中創新航科技集團股份有限公司 CALB Group Co., Ltd. 股份代號 : 3931 ( 於中華人民共和國註冊成立的股份有限公司 ) 致力於新能源領域的開拓創新和技術引領， 持續塑造新能源產業健康生態， 為人類能源安全及可持續發展切實履行責任 中期報告 2025 中創新航科技集團股份有限公司 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 3 | | 企業管治及其他資料 | 20 | | 簡明合併損益表 | 27 | | 簡明合併損益及其他全面收益表 | 28 | | 簡明合併財務狀況表 | 29 | | 簡明合併權益變動表 | 31 | | 簡明合併現金流量表 | 32 | | 簡明合併財務報表附註 | 33 | | 定義及詞彙 | 54 | 公司資料 非執行董事 胡婧女士 李建存先生 謝潔平女士 獨立非執行董事 吳光權先生 王蘇生先生 陳澤桐先生 審計委員會 王蘇生先生 （主席） 吳光權先生 陳澤桐先生 薪酬委員會 吳光權先生 （主席） 劉靜瑜女士 陳澤桐先生 董事會 執行董事 劉靜瑜女士 （董事長兼總經理） 戴穎先生 提名委員會 劉靜瑜 ...

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。 DYNAMIC HOLDINGS LIMITED （在百慕達註冊成立之有限公司） 達力集團有限公司 （股份代號：29） 截至二零二五年六月三十日止年度之全年業績公佈 業 績 達力集團有限公司（「本公司」）董事會之董事（「董 事」）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 年 度 之 經 審 核 綜 合 業 績，連 同 去 年 比 較 數 字 如 下： 綜合損益及其他全面收益表 | | | | | | | | | | | | | | | | | 截至六月三十日止年度 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

南京維立誌博生物科技股份有限公司 Nanjing Leads Biolabs Co., Ltd. （於中華人民共和國成立的股份有限公司） 股份代號: 9887 2025 中期報告 Interim Report 2025 中期報告 南京維立誌博生物科技股份有限公司 Nanjing Leads Biolabs Co., Ltd. 目錄 2 公司資料 4 業務摘要 8 財務摘要 9 管理層討論及分析 38 企業管治及其他資料 55 獨立審閱報告 56 中期簡明綜合損益及其他全面收益表 57 中期簡明綜合財務狀況表 58 中期簡明綜合權益變動表 59 中期簡明綜合現金流量表 60 中期簡明綜合財務資料附註 70 釋義及詞彙表 公司資料 董事會 執行董事 康小強博士 （董事會主席、首席執行官兼總經理） 賴壽鵬博士 左鴻剛先生 非執行董事 張銀成先生 陳仁海博士 倪佳博士 獨立非執行董事 張宏冰博士 杜以龍先生 （首席獨立非執行董事） 杜季柳女士 審核委員會 杜季柳女士 （主席） 杜以龍先生 陳仁海博士 薪酬委員會 杜以龍先生 （主席） 杜季柳女士 張銀成先生 提名委員會 康小強博士 （主席） 張宏冰博士 杜季柳女士 監 ...

Dividend and Financial Performance - The Company did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[11]. - For HY2025, the Group recorded total revenue of HK$47,973,000, an increase from HK$42,403,000 in HY2024[32]. - The Group reported a loss of HK$12,922,000 for HY2025, compared to a loss of HK$917,000 in HY2024[32]. - The longevity science business generated revenue of HK$34,253,000 but incurred a segment loss of HK$10,945,000 for HY2025[32]. - The money lending and financial advisory business had static revenue of HK$13,720,000 and a segment profit of HK$12,306,000 for HY2025[37]. - The Group's basic and diluted loss per share was HK$2.29 cents as of June 30, 2025, compared to HK$0.2 cents on June 30, 2024[33]. - The revenue from the longevity science business segment amounted to approximately HK$34,253,000 for HY2025, an increase from HK$25,180,000 in HY2024[84]. - The segment incurred a loss of approximately HK$10,945,000 in HY2025, compared to a loss of HK$4,342,000 in HY2024, primarily due to unforeseen events and operational challenges post-pandemic[88]. Business Operations and Strategy - The Company is diversifying its business and has become Asia's first one-stop health and longevity center since late 2022[12]. - The Company is focusing on expanding its longevity science business alongside its existing financial services[12]. - The Group is focusing on diversifying into promising longevity medical health businesses to enhance financial performance[26]. - The Company engaged Dongwei Law Firm to expedite the recovery of overdue loans from strategic partners, extending the service contract for an additional 36 months in August 2024[20]. - The restructuring of Tian Xing has been completed, restoring business partnerships and banking authority operations by June 2023[14]. - The Group plans to monetize portions of its loan portfolio with strategic partners Fanhua and Haier through ongoing negotiations[40]. - The Group has engaged with strategic partners to negotiate the monetization of parts of the loan portfolio, indicating ongoing market expansion efforts[42]. Loan Management and Recovery - The overdue loans from strategic partners are being managed with partial initial loan principals supplied by the Company[21]. - The strategic partner loans are being managed to recover overdue amounts, with RMB$6.7 million cash recovered from two borrowers[38]. - The recovery actions for impaired loans have entered a review assessment stage, highlighting the company's commitment to recovering outstanding amounts[46]. - The Independent Recovery Committee has successfully recovered gross proceeds from two borrower entities of four loans out of the 36 long-impaired loans, although the recovery process is still ongoing[45]. - The outstanding loans previously impaired amounted to approximately HK$1,076,000,000 as of December 31, 2019, with recovery efforts ongoing since August 2022[46]. Customer and Revenue Concentration - The top five customers accounted for approximately 51% of total revenue in HY2025, up from 33% in HY2024, with the largest customer contributing about 30% of total revenue, compared to 24% in HY2024[49]. - As of June 30, 2025, the largest customer and the top five customers accounted for 40% and 89% of the total gross loan receivables balance, respectively[49]. - The top five borrowers under the Strategic Partners Business Model accounted for approximately 20.13% of the entire other receivables of the Group as of June 30, 2025, up from 12.917% as of December 31, 2024[74]. - The top five borrowers under the Corporate and Personal Borrowers Business Model accounted for approximately 79.38% of the entire loan and interest receivables of the Group as of June 30, 2025, down from 89.19% as of December 31, 2024[82]. Financial Position and Assets - As of June 30, 2025, the Group's consolidated net assets were HK$431,540,000, up from HK$400,139,000 on December 31, 2024[33]. - As of June 30, 2025, the Group's net current assets were approximately HK$405,862,000, an increase from HK$372,047,000 as of December 31, 2024[97]. - Cash and bank balances as of June 30, 2025 were approximately HK$30,036,000, down from HK$47,842,000 as of December 31, 2024[100]. - The Group's bank and other borrowings decreased to HK$9,105,000 as of June 30, 2025, compared to HK$11,541,000 as of June 30, 2024[102]. - As of June 30, 2025, strategic partners loan assets were approximately HK$178,004,000 before impairments, with a net carrying value of approximately HK$113,422,000[74]. - The corporate and personal borrowers business loan assets were approximately HK$865,512,000 before impairments, with a net carrying value of approximately HK$228,801,000 as of June 30, 2025[82]. Share Capital and Employee Information - The total number of issued ordinary shares increased to 636,654,300 as of June 30, 2025, up from 546,529,549 as of December 31, 2024[103]. - The Group's employee count decreased to approximately 52 as of June 30, 2025, from 55 as of December 31, 2024[120]. - Employee benefits expense, excluding Directors' emoluments, was approximately HK$8.2 million in HY2025, representing an increase of about 29.8% compared to HK$6.3 million in HY2024[117]. Share Option and Award Schemes - The 2012 Share Option Scheme has 3,868,000 outstanding share options as of June 30, 2025, with an exercise period from December 31, 2023, to December 30, 2030[151]. - The 2022 Share Option Scheme allows the Board to grant options to qualifying participants, with the exercise price complying with Listing Rules[151]. - The total number of shares available for issue under the 2022 Share Option Scheme represents approximately 6.1% of the ordinary shares of the Company in issue[170]. - The Share Award Scheme was adopted on May 18, 2021, to recognize contributions and provide incentives for participants[188]. - The maximum number of restricted shares that may be awarded under the Share Award Scheme shall not exceed 38,680,000 shares, which is capped at 10% of the issued share capital of the Company[195].

[Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) The Group's annual profit for FY2025 significantly decreased, primarily due to reduced total revenue and higher finance costs Consolidated Income Statement Key Financial Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Revenue | 353,131 | 1,188,528 | | Cost of Sales | (339,300) | (1,095,148) | | Gross Profit | 13,831 | 93,380 | | Other Gains and Losses | 358,334 | 380,428 | | Net Impairment Loss on Interests in Associates | (106,922) | (80,423) | | Administrative Expenses | (94,689) | (78,391) | | Finance Costs | (25,226) | (9,088) | | Profit Before Tax | 236,521 | 396,018 | | Profit for the Year | 240,774 | 363,441 | | Profit Attributable to Owners of the Company | 243,862 | 390,031 | | Basic Earnings Per Share (HK cents) | 17.76 | 29.39 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's total comprehensive income for FY2025 decreased, despite other comprehensive income shifting from a loss to a gain Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year | 240,774 | 363,441 | | Other Comprehensive Income (net of tax) | 20,955 | (13,624) | | Total Comprehensive Income for the Year | 261,729 | 349,817 | | Total Comprehensive Income Attributable to Owners of the Company | 265,135 | 375,696 | - Exchange differences arising from translating associates worsened from **(HK$6,194) thousand in 2024** to **(HK$10,067) thousand in 2025**, indicating a negative impact of exchange rate fluctuations on associate values[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets increased for FY2025, driven by higher current assets, while total liabilities also rose, yet equity attributable to owners grew Consolidated Statement of Financial Position Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Assets | 4,567,122 | 4,219,922 | | Non-current Assets | 1,563,400 | 1,633,082 | | Current Assets | 3,003,722 | 2,586,840 | | Total Equity Attributable to Owners of the Company | 4,020,895 | 3,841,774 | | Total Liabilities | 546,227 | 360,639 | | Net Current Assets | 2,467,308 | 2,252,960 | - Inventory within current assets significantly increased by **253%** from **HK$62,355 thousand to HK$220,157 thousand**[4](index=4&type=chunk) - Financial assets at fair value through profit or loss increased by **9.8%** from **HK$1,793,152 thousand to HK$1,970,043 thousand**[4](index=4&type=chunk) - Bank and other loans increased by **67.2%** from **HK$280,105 thousand to HK$468,457 thousand**[5](index=5&type=chunk) [Notes to the Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the Group's accounting policies, financial performance, and position, including segment information and key financial items [Note 1 Basis of Preparation and Accounting Policies](index=5&type=section&id=Note%201%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This note outlines the preparation basis and accounting policies, including revised HKFRSs, which had no material impact on the Group's financials - The consolidated financial statements are presented in **Hong Kong dollars** and measured on a **historical cost basis**, with certain assets and liabilities presented at fair value[6](index=6&type=chunk) - Several revised Hong Kong Financial Reporting Standards (HKFRSs) were applied during the year, including those related to liability classification, non-current liabilities with covenants, sale and leaseback lease liabilities, financial statement presentation, and supplier finance arrangements, but had **no material impact** on the Group's financial position and performance[6](index=6&type=chunk) [Note 2 Revenue](index=6&type=section&id=Note%202%20Revenue) The Group's revenue for FY2025 significantly decreased, primarily due to a substantial reduction in commodity trading (iron ore) revenue Revenue from Contracts with Customers by Major Product or Service Category (HK$ thousand) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Trading (Iron Ore) | 340,757 | 1,169,403 | | Loan Interest Income | 12,374 | 18,774 | | Other Interest Income | – | 351 | | **Total Revenue** | **353,131** | **1,188,528** | - Commodity trading (iron ore) revenue decreased by **70.8%** year-on-year, from **HK$1,169,403 thousand to HK$340,757 thousand**[8](index=8&type=chunk) - Loan interest income decreased by **34.1%** year-on-year, from **HK$18,774 thousand to HK$12,374 thousand**[8](index=8&type=chunk) [Note 3 Segment Information](index=6&type=section&id=Note%203%20Segment%20Information) The Group manages its business through commodity, resource investment, and principal investment segments, with detailed performance and asset disclosures [Note 3(a) Segment Results, Assets and Liabilities](index=7&type=section&id=Note%203%28a%29%20Segment%20Results%2C%20Assets%20and%20Liabilities) Segment results, assets, and liabilities are monitored, with resource investment contributing most to profit and commodity business incurring a loss Segment Results (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Business | (8,046) | 84,031 | | Resource Investments | 342,743 | 403,722 | | Principal Investments and Financial Services | 7,172 | 38,531 | | **Total Reportable Segments** | **341,869** | **526,284** | Segment Assets (HK$ thousand) | Segment | 2025 | 2024 | | :--- | :--- | :--- | | Commodity Business | 558,083 | 517,706 | | Resource Investments | 2,163,146 | 1,941,356 | | Principal Investments and Financial Services | 83,998 | 89,115 | | **Total Reportable Segments** | **2,805,227** | **2,548,177** | - The Commodity Business segment result shifted from a **profit of HK$84,031 thousand in 2024** to a **loss of HK$(8,046) thousand in 2025**[13](index=13&type=chunk)[15](index=15&type=chunk) - The Resource Investments segment result decreased from **HK$403,722 thousand in 2024** to **HK$342,743 thousand in 2025**[13](index=13&type=chunk)[15](index=15&type=chunk) [Note 3(b) Geographical Information](index=12&type=section&id=Note%203%28b%29%20Geographical%20Information) Revenue and non-current assets are geographically segmented, showing a significant decline in China revenue and asset concentration in Australia and China Revenue from External Customers (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 12,374 | 6,667 | | China | 340,757 | 1,181,861 | | Australia | – | – | | Philippines | – | – | | **Total** | **353,131** | **1,188,528** | Non-current Assets (HK$ thousand) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 2,973 | 1,505 | | China | 140,919 | 137,755 | | Australia | 1,412,906 | 1,472,391 | | Philippines | 6,368 | 8,553 | | **Total** | **1,563,166** | **1,620,204** | - Revenue from China decreased by **71.2%** year-on-year, from **HK$1,181,861 thousand to HK$340,757 thousand**[18](index=18&type=chunk) [Note 3(c) Major Customers Information](index=12&type=section&id=Note%203%28c%29%20Major%20Customers%20Information) This note identifies major customers contributing 10% or more to the Group's revenue, highlighting shifts in customer contributions for the year Major Customer Revenue Contribution (HK$ thousand) | Customer | 2025 | 2024 | | :--- | :--- | :--- | | Customer A | 147,852 | – | | Customer B | 55,188 | 670,195 | | Customer C | 45,230 | – | | Customer D | 39,028 | – | - Customer B's revenue contribution significantly decreased by **91.8%** from **HK$670,195 thousand in 2024** to **HK$55,188 thousand in 2025**[19](index=19&type=chunk) - Customers A, C, and D became new major customers in 2025, having contributed less than 10% to Group revenue in 2024[19](index=19&type=chunk) [Note 4 Other Gains and Losses](index=12&type=section&id=Note%204%20Other%20Gains%20and%20Losses) Other gains and losses were primarily driven by fair value changes in financial assets, alongside impairment and foreign exchange impacts Other Gains and Losses Key Items (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net fair value gain on financial assets at fair value through profit or loss | 351,275 | 379,870 | | Net (impairment loss) / reversal of impairment loss on loans receivable | (4,267) | 24,086 | | Gain on loss of control of a subsidiary | 2,161 | – | | Net foreign exchange gain / (loss) | 3,209 | (4,082) | | **Total** | **358,334** | **380,428** | - Net impairment loss on loans receivable shifted from a **reversal of HK$24,086 thousand in 2024** to an **impairment loss of HK$4,267 thousand in 2025**[21](index=21&type=chunk) - A **gain of HK$2,161 thousand** on loss of control of a subsidiary was recognized during the year due to a significant reduction in the Group's interest in the investee company[21](index=21&type=chunk) [Note 5 Profit Before Tax](index=14&type=section&id=Note%205%20Profit%20Before%20Tax) This note itemizes expenses deducted from profit before tax, showing increased finance and staff costs, but significantly reduced cost of goods and exploration Profit Before Tax Deductions (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance Costs | 25,226 | 9,088 | | Staff Costs | 56,127 | 46,053 | | Cost of Goods Recognized as Expense | 339,300 | 1,117,125 | | Exploration Expenses | 4,690 | 22,516 | - Finance costs increased by **177.6%** year-on-year, from **HK$9,088 thousand to HK$25,226 thousand**[22](index=22&type=chunk) - Cost of goods recognized as expense decreased by **69.6%** year-on-year, from **HK$1,117,125 thousand to HK$339,300 thousand**[22](index=22&type=chunk) [Note 6 Income Tax (Credit) / Expense](index=15&type=section&id=Note%206%20Income%20Tax%20%28Credit%29%20%2F%20Expense) The Group recorded an income tax credit for FY2025, a reversal from the prior year's expense, mainly due to deferred tax movements Income Tax (Credit) / Expense (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax | 5,961 | 5,362 | | Deferred Tax | (10,214) | 27,215 | | **Income Tax (Credit) / Expense** | **(4,253)** | **32,577** | - Deferred tax shifted from an **expense of HK$27,215 thousand in 2024** to a **credit of HK$10,214 thousand