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]

Financial Performance - Total revenue for the first half of 2025 was approximately HKD 108.3 million, a slight decrease from HKD 110.1 million in the same period of 2024[4] - Gross profit increased to approximately HKD 20.3 million, with a gross margin of 18.8%, compared to HKD 16.2 million and a gross margin of 14.7% in the previous year[4] - Loss attributable to shareholders narrowed to approximately HKD 10.4 million, improving from a loss of HKD 17.1 million in the first half of 2024, with a loss per share of HKD 1.63 compared to HKD 2.68[4] - Revenue for the six months ended June 30, 2025, was HKD 108,258,000, a decrease of 1.6% compared to HKD 110,135,000 for the same period in 2024[48] - Gross profit increased to HKD 20,328,000, representing a 25.8% increase from HKD 16,233,000 in the previous year[48] - The company reported a net loss attributable to shareholders of HKD 10,410,000, an improvement from a loss of HKD 17,144,000 in the same period last year[48] - Basic and diluted loss per share improved to HKD 1.63 from HKD 2.68 year-over-year[48] - The company reported a total loss before tax of HKD 10,594,000, compared to a loss of HKD 17,097,000 in the same period last year[63] - Pre-tax loss for the six months ended June 30, 2025, was HKD 18,082,000, an increase of 6.3% compared to HKD 17,013,000 in 2024[70] Financial Position - The debt-to-equity ratio increased from 16.0% in 2024 to 18.0% as of June 30, 2025, due to refinancing with lower interest loans from a bank in China[7] - As of June 30, 2025, the net current assets were approximately HKD 99.8 million, a decrease from HKD 110.2 million as of December 31, 2024[15] - Cash and cash equivalents stood at approximately HKD 43.0 million as of June 30, 2025, down from HKD 46.2 million as of December 31, 2024[15] - The bank borrowings amounted to approximately HKD 36.1 million as of June 30, 2025, compared to HKD 30.8 million as of December 31, 2024[15] - Total liabilities decreased to HKD 71,946,000 from HKD 77,935,000, indicating improved financial stability[50] - Current assets decreased to HKD 171,709,000 from HKD 188,168,000 at the end of 2024[49] - Non-current assets totaled HKD 145,361,000, an increase from HKD 143,537,000 as of December 31, 2024[49] Operational Developments - The company expanded its property renovation business in Shanghai, generating HKD 8.8 million in revenue, which accounted for 8.1% of total revenue[10] - The property renovation business continues to provide stable income, balancing the cyclical nature of the production business[12] - The company is actively restructuring its product portfolio to focus on high-margin textile solutions, investing in R&D for high-end woven fabrics[12] - The company plans to enhance collaboration with brand owners and participate in major denim exhibitions in the US and China to secure more sales orders[12] - The company is adjusting its production layout and expanding operations in Vietnam, with plans to relocate machinery from Guangdong, China, expected to be completed by the end of 2025[11] Cash Flow and Investments - The company generated a net cash outflow from operating activities of HKD 5,193,000, compared to a cash inflow of HKD 715,000 in the previous year[53] - Financing activities resulted in a net cash inflow of HKD 1,855,000, a significant improvement from a net cash outflow of HKD 4,008,000 in the same period last year[54] - Capital expenditures for the interim period were approximately HKD 0.6 million, compared to HKD 0.4 million in the first half of 2024[19] - The group had no major investments or acquisitions during the interim period[25] - There are no specific plans for significant investments or capital assets as of June 30, 2025[26] Employee and Management Information - The group had 353 employees as of June 30, 2025, an increase from 346 employees as of December 31, 2024[17] - Total employee benefits expenses amounted to HKD 25,869,000, up 4.2% from HKD 24,832,000 in the previous year[70] - The total compensation for directors and key management personnel was HKD 5,878,000 for the six months ended June 30, 2025, slightly up from HKD 5,836,000 in the previous year[86] Shareholder Information - Wan Fung Investment holds a 75% equity interest in the company, representing 480,000,000 shares[40] - Liu, Dong Wei Ting, and Dong Zhuo Ming each own 100% of their respective shares in Wan Fung Investment, which is a controlled corporation[38] - Liu holds a 40% stake in Wan Fung Investment, while Dong Wei Ting and Dong Zhuo Ming each hold 20%[43] Other Information - The independent review report concluded that there were no matters that would lead to a belief that the interim financial information was not prepared in accordance with Hong Kong Accounting Standard 34[47] - The company has not experienced any significant events from June 30, 2025, to the report date[42] - There were no significant contingent liabilities as of June 30, 2025[22] - The group did not declare or recommend any dividends for the six months ended June 30, 2025, consistent with the previous year[72] - The company assessed that the fair value of financial instruments closely approximates their carrying amounts due to their short maturity[89]

Financial Performance - For the first half of 2025, the company's revenue was RMB 3,829.2 million, a decrease of RMB 2,470.3 million compared to RMB 6,299.5 million in 2024[8]. - The gross profit for the same period was RMB 189.3 million, significantly up from RMB 70.1 million in 2024, resulting in a gross margin increase to 4.9% from 1.1%[8]. - The company reported a loss of RMB 176.5 million for the first half of 2025, an improvement from a loss of RMB 209.3 million in the same period of 2024[8]. - The group's revenue for the six months ended June 30, 2025, was RMB 3,829,243, a decrease of approximately RMB 2,470.2 million or 39.2% compared to the same period in 2024[30]. - The group reported a loss of RMB 176,483 for the six months ended June 30, 2025, compared to a loss of RMB 209,320 in the same period in 2024, reflecting an improvement of RMB 32,837[31]. - The company reported a basic loss per share of RMB (0.235) for the six months ended June 30, 2025, compared to RMB (0.293) in 2024[136]. Revenue and Pricing - The average selling price of coke decreased to RMB 1,518.27 per ton in the first half of 2025 from RMB 2,012.50 per ton in 2024, reflecting a significant price drop[15]. - The average selling price of LNG also fell to RMB 3,993.29 per cubic meter in the first half of 2025, down from RMB 4,197.43 per cubic meter in 2024[15]. - The average selling price of benzene decreased to RMB 6,013.05 per ton in the first half of 2025 from RMB 7,270.64 per ton in 2024, indicating a decline in market prices[15]. - The coking segment revenue decreased by approximately RMB 2.352 billion or 52% year-on-year, with an average selling price drop of about 28.3%[34]. - The trading segment revenue decreased by approximately RMB 258.9 million or 81.9% year-on-year, with a gross margin decline from 3.3% to 1.8%[34]. - The energy products segment revenue decreased by approximately RMB 116.5 million or 27.0% year-on-year, despite an increase in gross margin from 4.4% to 35.5%[34]. Production and Operations - In the first half of 2025, the group produced approximately 1.58 million tons of coke, 206,201 tons of crude benzene, 102,127 tons of coal tar, and 33,932 tons of LNG[22]. - The group sold a total of 810 tons of hydrogen during the period, compared to 250 tons in the same period last year[27]. - The 5.5-meter coke oven renovation project, with an investment of approximately RMB 500 million, is expected to produce 650,000 tons annually and is scheduled to be operational by April 2024[24]. - The tar processing capacity expansion project, with an investment of approximately RMB 80 million, will increase the annual processing capacity of tar from 180,000 tons to 360,000 tons[25]. Cash Flow and Financing - Operating cash flow for the first half of 2025 was approximately RMB 94.3 million, down from RMB 530.4 million in the same period last year[37]. - Investment activities generated a net cash inflow of approximately RMB 39.0 million, primarily from recovering restricted bank balances[39]. - Financing activities used a net cash amount of approximately RMB 212.0 million, mainly due to loan repayments of approximately RMB 1.557 billion[40]. - The company confirmed no liquidity issues during the first half of 2025, with funding primarily from product sales, equity, and bank loans[35]. - As