Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 146,959,000, a decrease of 2% from HKD 150,847,000 in the same period of 2024[5] - The company reported a loss of HKD 8,466,000 for the six months ended June 30, 2025, compared to a loss of HKD 5,754,000 in the same period of 2024, representing a 47% increase in loss[5] - Basic and diluted loss per share for the period was HKD 0.71, compared to HKD 0.48 in the previous year, indicating a 48% increase in loss per share[8] - For the six months ended June 30, 2025, the company reported a total loss of HKD 9,634,000, compared to a total loss of HKD 6,063,000 for the same period in 2024, indicating an increase in losses of approximately 59%[11][12] - The company reported a net loss of approximately HKD 8.5 million for the six months ended June 30, 2025, compared to a net loss of approximately HKD 5.8 million for the same period in 2024, representing an increase in loss of about 46.6%[50] Assets and Liabilities - Total assets decreased to HKD 224,694,000 as of June 30, 2025, down from HKD 260,599,000 as of December 31, 2024, reflecting a 14% decline[9] - Current liabilities decreased to HKD 101,396,000 from HKD 128,720,000, a reduction of 21%[10] - The company's net asset value was HKD 121,531,000 as of June 30, 2025, down from HKD 131,165,000 at the end of 2024, a decrease of 7%[9] - The company's trade payables decreased to HKD 47,389,000 as of June 30, 2025, down 22% from HKD 60,781,000 as of December 31, 2024[43] - Trade receivables decreased to HKD 55,525,000 from HKD 75,405,000, a decline of 26.4%[33] Cash Flow and Investments - The company's cash flow from operating activities for the six months ended June 30, 2025, was HKD 10,387,000, significantly higher than HKD 2,421,000 for the same period in 2024, representing an increase of approximately 329%[12] - The net cash flow from investing activities for the six months ended June 30, 2025, was HKD 13,582,000, compared to HKD 2,930,000 for the same period in 2024, reflecting a substantial increase of approximately 363%[12] - The company's cash and cash equivalents increased by HKD 8,926,000 for the six months ended June 30, 2025, compared to an increase of HKD 9,638,000 in the same period of 2024[12] - The company acquired property, plant, and equipment amounting to approximately HKD 660,000, down from HKD 1,298,000 in the previous year, a decrease of 49.1%[31] Financial Ratios - The current ratio remained stable at 1.6 for both periods, indicating consistent liquidity management[5] - The debt-to-equity ratio improved to 37.4% as of June 30, 2025, compared to 39.0% at the end of 2024, showing a reduction in financial leverage[5] - The debt-to-equity ratio as of June 30, 2025, was 37.4%, a slight improvement from 39.0% as of December 31, 2024[58] Revenue and Profitability - The gross profit for the six months ended June 30, 2025, was HKD 23,054,000, an increase of 5% from HKD 21,865,000 in the same period of 2024[8] - The gross profit margin improved from approximately 14.5% for the six months ended June 30, 2024, to approximately 15.7% for the current reporting period[53] - Cost of goods sold decreased to HKD 108,494,000 from HKD 112,878,000, a reduction of 4.3%[24] Administrative and Other Expenses - Administrative expenses increased to approximately HKD 22.4 million for the current period, up from HKD 20.5 million for the same period in 2024, representing an increase of about 9.3%[55] - The company incurred financing costs of HKD 1,426,000 for the period, down from HKD 1,634,000 in the previous year, reflecting a 13% decrease[8] - Net financing costs rose to HKD (1,012,000) from HKD (717,000), representing an increase of 40.9%[25] Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous period[46] - The stock option plan adopted in May 2019 has no unexercised options as of June 30, 2025, and the total number of options available for grant remains at 100,000,000 shares[76] - As of June 30, 2025, Mr. Thomas Berg holds 371,000,000 shares, representing 30.92% of the issued share capital[77] - Stuart Ian Grimshaw owns 89,000,000 shares in GPG, accounting for 7.42% of the issued share capital[79] Market and Economic Outlook - The group anticipates a slowdown in global GDP growth in the second half of 2025, with inflation and employment rates showing mixed performance[69] - The group will adopt a prudent approach to business development to mitigate impacts from challenges such as U.S. tariff issues and rising material and labor costs in China[69] Employee and Training - As of June 30, 2025, the group had approximately 396 employees, a decrease from 412 employees as of June 30, 2024[63] - The group has provided regular training to employees to enhance their skills and knowledge related to product quality standards and safety[64]

Financial Performance - Revenue increased by 11% to HKD 4,339 million for the six months ended June 30, 2025[9] - Profit attributable to owners rose by 174% to HKD 91 million, with earnings per share at HKD 32.89[9][22] - The distribution business remained a key growth driver, with revenue up 11% and segment profit up 20%[15] - Total comprehensive income for the period amounted to HKD 244,341,000, a significant recovery from a loss of HKD 35,096,000 in the previous year[23] - The company reported a profit of HKD 124,167,000 for the six months ended June 30, 2025, compared to HKD 71,022,000 for the same period in 2024, representing a year-over-year increase of 75%[23] - For the six months ended June 30, 2025, the net profit attributable to the company's owners was HKD 91,410,000, compared to HKD 33,371,000 for the same period in 2024, representing a significant increase of 174%[28] - The total comprehensive income for the period was HKD 183,072,000, compared to a loss of HKD 48,544,000 in the previous year, indicating a turnaround in performance[28] Revenue Breakdown - Total revenue for the six months ended June 30, 2025, was HKD 4,339,175,000, an increase from HKD 3,906,365,000 for the same period in 2024, representing a growth of approximately 11%[35] - Revenue from customer contracts for the six months ended June 30, 2025, was HKD 4,268,003,000, compared to HKD 3,837,947,000 in 2024, reflecting an increase of about 11%[36] - The revenue breakdown shows that sales from IT products amounted to HKD 3,026,652,000 for the first half of 2025, up from HKD 2,858,127,000 in 2024, indicating a growth of approximately 6%[35] - The hotel operations generated rental income of HKD 81,739,000 in the first half of 2025, compared to HKD 60,614,000 in 2024, marking an increase of around 35%[35] Asset and Liability Management - Non-current assets increased to HKD 4,906,844,000 as of June 30, 2025, up from HKD 4,647,047,000 at the end of 2024, reflecting a growth of approximately 5.6%[25] - Current assets rose to HKD 4,203,442,000, compared to HKD 3,883,068,000 in December 2024, indicating an increase of about 8.2%[25] - Total liabilities increased to HKD 3,918,896,000 from HKD 3,079,044,000, reflecting a growth of approximately 27.3%[26] - The net asset value of the company stood at HKD 4,312,942,000 as of June 30, 2025, compared to HKD 4,176,197,000 at the end of 2024, showing an increase of about 3.3%[26] - The equity attributable to owners of the company increased to HKD 3,675,967,000 from HKD 3,498,454,000, representing a growth of about 5.1%[26] Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2025, was HKD 216,006,000, down from HKD 250,710,000 in 2024, reflecting a decrease of 14%[30] - The company reported a net cash inflow from investing activities of HKD 4,079,000, a decrease from HKD 46,628,000 in the previous year, indicating reduced investment activity[30] - The company incurred a loss of HKD 219,824,000 in foreign exchange reserves, which impacted overall equity[28] - The company’s financing activities resulted in a net cash outflow of HKD 156,340,000, compared to HKD 180,479,000 in the previous year, indicating improved cash management[30] Shareholder and Governance - Major shareholders include Lim Lik Xian and Lim Lik Shi, holding a combined total of 185,573,108 shares, representing 66.76% of the issued share capital[98] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the period ending June 30, 2025[100] - The audit committee, composed entirely of independent non-executive directors, reviewed the interim report for the six months ending June 30, 2025[102] Employee and Compensation - The total employee compensation and benefits paid and payable for the six months ended June 30, 2025, was HKD 166,138,000, compared to HKD 146,615,000 for the same period in 2024[81] - The number of employees as of June 30, 2025, was 1,176, a decrease from 1,193 as of June 30, 2024[81] - The group’s remuneration policy links performance to compensation and is reviewed annually without significant changes compared to the previous year[81] Future Outlook - The company remains cautiously optimistic about future growth despite ongoing macroeconomic and geopolitical challenges[18] - The company plans to continue focusing on innovation and sustainable development to create long-term value for stakeholders[18]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 892,579,000, a decrease of 58.0% compared to RMB 2,124,840,000 in 2024[12] - Gross profit for the same period was RMB 331,012,000, down 24.3% from RMB 436,994,000 in 2024[12] - Operating loss widened to RMB 587,952,000, a 471.7% increase from RMB 102,850,000 in 2024[12] - Net loss for the period was RMB 642,895,000, up 440.5% from RMB 118,941,000 in 2024[12] - Total revenue for the six months ended June 30, 2025, was RMB 892.6 million, a decrease of 58.0% year-on-year, primarily due to strategic transformation affecting both in-hospital and out-of-hospital solutions[26] - Adjusted net loss for the six months ended June 30, 2025, was RMB 63.4 million, an increase of 92.7% year-on-year, impacted by losses related to the proposed sale of subsidiaries[26] - The company reported a total comprehensive loss of RMB 645,078 thousand for the period, compared to RMB 118,537 thousand in 2024, marking a substantial increase in overall losses[161] Revenue Breakdown - Revenue from in-hospital solutions decreased by 61.5% to RMB 649,952,000 from RMB 1,688,110,000 in 2024[12] - Subscription solutions (precision marketing) revenue increased by 7.8% to RMB 151,863,000 compared to RMB 140,922,000 in 2024[12] - Revenue from the outpatient solutions decreased by 44.4% to approximately RMB 242.6 million for the six months ended June 30, 2025, compared to RMB 436.7 