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 因依賴該等內容而引致的任何損失承擔任何責任。 2025年中期業績公佈 青島啤酒股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（「本集團」）根據中國企業會計準則編製的截至2025年6月30日止六個月（「報告期」）的未 經審核的中期業績。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 （股份編號：168） 一、中期財務資料 （除特別註明外，金額單位為人民幣元） 合併資產負債表 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 資產 | 附註 | 6月30日 | 12月31日 | | | | （未經審計） | | | 流動資產 | | | | | 貨幣資金 | | 16,842,451,076 | 17,978,772,896 | | 交易性金融資產 | | 5,179,128,769 | 2,021 ...

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文件的內容概不 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 文 件 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。 FUJIAN HOLDINGS LIMITED 閩 港 控 股 有 限 公 司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：00181） 截至二零二五年六月三十日止期間之 中期業績之公告 | | 財務摘要 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 截 至 | | 截 至 | | | | | | | | | | | | | | 二零二五年 | 二零二四年 | | | | | | | | | | | | | | | 六月三十日 | 六月三十日 | | | | | | | | | | ...

[Financial Statements](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group experienced significant declines in revenue and gross profit, shifting from profit to a substantially widened operating and period loss | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 23,570 | 36,584 | -35.6% | | Cost of sales | (21,168) | (31,315) | -32.4% | | Gross profit | 2,402 | 5,269 | -54.5% | | Operating loss | (7,176) | (1,584) | +353.0% | | Loss for the period | (7,802) | (2,542) | +206.9% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total comprehensive loss for the period significantly increased, driven by an expanded period loss and a shift from foreign exchange gains to losses on overseas operations | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (7,802) | (2,542) | +206.9% | | Exchange differences on translation of overseas operations | (76) | 1,013 | -107.5% | | Total comprehensive loss for the period | (7,878) | (1,529) | +415.2% | | Loss attributable to owners of the Company | (7,852) | (2,760) | +184.5% | | Basic loss per share (RMB) | (0.013) | (0.005) | +160.0% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total and net assets significantly declined, net current liabilities increased, total equity substantially decreased, and the gearing ratio rose sharply | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 75,797 | 79,140 | -4.2% | | Current assets | 168,956 | 187,424 | -9.8% | | Current liabilities | 234,295 | 246,788 | -5.1% | | Net current liabilities | (65,339) | (59,364) | +10.1% | | Net assets | 1,777 | 9,655 | -81.6% | | Total equity | 1,777 | 9,655 | -81.6% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) China New Energy Limited, registered in Jersey and listed on the HKEX, primarily provides integrated technical services for ethanol production systems in China's ethanol fuel and alcoholic beverage sectors - The Company was incorporated in Jersey on May 2, 2006, with shares listed on the Hong Kong Stock Exchange since July 15, 2020[9](index=9&type=chunk) - The principal business involves providing integrated technical services for ethanol production systems in the ethanol fuel and alcoholic beverage industries within the People's Republic of China[9](index=9&type=chunk) - The condensed consolidated interim financial statements are presented in RMB and were approved for issue by the Board of Directors on August 26, 2025[9](index=9&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These condensed consolidated financial statements are prepared under IAS 34, emphasizing significant going concern uncertainties despite board measures and major shareholder support - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[10](index=10&type=chunk) - As of June 30, 2025, the Group recorded a net loss of approximately **RMB 7,802,000**, and net current liabilities exceeding current assets by approximately **RMB 65,339,000**, indicating a material uncertainty regarding going concern[11](index=11&type=chunk) - The Board has taken measures to mitigate liquidity pressure, including financial support from a major shareholder, negotiating loan extensions with lenders, reducing expenses and capital expenditures, and anticipating positive cash flows in the future[12](index=12&type=chunk)[14](index=14&type=chunk) [3. Principal Accounting Policies](index=8&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared using the historical cost convention, with the first-time application of IAS 21 (Amendment) 'Lack of Exchangeability' having no material impact - The condensed consolidated financial statements are prepared on the historical cost basis, except for certain financial instruments measured at fair value[15](index=15&type=chunk) - The first-time application of IAS 21 (Amendment) "Lack of Exchangeability" during this interim period had no significant impact on the Group's financial position and performance[16](index=16&type=chunk) [4. Segment Information](index=8&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Management reviews the Group's business as a single segment, providing integrated technical services for ethanol production systems in various sectors, with all non-current assets located in China - Management reviews the operating results of the business as one segment, considering there is only one segment for making strategic decisions[17](index=17&type=chunk) - The Group primarily provides integrated technical services for ethanol production systems in the ethanol fuel and alcoholic beverage industries, and for medical and industrial ethyl acetate related projects[17](index=17&type=chunk) - As of December 31, 2024, and June 30, 2025, all non-current assets were located in the People's Republic of China[18](index=18&type=chunk) [5. Revenue, Contract Assets and Contract Liabilities](index=9&type=section&id=5.%20%E7%87%9F%E6%A5%AD%E9%A1%8D%E2%88%95%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%E5%8F%8A%E5%90%88%E5%90%8C%E8%B2%A0%E5%82%B5) In H1 2025, revenue decreased by 35.6% year-on-year, primarily from ethanol fuel, alcoholic beverage, and ethyl acetate projects, with China contributing most revenue, while net contract assets and liabilities declined Revenue by Source | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Ethanol fuel industry | 12,709 | 24,825 | -48.8% | | Alcoholic beverage industry | 3,066 | 9,638 | -68.2% | | Others (Ethyl acetate related) | 7,795 | 2,121 | +267.5% | | **Total** | **23,570** | **36,584** | **-35.6%** | Revenue by Geographical Market | Region | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | China | 23,480 | 35,812 | -34.4% | | Other countries | 90 | 772 | -88.3% | | **Total** | **23,570** | **36,584** | **-35.6%** | Contract Assets and Liabilities | Customer Contract Related Assets and Liabilities | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Contract assets - net | 134,327 | 148,905 | -9.8% | | Contract liabilities | 33,832 | 36,190 | -6.5% | [6. Income Tax Credit](index=11&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) In H1 2025, a deferred income tax credit of RMB 89 thousand was recognized, mainly from leases, with no tax provision for Hong Kong and Jersey, and a 15% preferential rate for the main PRC subsidiary Income Tax Credit Summary | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred income tax credit | 89 | – | | **Total income tax credit** | **89** | **–** | - Guangdong Zhongke Tianyuan New Energy Technology Co., Ltd., a principal subsidiary, was certified as a "High-tech Enterprise" in 2022, enjoying a preferential income tax rate of **15%**[25](index=25&type=chunk) - The Company's income tax rate in Jersey is zero percent, and no provision for Hong Kong tax has been made as no income was generated in Hong Kong[24](index=24&type=chunk)[26](index=26&type=chunk) [7. Loss Per Share](index=12&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share for H1 2025 widened to RMB 0.013 from RMB 0.005 in the prior period, primarily due to an increased loss attributable to owners of the Company Basic Loss Per Share | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss attributable to owners of the Company | (7,852) | (2,760) | | Weighted average number of ordinary shares in issue (thousands of shares) | 589,759 | 589,759 | | **Basic loss per share (RMB)** | **(0.013)** | **(0.005)** | - Diluted loss per share is not presented as there were no outstanding potential ordinary shares in either period[29](index=29&type=chunk) [8. Dividends](index=12&type=section&id=8.%20%E8%82%A1%E6%81%AF) During the reporting period, the Company neither declared nor paid any dividends - For the periods ended June 30, 2024, and 2025, the Company neither declared nor paid any dividends[30](index=30&type=chunk) [9. Trade and Bills Receivables](index=13&type=section&id=9.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, net trade and bills receivables decreased by 31.6% year-on-year, with most balances aged within one year Trade and Bills Receivables Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net trade and bills receivables | 9,202 | 13,448 | -31.6% | Ageing Analysis of Trade and Bills Receivables (June 30, 2025) | Ageing Analysis (June 30, 2025) | Amount (RMB thousands) | | :--- | :--- | | Within 1 year | 9,088 | | 1 to 2 years | 114 | | 2 to 3 years | – | | **Total** | **9,202** | [10. Trade and Other Payables](index=14&type=section&id=10.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%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, trade payables decreased by 10.4% year-on-year, with the largest portion aged over three years, while total other payables remained stable Trade and Other Payables Summary | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 55,853 | 62,260 | -10.4% | | Other payables and accrued expenses | 30,518 | 28,352 | +7.6% | | Amounts due to directors | 1,438 | 615 | +133.8% | | Accrued salaries | 5,667 | 6,211 | -8.7% | | VAT payable | 40,819 | 36,889 | +10.6% | | **Total** | **134,295** | **134,327** | **0.0%** | Ageing Analysis of Trade Payables (June 30, 2025) | Trade Payables Ageing (June 30, 2025) | Amount (RMB thousands) | | :--- | :--- | | Within 1 year | 23,910 | | 1 to 2 years | 4,183 | | 2 to 3 years | 2,342 | | Over 3 years | 25,418 | | **Total** | **55,853** | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) As a leading ethanol system producer, the Company faced challenges in H1 2025 from declining domestic fuel ethanol consumption, intensified competition, and slow international project progress, leading to reduced revenue and profit, while actively adjusting strategies and increasing R&D - The Company is a leading ethanol system producer in China, primarily providing integrated core system services for ethanol production in the ethanol fuel and alcoholic beverage industries[34](index=34&type=chunk) - In H1 2025, domestic fuel ethanol consumption declined, supply exceeded demand, production enterprises faced cost pressure, and industry competition intensified; international potential projects progressed slowly due to geopolitical and tariff impacts[35](index=35&type=chunk)[36](index=36&type=chunk) - The Company actively recalibrated its marketing strategy, explored new markets such as baijiu concentration and impurity removal, and xanthan gum light alcohol recovery projects, and participated in coal-to-ethanol production line design, equipment installation, commissioning, and after-sales services[37](index=37&type=chunk) - During the reporting period, the Company signed **9 new contracts** with a total contract value (excluding VAT) of **RMB 31.86 million**, consistent with the same period last year[38](index=38&type=chunk) - R&D expenses amounted to **RMB 2.07 million** (H1 2024: RMB 1.44 million), primarily focused on biomass fuel projects and small-scale hydrogen production units[39](index=39&type=chunk) - The five largest ongoing projects generated revenue of **RMB 15.77 million**, accounting for **66.9%** of the Group's total revenue during the reporting period[40](index=40&type=chunk) [Future Outlook](index=17&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Company plans to capitalize on biofuel opportunities under 'dual carbon' goals, consolidate domestic markets, expand overseas, and increase revenue by strengthening marketing, exploring related industry investments, and boosting R&D in advanced ethanol, hydrogen, and higher alcohol production technologies - China's "14th Five-Year Plan" explicitly proposes expanding biofuel applications, with a target fuel ethanol consumption of **12 million tons by 2025**, indicating significant long-term growth potential for the biofuel industry[41](index=41&type=chunk) - The Company will strengthen its marketing team, maintain existing clients, expand its new client portfolio, actively explore investment opportunities in related industries, and expand revenue from manufacturing and technical services for other chemical production equipment[41](index=41&type=chunk) - The Company will increase R&D investment in leading **1.5 and 2nd generation cellulosic ethanol production technologies**, hydrogen energy production technologies, ethanol deep processing for higher alcohol production processes, and related equipment manufacturing[43](index=43&type=chunk) - As of the end of the reporting period, the Company and its subsidiaries held a total of **35 valid registered patents**, including **19 invention patents**[43](index=43&type=chunk) [Financial Review](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2025, the Company's revenue, gross profit, and gross margin significantly decreased, associate performance turned to loss, leading to a substantial increase in loss attributable to owners, while administrative expenses and finance costs decreased, and income tax credit increased - Revenue decreased by **35.6%** from approximately **RMB 36.58 million** in H1 2024 to approximately **RMB 23.57 million** in H1 2025, primarily due to fewer sales contracts and slower progress on existing contract projects[44](index=44&type=chunk) - Gross profit decreased by **54.5%** from approximately **RMB 5.27 million** in H1 2024 to approximately **RMB 2.40 million** in H1 2025, with the overall gross margin decreasing from **14.4% to 10.2%**, mainly affected by market fluctuations[45](index=45&type=chunk) - Selling and marketing expenses decreased by **18.9%** to approximately **RMB 1.80 million**, and administrative expenses decreased by **12.6%** to approximately **RMB 7.59 million**, primarily due to cost control measures[46](index=46&type=chunk)[47](index=47&type=chunk) - Share of results of associates turned from a profit of approximately **RMB 0.99 million** in H1 2024 to a loss of approximately **RMB 1.25 million** in H1 2025, a decrease of **225.8%**, mainly due to the decline in operating performance of associates[48](index=48&type=chunk) - Net finance costs decreased by **25.4%** to approximately **RMB 0.72 million**, primarily referring to interest on bank borrowings and lease liabilities[50](index=50&type=chunk) - Income tax credit increased from **RMB 0** in H1 2024 to approximately **RMB 89,000** in 2025, due to deferred income tax credit arising from leases[51](index=51&type=chunk) - Loss attributable to owners of the Company expanded to approximately **RMB 7.85 million** (H1 2024: approximately RMB 2.76 million), mainly due to decreased revenue, lower gross margin, and reduced share of results of associates[52](index=52&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=20&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the Group's cash and cash equivalents significantly decreased, bank borrowings declined, but net current liabilities increased, total equity substantially reduced, leading to a sharp rise in the gearing ratio to 136.73% Liquidity and Capital Structure Summary | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 1.09 | 4.17 | -73.9% | | Bank borrowings | 21.34 | 32.23 | -33.8% | | Total equity | 1.78 | 9.66 | -81.6% | | Net current liabilities | 65.34 | 59.36 | +10.1% | | Current ratio | 0.72 times | Largely unchanged | - | | Gearing ratio | 136.73% | 26.60% | +413.9% | [Other Financial Information](index=20&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E4%BF%A1%E6%81%AF) During the reporting period, the Group reported no significant changes in capital expenditure, major acquisitions, disposals, investments, contingent liabilities, or capital commitments, with certain assets pledged for financing, insignificant foreign exchange risk, and no speculative derivative transactions - The Group's capital expenditure primarily includes intangible assets and expenses for acquiring property, plant, and equipment related to operations, with no significant changes during the reporting period[55](index=55&type=chunk) - In H1 2025, there were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any significant investments held outside its