in 2025**[23](index=23&type=chunk) [Note 7 Dividends](index=15&type=section&id=Note%207%20Dividends) The Board recommended a final dividend of HK 11 cents per share for FY2025, an increase from the previous year's dividend - The Board recommended a final dividend of **HK 11 cents per share** for the year ended June 30, 2025, which is higher than the **HK 10 cents per share for 2024**[24](index=24&type=chunk) - In FY2024, the Company paid **HK$130,249 thousand** for the 2023 interim dividend, with **HK$80,040 thousand paid in cash** and **HK$50,209 thousand settled by issuing 54,151,441 ordinary shares**[25](index=25&type=chunk) [Note 8 Earnings Per Share](index=16&type=section&id=Note%208%20Earnings%20Per%20Share) Both basic and diluted earnings per share decreased for FY2025, reflecting the reduction in profit attributable to owners [Note 8(a) Basic Earnings Per Share](index=16&type=section&id=Note%208%28a%29%20Basic%20Earnings%20Per%20Share) Basic earnings per share, based on profit attributable to owners and weighted average shares, decreased to HK 17.76 cents Basic Earnings Per Share Calculation (HK$ thousand / thousand shares) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 243,862 | 390,031 | | Weighted Average Number of Ordinary Shares | 1,373,138 | 1,327,194 | | **Basic Earnings Per Share (HK cents)** | **17.76** | **29.39** | - Basic earnings per share decreased by **39.6%** year-on-year, from **HK 29.39 cents to HK 17.76 cents**[26](index=26&type=chunk) [Note 8(b) Diluted Earnings Per Share](index=16&type=section&id=Note%208%28b%29%20Diluted%20Earnings%20Per%20Share) Diluted earnings per share for FY2025 was HK 17.64 cents, slightly lower than basic EPS due to potential dilutive shares from warrants Diluted Earnings Per Share Calculation (HK$ thousand / thousand shares) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for Diluted EPS | 243,862 | 390,031 | | Weighted Average Number of Ordinary Shares (Basic) | 1,373,138 | 1,327,194 | | Effect of Potential Dilutive Ordinary Shares under 2027 Warrants | 9,347 | – | | **Diluted Earnings Per Share (HK cents)** | **17.64** | **29.39** | - The effect of potential dilutive ordinary shares under the 2027 warrants was **9,347 thousand shares**, resulting in diluted earnings slightly lower than basic earnings[28](index=28&type=chunk) [Note 9 Interests in Associates](index=17&type=section&id=Note%209%20Interests%20in%20Associates) The carrying value of interests in associates decreased for FY2025, primarily due to higher recognized impairment losses Interests in Associates (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interests in Associates (before impairment) | 2,394,172 | 2,338,149 | | Impairment Loss Recognized | (929,565) | (822,643) | | **Total** | **1,464,607** | **1,515,506** | Impairment Loss for Each Associate (HK$ thousand) | Associate | 2025 | 2024 | | :--- | :--- | :--- | | Mount Gibson Iron Limited | (171,800) | (71,303) | | Tanami Gold NL | 66,687 | (11,115) | | Mabuhay Holdings Corporation | (1,809) | 1,995 | | **Total** | **(106,922)** | **(80,423)** | - Impairment loss for Mount Gibson Iron Limited expanded by **141%** from **(HK$71,303) thousand in 2024** to **(HK$171,800) thousand in 2025**[29](index=29&type=chunk) [Note 10 Interests in a Joint Venture](index=17&type=section&id=Note%2010%20Interests%20in%20a%20Joint%20Venture) The carrying value of interests in a joint venture increased to HK$94,146 thousand as of June 30, 2025 Interests in a Joint Venture (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interests in a Joint Venture | 94,146 | 89,398 | - Interests in a joint venture increased by **5.3%** year-on-year, from **HK$89,398 thousand to HK$94,146 thousand**[29](index=29&type=chunk) [Note 11 Trade and Other Receivables, Prepayments, Deposits](index=18&type=section&id=Note%2011%20Trade%20and%20Other%20Receivables%2C%20Prepayments%2C%20Deposits) Total current receivables increased for FY2025, driven by new trade receivables and higher VAT receivables, despite a drop in dividends receivable Trade and Other Receivables (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade Receivables | 9,639 | – | | Other Receivables and Deposits | 36,234 | 8,439 | | VAT Receivables | 30,459 | 9,773 | | Dividends Receivable | 312 | 34,555 | | **Total Current Assets** | **84,647** | **65,503** | - Trade receivables were **HK$9,639 thousand in 2025**, compared to **zero in 2024**[30](index=30&type=chunk) - Dividends receivable significantly decreased by **99.1%** from **HK$34,555 thousand in 2024** to **HK$312 thousand in 2025**[30](index=30&type=chunk) [Note 12 Trade and Other Payables](index=19&type=section&id=Note%2012%20Trade%20and%20Other%20Payables) Total trade and other payables increased for FY2025, mainly due to a significant rise in employee benefit provisions Trade and Other Payables (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Trade Payables Designated at Fair Value Through Profit or Loss | 4,768 | 3,688 | | Employee Benefit Provisions | 33,430 | 18,263 | | Other Payables Measured at Amortized Cost | 26,836 | 29,789 | | **Total** | **65,034** | **51,740** | - Employee benefit provisions increased by **83.0%** year-on-year, from **HK$18,263 thousand to HK$33,430 thousand**[32](index=32&type=chunk) - The Group's trade payables for iron ore commodity purchases under provisional pricing arrangements are measured at fair value through profit or loss[32](index=32&type=chunk) [Note 13 Share Capital](index=19&type=section&id=Note%2013%20Share%20Capital) Issued and fully paid share capital increased for FY2025, primarily due to the issuance of shares under the 2027 warrants Share Capital Movement (HK$ thousand / Number of Shares) | Item | Number of Shares | Amount | | :--- | :--- | :--- | | As at July 1, 2023 | 1,302,485,521 | 1,302,486 | | Shares Issued under Scrip Dividend Scheme | 54,151,441 | 54,151 | | As at June 30, 2024 | 1,356,636,962 | 1,356,637 | | Shares Issued under 2027 Warrants | 52,333,542 | 52,334 | | **As at June 30, 2025** | **1,408,970,504** | **1,408,971** | - As of June 30, 2025, the total number of issued shares was **1,408,970,504**, an increase of **52,333,542 shares** from the prior year, mainly due to the exercise of 2027 warrants[33](index=33&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's financial performance, strategic investments, segment operations, liquidity, and risk management for the year [Financial Results](index=20&type=section&id=Financial%20Results) The Group's profit attributable to shareholders decreased for FY2025, with the resource investment segment being the primary contributor to profit Profit Attributable to Owners of the Company (HK$ thousand) | Financial Year | Net Profit | | :--- | :--- | | 2025 | 243,862 | | 2024 | 390,031 | - Profit attributable to owners of the Company decreased by **37.47%** year-on-year[34](index=34&type=chunk) - The Resource Investments segment generated a segment profit of **HK$342,743 thousand**, serving as the primary source of profit[34](index=34&type=chunk) [Key Strategic Investments](index=20&type=section&id=Key%20Strategic%20Investments) The Group's key strategic investments are in Australian-listed resource companies, with changes in ownership and performance noted [Mount Gibson Iron Limited](index=20&type=section&id=Mount%20Gibson%20Iron%20Limited) Mount Gibson recorded a net loss after tax in FY2025 due to production limits, higher operating costs, and impairment, but expects increased sales - Mount Gibson recorded a net loss after tax of **AUD 82.2 million** from selling **2.6 million tonnes of iron ore** in FY2025[38](index=38&type=chunk) - The loss was attributed to production and grade limitations in the September quarter, increased operating costs from new pit access construction, and an **AUD 90.4 million impairment expense** due to weak iron ore prices[38](index=38&type=chunk) - Sales guidance for FY2026 is **3.0 million to 3.2 million tonnes**, indicating an expected increase in production[38](index=38&type=chunk) [Tanami Gold NL](index=21&type=section&id=Tanami%20Gold%20NL) Asia Pacific Resources holds a 46.3% interest in Tanami Gold, a gold exploration company, which recently announced a 50% interest acquisition by Mount Gibson - Asia Pacific Resources held a **46.3% interest** in Tanami Gold as of June 30, 2025[40](index=40&type=chunk) - Tanami Gold's primary business is gold exploration, holding a **50% interest** in the Central Tanami Project[40](index=40&type=chunk) - Mount Gibson announced an agreement to acquire a **50% interest** in the CTP joint venture and adjacent wholly-owned exploration tenements from Northern Star[40](index=40&type=chunk) [Metals X Limited](index=21&type=section&id=Metals%20X%20Limited) Asia Pacific Resources increased its stake in Metals X to 23.3%, with Metals X focusing on mine life planning and strong tin production, maintaining a positive outlook - Asia Pacific Resources' equity interest in Metals X increased from **22.8% as of June 30, 2024**, to **23.3% as of June 30, 2025**[41](index=41&type=chunk) - The Renison mine produced **5,692 tonnes of tin** for the twelve months ended June 2025, with an estimated EBITDA of **AUD 274 million**[41](index=41&type=chunk) - The Group remains positive on the outlook for tin, given no significant increase in supply and rising demand from electrification trends[42](index=42&type=chunk) [Dragon Mining Limited](index=22&type=section&id=Dragon%20Mining%20Limited) Asia Pacific Resources holds a 29.7% interest in Dragon Mining, a Nordic gold exploration and mining company, which saw a voluntary cash offer withdrawn and a new offer proposed - Asia Pacific Resources held approximately a **29.7% interest** in Dragon Mining as of June 30, 2025[43](index=43&type=chunk) - Dragon Mining operates gold mines and processing facilities in Finland and Sweden, with an annual production