million for the same period in 2024[50] - Revenue from P2M solutions reached RMB 221.0 million, a substantial increase of 104.8% compared to the same period in 2024[30] - The revenue breakdown for the "In-Hospital Solutions" included RMB 277,101 thousand from value-added solutions and RMB 220,988 thousand from P2M solutions for the first half of 2025[179] - The "Out-of-Hospital Solutions" generated RMB 97,201 thousand from value-added solutions and RMB 40,244 thousand from P2M solutions during the same period[179] Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of RMB 28.7 million for the first half of the year, compared to a net cash outflow of RMB 195.5 million in the same period of 2024, indicating a significant transformation[23] - Cash and cash equivalents increased to RMB 375,330 thousand from RMB 304,802 thousand, showing a growth of 23.1%[162] - The company reported a net cash used in operating activities of RMB 29,490 thousand for the six months ended June 30, 2025, compared to a cash used of RMB 189,662 thousand in the same period of 2024, indicating a significant improvement[170] Operational Metrics - The company installed chronic disease management SaaS in 2,774 hospitals, covering 40% of the top 100 hospitals in China[15] - The penetration rate of the SaaS in tertiary hospitals exceeded 20% as of June 30, 2025[15] - The number of hospitals using the company's SaaS solution reached 2,774, including 784 tertiary public hospitals and 1,116 secondary public hospitals, marking a 1.5% increase from the previous year[34] - The number of pharmacies deploying the pharmacy SaaS increased by 18.0% to 269,360 as of June 30, 2025, compared to 228,331 in the previous year[43] - The number of registered users reached approximately 50.2 million, a 51.2% increase from 33.2 million in the previous year[43] - The number of transaction customers in the value-added solutions segment decreased by 77.0% to 197, down from 858 in the previous year[43] Cost Management - Sales cost decreased by 66.7% from approximately RMB 1,687.8 million for the six months ended June 30, 2024, to approximately RMB 561.6 million for the six months ended June 30, 2025[51] - Research and development expenses decreased from approximately RMB 41.8 million for the six months ended June 30, 2024, to approximately RMB 26.4 million for the six months ended June 30, 2025[57] - Employee costs decreased to RMB 217,966 thousand in the first half of 2025 from RMB 280,169 thousand in the same period of 2024, reflecting a reduction of approximately 22%[183] Corporate Governance - The company emphasizes the importance of high standards of corporate governance to protect shareholder interests and enhance corporate value[86] - The board of directors believes that transparency and good corporate governance will contribute to the company's long-term success[87] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period, with some deviations noted[88] Shareholder and Investment Information - Major shareholders include 恒泰信託（香港）有限公司 with 94,874,998 shares (14.69%) and HaoYuan health Limited with 94,571,580 shares (14.65%) [147] - The net proceeds from the global offering amount to approximately HKD 425.7 million, with 60% allocated for business expansion[150] - The company does not recommend a mid-term dividend for the six months ending June 30, 2025[153] Future Outlook and Strategy - The company plans to obtain sales approval for an important P2M pipeline product by the end of September 2025, with a timeline aiming for conditional approval by June 2027[24] - The company focuses on AI-driven P2M strategies to enhance cash flow and profitability, transitioning from a scale-driven model to a quality-driven model[22] - The integration of hospital SaaS and pharmacy SaaS aims to improve the efficiency of the healthcare ecosystem, connecting hospitals and pharmacies effectively[19]

Financial Performance - Total revenue and net investment income for the first half of 2025 reached RMB 456.4 million, a year-on-year increase of 27%[14] - Operating profit for the first half of 2025 was RMB 75.8 million, compared to an operating loss of RMB 87.7 million in the same period of 2024[10] - Profit attributable to owners of the company for the first half of 2025 was RMB 64.98 million, a significant recovery from a loss of RMB 73.82 million in the first half of 2024[12] - The company's adjusted net loss for the first half of 2025 was RMB 36.99 million, improving from a loss of RMB 117.9 million in the same period of 2024[12] - The company reported a pre-tax profit of RMB 98.0 million for the first half of 2025, compared to a pre-tax loss of RMB 73.6 million in the first half of 2024[10] - Total revenue and net investment income for Huaxing Securities rose to RMB 130 million, a year-on-year increase of 25%[19] - Total income for the company reached RMB 425.1 million for the six months ended June 30, 2025, representing a 29.3% increase from RMB 328.9 million for the same period in 2024[57] - Total revenue for the six months ended June 30, 2025, was RMB 425,142,000, an increase of 29.2% compared to RMB 328,921,000 for the same period in 2024[166] - The company reported a net profit of RMB 66,022,000 for the period, reversing a loss of RMB 85,967,000 in 2024[166] Investment Management - Investment management business contributed 52% of total revenue, with fund exit amounting to RMB 1.3 billion in the first half of 2025[15] - The investment management segment saw a revenue increase of 80.8% to RMB 237.5 million compared to the same period last year[23] - Investment management revenue increased by 54.7% to RMB 254.97 million for the six months ended June 30, 2025, compared to RMB 164.81 million for the same period in 2024[34] - The investment management segment's operating profit margin improved to 58.5% for the six months ended June 30, 2025, compared to 30.1% in the previous year[34] - The total return of five main funds and nine special funds exceeded the agreed return level, resulting in recognized performance fees of RMB 147.2 million, a significant increase from RMB 10.1 million for the same period last year[43] - The net investment loss in the investment management segment improved by 47.7%, from RMB 334.45 million in 2024 to RMB 175.02 million in 2025[34] Investment Banking - Investment banking revenue reached approximately RMB 70 million, maintaining a focus on AI and advanced manufacturing sectors[16] - The investment banking segment reported a revenue decline of 29% to RMB 69.3 million[23] - Investment banking revenue for the six months ended June 30, 2025, was RMB 693.18 million, a decrease of 29.0% from RMB 975.70 million for the same period in 2024, primarily due to a decline in underwriting fees[30] - The investment banking segment reported an operating loss of RMB 299.99 million for the six months ended June 30, 2025, compared to an operating loss of RMB 615.48 million for the same period in 2024, reflecting a 51.4% improvement[32] Operating Expenses - Total operating expenses for the first half of 2025 were RMB 380.6 million, down from RMB 447.3 million in the same period of 2024[10] - The operating expenses for the investment banking segment decreased by 37.6% to RMB 992.17 million for the six months ended June 30, 2025, down from RMB 1,591.18 million in 2024[31] - Total operating expenses decreased by 14.9% from RMB 447.3 million for the six months ended June 30, 2024, to RMB 380.6 million for the six months ending June 30, 2025[62] - Compensation and benefits expenses decreased by 27.4% from RMB 282.1 million to RMB 204.9 million during the same period[62] Cash Flow and Liquidity - Cash and cash equivalents totaled RMB 1,420.8 million as of June 30, 2025, with RMB 1,224.3 million excluding Huaxing Securities[73] - The net cash generated from operating activities for the six months ended June 30, 2025, was RMB 78.7 million, with a pre-tax profit of RMB 98.0 million adjusted for non-cash and non-operating items totaling RMB 70.4 million[75] - The net cash used in investing activities for the six months ended June 30, 2025, was RMB 35.6 million, primarily due to RMB 122.9 million in time deposits and RMB 78.7 million in digital asset purchases[77] - The net cash generated from financing activities for the six months ended June 30, 2025, was RMB 85.4 million, primarily from issuing profit certificates amounting to RMB 100.0 million[79] Shareholder Information - Major shareholder Mr. Bao holds 218,127,332 shares, representing 38.12% of the total issued shares of 572,197,776 as of June 30, 2025[103][105] - Mr. Li Shujun holds 35,390,872 shares, representing 6.19% of the total issued shares[103] - The company has not declared or paid any dividends for the six months ended June 30, 2025[99] Corporate Governance - The company has complied with all applicable corporate governance codes as of June 30, 2025[113] - The company has maintained strict internal control measures to enhance transparency and accountability to shareholders[113] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2025[120] Strategic Initiatives - The company is entering its 2.0 era, indicating a strategic shift and recovery in its business segments amid a complex global environment[14] - The company aims to deepen its investment in AI and emerging technologies, focusing on creating a synergistic ecosystem in the financial and digital sectors[21] - The board approved a budget of USD 100 million for the development of Web 3.0 business and investment in cryptocurrency assets over the next two years[87] - The company has invested in leading cryptocurrency firms since 2018, including Circle Internet Group and Amber Group[134] Risk Management - The company maintains a rigorous investment process to manage various risks, including market, liquidity, and credit risks[86] - A comprehensive risk management framework is being developed to identify and manage market, liquidity, operational, counterparty, cybersecurity, and compliance risks associated with the cryptocurrency asset investment plan[145]

目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 13 | | 簡明綜合全面收益表 | 18 | | 簡明綜合資產負債表 | 19 | | 簡明綜合權益變動表 | 22 | | 簡明綜合現金流量表 | 24 | | 中期簡明綜合財務資料附註 | 25 | 公司資料 董事會 主席兼執行董事 審核委員會 劉霄曄女士（主席） 田強先生 韋禕先生 欒林江先生（辭職自2025年9月1日起生效） 欒小龍先生（ 首 席 執 行 官 ）（ 獲 委 任 為 主 席 ， 自2025年9月1日起生效） 執行董事 欒林新先生 徐歡霞女士（委任自2025年9月1日起生效） 非執行董事 呂振邦先生（委任自2025年9月1日起生效） 獨立非執行董事 韋禕先生 田強先生 劉霄曄女士 董事委員會 薪酬委員會 田強先生（主席） 韋禕先生 欒小龍先生 提名委員會 欒林江先生（主席）（辭職自2025年9月1日起生效） 欒小龍先生（獲委任為主席，自2025年9月1日起 生效） 田強先生 劉霄曄女士 風險管理委員會 劉霄曄女士（主席） 欒小龍先生 韋禕先生 環境、社會及管治委員會 ...

