Drug Development and Pipeline - As of June 30, 2025, PegBio has developed a pipeline of six candidate drugs targeting chronic diseases, with a focus on metabolic diseases and their complications[9] - PB-119, a long-acting GLP-1 receptor agonist, entered the review phase with the National Medical Products Administration on May 22, 2025, with expectations for new drug approval in Q3 2025[10] - The company has three projects in clinical trials and one that has received IND approval, demonstrating its commitment to advancing innovative therapies for chronic diseases[18] - Core product PB-119 is a long-acting GLP-1 receptor agonist nearing commercialization, primarily for T2DM and obesity treatment[21] - PB-1902 is a potential first-in-class oral selective opioid receptor antagonist for treating opioid-induced constipation (OIC), with plans to initiate Phase II clinical trials in China by 2025[31] - PB-722, a GCG receptor agonist for congenital hyperinsulinism, received IND approval in China in May 2023, with a Phase I trial expected to start in 2026[32] - PB-2301, a GLP-1/GIP dual receptor agonist for T2DM, NASH, and obesity, is undergoing preclinical studies, with an IND application planned for 2026[35] - PB-2309, a GLP-1/GIP/GCG triple receptor agonist for T2DM, NASH, and obesity, is also in preclinical studies, with an IND application expected in 2025[36] Financial Performance - The company reported an operating loss of RMB 92,135 thousand for the six months ended June 30, 2025, compared to a loss of RMB 154,330 thousand for the same period in 2024, representing a 40.3% improvement[15] - The total loss for the six months ended June 30, 2025, was RMB 937 million, a decrease of RMB 618 million compared to RMB 1,555 million for the six months ended June 30, 2024[54] - The basic and diluted loss per share for the six months ended June 30, 2025, was RMB 0.25, an improvement from RMB 0.42 in the same period of 2024[15] - Adjusted net loss for the six months ended June 30, 2025, was RMB 51.1 million, a decrease from RMB 67.8 million for the same period in 2024[57] - The company's net assets increased to RMB 260,449 thousand from RMB 57,470 thousand, showing a growth of 353% year-over-year[135] - The company reported a total comprehensive loss of RMB 93,672 thousand, compared to a loss of RMB 155,490 thousand for the same period in 2024, representing a 39.7% improvement year-over-year[132] Market Access and Commercialization Strategy - The company has established a comprehensive market access strategy, including hospital access and tendering processes, to enhance patient accessibility[11] - PegBio's strategy includes exploring innovative payment solutions to alleviate the financial burden on patients[11] - The company is preparing for commercial production to ensure stable supply post-approval[25] - The company has established a systematic commercial preparation system to ensure the successful launch of PB-119 in the Chinese market[44] - The company plans to accelerate the commercialization process of PB-119 to benefit patients in China[51] - The company is actively exploring potential collaborations for the commercialization of PB-119 and is considering new arrangements following the termination of a previous agreement[48] Research and Development - As of June 30, 2025, the company's R&D expenses were RMB 26.3 million and RMB 64.0 million for the six months ending June 30, 2025, and 2024, respectively[39] - The company has a dedicated R&D team with over 13 years of experience in candidate product improvement and drug discovery[37] - Research and development expenses decreased to RMB 26,294 thousand from RMB 64,038 thousand, indicating a reduction of 59% compared to the previous year[132] - The company aims to enhance its R&D capabilities by increasing its investment in new technologies by 20% in the upcoming fiscal year[184] Financial Position and Capital Structure - The total assets increased to RMB 383,347 thousand as of June 30, 2025, up from RMB 218,357 thousand as of December 31, 2024, reflecting a growth of 75.7%[15] - The total equity of the company increased to RMB 260,449 thousand as of June 30, 2025, compared to RMB 57,470 thousand as of December 31, 2024, marking a significant increase of 352.5%[15] - Cash and cash equivalents at the end of June 30, 2025, were RMB 264.5 million, an increase of RMB 236.1 million from RMB 28.4 million at the end of 2024[68] - The company's debt-to-equity ratio as of June 30, 2025, was 32.3%, a significant decrease from 176.6% at the end of 2024[70] - The company raised approximately HKD 231.8 million (equivalent to RMB 212.6 million) from the global offering after deducting underwriting fees and related expenses[103] Employee and Governance - The company had a total of 58 employees as of June 30, 2025, down from 64 employees as of December 31, 2024[80] - The company has appointed Dr. Michael Min Xu as both Chairman and CEO, which the board believes enhances internal leadership consistency and decision-making efficiency[90] - The Audit Committee, consisting of three directors, has reviewed and approved the accounting principles adopted by the group, ensuring compliance with relevant accounting standards[92] - The company has established an Audit Committee in accordance with listing rules, ensuring proper governance and oversight of financial reporting[92] Strategic Partnerships and Market Expansion - PegBio is exploring strategic partnerships to enhance its market presence, targeting a 10% increase in market share by 2025[184] - The company aims to expand its global cooperation network and is preparing for market entry in the Middle East and other countries along the Belt and Road Initiative[53] - The company is also considering acquisitions to bolster its product pipeline, with a budget of $100 million allocated for potential deals[184] Risks and Challenges - The company faces risks related to competition, technology changes, and the successful commercialization of its candidate drugs, which could adversely affect its financial condition[83] - The company acknowledges the uncertainty in successfully developing and commercializing PB-119 and PB-718[28]

