reporting period was approximately RMB 998,609 thousand, an increase of about 27.4% year-on-year compared to RMB 783,620 thousand in the same period last year[26] - General and administrative expenses were approximately RMB 32,876 thousand, an increase of about 161.3% year-on-year from RMB 12,581 thousand in the same period last year, mainly due to increased R&D costs[30] - The company incurred a provision for impairment losses on accounts receivable and other financial assets of RMB 51,988,000, compared to RMB 36,915,000 in the previous year[90] - The cost of revenue for integrated marketing services was RMB 997,809,000 for the six months ended June 30, 2025, up from RMB 775,022,000 in 2024, which is an increase of approximately 28.7%[172] Fundraising and Capital Management - The company raised approximately HKD 40 million through a subscription agreement completed on July 15, 2024, with net proceeds of about HKD 39.9 million allocated primarily for purchasing media resources, particularly for Douyin distribution channels[50][51] - A second fundraising activity on March 24, 2025, raised approximately HKD 37.1 million, with 90% intended for media resources and 10% for general operating funds[52] - The company announced a proposed rights issue on September 4, 2025, offering up to 576 million shares at a subscription price of HKD 0.4753 per share[57] Shareholder Information - As of June 30, 2025, the total number of issued shares is 80,000,000[68] - Mr. Liu holds 6,664,031 shares, representing 8.33% of the total shares[68] - Ms. Qu holds 9,474,816 shares, representing 11.84% of the total shares[68] - The company announced a subscription agreement for 16,000,000 shares at a price of HKD 0.6 per share, increasing the total number of ordinary shares to 96,000,000[71] Taxation and Government Grants - The income tax expense for the six months ended June 30, 2025, was a tax credit of RMB (7,725,000), compared to an expense of RMB 1,059,000 for the same period in 2024[186] - Government grants are recognized as income when there is reasonable assurance of compliance with conditions and receipt of the grant[156] - Government subsidies received decreased significantly from RMB 5,277 thousand in 2024 to RMB 198 thousand in 2025, a decline of approximately 96.25%[173] Operational Strategies - The company aims to enhance its operational capabilities to reduce customer acquisition costs and improve ROI conversion in the second half of 2025[15] - Focus will be placed on expanding into social media platforms like Xiaohongshu and Tencent to enhance integrated marketing solutions[20] - The company plans to leverage AI technology to empower marketing capabilities and improve product innovation[16] Compliance and Governance - The audit committee reviewed the company's accounting principles and internal controls, confirming compliance with applicable accounting standards and regulations[65] - The company maintained sufficient public float throughout the reporting period[67] - There were no purchases, sales, or redemptions of listed securities by the company or its subsidiaries during the six months ending June 30, 2025[66]