中期報告 2025 INTERIM REPORT 2025 1 新龍國際集團有限公司 | 目錄 | | --- | | 2 | 公司資料 | | --- | --- | | 3 | 主席兼行政總裁致辭 | | 6 | 簡明綜合損益表 | | 7 | 簡明綜合損益及其他全面收益表 | | 8 | 簡明綜合財務狀況表 | | 10 | 簡明綜合權益變動表 | | 12 | 簡明綜合現金流轉表 | | 13 | 簡明綜合財務報表附註 | | 29 | 中期股息 | | 29 | 財務回顧及分析 | | 31 | 其他資料 | 二零二五年中期報告 新龍國際集團有限公司 2 公司資料 Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda 主要營業地點 香港 皇后大道中九號 803室 電話： (852) 2138 3938 傳真： (852) 2138 3928 股份代號 00529 投資者資訊 www.sisinternational.com.hk enquiry@sis.com.hk 董事 執行董事： 林家名 （主席兼行政總裁） 林惠海 ...

Mirxes Holding Company Limited 股份代號 : 2629 （於開曼群島註冊成立的有限責任公司） C M Y CM MY CY CMY K Mirxes Holding Company Limited (Incorporated in the Cayman Islands with limited liability) Stock Code : 2629 「CRC-1」 指 CRC-1為一種我們正在開發的用於結直腸癌篩查的基於miRNA 的檢測試劑盒 2025年中期報告 Mirxes Holding Company Limited 2 「無症狀」 指 並無產生或顯示症狀 「審核委員會」 指 董事會審核委員會 「BC-1」 指 BC-1為一種根據我們專有RT-qPCR技術用於乳腺癌篩查的基於 miRNA的檢測 「董事會」 指 本公司董事會 「乳腺癌」 指 自乳房發展而來的癌症 「癌症篩查」 指 對並無明顯癌症症狀的個體進行檢查或檢測，以確定此類疾病 的任何潛在跡象或早期階段 「CE-IVD證」 指 表明符合歐盟體外診斷醫療器械法規(IVDR 2017/746)的認證標 誌，其概述有關I ...

Financial Performance - For the six months ended June 30, 2025, the total revenue of Hygieia Group Limited was approximately SGD 39.4 million, representing a 6.4% increase compared to SGD 37.0 million for the same period in 2024[13]. - Gross profit increased from approximately SGD 6.1 million for the six months ended June 30, 2024, to approximately SGD 7.4 million for the same period in 2025, with the gross margin improving from 16.4% to 18.9%[15]. - Net profit for the six months ended June 30, 2025, was approximately SGD 2.1 million, up from SGD 1.2 million for the same period in 2024[21]. - For the six months ended June 30, 2025, the company reported revenue of 39,351 thousand SGD, an increase of 6.5% from 36,982 thousand SGD in the same period of 2024[51]. - Operating profit increased to 2,744 thousand SGD, representing a 76.7% increase compared to 1,554 thousand SGD in 2024[51]. - The net profit for the period was 2,120 thousand SGD, a 84.3% increase from 1,150 thousand SGD in the previous year[51]. - Basic and diluted earnings per share rose to 0.104 SGD, compared to 0.055 SGD in 2024, reflecting a 89.1% increase[51]. - The company reported a profit attributable to owners of the company of 2,082,000 SGD for the six months ended June 30, 2025, compared to 1,092,000 SGD in 2024, representing an increase of 90.8%[77]. - Basic and diluted earnings per share for the six months ended June 30, 2025, were 0.104 SGD, compared to 0.055 SGD in 2024, indicating an increase of 89.1%[77]. Revenue and Expenses - The cost of sales for the same period was approximately SGD 31.9 million, an increase of about 3.2% from SGD 30.9 million in 2024[14]. - Administrative expenses increased to approximately SGD 4.8 million for the six months ended June 30, 2025, from SGD 4.6 million in 2024, primarily due to higher employee benefits and professional fees[16]. - Tax expenses for the six months ended June 30, 2025, were approximately SGD 561,000, with an effective tax rate of 20.9%, compared to SGD 307,000 and 21.1% in 2024[20]. - Total employee benefits expenses for the six months ended June 30, 2025, amounted to 28,212,000 SGD, up from 25,041,000 SGD in 2024, reflecting an increase of 8.7%[71]. - The company’s income tax expense for the six months ended June 30, 2025, was 561,000 SGD, compared to 307,000 SGD in 2024, representing an increase of 83.6%[76]. - The company’s total financial costs decreased to 63,000 SGD for the six months ended June 30, 2025, from 97,000 SGD in 2024, a reduction of 35.1%[74]. Assets and Liabilities - As of June 30, 2025, the group's current assets were approximately SGD 33.9 million, with cash and cash equivalents of about SGD 10.3 million[22]. - The group's current liabilities were approximately SGD 11.3 million, resulting in a current ratio of 3.0[22]. - Total assets decreased to 37,743 thousand SGD from 40,995 thousand SGD, a decline of 7.5%[53]. - Total liabilities also decreased to 11,688 thousand SGD from 13,062 thousand SGD, a reduction of 10.5%[53]. - The company's equity attributable to owners decreased to 25,900 thousand SGD from 27,817 thousand SGD, a decline of 6.9%[53]. - Total trade receivables as of June 30, 2025, were 14,160,000 SGD, an increase from 13,358,000 SGD as of December 31, 2024[80]. - Total trade and other payables as of June 30, 2025, were 8,080,000 SGD, down from 8,586,000 SGD as of December 31, 2024, reflecting a decrease of 5.9%[84]. Cash Flow and Dividends - Cash flow from operating activities for the six months ended June 30, 2025, was 3,015 thousand SGD, a significant improvement from a cash outflow of 2,501 thousand SGD in 2024[56]. - The company paid dividends of 4,000 thousand SGD during the six months ended June 30, 2025, compared to 3,000 thousand SGD in the same period of 2024, indicating a 33.3% increase in dividend payments[56]. - The company recognized a total of 4,000,000 SGD in dividends for the year-end 2024, compared to 3,000,000 SGD for the year-end 2023[79]. Contracts and Investments - As of August 28, 2025, the group had 301 ongoing service contracts with an outstanding contract value of approximately SGD 65.8 million[10]. - The net proceeds from the company's listing amounted to approximately SGD 11.8 million, with SGD 9.7 million utilized and SGD 2.1 million remaining unutilized as of June 30, 2025[33]. - The company has no major investments, acquisitions, or disposals during the six months ended June 30, 2025[27]. Employee and Operational Insights - The company employed approximately 3,047 employees as of June 30, 2025, an increase from 2,609 employees as of December 31, 2024[34]. - The group plans to continue investing in technology and employee training to enhance productivity and maintain its market leadership in the environmental services industry[11]. - The company did not have any customers contributing over 10% of total revenue for the periods ended June 30, 2025, and June 30, 2024[65]. Regulatory and Compliance - The audit committee reviewed the unaudited interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting principles[40]. - The company is subject to the listing rules of the Hong Kong Stock Exchange[86]. - The company operates under the regulatory framework established by the National Environment Agency of Singapore[86]. - The company adheres to the standards of conduct for securities trading as outlined in the listing rules[86].