Sales Performance - In the first half of 2025, China's passenger car sales increased by 10.8% year-on-year, reaching 10.902 million units, with new energy vehicles accounting for 5.469 million units, a 33.3% increase and a market penetration rate of 50.2%[7] - New passenger car sales volume increased by 7.8% to 28,214 units, with luxury brands contributing approximately 85.4% to total new passenger car sales revenue[25] - New passenger car sales revenue decreased by approximately 7.5% to about RMB 7,929.8 million, accounting for approximately 78.2% of total revenue[14] Financial Performance - The group recorded revenue of approximately RMB 10,134.7 million, a year-on-year decrease of about 4.9% compared to RMB 10,655.9 million in the first half of 2024[14] - Gross profit decreased by approximately 41.0% to about RMB 475.7 million, with an overall gross margin decline of 2.9 percentage points to about 4.7%[16] - The group reported a net loss of approximately RMB 818.2 million, widening from a loss of RMB 22.9 million in the first half of 2024, resulting in a net profit margin of approximately -8.1%[21] Impairment and Losses - Due to ongoing macroeconomic uncertainties and intensified competition, the company recognized impairment losses on goodwill and intangible assets related to dealership rights, amounting to approximately RMB 870 million[11] - The group experienced a significant increase in impairment losses, with goodwill and dealership rights impairment amounting to approximately RMB 867.9 million, compared to RMB 151.3 million in the first half of 2024[17] - The company recognized a significant impairment loss of RMB 867,874 related to goodwill and intangible assets[90] Strategic Focus and Operations - The company is shifting its strategic focus from expansion to efficient operations, emphasizing cash flow management and cost control in response to the changing business environment[8] - The company aims to leverage the transition of new energy vehicles from a pure direct sales model to a hybrid model of "direct sales + authorized dealerships" to create new business opportunities[8] - The company is exploring opportunities for business growth through structural adjustments in the dealership network and the continuation of the "old for new" policy[8] Cost Management - Employee costs totaled RMB 359.7 million, an increase from RMB 334.2 million in the same period of 2024, with a workforce of 3,763 employees[38] - Operating expenses decreased year-on-year, with distribution costs at approximately RMB 259.8 million, accounting for about 2.6% of total revenue[19] - The total depreciation expense for property, plant, and equipment for the six months ended June 30, 2025, was RMB 113,776,000, slightly down from RMB 119,294,000 in 2024, a decrease of about 4.6%[114] Cash Flow and Liquidity - Cash and cash equivalents, along with other liquid assets, totaled approximately RMB 1,762.1 million as of June 30, 2025[32] - The net cash from operating activities after tax payments was RMB 278,247 thousand, a decrease of 52.4% compared to RMB 584,024 thousand in the previous year[100] - The company reported a net cash used in financing activities of RMB 2,043,343 thousand, significantly higher than RMB 816,456 thousand in the previous year[102] Shareholder Information - The group’s share of profit from a joint venture was approximately RMB 4.4 million, a decrease of about 46.8% compared to RMB 8.3 million in the same period last year[23] - The company declared a dividend of RMB 0.0445 per share for the six months ending June 30, 2025, compared to RMB 0.0330 per share for the same period in 2024, representing a 35% increase[143] - The group paid dividends totaling RMB 4,783,000 to non-controlling shareholders for the six months ending June 30, 2025, down from RMB 16,631,000 for the same period in 2024[144] Share Option Schemes - The company adopted the 2025 Share Option Scheme on June 10, 2025, aimed at attracting, retaining, and motivating eligible participants to contribute to the group's growth and development[71] - The total number of shares available for issuance upon the exercise of options granted under the 2025 Share Option Scheme is 134,624,720 shares, representing up to 10% of the total issued shares as of the adoption date[76] - The maximum number of shares that can be granted to any eligible participant under the 2025 Share Option Scheme is limited to 1% of the total issued shares at any time[77] Market Conditions - The competitive landscape in the luxury car market is undergoing significant changes, with many brands experiencing substantial sales declines[7] - The group anticipates ongoing challenges in profitability due to intensified competition and macroeconomic uncertainties affecting the luxury automotive sector[125] - The group’s management has adjusted its future performance expectations downward due to lower-than-expected gross margins and significant uncertainties regarding recovery timelines[126]

