香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 CHINA FIRST CAPITAL GROUP LIMITED 中國首控集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1269） 截至二零二五年六月三十日止六個月之 中期業績公告 中 國 首 控 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事（「董 事」）會（「董事會」）謹 此 公 佈 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 未 經 審 核 簡 明 綜 合 業 績。本 公 告 載 列 本 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券 上 市 規 則 （「上市規則」）有 關 中 期 業 績 初 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及新加坡證券交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 （於英格蘭及威爾斯成立及註冊的有限責任公司，註冊編號為 01397169 ） （股份代號：2378） 新聞稿及截至二零二五年六月三十日止六個月 的半年度業績 隨附之公告由 Prudential plc 於以下日期發佈。 二零二五年八月二十七日，香港 截至本公告日期，Prudential plc 的董事會成員為： 主席 Shriti Vadera 執行董事 Anil Wadhwani (華康堯) （執行總裁） 獨立非執行董事 Jeremy David Bruce Anderson (安德森) CBE、Arijit Basu、蔡淑君、Guido Fürer、路明、 George David Sartorel、Mark Vincent Thomas Saunders (馬崇達) FIA, FASHK、 Claudia Ricarda Rita Suessmuth Dyckerhoff ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1209） 二零二五年中期業績公告 摘要 截至二零二五年六月三十日止六個月，本集團錄得收入人民幣85.24億元，較 過往期間增長6.5%。其中於本集團的業務板塊中，商業航道業務收入為人民幣 32.67億元，較過往期間增長14.6%；物業航道業務收入為人民幣51.57億元，較 過往期間增長1.1%；及生態圈業務收入為人民幣1.00億元。 截至二零二五年六月三十日止六個月，本集團毛利潤為人民幣31.65億元，較過 往期間增長16.3%。毛利率從過往期間的34.0%提高至截至二零二五年六月三十 日止六個月的37.1%。 截至二零二五年六月三十日止六個月，股東應佔利潤為人民幣20.30億元，同比 增長7.4%。股東應佔核心淨利潤（非香港財務報告會計準則計量）達到人民幣 20.11億元，同比增長15.0%。 於二零二五年六月三十日，本集團向其提供商業運營服務的已開業購物 ...

[Company Announcements and Important Notices](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%85%AC%E5%91%8A%E5%8F%8A%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Announcement Statement](index=1&type=section&id=%E5%85%AC%E5%91%8A%E8%81%B2%E6%98%8E) Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no statement as to its accuracy or completeness, and accept no liability for any loss - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement, make no statement as to its accuracy or completeness, and accept no liability for any loss[1](index=1&type=chunk) [Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) The Board of Directors is pleased to announce the unaudited consolidated results for the six months ended June 30, 2025, in compliance with GEM Listing Rules, with the full interim report to be dispatched to shareholders and published online - The Board of Directors is pleased to announce the unaudited consolidated results for the six months ended June 30, 2025, in compliance with GEM Listing Rules requirements[3](index=3&type=chunk) - The printed version of the Company's 2025 interim report will be dispatched to shareholders and published on the Company's and Stock Exchange's websites in due course[3](index=3&type=chunk) [Board Members and Responsibility Statement](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%93%A1%E5%8F%8A%E8%B2%AC%E4%BB%BB%E8%81%B2%E6%98%8E) This announcement lists the company's executive and independent non-executive directors, who collectively and individually assume full responsibility for the accuracy, completeness, and non-misleading nature of the information herein - Executive Directors are Mr Sun Haitao and Ms Wu Shan; Independent Non-executive Directors are Mr Fan Lei, Ms Liu Jia, and Mr Yu Tat Chi[4](index=4&type=chunk) - Each Director confirms that the information contained in the announcement is accurate and complete in all material respects, contains no misleading or fraudulent statements, and omits no material facts, and they collectively and individually accept full responsibility[4](index=4&type=chunk) [GEM Market Characteristics and Risk Warning](index=3&type=section&id=GEM%E5%B8%82%E5%A0%B4%E7%89%B9%E8%89%B2%E5%8F%8A%E9%A2%A8%E9%9A%AA%E6%8F%90%E7%A4%BA) The GEM market provides a listing platform for SMEs, which typically carry higher investment risks; investors should fully understand potential risks, including market volatility and uncertain liquidity, and make prudent investment decisions - GEM is positioned to provide a listing market for small and medium-sized companies, which carry higher investment risks compared to companies listed on the Main Board of the Stock Exchange[5](index=5&type=chunk) - Securities traded on GEM may be subject to greater market volatility risks than those traded on the Main Board, and there is no guarantee of a highly liquid market for GEM-traded securities[5](index=5&type=chunk) [Financial Highlights](index=4&type=section&id=%E6%91%98%E8%A6%81) [Summary of Key Financial Performance](index=4&type=section&id=%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, the Group's revenue from continuing operations decreased by approximately 28% to HK$13.023 million, with the consolidated loss attributable to owners increasing by 13.8% to HK$3.872 million, resulting in a basic and diluted loss per share of 0.08 HK cents, and no interim dividend is recommended Key Financial Performance Summary | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from continuing operations | 13,023 | 17,971 | | Consolidated loss attributable to owners | 3,872 | 3,402 | | Basic and diluted loss per share | 0.08 HK cents | 0.07 HK cents | - The Group's unaudited consolidated revenue from continuing operations decreased by approximately **28%** compared to the same period in 2024[7](index=7&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) For the six months ended June 30, 2025, the Group's loss for the period narrowed to HK$3.970 million from HK$4.090 million last year, despite a 28% decrease in revenue from continuing operations and reduced gross profit, partially offset by a turnaround to profit in discontinued operations Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 13,023 | 17,971 | | Cost of sales and services | (11,666) | (16,427) | | Gross profit | 1,357 | 1,544 | | Loss for the period from continuing operations | (4,104) | (3,064) | | Profit/(loss) for the period from discontinued operations | 134 | (1,026) | | Loss for the period | (3,970) | (4,090) | - The loss from continuing operations attributable to owners was **HK$3,940 thousand**, with a profit from discontinued operations of **HK$68 thousand**, totaling a loss of **HK$3,872 thousand**[10](index=10&type=chunk) [Consolidated Statement of Financial Position](index=7&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly increased to HK$16.823 million, but total liabilities significantly rose by 94% to HK$10.578 million, mainly due to a substantial increase in trade and other payables, leading to a decrease in net current assets and equity attributable to owners Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 118 | 251 | | Current assets | 16,705 | 15,433 | | Current liabilities | 10,578 | 5,453 | | Net current assets | 6,127 | 9,980 | | Equity attributable to owners of the Company | 6,894 | 10,775 | - Intangible assets increased from nil to **HK$118 thousand**, primarily due to network platform development costs[11](index=11&type=chunk)[19](index=19&type=chunk) [Consolidated Statement of Changes in Equity](index=9&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, the Group's total equity decreased from HK$10.226 million at the beginning of the year to HK$6.245 million, primarily due to a loss for the period of HK$3.970 million and a reduction in foreign currency translation reserve Consolidated Statement of Changes in Equity | Metric | January 1, 2025 (HK$ Thousand) | June 30, 2025 (HK$ Thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 10,775 | 6,894 | | Non-controlling interests | (549) | (649) | | Total equity | 10,226 | 6,245 | - The loss for the period of **HK$3,970 thousand** is the primary reason for the decrease in equity[14](index=14&type=chunk) [Consolidated Statement of Cash Flows](index=10&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, the Group generated a net cash outflow of HK$6.762 million from operating activities, a stark contrast to the net inflow in the prior year, with minimal cash outflow from investing activities and no net cash flow from financing activities, leading to a significant reduction in cash and bank balances to HK$6.537 million at period-end Consolidated Statement of Cash Flows | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (6,762) | 170 | | Net cash used in investing activities | (8) | (704) | | Net cash used in financing activities | — | (219) | | Net decrease in cash and cash equivalents | (6,770) | (753) | | Cash and cash equivalents at end of period | 6,537 | 17,225 | [Notes to the Interim Financial Information](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [Basis of Preparation and Impact of New and Revised HKFRSs and HKASs](index=11&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%96%B0%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E5%8F%8A%E9%A6%99%E6%B8%AF%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E4%B9%8B%E5%BD%B1%E9%9F%BF) The Group's unaudited consolidated financial statements for the six months ended June 30, 2025, are prepared in accordance with HKAS 34 and GEM Listing Rules, applying consistent accounting policies as of December 31, 2024, with no significant changes from adopting new and revised HKFRSs - The Group's unaudited consolidated financial statements for the six months ended June 30, 2025, are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure requirements of the GEM Listing Rules[18](index=18&type=chunk) - The adoption of these new and revised HKFRSs has not resulted in any significant changes to the Group's accounting policies or the amounts reported for the current and prior periods[18](index=18&type=chunk) [Revenue](index=12&type=section&id=%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, the Group's revenue from continuing operations decreased by 28% to HK$13.023 million compared to the prior year, with a shift in revenue structure as new automotive cultural products contributed HK$8.001 million while smart retail services revenue significantly declined Revenue by Source (Continuing Operations) | Revenue Source (Continuing Operations) | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Provision of automotive cultural products business | 8,001 | — | | Provision of smart retail services | 5,022 | 17,971 | | **Total Revenue** | **13,023** | **17,971** | [Segment Information](index=12&type=section&id=%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's operating segments include continuing operations (smart retail and automotive cultural products) and discontinued operations (AWS cloud services); for