of June 30, 2025, the company's bank loans amounted to approximately RMB 3,181.5 million, a decrease of RMB 77.2 million from RMB 3,258.7 million as of December 31, 2024[42]. - The company's total bank credit facilities were approximately RMB 13,820.19 million as of June 30, 2025, with RMB 934.55 million still available for use[45]. Assets and Liabilities - The total assets of the company as of June 30, 2025, were RMB 10,530.3 million, a decrease of RMB 685.4 million from RMB 11,215.7 million at the end of 2024[8]. - The company's total liabilities decreased to RMB 6,388,204 thousand as of June 30, 2025, from RMB 6,828,981 thousand as of December 31, 2024, a decrease of approximately 6.45%[104]. - The company's total equity as of June 30, 2025, was RMB 4,138,128 thousand, down from RMB 4,337,263 thousand as of December 31, 2024, indicating a decrease of about 4.59%[104]. - The company's asset-liability ratio increased to 0.77 times as of June 30, 2025, compared to 0.75 times as of December 31, 2024, primarily due to a smaller decrease in interest-bearing borrowings compared to total equity[49][51]. Compliance and Governance - The company has maintained good relationships with lenders and has not encountered difficulties in obtaining bank loans or other borrowings during the first half of 2025[47]. - The company has no significant off-balance-sheet arrangements as of June 30, 2025, and has not entered into any derivative contracts that would not be reflected in the financial statements[58]. - The company has established a remuneration committee to review and recommend compensation policies based on overall performance and market practices[93]. - The audit committee reviewed the financial statements and confirmed compliance with International Accounting Standards[95]. - The board emphasized the importance of adhering to the compliance standards and will enhance training on these regulations in the upcoming half-year training session[78]. Employee and Management - As of June 30, 2025, the group employed a total of 2,638 staff, with employee costs amounting to RMB 127.6 million, a decrease of 12.9% from RMB 146.8 million in the same period last year[93]. - The total compensation for key management personnel increased to RMB 3,696,000 for the six months ending June 30, 2025, compared to RMB 2,922,000 for the same period in 2024, representing a growth of approximately 26.4%[174]. - Salary and allowances for key management personnel rose to RMB 3,286,000 in the first half of 2025, up from RMB 2,449,000 in the first half of 2024, marking an increase of about 34.1%[174]. - The company is committed to providing comprehensive training programs for all employees, focusing on management, finance, and specialized skills[94]. Shareholder Information - The company did not declare any dividends for the year ended December 31, 2024[133]. - Major shareholders include Jinma Hong Kong and Jinma Coking, each holding 162,000,000 H-shares, representing approximately 30.26% of the total issued share capital of 535,421,000 shares[87][89]. - The company has maintained sufficient public float since its listing date, in compliance with listing rules[90].

Financial Performance - Total income for the six months ended June 30, 2025, was HK$45,184,000, representing an 18% decrease compared to HK$55,501,000 for the same period in 2024[20] - The company reported a loss before tax of HK$1,566,000, a significant decline from a profit of HK$7,436,000 in the previous year, marking a 121% change[20] - Loss attributable to equity holders of the company was HK$2,215,000, compared to a profit of HK$6,260,000 in the prior year, reflecting a 135% decrease[20] - The net profit margin decreased to -5.3% from 12.3% in the previous year[20] - Basic and diluted loss per share was HK$0.11, compared to a profit of HK$0.31 per share in the previous year, representing a 135% decline[20] - Return on equity fell to -0.9%, down from 2.6% in the previous year[20] - The Group recorded a net loss of HK$2.2 million for the 2025 Interim Period, compared to a net profit of HK$6.3 million in the corresponding period of 2024[31] Cash Flow and Liquidity - Net cash generated from operating activities was HK$7,030,000, a substantial improvement from a cash outflow of HK$2,879,000 in the same period last year, indicating a 344% increase[20] - Cash and bank balances as of 30 June 2025 amounted to HK$217.4 million, up from HK$205.2 million at the end of 2024, indicating strong liquidity[52] - The current ratio improved to 14.8, reflecting solid liquidity management[27] - The Group's gearing ratio remained nil, indicating no debt[23] - The Group maintained a healthy financial position with strong liquidity and low gearing, providing resilience to navigate market challenges[72] Revenue and Business Segments - Total revenue for the 2025 Interim Period was HK$41.6 million, a decrease of 17.4% from HK$50.7 million in the 2024 Interim Period[29] - Revenue from the healthcare business segment was approximately HK$41.6 million for the 2025 Interim Period, down from HK$50.7 million in the previous year[38] - The healthcare business remained the Group's core revenue contributor, although sales volume and gross profit margin were lower than the previous year[72] Operational Efficiency and Strategy - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[21] - Management is committed to developing new products and technologies to drive growth and market expansion[21] - The Group's strategic focus includes product innovation, brand development, and operational efficiency to lay a solid foundation for long-term growth[71] - The Group is preparing to launch four new healthcare products supported by targeted digital campaigns and expanded distribution networks[79] Marketing and Product Development - The Group plans to allocate approximately HK$30-40 million over the next 12 months for inventory procurement and working capital management to support the expansion of its healthcare business[80] - Approximately HK$30 million to HK$40 million will be allocated for product diversification strategies, including the introduction of additional Chinese pharmaceutical brands and selected Western medicines[89] - The company plans to allocate approximately HK$3 million for logistics support to enhance delivery operations and customer service responsiveness[88] Trade Receivables and Credit Management - As of June 30, 2025, trade receivables were stable at HK$28.8 million, with the largest debtor accounting for 75% of total trade receivables[98] - Approximately 60% of trade receivables were current as of the reporting date, a significant increase from 25.5% as of December 31, 2024[99] - The Group has implemented measures to boost sales revenue from customers with shorter payment cycles while reducing sales to those with longer payment cycles[114] Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the 2025 Interim Period, with a noted deviation regarding the roles of Chairman and Chief Executive being held by the same individual[139] - The Company engaged SHINEWING Risk Services Limited for internal audit functions to enhance risk oversight and governance practices[145] - All Directors confirmed compliance with the Model Code for Securities Transactions during the 2025 Interim Period[147] Shareholding and Capital Structure - As of June 30, 2025, the company has a total of 2,033,290,000 issued ordinary shares listed on the Main Board of the Stock Exchange[163] - Ji Guangfei, the Chairman and CEO, holds 1,121,561,000 shares, representing approximately 55.16% of the total shareholding[154] - The shareholding structure remains stable, with shares held by a broad base of institutional and retail investors[166] Future Outlook - The group maintains a cautiously optimistic outlook for the second half of 2025, anticipating significant expansion opportunities driven by increased health awareness and demand for quality health products in Asia[81] - The Board views reinvesting cash into operations as more beneficial than declaring dividends during the growth stage[179]

| 目錄 | | --- | | 2 | 公司資料 | | --- | --- | | 4 | 財務摘要 | | 11 | 管理層討論與分析 | | 17 | 企業管治及其他資料 | | 29 | 中期簡明綜合損益表 | | 30 | 中期簡明綜合損益及其他全面收益表 | | 31 | 中期簡明綜合財務狀況表 | | 33 | 中期簡明綜合權益變動表 | | 34 | 中期簡明綜合現金流量表 | | 35 | 中期簡明綜合財務資料附註 | | 57 | 釋義 | 中期報告2025 1 公司資料 董事會 執行董事 霍雲飛先生 （主席） 朱則柯先生 （聯席首席執行官） （於2025年7月15日獲委任） 段靜女士（於2025年7月15日獲委任） 呂永輝先生（於2025年7月15日辭任） 谷陽女士 （副總裁） （於2025年7月15日辭任） 非執行董事 王霖先生 衡磊先生 霍雲龍博士 獨立非執行董事 廖船江先生 陳雪峰先生 趙暉先生（於2025年7月15日獲委任） 李浩民先生（於2025年6月13日辭任） 審核委員會 廖船江先生 （主席） 陳雪峰先生 趙暉先生（於2025年7月15日獲委任） 李浩民先生（於2025年 ...