Financial Performance - In the first half of 2025, the company experienced a decline in net profit due to a decrease in online game recharge revenue, attributed to a shrinking market share in the online gaming sector [9]. - The company's revenue decreased by approximately 29.6% from about RMB 742.1 million for the six months ended June 30, 2024, to about RMB 522.6 million for the six months ended June 30, 2025 [20]. - Gross profit for the same period was RMB 56,691,000, down 34.4% from RMB 86,481,000 year-over-year [82]. - The net profit for the period was RMB 11,932,000, a decline of 45.4% compared to RMB 21,884,000 in the previous year [82]. - Basic and diluted earnings per share decreased to RMB 5.06 from RMB 7.52, representing a 32.7% drop [82]. - Revenue for the six months ended June 30, 2025, was RMB 522,592,000, a decrease of 29.6% compared to RMB 742,125,000 for the same period in 2024 [82]. - Revenue from exclusive online gaming operations dropped significantly to RMB 171,272,000 from RMB 445,343,000, a decline of 61.6% [95]. - The company reported a net profit of RMB 13,612,000 for the six months ended June 30, 2025, down 32.8% from RMB 20,228,000 in 2024 [102]. User Engagement and Market Presence - The company reported approximately 78.1 million monthly active users for all computer and mobile device tool software as of June 30, 2025 [11]. - The company is committed to enhancing user engagement by optimizing software products and expanding its online gaming user base [18]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by 2025 [125]. - User engagement metrics improved, with an average session duration increase of 30% [125]. - The company is actively developing new online games and enhancing marketing efforts to attract new players and maintain existing ones [10]. Revenue Streams - Revenue from online advertising services increased by approximately 19.5% from about RMB 279.8 million for the six months ended June 30, 2024, to about RMB 334.3 million for the six months ended June 30, 2025 [22]. - Revenue from the mobile e-commerce business is generated through advertising services provided to e-commerce clients, with a fixed fee plus a percentage based on return on investment [23]. - Revenue from related parties increased significantly to RMB 13,606,000 in the first half of 2025, compared to RMB 4,000 in the same period of 2024 [118]. Product Development and Innovation - The company is focusing on developing a rich product matrix of PC tools to address high-frequency user pain points, including features like AI disk management and intelligent lag prevention [12]. - The company plans to launch the game "Kung Fu Panda: The Dragon Knight" in the fourth quarter of 2025 in mainland China and Southeast Asia [15]. - The "Lu Master AiNAS" product, a hardware-software integrated device, is set to launch in the second half of 2025, with a new design patent completed [16]. - The company is investing RMB 200 million in R&D for new technologies, focusing on AI and cybersecurity solutions [126]. Financial Management and Investments - The company expects to continue relying on cash flow from operations and other financing for working capital needs and business expansion [39]. - The company subscribed to two structured deposit products from China Merchants Bank, with a total deposit amount of RMB 95 million (RMB 45 million and RMB 50 million) during the reporting period [43][44]. - The expected annualized interest rate for the structured deposit products is between 1.85% and 2.31%, linked to gold price performance [43][44]. - The company reported a net cash inflow from investing activities of RMB 40,379,000, down from RMB 72,132,000 in the prior year [87]. Operational Challenges - The online advertising service business faced challenges due to intensified competition and a shift in user consumption patterns, leading to a more conservative advertising investment attitude among clients [9]. - Revenue from the exclusive licensed online gaming business dropped by about 61.5%, from RMB 445.3 million to RMB 171.3 million, due to declining user engagement and lack of new impactful games [25]. - Total gross profit decreased by approximately 34.4% from RMB 86.5 million to RMB 56.7 million, with a gross margin decline from 11.7% to 10.8% [31]. Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and risk management, consisting of three members, with Hu Qin as the chairperson [67]. - The audit committee reviewed the company's unaudited interim results for the six months ending June 30, 2025, ensuring compliance with accounting principles and internal controls [67]. - The company is committed to maintaining effective control over its operations in compliance with Chinese laws and regulations [64]. - The company will disclose the overall situation of compliance with contractual arrangements in its annual report [68]. Employee and Management Information - The company employed 208 full-time employees as of June 30, 2025, including 89 in sales and marketing, 91 in R&D, and 26 in administration [47]. - The total compensation for key management personnel was RMB 1,453,000, down 40.1% from RMB 2,425,000 in the previous year [119].