[Definitions](index=4&type=section&id=1.%20Definitions) [Definitions of Key Terms](index=4&type=section&id=1.%20Definitions) This chapter defines key terms including financial asset management companies, debt-to-equity swaps, and non-performing loans, essential for report comprehension - The report defines several key terms, including financial asset management companies, debt-to-equity swaps, and non-performing loans, providing a foundation for readers to understand the report content[7](index=7&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's legal name is "China CITIC Financial Asset Management Co., Ltd.", abbreviated as "CITIC Financial Asset"[7](index=7&type=chunk) [Company Overview](index=7&type=section&id=2.%20Company%20Overview) [Company Profile](index=7&type=section&id=2.%20Company%20Overview) This chapter provides core identification details, including the company's registration information, legal representative, and H-share listing particulars Company Basic Information | Indicator | Content | | :--- | :--- | | Legal Chinese Name | 中國中信金融資產管理股份有限公司 | | Legal English Name | China CITIC Financial Asset Management Co., Ltd. | | Legal Representative | Liu Zhengjun | | Company Secretary | Wang Yongjie | | Registered Address | No. 8 Financial Street, Xicheng District, Beijing, China | | H-share Listing Exchange | The Stock Exchange of Hong Kong Limited | | Stock Code | 2799 | [Financial Summary](index=9&type=section&id=3.%20Financial%20Summary) [Group Financial Performance and Position](index=9&type=section&id=3.%20Financial%20Summary) This chapter presents the Group's unaudited consolidated financial data for the six months ended June 30, 2025, showing a profit of RMB 5,506.1 million and profit attributable to shareholders of RMB 6,167.6 million, with total assets reaching RMB 1,010,933.3 million Key Financial Data for the Six Months Ended June 30, 2025 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | **Income Statement** | | | | Total Revenue | 31,136.4 | 30,257.0 | | Total Expenses | (35,121.0) | (28,756.9) | | Profit Before Tax from Continuing Operations | 5,044.7 | 4,752.8 | | Profit for the Period from Continuing Operations | 5,506.1 | 4,599.4 | | Profit for the Period | 5,506.1 | 5,272.2 | | Attributable to Shareholders of the Company | 6,167.6 | 5,332.3 | | **Financial Ratios** | | | | Annualized Average Return on Equity | 21.1% | 21.2% | | Annualized Average Return on Assets | 1.1% | 1.0% | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | | Diluted Earnings Per Share (RMB) | 0.066 | 0.056 | Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | | Total Liabilities | 958,001.9 | 934,564.3 | | Total Equity | 52,931.4 | 49,764.3 | | Equity Attributable to Shareholders of the Company | 60,277.7 | 56,495.6 | [Management Discussion and Analysis](index=12&type=section&id=4.%20Management%20Discussion%20and%20Analysis) [Economic, Financial and Regulatory Environment](index=12&type=section&id=4.1%20Economic,%20Financial%20and%20Regulatory%20Environment) In the first half of 2025, global economic growth weakened amid geopolitical uncertainties, while China's economy maintained overall stability and positive momentum, with financial regulators guiding AMCs to focus on core business and address risks, creating structural opportunities - In the first half of 2025, global economic growth momentum weakened, with the International Monetary Fund projecting global economic growth at **2.8%**, a **0.5 percentage point decrease** from 2024[23](index=23&type=chunk) - China's economy achieved a GDP of **RMB 66.1 trillion** in the first half, growing by **5.3% year-on-year**, maintaining overall stability and positive momentum[23](index=23&type=chunk) - The National Financial Regulatory Administration guides financial asset management companies to focus on their core non-performing asset business, deepen specialized and differentiated development, and implement policies supporting large-scale equipment renewal, consumer goods trade-ins, urban renewal, and capital market stability, creating development opportunities for the industry[25](index=25&type=chunk)[27](index=27&type=chunk) [Financial Statement Analysis](index=13&type=section&id=4.2%20Financial%20Statement%20Analysis) This chapter analyzes the Group's operating performance and financial position for the first half of 2025, showing a 21.1% increase in total revenue, a 15.7% rise in net profit attributable to shareholders, and optimized asset and liability structures enhancing risk resilience Group Operating Performance Overview for H1 2025 (RMB million) | Indicator | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Revenue | 40,221.0 | 33,213.0 | 21.1% | | Net Profit Attributable to Shareholders of the Company | 6,168.0 | 5,332.3 | 15.7% | | Annualized Average Return on Equity | 21.1% | 18.4% | Increased by 2.7 percentage points | | Annualized Average Return on Assets | 1.1% | 0.75% | Increased by 0.35 percentage points | | Basic Earnings Per Share (RMB) | 0.066 | 0.056 | - | [Total Revenue from Continuing Operations](index=15&type=section&id=4.2.1.1%20Total%20Revenue%20from%20Continuing%20Operations) In the first half of 2025, the Group's total revenue from continuing operations increased, primarily due to significant gains from investments in associates, despite declines in fair value changes of certain financial assets Major Components of Total Revenue from Continuing Operations (RMB million) | Revenue Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 4,444.5 | 4,428.7 | 0.4% | | Fair Value Changes of Non-performing Debt Assets | 309.5 | 2,316.9 | (86.6%) | | Fair Value Changes of Other Financial Assets and Liabilities | 1,406.2 | 13,933.4 | (89.9%) | | Income from Non-performing Debt Assets | 3,786.5 | 7,861.0 | (51.8%) | | Other Income and Other Net Gains/(Losses) | 18,833.1 | 837.5 | 2,148.7% | | Of which: Gains/(Losses) from Investments in Associates and Joint Ventures | 21,317.9 | (10.5) | 203,127.6% | | Total Revenue | 31,136.4 | 30,257.0 | 2.9% | - Interest income increased by **0.4% year-on-year**, primarily from debt instruments measured at amortized cost, excluding non-performing debt assets[35](index=35&type=chunk) - Realized gains from fair value changes of non-performing debt assets increased by **101.6% year-on-year**, but unrealized fair value change losses of **RMB 1,411.6 million** led to a significant overall decrease in fair value changes[37](index=37&type=chunk)[39](index=39&type=chunk) - Fair value changes of other financial assets and liabilities showed significant year-on-year fluctuations due to changes in asset structure and capital market volatility[40](index=40&type=chunk) - Other income and other net gains increased significantly, mainly attributable to gains from investments in associates and joint ventures[44](index=44&type=chunk) [Total Expenses from Continuing Operations](index=18&type=section&id=4.2.1.2%20Total%20Expenses%20from%20Continuing%20Operations) In the first half of 2025, total expenses from continuing operations increased by 22.1% to RMB 35,121.0 million, driven by higher credit and other asset impairment losses, partially offset by lower interest and operating expenses Major Components of Total Expenses from Continuing Operations (RMB million) | Expense Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Interest Expense | (14,388.7) | (16,404.7) | (12.3%) | | Operating Expenses | (1,934.2) | (2,265.2) | (14.6%) | | Credit Impairment Losses | (16,856.7) | (9,766.6) | 72.6% | | Other Asset Impairment Losses | (1,851.8) | (217.2) | 752.6% | | Total Expenses | (35,121.0) | (28,756.9) | 22.1% | - Interest expense decreased by **12.3% year-on-year**, primarily due to proactive expansion of financing sources, optimization of liability structure, and reduction in average financing costs[48](index=48&type=chunk) - Credit impairment losses significantly increased by **72.6%** to **RMB 16,856.7 million**, but the overall provision coverage ratio for debt instruments measured at amortized cost and at fair value through other comprehensive income was **270%**, indicating enhanced risk resilience[53](index=53&type=chunk) - Other asset impairment losses significantly increased by **752.6%**, mainly from impairment provisions for inventories, interests in associates and joint ventures, and assets taken in lieu of debt[55](index=55&type=chunk) [Income Tax Benefit/(Expense) from Continuing Operations](index=22&type=section&id=4.2.1.3%20Income%20Tax%20Benefit%2F%28Expense%29) In the first half of 2025, the Group's income tax from continuing operations shifted from an expense to a benefit, primarily due to changes in China corporate income tax and deferred income tax Income Tax Benefit/(Expense) from Continuing Operations (RMB million) | Item | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Current Income Tax | (158.4) | (1,014.8) | (84.4%) | | Deferred Income Tax | 619.8 | 861.4 | (28.0%) | | Total | 461.4 | (153.4) | (400.8%) | [Segment Operating Performance](index=22&type=section&id=4.2.1.4%20Segment%20Operating%20Performance) The Group's business is divided into non-performing asset management and asset management and investment segments, with the former being the primary source of revenue and profit, showing significant growth in both, while the latter's revenue decreased but assets slightly increased Total Revenue by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 30,597.8 | 19,326.9 | 58.3% | | Asset Management and Investment Segment | 1,803.4 | 12,102.0 | (85.1%) | | Total | 31,136.4 | 30,257.0 | 2.9% | Profit/(Loss) Before Tax by Business Segment (RMB million) | Segment | 2025 | 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Non-performing Asset Business Segment | 12,140.9 | 1,950.8 | 522.4% | | Asset Management and Investment Segment | (6,654.0) | 3,237.0 | (305.6%) | | Total | 5,044.7 | 4,752.8 | 6.1% | - The non-performing asset business