2 AustAsia Group Ltd. 澳亞集團有限公司 （於新加坡共和國註冊成立的有限公司） (Incorporated in the Republic of Singapore with limited liability) Stock Code 股份代號 : 2425 2025 Interim Report 中期報告 Contents 目錄 | 2 | Corporate Information | 公司資料 | | --- | --- | --- | | 6 | Locations of Production Units | 生產單位地點 | | 7 | Highlights | 摘要 | | 10 | Management Discussion and Analysis | 管理層討論與分析 | | 36 | Corporate Governance and Other Information | 企業管治及其他資料 | | 48 | Condensed Consolidated Statement of Profit or Loss and | 簡明綜合損益表及 | | | Other Com ...

滙盈控股有限公司 2025 中期報告 Interim Report Interim Report 2025 二零二五年中期報告 CONTENTS 目錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層討論及分析 36 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收入表 38 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 40 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 42 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 43 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務 ...

Revenue and Sales Performance - For the first half of 2025, the company's revenue was RMB 410.0 million, a decrease of 10.7% compared to RMB 459.0 million in the first half of 2024[12]. - The total revenue from carrageenan and agar products accounted for 75.8% of the company's total revenue, a decrease of 3.0% from the first half of 2024[12]. - Sales volume and average selling prices of refined carrageenan decreased by approximately 4.2% and 5.5%, respectively, compared to the first half of 2024[11]. - Sales volume and average selling prices of agar decreased by approximately 12.8% and 1.8%, respectively, compared to the same period last year[11]. - The decline in revenue was primarily due to decreased sales volume and prices of carrageenan and agar products[12]. - Revenue from the Chinese market in the first half of 2025 was RMB 189.3 million, a decrease of RMB 56.6 million or 23.0% compared to the first half of 2024[14]. - Revenue from overseas markets in the first half of 2025 was RMB 220.7 million, a decrease of RMB 7.6 million or 3.6% compared to the first half of 2024[14]. - The sales revenue of carrageenan and agar accounted for 75.8% of the group's total revenue, a decrease of 3.0% compared to the first half of 2024[19]. - The company anticipates a recovery in global demand for hydrophilic colloid products as geopolitical tensions ease, with stable sales performance expected in China[16]. Profitability and Financial Performance - In the first half of 2025, the group's gross profit was RMB 60.1 million, a decrease of RMB 38.7 million or 39.2% compared to the first half of 2024[21]. - The overall gross margin for the first half of 2025 was 14.7%, down 6.8 percentage points from the first half of 2024[21]. - The group experienced a net loss of RMB 12.3 million in the first half of 2025, compared to a net profit of RMB 22.6 million in the first half of 2024[21]. - The loss attributable to the owners of the company in the first half of 2025 was RMB 12.1 million, a decrease of RMB 35.2 million compared to a profit of RMB 23.1 million in the first half of 2024[27]. - The group will not declare an interim dividend for the first half of 2025[17]. - The gross profit for the same period was RMB 60,053,000, down 39.2% from RMB 98,847,000 in 2024[51]. - Operating loss for the six months ended June 30, 2025, was RMB 3,611,000, compared to an operating profit of RMB 46,397,000 in 2024[51]. - The company reported a net loss of RMB 12,068 thousand for the period, compared to a profit of RMB 23,086 thousand in the previous year[57]. Expenses and Cost Management - The group's sales and distribution expenses amounted to RMB 12.1 million, an increase of RMB 2.7 million or 28.7% compared to the first half of 2024[22]. - The group's administrative expenses in the first half of 2025 were RMB 52.9 million, up RMB 3.8 million or 7.7% from the same period in 2024, primarily due to increased personnel costs and R&D expenses related to mainstream and new products[23]. - Financing costs for the period were RMB 12,878,000, compared to RMB 16,693,000 in the same period of 2024, indicating a reduction in financing expenses[83]. - The company reported a decrease in sales costs to RMB 349,924,000 from RMB 360,168,000, reflecting a cost reduction strategy[81]. Market Position and Strategy - The company maintained its market leadership in agar and refined carrageenan production, recognized as the largest global producer of these products as of March 2025[10]. - The company is focused on developing all-natural performance materials, with applications expanding into beauty and home products[10]. - The company plans to change its name to "Green Fresh Biotechnology Company Limited" to better reflect its focus on advanced biotechnology and seaweed products[9]. - The group plans to continue investing in product technology to enhance its product offerings and profitability, particularly in blended products and biodegradable materials[15]. - The company continues to face challenges in the Chinese and European markets, including weak economic conditions and intense price competition[11]. Financial Position and Assets - As of June 30, 2025, the group's cash and bank balances were RMB 106.4 million, a decrease of RMB 35.0 million or 24.8% from December 31, 2024[28]. - The group's net current assets as of June 30, 2025, were RMB 434.5 million, a decrease of RMB 8.4 million or 1.9% from December 31, 2024[29]. - The total bank borrowings of the group as of June 30, 2025, amounted to RMB 530.7 million, with a weighted average interest rate of 3.93%[30]. - Total assets decreased to RMB 1,555,511 thousand as of June 30, 2025, down from RMB 1,572,268 thousand at the end of 2024, representing a decline of approximately 1.06%[54]. - Current assets totaled RMB 1,025,742 thousand, slightly down from RMB 1,038,685 thousand, indicating a decrease of about 1.24%[54]. - Non-current assets amounted to RMB 529,769 thousand, a decrease of 0.15% from RMB 533,583 thousand[54]. - Total liabilities increased to RMB 725,534 thousand, up from RMB 722,126 thousand, reflecting a marginal increase of 0.56%[56]. - Cash and cash equivalents decreased to RMB 81,315 thousand from RMB 120,734 thousand, a significant drop of approximately 32.5%[59]. - The company reported total borrowings of RMB 547,710 thousand as of June 30, 2025, with RMB 436,481 thousand due within one year[76]. Shareholder Information and Corporate Governance - As of June 30, 2025, the total number of issued shares of the company is 874,120,000[125]. - Mr. Chen Jincong holds 161,700,000 shares, representing 18.50% of the company's equity[124]. - Mr. Chen Chuiye holds 161,700,000 shares, also representing 18.50% of the company's equity[124]. - Mr. Guo Dongxu holds 66,150,000 shares, which is 7.57% of the company's equity[124]. - The company has a significant concentration of ownership, with 67.27% of shares held under a concert party agreement[126]. - The beneficial ownership of the company includes 480,000 shares granted under a share incentive plan that have not yet vested as of June 30, 2025[125]. - The largest shareholders include Chuangyu and Yingbo, each holding 161,700,000 shares, representing 18.50%[126]. - The company has a total of 588,000,000 shares under a concert party agreement among major shareholders[126]. - The company adheres to high standards of corporate governance, applying the principles of the corporate governance code[149]. - The board consists of five executive directors and three independent non-executive directors, ensuring a relatively high level of independence[153]. Share Incentive Plans - The company has adopted a share incentive plan to reward selected participants for their contributions to business growth, with a total of 2,580,000 shares granted as of June 30, 2025, of which 1,720,000 shares remain unvested[137]. - The fair value of the shares granted under the incentive plan ranges from HKD 3.27 to HKD 3.50 per share, with a dividend yield of 1.74% and an expected volatility of 43.67%[139]. - The total number of shares granted under the 2024 incentive plan is 3,040,000, with 2,280,000 shares remaining unvested as of June 30, 2025[140]. - The share incentive plan is effective from July 10, 2020, for a duration of ten years[147]. - The company aims to attract and retain contributors beneficial to its long-term development through the stock option plans[132].

