香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 Crypto Flow Technology Limited 加幂科技有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8198） 截至二零二五年六月三十日止六個月期間之中期業績 本 公 告 載 有 本 公 司 二 零 二 五 年 中 期 報 告 全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司GEM證 券 上 市 規 則（「GEM上市規則」）有 關 中 期 業 績 初 步 公 告 隨 附 資 料 的 相關規定。 承董事會命 加幂科技有限公司 主 席 李紅斌 香港，二零二五年八月二十六日 於 本 公 告 日 期，執 行 董 事 為 李 紅 斌 先 生（主 席）、黃 亦 斌 先 生 及 熊 佳 彥 女 士； 及獨立非執行董事為孫宇強先生、朱賀華先生及唐儀先生。 本公告的資料乃遵照GEM上 市 規 則 而 刊 載，旨 在 提 供 有 關 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （ 於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 截至2025年6月30日止六個月之中期業績公告 本公司董事會欣然公佈本集團截至2025年6月30日止六個月之未經審核中期業績。 – 1 – 財務摘要 中期簡明綜合損益表 截至2025年6月30日止六個月 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | | 人民幣千元 | 人民幣千元 | | | 附註 | （未經審核） | （ 未經審核） | | 收入 | 3 | 19,425,533 | 20,383,158 | | 銷售成本 | | (10,123,465) | (10,463 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Zhejiang Shibao Company Limited* 浙 江 世 寶 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限責任公司） （股份代號： 1057 ） | | 2025 年 | 1-6 | 月 | | 2024 年 1-6 月 | | | 同比增減 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 人民幣 | | | | 人民幣 | | | | | | (未經審計) | | | | (未經審計) | | | | | 營業收入 | 1,524,160,127.15 | | | | 1,126,360,975.88 | | | 35.32% | | 歸屬於上市公司股東的淨利潤 | 93,034,442.81 | | | | 66,887,755.99 | | | 39.09% | | 歸屬 ...

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布的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公布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。 （股份代號：41） 2025 年中期業績公布 鷹君集團有限公司（「本公司）」）董事會（「董事會」）宣布，本公司及其附屬公司（統稱「本 集團」）」截至2025年6月30日止六個月未經審核之綜合財務業績如下： | | 截至 6 月 | 30 | 日止六個月 | | | --- | --- | --- | --- | --- | | | 年 2025 | | 年 2024 | | | | 百萬港元 | | 百萬港元 | 變動 | | 收益表之主要財務數據 | | | | | | 1 按核心業務計 | | | | | | 核心業務收益 | 4,000.0 | | 3,791.0 | 5.5% | | 權益持有人應佔除稅後核心溢利 | 597.3 | | 735.8 | -18.8% | | 權益持有人應佔除稅後核心溢利（每股） | 0.80 港元 | | 0.98 港元 | | | 2 按法定會計準則計 | | ...

Golden Power Group Holdings Limited 金力集團控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號 : 3919 2025 Golden Power Group Holdings Limited 金力集團控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code : 3919 財務摘要 1 金力集團控股有限公司•中期報告2025 • 截至二零二五年六月三十日止六個月，本集團錄得未經審核收益約 159.20百萬港元（截至二零二四年六月三十日止六個月：約157.55百 萬港元），較二零二四年同期增長約1.05%。 • 截至二零二五年六月三十日止六個月，本公司權益股東應佔未經審核 虧損約3.16百萬港元，而截至二零二四年六月三十日止六個月則為本 公司權益股東應佔未經審核虧損約2.87百萬港元。本期間虧損是由於 毛利減少。 • 毛利率由截至二零二四年六月三十日止六個月的約24.67%下降約5.07 個百分點至本期間的約19.60%。毛利率下降是由於本期間全球商品 價格波動導致的原材料成 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 GRAND POWER LOGISTICS GROUP LIMITED 裕 程 物 流 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 8489） 截至二零二五年六月三十日止六個月中期業績公告 裕程物流集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬 公司截至二零二五年六月三十日止六個月的未經審核綜合業績。本公告列載本公司截至 二零二五年六月三十日止六個月的中期報告全文，並符合香港聯合交易所有限公司（「聯 交所」）GEM證券上市規則（「GEM上市規則」）有關中期業績初步公告附載資料的相關規定 會刊載於聯交所網站www.hkexnews.hk 及本公司網站 www.grandpowerexpress.com 供閱覽。 承董事會命 裕程物流集團有限公司 主席、首席執行官兼執行董事 趙彤 香港，二零二五年八月二十六日 於本公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 ENM HOLDINGS LIMITED 安 寧 控 股 有 限 公 司 （於香港成立之有限公司） （股份代號： 00128） 截至二零 二 五 年六月三十日止六個月 中期業績公佈 安寧控股有限公司（「本公司」）董事會（「董事會」）謹此呈報本公司及 其附屬公司（統 稱「 本集 團」）截 至 二零 二五 年六月三十日止六個月之未經 審核簡明綜合中期業績，連同二零二 四年同期之未經審核比較數字。 本公佈下文所載 之 財務資料乃從截至二零 二 五 年六月三十日止六個月的簡 明綜合財務報表中摘錄。該簡明綜合財務報表並未經審核，惟經本公司外 聘核數師 羅申美 會計師事務所按照香港會計師公會頒佈 之 香港審閱工作準 則 第 2410 號「 實體的獨立核數師對中期財務 資料 之 審閱」進行審閱，其未 經修訂 之 審閱報告將刊載於即將寄發予股東 之 中期報告內。此外，截至二 零 二 五 年六月三十日止六個月 之 簡明綜合財 ...