segment's total revenue increased by **58.3%** and profit before tax by **522.4%**, making it the primary contributor to the Group's revenue and profit[65](index=65&type=chunk) [Group Financial Position](index=24&type=section&id=4.2.2%20Group%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 2.7% to RMB 1,010,933.3 million, total liabilities increased by 2.5% to RMB 958,001.9 million, and total equity increased by 6.4% to RMB 52,931.4 million Group Financial Position Overview (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,010,933.3 | 984,328.6 | 2.7% | | Total Liabilities | 958,001.9 | 934,564.3 | 2.5% | | Total Equity | 52,931.4 | 49,764.3 | 6.4% | [Assets](index=26&type=section&id=4.2.2.1%20Assets) As of June 30, 2025, the Group's total assets increased by 2.7% from the end of the previous year, with significant growth in financial assets at fair value through profit or loss, interests in associates and joint ventures, and equity instruments at fair value through other comprehensive income, while deposits with financial institutions and debt instruments at amortized cost decreased - Deposits with financial institutions amounted to **RMB 63,631.2 million**, a **27.3% decrease** from the end of the previous year[72](index=72&type=chunk) - Financial assets at fair value through profit or loss amounted to **RMB 354,169.6 million**, a **4.8% increase** from the end of the previous year, mainly due to the growth in acquisition and disposal of non-performing debt assets, unlisted equity instruments, trust products, and bonds[76](index=76&type=chunk) - Equity instruments at fair value through other comprehensive income amounted to **RMB 4,816.3 million**, a **190.1% increase** from the end of the previous year, primarily due to the growth in listed equity investments[82](index=82&type=chunk) - The carrying value of debt instruments at amortized cost was **RMB 229,707.7 million**, a **6.2% decrease** from the end of the previous year, mainly due to proactive adjustment of asset structure, but the carrying value of other debt instruments at amortized cost increased by **6.7%**[87](index=87&type=chunk)[89](index=89&type=chunk) - Interests in associates and joint ventures amounted to **RMB 260,246.2 million**, a **20.3% increase** from the end of the previous year[91](index=91&type=chunk) [Liabilities](index=32&type=section&id=4.2.2.2%20Liabilities) As of June 30, 2025, the Group's total liabilities increased by 2.5% from the end of the previous year, with an increase in borrowings and a decrease in bonds and notes payable, further optimizing the liability structure - Borrowings amounted to **RMB 752,294.4 million**, a **6.5% increase** from the end of the previous year, maintaining stable financing scale and further optimizing the liability structure[93](index=93&type=chunk) - Bonds and notes payable amounted to **RMB 152,910.4 million**, a **7.0% decrease** from the end of the previous year[94](index=94&type=chunk) [Contingent Liabilities](index=32&type=section&id=4.2.3%20Contingent%20Liabilities) As of June 30, 2025, the Group had pending litigation cases as a defendant with a total claim amount of RMB 3,150.0 million, for which a provision of RMB 636.0 million has been made, and the Board believes these will not materially impact the Group's financial position or operations Contingent Liabilities (RMB million) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Claim Amount of Pending Litigation Cases | 3,150.0 | 2,746.0 | | Provision for Contingent Liabilities | 636.0 | 552.9 | [Differences Between Financial Statements Prepared Under CAS and IFRS](index=33&type=section&id=4.2.4%20Differences%20Between%20Financial%20Statements%20Prepared%20Under%20CAS%20and%20IFRS) This chapter discloses the differences in net profit attributable to shareholders between the Group's financial statements prepared under China Accounting Standards and International Financial Reporting Standards, primarily due to differing accounting treatments for passive dilution of equity in associates and joint ventures Differences in Net Profit Attributable to Shareholders of the Company (RMB million) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Under China Accounting Standards | 8,889.3 | 5,332.3 | | Adjustment for Passive Dilution of Equity in Associates and Joint Ventures | (2,721.7) | – | | Under International Financial Reporting Standards | 6,167.6 | 5,332.3 | - The main difference lies in the treatment of changes in the carrying value of long-term equity investments resulting from passive dilution of equity in associates and joint ventures: China Accounting Standards recognize it in owners' equity, while International Financial Reporting Standards recognize it in profit or loss for the current period[97](index=97&type=chunk) [Business Overview](index=34&type=section&id=4.3%20Business%20Overview) This chapter outlines the Group's performance in non-performing asset management and asset management and investment, with significant growth in revenue and profit for the former, driven by distressed asset revitalization and equity investments, while the latter saw a revenue decrease but strong international company performance, all supported by business synergy and talent strategy Total Revenue and Profit/(Loss) Before Tax by Continuing Operations Business Segment (RMB million) | Item | 2025 Amount | 2025 Proportion | 2024 Amount | 2024 Proportion | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | | | | | | Non-performing Asset Business Segment | 30,597.8 | 98.3% | 19,326.9 | 63.9% | | Asset Management and Investment Segment | 1,803.4 | 5.8% | 12,102.0 | 40.0% | | Total | 31,136.4 | 100.0% | 30,257.0 | 100.0% | | **Profit/(Loss) Before Tax** | | | | | | Non-performing Asset Business Segment | 12,140.9 | 240.7% | 1,950.8 | 41.0% | | Asset Management and Investment Segment | (6,654.0) | (131.9%) | 3,237.0 | 68.1% | | Total | 5,044.7 | 100.0% | 4,752.8 | 100.0% | [Non-performing Asset Business](index=35&type=section&id=4.3.1%20Non-performing%20Asset%20Business) In the first half of 2025, the Group's non-performing asset business segment proactively adjusted its structure, significantly expanded distressed asset revitalization, and reduced traditional acquisition and restructuring, resulting in a 2.7% increase in total assets and a 58.3% surge in total revenue, indicating continuous progress in core business transformation - The non-performing asset business segment's total assets amounted to **RMB 856,056.5 million**, a **2.7% increase** from the end of the previous year[102](index=102&type=chunk) - The non-performing asset business segment's total revenue amounted to **RMB 30,597.8 million**, a **58.3% increase** year-on-year[102](index=102&type=chunk) [Acquisition and Disposal Business](index=37&type=section&id=4.3.1.1%20Acquisition%20and%20Disposal%20Business) The company's acquisition and disposal capabilities continued to improve, with new acquisition costs increasing by 52.9% to RMB 23,536.7 million and realized gains surging by 180.8% to RMB 1,690.7 million in the first half, optimizing asset allocation with a focus on key economic regions Acquisition and Disposal Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Acquisition Costs | 23,536.7 | 15,398.4 | | Realized Gains | 1,690.7 | 602.2 | | Balance of Non-performing Debt Assets at Period End | 190,633.0 | 185,921.1 | - New acquisition costs increased by **52.9% year-on-year**, and realized gains increased by **180.8% year-on-year**[109](index=109&type=chunk) - Non-performing debt assets acquired from the Yangtze River Delta, Pearl River Delta, and Bohai Rim regions accounted for **74.1%** of new acquisitions[113](index=113&type=chunk) [Distressed Asset Revitalization Business](index=38&type=section&id=4.3.1.2%20Distressed%20Asset%20Revitalization%20Business) The company's distressed asset revitalization business continued to grow, with new investments increasing by 43.6% to RMB 38,924.5 million and revenue rising by 65.5% to RMB 4,227.3 million in the first half, expanding its asset balance by 19.9% primarily in economically developed regions, with real estate remaining the main sector Distressed Asset Revitalization Business Key Data (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | New Investments | 38,924.5 | 27,099.2 | | Distressed Asset Revitalization Business Revenue | 4,227.3 | 2,555.0 | | Asset Balance at Period End | 151,257.7 | 126,170.9 | - New investments increased by **43.6% year-on-year**, and revenue increased by **65.5% year-on-year**[120](index=120&type=chunk) - The asset balance of distressed asset revitalization projects primarily targeted the Bohai Rim region, Yangtze River Delta, and Pearl River Delta regions, accounting for **65.7%**[122](index=122&type=chunk) - The real estate industry accounted for the highest proportion of distressed asset revitalization projects, at **32.8%**[126](index=126&type=chunk) [Equity Investment Business](index=41&type=section&id=4.3.1.3%20Equity%20Investment%20Business) The company's equity investment business focused on national strategic guidance, actively increasing asset allocation, achieving revenue of RMB 28,153.6 million and total assets of RMB 252,806.3 million in the first half of 2025 Equity Investment Business Revenue and Total Assets (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Business Revenue | 28,153.6 | 3,783.9 | | Total Assets | 252,806.3 | 188,224.5 | [Acquisition and Restructuring Business](index=41&type=section&id=4.3.1.4%20Acquisition%20and%20Restructuring%20Business) In the first half of 2025, the company proactively adjusted its asset structure, accelerated the disposal and recovery of existing assets, leading to a decrease in both the number and asset balance of acquisition and restructuring projects, with current period revenue of RMB 3,464.7 million - The number of existing acquisition and restructuring projects decreased