[Company Profile](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E7%B0%A1%E4%BB%8B) Established in 2001 and listed in Hong Kong in 2014, the company operates nearly 650 stores, focusing on mobile hardware sales, software services, and new energy businesses - The company was established in 2001 and listed in Hong Kong in 2014 (stock code: 06188)[5](index=5&type=chunk) - As of June 30, 2025, the company has over 100 subsidiaries and nearly **650 directly operated and franchised stores** across 20 provinces and 4 municipalities in China[5](index=5&type=chunk) - Main businesses include sales of mobile hardware and accessories, value-added software services, personalized mobile services, and after-sales services[5](index=5&type=chunk) - Actively developing new retail and diversified product sales, exploring new energy businesses, with initial scale in photovoltaic supply chain and normalized household photovoltaic agency operations in multiple provinces and cities[5](index=5&type=chunk) [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Provides details on the Board of Directors, Supervisors, various committees, legal counsel, registered office, H-share registrar, and auditor - Board members include executive directors (Ms. Xu Jili as Chairperson), non-executive directors, and independent non-executive directors[7](index=7&type=chunk) - Mr. Gao Zhiqiang serves as the Chairman of the Supervisory Committee[7](index=7&type=chunk) - Composition and chairpersons of the Audit Committee, Nomination Committee, Remuneration and Appraisal Committee, and Strategic Committee[7](index=7&type=chunk) - The company's registered office and headquarters are in Lize Road, Fengtai District, Beijing, China; H-share registrar is Hong Kong Registrars Limited; and auditor is Ernst & Young[7](index=7&type=chunk)[9](index=9&type=chunk) [Financial Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Revenue decreased by 13.80% to RMB 8.22 billion, net loss expanded by 152.51% to RMB 73.42 million, and financial leverage increased significantly Consolidated Statement of Profit or Loss Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,219,463 | 9,535,821 | -13.80% | | Gross profit | 298,506 | 334,270 | -10.70% | | Loss for the period | (73,422) | (29,077) | 152.51% | | Loss attributable to owners of the parent | (76,644) | (29,267) | 161.88% | | Basic (loss) per share | (0.09) | (0.03) | 200.00% | Consolidated Statement of Financial Position Summary as of June 30, 2025 | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total assets | 9,478,071 | 10,395,975 | | Current liabilities | 9,368,314 | 10,127,462 | | Net assets | 17,887 | 91,258 | | Equity attributable to owners of the parent | (1,396,631) | (1,320,038) | Consolidated Statement of Cash Flows Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net cash flows from operating activities | (73,976) | (89,395) | | Net cash flows from investing activities | (16,279) | 28,740 | | Net cash flows from financing activities | (1,538,874) | (422,428) | | Net (decrease) in cash and cash equivalents | (1,629,129) | (483,083) | | Cash and cash equivalents at end of period | 1,680,601 | 234,183 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) Mobile phone sales and revenue declined, leading to increased losses due to intense competition, despite strong growth in photovoltaic equipment sales; financial ratios deteriorated, prompting strategic adjustments for H2 2025 - For the six months ended June 30, 2025, mobile phone sales decreased by **35.22%** year-on-year to **1,602 thousand units**[13](index=13&type=chunk) - Operating revenue decreased by **13.80%** year-on-year to **RMB 8,219,463 thousand**[13](index=13&type=chunk) - Net loss attributable to owners of the parent increased by **161.88%** year-on-year to **RMB 76,644 thousand**, primarily due to intensified competition in the 3C industry leading to lower overall gross margins[13](index=13&type=chunk) - Net debt-to-equity ratio significantly increased from **465.89%** as of December 31, 2024, to **17,578.40%** as of June 30, 2025, a rise of **3,673.08%**, mainly due to increased net debt and decreased total equity[29](index=29&type=chunk) - In the second half of 2025, the company will focus on deepening channel synergy, expanding its ecosystem, strategically developing new energy, and enhancing lean management to address market challenges and achieve annual targets[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Business Review](index=8&type=section&id=%E4%B8%80%E3%80%81%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Mobile phone sales decreased by 35.22% and operating revenue by 13.80%, with net loss attributable to owners of the parent increasing by 161.88% due to intensified 3C industry competition H1 2025 Business Performance | Metric | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Mobile phone sales | 1,602 Thousand Units | 2,473 Thousand Units | -35.22% | | Operating revenue | RMB 8,219,463 Thousand | RMB 9,535,821 Thousand | -13.80% | | Net loss attributable to owners of the parent | RMB 76,644 Thousand | RMB 29,267 Thousand | 161.88% | - Increased loss primarily attributed to intensified competition in the 3C industry and market, leading to lower overall gross margins for the Group[13](index=13&type=chunk) [Financial Position and Operating Results](index=8&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%92%8C%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) Net loss and loss per share increased significantly, operating revenue declined due to retail and wholesale downturns, despite strong photovoltaic sales; selling expenses and finance costs rose, and key financial ratios deteriorated H1 2025 Key Financial Performance | Metric | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Net loss | RMB 73,422 Thousand | RMB 29,077 Thousand | 152.51% | | Net loss attributable to owners of the parent | RMB 76,644 Thousand | RMB 29,267 Thousand | 161.88% | | Basic loss per share | RMB 0.09 | RMB 0.03 | 200.00% | [Overview](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%A6%82%E8%A6%BD) Net loss for the period increased by 152.51% to RMB 73.42 million, with loss attributable to owners of the parent rising by 161.88% to RMB 76.64 million, and basic loss per share at RMB 0.09 H1 2025 Loss Overview | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Increase (%) | | :--- | :--- | :--- | :--- | | Net loss | (73,422) | (29,077) | 152.51% | | Net loss attributable to owners of the parent | (76,644) | (29,267) | 161.88% | | Basic loss per share (RMB/Share) | (0.09) | (0.03) | 200.00% | [Operating Revenue](index=8&type=section&id=1.%20%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) Operating revenue decreased by 13.80% to RMB 8.22 billion, driven by declines in mobile communication sales, while photovoltaic equipment sales surged by 1,025.22% H1 2025 Operating Revenue Composition and Changes | Revenue Source | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Total operating revenue | 8,219,463 | 9,535,821 | -13.80% | | Sales of mobile communication equipment and accessories | 7,234,052 | 9,109,805 | -20.59% | | Sales of photovoltaic equipment | 665,487 | 59,143 | 1,025.22% | | Mobile operator service revenue | 117,179 | 111,578 | 5.02% | | Revenue from providing online and offline sales and marketing services and other services | 202,745 | 219,462 | -7.62% | - The decrease in operating revenue was primarily due to declines in sales from both retail and wholesale businesses, as well as sales to franchisees[15](index=15&type=chunk) - Revenue from photovoltaic equipment sales significantly increased, becoming a new growth driver[17](index=17&type=chunk) [Cost of Sales](index=9&type=section&id=2.%20%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales decreased by 13.92% to RMB 7.92 billion, a reduction consistent with the decline in operating revenue H1 2025 Cost of Sales | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Cost of sales | 7,920,957 | 9,201,551 | -13.92% | - The decrease in cost of sales was largely consistent with the decrease in operating revenue[18](index=18&type=chunk) [Gross Profit and Gross Margin](index=9&type=section&id=3.%20%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit decreased by 10.70% to RMB 298.51 million, while the overall gross margin slightly increased from 3.51% to 3.63% H1 2025 Gross Profit and Gross Margin | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 298,506 | 334,270 | -10.70% | | Overall gross margin | 3.63% | 3.51% | +0.12% | - Despite a decrease in gross profit, the overall gross margin slightly improved, indicating optimized cost control or product mix[19](index=19&type=chunk) [Other Income and Gains](index=9&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains increased by 46.60% to RMB 42.70 million, primarily driven by higher interest income H1 2025 Other Income and Gains | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Other income and gains | 42,697 | 29,125 | 46.60% | - Increased interest income was the primary reason for the growth in other income and gains[20](index=20&type=chunk) [Selling and Distribution Expenses](index=10&type=section&id=5.