subsidiaries[56](index=56&type=chunk)[57](index=57&type=chunk) - As of June 30, 2025, the Group had no contingent liabilities or capital commitments[60](index=60&type=chunk)[62](index=62&type=chunk) - The right-of-use assets and buildings of the Company's subsidiaries have been pledged to banks as security for bank facilities granted to the Group[61](index=61&type=chunk) - The functional currency of the Group's operations, assets, and liabilities is RMB, and it does not face significant foreign exchange risk, nor does it use any financial instruments for hedging purposes[63](index=63&type=chunk) - The Group's treasury policy prohibits entering into derivative transactions for speculative purposes[64](index=64&type=chunk) [Employees and Remuneration Policy](index=22&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 had 84 full-time employees, whose skills are enhanced through customized training, with remuneration comprising salaries and bonuses determined by qualifications, position, and performance - As of June 30, 2025, the Group had **84 full-time employees** (December 31, 2024: 82 employees)[65](index=65&type=chunk) - The Group provides tailored training programs to employees aimed at enhancing their skills and knowledge[65](index=65&type=chunk) - Remuneration for employees generally includes salaries and bonuses, determined based on each employee's qualifications, position, and performance[65](index=65&type=chunk) [Other Information](index=22&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Corporate Governance Practices](index=22&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Company is committed to maintaining high corporate governance standards and confirmed compliance with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the HKEX Listing Rules during the reporting period - The Company is committed to achieving and maintaining a high level of corporate governance to protect shareholders' interests and create long-term value[66](index=66&type=chunk) - The Directors believe that for the six months ended June 30, 2025, the Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[66](index=66&type=chunk) [Standard Code for Securities Transactions](index=22&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules and confirmed directors' compliance with its requirements during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its own code of conduct[67](index=67&type=chunk) - Following specific enquiry, the Company confirmed that the Directors have complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[67](index=67&type=chunk) [Interim Dividends](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[68](index=68&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%8B%B8) During the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held - During 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[69](index=69&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[69](index=69&type=chunk) [Review and Publication](index=23&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Group's interim results for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee and will be published on the HKEX and Company websites - The Group's interim results for the six months ended June 30, 2025, have been reviewed by the Company's Audit Committee, which comprises three independent non-executive directors[70](index=70&type=chunk) - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.zkty.com.cn)[71](index=71&type=chunk)

[Financial Summary and Interim Results Announcement](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%E4%B8%8E%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) This section presents Vedan International's H1 2025 unaudited financial performance, showing declines in key profit metrics and EPS, with an increased interim dividend [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a concise overview of Vedan International's H1 2025 financial performance, detailing key metrics and their year-on-year changes Financial Highlights Summary | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | | Gross Profit | 31,809 | 32,903 | -1,094 | | Profit for the Period | 7,610 | 8,344 | -734 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | -733 | | Basic Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Diluted Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Proposed Interim Dividend Per Share | 0.300 US cents | 0.273 US cents | | | Total Dividends Paid and Proposed Per Share | 0.300 US cents | 0.273 US cents | | [Interim Condensed Consolidated Statement of Financial Position](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly increased, with non-current assets decreasing and current assets increasing, while total equity slightly decreased and total liabilities increased, maintaining a stable financial structure Consolidated Statement of Financial Position | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 126,523 | 134,297 | | Total Current Assets | 244,930 | 234,394 | | **Total Assets** | **371,453** | **368,691** | | **Equity** | | | | Total Equity | 301,643 | 302,416 | | **Liabilities** | | | | Total Non-current Liabilities | 3,975 | 4,836 | | Total Current Liabilities | 65,835 | 61,439 | | **Total Liabilities** | **69,810** | **66,275** | | **Total Equity and Liabilities** | **371,453** | **368,691** | [Interim Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue, gross profit, operating profit, and profit for the period all decreased year-on-year, with finance income turning positive and EPS also declining Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | | Cost of Sales | (152,458) | (152,252) | | Gross Profit | 31,809 | 32,903 | | Other Income - Net | 1,194 | 1,354 | | Selling and Distribution Expenses | (9,780) | (9,768) | | Administrative Expenses | (12,216) | (12,118) | | Operating Profit | 11,007 | 12,371 | | Finance Income / (Expenses) - Net | 123 | (418) | | Profit Before Income Tax | 10,755 | 11,491 | | Income Tax Expense | (3,145) | (3,147) | | Profit for the Period | 7,610 | 8,344 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | | Basic and Diluted Earnings Per Share (US cents) | 0.50 | 0.55 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period and total comprehensive income both decreased year-on-year, but exchange differences turned from loss to gain Consolidated Statement of Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Profit for the Period | 7,610 | 8,344 | | Other Comprehensive Income / (Loss) | | | | Exchange Differences | 297 | (395) | | Total Comprehensive Income for the Period | 7,907 | 7,949 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 7,895 | 7,936 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes on the basis of preparation, accounting policies, segment information, and other financial details for the interim period [Basis of Preparation and Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim condensed consolidated financial information is prepared under HKAS 34, with consistent accounting policies, and new standards effective in 2025 had no material impact - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) - The accounting policies applied are consistent with those described in the annual financial statements for the year ended December 31, 2024, except for specific amendments[11](index=11&type=chunk) - New and amended accounting standards, including HKFRS 9, 18, and 19, issued but not yet effective for the financial year beginning January 1, 2025, have not been early adopted by the Group[12](index=12&type=chunk)[13](index=13&type=chunk) [Segment Information](index=8&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates a single business segment, manufacturing and selling fermented food additives, biochemical products, and tapioca starch industrial products, with revenue geographically segmented - The Group operates a single business segment, which is the manufacturing and sale of fermented food additives, biochemical products, and tapioca starch industrial products[14](index=14&type=chunk) [Segment Revenue](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, total Group revenue was USD 184,267 thousand, slightly lower year-on-year, with declines in Vietnam and Japan, but significant growth in China and the US Segment Revenue by Region | Region | Jan-Jun 2025 (USD thousands) | Jan-Jun 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,126 | 5,726 | 19.7% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Taiwan | 7,464 | 6,384 | 1,080 | 16.9% | | ASEAN Member States (excluding Vietnam) | 13,573 | 14,813 | -1,240 | -8.4% | | Other Regions | 5,325 | 7,098 | -1,773 | -25.0% | | **Total Revenue** | **184,267** | **185,155** | **-888** | **-0.5%** | [Geographical Location of Non-current Assets](index=9&type=section&id=%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E6%89%80%E5%9C%A8%E5%9C%B0) As of June 30, 2025, the majority of the Group's non-current assets are located in Vietnam, followed by China, with the total value decreasing from year-end 2024 Non-current Assets by Region | Region | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Vietnam | 117,316 | 124,689 | | China | 8,113 | 8,105 | | Other | 1 | 2 | | **Total** | **125,430** | **132,796** | [Trade Receivables](index=9&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, net trade receivables were USD 32,319 thousand, a decrease from year-end 2024, with credit terms typically 30 to 90 days and reduced loss allowance Trade Receivables Summary | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Trade receivables from third parties | 32,508 | 34,053 | | Less: Loss allowance | (189) | (477) | | **Trade receivables - Net** | **32,319** | **33,576** | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 30,518 | 32,918 | | 31 to 90 days | 1,501 | 520 | | 91 to 180 days | 219 | 163 | | 181 to 365 days | 151 | – | | Over 365 days | 119 | 452 | | **Total** | **32,508** | **34,053** | Loss Allowance for Trade Receivables | Loss allowance | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Loss allowance at January 1 | 477 | 350 | | Decrease in loss allowance recognized in the interim condensed consolidated statement of profit or loss | (288) | (43) | | **Loss allowance at June 30** | **189** | **307** | [Trade Payables](index=11&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables were USD 15,573 thousand, a significant 38.4% increase from year-end 2024, primarily due within 0-30 days Trade Payables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 11,960 | 9,795 | | 31 to 90 days | 3,080 | 1,459 | | Over 90 days | 533 | – | | **Total** | **15,573** | **11,254** | - Total trade payables increased by **USD 4,319 thousand**, or approximately **38.4%**, compared to the end of 2024[56](index=56&type=chunk) [Other Income - Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net other income was USD 1,194 thousand, a decrease from the prior year, mainly due to a significant drop in net exchange gains Other Income - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Net exchange gains | 448 | 1,443 | | Loss on disposal of property, plant and equipment | (7) | (24) | | Sale of scrap materials | 193 | 199 | | Government grants | 72 | 13 | | Fair value gain on structured bank deposits | – | 4 | | Impairment of goodwill | – | (491) | | Rental income | 79 | 33 | | Others | 409 | 177 | | **Other income - Net** | **1,194** | **1,354** | [Expenses by Nature](index=12&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%88%86%E9%A1%9E%E4%B9%8B%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total cost of sales, selling and distribution expenses, and administrative expenses slightly increased, driven by changes in inventories, employee benefits, and write-offs Expenses by Nature Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Changes in inventories of finished goods and work in progress and consumables used | 124,012 | 121,448 | | Amortisation of intangible assets | 36 | 35 | | Amortisation of right-of-use assets | 296 | 284 | | Auditor's remuneration - audit services | 129 | 129 | | Depreciation of property, plant and equipment | 10,502 | 10,992 | | Employee benefit expenses | 21,510 | 20,745 | | Reversal of loss allowance for trade receivables | (288) | (43) | | Reversal of provision for inventories | (313) | (299) | | Write-off of property, plant and equipment | 550 | – | | Short-term lease payments | 79 | 145 | | Technical support fees | 1,575 | 1,569 | | Travel expenses | 787 | 821 | | Transportation expenses | 3,181 | 3,057 | | Advertising expenses | 928 | 1,153 | | Repair and maintenance expenses | 7,600 | 8,969 | | Other expenses | 3,870 | 5,133 | | **Total cost of sales, selling and distribution expenses and administrative expenses** | **174,454** | **174,138** | [Finance Income / (Expenses) - Net](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%EF%BC%8F%EF%BC%88%E6%94%AF%E5%87%BA%EF%BC%89%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, the Group's net finance income turned positive at USD 123 thousand from an expense in the prior year, mainly due to a significant reduction in interest expense on bank borrowings Finance Income / (Expenses) - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Interest income from short-term bank deposits | 672 | 452 | | Interest income from an associate | 5 | 2 | | Interest expense on bank borrowings | (511) | (833) | | Interest expense on lease liabilities | (43) | (39) | | **Finance income / (expenses) - Net** | **123** | **(418)** | [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total income tax expense was USD 3,145 thousand, largely consistent with the prior year, with varying corporate income tax rates across regions Income Tax Expense Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Corporate income tax | 2,718 | 3,440 | | Deferred income tax | 427 | (293) | | **Total** | **3,145** | **3,147** | - The corporate income tax rate for principal operations in Vietnam is **15%**, while non-principal operations are subject to **20%**[29](index=29&type=chunk) - Business operations in China are subject to a corporate income tax rate of **25%**, and those in Taiwan are subject to **20%**[30](index=30&type=chunk)[32](index=32&type=chunk) [Earnings Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share were 0.50 US cents, a decrease from 0.55 US cents in the prior year - Basic earnings per share are calculated by dividing profit attributable to owners of the Company of **USD 7,598,000** by the weighted average number of **1,522,742,000** ordinary shares outstanding during the period[33](index=33&type=chunk) - Basic and diluted earnings per share were **0.50 US cents** (2024: **0.55 US cents**)[33](index=33&type=chunk) [Dividends](index=14&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of 0.300 US cents per share, an increase from the prior year, with the 2024 final dividend paid in June 2025 - The Board has resolved to declare an interim dividend of **0.300 US cents** per share (2024: **0.273 US cents**)[34](index=34&type=chunk) - The final dividend of **0.570 US cents** per share for the year ended December 31, 2024, was paid on June 17, 2025[34](index=34&type=chunk) [Management Discussion and Analysis](index=15&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) This section provides an in-depth analysis of the Group's business performance, operating results, financial position, and future outlook, considering global and regional economic factors [Business Overview](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E7%B8%BD%E8%A6%BD) H1 2025 saw global economic challenges, strong Vietnamese growth, and pressured Chinese recovery, while the Group's revenue slightly declined with reduced gross and net margins [Global and Regional Economic Environment](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%8A%E5%8D%80%E5%9F%9F%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces recovery pressures from tariffs, high interest rates, and geopolitical risks, while Vietnam's GDP growth hit a 15-year high, and China's recovery remains challenged - The global economy continues to face numerous challenges, with US reciprocal tariffs severely impacting cross-border trade, free trade agreements shifting towards protectionism, and high interest rates creating significant pressure on global economic recovery[35](index=35&type=chunk) - Vietnam's annualized GDP growth rate reached **7.52%**, a 15-year high, with FDI registration exceeding **USD 21.5 billion**, an increase of over **32.6%** year-on-year[35](index=35&type=chunk)[36](index=36&type=chunk) - China's GDP grew by **5.3%** year-on-year, but export momentum was significantly impacted by reciprocal tariffs, and domestic demand remained under pressure due to high youth unemployment and a sluggish real estate market[36](index=36&type=chunk) [Overall Group Performance](index=16&type=section&id=%E9%9B%86%E5%9C%98%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E8%A1%A8%E7%8F%BE) The Group's H1 2025 revenue decreased by 0.5% to USD 184,267 thousand, with gross margin falling to 17.3% and net margin to 4.1%, primarily due to market competition and product demand shifts - The Group's revenue for the period reached approximately **USD 184,267,000**, a decrease of **0.5%** or **USD 888,000** compared to the same period last year[37](index=37&type=chunk) - The overall gross profit margin decreased from **17.8%** in H1 2024 to **17.3%**, with gross profit at **USD 31,809,000**, a decrease of **USD 1,094,000** from the prior year[38](index=38&type=chunk) - The net profit margin decreased from **4.5%** in H1 2024 to **4.1%**, with net profit at **USD 7,610,000**, a decrease of **USD 734,000** from the prior year[38](index=38&type=chunk) [Operating Analysis](index=17&type=section&id=%E7%87%9F%E6%A5%AD%E5%88%86%E6%9E%90) The Group's total revenue slightly declined in H1, mainly due to reduced sales in Vietnam, Japan, and ASEAN, offset by strong growth in China and the US, with varied product performance [Market Sales Analysis](index=17&type=section&id=%E5%B8%82%E5%A0%B4%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) Vietnam remains the largest market but saw a 7.7% revenue decrease, while Japan and ASEAN also declined; China's revenue grew 19.7%, and the US surged 35.1% due to early shipments Market Sales by Country | Country | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,125 | 5,726 | 19.7% | | ASEAN Countries | 13,573 | 14,813 | -1,240 | -8.4% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Other | 12,789 | 13,483 | -694 | -5.