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倚賴該等內容而引致的任何損失承擔任何責任。 CR Construction Group Holdings Limited 華營建築集團控股有限公司 （股份代號：1582） （於開曼群島註冊成立的有限公司） 截至二零二五年六月三十日止六個月之 中期業績公告 財務摘要 本集團截至二零二五年六月三十日止六個月的總收益增加至約3,570.9百萬港元， 而截至二零二四年六月三十日止六個月則約為2,773.2百萬港元。 本集團截至二零二五年六月三十日止六個月的毛利總額增加至約295.4百萬港元， 而截至二零二四年六月三十日止六個月則約為188.1百萬港元。 截至二零二五年六月三十日止六個月的本公司擁有人應佔溢利約為24.3百萬港元， 而截至二零二四年六月三十日止六個月則約為35.8百萬港元。 董事會已決議不宣派截至二零二五年六月三十日止六個月的中期股息。 1 華營建築集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本 公司及其附屬公司（統 ...

[Company Information and Announcement Statements](index=1&type=section&id=Company%20Information%20and%20Announcement%20Statements) [Announcement Statements](index=1&type=section&id=Announcement%20Statements) Unaudited consolidated results for H1 2025, reviewed by independent auditors and the audit committee - The company announced its unaudited consolidated results for the six months ended June 30, 2025, which have been reviewed by independent auditors and the audit committee[2](index=2&type=chunk)[3](index=3&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Income Statement](index=2&type=section&id=Condensed%20Consolidated%20Income%20Statement) H1 2025 revenue slightly increased, but profit significantly decreased due to higher finance costs and associate/JV losses Condensed Consolidated Income Statement (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,470,685 | 1,459,162 | 11,523 | 0.8% | | Gross Profit | 367,123 | 363,097 | 4,026 | 1.1% | | Operating profit before fair value changes of investment properties | 255,109 | 113,889 | 141,220 | 124.0% | | Fair value (loss)/gain on investment properties | (3,543) | 13,781 | (17,324) | -125.7% | | Net finance costs | (156,212) | (142,367) | (13,845) | 9.7% | | Share of (loss)/profit of associates | (11,644) | 42,326 | (53,970) | -127.5% | | Share of (loss)/profit of joint ventures | (11,471) | 7,719 | (19,190) | -248.6% | | Profit before income tax | 72,239 | 35,348 | 36,891 | 104.4% | | Income tax expense | (70,130) | (32,146) | (37,984) | 118.2% | | Profit for the period | 2,109 | 3,202 | (1,093) | -34.1% | | Profit attributable to owners of the Company | 1,771 | 17,614 | (15,843) | -89.9% | | Basic and diluted earnings per share (RMB cents) | 0.02 | 0.24 | (0.22) | -91.7% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) H1 2025 total comprehensive income turned to gain, driven by improved exchange differences and equity investment fair value changes Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,109 | 3,202 | (1,093) | | Exchange differences | 212 | (2,481) | 2,693 | | Fair value changes of equity investments measured at fair value through other comprehensive income | 377 | (584) | 961 | | Total comprehensive income/(loss) for the period | 2,604 | (1,588) | 4,192 | | Attributable to owners of the Company | 2,266 | 12,824 | (10,558) | | Attributable to non-controlling interests | 338 | (14,412) | 14,750 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased, while net current assets significantly increased due to reduced current liabilities Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 23,054,961 | 23,341,927 | (286,966) | -1.2% | | Net Current Assets | 4,709,740 | 2,754,181 | 1,955,559 | 71.0% | | Total Liabilities | 14,174,267 | 14,470,202 | (295,935) | -2.0% | | Total Equity | 8,880,694 | 8,871,725 | 8,969 | 0.1% | | Investment Properties | 7,641,402 | 7,448,361 | 193,041 | 2.6% | | Properties Under Development | 2,191,276 | 1,948,162 | 243,114 | 12.5% | | Completed Properties Held for Sale | 4,674,395 | 4,844,562 | (170,167) | -3.5% | | Trade and Other Receivables and Prepayments (Current) | 3,096,264 | 3,355,563 | (259,299) | -7.7% | | Cash and Cash Equivalents | 1,457,930 | 1,619,595 | (161,665) | -10.0% | | Bank and Other Borrowings (Current) | 3,537,954 | 4,853,445 | (1,315,491) | -27.1% | | Trade and Other Payables | 2,792,464 | 3,681,603 | (889,139) | -24.2% | | Bank and Other Borrowings (Non-current) | 4,457,429 | 2,644,556 | 1,812,873 | 68.6% | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) The Group primarily operates in park services and industrial investment in mainland China, incorporated in the Cayman Islands - The Group's principal businesses include park operation services, park