%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses increased by 9.00% to RMB 211.83 million, mainly due to higher marketing staff and rental costs for new stores H1 2025 Selling and Distribution Expenses | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 211,827 | 194,333 | 9.00% | - The increase in selling and distribution expenses was primarily due to higher marketing staff costs and rental costs for newly opened stores[21](index=21&type=chunk) [Administrative Expenses](index=10&type=section&id=6.%20%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 9.15% to RMB 87.41 million, primarily due to improved administrative staff efficiency and cost reductions H1 2025 Administrative Expenses | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 87,414 | 96,217 | -9.15% | - The reduction in administrative expenses resulted from improved efficiency of administrative staff and lower costs[22](index=22&type=chunk) [Finance Costs](index=10&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) Finance costs increased by 25.66% to RMB 96.10 million, primarily due to an increase in bank borrowings H1 2025 Finance Costs | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 96,104 | 76,479 | 25.66% | - The increase in finance costs was mainly due to an increase in bank borrowing amounts[23](index=23&type=chunk) [Other Expenses](index=10&type=section&id=8.%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Other expenses increased to RMB 2.27 million from RMB -0.34 million in the prior year, primarily due to store closure losses H1 2025 Other Expenses | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Other expenses | 2,269 | -342 | - The increase in other expenses was mainly due to losses from store closures[24](index=24&type=chunk) [Income Tax Expense](index=10&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 21.66% to RMB 1.20 million, primarily due to the utilization of tax losses carried forward by certain profitable subsidiaries H1 2025 Income Tax Expense | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 1,201 | 1,533 | -21.66% | - The decrease in income tax expense was mainly due to certain profitable subsidiaries of the Group utilizing tax losses carried forward from previous years[25](index=25&type=chunk) [Debt – Bank and Other Borrowings](index=11&type=section&id=10.%20%E5%82%B5%E5%8B%99%EF%BC%8D%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E8%B2%B8) Total bank and other borrowings increased to RMB 4.82 billion as of June 30, 2025, primarily comprising short-term secured bank loans, indicating a shift towards short-term debt Bank and Other Borrowings (RMB Thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current bank loans (unsecured) | 1,547,550 | 1,396,893 | | Current bank loans (secured) | 3,277,300 | 1,563,200 | | Current other borrowings (unsecured) | – | 80,000 | | Current other borrowings (secured) | – | 622,000 | | Non-current unsecured borrowings | – | 72,800 | | **Total** | **4,824,850** | **3,734,893** | - Total borrowings increased, and all non-current borrowings have been reclassified as current, indicating a short-term shift in debt structure[26](index=26&type=chunk) [Capital Expenditure](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E8%B3%87%E6%9C%AC%E6%80%A7%E6%94%AF%E5%87%BA) Capital expenditure for H1 2025 was RMB 27.89 million, mainly for property, plant, and equipment acquisition and store renovations H1 2025 Capital Expenditure | Metric | H1 2025 (RMB Thousand) | | :--- | :--- | | Capital expenditure | 27,892 | - Capital expenditure was primarily used for the acquisition of fixed assets and store renovations[27](index=27&type=chunk) [Key Financial Ratios](index=12&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%AF%94%E7%8E%87) Current ratio slightly decreased to 0.98, debt-to-asset ratio rose to 99.72%, and net debt-to-equity ratio surged to 17,578.40%, indicating significantly increased financial risk Changes in Key Financial Ratios | Item | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 0.98 | 0.99 | (0.01) | (1.01%) | | Debt-to-asset Ratio | 99.72% | 98.31% | 1.41% | 1.43% | | Net Debt-to-equity Ratio | 17,578.40% | 465.89% | 17,112.51% | 3,673.08% | - The net debt-to-equity ratio significantly increased, primarily due to increased net debt and decreased total equity, indicating a substantial rise in the company's financial leverage and risk[29](index=29&type=chunk) [Significant Acquisitions and Disposals](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%20%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) No significant acquisitions or disposals occurred during the six months ended June 30, 2025 - No significant acquisition or disposal activities during the reporting period[30](index=30&type=chunk) [Contingent Liabilities](index=12&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%20%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) No contingent liabilities existed at the end of the reporting period - No contingent liabilities during the reporting period[30](index=30&type=chunk) [Exchange Rate Risk](index=12&type=section&id=%EF%BC%88%E5%85%AD%EF%BC%89%20%E5%BD%99%E7%8E%87%E9%A2%A8%E9%9A%AA) Operating primarily in mainland China with RMB-settled transactions, foreign currency risk is limited to USD and HKD denominated bank deposits and receivables, with no hedging - Primary operations are in mainland China, with transactions and assets/liabilities denominated in RMB[30](index=30&type=chunk) - Foreign currency risk primarily arises from bank deposits and other receivables denominated in USD and HKD, with no hedging undertaken[30](index=30&type=chunk) [Pledge of Assets](index=13&type=section&id=%EF%BC%88%E4%B8%83%EF%BC%89%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had RMB 2.96 billion in pledged deposits and RMB 191.25 million in pledged financial assets measured at fair value Pledge of Assets as of June 30, 2025 | Pledged Asset Type | Amount (RMB Thousand) | | :--- | :--- | | Pledged deposits | 2,964,052 | | Financial assets measured at fair value | 191,251 | [Significant Investments](index=13&type=section&id=%EF%BC%88%E5%85%AB%EF%BC%89%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) No other significant investment projects were undertaken during the six months ended June 30, 2025 - No significant investment projects during the reporting period[31](index=31&type=chunk) [Equity Arrangements](index=13&type=section&id=%EF%BC%88%E4%B9%9D%EF%BC%89%20%E8%82%A1%E6%AC%8A%E5%AE%89%E6%8E%92) No equity subscriptions were undertaken, nor were any equity plans formulated during the six months ended June 30, 2025 - No equity subscriptions were undertaken, nor were any equity plans formulated during the reporting period[31](index=31&type=chunk) [Share Capital](index=13&type=section&id=%EF%BC%88%E5%8D%81%EF%BC%89%20%E8%82%A1%E6%9C%AC) No significant changes occurred in the company's share capital structure during the six months ended June 30, 2025 - No significant changes in share capital structure during the reporting period[31](index=31&type=chunk) [Material Events After Reporting Period](index=13&type=section&id=%EF%BC%88%E5%8D%81%E4%B8%80%EF%BC%89%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) The company proposes to abolish the Supervisory Committee, transitioning its duties to the Audit Committee, and to revise governance documents to comply with new regulations on hybrid general meetings and electronic voting - It is proposed that the Supervisory Committee will no longer be established, and its responsibilities will transition to the Audit Committee[32](index=32&type=chunk) - It is proposed to revise the Articles of Association and the Rules of Procedure for the Board and General Meetings to comply with the latest requirements of the Company Law and HKEX Listing Rules regarding hybrid general meetings and electronic voting[32](index=32&type=chunk) [Employees and Remuneration Policy](index=14&type=section&id=%EF%BC%88%E5%8D%81%E4%BA%8C%EF%BC%89%20%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 2,357 employees, with remuneration expenses and benefits totaling RMB 152.52 million, offering competitive compensation and various training programs Employee and Remuneration Information | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of employees | 2,357 Persons | 2,478 Persons | | Remuneration expenses and employee benefits (for the six months ended June 30) | RMB 152,522 Thousand | RMB 150,521 Thousand | - The company provides position-based salaries, performance-based pay, social insurance, and housing provident funds, along with various forms of employee training in professional ethics, product knowledge, and management skills[34](index=34&type=chunk) [Business Outlook for H2 2025](index=14&type=section&id=%E4%B8%89%E3%80%81%202025%E5%B9%B4%E4%B8%8B%E5%8D%8A%E5%B9%B4%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) D.Phone considers 2025 crucial for strengthening its core business and accelerating transformation, focusing on channel synergy, ecosystem expansion, new energy development, and lean management to enhance efficiency and profitability in H2 - 2025 is a critical year for D.Phone to strengthen its core business foundation and accelerate innovative