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Vietnam market revenue decreased by **7.7%**, primarily due to slower market recovery and reduced demand for MSG, fertilizer & feed, and specialty chemical products, coupled with low-price competition from imported MSG products[40](index=40&type=chunk) - US market revenue increased by **35.1%**, mainly due to the uncertainty of reciprocal tariffs, leading US customers to expedite shipments, thus boosting regional revenue[44](index=44&type=chunk) [Product Sales Analysis](index=19&type=section&id=%E7%94%A2%E5%93%81%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) MSG and seasonings, modified starch, specialty chemicals, and fertilizer & feed revenues declined, while coffee beans surged 124.2% and other products grew 46.0%, driven by increased sales in China Product Sales by Category | Item | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | MSG and Seasonings | 99,745 | 105,611 | -5,866 | -5.6% | | Modified Starch, Native Starch, and Starch Sugar | 31,369 | 33,446 | -2,077 | -6.2% | | Specialty Chemicals | 9,433 | 9,963 | -530 | -5.3% | | Fertilizer and Feed | 14,931 | 16,414 | -1,483 | -9.0% | | Coffee Beans | 19,558 | 8,723 | 10,835 | 124.2% | | Other | 9,231 | 10,998 | -1,767 | -16.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Increased sales of coffee beans and bulk raw materials drove other product revenue up by approximately **USD 9,068,000** or **46.0%** year-on-year[51](index=51&type=chunk) - Revenue from MSG and seasonings decreased, primarily due to unrecovered demand and low-price market competition in Vietnam, Japan, China, and ASEAN markets[47](index=47&type=chunk) [Key Raw Materials / Energy Overview](index=22&type=section&id=%E4%B8%BB%E8%A6%81%E5%8E%9F%E6%96%99%EF%BC%8F%E8%83%BD%E6%BA%90%E6%A6%82%E6%B3%81) Cassava and molasses prices fell due to increased supply, while international crude oil and coal markets remained soft; Vietnam's energy policy shifts towards renewables, with the Group evaluating green energy solutions [Cassava / Starch](index=22&type=section&id=%E6%9C%A8%E8%96%AF%EF%BC%8F%E6%B7%80%E7%B2%89) Cassava/starch prices declined due to increased production in major regions and weak market demand, with the Group securing most of its 2025 raw material needs to control costs - Prices for the entire season declined due to increased production in major regions like Thailand, Vietnam, and Cambodia, while market demand remained weak[52](index=52&type=chunk) - The Group has secured most of its raw material requirements for 2025 during the harvest season, controlling production costs and enhancing profitability[52](index=52&type=chunk) [Molasses](index=22&type=section&id=%E7%B3%96%E8%9C%9C) Molasses prices decreased due to a slight increase in total production in Vietnam and internationally, leading to a slightly looser overall supply, prompting the Group to monitor market dynamics - Vietnam's total molasses production slightly increased this season, and international molasses production also rose in H1 2025 due to stable climate in major producing countries, leading to a slightly looser overall supply and price declines[53](index=53&type=chunk) - In addition to securing domestic molasses supply in Vietnam, the Group will continue to monitor international molasses market dynamics, place orders as appropriate, and actively develop new supply sources[53](index=53&type=chunk) [Energy](index=23&type=section&id=%E8%83%BD%E6%BA%90) International crude oil and coal markets are soft due to oversupply and weak demand; Vietnam's energy policy is shifting towards renewables, and the Group is evaluating green energy solutions for net-zero carbon emissions - The international crude oil market shows an oversupply trend, with relatively soft prices, and WTI oil prices remaining between **USD 62** and **USD 75** per barrel[54](index=54&type=chunk) - The international coal market faces downward pressure, primarily due to ample supply and weak demand, leading to a slight price decrease[55](index=55&type=chunk) - 2025 is a critical year for Vietnam's power energy policy transformation, with new regulations and plans vigorously promoting low-carbon energy, primarily renewables and nuclear power[55](index=55&type=chunk) - The Group utilizes a cogeneration power system in Vietnam to ensure stable electricity supply and is actively evaluating various green energy solutions to meet net-zero carbon emission targets[55](index=55&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group experienced reduced liquidity, increased borrowings, decreased trade receivables, increased inventories, and significantly higher trade payables, with a stable financial structure despite a lower current ratio [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) Total liquidity decreased by 7.3% to USD 61,655 thousand, borrowings increased by 9.8%, trade receivables decreased by 3.7%, inventories increased by 4.6%, and trade payables surged by 38.4%, while the current ratio slightly declined to 3.72 - The Group's cash and cash equivalents, short-term bank deposits, restricted deposits, and structured bank deposits totaled **USD 61,655,000**, a decrease of **USD 4,862,000** or **7.3%** from the end of 2024[56](index=56&type=chunk) - Total borrowings amounted to **USD 27,809,000**, an increase of **USD 2,490,000** or approximately **9.8%** from the end of 2024[56](index=56&type=chunk) - Trade payables were **USD 15,573,000**, an increase of **USD 4,319,000** or approximately **38.4%** from the end of 2024; the current ratio decreased from **3.82** at the end of 2024 to **3.72**, yet the Group's financial structure remains stable[56](index=56&type=chunk) - Capital expenditure for the period totaled **USD 4,122,000**, an increase of **45.4%** from **USD 2,835,000** in the prior year, primarily for equipment replacement and upgrades at the Vietnam subsidiary[57](index=57&type=chunk) [Exchange Rates](index=25&type=section&id=%E5%BD%99%E7%8E%87) The Vietnamese Dong depreciated approximately 2.7% against the US dollar in H1 due to interest rate differentials, while the Renminbi also saw a slight depreciation against the US dollar - In H1 2025, the Vietnamese Dong depreciated by approximately **2.7%** against the US dollar, with the exchange rate falling from around **25,080** at the beginning of the year to approximately **26,095** by mid-year[58](index=58&type=chunk) - The average exchange rate for Renminbi against the US dollar in H1 2025 was **7.18**, a slight depreciation compared to **7.11** in H1 2024[60](index=60&type=chunk) [Earnings Per Share and Dividends](index=26&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9%E5%8F%8A%E8%82%A1%E6%81%AF) Basic earnings per share for the period were 0.50 US cents, and the Board declared an interim dividend of 0.300 US cents per share, resulting in a 60.0% earnings payout ratio - Basic earnings per share for the period were **0.50 US cents**[61](index=61&type=chunk) - The Board decided to declare an interim dividend of **0.300 US cents** per share[61](index=61&type=chunk) - The earnings payout ratio for the first half of the year was **60.0%**[61](index=61&type=chunk) [Outlook](index=26&type=section&id=%E5%B1%95%E6%9C%9B) The Group maintains cautious optimism for H2 2025 amidst global uncertainties, focusing on product expansion, market diversification, technological advancement, and sustainability to drive growth [Macroeconomic Outlook](index=26&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%B1%95%E6%9C%9B) H2 2025 global economy faces uncertainties from US-China tensions, inflation, and geopolitical conflicts, while Vietnam shows strong growth and controlled inflation, and China's recovery remains constrained - Looking ahead to H2 2025, the global economic situation remains uncertain due to ongoing US-China economic rivalry, inflation and exchange rate fluctuations, unresolved regional conflicts, and supply chain restructuring caused by tariff wars[65](index=65&type=chunk) - Vietnam's H1 2025 GDP growth rate reached **7.52%**, slightly higher than the prior year, with average CPI inflation at **3.7%**, remaining below the government's **4.5%** target[62](index=62&type=chunk) - China's H1 2025 economic growth rate was approximately **4.6%**, with persistent structural pressures in manufacturing and real estate, high youth unemployment, weak consumer confidence, and limited domestic demand recovery[63](index=63&type=chunk) [Group Strategies and Key Initiatives](index=27&type=section&id=%E9%9B%86%E5%9C%98%E7%AD%96%E7%95%A5%E8%88%87%E9%87%8D%E9%BB%9E%E5%B7%A5%E4%BD%9C) The Group plans to expand product lines, develop high-value products, explore new markets and e-commerce, enhance production technology, optimize procurement, strengthen regional cooperation, and invest in automation, AI, and carbon reduction - Expand product lines and optimize product portfolio, gradually developing value-added products and increasing the proportion of functional and high-value product development[63](index=63&type=chunk) - Actively expand into new channels and markets, adjust product positioning and sales methods, seek partnerships to enlarge market scale, and invest in and develop e-commerce sales channels[63](index=63&type=chunk) - Continuously refine production technology and enhance efficiency, master key technologies to boost core competitiveness, and revitalize idle equipment utilization[64](index=64&type=chunk) - Monitor trends in bulk raw material market prices, actively seek alternative raw material solutions, and flexibly execute procurement strategies to ensure stable raw material supply[64](index=64&type=chunk) - Leverage Vietnam's production base to continuously develop markets with Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP) signed with Vietnam[64](index=64&type=chunk) - Enhance equipment automation, accelerate administrative process digitalization, and develop AI enterprise applications to improve decision-making management efficiency[64](index=64&type=chunk) - Intensify efforts in evaluating energy-saving solutions and promoting various energy-saving and consumption reduction initiatives, striving towards carbon reduction[64](index=64&type=chunk) [Conclusion](index=29&type=section&id=%E7%B8%BD%E7%B5%90) Despite global economic uncertainties, the Group remains cautiously optimistic, committed to its established strategies, market penetration, and new operational ventures to achieve synergistic growth - The Group maintains a cautious yet optimistic outlook, continuing to deepen its market presence in line with established operating strategies and sales networks[65](index=65&type=chunk) - Actively explore new operational areas for new products and businesses, including through strategic alliances[65](index=65&type=chunk) - The Group remains confident in leveraging operational synergies to drive overall business growth and development[65](index=65&type=chunk) [Other Information](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers interim dividend details, share transactions, compliance with director's securities trading code and corporate governance code, audit committee review, and board composition [Interim Dividend and Closure of Register of Members](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) The Board declared an interim dividend of 0.300 US cents per share, payable in HKD on October 13, 2025, with the share register closed from September 22 to September 25, 2025, for eligibility - The Board resolved to declare an interim dividend of **0.300 US cents** per share for the six months ended June 30, 2025, payable in HKD on October 13, 2025[66](index=66&type=chunk) - The Company's register of members will be closed from Monday, September 22, 2025, to Thursday, September 25, 2025 (both dates inclusive)[67](index=67&type=chunk) - The record date will be Thursday, September 25, 2025[67](index=67&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=30&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the six months ended June 30, 2025[68](index=68&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=30&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025 - Following specific enquiries with all Directors, it is confirmed that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025[69](index=69&type=chunk) [Compliance with Appendix C1 of the HKEX Listing Rules](index=30&type=section&id=%E9%81%B5%E5%AE%88%E9%A6%99%E6%B8%AF%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E9%99%84%E9%8C%84C1) The Company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for the period ended June 30, 2025, with one exception regarding the Chairman's attendance at the AGM - The Company has complied with the provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules for the reporting period ended June 30, 2025[70](index=70&type=chunk) - Mr. Yang Tou Hsiung, the Chairman of the Board, was unable to attend the Company's Annual General Meeting held on May 27, 2025, due to business commitments, which constitutes an exception to Code Provision F.2.2 of the Corporate Governance Code[70](index=70&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting, including the unaudited interim condensed consolidated financial information for H1 2025, which was reviewed by PwC - The Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters[71](index=71&type=chunk) - The unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Group's auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[71](index=71&type=chunk) [Publication of Interim Report](index=31&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders and publish it on the HKEX and Company websites in due course - The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders in due course, and it will also be published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[72](index=72&type=chunk) [Acknowledgements and Board Composition](index=32&type=section&id=%E8%87%B4%E8%AC%9D%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) The Board expresses gratitude to shareholders and employees for their support and dedication, and details its composition of executive, non-executive, and independent non-executive directors - The Board takes this opportunity to sincerely thank the Company's shareholders for their support and the Company's employees for their dedication and diligence during the period[73](index=73&type=chunk) - The Board comprises executive directors Mr. Yang Tou Hsiung, Mr. Yang Cheng, Mr. Yang Kun Hsiang, Mr. Yang Chen Wen, Mr. Yang Kun Chou; non-executive directors Mr. Huang Ching Jung, Mr. Chou Szu Cheng; and independent non-executive directors Mr. Chao Pei Hung, Mr. Ko Chun Cheng, Mr. Huang Chung Feng, and Ms. Lee Pei Fen[75](index=75&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 就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。 Bayzed Health Group Inc 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） （股份代號：02609） 截 至2025年6月30日止六個月的中期業績公告 佰 澤 醫 療 集 團（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）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」）的 未經審計 綜 合 中 期 業 績，連 同 截 至2024年6月30日止六個月的比較數字如 下。 財務摘要 – 1 – ‧ 截 至2025年6月30日止六個月的收入為約人民幣574.7百 萬 元，較2024 年同期增加約0.7%。 ‧ 截 至2025年6月30日止六個月的毛利為約人民幣106.3百 萬 元，較2024 年同期增加約8.3%。 ‧ 截 至2025年6 ...