the six months ended June 30, 2025, smart retail revenue significantly decreased, automotive cultural products generated HK$8.001 million in new revenue, and the discontinued AWS cloud services recorded a profit of HK$134 thousand - The Group's operating segments include continuing operations (smart retail business, automotive cultural products business) and discontinued operations (AWS cloud services business)[22](index=22&type=chunk)[23](index=23&type=chunk) Revenue by Business Segment | Business Segment | Revenue for Six Months Ended June 30, 2025 (HK$ Thousand) | Revenue for Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Smart retail business (continuing) | 5,022 | 17,971 | | Automotive cultural products business (continuing) | 8,001 | — | | AWS cloud services business (discontinued) | 134 | 4,570 | Segment Assets | Business Segment | Segment Assets as of June 30, 2025 (HK$ Thousand) | Segment Assets as of December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Smart retail business | 6,028 | 1,854 | | Automotive cultural products business | 3,346 | 304 | | AWS cloud services business | — | — | [Finance Costs](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, the Group incurred no finance costs, compared to HK$15 thousand in lease liability interest during the same period last year Finance Costs | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on lease liabilities | — | 15 | [Income Tax Credit](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) For the six months ended June 30, 2025, the Group recorded an income tax credit of HK$5 thousand, primarily from deferred tax, with no Hong Kong profits tax provision due to the absence of assessable profits, and Chinese subsidiaries subject to a 25% corporate income tax rate Income Tax Credit | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current tax | (1) | — | | Deferred tax | 6 | 16 | | **Income tax credit** | **5** | **16** | - The Group has no assessable profits in Hong Kong, thus no Hong Kong profits tax provision; Chinese subsidiaries are subject to a corporate income tax rate of **25%**[27](index=27&type=chunk) [Loss for the Period from Continuing Operations](index=16&type=section&id=%E4%BE%86%E8%87%AA%E6%8C%81%E7%BA%8C%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E7%9A%84%E6%9C%9F%E9%96%93%E虧%E6%90%8D) For the six months ended June 30, 2025, the Group's loss from continuing operations increased to HK$4.104 million, primarily due to higher net exchange losses and increased loss allowance for trade and other receivables, despite reductions in employee benefit expenses and directors' emoluments Loss for the Period from Continuing Operations | Item | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Bank interest income | (120) | (173) | | Net exchange losses | 524 | 219 | | Employee benefit expenses (excluding directors' emoluments) | 1,509 | 1,753 | | Directors' emoluments | 416 | 739 | | Loss allowance for trade and other receivables | 612 | 4,846 | | Amortisation of intangible assets | 10 | — | [Discontinued Operations](index=17&type=section&id=%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99) The Group reclassified its AWS cloud services business as discontinued operations after its sale in 2024; for the six months ended June 30, 2025, this business recorded a profit of HK$134 thousand, a significant improvement from a loss of HK$1.026 million in the prior year, despite a substantial decrease in revenue - The AWS cloud services business was sold in 2024 and reclassified as discontinued operations[30](index=30&type=chunk) Discontinued Operations Performance | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 134 | 4,570 | | Profit/(loss) before tax | 134 | (1,026) | | Total comprehensive income/(expense) for the period from discontinued operations | 134 | (1,026) | [Loss Per Share](index=18&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, the basic and diluted loss per share attributable to owners of the Company increased to 0.08 HK cents from 0.07 HK cents in the prior year, with no difference between basic and diluted loss per share due to the absence of dilutive potential shares Loss Attributable to Owners | Source of Loss | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | From continuing operations | (3,940) | (2,879) | | From discontinued operations | 68 | (523) | | **Total Loss** | **(3,872)** | **(3,402)** | Loss Per Share | Metric | Six Months Ended June 30, 2025 (HK cents per share) | Six Months Ended June 30, 2024 (HK cents per share) | | :--- | :--- | :--- | | Loss per share from continuing operations | (0.08) | (0.06) | | Loss per share from continuing and discontinued operations | (0.08) | (0.07) | [Property, Plant and Equipment](index=19&type=section&id=%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) As of June 30, 2025, the Group's net book value of property, plant and equipment decreased to zero due to disposals, compared to HK$3 thousand as of December 31, 2024 Property, Plant and Equipment Net Book Value | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net book value at end of period/year | — | 3 | - The net book value of property, plant and equipment decreased to **zero** due to disposals[33](index=33&type=chunk) [Intangible Assets](index=19&type=section&id=%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group's net book value of intangible assets increased to HK$118 thousand, primarily due to new network platform development costs of HK$128 thousand, partially offset by amortization Intangible Assets Net Book Value | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Net book value at end of period/year | 118 | — | - Intangible assets primarily refer to network platform development costs, with **HK$128 thousand** added during the period[33](index=33&type=chunk) [Trade and Other Receivables](index=20&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other receivables significantly increased to HK$9.729 million from HK$2.107 million at the end of 2024, with a particularly notable rise in trade receivables aged 0 to 60 days Trade and Other Receivables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 3,169 | — | | 31 to 60 days | 1,481 | 16 | | 61 to 90 days | 495 | 1 | | Over 90 days | — | — | | **Total trade receivables** | **5,145** | **17** | | Deposits, other receivables and prepayments | 4,584 | 2,090 | | **Total trade and other receivables** | **9,729** | **2,107** | [Trade and Other Payables](index=21&type=section&id=%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, the Group's total trade and other payables more than doubled to HK$10.549 million from HK$4.086 million at the end of 2024, primarily driven by an increase in other payables and accrued expenses Trade and Other Payables Aging Analysis | Aging | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 1,255 | — | | 31 to 60 days | 1,518 | — | | 61 to 90 days | 1,195 | — | | Over 90 days | 207 | 204 | | **Total trade payables** | **4,175** | **204** | | Accrued salaries and other staff benefits | 336 | 1,590 | | Other payables and accrued expenses | 6,038 | 2,292 | | **Total trade and other payables** | **10,549** | **4,086** | [Related Party Transactions](index=22&type=section&id=%E9%97%9C%E9%80%A3%E6%96%B9%E4%BA%A4%E6%98%93) For the six months ended June 30, 2025, key management personnel remuneration was HK$416 thousand, a decrease from the prior year, and new revenue of HK$409 thousand was generated from providing smart retail services to an intermediate holding company Related Party Transactions | Type of Transaction | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Key management personnel remuneration | 416 | 739 | | Provision of smart retail services to an intermediate holding company | 409 | — | [Interim Dividend](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[38](index=38&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=23&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's business review indicates that smart retail remains core, despite a decline in continuing revenue, while the new automotive cultural products business shows strong performance, contributing new growth, with overall revenue affected by cloud service business adjustments - The Group's business development will continue to be driven by its smart retail business, with core operations including system development, operation, and software and hardware sales services[52](index=52&type=chunk) [Smart Retail Business](index=23&type=section&id=%E6%99%BA%E6%85%A7%E9%9B%B6%E5%94%AE%E6%A5%AD%E5%8B%99) As a comprehensive supplier, the smart retail business offers digital transformation solutions and cloud services; for the six months ended June 30, 2025, continuing smart retail business revenue was HK$5.022 million, a significant decrease from the prior year, with total revenue (including discontinued AWS cloud services) reduced due to declining cloud service income and business adjustments - The smart retail business is positioned as a comprehensive smart retail supplier, providing new retail digital transformation solutions and integrated operation service platforms[39](index=39&type=chunk) Smart Retail Business Revenue | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from continuing smart retail business | 5,022 | 17,971 | | Revenue from discontinued AWS cloud services business | 134 | 4,570 | | **Total revenue from smart retail business** | **5,156** | **22,541** | - The year-on-year decrease in revenue is primarily due to a decline in cloud service business income and business adjustments[39](index=39&type=chunk) [Automotive Cultural Products Business](index=23&type=section&id=%E8%BB%8A%E5%93%81%E6%96%87%E5%8C%96%E6%A5%AD%E5%8B%99) The Group's automotive cultural products business recorded HK$8.001 million in revenue for the six months ended June 30, 2025, demonstrating strong market potential by offering customized designs in collaboration with car manufacturers and ensuring efficient supply through partner network platforms to meet growing consumer demand for automotive accessories and related products - The automotive cultural products business recorded revenue of **HK$8,001 thousand** in H1 2025, demonstrating good market potential[40](index=40&type=chunk) - This business provides customized designs in collaboration with car manufacturers, including products like backpacks and cameras, and ensures efficient supply