transformation[35](index=35&type=chunk) - The company will continue to address market challenges such as stricter vendor channel control and declining operator remuneration policies[35](index=35&type=chunk) - Strategic directions include deepening channel synergy (offline store upgrades, online platform expansion, private domain development), focusing on core business (strengthening brand cooperation, expanding IoT categories, cultivating after-sales market), strategically developing new energy (optimizing photovoltaic business model, expanding industrial and commercial photovoltaic market), and enhancing lean management (cost reduction and efficiency improvement, financial management optimization, risk control strengthening, digital operation upgrade)[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Other Information](index=15&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The Board does not recommend an interim dividend; details are provided on interests of directors, supervisors, and major shareholders, along with updates on director appointments and compliance with corporate governance codes - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[39](index=39&type=chunk) - Disclosed the interests and short positions of directors, supervisors, and chief executives in the company's shares, as well as the shareholdings of major shareholders, including the Liu family, Huafa Technology Industry Group, and Zhuhai Huafa Group Co., Ltd[40](index=40&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) - The company has adopted and confirmed compliance with the Corporate Governance Code set out in Appendix C1 of the Listing Rules and the Model Code for Securities Transactions by Directors of Listed Issuers[53](index=53&type=chunk)[55](index=55&type=chunk) - After the reporting period, there were changes in the positions of executive directors Ms. Xu Jili and Ms. Xu Liping, and non-executive directors Mr. Jia Zhaojie and Ms. Pan Anran[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [Interim Dividend](index=16&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend[39](index=39&type=chunk) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Executive Director Mr. Liu Donghai held significant interests in domestic shares through controlled entities and parties acting in concert, while other directors and supervisors reported no other disclosable interests Mr. Liu Donghai's Interests in the Company | Director Name | Share Class | Nature of Interest | Number of Shares Held (Long Position) | % of Relevant Share Class | % of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Donghai | Domestic Shares | Interest in controlled corporation | 168,362,098 | 49.86 | 18.99 | | Liu Donghai | Domestic Shares | Parties acting in concert | 169,337,902 | 50.14 | 19.10 | - Mr. Liu Donghai is deemed to have interests in the company's domestic shares through D.Phone Technology Group Co., Ltd. and an acting in concert agreement with Huafa Technology Industry Group Co., Ltd[42](index=42&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares of the Company](index=17&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, substantial shareholders, including the Liu family, D.Phone Technology, Huafa Technology Industry Group, and their affiliates, held significant interests in the company's domestic or H shares Interests of Substantial Shareholders in the Company (Partial Example) | Shareholder Name | Share Class | Nature of Interest | Number of Shares Held (Long Position) | % of Relevant Share Class | % of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Liu Yongmei | Domestic Shares | Interest in controlled corporation | 168,362,098 | 49.86 | 18.99 | | Huafa Technology Industry Group | Domestic Shares | Beneficial owner | 169,337,902 | 50.14 | 19.10 | | Zhuhai Huafa Group Co., Ltd. | Domestic Shares | Interest in controlled corporation | 337,700,000 | 100.00 | 38.09 | | D.Phone Holdings Limited | H Shares | Beneficial owner | 327,057,912 | 59.60 | 36.90 | | Zhongyi Capital Co., Ltd. | H Shares | Beneficial owner | 77,000,000 | 14.03 | 8.69 | - Huafa Group, through direct shareholding and acting in concert agreements, jointly controls approximately **74.99%** of the company's total voting rights[76](index=76&type=chunk) - D.Phone Technology pledged **63,270,000 domestic shares** to Beijing Jingdixun Technology Co., Ltd. on January 28, 2021, as security for a credit line for goods delivery[51](index=51&type=chunk) [Rights of Directors and Supervisors to Acquire Shares or Debentures](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E7%9B%A3%E4%BA%8B%E8%B3%BC%E8%B2%B7%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B9%8B%E6%AC%8A%E5%88%A9) Neither the company nor its subsidiaries granted or entered into any arrangements for directors or supervisors to acquire shares or debentures during the six months ended June 30, 2025 - During the reporting period, no rights were granted to or exercised by directors or supervisors to purchase shares or debentures of the company[52](index=52&type=chunk) [Corporate Governance Practices](index=21&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company has adopted and complied with the Corporate Governance Code, with the exception of the combined roles of Chairman and CEO, which the Board believes maintains operational efficiency - The company has adopted and complied with most of the recommended best practices in the Corporate Governance Code[53](index=53&type=chunk) - The Chairperson (Ms. Xu Jili) also serves as the President, an arrangement the Board believes helps maintain the company's operational efficiency[54](index=54&type=chunk) [Model Code for Securities Transactions](index=22&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Model Code for securities transactions by directors and supervisors, with all confirming compliance during the reporting period - The company has adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares during the six months ended June 30, 2025 - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor held any treasury shares[56](index=56&type=chunk) [Audit Committee](index=22&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, composed of Mr. Cai Zhenhui (Chairman), Mr. Lu Tingjie, and Ms. Pan Anran, has reviewed the Group's unaudited interim consolidated results and this interim report for H1 2025 - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated results and this interim report for the six months ended June 30, 2025[57](index=57&type=chunk) [Changes in Information of Directors, Supervisors and Chief Executive](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E8%B3%87%E6%96%99%E4%B9%8B%E8%AE%8A%E5%8B%95) Post-reporting period, executive directors Ms. Xu Jili and Ms. Xu Liping, and non-executive directors Mr. Jia Zhaojie and Ms. Pan Anran experienced changes in their roles, mainly within Huafa Group subsidiaries - Ms. Xu Jili resigned from her positions as Chairperson, Director, and General Manager of Huafa Integrated Development Co., Ltd. and other related roles[58](index=58&type=chunk) - Ms. Xu Liping resigned as General Manager and Executive Director of Zhuhai Chuanghua International Trading Co., Ltd. and Zhuhai Zhihua International Trading Co., Ltd., and was appointed Chairperson of Huafa Trading and Director of Huafa Integrated Development[58](index=58&type=chunk) - Mr. Jia Zhaojie resigned as Executive Director and General Manager of Shanghai Zhaohua International Trading Co., Ltd. and Nantong Yaohua International Trading Co., Ltd., and was appointed Director of Huafa Trading[59](index=59&type=chunk) - Ms. Pan Anran was appointed Director of Huafa Trading[60](index=60&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For H1 2025, revenue was RMB 8.22 billion, gross profit RMB 298.51 million, with a loss for the period of RMB 73.42 million and basic loss per share of RMB 0.09 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 8,219,463 | 9,535,821 | | Cost of sales | (7,920,957) | (9,201,551) | | Gross profit | 298,506 | 334,270 | | Other income and gains | 42,697 | 29,125 | | Selling and distribution expenses | (211,827) | (194,333) | | Administrative expenses | (87,414) | (96,217) | | Finance costs | (96,104) | (76,497) | | Loss for the period | (73,422) | (29,077) | | Loss attributable to owners of the parent | (76,644) | (29,267) | | Basic loss per share (RMB/Share) | (0.09) | (0.03) | [Interim Condensed Consolidated Statement of Financial Position](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were RMB 9.48 billion, with net current liabilities of RMB (211.87) million, and equity attributable to owners of the parent at RMB (1.40) billion Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total non-current assets | 321,629 | 334,451 | | Total current assets | 9,156,442 | 10,061,524 | | **Total assets** | **9,478,071** | **10,395,975** | | Total current liabilities | 9,368,314 | 10,127,462 | | Total non-current liabilities | 91,870 | 177,255 | | **Net assets** | **17,887** | **91,258** | | Equity attributable to owners of the parent | (1,396,631) | (1,320,038) | | Non-controlling interests | 1,414,518 | 1,411,296 | | **Total equity** | **17,887** | **91,258** | - Net