development services, and industrial investment, operating mainly in mainland China[8](index=8&type=chunk) - The Company is a limited company incorporated in the Cayman Islands, with its share capital listed on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk)[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Financial statements are prepared under IAS 34 and HKEX Listing Rules, to be read with annual consolidated statements - The financial statements are prepared in accordance with International Accounting Standard 34 and the disclosure requirements of Appendix D2 to the HKEX Listing Rules[11](index=11&type=chunk) [Going Concern Basis](index=6&type=section&id=Going%20Concern%20Basis) Significant uncertainties exist regarding non-compliance with loan covenants, reclassifying borrowings, despite Board's mitigation plans - As of June 30, 2025, the Group had **RMB 802,050 thousand** in syndicated loans and **RMB 1,455,822 thousand** in borrowings with cross-default conditions that failed to meet financial covenants, resulting in the reclassification of some non-current borrowings as current liabilities[12](index=12&type=chunk)[13](index=13&type=chunk) - The Board has reviewed cash flow forecasts and implemented measures including negotiating waivers with lenders, monitoring covenant compliance, utilizing unutilized financing, accelerating property sales, and seeking alternative financing to alleviate liquidity pressure[14](index=14&type=chunk)[15](index=15&type=chunk) - Although the directors consider the preparation of financial statements on a going concern basis appropriate, significant uncertainties remain regarding the realization of these plans and measures[16](index=16&type=chunk)[18](index=18&type=chunk) [Significant Accounting Policies](index=8&type=section&id=Significant%20Accounting%20Policies) Financial statements prepared on historical cost basis, consistent with 2024, applying IFRS amendments effective Jan 1, 2025 - The financial statements are prepared on a historical cost basis and apply amendments to International Financial Reporting Standards effective on or after January 1, 2025[17](index=17&type=chunk) [Application of New and Revised International Financial Reporting Standards](index=9&type=section&id=Application%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) IAS 21 (Amendment) applied with no material impact; IFRS 18 and other amendments expected to affect future disclosures - The Group has applied IAS 21 (Amendment) "Lack of Exchangeability," which has no significant impact on the current period's financial position and performance[19](index=19&type=chunk) - IFRS 18 and other subsequent amendments are expected to affect the presentation and disclosure of the consolidated income statement for annual reporting periods beginning on or after January 1, 2027[20](index=20&type=chunk) [Revenue and Segment Information](index=10&type=section&id=Revenue%20and%20Segment%20Information) Group's main segments are park operation, park development, and industrial investment; H1 2025 total revenue RMB 1,470,685 thousand - The Group's principal businesses include park operation services, park development services, and industrial investment[23](index=23&type=chunk)[29](index=29&type=chunk) [Revenue by Major Product or Service Line](index=10&type=section&id=Revenue%20by%20Major%20Product%20or%20Service%20Line) H1 2025 park operation services revenue RMB 1,038,192 thousand, park development services RMB 432,493 thousand, total revenue up 0.8% Revenue by Major Product or Service Line (RMB thousand) | Service Line | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change (thousand) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 1,106,955 | (68,763) | -6.2% | | Property Management Services | 417,166 | 376,419 | 40,747 | 10.8% | | Design and Construction Services | 372,343 | 487,841 | (115,498) | -23.7% | | Property Leasing Services | 80,202 | 67,911 | 12,291 | 18.1% | | Energy Services | 43,394 | 62,712 | (19,318) | -30.8% | | Group Catering and Hotel Services | 72,387 | 68,238 | 4,149 | 6.1% | | Park Development Services | 432,493 | 352,207 | 80,286 | 22.8% | | Industrial Park Space Sales | 315,268 | 239,920 | 75,348 | 31.4% | | Self-held Park Property Leasing | 117,225 | 112,287 | 4,938 | 4.4% | | **Total** | **1,470,685** | **1,459,162** | **11,523** | **0.8%** | [Segment Results](index=11&type=section&id=Segment%20Results) H1 2025 park operation and development segments grew significantly, while industrial investment recorded a loss Segment Results (RMB thousand) | Segment | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change (thousand) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services Segment Results | 134,498 | 69,296 | 65,202 | 94.1% | | Park Development Services Segment Results | 175,151 | 94,306 | 80,845 | 85.7% | | Industrial Investment Segment Results | (9,995) | (760) | (9,235) | 1215.1% | | **Total Segment Results from External Customers** | **299,654** | **162,842** | **136,812** | **84.0%** | [Profit Before Income Tax](index=13&type=section&id=Profit%20Before%20Income%20Tax) Profit before income tax impacted by increased net finance costs, staff costs, and cost of properties sold in H1 2025 [Net Finance Costs](index=13&type=section&id=Net%20Finance%20Costs) H1 2025 net finance costs increased to RMB (156,212) thousand, mainly due to higher interest on bank borrowings Net Finance Costs (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Interest Income | 17,524 | 32,105 | (14,581) | | Net Exchange Gain | 7,773 | – | 7,773 | | Interest Expense on Bank and Other Borrowings | (179,471) | (169,824) | (9,647) | | Interest Expense on Lease Liabilities | (24,236) | (28,349) | 4,113 | | Capitalized Interest Expense | 22,198 | 26,478 | (4,280) | | Net Exchange Loss | – | (2,777) | 2,777 | | **Net Finance Costs** | **(156,212)** | **(142,367)** | **(13,845)** | [Staff Costs](index=14&type=section&id=Staff%20Costs) H1 2025 total staff costs increased to RMB 420,555 thousand, primarily from higher salaries and benefits Staff Costs (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 389,110 | 384,682 | 4,428 | | Contributions to Defined Contribution Retirement Plans | 31,445 | 27,809 | 3,636 | | **Total** | **420,555** | **412,491** | **8,064** | [Other Items](index=14&type=section&id=Other%20Items) H1 2025 saw fluctuations in cost of properties sold and construction, minor changes in depreciation, and intangible asset write-offs Other Items (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Depreciation | 38,339 | 45,151 | (6,812) | | Amortization | 6,206 | 3,802 | 2,404 | | Cost of Properties Sold | 289,972 | 183,441 | 106,531 | | Construction Costs | 366,862 | 445,099 | (78,237) | | Write-off of Intangible Assets | 1,730 | – | 1,730 | | Rental Income from Investment Properties | (199,203) | (187,496) | (11,707) | [Income Tax Expense](index=14&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense significantly increased to RMB 70,130 thousand, driven by higher corporate income and land appreciation taxes Income Tax Expense (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Corporate Income Tax | 67,358 | 48,709 | 18,649 | | Land Appreciation Tax | 20,209 | 9,676 | 10,533 | | Deferred Income Tax | (17,437) | (26,239) | 8,802 | | **Total** | **70,130** | **32,146** | **37,984** | - PRC subsidiaries are subject to a **25% corporate income tax rate**, with some eligible enterprises enjoying **20% or 15%** preferential rates[39](index=39&type=chunk) - Land appreciation tax is levied on the land appreciation portion of properties held for sale at progressive rates ranging from **30% to 60%**[39](index=39&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[36](index=36&type=chunk) [Earnings Per Share](index=15&type=section&id=Earnings%20Per%20Share) H1 2025 basic EPS was RMB 0.02 cents, a significant decrease, with no dilutive ordinary shares Earnings Per Share (RMB cents) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | Change (RMB cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.02 | 0.24 | (0.22) | -91.7% | - For the six months ended June 30, 2025 and 2024, there were no potentially dilutive ordinary shares, thus diluted earnings per share were equal to basic earnings per share[38](index=38&type=chunk) [Investment Properties](index=16&type=section&id=Investment%20Properties) As of June 30, 2025, investment properties increased, but a fair value loss was recognized due to market rent