from **689 to 581**, and the asset balance decreased from **RMB 161,570.2 million to RMB 132,784.9 million**[132](index=132&type=chunk) Acquisition and Restructuring Business Revenue (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Current Period Revenue | 3,464.7 | 7,628.3 | [NPL-Related Businesses by Subsidiaries](index=43&type=section&id=4.3.1.5%20NPL-Related%20Businesses%20by%20Subsidiaries) Real estate development-related revenue of the industrial company decreased by 25.1% year-on-year, while Huitong Asset's NPL-related revenue increased by 30.3% year-on-year, and Rongde Asset's total revenue decreased by 13.9% year-on-year - The industrial company's real estate development-related revenue was **RMB 250.3 million**, a **25.1% decrease** year-on-year[137](index=137&type=chunk) - Huitong Asset's non-performing asset-related revenue was **RMB 28.8 million**, a **30.3% increase** year-on-year[137](index=137&type=chunk) - Rongde Asset's total revenue was **RMB 325.7 million**, a **13.9% decrease** year-on-year[137](index=137&type=chunk) [Asset Management and Investment Business](index=43&type=section&id=4.3.2%20Asset%20Management%20and%20Investment%20Business) In the first half of 2025, the asset management and investment segment generated RMB 1,803.4 million in revenue, with the international company demonstrating strong performance through increased total revenue, profit before tax, and steady asset growth - The asset management and investment segment's revenue was **RMB 1,803.4 million**[138](index=138&type=chunk) International Company Key Indicators (RMB million) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 4,908.5 | 4,307.7 | | Profit Before Tax | 1,764.2 | 803.3 | | Total Assets | 180,088.7 | 174,754.1 | [Business Synergy](index=44&type=section&id=4.3.3%20Business%20Synergy) Leveraging CITIC Group's "industry-finance integration" advantage, the Group deepens "industry-finance" and "finance-finance" collaborations with affiliates, innovating business synergy models for distressed asset resolution and existing asset revitalization to support real economic development - The company integrates internal and external advantageous resources, collaborating with the "CITIC Fleet" to provide comprehensive financial services across all licenses, cycles, and scenarios for enterprises[141](index=141&type=chunk) - Innovative business synergy models for distressed asset resolution and existing asset revitalization have been implemented, leading to a number of typical collaborative projects[141](index=141&type=chunk) [Human Resources Management](index=44&type=section&id=4.3.4%20Human%20Resources%20Management) The Group implements a talent-strengthening strategy, building a high-quality professional workforce, optimizing its structure, improving incentive and restraint mechanisms, and enhancing employee capabilities to ensure talent support for strategic goals - As of June 30, 2025, the Group had a total of **4,761 employees**, with **53%** holding a master's degree or above[143](index=143&type=chunk) - Employees possess over **50 types of professional qualifications**, including Certified Public Accountants, lawyers, and Chartered Financial Analysts[143](index=143&type=chunk) - The compensation policy is linked to the company's strategy, business development, and talent acquisition, based on operating performance, establishing a market-competitive yet internally equitable compensation management system[144](index=144&type=chunk) [No Material Changes](index=44&type=section&id=4.3.5%20No%20Material%20Changes) Except as disclosed in this interim report, there are no other material matters affecting the company's performance that require disclosure under Appendix D2 of the Listing Rules - No other material changes affecting the company's performance beyond those already disclosed[146](index=146&type=chunk) [Risk Management](index=45&type=section&id=4.4%20Risk%20Management) The Group adheres to its "seek progress while maintaining stability" principle and "optimize assets, increase revenue, capture cash recovery, reduce non-performing assets, promote reform, and strengthen internal capabilities" operational guidelines, continuously enhancing its comprehensive risk management system, strengthening asset quality control, and effectively managing credit, market, liquidity, operational, and reputational risks, while also reinforcing internal audit and anti-money laundering efforts - The Group implements a risk management approach characterized by "effective risk control, strong development promotion, robust system building, and capable enhancement"[149](index=149&type=chunk) [Comprehensive Risk Management System](index=45&type=section&id=4.4.1%20Comprehensive%20Risk%20Management%20System) The Group continuously enhances its comprehensive risk management system, implementing the "Deepening Comprehensive Risk Management System Construction Plan (2023-2025)," strengthening consolidated risk management, and improving full-process risk prevention and control capabilities through measures such as industry research, optimized authorization, and stricter business access [Credit Risk Management](index=45&type=section&id=4.4.2%20Credit%20Risk%20Management) The Group continuously strengthens its credit risk management system, improving management policies and tools, enhancing full-process control from pre-investment to post-investment, strictly controlling business access, and effectively improving asset quality and promoting risk resolution through risk early warning and asset quality management [Market Risk Management](index=45&type=section&id=4.4.3%20Market%20Risk%20Management) The Group continuously strengthens market risk management, improving management mechanisms and enhancing tracking analysis and monitoring reports on market fluctuations in stocks, bonds, and foreign exchange, effectively controlling stock, interest rate, and exchange rate risks through market value monitoring, professional institutional management, asset-liability currency matching, and hedging tools [Liquidity Risk Management](index=46&type=section&id=4.4.4%20Liquidity%20Risk%20Management) The Group closely monitors market liquidity, strengthening proactive and forward-looking liquidity management through indicator monitoring, early warning management, stress testing, and contingency plans, while actively expanding diversified financing channels and optimizing its liability structure to ensure overall sufficient liquidity and controllable risk [Operational Risk Management](index=46&type=section&id=4.4.5%20Operational%20Risk%20Management) The Group focuses on source governance and process control, strengthening process management, and conducting operational risk identification and assessment, continuously establishing and improving information technology risk prevention mechanisms, enhancing cybersecurity and stable operation capabilities of information systems, with no major or above cybersecurity incidents occurring in the first half [Reputational Risk Management](index=47&type=section&id=4.4.6%20Reputational%20Risk%20Management) The Group systematically conducts reputational risk management, adhering to proactive, prudent, full-process, and comprehensive principles, timely identifying potential reputational risks, taking measures to prevent, control, and mitigate them, maintaining overall stable public opinion, and safeguarding the company's reputation and brand image [Internal Audit](index=47&type=section&id=4.4.7%20Internal%20Audit) The Group's internal audit department independently performs its oversight duties, focusing on policy implementation, corporate governance, key businesses, financial management, risk management, and internal control, conducting economic responsibility audits, operational project audits, and special audits to continuously enhance the quality and effectiveness of internal audit oversight [Anti-Money Laundering Efforts](index=47&type=section&id=4.4.8%20Anti-Money%20Laundering%20Efforts) The Group strictly adheres to anti-money laundering and anti-terrorist financing laws and regulations, continuously strengthening money laundering risk prevention and control, actively conducting anti-money laundering publicity and training, and continuously improving risk prevention and control capabilities [Capital Management](index=47&type=section&id=4.5%20Capital%20Management) The Group continuously deepens its capital constraint philosophy, improves its capital management system, and optimizes capital structure and quality through multiple measures, enhancing internal capital accumulation capabilities, with a capital adequacy ratio of 15.97% and a leverage ratio of 8.6:1 as of June 30, 2025, indicating continuous improvement in capital adequacy Capital Adequacy Ratio and Leverage Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Adequacy Ratio | 15.97% | 15.69% | | Leverage Ratio | 8.6:1 | 10.1:1 | - The company continuously optimizes its capital structure and quality, enhances its internal capital accumulation capabilities, accelerates the repair of financial conditions of non-financial subsidiaries, and improves capital utilization efficiency[160](index=160&type=chunk) [Development Outlook](index=48&type=section&id=4.6%20Development%20Outlook) Looking ahead to the second half, global economic recovery faces challenges, while China's economy is expected to remain stable and improve, with the non-performing asset industry entering a strategic opportunity period of expanding market supply, emerging policy opportunities, and industry transformation, as the company aims to achieve its "three-year significant quality and efficiency improvement" strategic goal and become an industry benchmark - In the second half, global economic recovery faces headwinds, with geopolitical conflicts and trade frictions remaining challenges, but China's economy is expected to remain stable and improve[164](index=164&type=chunk) - The non-performing asset industry will continue to be in a strategic opportunity period characterized by expanding market supply, emerging policy opportunities, and industry transformation[165](index=165&type=chunk) - The company will firmly implement the third step of its "two-year, three-step" strategy, fully achieving the "three-year significant quality and efficiency improvement" strategic goal, and establishing "six benchmarks" in Party building leadership, operating performance, core business capabilities, compliance and risk control, reform and innovation, and talent team[166](index=166&type=chunk) [Share Capital Changes and Major Shareholders](index=49&type=section&id=5.