[Company Information](index=2&type=section&id=Company%20Information) This chapter provides an overview of the company's basic organizational structure, key management members, professional advisors, and registration and operation locations, offering a foundation for understanding corporate governance and operations [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Kong Jian serving as Chairman - Board members include Mr. Kong Jian (Chairman), Ms. Jiang Xianmin, Ms. Zhang Yanping (Executive Directors), Mr. Ma Biao, Mr. Kong Shuangquan (Non-executive Directors), and Ms. Hou Aijun (Chief Independent Non-executive Director), Mr. Liang Weiye, Mr. Liang Yiye (Independent Non-executive Directors)[3](index=3&type=chunk) [Supervisors](index=3&type=section&id=Supervisors) The Board of Supervisors includes Ms. Peng Ling, Ms. Kong Qian, and Mr. Chen Liang - The Board of Supervisors members are Ms. Peng Ling, Ms. Kong Qian, Mr. Chen Liang[3](index=3&type=chunk) [Joint Company Secretaries](index=3&type=section&id=Joint%20Company%20Secretaries) Mr. Liu Siyu and Ms. Yuan Yingxin serve as Joint Company Secretaries - The Joint Company Secretaries are Mr. Liu Siyu, Ms. Yuan Yingxin[3](index=3&type=chunk) [Authorized Representatives](index=3&type=section&id=Authorized%20Representatives) Mr. Kong Jian and Ms. Yuan Yingxin are the Authorized Representatives - The Authorized Representatives are Mr. Kong Jian, Ms. Yuan Yingxin[3](index=3&type=chunk) [Audit Committee](index=3&type=section&id=Audit%20Committee) The Audit Committee is chaired by Ms. Hou Aijun, with Mr. Kong Shuangquan and Mr. Liang Weiye as members - The Audit Committee Chairman is Ms. Hou Aijun, with members Mr. Kong Shuangquan, Mr. Liang Weiye[3](index=3&type=chunk) [Remuneration Committee](index=3&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Mr. Liang Yiye, with Mr. Kong Jian and Mr. Liang Weiye as members - The Remuneration Committee Chairman is Mr. Liang Yiye, with members Mr. Kong Jian, Mr. Liang Weiye[3](index=3&type=chunk) [Nomination Committee](index=3&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Mr. Kong Jian, with Mr. Liang Yiye and Ms. Hou Aijun as members - The Nomination Committee Chairman is Mr. Kong Jian, with members Mr. Liang Yiye, Ms. Hou Aijun[3](index=3&type=chunk) [Auditor](index=3&type=section&id=Auditor) The company's auditor is Deloitte Touche Tohmatsu - The auditor is Deloitte Touche Tohmatsu[3](index=3&type=chunk) [Legal Advisors](index=3&type=section&id=Legal%20Advisors) The company is advised by Messrs. Chow Chun Hin & Co. on Hong Kong law and Commerce & Finance Law Offices on PRC law - Hong Kong legal advisor is Messrs. Chow Chun Hin & Co., PRC legal advisor is Commerce & Finance Law Offices[3](index=3&type=chunk) [Principal Banks](index=4&type=section&id=Principal%20Banks) The company's principal banks include Agricultural Bank of China Limited Beijing Free Trade Zone Zhangjiawan Design Town Branch and China Construction Bank Corporation (Beijing Desheng Branch) - Principal banks include Agricultural Bank of China and China Construction Bank[4](index=4&type=chunk) [Headquarters and Principal Place of Business in China](index=4&type=section&id=Headquarters%20and%20Principal%20Place%20of%20Business%20in%20China) The company's headquarters and principal place of business in China are located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing - Headquarters and principal place of business in China are located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing[4](index=4&type=chunk) [Principal Place of Business in Hong Kong](index=4&type=section&id=Principal%20Place%20of%20Business%20in%20Hong%20Kong) The company's principal place of business in Hong Kong is located at Room 1922, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong - Principal place of business in Hong Kong is located at Room 1922, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[4](index=4&type=chunk) [Registered Office](index=4&type=section&id=Registered%20Office) The company's registered office is located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing, China - Registered office is located at No. 3 Guangtong Street, Industrial Development Zone, Tongzhou District, Beijing, China[4](index=4&type=chunk) [H Share Registrar](index=4&type=section&id=H%20Share%20Registrar) The H Share Registrar is Tricor Investor Services Limited - The H Share Registrar is Tricor Investor Services Limited[4](index=4&type=chunk) [Stock Code](index=4&type=section&id=Stock%20Code) The company's stock code is 2480 - The stock code is 2480[4](index=4&type=chunk) [Company Website](index=4&type=section&id=Company%20Website) The company's website is www.luzhubiotech.com - The company website is www.luzhubiotech.com[4](index=4&type=chunk) [Listing Date](index=4&type=section&id=Listing%20Date) The company's listing date was May 8, 2023 - The listing date was May 8, 2023[4](index=4&type=chunk) [Financial and Operational Data Summary](index=5&type=section&id=Financial%20and%20Operational%20Data%20Summary) This chapter summarizes the company's operating results and financial position for the six months ended June 30, 2025, showing a significant narrowing of losses but a decrease in net assets compared to the same period in 2024 Operating Results Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | (50.2) | | Other expenses | (585) | (189) | 209.5 | | Net other gains and losses | 2,405 | 6,255 | (61.6) | | Impairment loss recognized on property, plant and equipment | (5,441) | – | 100.0 | | Administrative expenses | (25,801) | (44,962) | (42.6) | | Research and development expenses | (50,273) | (80,376) | (37.5) | | Finance costs | (2,725) | (398) | 584.7 | | Loss before tax | (77,570) | (109,938) | (29.4) | | Income tax expense | – | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | (29.4) | | Basic loss per share (RMB) | (0.39) | (0.54) | (27.8) | | Diluted loss per share (RMB) | (0.39) | (0.54) | (27.8) | Financial Position Summary as of June 30, 2025 | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 613,642 | 577,587 | | Current assets | 461,433 | 472,876 | | Current liabilities | 97,637 | 98,857 | | Net current assets | 363,796 | 374,019 | | Non-current liabilities | 238,307 | 98,015 | | Net assets | 739,131 | 853,591 | [Company Profile](index=6&type=section&id=Company%20Profile) The company is a biotechnology firm focused on developing innovative human vaccines and therapeutic biologics to prevent and control infectious diseases, and treat cancer and autoimmune diseases - The company is dedicated to developing innovative human vaccines and therapeutic biologics to prevent and control infectious diseases, and treat cancer and autoimmune diseases[7](index=7&type=chunk) - As of June 30, 2025, the product pipeline includes three clinical-stage investigational products (core product LZ901) and six pre-clinical stage investigational products[7](index=7&type=chunk) - As of June 30, 2025, the company holds seven invention patents in seven countries, with two pending applications related to its core product in Europe and the UK[7](index=7&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the company's business development, R&D progress, financial performance, liquidity, and future strategic plans during the reporting period, highlighting LZ901's clinical trial progress and reasons for financial data changes [Business Review](index=7&type=section&id=Business%20Review) The company made significant R&D progress, particularly with core product LZ901's BLA submission in China and Phase I completion in the US, while other pipeline products advanced, emphasizing capabilities in protein engineering, bispecific antibody platforms, and quality assurance [R&D of Investigational Products](index=7&type=section&id=R%26D%20of%20Investigational%20Products) The company has established an innovative precision protein engineering platform, enabling drug development across the entire lifecycle, and possesses an independently developed next-generation bispecific antibody platform, Fabite®, laying the foundation for a diversified product pipeline - Established an innovative precision protein engineering platform, laying the foundation for the development of human vaccines, monoclonal antibodies, and bispecific antibody investigational products[9](index=9&type=chunk) - Independently developed next-generation bispecific antibody platform Fabite®, featuring fully controllable mechanism of action and administration, stable for over three years[9](index=9&type=chunk) - Built a diversified and advanced product pipeline through the Fabite® and mammalian expression technology platforms[10](index=10&type=chunk) [LZ901](index=7&type=section&id=LZ901) LZ901, the world's first recombinant zoster vaccine with a tetrameric molecular structure, has completed Phase III enrollment and BLA submission in China, with commercialization expected in 2026, and completed Phase I clinical site studies in the US, with Phase I completion planned for Q3 2025 - LZ901 is an independently developed recombinant zoster vaccine and core product, the world's first with a tetrameric molecular structure[11](index=11&type=chunk) - Phase III clinical trials initiated in China in September 2023, with enrollment of **26,000** subjects completed in January 2024[12](index=12&type=chunk) - BLA for LZ901 submitted to the NMPA in January 2025, with commercialization in China expected in 2026[12](index=12&type=chunk) - Phase I clinical trial site studies for LZ901 completed in the US in H1 2024, with Phase I completion planned for Q3 2025[13](index=13&type=chunk) [K3](index=8&type=section&id=K3) K3, a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, is a biosimilar to Humira® that has completed Phase I clinical trials in China, with Phase III trials expected to start as early as H2 2026 - K3 is a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, a biosimilar to Humira®, used for treating autoimmune diseases[14](index=14&type=chunk) - Phase I clinical trials completed in China in December 2019, with Phase III clinical trials expected to commence as early as H2 2026[14](index=14&type=chunk) [K193](index=8&type=section&id=K193) K193, the world's first CD19/CD3 bispecific antibody with an asymmetric structure, is for treating B-cell leukemia and lymphoma, with Phase I clinical trials initiated in China and expected to complete in 2026 - K193 is the world's first CD19/CD3 bispecific antibody with an asymmetric structure, for treating B-cell leukemia and lymphoma[15](index=15&type=chunk) - Developed based on the Fabite® platform, it exhibits high in vitro and in vivo anti-tumor activity and optimized formulation stability[15](index=15&type=chunk) - Phase I clinical trials initiated in China in December 2019, with completion expected in 2026[15](index=15&type=chunk) [Updates on Other Pre-clinical Stage Investigational Products](index=8&type=section&id=Updates%20on%20Other%20Pre-clinical%20Stage%20Investigational%20Products) As of June 30, 2025, the company has six investigational products in pre-clinical stages, covering recombinant vaccines and bispecific antibodies - As of June 30, 2025, there are six pre-clinical stage investigational products, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody, and K1932 bispecific antibody[16](index=16&type=chunk) Product Pipeline Overview (As of June 30, 2025) | Product Type | Product Pipeline | Indication | Pre-clinical | Phase I | Phase II | Phase III | BLA | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Recombinant Vaccine | LZ901 | Herpes Zoster | China | ✓ | ✓ | ✓ | ✓ | | Recombinant Vaccine | LZ901 | Herpes Zoster | US | ✓ | | | | | Recombinant Vaccine | Recombinant Varicella Vaccine | Varicella | China | | | | | | Recombinant Vaccine | Recombinant RSV Vaccine | RSV-induced Lower Respiratory Tract Disease | China | | | | | | Recombinant Vaccine | Recombinant HSV-1 Vaccine | HSV-1-induced Oral Herpes | China | | | | | | Recombinant Vaccine | Recombinant HSV-2 Vaccine | HSV-2-induced Genital Herpes | China | | | | | | Monoclonal Antibody | K3 | Ankylosing Spondylitis, Rheumatoid Arthritis, Plaque Psoriasis | China | ✓ | | | | | Bispecific Antibody | K193 | Relapsed/Refractory B-cell Lymphoma/Leukemia | China | ✓ | | | | | Bispecific Antibody | K333 | Myeloid Leukemia | China | | | | | | Bispecific Antibody | K1932 | Relapsed/Refractory B-cell Lymphoma | China | | | | | [Research and Development](index=9&type=section&id=Research%20and%20Development) The company's internal R&D team of 18 personnel possesses comprehensive product discovery capabilities from pre-clinical research to manufacturing process development, supporting a diversified product pipeline - The internal R&D team consists of **18** personnel, possessing comprehensive in-house product discovery capabilities[21](index=21&type=chunk) - R&D capabilities cover recombinant protein design and optimization, expansion, culture, and harvesting, supporting a diversified product pipeline[21](index=21&type=chunk) [Manufacturing and Quality Assurance](index=10&type=section&id=Manufacturing%20and%20Quality%20Assurance) The company has R&D and manufacturing facilities in Beijing and Zhuhai, with new facilities under construction in Beijing, and its manufacturing and quality control teams are professionally trained and adhere to GMP standards - Possesses R&D and manufacturing facilities in Beijing and Zhuhai, with new R&D and manufacturing facilities under construction in Beijing, totaling approximately **45,072.87 square meters**[22](index=22&type=chunk) - The manufacturing team comprises **57** personnel, and the quality control team comprises **57** personnel, all professionally trained and adhering to GMP standards[22](index=22&type=chunk) [Future and Outlook](index=10&type=section&id=Future%20and%20Outlook) The company plans to actively advance clinical development of pipeline drugs (especially core product LZ901), rapidly progress other pre-clinical products, formulate domestic and international commercialization strategies, and expand its product pipeline through independent development and collaborations - Actively promote the clinical development of core product LZ901[23](index=23&type=chunk) - Rapidly advance the development of pre-clinical investigational products such as recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333, and K1932[23](index=23&type=chunk) - Formulate strategic plans to promote domestic and international commercialization, and expand the product pipeline through independent development and/or collaborations[23](index=23&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the company's pre-tax loss decreased by 29.4% year-on-year to RMB 77.6 million, primarily due to significant reductions in administrative and R&D expenses, despite lower other income and net gains, and a substantial increase in finance costs [Other Income](index=12&type=section&id=Other%20Income) Other income decreased by 50.2% year-on-year to RMB 4.9 million, mainly due to a reduction in government grants - Other income decreased by **50.2%** from approximately **RMB 9.7 million** in the same period of 2024 to approximately **RMB 4.9 million** in the same period of 2025[25](index=25&type=chunk) - Primarily due to a reduction in government grants[25](index=25&type=chunk) Components of Other Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales revenue of VZV vaccine immunogenicity test kits | 1,473 | 650 | | Government grants (property and equipment) | 1,507 | 1,267 | | Government grants (right-of-use assets) | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | [Other Expenses](index=13&type=section&id=Other%20Expenses) Other expenses increased by 209.5% year-on-year to RMB 0.6 million, primarily reflecting increased costs of sold immunoassay kits - Other expenses increased by **209.5%** from approximately **RMB 0.2 million** in the same period of 2024 to approximately **RMB 0.6 million** in the same period of 2025[27](index=27&type=chunk) - Primarily reflecting increased costs of sold immunoassay kits[27](index=27&type=chunk) [Net Other Gains and Losses](index=13&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% year-on-year to RMB 2.4 million, mainly due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains - Net other gains decreased by **61.6%** from approximately **RMB 6.3 million** in the same period of 2024 to approximately **RMB 2.4 million** in the same period of 2025[28](index=28&type=chunk) - Primarily due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains[28](index=28&type=chunk) Components of Net Other Gains and Losses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | [Administrative Expenses](index=13&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 