adjustments Investment Properties (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Beginning Balance | 7,448,361 | 7,570,607 | (122,246) | | Transferred from Properties Under Development and Completed Properties Held for Sale | 12,454 | 62,093 | (49,639) | | Other Additions | 219,868 | 27,320 | 192,548 | | Fair Value (Loss)/Gain | (3,543) | 13,781 | (17,324) | | Disposals | (35,738) | (51,379) | 15,641 | | Transferred to Property, Plant and Equipment | – | (65,180) | 65,180 | | **Ending Balance** | **7,641,402** | **7,557,242** | **84,160** | - Investment properties include offices, factories, and commercial ancillary facilities, with lease terms ranging from **1 to 30 years**, revalued by independent surveyors[40](index=40&type=chunk)[41](index=41&type=chunk) [Investments in Associates](index=16&type=section&id=Investments%20in%20Associates) As of June 30, 2025, investments in associates slightly decreased, primarily due to a shift from profit to loss Investments in Associates (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Beginning Balance | 853,810 | 841,208 | 12,602 | | Additions | 12,170 | 38,265 | (26,095) | | Share of (Loss)/Profit of Associates after Tax | (11,644) | 42,326 | (53,970) | | Disposals | (11,247) | (1,520) | (9,727) | | Dividends | – | (1,089) | 1,089 | | **Ending Balance** | **843,089** | **919,190** | **(76,101)** | [Investments in Joint Ventures](index=17&type=section&id=Investments%20in%20Joint%20Ventures) As of June 30, 2025, investments in joint ventures slightly decreased, primarily due to a shift from profit to loss Investments in Joint Ventures (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Beginning Balance | 471,972 | 447,675 | 24,297 | | Additions | 2,762 | 6,600 | (3,838) | | Share of (Loss)/Profit of Joint Ventures after Tax | (11,471) | 7,719 | (19,190) | | Dividends | (2,888) | – | (2,888) | | **Ending Balance** | **460,375** | **461,994** | **(1,619)** | [Properties Under Development](index=17&type=section&id=Properties%20Under%20Development) All properties under development are in China, stated at lower of cost and net realizable value, included in current assets - All properties under development are located in China, stated at the lower of cost and net realizable value, and included in current assets[44](index=44&type=chunk)[45](index=45&type=chunk) [Completed Properties Held for Sale](index=17&type=section&id=Completed%20Properties%20Held%20for%20Sale) All completed properties held for sale are in China, stated at lower of cost and net realizable value, included in current assets - All completed properties held for sale are located in China, stated at the lower of cost and net realizable value, and included in current assets[46](index=46&type=chunk)[47](index=47&type=chunk) [Inventories](index=17&type=section&id=Inventories) As of June 30, 2025, total inventories slightly decreased, with work-in-progress down and finished goods up Inventories (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Raw Materials | 1,258 | 598 | 660 | | Work-in-progress | 1,692 | 5,556 | (3,864) | | Finished Goods | 67,287 | 65,040 | 2,247 | | **Total** | **70,237** | **71,194** | **(957)** | [Trade and Other Receivables and Prepayments](index=18&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables decreased, despite increased prepayments for construction Trade and Other Receivables and Prepayments (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Trade Receivables (Current) | 1,107,958 | 1,480,858 | (372,900) | | Prepayments for Construction Costs and Raw Materials | 496,180 | 233,208 | 262,972 | | Loans to Third Parties and Accrued Interest Receivable | 593,923 | 637,871 | (43,948) | | Provision for Impairment | (490,820) | (528,220) | 37,400 | | **Total** | **3,187,497** | **3,583,854** | **(396,357)** | Aging Analysis of Trade Receivables (RMB thousand) | Trade Receivables Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Within 1 year | 825,286 | 1,097,349 | (272,063) | | 1 to 2 years | 129,167 | 191,678 | (62,511) | | 2 to 3 years | 39,804 | 68,665 | (28,861) | | 3 to 4 years | 58,386 | 39,525 | 18,861 | | Over 4 years | 94,827 | 290,325 | (195,498) | | **Total** | **1,147,470** | **1,687,542** | **(540,072)** | [Trade and Other