by placing orders through these manufacturers' network platforms[40](index=40&type=chunk) [Financial Review and Financial Policy](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%92%8C%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) For the six months ended June 30, 2025, the Group's revenue from continuing operations decreased by 28%, and the consolidated loss attributable to owners increased by 14% to HK$3.872 million, mainly due to declining cloud service income and business adjustments, while the Group maintains a centralized financial policy to reduce interest expenses Financial Performance Summary | Metric | Six Months Ended June 30, 2025 (HK$ Thousand) | Six Months Ended June 30, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Consolidated revenue from continuing operations | 13,023 | 17,971 | Decrease 28% | | Consolidated loss attributable to owners (total) | 3,872 | 3,402 | Increase 13.8% | - The increase in loss is primarily attributable to the decline in cloud service business income and the Company's business adjustments[41](index=41&type=chunk) - The Group adopts a centralized financial policy for cash and financial management and is committed to reducing the Group's overall interest expenses[42](index=42&type=chunk) [Liquidity and Gearing Ratio](index=25&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) As of June 30, 2025, the Group's total assets increased to HK$16.823 million, but total liabilities significantly rose to HK$10.578 million, causing the current ratio to decrease from 2.0 to 1.5, with cash and bank balances more than halved, while the Group has no bank borrowings or loans, maintaining a zero gearing ratio Liquidity and Gearing Ratios | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Total assets | 16,823 | 15,684 | Increase 7.3% | | Total liabilities | 10,578 | 5,453 | Increase 94% | | Cash and bank balances | 6,537 | 13,281 | Decrease 50.8% | | Current ratio | 1.5 | 2.0 | Decrease 25% | | Gearing ratio | 0 | 0 | No change | [Capital Structure](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the Group's capital structure shows equity attributable to owners of HK$6.894 million, a decrease from HK$10.775 million at the end of 2024, with the total number of issued shares remaining unchanged at 4,686,048,381 Equity Attributable to Owners | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 6,894 | 10,775 | Decrease 36% | - As of June 30, 2025, the total number of issued shares of the Company was **4,686,048,381** shares, with a par value of **HK$0.005** per share, consistent with December 31, 2024[44](index=44&type=chunk) [Pledge of the Group's Assets](index=25&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had no assets pledged, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had no assets pledged[45](index=45&type=chunk) [Material Investments, Acquisitions or Disposals of Major Subsidiaries, Associates or Joint Ventures](index=25&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E6%88%96%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group held no other material investments and did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group held no other material investments and did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[46](index=46&type=chunk) [Capital Commitments and Future Plans for Material Investments or Capital Asset Purchases](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%8A%95%E8%B3%87%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%BC%E5%85%A5%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) For the six months ended June 30, 2025, the Group made no payments for property, plant, and equipment purchases, and as of that date, had no specific future plans for material investments or capital asset acquisitions - For the six months ended June 30, 2025, the Group made no payments for the purchase of property, plant and equipment[47](index=47&type=chunk) - As of June 30, 2025, there were no specific plans for material investments or capital asset purchases[47](index=47&type=chunk) [Exchange Rate Fluctuation Risk](index=26&type=section&id=%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's sales and purchases are primarily denominated in HKD and RMB; RMB exchange rates are subject to Chinese government controls and various economic and political factors, whose fluctuations may impact the Group's results, and while the Group monitors foreign exchange risk, it undertook no hedging transactions for the six months ended June 30, 2025 - The Group's sales and purchases are primarily denominated in Hong Kong Dollars and Renminbi. Renminbi is not freely convertible, and its future exchange rate may fluctuate significantly from current or past rates due to controls imposed by the Chinese government[48](index=48&type=chunk) - The Group monitors its foreign exchange risk and considers hedging significant currency exposures when necessary. For the six months ended June 30, 2025, the Group did not enter into any hedging transactions[49](index=49&type=chunk) [Contingent Liabilities](index=26&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities, consistent with the situation as of December 31, 2024 - As of June 30, 2025, the Group had no material contingent liabilities[50](index=50&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group's employee count decreased to 8, with total staff costs, including directors' emoluments, approximately HK$2.2 million, a decrease from the prior year, and the Group offers competitive remuneration and benefits, reviewed annually based on performance Employee Statistics | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 8 | 12 | Staff Costs | Metric | Six Months Ended June 30, 2025 (HK$ Million) | Six Months Ended June 30, 2024 (HK$ Million) | | :--- | :--- | :--- | | Total staff costs (including directors' emoluments) | 2.2 | 2.7 | - The Group provides competitive salaries and benefits to its employees, with remuneration determined based on job performance within a regularly reviewed salary and bonus system[51](index=51&type=chunk) [Outlook](index=27&type=section&id=%E5%B1%95%E6%9C%9B) The Group's future business development will continue to be driven by its smart retail business, focusing on system development, operation, and software and hardware sales services, anticipating increased demand for smart retail services due to the popularization of generative AI and consumption boosting policies, while closely monitoring operational performance, adjusting strategies, concentrating resources on high-growth potential units, and exploring new productive forces and internet new retail opportunities, and implementing cost-saving measures - The Group's business development will continue to be driven by its smart retail business, with core operations including smart retail business system development, operation, and software and hardware sales services[52](index=52&type=chunk) - The popularization of generative artificial intelligence and other technologies, coupled with consumption boosting policies and the Chinese government's promotion of supply-side structural reforms, are expected to stimulate future demand for smart retail services[52](index=52&type=chunk) - The Group will closely monitor its operational performance in mainland China, continuously adjust its business strategies, concentrate resources on operating units with greater growth potential, and explore various industry opportunities such as new productive forces and internet new retail, while also implementing cost-saving measures[52](index=52&type=chunk) [Other Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E4%BB%BB%E4%BD%95%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, Mr Sun Haitao held approximately 18.90% equity interest in Vala Inc. (formerly 51 Credit Card Inc.), and Ms Wu Shan held approximately 0.10%, through discretionary trusts, founder status, and beneficial ownership, with no other directors or chief executives holding disclosable interests in associated corporations' shares Directors' and Chief Executive's Interests in Associated Corporations | Name of Director | Name of Associated Corporation | Capacity and Nature of Interest | Number of Shares | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr Sun Haitao | Vala Inc. | Discretionary trust capable of influencing how the trustee exercises its discretion | 108,159,464 | 6.64% | | | | Founder | 50,355,000 | 3.09% | | | | Other | 120,969,142 | 7.42% | | | | Beneficial owner | 28,599,130 | 1.75% | | **Total** | | | **308,082,736** | **18.90%** | | Ms Wu Shan | Vala Inc. | Beneficial owner | 1,689,770 | 0.10% | - Save as disclosed above, as at June 30, 2025, no other Director or chief executive of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations as recorded in the register required to be kept under Section 352 of the SFO[54](index=54&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=30&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, VALA and its associated companies, along with Qichen High-tech and its associated companies, were deemed to hold approximately 29.00% of the Company's issued share capital due to an uncompleted share purchase agreement, with Mr Zuo Lei holding 10.91% of shares, all interests required to be recorded in the company's register under the SFO Substantial Shareholders' Interests | Name | Capacity and Nature of Interest | Number and Class of Shares | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | VALA | Interest in controlled corporation | 1,358,954,030 (L) | 29.00% | | 51RENPIN.COM INC. | Beneficial owner | 1,358,954,030 (L) | 29.00% | | Mr Zuo Lei | Beneficial owner | 511,025,000 (L) | 10.91% | | Qichen High-tech Management Consulting Ltd. | Beneficial owner | 1,358,954,030 (L) | 29.00% | - As the completion of the share purchase agreement had not occurred as of June 30, 2025, 51RENPIN.COM INC., Qichen High-tech, and their respective holding companies are deemed to have interests in the shares under the SFO[58](index=58&type=chunk) [Compliance with Corporate Governance Code](index=32&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) For the six months ended June 30, 2025, the Company applied and complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for the deviation from code provision C.2.1 where Mr Sun Haitao holds both Chairman and Chief Executive Officer roles, an arrangement the Board believes