42.6% year-on-year to RMB 25.8 million, primarily due to the absence of share-based payment amortization expenses in 2025 - Administrative expenses decreased by **42.6%** from approximately **RMB 45.0 million** in the same period of 2024 to approximately **RMB 25.8 million** in the same period of 2025[30](index=30&type=chunk) - Primarily due to the absence of share-based payment amortization expenses in 2025[30](index=30&type=chunk) [Research and Development Expenses](index=13&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 37.5% year-on-year to RMB 50.3 million, mainly due to reduced expenses from the LZ901 Phase III clinical trial conducted in China - R&D expenses decreased by **37.5%** from approximately **RMB 80.4 million** in the same period of 2024 to approximately **RMB 50.3 million** in the same period of 2025[31](index=31&type=chunk) - Primarily due to reduced expenses from the LZ901 Phase III clinical trial conducted in China[31](index=31&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs significantly increased by 584.7% year-on-year to RMB 2.7 million, primarily due to the company obtaining additional bank loans - Finance costs increased by **584.7%** from approximately **RMB 0.4 million** in the same period of 2024 to approximately **RMB 2.7 million** in the same period of 2025[32](index=32&type=chunk) - Primarily due to the Group obtaining additional bank loans[32](index=32&type=chunk) [Loss Before Tax](index=14&type=section&id=Loss%20Before%20Tax) Loss before tax decreased by 29.4% year-on-year to RMB 77.6 million, primarily influenced by the combined effect of the aforementioned expense changes - Loss before tax decreased by **29.4%** from approximately **RMB 109.9 million** in the same period of 2024 to approximately **RMB 77.6 million** in the same period of 2025[33](index=33&type=chunk) [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) No income tax expense was incurred as the company recorded a loss during the reporting period - No income tax expense was incurred as the Group recorded a loss for the six months ended June 30, 2024 and 2025[34](index=34&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) The company experienced a decrease in cash balance and a significant increase in bank borrowings, leading to a higher gearing ratio, while capital expenditures decreased significantly, with no material contingent liabilities or foreign exchange hedging transactions [Bank Balances and Cash](index=14&type=section&id=Bank%20Balances%20and%20Cash) Bank balances and cash decreased by approximately RMB 39.9 million to RMB 100.2 million, primarily due to share repurchases - Bank balances and cash decreased by approximately **RMB 39.9 million** to approximately **RMB 100.2 million** as of June 30, 2025[35](index=35&type=chunk) - Primarily due to the Company's share repurchases during the six months ended June 30, 2025[35](index=35&type=chunk) - Bank borrowings increased to approximately **RMB 207.3 million** (December 31, 2024: approximately RMB 54.9 million), of which approximately **RMB 11.5 million** is repayable within one year[35](index=35&type=chunk) [Pledged Assets](index=14&type=section&id=Pledged%20Assets) As of June 30, 2025, the company's properties, including offices, laboratories, production bases, and construction in progress, have been pledged as collateral for bank borrowings and bank financing - Properties (including offices, laboratories, production bases, and construction in progress) have been pledged as collateral for bank borrowings and bank financing[37](index=37&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[38](index=38&type=chunk) [Gearing Ratio](index=15&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 31.2%, an increase from 18.7% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was **31.2%** (December 31, 2024: **18.7%**)[39](index=39&type=chunk) [Capital Commitments](index=15&type=section&id=Capital%20Commitments) Capital commitments decreased from approximately RMB 38.3 million as of December 31, 2024, to approximately RMB 7.4 million as of June 30, 2025, primarily due to the completion of certain construction projects - Capital commitments decreased from approximately **RMB 38.3 million** as of December 31, 2024, to approximately **RMB 7.4 million** as of June 30, 2025[40](index=40&type=chunk) - Primarily due to the completion of certain construction projects during the six months ended June 30, 2025[40](index=40&type=chunk) [Foreign Exchange](index=15&type=section&id=Foreign%20Exchange) The company primarily operates in China, facing foreign exchange fluctuation risks between RMB and other currencies (mainly HKD), but has not entered into any currency hedging transactions - The Group primarily operates in the PRC and is exposed to foreign exchange risk arising from various currencies (mainly related to HKD)[41](index=41&type=chunk) - The Group did not enter into any currency hedging transactions during the six months ended June 30, 2025[41](index=41&type=chunk) [Material Investments, Acquisitions and Disposals](index=15&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - For the six months ended June 30, 2025, the Group had no material investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures[42](index=42&type=chunk) [Future Plans for Material Investments or Capital Assets](index=15&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the company had no specific plans for material capital expenditures, investments, or capital assets, and any future plans will be announced in accordance with the Listing Rules - As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets[43](index=43&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44](index=44&type=chunk) [Use of Net Proceeds from Global Offering](index=16&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The net proceeds from the company's H-share global offering, approximately HKD 241.6 million, are primarily allocated for clinical development, manufacturing, and commercialization of core product LZ901, clinical development of K3, and construction of Zhuhai Phase II commercial production facilities, expected to be fully utilized by the end of 2027 - The total net proceeds from the global offering were approximately **HKD 241.6 million**[45](index=45&type=chunk) - The net proceeds are expected to be fully utilized by the end of 2027[47](index=47&type=chunk) Use of Net Proceeds from Global Offering (As of June 30, 2025) | Use of Proceeds | Allocation of Net Proceeds from Global Offering (HKD million) | Percentage of Total Net Proceeds (%) | Unutilized Amount as of June 30, 2025 (HKD million) | Expected Timeline for Full Utilization of Remaining Net Proceeds from Global Offering | | :--- | :--- | :--- | :--- | :--- | | For clinical development, manufacturing, and commercialization of core product LZ901 | 140.7 | 58.2 | 46.0 | By end of 2026 | | For clinical development and manufacturing of K3 | 53.4 | 22.1 | 53.4 | By end of 2027 | | For construction of Zhuhai Phase II commercial production facilities | 38.8 | 16.1 | 0.1 | By end of 2026 | | For working capital and other general corporate purposes | 8.7 | 3.6 | 5.5 | By end of 2026 | | **Total** | **241.6** | **100.0** | **105.0** | | [Employees and Remuneration Policy](index=17&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company employed 197 full-time employees, with 67.5% engaged in R&D, and maintains an evaluation system, competitive remuneration, training, and social insurance and housing provident fund contributions for PRC employees - As of June 30, 2025, the Group employed **197** full-time employees[48](index=48&type=chunk) Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | Percentage (%) | | :--- | :--- | :--- | | Management and General Administration (including Finance Department) | 37 | 18.8 | | Research and Development (including Manufacturing Department and Quality Control Department) | 133 | 67.5 | | Medical Affairs and Clinical Operations | 9 | 4.6 | | Engineering | 18 | 9.1 | | **Total** | **197** | **100.0** | - The company has an evaluation system, provides competitive salaries and bonuses, and emphasizes employee training[48](index=48&type=chunk) [Financing and Treasury Policy](index=17&type=section&id=Financing%20and%20Treasury%20Policy) The company adopts a sound and conservative financing and treasury policy aimed at maintaining optimal financial health, the most economical financing costs, and minimal financial risk, with regular reviews of funding needs - Adopts a sound and conservative financing and treasury policy aimed at maintaining optimal financial health, the most economical financing costs, and minimal financial risk[49](index=49&type=chunk) - Cash and cash equivalents are typically deposited with financial institutions with low credit risk, and funding needs are regularly reviewed[49](index=49&type=chunk) [Other Information](index=15&type=section&id=Other%20Information) This chapter covers various non-financial information for the reporting period, including equity disclosures for directors and major shareholders, employee incentive schemes, corporate governance compliance, securities transactions, litigation, share repurchases, and changes in board members [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares or Debentures](index=18&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%20or%20Debentures) As of June 30, 2025, the company's directors, supervisors, and chief executive held long positions in the company's shares and underlying shares, with Mr. Kong Jian and Ms. Zhang Yanping holding a significant proportion as controlling shareholders [Interests in Shares and Underlying Shares](index=18&type=section&id=Interests%20in%20Shares%20and%20Underlying%20Shares) Discloses beneficial interests, spousal interests, and controlled corporation interests of directors and supervisors in the company's H-shares, with Mr. Kong Jian and Ms. Zhang Yanping collectively holding a significant proportion of the company's total issued share capital Interests of Directors/Supervisors in H-shares (As of June 30, 2025) | Name of Director/Supervisor | Nature of Interest | Number of H-shares | Approximate Percentage of Total Issued Share Capital (H-shares) of the Company | | :--- | :--- | :--- | :--- | | Mr. Kong | Beneficial Interest | 58,294,513 | 28.79% | | Mr. Kong | Spouse's Interest | 20,200,000 | 9.98% | | Mr. Kong | Interest in Controlled Corporation | 15,526,700 | 7.67% | | Ms. Zhang | Beneficial Interest | 20,200,000 | 9.98% | | Ms. Zhang | Spouse's Interest | 73,821,213 | 36.46% | | Ms. Jiang | Beneficial Interest | 4,000,000 | 1.98% | | Mr. Ma Biao | Interest in Controlled Corporation | 51,721,196 | 25.55% | | Ms. Peng Ling | Interest in Controlled Corporation | 12,307,500 | 6.08% | | Ms. Kong Qian | Beneficial Interest | 550,000 | 0.27% | | Mr. Chen Liang | Beneficial Interest | 400 | 0.0002% | - Mr. Kong and Ms. Zhang are spouses and are deemed to be interested in each other's shares under the SFO[50](index=50&type=chunk) [Interests in Associated Corporations](index=19&type=section&id=Interests%20in%20Associated%20Corporations) As of June 30, 2025, no director, supervisor, or chief executive held any interests or short positions in the shares, underlying shares, or debentures of any associated corporation of the company - As of June 30, 2025, no director, supervisor, or chief executive of the Company held any interests or short positions in the shares, underlying shares, or debentures of any associated corporation of the Company[51](index=51&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=20&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%20and%20Underlying%20Shares) Discloses interests and short positions of substantial shareholders, other than directors, supervisors, and the chief executive, in the company's shares and underlying shares, including Hengqin Luzhu Limited Partnership, Beijing E-Town, Yitang Saiying, Beijing Saisheng, and CCB International Capital Management (Tianjin) Co., Ltd Interests of Substantial Shareholders in H-shares (As of June 30, 2025) | Name of Shareholder | Nature of Interest | Number of H-shares | Approximate Percentage of Total Issued Share Capital (H-shares) of the Company | | :--- | :--- | :--- | :--- | | Hengqin Luzhu Limited Partnership | Beneficial Interest | 12,307,500 | 6.08% | | Beijing Luzhu Kangrui | Interest in Controlled Corporation | 12,307,500 | 6.08% | | Beijing E-Town | Beneficial Interest | 19,645,000 | 9.70% | | Beijing E-Town Phase II | Beneficial Interest | 18,324,696 | 9.05% | | Yitang Saiying | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Saiding Fangde | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Saideruibo | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Mr. Ma Jianan | Interest in Controlled Corporation | 37,969,696 | 18.76% | | Beijing Saisheng | Beneficial Interest | 13,751,500 | 6.79% | | CCB International Capital Management (Tianjin) Co., Ltd. | Beneficial Interest | 11,367,675 | 5.62% | | CCB International (China) Co., Ltd. | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB International (Holdings) Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB Financial Holdings Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | CCB International Group Holdings Limited | Interest in Controlled Corporation | 11,367,675 | 5.62% | | China Construction Bank | Interest in Controlled Corporation | 11,367,675 | 5.62% | | Central Huijin Investment Ltd. | Interest in Controlled Corporation | 11,367,675 | 5.62% | | Herui Venture Capital Fund Management (Shenzhen) Co., Ltd. | Interest in Controlled Corporation | 10,000,744 | 4.94% | | Mr. Chen Ruolin | Interest in Controlled Corporation | 10,000,744 | 4.94% | | Mr. Wang Zhixian | Interest in Controlled Corporation | 10,000,744 | 4.94% | [Employee Incentive Schemes](index=22&type=section&id=Employee%20Incentive%20Schemes) The company has an employee incentive scheme adopted prior to listing, granting interests through Hengqin Luzhu Limited Partnership, and the 2025 Share Award Scheme became effective in June 2025 to incentivize and retain talent, though no awards have been granted as of the reporting period end [Pre-IPO Employee Incentive Scheme](index=22&type=section&id=Pre-IPO%20Employee%20Incentive%20Scheme) The company adopted an employee incentive scheme on December 15, 2021, granting interests through Hengqin Luzhu Limited Partnership to eligible participants, with all interests granted prior to listing - The employee incentive scheme was adopted on December 15, 2021, prior to listing, and does not involve the grant of new shares or options to subscribe for new shares[57](index=57&type=chunk) - Eligible participants were granted interests in Hengqin Luzhu Limited Partnership, the Group's employee incentive platform, with all interests granted prior to listing[57](index=57&type=chunk) [2025 Share Award Scheme](index=22&type=section&id=2025%20Share%20Award%20Scheme) The 2025 Share Award Scheme became effective on June 13, 2025, aiming to provide ownership interests to selected participants and incentivize their contributions, but no awards were granted during the six months ended June 30, 2025, with 19,922,983 H-shares remaining available for grant - The 2025 Share Award Scheme became effective on June 13, 2025, aiming to incentivize selected participants and attract and retain outstanding employees[58](index=58&type=chunk) - No awards were granted under the 2025 Share Award Scheme during the six months ended June 30, 2025[58](index=58&type=chunk) - As of June 30, 2025, the number of shares available for grant under the 2025 Share Award Scheme remained **19,922,983 H-shares**[58](index=58&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code; although the roles of Chairman and General Manager are combined by Mr. Kong Jian, deviating from the code, the Board believes this structure does not affect the balance of power and will continue to review its effectiveness - The Company has adopted the Corporate Governance Code as its own corporate governance code and is committed to maintaining high standards of corporate governance[59](index=59&type=chunk) - Mr. Kong Jian holds both the positions of Chairman of the Board and General Manager, which deviates from code provision C.2.1, but the Board believes this structure does not affect the balance of power and responsibilities[59](index=59&type=chunk) - The Board will continue to review the effectiveness of the Group's corporate governance structure from time to time[59](index=59&type=chunk) [Compliance with Model Code for Securities Transactions](index=23&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules and confirms that all directors