關於協鑫新能源 本中期報告載有前瞻性陳述，涉及本 集團的預測業務計劃、前景、財務預 測及發展策略。該等前瞻性陳述是根 據其營運的行業及市場目前的信念、 預測、假設及前提，當中有些涉及主 觀因素或不受我們控制。該等前瞻性 陳述涉及許多風險及不明朗因素及可 能不會在將來實現。鑑於風險及不明 朗因素，本中期報告內所載列的前瞻 性陳述不應視為董事會或本公司聲明 該等計劃及目標將會實現，故投資者 不應過於依賴該等前瞻性陳述 to Life Bringing 把 綠色能源 帶進生活 中期報告 2025 INTERIM REPORT 2025 INTERIM REPORT 中期報告 About GCL New Energy Forward-looking statements contained in this Interim Report relating to the forecast business plans, prospects, financial forecasting, and growth strategies of the Group. These forward-looking statements ...

中期報告 INTERIM REPORT 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | | | －業務回顧 | 4 | | －財務回顧 | 9 | | 獎項和環境、社會及管治 | 12 | | 中期財務資料 | | | －簡明綜合中期全面收益表 | 14 | | －簡明綜合中期財務狀況表 | 16 | | －簡明綜合中期權益變動表 | 18 | | －簡明綜合中期現金流量表 | 19 | | －簡明綜合中期財務資料附註 | 20 | | 其他資料 | 37 | 二零二五年中期報告 1 二零二五年中期報告 公司資料 註冊成立地點 2025 Interim Report 開曼群島 董事會 執行董事 謝寶達先生 （主席） 司徒永富博士 （行政總裁） 黃佩珠女士 獨立非執行董事 冼日明教授 陸東先生 楊主光先生 審核委員會 陸東先生 （主席） 冼日明教授 楊主光先生 薪酬委員會 冼日明教授 （主席） 黃佩珠女士 楊主光先生 劉紹基先生 核數師 羅兵咸永道會計師事務所 執業會計師及註冊公眾利益實體核數師 香港中環 太子大廈22樓 註冊辦事處 提名委員會 楊主光先 ...

Qianhai Health Holdings Limited 前海健康控股有限 公 司 （於開曼群島註冊成立之有限公司） （股份代號: 911） 2025 中 期 報 告 (Stock Code: 911) Qianhai Health Holdings Limited 前海健康控股有限 公 司 (Incorporated in the Cayman Islands with limited liability) INTERIM 源自立先生 湯裕源先生 獨立非執行董事 REPORT 2025 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 企業管治及其他資料 | 8 | | 簡明綜合損益及其他全面收益表 | 16 | | 簡明綜合財務狀況表 | 17 | | 簡明綜合權益變動表 | 19 | | 簡明綜合現金流量表 | 20 | | 綜合財務報表附註 | 21 | 1 前海健康控股有限公司 • 二零二五年中期報告 公司資料 董事會 非執行董事 黃志群先生 （主席） 陳凱犇先生 陳琦先生 執行董事 李煒先生 梁振東先生 吳鴻茹女士 審核委員會 吳鴻茹女士 （主 ...