enhances decision-making efficiency, and the Company is actively seeking a suitable candidate to comply with the code - The Company has applied and complied with all code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the GEM Listing Rules for the six months ended June 30, 2025, save for the deviation from code provision C.2.1 where the roles of Chairman and Chief Executive Officer are performed by the same individual, Mr Sun Haitao[60](index=60&type=chunk) - The Board believes that combining the roles of Chairman and Chief Executive Officer can enhance the Company's decision-making and execution efficiency, effectively seizing business opportunities. The Company is still looking for a suitable candidate to fill the vacancy of Chief Executive Officer[60](index=60&type=chunk) [Directors' Securities Transactions](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The Company has adopted a code of conduct for directors' securities transactions no less stringent than the Model Code; for the six months ended June 30, 2025, the Company is unaware of any director having breached the Model Code or the Company's code - The Company has adopted a code of conduct for directors' securities transactions on terms no less exacting than the required standard of dealings set out in the Model Code for Securities Transactions by Directors of Listed Issuers[61](index=61&type=chunk) - The Company has made specific enquiries of all Directors and is not aware of any non-compliance with the required standard of dealings set out in the Model Code and the Company's code for the six months ended June 30, 2025[61](index=61&type=chunk) [Audit Committee](index=33&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee has reviewed the Group's unaudited consolidated results and interim report for the six months ended June 30, 2025, confirming compliance with applicable accounting standards, GEM Listing Rules, and other statutory requirements, with adequate disclosures and no disagreements on accounting treatments adopted - The Company's Audit Committee has reviewed the Group's unaudited consolidated results and interim report for the six months ended June 30, 2025[62](index=62&type=chunk) - The Committee is of the opinion that the financial statements comply with applicable accounting standards, the GEM Listing Rules and other statutory requirements, and that adequate disclosures have been made. The Audit Committee had no disagreements with the accounting treatments adopted[62](index=62&type=chunk) [Changes in Information of Directors and Chief Executive](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E4%B9%8B%E4%BF%A1%E6%81%AF%E8%AE%8A%E6%9B%B4) For the six months ended June 30, 2025, and up to the report date, Ms Wu Shan's annual director's emolument as an executive director changed to HK$512 thousand, effective January 1, 2025, with no other changes in information of directors and chief executive requiring disclosure under the GEM Listing Rules - Ms Wu Shan's annual director's emolument as an executive director has been changed to **HK$512 thousand**, effective January 1, 2025[63](index=63&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=33&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and as of that date, the Company held no treasury shares - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities for the six months ended June 30, 2025[64](index=64&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[64](index=64&type=chunk) [Change in Single Largest Shareholder](index=34&type=section&id=%E8%AE%8A%E6%9B%B4%E5%96%AE%E4%B8%80%E6%9C%80%E5%A4%A7%E8%82%A1%E6%9D%B1) On January 24, 2025, the Company was informed of the signing of a share purchase agreement and placing agreement involving the sale of approximately 29.00% of shares by 51RENPIN.COM INC. and VALA, and the placing of up to 10.16% of shares; these transactions completed in June and July 2025, resulting in Qichen High-tech becoming the Company's single largest shareholder with approximately 29.00% of the issued shares - On January 24, 2025, 51RENPIN.COM INC. and VALA entered into a share purchase agreement with Qichen High-tech and Shandong Qichen Zhongke Investment Holding Co., Ltd. for the disposal of **1,358,954,030** shares (representing approximately **29.00%** of the total issued shares)[65](index=65&type=chunk) - A placing agreement was also entered into, where 51RENPIN.COM INC. agreed to place up to **476,009,183** shares (representing approximately **10.16%** of the total issued shares) to investors through a placing agent[65](index=65&type=chunk) - The placing agreement and the share purchase agreement were completed on June 9, 2025, and July 15, 2025, respectively. As a result, Qichen High-tech has become the Company's single largest shareholder, holding approximately **29.00%** of the total issued shares[66](index=66&type=chunk) [Events After Reporting Period](index=34&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No material events occurred after the reporting period and up to the date of this report - No material events occurred after the end of the period and up to the date of this report[67](index=67&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性 亦不發表聲明，並明確表示，概不對就本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 SIS INTERNATIONAL HOLDINGS LIMITED 新龍國 際集團有限 公司 * （於百慕達註冊成立之有限公司） （股份代號：00529） 截至二零二五年六月三十日止六個月 中期業績 新龍國際集團有限公司（「本公司」）董事（「董事」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月之中期業績，與及二零二四年同期 之比較數字。中期報告已由本公司核數師及審核委員會審閱。 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | (未經審核) | (未經審核) | | 收益 | 3 | 4,339,175 | 3,906,365 | | 銷售成本 | | (3,936,980) | (3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 截至二零二五年六月三十日止六個月之中期業績公佈 北京汽車股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬公司（合稱「本 集團」或「我們」）截至二零二五年六月三十日止六個月期間（「報告期」或「二零二五年上半年」）之未經審 計中期業績連同二零二四年同期的比較數字。該業績乃按照國際會計準則理事會公佈的《國際會計準 則》第34號《中期財務報告》以及《香港聯合交易所有限公司證券上市規則》（「上市規則」）披露要求而 編製。董事會審核委員會（「審核委員會」）及本集團外部核數師安永會計師事務所已審閱本未經審計 的簡明合併中期財務資料（「簡明財務資料」）。 1 中期簡明合併綜合收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 附註 | 二零二五年 | 二零二四年 | | | | （未經審計） | ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This section outlines the composition of the company's Board of Directors, including executive, non-executive, and independent non-executive directors, detailing the members and chairpersons of its Audit, Remuneration, Nomination, and ESG Committees - The Board of Directors includes executive directors such as Mr. Hua Bingru (Chairman) and Mr. Chen Caixiong (CEO), and independent non-executive directors like Mr. Yu Kefei[4](index=4&type=chunk)[6](index=6&type=chunk) - The company has an Audit Committee (Chairman: Mr. Yu Kefei), a Remuneration Committee (Chairman: Mr. Shen Tianfeng), a Nomination Committee (Chairperson: Ms. Luo Yan), and an Environmental, Social and Governance Committee (Chairman: Dr. Liu Jiancheng)[4](index=4&type=chunk)[5](index=5&type=chunk)[6](index=6&type=chunk) [Company Details and Advisors](index=4&type=section&id=Company%20Details%20and%20Advisors) This section provides key corporate information including the company's principal bankers, registered office, China headquarters, Hong Kong principal place of business, auditor, Hong Kong legal counsel, share registrar, stock code, and website - Principal bankers include Bank of China (Hong Kong) Limited and China Merchants Bank Hangzhou Linping Branch[8](index=8&type=chunk)[9](index=9&type=chunk) - The auditor is PricewaterhouseCoopers[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's stock code is **2420**, and its official website is www.zbycorp.com[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview](index=6&type=section&id=Business%20Overview) Zibuyu Group aims to be a global fashion brand operating company, offering fashion apparel and footwear through third-party e-commerce platforms (e.g., Amazon, TikTok, Temu) and proprietary websites, achieving significant revenue and net profit growth in H1 2025 despite external challenges - The company provides fashion apparel and footwear products to global users through third-party e-commerce platforms like Amazon, TikTok, Temu, and its proprietary websites[14](index=14&type=chunk)[17](index=17&type=chunk) - H1 2025 Key Financial Data (YoY) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | | :--- | :-------------------------- | :-------------------------- | :--------- | | Total Revenue | 1,961.3 | 1,462.1 | 34.1% | | Net Profit Attributable to Shareholders | 105.9 | 91.4 | 15.9% | - In H1 2025, the company enhanced brand power across multiple dimensions, including brand-oriented departmental restructuring, core brand visual upgrades, original product design, and overseas social media content marketing[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - Non-Amazon channel revenue grew rapidly, with TikTok and Temu platform revenues increasing by **51.3%** and **79.3%** year-on-year, respectively; proprietary website revenue surged by nearly **9 times** year-on-year[36](index=36&type=chunk)[38](index=38&type=chunk) - The company achieved its first overseas production breakthrough, focusing on Vietnam supply chain layout and expanding production capacity in Southeast Asia, including Myanmar, Malaysia, and Cambodia[37](index=37&type=chunk)[38](index=38&type=chunk) - The company strengthened organizational capabilities by implementing a 4.5-day work week, enhancing employee benefits and work efficiency[40](index=40&type=chunk)[42](index=42&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) This section reviews the Group's financial performance for H1 2025, covering revenue, cost of sales, gross profit, other income, net other gains, selling and distribution expenses, general and administrative expenses, finance costs, profit before income tax, income tax expense, and profit attributable to shareholders, alongside capital expenditure, liquidity, and gearing ratio analysis - H1 2025 Key Financial Indicators (YoY) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | | :--- | :-------------------------- | :-------------------------- | :--------- | | Revenue | 1,961.3 | 1,462.1 | 34.1% | | Cost of Sales | 487.4 | 381.2 | 27.9% | | Gross Profit | 1,474.0 | 1,080.9 | 36.4% | | Gross Margin | 75.2% | 73.9% | 1.3 percentage points | | Selling and Distribution Expenses | 1,322.2 | 941.7 | 40.4% | | General and Administrative Expenses | 52.9 | 57.8 | -8.5% | | Finance