Payables](index=19&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables significantly decreased, mainly due to reduced trade payables Trade and Other Payables (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Trade Payables | 1,929,107 | 2,527,516 | (598,409) | | Other Payables and Accrued Expenses | 342,860 | 601,085 | (258,225) | | **Total** | **2,792,464** | **3,681,603** | **(889,139)** | Aging Analysis of Trade Payables (RMB thousand) | Trade Payables Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Within 1 year | 1,587,950 | 2,026,903 | (438,953) | | 1 to 2 years | 154,802 | 349,585 | (194,783) | | 2 to 3 years | 71,221 | 43,258 | 27,963 | | Over 3 years | 115,134 | 107,770 | 7,364 | | **Total** | **1,929,107** | **2,527,516** | **(598,409)** | [Share Capital and Treasury Shares](index=20&type=section&id=Share%20Capital%20and%20Treasury%20Shares) As of June 30, 2025, issued shares unchanged, but treasury shares increased due to repurchases for cancellation Share Capital and Treasury Shares (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | June 30, 2024 (RMB thousand) | Change (thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 617,407 | 617,407 | 0 | | Treasury Shares | (124,632) | (121,056) | (3,576) | - For the six months ended June 30, 2025, the Company repurchased **17,348,000 shares** for cancellation, with a total consideration of **RMB 3,576,000**[54](index=54&type=chunk) - As of June 30, 2025, **152,998,000 treasury shares** were held for share award scheme purposes, and **17,348,000 treasury shares** were held for cancellation purposes[54](index=54&type=chunk) [Business Review and Outlook](index=22&type=section&id=Business%20Review%20and%20Outlook) [Review of Financial Information](index=22&type=section&id=Review%20of%20Financial%20Information) H1 2025 unaudited interim financial information reviewed by independent auditors Da Xin International (HK) CPA Limited - The Group's interim financial information has been reviewed by independent auditors Da Xin International (HK) CPA Limited[55](index=55&type=chunk) [2025 Half-Year Summary](index=22&type=section&id=2025%20Half-Year%20Summary) H1 2025 focused on new quality productive forces, with increased new contracts and sales collection, but lower profit - The Company's strategic goal is to develop new quality productive forces tailored to local conditions, build a modern industrial system, and focus on systematic operational capabilities[56](index=56&type=chunk) 2025 Half-Year Summary (RMB million) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-on-year Change (million) | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | :--- | | New Contract Value | 1,538.9 | 1,430.2 | 108.7 | 8% | | Sales Collection | 2,324.9 | 1,729.5 | 595.4 | 34% | | Revenue | 1,470.7 | 1,459.2 | 11.5 | 0.8% | | Profit for the Period | 2.1 | 3.2 | (1.1) | -34.4% | - Revenue from park operation services accounted for **70.6% of total revenue**, establishing its strategic development position as the main body of integrated industrial park operation business[57](index=57&type=chunk) - As of June 30, 2025, the Group held approximately **5.32 million square meters of high-quality industrial park land reserves**[57](index=57&type=chunk) [Revenue by Operating Segment](index=23&type=section&id=Revenue%20by%20Operating%20Segment) H1 2025 park operation services accounted for 70.6% of revenue (down YoY), park development services 29.4% (up YoY) Revenue by Operating Segment (RMB thousand) | Operating Segment | 2025 Revenue (RMB thousand) | 2025 % of Total | 2024 Revenue (RMB thousand) | 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 70.6% | 1,106,955 | 75.9% | | Design and Construction Services | 372,343 | 25.3% | 487,841 | 33.4% | | Property Management Services | 417,166 | 28.4% | 376,419 | 25.8% | | Energy Services | 43,394 | 3.0% | 62,712 | 4.3% | | Group Catering and Hotel Services | 72,387 | 4.9% | 68,238 | 4.7% | | Property Leasing Services | 80,202 | 5.5% | 67,911 | 4.7% | | Other | 52,700 | 3.5% | 43,834 | 3.0% | | Park Development Services | 432,493 | 29.4% | 352,207 | 24.1% | | Industrial Park Space Sales | 315,268 | 21.4% | 239,920 | 16.4% | | Self-held Park Property Leasing | 117,225 | 8.0% | 112,287 | 