of **20,000 to 30,000 ounces of gold concentrate**[43](index=43&type=chunk) - APRL's voluntary cash offer for Dragon Mining was withdrawn, and a new conditional voluntary cash offer of **HK$2.60 per share** was made by Wah Cheong, an indirect wholly-owned subsidiary of a major shareholder[44](index=44&type=chunk) [Prodigy Gold NL](index=23&type=section&id=Prodigy%20Gold%20NL) Asia Pacific Resources' holding in Prodigy Gold decreased to 29.6%, reclassified as an associate, focusing on exploration and non-core asset sales - Asia Pacific Resources' controlling interest in Prodigy Gold decreased from **44.3% to 29.6%**, and it has been accounted for as an associate since October 30, 2024[36](index=36&type=chunk)[45](index=45&type=chunk) - Prodigy Gold recorded a net loss after tax of **AUD 3.5 million** in FY2025[45](index=45&type=chunk) - The company's focus is on exploration in the Northern Tanami project area and continuing its strategy of divesting non-core assets[45](index=45&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=23&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's financial assets at fair value through profit or loss primarily consist of resource investments, including a significant holding in Shougang Fushan Resources Group Limited [Significant Investments](index=23&type=section&id=Significant%20Investments) The Group holds a significant investment in Shougang Fushan Resources Group Limited, which recorded a fair value loss during the year Shougang Fushan Investment Overview (HK$ thousand) | Metric | Data | | :--- | :--- | | Percentage of Shares Held | 2.8% | | Investment Cost | 252,452 | | Dividend Income | 12,151 | | Net Fair Value Loss | (44,248) | | Carrying Value (June 30, 2025) | 406,577 | | Percentage of Group's Total Assets | 8.9% | - Shougang Fushan produced **2.6 million tonnes of raw coking coal** and sold **1.6 million tonnes of clean coking coal** for the six months ended June 30, 2025[48](index=48&type=chunk) - Shougang Fushan recorded revenue of **HK$2,101 million** and profit of **HK$481 million** for the six months ended June 30, 2025[49](index=49&type=chunk) [Resource Investments](index=24&type=section&id=Resource%20Investments) The resource investment segment recorded fair value gains but a decrease in segment profit, with a portfolio strategy to generate returns and manage risk [Small-to-Mid Cap Mining Portfolio](index=24&type=section&id=Small-to-Mid%20Cap%20Mining%20Portfolio) This portfolio achieved a 751% return since inception, outperforming its benchmark due to a strong gold overweight and broad commodity market recovery - The small-to-mid cap mining portfolio has achieved a **751% return** over 8.75 years since its inception on October 1, 2016, significantly outperforming the benchmark's **27% return**[52](index=52&type=chunk) - For the year ended June 30, 2025, the strategy recorded a **29.2% performance**, compared to the benchmark's **28.5%**, resulting in an alpha of **0.7%**[54](index=54&type=chunk) - The portfolio's strong performance is primarily due to its significant overweighting in the gold sector, with gold exposure ranging from **40% to 70%** since early 2024[55](index=55&type=chunk) [Energy Portfolio](index=26&type=section&id=Energy%20Portfolio) The energy portfolio generated a 140% return since February 2020, shifting focus to companies benefiting from AI-driven power demand, particularly natural gas and uranium - The energy portfolio generated an investment return of **140%** from February 2020 to August 2025[57](index=57&type=chunk) - During the year, the portfolio reduced its oil-related investments and largely divested from renewable energy, shifting focus[58](index=58&type=chunk) - The investment strategy now concentrates on companies benefiting from the electricity demand driven by Artificial Intelligence (AI), particularly natural gas and uranium companies that support base load power[58](index=58&type=chunk) [Precious Metals](index=27&type=section&id=Precious%20Metals) The precious metals segment, primarily gold, recorded a net fair value gain, with gold prices strongly rebounding due to central bank purchases and geopolitical tensions - The precious metals segment recorded a net fair value gain of **HK$510,007 thousand** in FY2025[59](index=59&type=chunk) - The carrying value of the precious metals segment increased by **52.3%** from **HK$686,052 thousand in 2024** to **HK$1,045,084 thousand in 2025**[59](index=59&type=chunk) - Gold prices strongly rebounded in FY2025, rising from approximately **US$2,300 per ounce to a high of US$3,500**, closing at approximately **US$3,300**, driven by central bank purchases, geopolitical tensions, and anticipated global monetary policy easing[60](index=60&type=chunk) [Bulk Commodities](index=27&type=section&id=Bulk%20Commodities) The bulk commodities segment recorded a fair value loss, with its largest investment in Shougang Fushan contributing to this loss - The bulk commodities segment recorded a fair value loss of **HK$96,039 thousand** in FY2025[61](index=61&type=chunk) - The carrying value decreased by **15.8%** from **HK$584,717 thousand in 2024** to **HK$492,600 thousand in 2025**[61](index=61&type=chunk) - The largest investment, Shougang Fushan, recorded a fair value loss of **HK$44,248 thousand**[61](index=61&type=chunk) [Base Metals](index=27&type=section&id=Base%20Metals) The base metals segment recorded a fair value loss, reflecting mixed price movements with copper rising while nickel and zinc declined - The base metals segment recorded a fair value loss of **HK$2,286 thousand** in FY2025[62](index=62&type=chunk) - During the year, copper prices increased by **2.8%**, while nickel prices fell by **11.9%** and zinc prices by **4.8%**[62](index=62&type=chunk) [Energy](index=28&type=section&id=Energy) The energy segment recorded a fair value loss, with its carrying value decreasing, including a significant investment in Paladin Energy Limited - The energy segment recorded a fair value loss of **HK$26,350 thousand** in FY2025[63](index=63&type=chunk) - The carrying value decreased by **29.7%** from **HK$232,734 thousand in 2024** to **HK$163,539 thousand in 2025**[63](index=63&type=chunk) [Others](index=28&type=section&id=Others) The Group recorded fair value losses from other commodity and non-commodity investments, including diamonds, manganese, rare earths, and lithium - Other commodity and non-commodity investments recorded a fair value loss of **HK$47,054 thousand**[64](index=64&type=chunk) - The carrying value decreased by **14.5%** from **HK$132,289 thousand in 2024** to **HK$113,034 thousand in 2025**[64](index=64&type=chunk) [Commodity Business](index=28&type=section&id=Commodity%20Business) The commodity business recorded a segment loss for FY2025, primarily due to weak iron ore prices affecting Koolan Island iron ore offtake Commodity Business Segment Results (HK$ thousand) | Financial Year | Segment Result | | :--- | :--- | | 2025 | (8,046) | | 2024 | 84,031 | - The Commodity Business segment result shifted from a **profit of HK$84,031 thousand in 2024** to a **loss of HK$(8,046) thousand in 2025**[65](index=65&type=chunk) - The loss was primarily attributed to **weak iron ore prices**[65](index=65&type=chunk) [Principal Investments and Financial Services](index=28&type=section&id=Principal%20Investments%20and%20Financial%20Services) This segment, generating income from loans and other financial assets, recorded a profit for FY2025, diversifying revenue and managing business risk [Lending](index=28&type=section&id=Lending) The Group provides secured and unsecured term loans, with outstanding receivables of HK$83,578 thousand and an impairment loss provision for the year - As of June 30, 2025, outstanding loans receivable (net of loss allowance) were approximately **HK$83,578 thousand**, a slight decrease from **HK$88,563 thousand in the prior year**[68](index=68&type=chunk) - During the year, the Group made a provision for impairment loss on its loans receivable of approximately **HK$4,267 thousand**, compared to a **reversal of impairment loss of HK$24,086 thousand in FY2024**[68](index=68&type=chunk) - The Group manages credit risk through comprehensive credit assessment and approval procedures, along with regular monitoring of loan and interest repayments[69](index=69&type=chunk)[70](index=70&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=30&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, the Group maintained a healthy financial position with net current assets of HK$2,467,308 thousand and a zero gearing ratio Liquidity and Capital Structure Key Data (HK$ thousand) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets | 2,467,308 | 2,252,960 | | Current Ratio | 5.6 times | 7.7 times | | Borrowings (excluding lease liabilities) | 468,457 | 280,105 | | Gearing Ratio | Zero | Zero | - The current ratio decreased from **7.7 times in 2024** to **5.6 times in 2025**, but remains at a healthy level[73](index=73&type=chunk) - Total borrowings increased by **67.2%** year-on-year, from **HK$280,105 thousand to HK$468,457 thousand**[74](index=74&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The Group's assets are primarily in AUD, while liabilities are in USD and HKD, exposing it to exchange rate risk, which is monitored but not actively hedged - The Group's assets are primarily denominated in **Australian dollars (AUD)**, while its liabilities are mainly denominated in **US dollars (USD)** and **Hong Kong dollars (HKD)**[75](index=75&type=chunk) - The Group does not actively hedge the risks arising from its AUD-denominated assets but monitors them closely[75](index=75&type=chunk) [Pledge of Assets](index=31&type=section&id=Pledge%20of%20Assets) The Group pledged listed associates and securities with a fair value of HK$950,689 thousand to banks as collateral for banking facilities - The Group pledged certain listed associates and listed securities with a fair value of **HK$950,689 thousand** to banks as collateral for banking facilities[76](index=76&type=chunk) - The fair value of pledged assets significantly increased by **128.5%** compared to **HK$416,000 thousand in 2024**[76](index=76&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) The Group determines employee remuneration based on market conditions and individual performance, with 16 employees and total staff costs of HK$47,550 thousand for the year - As of June 30, 2025, the Group had **16 employees**, a decrease from **25 employees in the prior year**[77](index=77&type=chunk) - Total staff costs and retirement benefit scheme contributions for FY2025 amounted to **HK$47,550 thousand**, an increase of **30.8%** from **HK$36,344 thousand in the prior year**[77](index=77&type=chunk) [Key Risks](index=31&type=section&id=Key%20Risks) The Group employs a comprehensive risk management framework to address market, operational, and regulatory changes, overseen by the Audit Committee [Financial Risks](index=31&type=section&id=Financial%20Risks) Financial risks, including market, credit, and liquidity risks, are managed through regular investment strategy reviews and monitoring of market factors - Financial risks are categorized into market risk (foreign exchange risk, interest rate risk, and other price risk), credit risk, and liquidity risk[79](index=79&type=chunk) - Credit risk refers to the risk of loss arising from a customer or counterparty failing to make payments as agreed[79](index=79&type=chunk) [Operational Risks](index=32&type=section&id=Operational%20Risks) Operational risks are mitigated through strict internal controls, proper segregation of duties, and effective reporting to prevent losses from human factors or inadequate procedures - Operational risks may lead to losses due to human factors, inadequate or improper internal procedures and systems, or external events[80](index=80&type=chunk) - The Group mitigates and controls operational risks by establishing strict internal controls, proper segregation of duties, and effective internal reporting systems[80](index=80&type=chunk) [Bonus Warrants Issue](index=32&type=section&id=Bonus%20Warrants%20Issue) The Company proposed a bonus warrant issue on October 4, 2024, with 52,333,542 warrants exercised and 218,993,850 remaining unexercised as of June 30, 2025 - The Company proposed a bonus warrant issue on October 4, 2024, to eligible shareholders on the basis of **one warrant for every five ordinary shares held**[81](index=81&type=chunk) - As of June 30, 2025, **52,333,542 warrants** had been exercised, while **218,993,850 warrant units** remained unexercised[81](index=81&type=chunk) [Plans for Major Investments, Acquisitions, Disposals, and Future Capital Assets](index=32&type=section&id=Plans%20for%20Major%20Investments%2C%20Acquisitions%2C%20Disposals%2C%20and%20Future%20Capital%20Assets) The Group had no other major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures, nor any plans for future major investments as of June 30, 2025 - The Group held no other major investments and made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended June 30, 2025[82](index=82&type=chunk) - As of June 30, 2025, the Group had no plans for any major investments or capital assets[82](index=82&type=chunk) [Capital Commitments](index=32&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had no significant contracted but unprovided capital commitments - As of June 30, 2025, the Group had **no significant contracted but unprovided capital commitments**[83](index=83&type=chunk) [Contingent Liabilities](index=33&type=section&id=Contingent%20Liabilities) As of the announcement date and June 30, 2025, the Board was unaware of any significant contingent liabilities - As of the announcement date and June 30, 2025, the Board was **unaware of any significant contingent liabilities**[84](index=84&type=chunk) [Significant Events After the Financial Year End](index=33&type=section&id=Significant%20Events%20After%20the%20Financial%20Year%20End) No significant events affecting the Group occurred after the financial year-end and up to the announcement date - No significant events affecting the Group occurred after the financial year-end and up to the announcement date[85](index=85&type=chunk) [Company Strategy](index=33&type=section&id=Company%20Strategy) The Board believes equity investment performance depends on market sentiment, influenced by various factors, and will seek value-maximizing opportunities - The Group will regularly review its investment strategies and take appropriate measures to respond to changes in market conditions when necessary[86](index=86&type=chunk) - The Group will also identify potential investment opportunities to maximize shareholder value[86](index=86&type=chunk) [Outlook](index=33&type=section&id=Outlook) The Group anticipates a complex global economic outlook for FY2026, expecting strong demand for precious metals and selected commodities benefiting from energy transition and AI growth - FY2026 is expected to face a complex global economic outlook, including uncertainties in US trade policy and structural challenges in the Chinese economy[87](index=87&type=chunk) - Investment demand for precious metals is anticipated to remain strong, and selected commodities benefiting from energy transition and increased AI activity are viewed favorably for the long term[87](index=87&type=chunk) - Mount Gibson's acquisition of a 50% interest in the CTP joint venture and adjacent exploration tenements lays the foundation for its gold production business[87](index=87&type=chunk) [Dividends](index=34&type=section&id=Dividends) The Board recommended a final dividend of HK 11 cents per share for FY2025, payable around December 16, 2025 - The Board recommended a final dividend of **HK 11 cents per share** for the year ended June 30, 2025, which is higher than the **HK 10 cents per share for 2024**[88](index=88&type=chunk) - The proposed final dividend will be paid to shareholders whose names appear on the Company's register of members on December 1, 2025, and will be paid around December 16, 2025[88](index=88&type=chunk) [Closure of Register of Members and Warrants](index=34&type=section&id=Closure%20of%20Register%20of%20Members%20and%20Warrants) Share and warrant transfer registration will be suspended during specified periods to determine eligibility for the AGM and the proposed final dividend - To determine eligibility for attending the 2025 Annual General Meeting, the register of members and warrants will be closed from **November 18 to November 21, 2025**[89](index=89&type=chunk) - To determine eligibility for receiving the proposed final dividend, the register of members and warrants will be closed from **November 27 to December 1, 2025**[90](index=90&type=chunk) [Repurchase, Sale or Redemption of Listed Securities](index=35&type=section&id=Repurchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries repurchased, sold, or redeemed any of its listed securities during FY2025 - Neither the Company nor any of its subsidiaries repurchased, sold, or redeemed any of the Company's listed securities during the year ended June 30, 2025[91](index=91&type=chunk) [Compliance with Corporate Governance Code](index=35&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company fully complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for FY2025 - The Company applied and fully complied with the Corporate Governance Code in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the year ended June 30, 2025[92](index=92&type=chunk) [Review of Results by Audit Committee](index=36&type=section&id=Review%20of%20Results%20by%20Audit%20Committee) The Group's final results for FY2025 have been reviewed by the Audit Committee - The Group's final results for the year ended June 30, 2025, have been reviewed by the Audit Committee[93](index=93&type=chunk) [Scope of Work by BDO Limited](index=36&type=section&id=Scope%20of%20Work%20by%20BDO%20Limited) The FY2025 consolidated financial statement figures in this announcement were agreed by BDO Limited, but their work does not constitute an assurance engagement - The consolidated financial statement figures for FY2025 contained in this announcement have been agreed by BDO Limited, the Group's auditor[94](index=94&type=chunk) - The work performed by the auditor does not constitute an assurance engagement, and therefore no assurance is provided on this announcement[94](index=94&type=chunk) [Board of Directors](index=36&type=section&id=Board%20of%20Directors) The Company's Board of Directors comprises executive, non-executive, and independent non-executive directors, led by Chairman Mr. Arthur George Dew - The Board of Directors includes Executive Director Mr. Andrew Ferguson (Chief Executive Officer), Non-executive Directors Mr. Arthur George Dew (Chairman), Mr. Li Sing Hui, and Ms. Lam Lin Chu, and Independent Non-executive Directors Dr. Wong Wing Kuen, Mr. Wong Wang Chien, and Mr. Chow Kwok Wing[94](index=94&type=chunk)