Costs | 2.8 | 4.4 | -35.9% | | Profit Before Income Tax | 107.7 | 93.3 | 15.4% | | Income Tax Expense | 1.8 | 2.0 | -6.5% | | Profit Attributable to Shareholders | 105.9 | 91.4 | 15.9% | | Basic and Diluted Earnings Per Share | 0.22 | 0.18 | 22.2% | - H1 2025 Revenue by Sales Channel (RMB thousand) | Sales Channel | H1 2025 | H1 2024 | | :------- | :----------- | :----------- | | Amazon | 1,815,946 | 1,376,857 | | Temu | 50,439 | 28,132 | | TikTok | 40,037 | 26,467 | | Other Third-Party E-commerce Platforms | 11,918 | 9,378 | | Proprietary Websites | 35,505 | 3,614 | | Others | 7,480 | 17,684 | | **Total** | **1,961,325** | **1,462,132** | - H1 2025 Revenue by Geographical Location (RMB thousand) | Geographical Location | H1 2025 | H1 2024 | | :------- | :----------- | :----------- | | North America | 1,926,558 | 1,396,891 | | Asia | 21,684 | 47,435 | | Europe | 6,203 | 9,488 | | Others | 6,880 | 8,318 | | **Total** | **1,961,325** | **1,462,132** | - Capital expenditure was approximately **RMB 3.3 million**, an increase of approximately **RMB 2.2 million** compared to the same period last year, primarily due to increased purchases of office equipment and smart information systems[85](index=85&type=chunk)[89](index=89&type=chunk) - The gearing ratio increased from approximately **44.4%** as of December 31, 2024, to approximately **48.7%** as of June 30, 2025, mainly due to increased trade payables and a decrease in equity from declared cash dividends[97](index=97&type=chunk)[99](index=99&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers the Group's significant investments, acquisitions, and disposals, future investment plans, asset pledges, foreign exchange risk management, employees and staff costs, and continuing connected transactions during the reporting period - There were no significant investments, acquisitions, or disposals, nor any material capital commitments or significant litigation during the reporting period[100](index=100&type=chunk)[105](index=105&type=chunk)[86](index=86&type=chunk)[90](index=90&type=chunk)[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group had **1,058** full-time employees, with total staff costs of approximately **RMB 121.6 million**, a year-on-year increase of **18.9%**[110](index=110&type=chunk) - The Group faces foreign exchange risk, but it was not significantly affected during the reporting period, currently has no foreign exchange hedging policy, but management will closely monitor it[103](index=103&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk) - Two continuing connected transactions were entered into with Hangzhou Shuzhi Technology Co., Ltd., involving smart advertising system construction and development services (RMB 2.70 million) and smart advertising subscription services (1.5%-2% of Amazon advertising spend)[117](index=117&type=chunk)[119](index=119&type=chunk) [Future Prospects](index=26&type=section&id=Future%20Prospects) The Group's outlook for H2 2025 involves adhering to its "Rooted in China, Global Reach" strategy, focusing on consumer demand, driving product innovation, enhancing organizational operational efficiency, and strengthening competitive advantages through brand building, integrated marketing, omnichannel expansion, global supply chain optimization, organizational development, and leveraging AI opportunities - Deepen brand building by continuously optimizing the top ten core brands and establishing a brand matrix covering high, mid, and low-end markets[122](index=122&type=chunk) - Implement integrated marketing strategies, expand media cooperation to increase brand exposure, build proprietary websites to cultivate private domain traffic, and prepare for offline events to promote localized marketing[122](index=122&type=chunk) - Continue to expand the omnichannel sales system, accelerate sales growth in non-Amazon channels, vigorously develop proprietary websites, and strategically plan for overseas offline channels[122](index=122&type=chunk) - Strengthen the global high-end supply chain layout, focusing on promoting Southeast Asian supply chain construction and increasing the proportion of international production capacity[122](index=122&type=chunk) - Enhance organizational capabilities, broaden talent structure, and build an international talent pipeline; seize AI development opportunities, continuously advance digital transformation, and empower various business processes with AI[122](index=122&type=chunk) [Corporate Governance and Other Information](index=27&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Interests and Short Positions of Directors and Chief Executive](index=27&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive) This section discloses the interests and short positions of the company's directors and chief executive in the company's shares as of the end of the reporting period, primarily long positions held through controlled corporations or discretionary trusts - Directors' and Chief Executive's Shareholdings (as of June 30, 2025) | Director/Chief Executive Name | Nature of Interest | Number of Shares (L) | Approximate Percentage of Shareholding | | :------------------- | :--------- | :----------- | :------------- | | Mr. Hua Bingru | Interest in controlled corporation/Founder of discretionary trust | 236,056,036 | 47.21% | | Mr. Wang Weiping | Interest in controlled corporation/Founder of discretionary trust | 22,608,772 | 4.52% | | Mr. Dong Zhenguo | Interest in controlled corporation/Founder of discretionary trust | 19,634,654 | 3.93% | [Interests and Short Positions of Substantial Shareholders](index=29&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders) This section lists the interests and short positions of substantial shareholders, other than directors and the chief executive, in the company's shares as of the end of the reporting period, including long positions held through controlled corporations or discretionary trusts - Substantial Shareholders' Shareholdings (as of June 30, 2025) | Substantial Shareholder Name/Entity | Nature of Interest | Number of Shares (L) | Approximate Percentage of Shareholding | | :---------------- | :--------- | :----------- | :------------- | | Hone Ru | Interest in controlled corporation | 236,056,036 | 47.21% | | Gfxtmyun | Interest in controlled corporation | 236,056,036 | 47.21% | | TMY ONE | Beneficial interest | 236,056,036 | 47.21% | | Ms. Yu Feng | Interest in controlled corporation/Founder of discretionary trust | 25,088,421 | 5.02% | | Wiloru Holdings | Interest in controlled corporation | 25,088,421 | 5.02% | | Hyufeng | Beneficial interest | 25,088,421 | 5.02% | | Mr. Wang Shijian | Founder of discretionary trust | 44,466,717 | 8.89% | | Ms. Rao Xingxing | Interest in controlled corporation/Spouse's interest/Founder of discretionary trust | 44,466,717 | 8.89% | | Chichiboy Holdings Limited | Interest in controlled corporation | 44,466,717 | 8.89% | | Xringirl | Beneficial interest | 44,466,717 | 8.89% | | TMY THREE | Beneficial interest | 27,751,508 | 5.55% | [Share Schemes](index=31&type=section&id=Share%20Schemes) The company adopted the Share Award Scheme (Existing Shares) and Share Award Scheme (New Shares) in 2023 to incentivize employees; no awards were granted during the reporting period, but the trustee repurchased some shares under the Existing Shares Scheme - The company adopted the Share Award Scheme (Existing Shares) and the Share Award Scheme (New Shares) on September 15, 2023, and December 1, 2023, respectively[136](index=136&type=chunk)[140](index=140&type=chunk) - During the reporting period, no awards were granted, cancelled, or lapsed under the Share Award Schemes[136](index=136&type=chunk)[140](index=140&type=chunk) - The maximum number of awards that can be granted under the Share Award Scheme (Existing Shares) and (New Shares) are **50,000,000** shares and **25,000,000** shares, respectively[137](index=137&type=chunk)[140](index=140&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, the trustee of the Share Award Scheme (Existing Shares) purchased 1,709,500 shares on the Stock Exchange for a total of HKD 8,616,045, with no other purchases, sales, or redemptions of listed securities by the company or its subsidiaries - The trustee of the Share Award Scheme (Existing Shares) purchased a total of **1,709,500** shares for a total of **HKD 8,616,045**[143](index=143&type=chunk)[147](index=147&type=chunk) - During the reporting period, there were no other purchases, sales, or redemptions of the company's listed securities by the company or any of its subsidiaries[144](index=144&type=chunk)[147](index=147&type=chunk) [Interim Dividend](index=32&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the reporting period - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[145](index=145&type=chunk)[148](index=148&type=chunk) [Corporate Governance Compliance](index=33&type=section&id=Corporate%20Governance%20Compliance) The company is committed to maintaining high standards of corporate governance, has fully complied with the Corporate Governance Code, adopted the Model Code for securities transactions by directors, established an ESG Committee, and detailed the composition and responsibilities of the Audit Committee - The company established an Environmental, Social and Governance (ESG) Committee on March 27, 2025, to enhance its governance structure[149](index=149&type=chunk)[155](index=155&type=chunk) - During the reporting period and up to the date of this interim report, the company has fully complied with the code provisions set out in the Corporate Governance Code[151](index=151&type=chunk)[156](index=156&type=chunk) - All directors confirmed full compliance with the Model Code for Securities Transactions by Directors, which has been extended to designated employees[153](index=153&type=chunk)[158](index=158&type=chunk) - The Audit Committee comprises four independent non-executive directors, with Mr. Yu Kefei as Chairman, possessing appropriate accounting and financial management expertise[159](index=159&type=chunk)[162](index=162&type=chunk) [Use of Proceeds from Global Offering](index=35&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) This section details the use of net proceeds from the global offering (HKD 216.4 million), disclosing the Board's resolution to reallocate part of the unutilized funds from supply chain management systems to