and supervisors have complied with it as of June 30, 2025 - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules to regulate all dealings in the Company's securities by directors, supervisors, and relevant employees[61](index=61&type=chunk) - All directors and supervisors have confirmed their compliance with the applicable standards set out in the Model Code up to June 30, 2025[61](index=61&type=chunk) [Material Litigation and Arbitration](index=23&type=section&id=Material%20Litigation%20and%20Arbitration) For the six months ended June 30, 2025, the company had no material litigation or arbitration - For the six months ended June 30, 2025, the Group had no material litigation or arbitration[62](index=62&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) The company repurchased 1,759,200 H-shares for approximately HKD 39.7 million during the reporting period, holding them as treasury shares potentially for the 2025 Share Award Scheme, with further repurchases occurring after the reporting period - During the reporting period, the Company repurchased a total of **1,759,200 H-shares** for a total consideration of approximately **HKD 39.7 million** (approximately **RMB 36.9 million**)[64](index=64&type=chunk) - As of June 30, 2025, the Company held a total of **3,219,200 treasury H-shares**, which may be used to fund the 2025 Share Award Scheme[64](index=64&type=chunk) - After June 30, 2025, and up to the latest practicable date, the Company further repurchased a total of **316,600 H-shares** in July 2025 for a total consideration of approximately **HKD 6.8 million**[64](index=64&type=chunk) [Audit Committee and Review of Financial Report](index=24&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Report) The Audit Committee, comprising three members with Ms. Hou Aijun as Chair, oversees financial reporting, internal controls, and risk management, and has reviewed the unaudited interim consolidated results for the six months ended June 30, 2025, confirming compliance with accounting principles and disclosure requirements - The Audit Committee comprises three members, with Ms. Hou Aijun as Chairman, and Mr. Liang Weiye possessing appropriate accounting or relevant financial management expertise[66](index=66&type=chunk) - The Audit Committee has reviewed the Company's unaudited interim consolidated results for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles, standards, and requirements[66](index=66&type=chunk) - The interim results are unaudited but have been reviewed by the independent auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410[66](index=66&type=chunk) [Changes in Information of Directors and Supervisors](index=25&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Supervisors) At the Annual General Meeting on June 12, 2025, shareholders approved the election and re-election of members for the Fifth Session of the Board of Directors and Board of Supervisors, with Ms. Hou Aijun designated as the Chief Independent Non-executive Director - Shareholders approved the election and re-election of directors for the Fifth Session of the Board of Directors and supervisors for the Board of Supervisors[67](index=67&type=chunk) - The Fifth Session of the Board of Directors includes Executive Directors Mr. Kong, Ms. Zhang, and Ms. Peng Ling; Non-executive Directors Mr. Ma Biao and Mr. Kong Shuangquan; and Independent Non-executive Directors Ms. Hou Aijun, Mr. Liang Weiye, and Mr. Liang Yiye[67](index=67&type=chunk) - Ms. Hou Aijun was also designated as the Chief Independent Non-executive Director, effective from June 27, 2025[68](index=68&type=chunk) [Rights of Directors and Supervisors to Purchase Shares or Debentures](index=25&type=section&id=Rights%20of%20Directors%20and%20Supervisors%20to%20Purchase%20Shares%20or%20Debentures) During or at the end of the six months ended June 30, 2025, neither the company nor any of its subsidiaries entered into any arrangements enabling directors or supervisors to benefit from purchasing shares or debentures of the company or any other body corporate, and no such rights were granted to or exercised by any director, supervisor, their spouse, or children under 18 - During or at the end of the six months ended June 30, 2025, no arrangements were entered into enabling directors or supervisors to benefit from purchasing shares or debentures of the Company or any other body corporate[69](index=69&type=chunk) [Events After Reporting Period](index=25&type=section&id=Events%20After%20Reporting%20Period) Other than those disclosed in this report, no material events affecting the company occurred after June 30, 2025, up to the date of this report - Other than those disclosed in this report, no material events affecting the Group occurred after June 30, 2025, up to the date of this report[70](index=70&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=25&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Financial%20Statements) Deloitte Touche Tohmatsu reviewed the company's condensed consolidated financial statements for the six months ended June 30, 2025, concluding that they found no matters indicating the financial statements were not prepared in all material respects in accordance with International Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the Company's condensed consolidated financial statements, conducted in accordance with Hong Kong Standard on Review Engagements 2410[71](index=71&type=chunk)[72](index=72&type=chunk) - The review concluded that nothing has come to our attention that causes us to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[73](index=73&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a total loss and comprehensive expenses of RMB 77,570 thousand, a narrowing from RMB 109,938 thousand in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | | Other expenses | (585) | (189) | | Net other gains and losses | 2,405 | 6,255 | | Impairment loss recognized on property, plant and equipment | (5,441) | – | | Administrative expenses | (25,801) | (44,962) | | Research and development expenses | (50,273) | (80,376) | | Finance costs | (2,725) | (398) | | Loss before tax | (77,570) | (109,938) | | Income tax expense | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | | Basic loss per share (RMB) | (0.39) | (0.54) | | Diluted loss per share (RMB) | (0.39) | (0.54) | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's condensed consolidated financial position as of June 30, 2025, showing total assets of RMB 1,075,075 thousand and net assets of RMB 739,131 thousand, a decrease from December 31, 2024 Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Right-of-use assets | 97,135 | 99,504 | | Property, plant and equipment | 502,813 | 457,588 | | Intangible assets | 8,615 | 8,329 | | Prepayments, deposits and other receivables | 3,074 | 12,166 | | Investment in an associate | 1,000 | – | | Time deposits | 1,005 | – | | **Total non-current assets** | **613,642** | **577,587** | | **Current assets** | | | | Materials | 4,398 | 5,735 | | Prepayments, deposits and other receivables | 15,640 | 13,461 | | Financial assets at fair value through profit or loss | 342,176 | 313,554 | | Cash and cash equivalents | 99,219 | 140,126 | | **Total current assets** | **461,433** | **472,876** | | **Current liabilities** | | | | Prepayments received and other payables | 86,168 | 97,037 | | Bank borrowings | 11,469 | 1,820 | | **Total current liabilities** | **97,637** | **98,857** | | **Net current assets** | **363,796** | **374,019** | | **Total assets less current liabilities** | **977,438** | **951,606** | | **Non-current liabilities** | | | | Lease liabilities | 12,992 | 12,619 | | Deferred government grants | 29,460 | 32,302 | | Bank borrowings | 195,855 | 53,094 | | **Total non-current liabilities** | **238,307** | **98,015** | | **Net assets** | **739,131** | **853,591** | | **Capital and reserves** | | | | Share capital | 202,450 | 202,450 | | Reserves | 536,681 | 651,141 | | **Total equity** | **739,131** | **853,591** | [Condensed Consolidated Statement of Changes in Equity](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement presents the company's condensed consolidated changes in equity for the six months ended June 30, 2025, showing a decrease in total equity from RMB 853,591 thousand to RMB 739,131 thousand, primarily due to loss for the period and share repurchases Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Treasury Shares (RMB thousand) | Share-based Payment Reserve (RMB thousand) | Accumulated Losses (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (audited) | 202,450 | 2,621,518 | (32,305) | – | (1,938,072) | 853,591 | | Loss and total comprehensive expenses for the period | – | – | – | – | (77,570) | (77,570) | | Repurchase of shares | – | – | (36,890) | – | – | (36,890) | | As of June 30, 2025 (unaudited) | 202,450 | 2,621,518 | (69,195) | – | (2,015,642) | 739,131 | | As of January 1, 2024 (audited) | 202,450 | 2,448,245 | – | 139,770 | (1,769,837) | 1,020,628 | | Loss and total comprehensive expenses for the period | – | – | – | – | (109,938) | (109,938) | | Equity-settled share-based payments recognized | – | – | – | 33,503 | – | 33,503 | | Vested shares granted | – | 173,273 | – | (173,273) | – | – | | As of June 30, 2024 (unaudited) | 202,450 | 2,621,518 | – | – | (1,879,775) | 944,193 | [Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the company's condensed consolidated cash flows for the six months ended June 30, 2025, showing a net decrease in cash and cash equivalents of RMB 39,781 thousand, primarily due to net cash used in operating and investing activities Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (75,285) | (44,955) | | Net cash used in investing activities | (77,024) | (35,742) | | Net cash from financing activities | 112,528 | 9,522 | | Net decrease in cash and cash equivalents | (39,781) | (71,175) | | Cash and cash equivalents at beginning of period | 140,126 | 257,891 | | Effect of foreign exchange rate changes | (1,126) | 975 | | Cash and cash equivalents at end of period | 99,219 | 187,691 | [Notes to the Condensed Consolidated Financial Statements](index=30&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This chapter provides detailed notes to the condensed consolidated financial statements, explaining the basis of preparation, significant accounting policies, components and reasons for changes in various financial data, as well as important information on related party transactions and capital commitments [1. General Information](index=31&type=section&id=1.%20General%20Information) The company is primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China, with RMB as its functional currency - The Group is principally engaged in the research, development, and production of vaccines and therapeutic biologics in the People's Republic of China[81](index=81&type=chunk) - The condensed consolidated financial statements are presented in RMB, which is also the Company's functional currency[81](index=81&type=chunk) [2. Basis of Preparation](index=31&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[82](index=82&type=chunk) [3. Significant Accounting Policies](index=31&type=section&id=3.%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with accounting policies consistent with the 2024 annual consolidated financial statements, with minor additions/changes due to the application of amendments to IFRS accounting standards - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[83](index=83&type=chunk) - The accounting policies and methods of computation are the same as those presented in the annual consolidated financial statements for the year ended December 31, 2024, except for additions/changes to accounting policies due to the application of amendments to IFRS accounting standards[83](index=83&type=chunk) - The application of amendments to IFRS accounting standards had no significant impact on the financial position and performance for this interim period and prior periods[84](index=84&type=chunk) [4. Segment Information](index=32&type=section&id=4.%20Segment%20Information) The company has only one operating and reportable segment, and all non-current assets (excluding financial instruments) are located in mainland China, thus no geographical information analysis is presented - The Group has only one operating and reportable segment[85](index=85&type=chunk) - The Group did not record any revenue for the six months ended June 30, 2025[85](index=85&type=chunk) - As of June 30, 2025, all of the Group's non-current assets (excluding financial instruments) are located in mainland China[85](index=85&type=chunk) [5. Other Income](index=32&type=section&id=5.%20Other%20Income) Other income decreased by 50.2% from approximately RMB 9.7 million in the same period of 2024 to approximately RMB 4.9 million in the same period of 2025, primarily due to a reduction in government grants Components of Other Income | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales revenue of VZV vaccine immunogenicity test kits | 1,473 | 650 | | Government grants related to property and equipment | 1,507 | 1,267 | | Government grants related to right-of-use assets | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | - The decrease in other income was primarily due to a reduction in government grants[86](index=86&type=chunk) [6. Net Other Gains and Losses](index=33&type=section&id=6.%20Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% from approximately RMB 6.3 million in the same period of 2024 to approximately RMB 2.4 million in the same period of 2025, primarily due to reduced fair value gains on financial assets at fair value through profit or loss and lower net foreign exchange gains Components of Net Other Gains and Losses | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | - The decrease in net other gains was primarily due to reduced fair value gains on financial assets and lower net foreign exchange gains[87](index=87&type=chunk) [7. Finance Costs](index=33&type=section&id=7.%20Finance%20Costs) Finance costs increased significantly by 584.7% from approximately RMB 0.4 million in the same period of 2024 to approximately RMB 2.7 million in the same period of 2025, primarily due to increased interest on bank borrowings Components of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 2,814 | 135 | | Interest on lease liabilities | 373 | 356 | | Total borrowing costs | 3,187 | 491 | | Less: Amount capitalized in construction in progress | (462) | (93) | | **Total** | **2,725** | **398** | - The significant increase in finance costs was primarily due to increased interest on bank borrowings[88](index=88&type=chunk) [8. Income Tax Expense](index=34&type=section&id=8.%20Income%20Tax%20Expense) No income tax expense was incurred as the company generated tax losses during the reporting period; as of June 30, 2025, estimated unused tax losses were approximately RMB 789,760 thousand - No provision for PRC income tax was made as the Company and its PRC subsidiaries generated tax losses during both periods[89](index=89&type=chunk) - As of June 30, 2025, the Group's estimated unused tax losses were approximately **RMB 789,760 thousand**[89](index=89&type=chunk) - Deferred tax assets were recognized for approximately **RMB 16,911 thousand** of these losses, with the remaining approximately **RMB 772,849 thousand** unrecognized[89](index=89&type=chunk) [9. Loss for the Period](index=35&type=section&id=9.%20Loss%20for%20the%20Period) This note details the expenses contributing to the loss for the period, including staff costs, depreciation and amortization, impairment losses on property, plant and equipment, and material and subcontracting costs for R&D activities Loss for the Period is Stated After Charging (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total staff costs | 17,358 | 48,752 | | Depreciation of right-of-use assets | 2,369 | 2,401 | | Depreciation of property, plant and equipment | 11,645 | 10,498 | | Amortization of intangible assets | 123 | 123 | | Less: Capitalized in construction in progress | (429) | (643) | | Total depreciation and amortization | 13,708 | 12,379 | | Impairment loss recognized on property, plant and equipment | 5,441 | – | | Short-term lease expenses | 16 | 32 | | Material costs included in R&D expenses | 3,448 | 3,729 | | Subcontracting costs included in R&D expenses | 28,774 | 51,290 | - Total staff costs decreased from **RMB 48,752 thousand** in 2024 to **RMB 17,358 thousand** in 2025, primarily due to no equity-settled share-based payments in 2025[91](index=91&type=chunk) - Impairment loss on property, plant and equipment of **RMB 5,441 thousand** was recognized[91](index=91&type=chunk) [10. Dividends](index=35&type=section&id=10.