%20Share%20Capital%20Changes%20and%20Major%20Shareholders) [Share Capital Changes](index=49&type=section&id=5.1%20Share%20Capital%20Changes) As of June 30, 2025, the company's total share capital was 80,246,679,047 shares, with domestic shares accounting for 55.93% and H-shares for 44.07%, and no changes in share capital structure during the reporting period Share Capital Structure (as of June 30, 2025) | Category | Number of Shares | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | | Domestic Shares | 44,884,417,767 | 55.93% | | H-shares | 35,362,261,280 | 44.07% | | Total Number of Shares | 80,246,679,047 | 100.00% | [Major Shareholders](index=49&type=section&id=5.2%20Major%20Shareholders) As of June 30, 2025, China CITIC Group Corporation, the Ministry of Finance, Zhongbao Rongxin Private Equity Fund Management Co., Ltd., China Cinda Asset Management Co., Ltd., National Council for Social Security Fund, China Life Insurance (Group) Company, and ICBC Financial Asset Investment Co., Ltd. were the company's major shareholders, each holding over 5% of the shares Major Shareholders' Shareholdings (as of June 30, 2025) | Shareholder Name | Share Class | Number of Shares | Approximate Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | | China CITIC Group Corporation | Domestic Shares | 21,230,929,783 | 26.46 | | Ministry of Finance | Domestic Shares/H-shares | 19,870,039,607 | 24.76 | | Zhongbao Rongxin Private Equity Fund Management Co., Ltd. | Domestic Shares | 14,509,803,921 | 18.08 | | China Cinda Asset Management Co., Ltd. | H-shares | 3,921,568,627 | 4.89 | | National Council for Social Security Fund | H-shares | 2,475,271,109 | 3.08 | | China Life Insurance (Group) Company | Domestic Shares/H-shares | 3,610,784,313 | 4.50 | | ICBC Financial Asset Investment Co., Ltd. | H-shares | 1,960,784,313 | 2.44 | - CITIC Group is a large state-owned comprehensive multinational enterprise group, with the Ministry of Finance as its ultimate beneficial owner[169](index=169&type=chunk) - China Cinda Asset Management Co., Ltd. is the first financial asset management company approved by the State Council, with its core business being non-performing asset management[175](index=175&type=chunk) [Directors, Supervisors and Senior Management](index=52&type=section&id=6.%20Directors,%20Supervisors%20and%20Senior%20Management) [Basic Information](index=52&type=section&id=6.1%20Basic%20Information) As of the publication date of this interim report, the company's Board of Directors consists of 10 members, the Supervisory Board comprises 4 members, and the list of senior management personnel is provided - The Board of Directors includes Executive Directors Mr. Liu Zhengjun (Chairman) and Mr. Li Zimin, as well as several Non-executive Directors and Independent Non-executive Directors[178](index=178&type=chunk) - The Supervisory Board members include External Supervisors Mr. Cheng Fengchao and Mr. Han Xiangrong, and Employee Representative Supervisors Ms. Sun Hongbo and Ms. Guo Jinghua[179](index=179&type=chunk) - Senior management includes President Mr. Li Zimin and several Vice Presidents[180](index=180&type=chunk) [Changes](index=52&type=section&id=6.2%20Changes) During the reporting period, there were changes in the Board of Directors, with Ms. Yuan Xin elected and commencing duties as a Non-executive Director, and Mr. Liu Zhengjun and Mr. Xu Wei re-elected, while Mr. Zhu Ning resigned as an Independent Non-executive Director; for senior management, Mr. Chen Pengjun and Mr. Yang Yi were appointed and commenced duties as Vice Presidents, and Mr. Xu Jiongwei resigned as Vice President due to job relocation - Ms. Yuan Xin commenced duties as a Non-executive Director on July 2, 2025, after approval by the National Financial Regulatory Administration[181](index=181&type=chunk) - Mr. Liu Zhengjun was re-elected as an Executive Director and continues to serve as Chairman, and Mr. Xu Wei was re-elected as a Non-executive Director[181](index=181&type=chunk) - Mr. Zhu Ning resigned as an Independent Non-executive Director on March 28, 2025[183](index=183&type=chunk) - Mr. Chen Pengjun and Mr. Yang Yi commenced duties as Vice Presidents on February 13, 2025, and March 27, 2025, respectively[184](index=184&type=chunk) - Mr. Xu Jiongwei resigned from his position as Vice President on February 14, 2025[184](index=184&type=chunk) [Information Changes During the Reporting Period](index=53&type=section&id=6.3%20Information%20Changes%20During%20the%20Reporting%20Period) During the reporting period, the appointment information of directors and supervisors was consistent with the company's 2024 annual report, with no other changes requiring disclosure under Rule 13.51B of the Listing Rules - Director and supervisor appointment information is consistent with the 2024 annual report, with no other changes requiring disclosure[185](index=185&type=chunk) [Significant Matters](index=54&type=section&id=7.%20Significant%20Matters) [Corporate Governance](index=54&type=section&id=7.1%20Corporate%20Governance) The company strictly adheres to relevant laws, regulations, and its articles of association, deepening corporate governance reform to establish an effective checks and balances mechanism, continuously improving governance systems, mechanisms, and culture, strengthening Party leadership, safeguarding shareholders' right to information, treating investors fairly, and maintaining market value stability and shareholder interests - The company deepens governance reform, establishing a governance mechanism where each party performs its duties, coordinates operations, and maintains effective checks and balances[186](index=186&type=chunk) - Party leadership is integrated into all aspects of corporate governance, ensuring shareholders' right to information and fair treatment of domestic and international investors[186](index=186&type=chunk) [Board of Directors](index=54&type=section&id=7.2%20Board%20of%20Directors) As of the publication date of this interim report, the Board of Directors comprises 10 members, with independent non-executive directors accounting for over one-third, and during the reporting period, the Board held 5 meetings, approved 25 proposals, and reviewed 16 reports, effectively playing its strategic leadership role - The Board of Directors consists of **10 members**, including **2 Executive Directors, 4 Non-executive Directors, and 4 Independent Non-executive Directors**[187](index=187&type=chunk) - During the reporting period, **5 Board meetings** were held, **25 proposals** were approved, and **16 reports** were reviewed[187](index=187&type=chunk) [Supervisory Board](index=54&type=section&id=7.3%20Supervisory%20Board) As of the publication date of this interim report, the Supervisory Board consists of 4 members, including 2 external supervisors and 2 employee representative supervisors, and during the reporting period, the Supervisory Board held 2 meetings, approved 6 proposals, faithfully performing its duties and safeguarding the legitimate rights and interests of the company and its shareholders - The Supervisory Board consists of **4 members**, including **2 external supervisors and 2 employee representative supervisors**[188](index=188&type=chunk) - During the reporting period, **2 meetings** were held, and **6 proposals** were approved[189](index=189&type=chunk) [Senior Management](index=55&type=section&id=7.4%20Senior%20Management) During the reporting period, senior management organized and implemented business operations within the scope of authorization by the Board of Directors, focusing on the "three-year significant quality and efficiency improvement" strategic goal, promoting business development, risk control, and deepening reforms, holding 11 President's Office meetings and 21 special meetings to discuss and approve 62 important operational and management issues - Senior management implemented the work requirements of "optimizing assets, increasing revenue, capturing cash recovery, reducing non-performing assets, promoting reform, and strengthening internal capabilities"[191](index=191&type=chunk) - A total of **11 President's Office meetings** and **21 special meetings** were held to discuss and approve **62 important operational and management issues**[191](index=191&type=chunk) [Corporate Governance Code](index=55&type=section&id=7.5%20Corporate%20Governance%20Code) During the reporting period, the company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules and adopted applicable best practice recommendations based on actual circumstances - The company complied with the code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules[192](index=192&type=chunk) [Internal Control](index=55&type=section&id=7.6%20Internal%20Control) The company continuously improves its internal control organizational structure, system management, and control measures, optimizing its internal control system, conducting post-evaluation of systems and self-assessment of the internal control system in the first half, and establishing a sanctions risk blacklist database to strengthen sanctions risk prevention and control - The company continuously improves its institutional system, organizes