enhancing sales and brand promotion capabilities, with full utilization expected by December 31, 2025 - The net proceeds from the global offering amounted to **HKD 216.4 million**[164](index=164&type=chunk)[165](index=165&type=chunk) - The Board resolved to reallocate unutilized funds designated for improving supply chain management systems to enhancing the company's sales and brand promotion capabilities[164](index=164&type=chunk)[165](index=165&type=chunk) - Summary of Use of Proceeds from Global Offering (as of June 30, 2025, HKD million) | Use Category | Net Proceeds from Global Offering | Unutilized as of Dec 31, 2024 | Utilized During Reporting Period | Unutilized as of June 30, 2025 | | :------- | :----------------- | :------------------- | :------------- | :------------- | | Enhance sales and brand promotion capabilities | 81.2 | 3.7 | 3.6 | 0.1 | | Improve supply chain management system | 61.9 | 24.9 | 5.4 | 19.5 | | Establish large independent proprietary websites | 50.4 | 9.1 | 8.3 | 0.8 | | Enhance product R&D capabilities | 11.4 | 3.4 | 3.1 | 0.3 | | Upgrade and purchase IT infrastructure | 11.5 | 0.0 | 0.0 | 0.0 | | **Total** | **216.4** | **41.1** | **20.4** | **20.7** | - The company expects to fully utilize the unutilized net proceeds by December 31, 2025[168](index=168&type=chunk) [Subsequent Events and No Material Changes](index=37&type=section&id=Subsequent%20Events%20and%20No%20Material%20Changes) This section confirms that, apart from the disclosed changes in the use of global offering proceeds, there have been no material subsequent events or significant changes affecting the company's performance from the end of the reporting period up to the date of this report - Except for the changes in the use of global offering proceeds disclosed in this report, there have been no material subsequent events from the end of the reporting period up to the date of this report[170](index=170&type=chunk)[173](index=173&type=chunk) - There have been no material changes affecting the company's performance since the publication of the 2024 annual report up to the date of this report[171](index=171&type=chunk)[174](index=174&type=chunk) [Condensed Consolidated Interim Statement of Comprehensive Income](index=38&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of comprehensive income for the six months ended June 30, 2025, detailing revenue, cost of sales, gross profit, various expenses, operating profit, finance costs, income tax expense, and ultimately profit and total comprehensive income attributable to the company's shareholders, with comparative data for the same period in 2024 - Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30, 2025, RMB thousand) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Revenue | 1,961,325 | 1,462,132 | | Cost of Sales | (487,361) | (381,206) | | Gross Profit | 1,473,964 | 1,080,926 | | Selling and Distribution Expenses | (1,322,174) | (941,704) | | General and Administrative Expenses | (52,948) | (57,787) | | Net Impairment Losses on Financial Assets | (257) | (122) | | Other Income | 6,696 | 5,410 | | Other Gains, Net | 5,310 | 10,976 | | Operating Profit | 110,591 | 97,699 | | Finance Costs | (2,844) | (4,368) | | Profit Before Income Tax | 107,747 | 93,331 | | Income Tax Expense | (1,838) | (1,966) | | Profit and Total Comprehensive Income Attributable to Shareholders of the Company | 105,909 | 91,365 | | Basic and Diluted Earnings Per Share (RMB) | 0.22 | 0.18 | [Condensed Consolidated Interim Statement of Financial Position](index=39&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of financial position as of June 30, 2025, showing non-current assets, current assets, non-current liabilities, current liabilities, and total equity attributable to the company's shareholders, with comparative data as of December 31, 2024 - Condensed Consolidated Interim Statement of Financial Position (As of June 30, 2025, RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | **Assets** | | | | Total Non-Current Assets | 45,561 | 42,935 | | Total Current Assets | 1,209,397 | 1,036,652 | | **Total Assets** | **1,254,958** | **1,079,587** | | **Liabilities** | | | | Total Non-Current Liabilities | 15,860 | 10,177 | | Total Current Liabilities | 594,738 | 469,139 | | **Total Liabilities** | **610,598** | **479,316** | | **Equity** | | | | Total Equity Attributable to Shareholders of the Company | 644,360 | 600,271 | | **Total Equity and Liabilities** | **1,254,958** | **1,079,587** | - As of June 30, 2025, inventories increased to **RMB 599.3 million** (December 31, 2024: RMB 374.5 million)[178](index=178&type=chunk) - As of June 30, 2025, cash and cash equivalents decreased to **RMB 347.0 million** (December 31, 2024: RMB 446.8 million)[178](index=178&type=chunk) - As of June 30, 2025, trade and other payables increased to **RMB 409.3 million** (December 31, 2024: RMB 318.1 million), and borrowings increased to **RMB 168.7 million** (December 31, 2024: RMB 130.0 million)[181](index=181&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=41&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of changes in equity for the six months ended June 30, 2025, detailing the opening balances of share capital, share premium, shares held for employee share schemes, other reserves, and retained earnings, as well as the impact of profit for the period, dividend distribution, and share repurchases on total equity - Condensed Consolidated Interim Statement of Changes in Equity (For the six months ended June 30, 2025, RMB thousand) | Indicator | Balance as of Jan 1, 2025 | Profit for the Period | Dividend Distribution to Shareholders | Shares Acquired Under Employee Share Scheme | Balance as of June 30, 2025 | | :--- | :------------------- | :------- | :--------------- | :------------------- | :--------------- | | Share Capital | 174 | — | — | — | 174 | | Share Premium | 1,581,592 | — | (53,856) | — | 1,527,736 | | Shares Held for Employee Share Scheme | (50,155) | — | — | (7,964) | (58,119) | | Other Reserves | (1,267,510) | — | — | — | (1,267,510) | | Retained Earnings | 336,170 | 105,909 | — | — | 442,079 | | **Total** | **600,271** | **105,909** | **(53,856)** | **(7,964)** | **644,360** | - In H1 2025, profit attributable to shareholders of the company was **RMB 105.9 million**[184](index=184&type=chunk) - Dividends of **RMB 53.9 million** were distributed to shareholders, resulting in a reduction in share premium[184](index=184&type=chunk) - The acquisition of shares under the employee share scheme resulted in a reduction in equity of **RMB 8.0 million**[184](index=184&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=42&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) This statement presents Zibuyu Group's unaudited condensed consolidated interim statement of cash flows for the six months ended June 30, 2025, including net cash flows from operating, investing, and financing activities, as well as the impact of exchange rate changes on cash and cash equivalents, ultimately resulting in a net decrease in cash and cash equivalents at period-end - Condensed Consolidated Interim Statement of Cash Flows (For the six months ended June 30, 2025, RMB thousand) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Net Cash (Used in)/Generated from Operating Activities | (62,287) | 130,116 | | Net Cash Used in Investing Activities | (3,296) | (928) | | Net Cash Used in Financing Activities | (33,418) | (36,400) | | Net (Decrease)/Increase in Cash and Cash Equivalents | (99,001) | 92,788 | | Cash and Cash Equivalents at Beginning of Period | 446,831 | 277,475 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | (876) | 1,441 | | Cash and Cash Equivalents at End of Period | 346,954 | 371,704 | - Cash flow from operating activities changed from a net inflow of **RMB 130.1 million** in H1 2024 to a net outflow of **RMB 62.3 million** in H1 2025[187](index=187&type=chunk) - Net cash outflow from investing activities was **RMB 3.3 million**, primarily for the purchase of property, plant and equipment, intangible assets, and financial assets[187](index=187&type=chunk) - Net cash outflow from financing activities was **RMB 33.4 million**, including repayment of bank borrowings, lease payments, and dividend payments to shareholders of **RMB 53.5 million**[188](index=188&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=44&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [General Information](index=44&type=section&id=General%20Information) This section provides fundamental information about Zibuyu Group, including its place of incorporation, principal business activities, product sourcing and sales markets, ultimate controlling shareholder, and listing status on the Hong Kong Stock Exchange - Zibuyu Group Limited was incorporated in the Cayman Islands on August 6, 2018[190](index=190&type=chunk) - The Group is primarily engaged in selling apparel, footwear, and other products, mainly sourced from China and sold to customers in the United States, Canada, Mexico, and other countries through third-party e-commerce platforms and proprietary websites[191](index=191&type=chunk) - The ultimate controlling shareholder is Mr. Hua Bingru, and the company's shares have been listed on the Main Board of the Hong Kong Stock Exchange since November 11, 2022[192](index=192&type=chunk) [Basis of Preparation](index=45&type=section&id=Basis%20of%20Preparation) This section states that the condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024 - This condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[198](index=198&type=chunk) - It should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[198](index=198&type=chunk) [Accounting Policies Information](index=45&type=section&id=Accounting%20Policies%20Information) This section confirms that the accounting policies applied are consistent with those in the 2024 annual financial statements, lists new and amended standards first adopted by the Group (e.g., IAS 21 amendments), and notes new standards and interpretations not yet adopted but not expected to have a significant impact - Except as stated below, the accounting policies applied are consistent with those described in the annual financial statements for the year ended December 31, 2024[199](index=199&type=chunk)[201](index=201&type=chunk) - The Group first applied the amendments to IAS 21 "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025, which