中期報告 2025 INTERIM REPORT CONTENTS目錄 2 Definitions and Corporate Information 釋義及公司資料 9 Chairman's Statement 主席報告 19 Management Discussion and Analysis 管理層討論與分析 36 Other Information 其他資料 47 Consolidated Statement of Profit or Loss 綜合損益表 48 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 49 Consolidated Statement of Financial Position 綜合財務狀況表 51 Consolidated Statement of Changes in Equity 綜合權益變動表 54 Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表 56 Notes to the Unaudi ...

股份代號：00123 中期報告 2025 成 就 美好生活 目 錄 | 公司資料 | 2 | | --- | --- | | 董事長報告 | 3 | | 管理層討論及分析 | 9 | | 獨立審閱報告 | 22 | | 中期簡明綜合損益表 | 23 | | 中期簡明綜合全面收入表 | 24 | | 中期簡明綜合財務狀況表 | 25 | | 中期簡明綜合權益變動表 | 27 | | 中期簡明綜合現金流量表 | 29 | | 中期簡明綜合財務資料附註 | 31 | | 其他資料 | 61 | 越 秀 地 產 股 份 有 限 公 司 2 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 林昭遠先生（董事長） 朱輝松先生 江国雄先生 賀玉平先生 陳靜女士 劉艷女士 非執行董事 張貽兵先生 蘇俊杰先生 獨立非執行董事及審核委員會成員 余立發先生 李家麟先生 劉漢銓先生 張建生先生 公司秘書 余達峯先生 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 主要往來銀行 中國銀行（香港）有限公司 恒生銀行有限公司 香港上海滙豐銀行有限公司 中國工商銀行（亞洲）有限公司 華僑銀行 星展銀行有限公司 中國建設銀行 ...

目錄 2 公司資料 4 釋義 8 財務摘要 9 管理層討論及分析 25 其他資料 29 獨立審閱報告 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 36 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 徐高明先生 （董事長） 馮建軍先生 徐銳先生 蔣霞先生 獨立非執行董事 孫亦軍先生 何玉潤博士 施德華先生 審計委員會 何玉潤博士 （主席） 施德華先生 孫亦軍先生 何靜女士 李菁怡女士 授權代表 徐銳先生 李菁怡女士 註冊辦事處及中國總部及主要營業地點 薪酬與考核委員會 施德華先生 （主席） 馮建軍先生 何玉潤博士 提名委員會 孫亦軍先生 （主席） 徐高明先生 何玉潤博士 戰略委員會 徐高明先生 （主席） 馮建軍先生 徐銳先生 聯席公司秘書 中國 北京市東城區 東長安街1號 東方廣場東方經貿城 西三辦公樓 6層3-6室 香港主要營業地點 香港 德輔道中188號 金龍中心19樓 H股過戶登記處 香港中央證券登記有限公司 香港 灣仔 皇后大道東183號 合和中心 17樓1712-1716號舖 法律顧問 有關香港法律 高偉紳律 ...

中期報告 中期報告 中期報告 中期報告 中國銀行股份有限公司 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：3988 （於中華人民共和國註冊成立的股份有限公司） 股份代號：3988 中國銀行股份有限公司 2025 中期報告 股份代號 3988 : 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國北京市西城區復興門內大街1號 100818 電話：(86) 10-6659 6688 傳真：(86) 10-6601 6871 客服及投訴電話：(86) 區號-95566 www.boc.cn, www.bankofchina.com 中國銀行股份有限公司 2025 中期報告 股份代號 3988 : 中國銀行股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國北京市西城區復興門內大街1號 100818 電話：(86) 10-6659 6688 傳真：(86) 10-6601 6871 客服及投訴電話：(86) 區號-95566 www.boc.cn, www.bankofchina.com 目錄 | 釋義 | 3 | | --- | --- | | 重要提示 ...