post-evaluation of systems, and strengthens institutional governance[193](index=193&type=chunk) - The 2025 internal control system self-assessment work has been initiated to evaluate the applicability of the process framework, the reasonableness of control responsibilities, the adequacy of risk identification, and the effectiveness of control measures[193](index=193&type=chunk) - A sanctions risk blacklist database has been established and updated daily, with identity verification against the blacklist during business operations, and specialized training on sanctions risk prevention and control is continuously conducted[194](index=194&type=chunk) [Profit and Dividend Distribution](index=56&type=section&id=7.7%20Profit%20and%20Dividend%20Distribution) The company will not declare an interim dividend for 2025 - The company will not declare an interim dividend for 2025[195](index=195&type=chunk) [Use of Proceeds](index=56&type=section&id=7.8%20Use%20of%20Proceeds) The Group's proceeds from its initial public offering were fully utilized in 2022, and proceeds from non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021 - The **HKD 19,696.7 million** proceeds from the initial public offering were fully utilized in 2022, consistent with the prospectus commitments[196](index=196&type=chunk) - The **RMB 40,000 million** and **HKD 2,449 million** proceeds from the non-public directed issuance of domestic shares and H-shares were fully used to supplement the company's core tier-one capital in 2021[197](index=197&type=chunk)[198](index=198&type=chunk) [Future Business of Debt-to-Equity Swap Enterprises and Investment Plans](index=56&type=section&id=7.9%20Future%20Business%20of%20Debt-to-Equity%20Swap%20Enterprises%20and%20Investment%20Plans) The company will focus on deepening state-owned enterprise reform, optimizing asset liquidity, increasing disposal and revitalization efforts, and actively expanding market-oriented debt-to-equity swap businesses, targeting key industries and regions to leverage its distressed relief function and enhance investment returns - For acquired equity assets, the company will focus on deepening state-owned enterprise reform, seizing M&A opportunities, optimizing asset liquidity, and striving for reasonable equity restructuring returns[199](index=199&type=chunk) - For market-oriented debt-to-equity swap businesses, the company will closely follow national strategies, focus on key industries and regions, promote project implementation and high-quality resource reserves, helping enterprises reduce leverage, stabilize growth, and improve efficiency[199](index=199&type=chunk) [Material Litigation and Arbitration](index=57&type=section&id=7.10%20Material%20Litigation%20and%20Arbitration) During the reporting period, the company did not experience any litigation or arbitration matters that had a material adverse impact on its business, financial position, or operating results - No material adverse litigation or arbitration matters occurred during the reporting period[201](index=201&type=chunk) [Material Acquisitions, Disposals, Mergers and Major Investments](index=57&type=section&id=7.11%20Material%20Acquisitions,%20Disposals,%20Mergers%20and%20Major%20Investments) The Group's investments in Bank of China Limited and CITIC Limited have been disclosed in the notes to the financial information; other than these, no material asset acquisitions, disposals, mergers, or other major investment matters requiring disclosure occurred during the reporting period - The Group's investments in Bank of China Limited and CITIC Limited have been disclosed[202](index=202&type=chunk) - No material asset acquisitions, disposals, mergers, or major investment matters occurred beyond those already disclosed[202](index=202&type=chunk) [Implementation of Equity Incentive Plans](index=57&type=section&id=7.12%20Implementation%20of%20Equity%20Incentive%20Plans) During the reporting period, the company did not implement any equity incentive plans - No equity incentive plans were implemented during the reporting period[203](index=203&type=chunk) [Material Related Party Transactions](index=57&type=section&id=7.13%20Material%20Related%20Party%20Transactions) During the reporting period, the company did not engage in any related party transactions requiring disclosure under Chapter 14A of the Listing Rules - No material related party transactions requiring disclosure occurred during the reporting period[204](index=204&type=chunk) [Material Contracts and Their Performance](index=57&type=section&id=7.14%20Material%20Contracts%20and%20Their%20Performance) During the reporting period, the company did not engage in any material entrustment, contracting, or leasing of assets from other companies, nor did other companies entrust, contract, or lease assets from the company, and there were no material guarantees requiring disclosure - No material entrustment, contracting, or leasing matters occurred during the reporting period[205](index=205&type=chunk) - No material guarantees requiring disclosure existed during the reporting period[206](index=206&type=chunk) [Post-Reporting Period Events](index=58&type=section&id=7.15%20Post-Reporting%20Period%20Events) Subsequent to the reporting period, the Group completed the establishment and issuance of asset-backed securities on July 29, 2025, raising a total of RMB 10,010 million, and a Group subsidiary will redeem permanent debt capital issued in 2020 on September 30, 2025 - On July 29, 2025, the Group completed the establishment and issuance of asset-backed securities, raising a total of **RMB 10,010 million**[363](index=363&type=chunk) - A Group subsidiary will redeem **USD 250 million** in permanent debt capital issued on September 30, 2020, on September 30, 2025[363](index=363&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=58&type=section&id=7.16%20Purchase,%20Sale%20and%20Redemption%20of%20Listed%20Securities) During the reporting period, except as disclosed in this interim report, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and held no treasury shares at the end of the reporting period - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[208](index=208&type=chunk) - As of the end of the reporting period, neither the company nor its subsidiaries held any treasury shares[208](index=208&type=chunk) [Securities Transactions by Directors, Supervisors and Senior Management](index=58&type=section&id=7.17%20Securities%20Transactions%20by%20Directors,%20Supervisors%20and%20Senior%20Management) The company has adopted the "Code for Securities Transactions by Directors, Supervisors and Relevant Employees" and has confirmed with all directors and supervisors that they have complied with this code and Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Listing Rules throughout the reporting period - The company has adopted a securities transaction code, and all directors and supervisors confirmed compliance with the code during the reporting period[209](index=209&type=chunk) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares and Underlying Shares](index=58&type=section&id=7.18%20Interests%20and%20Short%20Positions%20of%20Directors,%20Supervisors%20and%20Chief%20Executive%20in%20Shares%20and%20Underlying%20Shares) As of June 30, 2025, none of the company's directors, supervisors, or chief executive held any disclosable interests or short positions in the shares or underlying shares of the company or any associated corporation - As of June 30, 2025, directors, supervisors, and the chief executive held no disclosable interests or short positions in shares[210](index=210&type=chunk) [Review of Interim Report](index=58&type=section&id=7.19%20Review%20of%20Interim%20Report) The company's interim condensed consolidated financial information for the six months ended June 30, 2025, prepared in accordance with International Financial Reporting Standards, has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report, and was approved by the Board of Directors and the Audit Committee of the Board - The interim condensed consolidated financial information has been reviewed by BDO Limited, Hong Kong, which issued an unmodified review report[211](index=211&type=chunk) - This interim report has been approved by the Board of Directors and the Audit Committee of the Board[212](index=212&type=chunk) [Review Report and Interim Condensed Consolidated Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Independent Review Report and Financial Information](index=59&type=section&id=8.%20Review%20Report%20and%20Interim%20Condensed%20Consolidated%20Financial%20Information) This chapter includes the independent review report and the interim condensed consolidated financial information for the six months ended June 30, 2025, comprising the income statement, statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows, and related notes, with the review report concluding no matters indicating non-compliance with IAS 34 - The independent review report concluded that nothing came to the attention of the reviewers that caused them to believe the interim condensed consolidated financial information was not prepared, in all material respects, in accordance with International Accounting Standard 34[219](index=219&type=chunk) - The interim condensed consolidated financial information is presented in the company's functional currency, RMB, and prepared on a going concern basis[237](index=237&type=chunk)[239](index=239&type=chunk) - The Group adopted IAS 21 (Amendment) "Lack of Exchangeability" during the period, which did not have a material impact on the financial information[242](index=242&type=chunk)[243](index=243&type=chunk)

Share Information - The weighted average number of ordinary shares issued for the six months ended June 30, 2025, is 1,180,703,000 shares[1] - The basic and diluted loss per share for the six months ended June 30, 2025, is RMB 0.03[1]