is not expected to have a significant impact on the current or future periods[203](index=203&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk) - Several new accounting standards and interpretations have not yet been adopted but are not expected to have a significant impact on the Group or its foreseeable future transactions in the current or future reporting periods[205](index=205&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) [Critical Accounting Estimates and Judgements](index=48&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) This section states that the critical judgments and key sources of estimation uncertainty made by management in preparing the condensed consolidated interim financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024 - The critical judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[211](index=211&type=chunk)[212](index=212&type=chunk) [Financial Risk Management](index=49&type=section&id=Financial%20Risk%20Management) This section outlines the financial risks faced by the Group, including foreign exchange risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk, noting that risk management policies have not changed since December 31, 2024 - The Group's operations expose it to various financial risks: foreign exchange risk, cash flow and fair value interest rate risk, credit risk, and liquidity risk[213](index=213&type=chunk)[216](index=216&type=chunk) - Risk management policies and fair value estimates have not changed since December 31, 2024[214](index=214&type=chunk)[216](index=216&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) [Segment Information](index=50&type=section&id=Segment%20Information) This section states that the Group has only one reportable operating segment, provides revenue breakdowns by geographical location and sales channel, discloses contract liabilities and unsatisfied performance obligations, and notes that no single customer's revenue exceeded 10% of total revenue - The Group has only one reportable operating segment[218](index=218&type=chunk)[219](index=219&type=chunk) - Revenue by Geographical Location (For the six months ended June 30, 2025, RMB thousand) | Geographical Location | 2025 | 2024 | | :------- | :----- | :----- | | North America | 1,926,558 | 1,396,891 | | Asia | 21,684 | 47,435 | | Europe | 6,203 | 9,488 | | Others | 6,880 | 8,318 | | **Total** | **1,961,325** | **1,462,132** | - Revenue by Sales Channel (For the six months ended June 30, 2025, RMB thousand) | Sales Channel | 2025 | 2024 | | :------- | :----- | :----- | | Amazon | 1,815,946 | 1,376,857 | | Temu | 50,439 | 28,132 | | TikTok | 40,037 | 26,467 | | Other Third-Party E-commerce Platforms | 11,918 | 9,378 | | Proprietary Websites | 35,505 | 3,614 | | Others | 7,480 | 17,684 | | **Total** | **1,961,325** | **1,462,132** | - As of June 30, 2025, the amount of unsatisfied performance obligations (customer orders placed but products not yet delivered) expected to be recognized within one year was **RMB 21,521 thousand**[234](index=234&type=chunk) - For the six months ended June 30, 2025, and 2024, no individual customer's revenue exceeded **10%** of the Group's total revenue[235](index=235&type=chunk)[237](index=237&type=chunk) [Other Income](index=55&type=section&id=Other%20Income) This section details the Group's other income, primarily comprising interest income and government grants, indicating an increase in total other income for H1 2025 - Other Income Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Interest Income | 5,235 | 4,803 | | Government Grants | 1,141 | 343 | | Others | 320 | 264 | | **Total** | **6,696** | **5,410** | - Government grants primarily involve financial subsidies received from local governments in China, with no unfulfilled conditions[240](index=240&type=chunk) [Other Gains, Net](index=56&type=section&id=Other%20Gains%2C%20Net) This section provides details of the Group's net other gains, primarily consisting of net exchange gains, indicating a decrease in net other gains for H1 2025 compared to the same period last year - Other Gains, Net Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Net Exchange Gains | 4,976 | 10,324 | | Net Gain on Disposal of Right-of-Use Assets | 435 | 957 | | Net Loss on Disposal of Property, Plant and Equipment | (210) | (281) | | Others | 109 | (24) | | **Total** | **5,310** | **10,976** | - The decrease in net other gains was primarily due to a reduction in net exchange gains resulting from exchange rate fluctuations[68](index=68&type=chunk) [Expenses by Nature](index=57&type=section&id=Expenses%20by%20Nature) This section details the Group's expenses by nature, including freight and insurance costs, cost of inventories sold, marketing and advertising expenses, e-commerce platform commissions, employee benefit expenses, and other items, indicating an increase in total expenses - Expenses by Nature (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Freight and Insurance Costs | 573,344 | 377,482 | | Cost of Inventories Sold | 373,581 | 272,254 | | Marketing and Advertising Expenses | 348,894 | 210,022 | | E-commerce Platform Commissions | 267,252 | 229,061 | | Employee Benefit Expenses | 121,642 | 102,307 | | Other Platform Fees | 84,425 | 66,391 | | Inventory Provision | 52,596 | 74,252 | | Outsourcing Service Expenses | 8,404 | 5,798 | | Depreciation of Right-of-Use Assets | 8,037 | 9,750 | | Office Expenses | 4,545 | 3,745 | | Legal and Professional Fees | 4,370 | 4,729 | | IT Server Fees | 2,686 | 2,720 | | Depreciation of Property, Plant and Equipment | 2,148 | 2,173 | | Amortization of Intangible Assets | 313 | 988 | | Other Expenses | 10,246 | 19,025 | | **Total** | **1,862,483** | **1,380,697** | - Total expenses related to the research and development of new IT systems amounted to **RMB 13,582 thousand** (H1 2024: RMB 17,652 thousand)[245](index=245&type=chunk)[247](index=247&type=chunk) [Finance Costs](index=58&type=section&id=Finance%20Costs) This section details the Group's finance costs, primarily comprising interest expenses on bank borrowings and lease liabilities, indicating a decrease in finance costs for H1 2025 compared to the same period last year - Finance Costs Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Interest Expense on Bank Borrowings | 2,211 | 3,447 | | Interest Expense on Lease Liabilities | 633 | 794 | | Others | — | 127 | | **Total** | **2,844** | **4,368** | - The decrease in finance costs was primarily due to a reduction in interest expense on bank borrowings[77](index=77&type=chunk) [Income Tax Expense](index=59&type=section&id=Income%20Tax%20Expense) This section details the Group's income tax expense, including current and deferred income tax, explains applicable tax rates and preferential tax policies in the Cayman Islands, British Virgin Islands, Hong Kong, and mainland China, and mentions the impact of the OECD Pillar Two legislative template - Income Tax Expense Details (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Current Income Tax | 1,149 | 1,334 | | Deferred Income Tax | 689 | 632 | | **Total** | **1,838** | **1,966** | - Chinese subsidiaries Zhejiang Zibuyu E-commerce Co., Ltd. and Hangzhou Xingzezhi Network Technology Co., Ltd. are recognized as high-tech enterprises, eligible for a reduced corporate income tax rate of **15%**[260](index=260&type=chunk)[262](index=262&type=chunk) - Chinese companies accrued dividend withholding tax of **RMB 689 thousand** (2024: RMB 632 thousand)[265](index=265&type=chunk)[267](index=267&type=chunk) - The OECD Pillar Two legislation was not effective as of June 30, 2025, and the Group applies an exception in recognizing and disclosing related deferred tax assets and liabilities[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[272](index=272&type=chunk) [Dividends](index=62&type=section&id=Dividends) This section reports the final dividend of HKD 0.12 per share (approximately RMB 0.11), totaling approximately RMB 53.9 million, for the year ended December 31, 2024, as recommended by the Board and approved by shareholders, which was paid in May 2025 - The Board recommended a final dividend of **HKD 0.12** per share (equivalent to approximately **RMB 0.11**), totaling approximately **RMB 53.9 million**, for the year ended December 31, 2024[271](index=271&type=chunk)[273](index=273&type=chunk) - This final dividend was paid in May 2025[271](index=271&type=chunk)[273](index=273&type=chunk) [Earnings Per Share](index=63&type=section&id=Earnings%20Per%20Share) This section explains the calculation methods for basic and diluted earnings per share, provides EPS data for H1 2025 and H1 2024, and notes that diluted EPS is the same as basic EPS due to the absence of potential dilutive ordinary shares - Basic Earnings Per Share (For the six months ended June 30, 2025) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Profit Attributable to Shareholders of the Company (RMB thousand) | 105,909 | 91,365 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 486,503 | 494,510 | | Basic Earnings Per Share (RMB) | 0.22 | 0.18 | - Diluted earnings per share presented are the same as basic earnings per share because there are no outstanding potential dilutive ordinary shares[280](index=280&type=chunk)[281](index=281&type=chunk) [Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets](index=65&type=section&id=Property%2C%20Plant%20and%20Equipment%2C%20Intangible%20Assets%20and%20Right-of-Use%20Assets) This section provides the opening and closing net book values of property, plant and equipment, intangible assets, and right-of-use assets, along with additions, disposals, depreciation, and amortization during the period - Changes in Property, Plant and Equipment, Intangible Assets and Right-of-Use Assets (For the six months ended June 30, 2025, RMB thousand) | Item | Property, Plant and Equipment | Intangible Assets | Right-of-Use Assets | Total | | :--- | :----------- | :------- | :------- | :--- | | Opening Net Book Value as of Jan 1, 2025 | 8,631 | 1,135 | 24,518 | 34,284 | | Additions | 1,361 | 613 | 17,099 | 19,073 | | Disposals | (243) | — | (6,586) | (6,829) | | Depreciation and Amortization | (2,148) | (313) | (8,037) | (10,498) | | Closing Net Book Value as of June 30, 2025 | 7,601 | 1,435 | 26,994 | 36,030 | [Inventories](index=66&type=section&id=Inventories) This section details the Group's inventory