Financial Performance - For the six months ended June 30, 2025, the company reported sales revenue of RMB 18,201,000, a decrease of 27.1% compared to RMB 25,009,000 for the same period in 2024[7] - The gross profit for the same period was RMB 87,000, compared to a gross loss of RMB 434,000 in 2024, indicating a significant improvement[7] - The company incurred a loss before tax of RMB 7,655,000, which is a 26.8% improvement from a loss of RMB 10,426,000 in the previous year[7] - The total comprehensive loss for the six months ended June 30, 2025, was RMB (7,655,000), compared to RMB (10,426,000) for the same period in 2024, reflecting a reduction of approximately 26.8%[17] - The company reported a loss of approximately RMB 7,655,000 for the six months ended June 30, 2025, a reduction of 26.6% compared to RMB 10,426,000 for the same period last year[43] Assets and Liabilities - Total assets decreased to RMB 42,058,000 as of June 30, 2025, down from RMB 52,075,000 as of December 31, 2024[8] - The net asset value dropped to RMB 11,918,000 from RMB 19,573,000, reflecting a significant decline in equity[9] - The company’s total equity decreased to RMB 11,918,000 as of June 30, 2025, from RMB 20,764,000 as of June 30, 2024, representing a decline of approximately 42.4%[10] - The group’s total liabilities to total assets ratio increased to approximately 76.1% as of June 30, 2025, compared to 67.5% as of December 31, 2024[50] Cash Flow and Liquidity - The company’s cash and cash equivalents decreased significantly to RMB 10,170,000 from RMB 28,528,000, indicating liquidity challenges[8] - The net cash used in operating activities for the six months ended June 30, 2025, was RMB (17,768,000), compared to RMB (23,060,000) for the same period in 2024, indicating an improvement of approximately 22.9%[12] - The company reported a total cash and cash equivalents balance of RMB 10,170,000 as of June 30, 2025, down from RMB 12,964,000 at the end of June 2024[12] Revenue Breakdown - The company’s software product sales for the six months ended June 30, 2025, were RMB 536,000, down from RMB 573,000 for the same period in 2024, a decrease of approximately 6.5%[17] - The company’s hardware product sales for the six months ended June 30, 2025, were RMB 1,424,000, down from RMB 947,000 for the same period in 2024, an increase of approximately 50.3%[17] - For the six months ended June 30, 2025, the total sales revenue from software products was RMB 8,000, while hardware products generated RMB 13,000, and support services contributed RMB 327,000, totaling RMB 348,000[22] Employee and Operational Efficiency - Employee costs for the reporting period were approximately RMB 20,026,000, a decrease from RMB 28,835,000 for the six months ended June 30, 2024[52] - Management expenses decreased by 11.2% to approximately RMB 5,774,000 from RMB 6,503,000 in the previous year, attributed to lower employee compensation and benefits[42] - The group employed 401 staff as of June 30, 2025, down from 649 employees as of June 30, 2024[52] Strategic Focus and Future Outlook - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[7] - The company plans to focus on new product development, new business expansion, and new customer acquisition in the second half of 2025, while maintaining strict cost control[46] - The company anticipates a gradual recovery in industry demand due to policy incentives and technological upgrades, leading to a sustainable development period[46] Share Options and Corporate Governance - The company has authorized the issuance of up to 131,724,000 share options under the updated plan, representing approximately 10% of the issued share capital as of the date of the 2025 annual general meeting[68] - The company’s share option plan was adopted on August 27, 2001, and has been extended to allow for the issuance of options for a total of 81,184,000 shares, representing about 10% of the issued share capital at the time of the 2011 special general meeting[66] - The board of directors includes Lin Xuexin as the executive director and chairman, along with five other executive directors and three independent non-executive directors[81] - The company has complied with the GEM Listing Rules regarding directors' securities transactions during the six-month period ending June 30, 2025[77]

Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2025, representing a 15% increase compared to the same period last year[11]. - The company expects a revenue guidance of RMB 1.1 billion for the full year 2025, reflecting a projected growth of 10%[11]. - Revenue decreased by 8.3% from RMB 219.0 million for the six months ended June 30, 2024, to RMB 200.9 million for the six months ended June 30, 2025[17]. - Hospital business revenue increased by 11.2% from RMB 137.8 million to RMB 153.2 million during the same period[17]. - The company reported a total revenue of RMB 200.9 million, with RMB 153.2 million from medical equipment and services, and RMB 47.7 million from hospital operations[185]. - Total revenue for the six months ended June 30, 2025, was RMB 200,903,000, a decrease from RMB 218,988,000 in the same period of 2024, representing a decline of approximately 8.3%[192]. Operational Developments - New product launches include a telemedicine platform expected to enhance patient engagement and streamline services, with an anticipated launch date in Q3 2025[11]. - The company is expanding its market presence by opening three new clinics in tier-2 cities, aiming to increase accessibility to healthcare services[11]. - The group operates 4 self-owned medical institutions and has 1 under construction, focusing on high-end oncology medical services[18]. - Guangzhou Taihe Cancer Hospital, with a planned area of over 100,000 square meters, is set to provide comprehensive cancer care services[19]. - Shanghai Taihe Cheng Cancer Hospital, under construction, will cover nearly 160,000 square meters and collaborate with MD Anderson Cancer Center[20]. - The group has established a light asset business model for medical equipment and software services, targeting lower-tier cities[22]. Research and Development - Research and development investments have increased by 25%, focusing on advanced medical technologies and treatment protocols[11]. - The group has initiated a research project on the mechanism of NOS1 regulation in nasopharyngeal carcinoma, showcasing its regional influence in medical research[31]. - In the first half of 2025, the group published eight SCI academic papers and has two invention patents under review, showcasing its strength in tumor treatment and technological innovation[33]. - The company achieved a significant breakthrough in AI medical applications by developing the world's first large language model specifically for proton therapy, improving clinical efficiency across multiple dimensions[41]. Financial Stability and Cost Management - The company has implemented cost-control measures that are expected to reduce operational expenses by 5% in the next fiscal year[11]. - Total cost of revenue decreased by 20.9% from RMB 253.5 million to RMB 200.5 million for the same periods[53]. - Employee benefits expenses decreased from RMB 58.99 million (23.3%) in 2024 to RMB 49.08 million (24.5%) in 2025[54]. - Selling and distribution expenses decreased by 15.4% from RMB 25.0 million for the six months ended June 30, 2024, to RMB 21.1 million for the six months ended June 30, 2025, due to reduced employee costs and promotional expenses[63]. - Administrative expenses decreased by 30.0% from RMB 79.1 million for the six months ended June 30, 2024, to RMB 55.3 million for the six months ended June 30, 2025, primarily due to lower employee costs and listing expenses[64]. Market and Strategic Initiatives - The company is exploring potential acquisitions to enhance its service offerings and market share, with discussions ongoing with two target companies[11]. - A strategic partnership with a leading pharmaceutical company has been established to co-develop innovative treatment solutions[11]. - The company aims to expand its market presence in the trillion-level oncology market by leveraging its expertise and first-mover advantage in oncology treatment[42]. - The aging population and rising cancer incidence present both challenges and opportunities for the company, particularly in early screening and intervention, precision diagnosis and treatment, and comprehensive management[43]. Shareholder and Governance - The company has adopted corporate governance principles to enhance transparency and accountability to all shareholders, complying with applicable codes throughout the reporting period[127]. - As of June 30, 2025, Dr. Yang held 26.16% of the company's total equity through controlled entities, and 8.69% in H-shares[131]. - The company’s controlling shareholder, Shanghai Medical Star, has pledged a total of 96,137,318 domestic shares as collateral for a loan not exceeding RMB 500 million, which accounts for approximately 13.08% of the total issued share capital as of June 30, 2025[144]. - The company’s board of directors confirmed their responsibility for preparing the financial statements for the six months ending June 30, 2025, ensuring compliance with regulatory requirements[149]. Cash Flow and Liquidity - Cash and cash equivalents increased by 52.4% from RMB 111.5 million as of June 30, 2024, to RMB 170.0 million as of June 30, 2025, primarily due to a decrease in cash used in operating and investing activities[80]. - Net cash used in operating activities decreased from RMB 178.8 million for the six months ended June 30, 2024, to RMB 60.4 million for the six months ended June 30, 2025, mainly due to cost reduction measures[82]. - The company had unused credit facilities of approximately RMB 1.555 billion as of June 30, 2025, indicating strong liquidity[182]. - The financing activities generated a net cash inflow of RMB 51.2 million, a decrease from RMB 714.1 million in the previous year, primarily due to reduced bank borrowings[182]. Losses and Impairments - Net loss decreased by 1.0% from RMB 202.0 million to RMB 200.0 million[17]. - Adjusted net loss increased by 24.2% from RMB 161.1 million to RMB 200.0 million[17]. - The company reported a net loss before tax of RMB (204,522,000) for the six months ended June 30, 2025, compared to a loss of RMB (193,673,000) in the same period of 2024[189]. - The company recorded a loss attributable to owners of RMB 176.6 million for the same period, with a net cash outflow from investing activities of RMB 25.3 million, significantly improved from RMB 464.3 million in the previous year[179].