current liabilities expanded from **RMB (65,938) thousand** as of December 31, 2024, to **RMB (211,872) thousand** as of June 30, 2025, indicating increased short-term solvency pressure[66](index=66&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity attributable to owners of the parent further decreased to RMB (1.40) billion due to the loss for the period, with total equity at RMB 17.89 million Interim Condensed Consolidated Statement of Changes in Equity (For the Six Months Ended June 30) | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total equity attributable to owners of the parent | (1,396,631) | (1,320,038) | | Non-controlling interests | 1,414,518 | 1,411,296 | | **Total equity** | **17,887** | **91,258** | - The loss for the period led to a further reduction in retained profits attributable to owners of the parent, consequently decreasing total equity attributable to owners of the parent[69](index=69&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=30&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flows used in operating, investing, and financing activities were RMB (73.98) million, RMB (16.28) million, and RMB (1.54) billion, respectively, resulting in a significant decrease in cash and cash equivalents Interim Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net cash flows (used in) operating activities | (73,976) | (89,395) | | Net cash flows (used in) / from investing activities | (16,279) | 28,740 | | Net cash flows (used in) financing activities | (1,538,874) | (422,428) | | Net (decrease) in cash and cash equivalents | (1,629,129) | (483,083) | | Cash and cash equivalents at end of period | 1,680,601 | 234,183 | - A significant increase in cash outflow from financing activities was the primary reason for the net decrease in cash and cash equivalents[74](index=74&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=32&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) Provides detailed notes on company information, accounting policies, operating segments, revenue, loss before tax, income tax, loss per share, assets, liabilities, equity, contingencies, commitments, related party transactions, and fair value of financial instruments - Huafa Group collectively held approximately **56.00%** of the company's equity during the reporting period and, together with acting in concert agreements, jointly controlled approximately **74.99%** of the company's total voting rights[76](index=76&type=chunk) - First-time adoption of amendments to IAS 21, but with no significant impact on the interim condensed consolidated financial information[78](index=78&type=chunk)[79](index=79&type=chunk) - Revenue is analyzed by type of goods or services and point in time of revenue recognition, with significant growth in photovoltaic equipment sales revenue[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) - Total trade receivables and bills receivable amounted to **RMB 1,618,952 thousand**, with the highest proportion being receivables aged over 180 days[90](index=90&type=chunk)[91](index=91&type=chunk) - Total interest-bearing bank and other borrowings amounted to **RMB 4,824,850 thousand**, primarily short-term secured bank loans, with interest rates ranging from **1.30% to 3.60%**[93](index=93&type=chunk) - Related party transactions include sales of goods, provision of services, and financing arrangements with companies controlled by Huafa Group[99](index=99&type=chunk)[100](index=100&type=chunk) [Company and Group Information](index=32&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%9B%86%E5%9C%98%E8%B3%87%E6%96%99) The company, a Chinese joint stock limited company, primarily sells mobile communication equipment and services; Huafa Group is the controlling shareholder, jointly controlling approximately 74.99% of total voting rights - The company primarily engages in the sale of mobile communication equipment and accessories and the provision of related services[76](index=76&type=chunk) - Huafa Group is the controlling shareholder of the company, collectively holding approximately **56.00%** of the company's equity during the reporting period and, together with acting in concert agreements, jointly controlling approximately **74.99%** of the company's total voting rights[76](index=76&type=chunk) [Basis of Preparation](index=32&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Interim condensed consolidated financial information is prepared under IAS 34 and should be read with the annual consolidated financial statements for the year ended December 31, 2024 - The financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting'[77](index=77&type=chunk) - It should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[77](index=77&type=chunk) [Changes in Accounting Policies and Disclosures](index=32&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E6%8A%AB%E9%9C%B2%E7%9A%84%E8%AE%8A%E5%8B%95) Accounting policies are consistent with the prior year, with the first-time adoption of amended IAS 21 'Lack of Exchangeability' having no impact on the Group's financial information - First-time adoption of the amended International Accounting Standard 21 'Lack of Exchangeability'[78](index=78&type=chunk)[79](index=79&type=chunk) - This amendment had no impact on the interim condensed consolidated financial information, as all the Group's transaction currencies are exchangeable[79](index=79&type=chunk) [Operating Segment Information](index=33&type=section&id=4.%20%E7%B6%93%E7%91%86%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates in two segments: traditional (mobile communication) and new businesses (e.g., photovoltaic equipment); no single customer accounted for over 10% of total revenue - The Group is divided into two reportable operating segments: traditional operations (mobile communication related) and newly developed businesses (sales of automobiles, photovoltaic equipment, and others)[83](index=83&type=chunk) - No single customer accounted for more than **10%** of total revenue during the reporting period[81](index=81&type=chunk) [Revenue, Other Income and Gains](index=33&type=section&id=5.%20%E6%94%B6%E5%85%A5%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Revenue is primarily from mobile communication and photovoltaic equipment sales, with photovoltaic sales surging by 1,025.22%; other income and gains, mainly interest income, also increased significantly H1 2025 Revenue Composition | Type of goods or services | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Sales of mobile communication equipment and accessories | 7,234,052 | 9,109,805 | | Sales of photovoltaic equipment | 665,487 | 59,143 | | Mobile operator service revenue | 117,179 | 111,578 | | Revenue from providing online and offline sales and marketing services | 51,747 | 58,113 | | Other service fee income | 150,998 | 161,349 | | **Total revenue from contracts with customers** | **8,219,463** | **9,535,821** | - Revenue from photovoltaic equipment sales surged by **1,025.22%** year-on-year[82](index=82&type=chunk) H1 2025 Other Income and Gains | Other income | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Interest income | 36,304 | 14,605 | | Government grants | 2,507 | 3,617 | | Others | 3,886 | 10,903 | | **Total** | **42,697** | **29,125** | - Interest income was the primary driver for the growth in other income and gains[84](index=84&type=chunk) [Loss Before Tax](index=35&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before tax from continuing operations expanded to RMB (72.22) million, influenced by cost of sales, depreciation, amortization, finance costs, and financial asset impairment H1 2025 Loss Before Tax Composition (Partial) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cost of inventories sold and services rendered | 7,920,957 | 9,201,551 | | Depreciation of property, plant and equipment | 7,663 | 7,065 | | Depreciation of right-of-use assets | 58,749 | 56,027 | | Interest on lease liabilities | 4,665 | 4,019 | | Impairment and write-off of trade receivables | 11,725 | 14,739 | | Impairment and write-off of other receivables | 10,399 | 6,219 | | Impairment/(reversal of impairment) of inventories | 129 | (516) | - The expanded loss before tax reflects the combined impact of factors such as cost of sales, depreciation, finance costs, and impairment of financial assets[85](index=85&type=chunk) [Income Tax](index=35&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense decreased by 21.66% to RMB 1.20 million, primarily due to profitable subsidiaries utilizing carried-forward tax losses; statutory tax rate is 25%, with some subsidiaries at 15% H1 2025 Income Tax Expense | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current tax expense | 1,201 | 1,612 | | Deferred tax | – | (79) | | **Total tax expense for the period** | **1,201** | **1,533** | - The decrease in income tax expense was mainly due to certain profitable subsidiaries of the Group utilizing tax losses carried forward from previous years[86](index=86&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=36&type=section&id=8.