composition, primarily finished goods, and discloses inventory provisions, indicating an increase in both total inventory and provisions as of June 30, 2025 - Inventory Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Finished Goods | 697,648 | 446,578 | | Less: Provision | (98,373) | (72,089) | | **Total** | **599,275** | **374,489** | - For the six months ended June 30, 2025, the cost of inventories recognized as an expense and included in cost of sales was **RMB 373,581 thousand**, with an inventory provision of **RMB 52,596 thousand**[286](index=286&type=chunk)[287](index=287&type=chunk)[288](index=288&type=chunk) [Trade Receivables](index=67&type=section&id=Trade%20Receivables) This section provides an aging analysis of trade receivables, showing an increase in total trade receivables as of June 30, 2025, with the majority being within 3 months - Trade Receivables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Trade Receivables | 221,327 | 182,987 | | Less: Impairment Provision | (1,107) | (915) | | **Total** | **220,220** | **182,072** | - Aging Analysis of Trade Receivables (As of June 30, 2025, RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Within 3 months | 217,942 | 165,975 | | 3 to 6 months | 2,964 | 12,754 | | 6 to 12 months | 64 | 4,146 | | Over 1 year | 357 | 112 | | **Total** | **221,327** | **182,987** | [Prepayments and Other Receivables](index=68&type=section&id=Prepayments%20and%20Other%20Receivables) This section details the composition of prepayments and other receivables, including prepayments to suppliers and platforms, amounts due from payment platforms, and other items, indicating an increase in the total amount as of June 30, 2025 - Prepayments and Other Receivables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Prepayments to Suppliers and Platforms | 17,660 | 6,344 | | Amounts Due from Payment Platforms | 15,210 | 18,414 | | Share Repurchase Deposits | 5,274 | 4,476 | | Deductible Input VAT | 1,279 | 614 | | Other Deposits | 997 | 892 | | Export Tax Refund Receivables | 218 | 107 | | Recoverable Income Tax | — | 34 | | Others | 1,792 | 1,047 | | **Total** | **42,430** | **31,928** | [Cash and Cash Equivalents and Restricted Cash](index=69&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Restricted%20Cash) This section provides details of cash and cash equivalents and restricted cash, indicating a decrease in total cash and cash equivalents as of June 30, 2025, and a change in the composition of restricted cash - Cash and Cash Equivalents and Restricted Cash Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Bank Balances | 347,472 | 448,163 | | Less: Restricted Cash | (518) | (1,332) | | **Cash and Cash Equivalents** | **346,954** | **446,831** | - Restricted Cash Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | For Salary Payments Only | — | 1,000 | | Others | 518 | 332 | | **Total** | **518** | **1,332** | [Share Capital and Share Premium](index=70&type=section&id=Share%20Capital%20and%20Share%20Premium) This section lists the number of authorized and issued ordinary shares of the Group, as well as changes in share capital and share premium, primarily reflecting the impact of dividend distribution on share premium - As of June 30, 2025, the Group's total issued share capital comprised **500,000,000** ordinary shares with a par value of **USD 0.00005** each[297](index=297&type=chunk)[298](index=298&type=chunk) - Share premium decreased by **RMB 53,856 thousand** due to dividend distribution[297](index=297&type=chunk) [Shares Held for Employee Share Scheme](index=71&type=section&id=Shares%20Held%20for%20Employee%20Share%20Scheme) This section details the Group's two share award schemes (Existing Shares and New Shares) and reports on share repurchases through the trustee in H1 2025, noting that no shares were granted - The Group has adopted the Share Award Scheme (Existing Shares) and the Share Award Scheme (New Shares) to reward eligible individuals for their contributions and attract talent[299](index=299&type=chunk)[300](index=300&type=chunk)[301](index=301&type=chunk)[302](index=302&type=chunk) - For the six months ended June 30, 2025, the company repurchased **1,709,500** shares through its trustee for a consideration of approximately **RMB 7,964 thousand**[303](index=303&type=chunk)[304](index=304&type=chunk) - For the six months ended June 30, 2025, no shares were granted[303](index=303&type=chunk)[305](index=305&type=chunk) [Trade and Other Payables](index=73&type=section&id=Trade%20and%20Other%20Payables) This section provides detailed breakdowns and an aging analysis of trade and other payables, indicating a significant increase in trade payables as of June 30, 2025, with most being within 3 months - Trade and Other Payables Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Trade Payables | 181,031 | 116,638 | | Accrued Liabilities | 94,259 | 71,167 | | Amounts Payable to Third-Party E-commerce Platforms | 72,186 | 63,806 | | Accrued Wages and Social Security Contributions | 54,590 | 56,188 | | Other Taxes Payable | 1,617 | 1,518 | | Interest Payable | 333 | 94 | | Other Payables | 5,299 | 8,711 | | **Total** | **409,315** | **318,122** | - Aging Analysis of Trade Payables (As of June 30, 2025, RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Within 3 months | 165,171 | 114,140 | | 3 months to 1 year | 15,082 | 2,495 | | 1 to 2 years | 778 | 3 | | **Total** | **181,031** | **116,638** | [Borrowings](index=75&type=section&id=Borrowings) This section lists the Group's current unsecured bank borrowings, indicating an increase in total borrowings as of June 30, 2025 - Borrowings Details (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :----------- | :------------- | | Bank Borrowings — Unsecured | 168,700 | 130,000 | [Commitments](index=75&type=section&id=Commitments) This section confirms that the Group had no significant capital commitments as of June 30, 2025, and December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments[311](index=311&type=chunk) [Related Party Transactions](index=76&type=section&id=Related%20Party%20Transactions) This section discloses the Group's transactions and balances with related parties, primarily Hangzhou Shuzhi Technology Co., Ltd., an associate of Mr. Hua Bingru, and key management compensation - Hangzhou Shuzhi Technology Co., Ltd. is an associate of Mr. Hua Bingru[314](index=314&type=chunk) - Transactions with Related Parties (For the six months ended June 30, 2025, RMB thousand) | Transaction Type | Related Party | 2025 | 2024 | | :------- | :----- | :----- | :----- | | Purchase of Smart Advertising Subscription Services | Hangzhou Shuzhi | 166 | — | | Purchase of IT Services | Hangzhou Shuzhi | — | 6,000 | - Balances with Related Parties (As of June 30, 2025, RMB thousand) | Item | Related Party | June 30, 2025 | December 31, 2024 | | :--- | :----- | :----------- | :------------- | | Prepayments and Other Receivables | Hangzhou Shuzhi | 1,330 | — | | Trade and Other Payables | Hangzhou Shuzhi | — | 1,000 | - Key Management Compensation (For the six months ended June 30, 2025, RMB thousand) | Item | 2025 | 2024 | | :--- | :----- | :----- | | Wages, Salaries and Bonuses | 4,719 | 3,677 | | Contributions to Pension Schemes, Housing Provident Fund, Medical Insurance and Other Social Welfare | 614 | 360 | | **Total** | **5,333** | **4,037** | [Subsequent Events](index=79&type=section&id=Subsequent%20Events) This section confirms that, except as disclosed elsewhere in this report, there have been no material subsequent events from June 30, 2025, up to the date of this report - Except as disclosed elsewhere in this report, there have been no material subsequent events from June 30, 2025, up to the date of this report[326](index=326&type=chunk) [Definitions](index=80&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report, ensuring readers have a clear and consistent understanding of company-specific terminology and regulatory vocabulary - This section defines key terms used in the report, such as "Alitti," "Also Jun," "Audit Committee," "Board," "BVI," "Chief Executive Officer," "China," "Company," "Controlling Shareholder," "Corporate Governance Code," "Directors," "Gfxtmyun," "Global Offering," "Group," "HK$," "Hone Ru," "Hong Kong," "Hong Kong Share Registrar," "Hyufeng," "Independent Third Party," "Listing," "Listing Rules," "Main Board," "Model Code," "Mr. Hua," "Nomination Committee," "Prospectus," "Remuneration Committee," "Reporting Period," "RMB," "SFO," "Share Award Scheme (Existing Shares)," "Share Award Scheme (New Shares)," "Shares," "Shareholder(s)," "Stock Exchange," "Subsidiary(ies)," "Substantial Shareholder(s)," "TMY ONE," "TMY THREE," "US," "US$," "Wiloru Holdings," "Xringirl," "Zhejiang Zibuyu," and "%"[327](index=327&type=chunk)[328](index=328&type=chunk)[330](index=330&type=chunk)[331](index=331&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk)

截至 2025 年 6 月 30 日止 6 個月未經審計之中期業績公告 截至2025年6月30日止6個月，本集團實現營業收入人民幣1,677.11億元，同比增長11.50%（上年同 期：人民幣1,504.17億元）。 截至2025年6月30日止6個月，本集團實現利潤總額人民幣344.97億元，同比增長59.80%（上年同期： 人民幣215.88億元）。 截至2025年6月30日止6個月，本集團歸屬於上市公司股東的淨利潤為人民幣232.92億元，同比增長 54.41%（上年同期：人民幣150.84億元）。 於2025年6月30日，本集團總資產為人民幣4,397.43億元，較年初增長10.88%（年初：人民幣3,966.11 億元）。 於2025年6月30日，本集團歸屬於上市公司股東的淨資產為人民幣1,420.74億元，較年初增長1.64% （年初：人民幣1,397.86億元）。 董事會審議通過的2025年半年度利潤分配方案為：以實施權益分派股權登記日登記的總股本為基 數，向全體股東每10股派發現金紅利人民幣2.2元（含稅）。 紫金礦業集團股份有限公司（「本公司」╱「公司」）董事會（「董事會」）欣然宣佈本公司及其 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 | 財務表現摘要 | | | | --- | --- | --- | | 收入 | 6,936 | 百萬港元 | | 本公司擁有人應佔虧損 | 3,145 | 百萬港元 | | 每股基本虧損 | | 3.96 港元 | | 本公司擁有人應佔每股權益 | | 2.11 港元 | 1 業績 惠記集團有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」）截至二零二五年六月三十日止六個月之未經審核業績如下： WAI KEE HOLDINGS LIMITED 惠記集團有限公司 （於百慕達註冊成立之有限公司） （股份代號: 610） 截至二零二五年六月三十日止六個月 中期業績公佈 2 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | 二零二五年 | | 二零二四年 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 X.J. ELECTRICS (HU BEI) CO., LTD 湖北香江電器股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：2619） 截 至2025年6月30日止六個月之中期業績公告 財務摘要 湖 北 香 江 電 器 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」或「我 們」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 集 團 截 至2025年6月30日 止 六 個 月（「報 告期間」）之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 截 至2024年6月30日止六個月之 比 較 數 字，該 等 數 字 已 由 董 事 會 審 核 委 員 會（「審核委員會」）審 閱。 – 1 – • 收益由截至2024年6月30日止六個月的人民幣614,400千元減少11.7%至 截 ...