Product Development - Sunho Biologics has three core products: IAH0968, IAP0971, and IAE0972, all of which are self-developed and currently in clinical trials[6] - IAH0968, an ADCC-enhanced monoclonal antibody, has initiated Phase II clinical trials for colorectal cancer and gastric cancer[6] - IAP0971 and IAE0972 have completed Phase I clinical trials for advanced solid tumors, including non-small cell lung cancer and colorectal cancer[6] - IAH0968 demonstrated an objective response rate (ORR) of 40% and a disease control rate (DCR) of 80% in patients with metastatic colorectal cancer and biliary tract cancer who had previously failed multiple lines of therapy[10] - The company has developed an antibody-cytokine fusion protein platform (AICTM platform) to enhance anti-tumor effects and overcome limitations of traditional cytokine therapies[8] - IAH0968 is the first clinical-stage anti-HER2 antibody with 100% fucose removal, significantly enhancing its binding affinity to FcγRIIIa[9] - The company aims to expand its research capabilities to include bispecific antibodies and fusion proteins for indications beyond oncology[7] - The Phase I clinical trial of IAH0968 showed good tolerability with only one dose-limiting toxicity reported at a dosage of 10 mg/kg[10] - IAP0971 showed good safety profile with up to 200μg/kg in Phase I trial, achieving stable disease in all five patients treated[13] - IAE0972 completed Phase I clinical trial in July 2023, with preliminary efficacy observed in patients with advanced solid tumors[16] - IAE0972 received IND approval for Phase II and III trials in recurrent or metastatic HNSCC and NPC in September 2024[17] - IBB0979 is in Phase I clinical trial, with first patient dosed in July 2023, targeting B7H3 for immune activation[18] - IAH0968 is set to enter Phase IIb/III trials for CRC in January 2024 and for GC in August 2024[11] - IAP0971 received IND approval for Phase I and II trials in advanced malignancies from both NMPA and FDA in late 2021 and early 2022[14] - IAE0972 observed no dose-limiting toxicities (DLT) or maximum tolerated dose (MTD) in its Phase I trial[16] - Company has multiple candidates in clinical and IND stages, with exclusive rights for IBC0966 in Greater China[18] - IAH0968 IND approved for combination chemotherapy in late-stage or metastatic GC and HER2-expressing solid tumors in April 2024[11] - IBC0966, a clinical-stage anti-PD-L1 antibody-SIRPα bispecific fusion protein, completed Phase I clinical trials for advanced malignancies in December 2023, with exclusive rights for development and commercialization in Greater China obtained from Yiming Oncology[19] - IBD0333, a clinical-stage 4-1BB and CD24 bispecific antibody, received IND approvals from the FDA and NMPA in June and July 2023, respectively, and initiated Phase I clinical trials for locally advanced/metastatic solid tumors in March 2024[19] - ISH0613, a dual-function antibody fusion protein developed for treating systemic lupus erythematosus, has an IND application submitted to the FDA for Phase I clinical trials scheduled for June 2025[19] - IAN0982, a multispecific innate effector activator, is being developed as a monotherapy or in combination with other therapies for advanced solid tumors[19] - The company has developed multiple candidates based on its proprietary platforms, including IAP0971, IAE0972, IBB0979, and ISH0613 from the AICTM platform, and IAH0968 from the AEATM platform[25] - The AICTM platform focuses on antibody-cytokine fusion protein development, showcasing strengths in antibody selection, structural design, and customized cell line production[26] - The AEATM platform produces antibodies with 0% fucose content, enhancing ADCC activity by up to 100 times due to increased binding affinity to FcγRIIIa receptors[29] - The AICTM platform enables high expression levels of 4g/L and 86% purity in antibody production through customized cell lines and advanced protein engineering[30] Financial Performance - Other income increased by 178% from approximately RMB 1.8 million to about RMB 5.0 million, primarily due to a rise in interest income from financial institutions[37] - The company recorded a net other loss of approximately RMB 1.0 million during the reporting period, attributed mainly to foreign exchange losses[38] - The company's net loss increased from approximately RMB 36.1 million in the first half of 2024 to about RMB 38.2 million in the reporting period[46] - As of June 30, 2025, the total cash and cash equivalents amounted to approximately RMB 171 million, representing an increase of about 116% compared to RMB 79 million as of December 31, 2024[47] - The company's total current assets were approximately RMB 488.1 million, while current liabilities were about RMB 74.1 million, including interest-bearing bank loans of approximately RMB 61.3 million[47] - The debt-to-asset ratio increased to approximately 13.73% as of June 30, 2025, compared to about 8.7% as of December 31, 2024[49] - As of June 30, 2025, the company's capital commitments amounted to RMB 19.1 million, primarily related to contracts for equipment purchases and land use rights[51] - The total payroll cost for the reporting period was approximately RMB 18.1 million, down from about RMB 28.5 million in the first half of 2024[57] - The company had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the reporting period[50] - The net proceeds from the global offering amount to approximately HKD 391.6 million, with 28.2% allocated for clinical trials of IAH0968, 35.8% for IAP0971, and 36.0% for IAE0972, all expected to be fully utilized by the end of 2028[60] - The total amount allocated for clinical trials is distributed as follows: IAH0968 (HKD 110.4 million), IAP0971 (HKD 140.1 million), and IAE0972 (HKD 141.1 million)[60] - The company reported a net cash outflow from operating activities of RMB 36,115,000 for the six months ended June 30, 2025, compared to RMB 120,198,000 in the same period of 2024, indicating a significant improvement in cash flow management[83] - The company’s total liabilities increased to RMB 74,075,000 as of June 30, 2025, from RMB 44,146,000 as of December 31, 2024, marking an increase of approximately 67.8%[80] - The company raised new bank loans amounting to RMB 41,800,000 during the six months ended June 30, 2025, compared to RMB 22,980,000 in the same period of 2024, indicating a 81.9% increase in financing activities[83] - The company's bank loans as of June 30, 2025, stood at RMB 41,300,000, significantly up from RMB 9,500,000 as of December 31, 2024[106] - The company confirmed expenses related to the restricted share unit plan amounting to RMB 7,527,000 for the six months ended June 30, 2025, down from RMB 19,483,000 for the same period in 2024[114] - The company reported RMB 2,287,000 in accounts payable for R&D costs as of June 30, 2025, compared to RMB 1,022,000 as of December 31, 2024, indicating a significant increase[105] - The company has a fixed market interest rate on bank loans ranging from 3.22% to 3.44% as of June 30, 2025, compared to 3.35% to 3.80% as of December 31, 2024[106] Corporate Governance - The company has appointed a new auditor, Zhonghui Anda CPA, effective September 16, 2025, following the resignation of Deloitte[61] - No significant events have occurred that would materially impact the company's operations since the reporting period[62] - The company has not reported any changes in the board of directors or executive officers since the last annual report[63] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[73] - The company has established an Audit Committee consisting of three independent non-executive directors[76] - The company confirmed compliance with the standard code for securities trading by all directors during the reporting period[74] Shareholder Information - As of June 30, 2025, Mr. Zhang Feng holds 100 million shares, representing 63.83% of the issued share capital[64] - Major shareholders include Sunho Wisdom and Sunho Fortune, each holding 88 million shares, accounting for 56.17% of the issued share capital[66] - The total issued shares as of June 30, 2025, is 156,666,800[69] - The company has a