%20%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share increased to RMB 0.09 for H1 2025, from RMB 0.03 in the prior year, with no issued potential dilutive ordinary shares H1 2025 Loss Per Share Calculation | Metric | 2025 (RMB Thousand/Share) | 2024 (RMB Thousand/Share) | | :--- | :--- | :--- | | Loss attributable to ordinary equity holders of the parent used in the basic loss per share calculation | (76,644) | (29,267) | | Weighted average number of ordinary shares | 886,460,400 | 886,460,400 | | **Basic loss per share (RMB/Share)** | **(0.09)** | **(0.03)** | - There were no issued potential dilutive ordinary shares during the reporting period, thus basic and diluted loss per share were identical[88](index=88&type=chunk) [Property, Plant and Equipment](index=36&type=section&id=9.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) For H1 2025, the Group acquired RMB 27.89 million in property, plant, and equipment and disposed of assets with a net book value of RMB 0.52 million, incurring a net loss of RMB 0.15 million H1 2025 Changes in Property, Plant and Equipment | Item | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cost of additions | 27,892 | 17,476 | | Net book value of disposals | 515 | 194 | | Net loss on disposal | 153 | 35 | [Trade Receivables and Bills Receivable](index=37&type=section&id=10.%20%E8%B2%A1%E5%8B%99%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade receivables and bills receivable were RMB 1.62 billion, with the largest portion, RMB 1.16 billion, aged over 180 days, indicating higher recovery risk Trade Receivables and Bills Receivable (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 2,733,484 | 2,732,370 | | Bills receivable | 122,673 | 3,620 | | Less: Impairment of trade receivables | (1,237,205) | (1,225,249) | | **Total** | **1,618,952** | **1,510,741** | Aging Analysis of Trade Receivables and Bills Receivable (RMB Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 178,306 | 351,596 | | 91 to 180 days | 280,573 | 331,957 | | Over 180 days | 1,160,073 | 827,188 | | **Total** | **1,618,952** | **1,510,741** | - Trade receivables aged over **180 days** constitute a significant portion, potentially indicating higher credit risk[91](index=91&type=chunk) [Cash and Cash Equivalents and Pledged Deposits](index=38&type=section&id=11.%20%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9%E4%BB%A5%E5%8F%8A%E5%B7%B2%E6%8A%B5%E6%8A%BC%E5%AD%98%E6%AC%BE) As of June 30, 2025, cash and cash equivalents were RMB 1.68 billion, and pledged deposits were RMB 2.96 billion, primarily collateral for bank acceptance bills Cash and Cash Equivalents and Pledged Deposits (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and bank balances | 1,680,601 | 3,309,731 | | Pledged time deposits | 2,964,052 | 2,135,073 | | **Total** | **4,644,653** | **5,444,804** | - Pledged deposits are primarily used as collateral for bank acceptance bills, representing a significant amount[92](index=92&type=chunk) [Interest-bearing Bank and Other Borrowings](index=39&type=section&id=12.%20%E8%A8%88%E6%81%AF%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E8%B2%B8) As of June 30, 2025, total interest-bearing bank and other borrowings were RMB 4.82 billion, all current, with a large portion being secured bank loans at rates from 1.30% to 3.60% Interest-bearing Bank and Other Borrowings (RMB Thousand) | Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current bank loans (unsecured) | 1,547,550 | 1,396,893 | | Current bank loans (secured) | 3,277,300 | 1,563,200 | | **Total** | **4,824,850** | **3,734,893** | - Bank loans and other borrowings are secured by pledged deposits and financial assets measured at fair value[94](index=94&type=chunk) - Interest rates on borrowings ranged from **1.30% to 3.60%**[93](index=93&type=chunk) [Trade Payables and Bills Payable](index=40&type=section&id=13.%20%E8%B2%A1%E5%8B%99%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade payables and bills payable significantly decreased to RMB 324.13 million, with the largest portion aged within 90 days Trade Payables and Bills Payable (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 150,071 | 145,844 | | Bills payable | 174,060 | 781,157 | | **Total** | **324,131** | **927,001** | Aging Analysis of Trade Payables and Bills Payable (RMB Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 174,349 | 503,580 | | 91 to 180 days | 1,501 | 364,156 | | Over 180 days | 148,281 | 59,265 | | **Total** | **324,131** | **927,001** | - Total trade payables and bills payable significantly decreased, with a notable reduction in bills payable[95](index=95&type=chunk) [Share Capital](index=40&type=section&id=14.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's registered, issued, and fully paid ordinary shares totaled 886,460,400 at RMB 1 par value, with total share capital of RMB 886.46 million, unchanged from December 31, 2024 Share Capital Information (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Registered, issued and fully paid ordinary shares (886,460,400 shares) | 886,460 | 886,460 | - No changes in share capital during the reporting period[96](index=96&type=chunk) [Contingent Matters](index=40&type=section&id=15.%20%E6%88%96%E7%84%B6%E4%BA%8B%E9%A0%85) No significant contingent matters existed for the Group as of the end of the reporting period - No significant contingent matters at the end of the reporting period[96](index=96&type=chunk) [Commitments](index=41&type=section&id=16.%20%E6%89%BF%E6%93%94) No significant capital commitments existed for the Group as of the end of the reporting period - No significant capital commitments at the end of the reporting period[97](index=97&type=chunk) [Related Party Transactions](index=41&type=section&id=17.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) The Group conducted various transactions with related parties, including sales, services, and financing, with interest rates from 2.15% to 6.00%, and had outstanding trade and financing balances as of June 30, 2025 H1 2025 Major Related Party Transactions (RMB Thousand) | Type of transaction | 2025 | 2024 | | :--- | :--- | :--- | | Sales of goods to companies controlled by Huafa Group | 109,067 | 61,266 | | Revenue from providing online and offline sales and marketing services to companies controlled by Huafa Group | 51,747 | 58,113 | | Related party financing received | 693,000 | 896,528 | | Related party financing repaid | 2,283,000 | 935,709 | | Purchases of goods from joint ventures | 10,157 | 17,496 | | Sales of goods to joint ventures | 23,565 | 35,735 | - Related party financing interest rates ranged from **2.15% to 6.00%**, comparable to market rates[99](index=99&type=chunk) Major Outstanding Balances with Related Parties as of June 30, 2025 (RMB Thousand) | Type of balance | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total trade receivables from related parties | 746,993 | 842,510 | | Total trade payables to related parties | 42 | 96 | | Financing payables to related parties (companies controlled by Huafa Group) | 3,101,000 | 4,691,000 | | Total other non-trade receivables from related parties | 216,372 | 308,484 | | Total other non-trade payables to related parties | 244,451 | 254,908 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=43&type=section&id=18.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E5%8F%8A%E5%85%AC%E5%B9%B3%E5%80%BC%E7%AD%89%E7%B4%9A) Fair values of short-term financial instruments approximate their carrying amounts; unlisted equity investments are valued using market techniques based on unobservable market data - The fair value of short-term financial instruments approximates their carrying amounts[101](index=101&type=chunk) - The fair value of unlisted equity investments is estimated using market valuation techniques and based on assumptions unsupported by observable market prices or rates[102](index=102&type=chunk) Assets Measured at Fair Value (June 30, 2025, RMB Thousand) | Item | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | Equity investments designated at fair value | – | – | 22,957 | 22,957 | | Financial assets measured at fair value | – | 191,251 | – | 191,251 | | Bills receivable | – | 122,673 | – | 122,673 | | **Total** | **–** | **313,924** | **22,957** | **336,881** | [Dividends](index=45&type=section&id=19.%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend[105](index=105&type=chunk) [Approval of Interim Condensed Consolidated Financial Information](index=45&type=section&id=20.%20%E6%89%B9%E5%87%86%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The Board approved and authorized the publication of the interim condensed consolidated financial information on August 27, 2025 - The Board approved and authorized for issue the interim condensed consolidated financial information on August 27, 2025[106](index=106&type=chunk)

TEAMWAY INTERNATIONAL GROUP HOLDINGS LIMITED 中期報告 2025 TEAMWAY INTERNATIONAL GROUP HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) Stock Code: 1239 INTERIM REPORT 2025 Teamway International Group Holdings Limited Interim Report 2025 中期報告 目 錄 公司資料 2 簡明綜合損益表 3 簡明綜合全面收益表 4 簡明綜合財務狀況表 5 簡明綜合權益變動表 7 簡明綜合現金流量表 8 簡明綜合財務報表附註 9 管理層討論及分析 23 其他資料 29 公司資料 董事會 執行董事 曾文佑先生 魏薇女士（於二零二五年六月二十五日退任） 段夢穎女士（於二零二五年六月二十五日退任） 非執行董事 李鴻淵先生 獨立非執行董事 曾慶贇博士 周偉雄先生 周明笙先生（於二零二五年八月三十一日辭任） 審核委員會（「審核委員會」） 曾慶贇博士 （主席） ...