%20Dividends) No dividends were paid, declared, or proposed during the interim period - No dividends were paid, declared, or proposed during the interim period[92](index=92&type=chunk) [11. Loss Per Share](index=36&type=section&id=11.%20Loss%20Per%20Share) Basic and diluted loss per share attributable to owners of the company was RMB (0.39), a narrowing from RMB (0.54) in the prior year Loss Per Share Calculation (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (77,570) | (109,938) | | Weighted average number of ordinary shares for basic and diluted loss per share (thousand shares) | 200,406 | 202,450 | | Basic loss per share (RMB) | (0.39) | (0.54) | | Diluted loss per share (RMB) | (0.39) | (0.54) | [12. Property, Plant and Equipment](index=36&type=section&id=12.%20Property%2C%20Plant%20and%20Equipment) During this interim period, the company's construction in progress in Beijing and Zhuhai increased by RMB 54,164 thousand and RMB 7,924 thousand, respectively, while an impairment loss of RMB 5,441 thousand was recognized due to equipment upgrades and replacements - During this interim period, construction in progress for the Group's R&D and commercial production facilities in Beijing increased by **RMB 54,164 thousand**[94](index=94&type=chunk) - Construction in progress for commercial production facilities in Zhuhai increased by **RMB 7,924 thousand**[94](index=94&type=chunk) - The Group recognized an impairment loss of **RMB 5,441 thousand** on property, plant and equipment during this period, due to the recoverable amount of these assets being lower than their carrying amount as a result of equipment upgrades and replacements[94](index=94&type=chunk) [13. Prepayments, Deposits and Other Receivables](index=37&type=section&id=13.%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables amounted to RMB 18,714 thousand, a decrease from RMB 25,627 thousand as of December 31, 2024 Components of Prepayments, Deposits and Other Receivables | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Recoverable VAT | 7,905 | 5,627 | | Prepayments for purchase of property, plant and equipment | 2,659 | 11,815 | | Prepayments to suppliers and service providers | 5,452 | 6,629 | | Lease deposits | 361 | 351 | | Receivables for test kits | 733 | - | | Others | 1,604 | 1,205 | | **Total** | **18,714** | **25,627** | | Non-current | 3,074 | 12,166 | | Current | 15,640 | 13,461 | [14. Investment in an Associate](index=38&type=section&id=14.%20Investment%20in%20an%20Associate) During this period, the company invested RMB 1,000 thousand in Beijing Rumeng Biotechnology Co., Ltd., holding a 34% ownership and able to exercise significant influence, thus accounted for using the equity method - During this period, the Group invested **RMB 1,000,000** in Rumeng[96](index=96&type=chunk) - The Group holds a **34%** ownership interest in this entity and is able to exercise significant influence over it, thus the investment in this entity is accounted for using the equity method[96](index=96&type=chunk) Investment in an Associate (As of June 30, 2025) | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of investment in an associate | 1,000 | – | [15. Prepayments Received and Other Payables](index=38&type=section&id=15.%20Prepayments%20Received%20and%20Other%20Payables) As of June 30, 2025, total prepayments received and other payables amounted to RMB 86,168 thousand, a decrease from RMB 97,037 thousand as of December 31, 2024 Components of Prepayments Received and Other Payables | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Payables for acquisition of property, plant and equipment | 51,725 | 48,437 | | Payables for R&D activities | 29,911 | 41,808 | | Payables for intangible assets | 520 | 1,327 | | Accrued salaries and other allowances | 2,400 | 5,091 | | Other taxes payable | 1,270 | 154 | | Others | 342 | 220 | | **Total** | **86,168** | **97,037** | - Payables are primarily denominated in RMB, with some in USD and HKD[97](index=97&type=chunk) [16. Bank Borrowings](index=39&type=section&id=16.%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings significantly increased to RMB 207,324 thousand from RMB 54,914 thousand as of December 31, 2024, primarily for the construction of R&D and commercial production facilities, and are guaranteed by an executive director and their spouse Analysis of Bank Borrowings (As of June 30, 2025) | Item | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current | 195,855 | 53,094 | | Current | 11,469 | 1,820 | | **Total** | **207,324** | **54,914** | - Obtained bank borrowings of **RMB 200,000,000** for the construction of Beijing R&D and commercial production facilities, of which **RMB 91,730,000** has been drawn down[98](index=98&type=chunk) - Obtained bank loan financing of **RMB 300,000,000** for the Zhuhai R&D construction project, of which **RMB 110,416,000** has been drawn down[99](index=99&type=chunk) - Both long-term borrowings are guaranteed by Mr. Kong Jian, an executive director of the Company, and his spouse, Ms. Zhang Yanping, and are secured by certain leased land, construction in progress, and properties[99](index=99&type=chunk) [17. Deferred Government Grants](index=40&type=section&id=17.%20Deferred%20Government%20Grants) As of June 30, 2025, deferred government grants amounted to RMB 29,460 thousand, a decrease from RMB 32,302 thousand as of December 31, 2024, primarily due to transfers to profit or loss Changes in Deferred Government Grants (For the six months ended June 30) | Item | Property and Equipment (RMB thousand) | Right-of-use Assets (RMB thousand) | R&D Activities (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 (audited) | 28,298 | 4,004 | – | 32,302 | | Deferred government grants transferred to profit or loss | (1,507) | (1,335) | – | (2,842) | | As of June 30, 2025 (unaudited) | 26,791 | 2,669 | – | 29,460 | | As of January 1, 2024 (audited) | 21,593 | 6,674 | 9,400 | 37,667 | | Deferred government grants transferred to profit or loss | (1,267) | (1,335) | – | (2,602) | | As of June 30, 2024 (unaudited) | 20,326 | 5,339 | 9,400 | 35,065 | - Government grants include compensation for capital expenditures on property and equipment, right-of-use assets, and subsidies for R&D activities[101](index=101&type=chunk) [18. Share Capital/Treasury Shares](index=41&type=section&id=18.%20Share%20Capital%2FTreasury%20Shares) The company's share capital remained unchanged, but treasury shares increased due to repurchases; as of June 30, 2025, the company held 3,219,200 treasury H-shares for a total consideration of RMB 36,890 thousand Share Capital (As of June 30, 2025) | Item | Number of Shares (thousand shares) | Share Capital (RMB thousand) | | :--- | :--- | :--- | | As of January 1, 2024, June 30, 2024, January 1, 2025, and June 30, 2025 | 202,450 | 202,450 | - For the six months ended June 30, 2025, the Company repurchased a total of **1,759,200** of its own ordinary shares through the Stock Exchange, for a total consideration of **RMB 36,890,000**[103](index=103&type=chunk) - As of the end of the reporting period, all repurchased **3,219,200 shares** were held as treasury shares[103](index=103&type=chunk) [19. Share-based Payment Transactions](index=41&type=section&id=19.%20Share-based%20Payment%20Transactions) This note details the company's employee incentive scheme implemented in

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，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Tuya Inc. 塗鴉智能* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （香港聯交所股份代號：2391） （紐約證券交易所股票代碼：TUYA） 截至2025年6月30日止六個月中期業績公告 全球領先雲平台服務提供商Tuya Inc.（「Tuya」或「本公司」，聯交所代號：2391及 紐交所代號：TUYA）今日公佈本公司、其附屬公司及合併聯屬實體（「本集團」） 截至2025年6月30日止六個月（「報告期」）的未經審計財務業績連同截至2024年6 月30日止六個月之比較數字。 截至2025年6月30日止六個月的財務摘要 * 僅供識別 1 • 總收入為154.8百萬美元，同比增長約14.7%（截至2024年6月30日止六個 月：134.9百萬美元）。 • 平台即服務（「PaaS」）收入為111.9百萬美元，同比增長約12.0%（截至2024 年6月30日止六個月：99.9百萬美元）。 • 軟件即 ...

[Chairman's Statement](index=1&type=section&id=Chairman's%20Statement) [Global Economy and Business Challenges](index=1&type=section&id=Global%20Economy%20and%20Business%20Challenges) In the first half of 2025, the global economy and trade were impacted by US tariff policies and geopolitical changes, posing severe challenges to the global apparel industry and the Group's business - The global economy and trade were significantly affected by aggressive US tariff policies and geopolitical changes, leading to severe and difficult challenges for the global apparel industry, with the Group's business inevitably experiencing deeper impacts[2](index=2&type=chunk) - The Group implemented deeper reforms, actively promoted the "Dali Culture" of adapting to new times and laws, and actively explored new markets to seize growth opportunities in emerging and high-end markets[3](index=3&type=chunk) Key Financial Indicators for H1 2025 | Indicator | Amount (HKD) | | :--- | :--- | | Profit attributable to shareholders | 41.7 million | | Ratio of non-current liabilities to shareholders' equity | 39.3% | | Current ratio | 1.2 | | Basic earnings per share | 0.14 | | Net asset value per share | 10.36 | | Interim dividend | 0.035/share | [Strategic Direction and Future Outlook](index=2&type=section&id=Strategic%20Direction%20and%20Future%20Outlook) The Group focuses on sustainable new products, technological innovation (AI and digital transformation), and stable management of the "Dali International Industrial Park" project, aiming for long-term development with flexible strategies - Dali focuses on the low-carbon economy, circular fashion, and healthy lifestyles, promoting the research and development of high-performance and recyclable new materials, and developing more innovative products in sports fashion and daily wear[5](index=5&type=chunk) - The Group continues to advance AI and digital transformation, with the core objective of enhancing supply chain speed and rapid response capabilities, strengthening quick response, and promoting design and R&D innovation[5](index=5&type=chunk) - The "Dali International Industrial Park" project maintains stable operations, laying a solid foundation for the long-term development of high-tech talent and resources, with the Group pursuing development with a long-term and forward-looking perspective[5](index=5&type=chunk) [Performance](index=3&type=section&id=Performance) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement reports the unaudited condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing year-on-year decreases in total revenue, profit for the period, and EPS, but a turnaround from loss to profit in total comprehensive income Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,507,792 | 1,643,045 | -8.23% | | Operating Gross Profit | 288,312 | 337,983 | -14.70% | | Profit Before Tax | 44,209 | 67,348 | -34.37% | | Profit for the Period | 42,067 | 53,081 | -20.75% | | Total Comprehensive Income (Expense) for the Period | 74,801 | (30,637) | Turnaround from loss to profit | | Profit Attributable to Shareholders of the Company | 41,747 | 53,305 | -21.68% | | Basic Earnings Per Share | HKD 0.14 | HKD 0.17 | -17.65% | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides the unaudited condensed consolidated financial position as of June 30, 2025, presenting the period-end balances of total assets, total liabilities, and shareholders' equity, reflecting changes in the company's asset structure and solvency Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 4,121,906 | 4,012,922 | +2.72% | | Current Assets | 2,138,741 | 2,166,125 | -1.26% | | Current Liabilities | 1,839,570 | 1,836,301 | +0.18% | | Net Current Assets | 299,171 | 329,824 | -9.30% | | Net Assets | 3,165,859 | 3,091,058 | +2.42% | | Equity Attributable to Shareholders of the Company | 3,190,866 | 3,116,385 | +2.39% | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and applicable disclosure requirements of Appendix D2 of the HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[12](index=12&type=chunk) [Significant Accounting Policies](index=7&type=section&id=Significant%20Accounting%20Policies) The report is prepared on a historical cost basis, with accounting policies consistent with the prior year's financial report, except for investment properties and some financial instruments measured at fair value, and new/revised standards having no material impact - The condensed consolidated financial statements have been prepared on a historical cost basis, except for investment properties and certain financial instruments which are measured at fair value, and the accounting policies are consistent with those used in the preparation of the Group's annual financial statements for the year ended December 31, 2024[13](index=13&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards has no material impact on the Group's financial position and financial performance for the current period and prior periods and/or the disclosures contained in these condensed consolidated financial statements[14](index=14&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) This section details the Group's revenue by customer contracts and geographical areas, as well as revenue and results for the two business segments: garment manufacturing and trading, and property investment and development, explaining the calculation of segment profit Total Revenue and Geographical Breakdown (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,507,792 | 1,643,045 | -8.23% | | Revenue from China | 848,670 | 955,137 | -11.14% | | Revenue from USA | 233,556 | 213,707 | +9.29% | | Revenue from Europe | 184,066 | 195,125 | -5.77% | | Revenue from Other Regions | 241,500 | 279,076 | -13.46% | Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD thousand) | 2024 Revenue (HKD thousand) | 2025 Result (HKD thousand) | 2024 Result (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Garment Manufacturing and Trading | 1,477,516 | 1,577,545 | 41,511 | 73,467 | | Property Investment and Development | 30,276 | 65,500 | (843) | 13,772 | - Segment profit refers to the profit earned by each segment but excludes fair value changes of derivative financial instruments and investment properties, certain central administrative expenses, and other expenses, primarily used for resource allocation and performance evaluation[19](index=19&type=chunk) [Other Net Gains and Losses](index=10&type=section&id=Other%20Net%20Gains%20and%20Losses) This section discloses other net gains and losses for the six months ended June 30, 2025, primarily influenced by fair value changes of investment properties and derivative financial instruments, showing a significant year-on-year increase Other Net Gains and Losses (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Fair Value Change of Investment Properties | 28,969 | 3,436 | +743.0% | | Fair Value Change of Derivative Financial Instruments | 3,641 | (1,261) | Turnaround from loss to gain | | Net Exchange Gain | 1,749 | 1,028 | +70.1% | | Total | 33,608 | 2,582 | +1209.4% | [Finance Costs](index=10&type=section&id=Finance%20Costs) This section discloses finance costs for the six months ended June 30, 2025, primarily comprising interest on bank loans and overdrafts, with the total amount decreasing year-on-year Finance Costs (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans and Overdrafts | 35,752 | 42,242 | -15.36% | | Total Borrowing Costs | 36,304 | 43,168 | -15.90% | | Less: Amount Capitalized for Qualifying Assets | (2,836) | (1,714) | +65.46% | | Total | 33,468 | 41,454 | -19.27% | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) This section discloses income tax expense for the six months ended June 30, 2025, showing significant decreases in tax expenses for both Hong Kong and Mainland China, leading to a substantial reduction in total tax expense Income Tax Expense (For the six months ended June 30) | Tax Source | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 2,006 | 5,566 | -63.90% | | Mainland China | 504 | 12,975 | -96.12% | | Total Current Period Tax Expense | 2,510 | 18,541 | -86.47% | | Total Income Tax Expense | 2,142 | 14,267 | -84.99% | [Profit for the Period](index=11&type=section&id=Profit%20for%20the%20Period) This section explains certain items deducted from or included in the profit for the period, including depreciation, inventory provisions, and interest income, reflecting changes in cost structure and revenue sources Items Deducted From (Included In) Profit for the Period (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 35,033 | 28,528 | +22.80% | | Depreciation of Right-of-Use Assets | 3,019 | 2,832 | +6.60% | | Net Provision for (Reversal of) Inventory | 536 | (10,701) | Turnaround from reversal to provision | | Interest Income | (4,462) | (9,769) | -54.34% | [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) This section provides data for the calculation of basic and diluted earnings per share for the six months ended June 30, 2025, showing a year-on-year decrease in EPS and explaining the assumptions for diluted EPS calculation Earnings Per Share Calculation Data (For the six months ended June 30) | Indicator | 2025 (HKD thousand/shares) | 2024 (HKD thousand/shares) | YoY Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Shareholders of the Company | 41,747 | 53,305 | -21.68% | | Number of Ordinary Shares (thousands) | 305,616 | 305,616 | 0% | | Basic and Diluted Earnings Per Share | HKD 0.14 | HKD 0.17 | -17.65% | - In calculating diluted earnings per share for the six months ended June 30, 2025, and June 30, 2024, the exercise of share options was not assumed as the exercise price of these share options was higher than the average market price of the shares[24](index=24&type=chunk) [Dividends](index=12&type=section&id=Dividends) This section discloses the interim dividend distribution for the six months ended June 30, 2025, which remained consistent with the prior year, and notes that no final dividend was declared - The Board declared an interim dividend of **HKD 0.035 per share** for the six months ended June 30, 2025, which is the same as the dividend for the six months ended June 30, 2024[25](index=25&type=chunk) - No final dividend for the year ended December 31, 2024, was declared or paid during this interim period[25](index=25&type=chunk) [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) This section describes the composition of trade and other receivables and credit period policies, providing an aging analysis as of June 30, 2025, showing that receivables within 90 days constitute the largest portion - Trade and other receivables primarily include receivables from garment sales and property leases, with credit terms granted to garment trading customers mainly ranging from **30 to 90 days**[26](index=26&type=chunk) Aging Analysis of Trade and Other Receivables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 90 days | 550,341 | 584,142 | | 91 to 180 days | 34,154 | 33,112 | | 181 to 360 days | 18,491 | 23,746 | | Over 360 days | 18,049 | 6,083 | | Total | 621,035 | 647,083 | [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) This section provides an aging analysis of trade and other payables as of June 30, 2025, indicating that payables within 90 days represent the largest share, with a significant amount of accrued purchases Aging Analysis of Trade and Other Payables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 90 days | 421,903 | 392,707 | | 91 to 180 days | 46,435 | 48,252 | | 181 to 360 days | 13,061 | 4,244 | | Over 360 days | 11,033 | 12,563 | | Accrued Purchases | 191,894 | 218,112 | | Total | 684,326 | 675,878 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=14&type=section&id=Business%20Review) Facing a complex international landscape, the Group deepened digital management, implemented sustainable development strategies, optimized market and customer structures, expanded into new markets, and continuously advanced AI technology to enhance production efficiency and product innovation - The Group adheres to a management philosophy of steady progress and continuous innovation, actively optimizing market and customer structures and exploring emerging market opportunities through deepened digital management and sustainable development strategies[29](index=29&type=chunk) - The Group continuously advances the application of AI technology, significantly enhancing production flexibility and cost control through smart workshops and process automation, while accurately forecasting market trends[29](index=29&type=chunk) - In sustainable development, the Group actively practices green concepts, providing one-stop solutions and enhancing product durability through "Innocell" fabric technology and "Silkology" patented technology[30](index=30&type=chunk) - The Hangzhou "Dali International Industrial Park," despite being affected by the domestic real estate downturn, maintained stable rental income and gradually leveraged its platform value for technological and industrial synergy[30](index=30&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) This section summarizes the Group's H1 2025 performance, noting year-on-year decreases in revenue and gross profit, but significant growth in other net gains, increased administrative and selling expenses as a percentage of revenue, reduced finance costs, and a decline in EPS Key Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1.5078 billion | 1.643 billion | -8.23% | | Gross Profit | 288.3 million | 338 million | -14.70% | | Gross Profit Margin | 19.1% | 20.6% | -1.5 percentage points | | Profit for the Period | 42.1 million | 53.1 million | -20.72% | | Other Net Gains | 33.6 million | 2.6 million | +1209.4% | | Basic Earnings Per Share | 0.14 | 0.17 | -17.65% | | Net Asset Value Per Share (2025/06/30) | 10.36 | 10.11 (2024/12/31) | +2.47% | Revenue Breakdown by Region (For the six months ended June 30) | Region | 2025 Revenue (HKD) | 2025 Share | 2024 Revenue (HKD) | 2024 Share | | :--- | :--- | :--- | :--- | :--- | | China | 848.7 million | 56.3% | 955.1 million | 58.1% | | USA and Europe | 417.6 million | 27.7% | 408.8 million | 24.9% | | Other Countries | 241.5 million | 16.0% | 279.1 million | 17.0% | - Finance costs decreased from **HKD 41.5 million** in the first six months of 2024 to **HKD 33.5 million** in the first six months of 2025, primarily due to a reduction in interest on bank loans and overdrafts[32](index=32&type=chunk) [Segment Information](index=16&type=section&id=Segment%20Information) This section provides revenue and segment results by major business and region, detailing operational highlights and strategic directions for garment manufacturing and trading, and property investment and development businesses [Garment Manufacturing and Trading Business](index=16&type=section&id=Garment%20Manufacturing%20and%20Trading%20Business) The garment manufacturing and trading business experienced year-on-year declines in revenue and profit, but the Group continues to optimize operational performance and gain market recognition through sustainable development practices, enhanced process efficiency, and digital transformation Garment Manufacturing and Trading Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,477,516 | 1,577,545 | -6.47% | | Profit | 41,511 | 73,467 | -43.50% | - The Group has systematically integrated sustainable development practices into its comprehensive product development and manufacturing framework, continuously optimizing operational performance through enhanced process efficiency and digital transformation[34](index=34&type=chunk) [Property Investment and Development](index=16&type=section&id=Property%20Investment%20and%20Development) The property investment and development business saw a significant year-on-year decrease in revenue, but the completion of Phase II of the Hangzhou "Dali International Industrial Park" is expected to generate stable rental income and long-term development returns through optimized enterprise portfolios and industrial synergy Property Investment and Development Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 30,276 | 65,500 | -53.77% | | Profit | (843) | 13,772 | Turnaround from profit to loss | - With the completion of Phase II of the Hangzhou "Dali International Industrial Park," the Group continues to optimize its tenant portfolio, attracting diverse high-quality talent and capital to build an innovative ecosystem that promotes collaborative R&D and technological development[35](index=35&type=chunk) [Environmental, Social and Governance (ESG) Responsibility](index=17&type=section&id=Environmental%2C%20Social%20and%20Governance%20(ESG)%20Responsibility) The Group deeply integrates sustainable development into its core business strategy, actively promotes green transformation, innovative recycling technologies, and high-value-added product R&D, setting six-year sustainability goals, while also focusing on employee development, fair management, and integrity culture - The Group deeply integrates sustainable development concepts into its core business strategy, actively establishing strategic alliances with global fashion brands to jointly promote the industry's green transformation and build a sustainable fashion circular model[36](index=36&type=chunk) - In green product development, the Group implements green sustainable development concepts, with its INNOCELL®T2T series products providing comprehensive fashion circular solutions for the industry and initiating a pilot production line for textile waste recycling[37](index=37&type=chunk) - The Group has set six-year sustainable development goals covering green energy, diversity and inclusion, safe workplace, community integration, and social contribution, with specific action plans formulated[37](index=37&type=chunk) - The Group adheres to its core values of "Achieving Self and Others, Benefiting Self and Others," valuing employee development, fostering a harmonious, inclusive, equal, and respectful work environment, and implementing competitive compensation strategies[37](index=37&type=chunk) - The Group upholds principles of integrity, maintaining zero tolerance for any corruption and fraudulent activities, regularly providing anti-corruption training for new employees and board members, and establishing transparent and compliant internal complaint channels and customer privacy protection systems[38](index=38&type=chunk) [Financial Position and Risk Management](index=18&type=section&id=Financial%20Position%20and%20Risk%20Management) This section details the Group's cash and bank balances, bank loan composition and usage, debt ratios, and current ratios, analyzing foreign currency risk, pledged assets, capital expenditures, capital commitments, and contingent liabilities, emphasizing a robust capital base and liquidity management Liquidity and Debt Ratios (As of June 30, 2025) | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents, Short-term Bank Deposits, and Other Financial Assets at FVTPL | 573 million | 593.8 million | -3.50% | | Bank Loans | 1.623 billion | 1.6 billion | +1.44% | | Ratio of Non-current Liabilities to Shareholders' Equity | 39.3% | 40.2% | -0.9 percentage points | | Current Ratio | 1.2 | 1.2 | No change | - Bank loans are primarily used for various property construction and development projects, as well as fixed asset investments for developing and upgrading production facilities in Mainland China[39](index=39&type=chunk) - Net cash inflow from operating activities was approximately **HKD 69.1 million**, and management is confident in the Group's ability to maintain good working capital and liquidity levels[39](index=39&type=chunk) - Foreign currency risk is mainly related to RMB and USD; as HKD is pegged to USD, the Group considers the related foreign exchange risk to be minimal[40](index=40&type=chunk) - The Group has pledged property, plant and equipment of **HKD 31.6 million**, investment properties of **HKD 2.1952 billion**, and certain deposits of **HKD 122.1 million** for bank borrowings[41](index=41&type=chunk) Capital Expenditures and Commitments (As of June 30, 2025) | Item | H1 2025 (HKD) | H1 2024 (HKD) | June 30, 2025 (HKD) (Commitment) | December 31, 2024 (HKD) (Commitment) | | :--- | :--- | :--- | :--- | :--- | | Investment in Manufacturing Capacity and Environmental Equipment | 34.2 million | 47.7 million | - | - | | Investment in Property Development and Construction Projects | 40.3 million | 36.8 million | - | - | | Capital Expenditure Commitments (Unreflected) | - | - | 261.4 million | 394.4 million | - As of June 30, 2025, the Group had no significant contingent liabilities[44](index=44&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) [Human Resources](index=19&type=section&id=Human%20Resources) The Group employs approximately 5,000 staff, with management highly prioritizing employee development through robust training programs, performance appraisal frameworks, and competitive compensation and benefits to enhance professional capabilities and team cohesion - As of June 30, 2025, the Group employed approximately **5,000 staff**[45](index=45&type=chunk) - Management highly values employee development, enhancing professional capabilities and knowledge through sound training programs, comprehensive performance appraisal frameworks, and competitive compensation strategies[45](index=45&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 0.035 per share for the six months ended June 30, 2025, totaling approximately HKD 10.697 million, consistent with the prior year - The Board declared an interim dividend of **HKD 0.035 per share** for the six months ended June 30, 2025, totaling approximately **HKD 10.697 million**[46](index=46&type=chunk) - The dividend will be paid on October 3, 2025, to shareholders whose names appear on the register of members on September 12, 2025[46](index=46&type=chunk) [Closure of Register of Members](index=19&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend its share transfer registration from September 11 to September 12, 2025 - The company's share transfer registration will be suspended from Thursday, September 11, 2025, to Friday, September 12, 2025, both days inclusive, to determine shareholders entitled to the interim dividend[47](index=47&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) For the six-month accounting period ended June 30, 2025, the company applied and complied with all principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - For the six-month accounting period ended June 30, 2025, the company applied and complied with all principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[48](index=48&type=chunk) [Review by Audit Committee](index=20&type=section&id=Review%20by%20Audit%20Committee) The company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information and interim report for the six months ended June 30, 2025 - The company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information and interim report for the six months ended June 30, 2025[49](index=49&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the six-month period ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the six-month period ended June 30, 2025, the company did not redeem any of its listed securities, and neither the company nor its subsidiaries purchased or sold any of the company's listed securities[50](index=50&type=chunk) [Publication of Results Announcement and Interim Report](index=20&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) The results announcement has been published on the company's and HKEX websites, and the interim report will be published and dispatched to shareholders on or before September 30, 2025 - This announcement is published on the company's website (www.highfashion.com.hk) and the HKEX website (www.hkexnews.hk)[51](index=51&type=chunk) - The 2025 Interim Report will be published and dispatched to the company's shareholders on or before Tuesday, September 30, 2025[51](index=51&type=chunk) [Appointment of Nomination Committee Members](index=20&type=section&id=Appointment%20of%20Nomination%20Committee%20Members) Ms. Leung Wing Man and Mr. Wong Chun Cheong were appointed as members of the Nomination Committee effective August 26, 2025 - Effective August 26, 2025, Ms. Leung Wing Man, a non-executive director, and Mr. Wong Chun Cheong, an independent non-executive director, were appointed as members of the company's Nomination Committee[52](index=52&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，概不就因本公告全部或任 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 財務摘要 1 • 本集團於報告期的收益約人民幣701.86百萬元，較截至2024年6月30日止六 個月的收益約人民幣640.75百萬元增加約9.54%。 • 本集團於報告期的毛利約人民幣168.44百萬元，較截至2024年6月30日止六 個月的毛利約人民幣165.16百萬元增加約1.99%。 • 本集團於報告期的純利約人民幣74.60百萬元，較截至2024年6月30日止六個 月的純利約人民幣51.79百萬元增加約44.05%。 • 報告期內，本公司權益股東應佔每股股份基本及攤薄盈利分別約人民幣0.06 元及人民幣0.06元，而截至2024年6月30日止六個月的每股股份基本及攤薄 盈利分別約人民幣0.04元及人民幣0.04元。 • 於2025年6月30日，本集團的資產負債率為23.0%，而於2024年12月31日則為 28.2%。 • 董事會不建議就截至2025年6月30日止六個月派付中期股息（截至2024 ...

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。 承董事會命 元續科技控股有限公司 主席、行政總裁兼執行董事 蔡水理 新加坡，二零二五年八月二十六日 METASURFACE TECHNOLOGIES HOLDINGS LIMITED 元 續 科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8637） 截至二零二五年六月三十日止六個月的 中期業績公告 元續科技控股有限公司（「本公司」）董事會（「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的未經審核中期財務業績。本公告 載有本公司截至二零二五年六月三十日止六個月的中期業績全文，連同二零二四年 同期的比較數字，符合聯交所GEM證券上市規則關於中期業績初步公告所附資料 的相關規定。 於本公告日期，本公司之執行董事為拿督斯里蔡水理先生、余偉娟女士及蘇振裕先 生；本公司之非執行董事為程章金先生；以及獨立非執行董事為陳志強先生、洪勇 勝先生及田揚康先生。 – 1 ...