total of 156,666,800 shares issued as of June 30, 2025, which is the basis for calculating the percentage ownership of shareholders[64] - The company’s total number of shares increased to 200,000,000 as of June 30, 2025, from 177,485,000 as of January 1, 2024[108] - The company adopted a Restricted Share Unit Plan on August 2, 2023, allowing for a maximum of 6,000,000 shares to be granted under the plan[68] - As of June 30, 2025, the number of unexercised Restricted Share Units granted under the plan is 4,800,000, with a weighted average closing price of HKD 5.28[70] - The plan includes performance targets and vesting conditions, with 20% of the granted units vesting on the first five anniversaries of the listing date[71] - The company did not recommend the payment of an interim dividend for the reporting period ending June 30, 2024[78] - The company did not declare or propose any dividends during the interim period, consistent with the previous year[97] Research and Development - The company emphasizes addressing technical challenges and resistance issues in immunotherapy development through its innovative platforms[25] - The company emphasizes the importance of R&D investment for long-term growth and aims to diversify its product pipeline through internal development and external collaborations[32] - A collaboration agreement was established with Yiming Oncology for the technology transfer and commercialization of IBC0966, including patent rights and technical data[33] - R&D expenses decreased from approximately RMB 37.7 million in the first half of 2024 to about RMB 28.8 million in the reporting period, primarily due to a reduction in share-based compensation[41] - Total administrative expenses for the reporting period were approximately RMB 12.7 million, down from about RMB 15.3 million in the first half of 2024, mainly due to a decrease in administrative costs related to the company's listing[42] Revenue and Loss - Total revenue for the six months ended June 30, 2025, was RMB 5,035,000, compared to RMB 1,782,000 for the same period in 2024, representing a significant increase[79] - The net loss for the six months ended June 30, 2025, was RMB 38,199,000, compared to a net loss of RMB 36,077,000 in 2024, reflecting an increase in losses of about 5.9%[79] - Basic and diluted loss per share improved to RMB 0.25 in 2025 from RMB 0.34 in 2024, showing a reduction in loss per share of approximately 26.5%[79] - Cash and cash equivalents at the end of June 30, 2025, totaled RMB 171,166,000, a decrease from RMB 493,882,000 at the end of June 30, 2024[83] - The company raised new bank loans amounting to RMB 41,800,000 during the six months ended June 30, 2025, compared to RMB 22,980,000 in the same period of 2024, indicating a 81.9% increase in financing activities[83] - The company reported a net cash outflow from operating activities of RMB 36,115,000 for the six months ended June 30, 2025, compared to RMB 120,198,000 in the same period of 2024, indicating a significant improvement in cash flow management[83]

Financial Performance - Total revenue for the year ended June 30, 2025, was HKD 5,361,657, a decrease of 8.3% from HKD 5,847,757 in 2024[4] - Gross profit for the same period was HKD 31,861, down from HKD 32,518, reflecting a gross margin of approximately 0.6%[4] - The company reported a loss from continuing operations of HKD 13,140, compared to a loss of HKD 6,643 in the previous year, indicating a significant increase in losses[5] - The company reported a net loss of HKD 13,140 for the year, down from HKD 18,907 in 2024, showing a reduction in total losses despite ongoing challenges[5] - Basic and diluted loss per share from continuing operations was HKD 3.60, compared to HKD 1.66 in the previous year, indicating worsening performance[5] - The group reported a total loss before tax of HKD 11,070 for the year, compared to a loss of HKD 7,816 in the previous year[17] Revenue Breakdown - Revenue from fresh and agricultural products trade was HKD 4,593,028, down 19.6% from HKD 5,711,425 in the previous year[11] - The meat processing segment generated revenue of HKD 765,142, a significant increase from HKD 132,326 in 2024, representing a growth of 478.5%[11] - Revenue from the fresh and agricultural products trade was approximately HKD 4,593,070, accounting for about 85.67% of total revenue, a decrease of approximately 19.58% from 2024[41] - The meat processing segment recorded a significant increase in revenue to approximately HKD 765,140,000, up about HKD 632,810,000 from HKD 132,330,000 in 2024, representing about 14.27% of total revenue[43] Assets and Liabilities - Total assets decreased to HKD 333,330 from HKD 349,858, while current liabilities also fell from HKD 26,109 to HKD 23,263[6] - The company’s cash and cash equivalents decreased to HKD 55,922 from HKD 81,762, indicating a liquidity challenge[6] - Non-current assets increased significantly to HKD 22,531 from HKD 12,878, primarily due to investments in property, plant, and equipment[6] - The company’s equity attributable to owners decreased to HKD 323,647 from HKD 330,022, reflecting a decline in overall financial health[7] - Trade receivables decreased to HKD 133,439,000 in 2025 from HKD 145,793,000 in 2024, reflecting a reduction of 8.5%[31] - The company reported trade payables of HKD 11,856,000 for the year ended June 30, 2025, an increase of 84.5% from HKD 6,427,000 in 2024[35] Employee and Operational Expenses - The total employee benefits expense for the year ended June 30, 2025, was HKD 16,604,000, an increase of 58.5% from HKD 10,497,000 in 2024[22] - The company incurred a total of HKD 41,960,000 in employee benefits expenses for the discontinued operations in 2024[25] Discontinued Operations - The company reported a loss from discontinued operations of HKD 12,264,000 for the year ended June 30, 2024, compared to a loss of HKD 6,199,000 from continuing operations in 2025[26][27] - The total revenue from contracts with customers for the discontinued coal mining and construction services was HKD 75,629,000, with a gross profit of HKD 2,154,000 for the year ended June 30, 2024[25] Corporate Governance - The company is committed to high standards of corporate governance to enhance shareholder value[85] - The audit committee consists of three independent non-executive directors, responsible for reviewing financial reports and internal controls[86] - The board currently comprises three executive directors and three independent non-executive directors[88] Future Outlook - The group remains optimistic about the growth potential in fresh produce and meat processing businesses, which are expected to drive revenue stability and long-term profit margins[60] - The group has no significant impact expected from the newly issued and revised Hong Kong Financial Reporting Standards in the foreseeable future[10] Shareholder Information - Major shareholders include Mr. Xu Gongming with a beneficial interest of 600,000 shares (0.16%) and Mangrove Capital Holdings Limited holding 102,719,000 shares (28.17%) [78] - Ms. Yan Weiwei holds 66,974,000 shares (18.37%) through Starlink Technology Limited [78] - No significant contracts exist between the company and its directors or major shareholders that could create a conflict of interest [79] Miscellaneous - The company changed its name from "Silk Road Energy Services Group Limited" to "Du Du Holdings Limited" to better reflect its current status and future direction[73] - The group has maintained a debt-free status with no bank borrowings as of June 30, 2025[61] - The group has not declared or proposed any dividends for the current year, consistent with the previous year[72]

嘉士利集團有限公司 嘉士利集團有限公司 （於開曼群島註冊成立的有限公司） 股票代碼 : 1285 每一份美味 一粒米 一碗面 一塊餅乾 都源自精選天然原料 中期報告 INTERIM REPORT 2025 (Incorporated in the Cayman Islands with limited liability) Stock Code : 1285 每一份美味 都源自精選天然原料 一粒米 一碗面 一塊餅乾 2025 Interim Report 2025 中期報告 目錄 | 財務摘要 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 9 | | 簡明綜合財務報表審閱報告 | 13 | | 簡明綜合損益及其他全面收益表 | 14 | | 簡明綜合財務狀況表 | 15 | | 簡明綜合權益變動表 | 17 | | 簡明綜合現金流量表 | 18 | | 簡明綜合財務報表附註 | 19 | 財務摘要 嘉士利集團有限公司（「本公司」或「嘉士利」）董事（「董事」）會（「董事會」）欣然呈列本公司及其附屬公司（統稱「本 集團」或「我們」）截至二零二 ...