7.7% | | **Total** | **1,470,685** | **100%** | **1,459,162** | **100%** | [Park Operation Services](index=24&type=section&id=Park%20Operation%20Services) H1 2025 park operation services revenue was RMB 1,038.2 million, a 6.2% decrease, with focus on "OVU Industrial Cloud" and "P+OEPC" model - Park operation services revenue was **RMB 1,038.2 million**, a year-on-year decrease of **RMB 68.8 million**[60](index=60&type=chunk) - The Group, based on "OVU Industrial Cloud," provides full lifecycle industrial park operation services to local governments and platform companies, including investment attraction, property management, and incubators[60](index=60&type=chunk) [Design and Construction Services](index=24&type=section&id=Design%20and%20Construction%20Services) Group promotes "P+OEPC" model; H1 2025 new OEPC contract RMB 524.8 million (up 117%), design and construction revenue RMB 372.3 million (down) - The Group promotes the "P+OEPC" innovative integrated operation business model, providing full-process integrated services and deepening the "Consulting+" sustainable development model[61](index=61&type=chunk) - A new "OEPC" project contract for Nanchang Xinjian District Industrial Park was signed, with a value of **RMB 524.8 million**, representing a **117% increase** compared to the same period last year[61](index=61&type=chunk) - Design and construction services revenue was **RMB 372.3 million**, a decrease of **RMB 115.5 million** compared to the same period in 2024[62](index=62&type=chunk) [Property Management Services](index=25&type=section&id=Property%20Management%20Services) Lidao Property transforms to smart ecosystems; H1 2025 new contracts RMB 54.9 million (up 22%), revenue RMB 417.2 million (up 10.8%), managed area up 18.92% - Lidao Property builds a smart community and smart industrial park ecosystem, forming a "iLidao APP, OVU Park Pass, EMS Central Operation Platform" tripartite management system[63](index=63&type=chunk) - New contract value for projects was **RMB 54.9 million**, an increase of **22%** compared to the same period last year[64](index=64&type=chunk) - Property management services revenue was **RMB 417.2 million**, an increase of **RMB 40.7 million** or **10.8%** compared to the same period in 2024[64](index=64&type=chunk) - As of the end of June 2025, Lidao Property managed an area of **32.936 million square meters**, a year-on-year increase of **18.92%**[64](index=64&type=chunk) [Incubator and Co-working Services (OVU Maker Star)](index=26&type=section&id=Incubator%20and%20Co-working%20Services%20(OVU%20Maker%20Star)) OVU Maker Star operates 36 sites in 22 cities, 400,000 sqm space, serving 2,000+ teams, with 21 national accreditations - OVU Maker Star operates **36 sites in 22 cities**, with an innovation and entrepreneurship space of **400,000 square meters**, serving over **2,000 teams**[65](index=65&type=chunk) - Successfully operated and awarded **21 national-level industrial space accreditations**, including national demonstration bases, technology enterprise incubators, and co-working spaces[65](index=65&type=chunk) [Property Leasing Services](index=26&type=section&id=Property%20Leasing%20Services) As of June 30, 2025, total leased property area 285,000 sqm, revenue RMB 80.2 million (up 18.1%) - Total leased property area was **285,000 square meters**, generating revenue of **RMB 80.2 million**, an **18.1% increase** compared to the same period in 2024[66](index=66&type=chunk) [Energy Services](index=27&type=section&id=Energy%20Services) CECEP Energy Saving provides integrated energy services; H1 2025 new contracts RMB 82.4 million, energy services revenue RMB 43.4 million (down) - CECEP Energy Saving provides integrated energy services and full industrial chain services for low-carbon smart industrial park investment, construction, and operation, holding nearly **59 DHC-related patents**[67](index=67&type=chunk) - New contract value for projects was approximately **RMB 82.4 million**[67](index=67&type=chunk) - Energy services revenue was **RMB 43.4 million**, a decrease of **RMB 19.3 million** compared to the same period in 2024[67](index=67&type=chunk) [Group Catering and Hotel Services](index=27&type=section&id=Group%20Catering%20and%20Hotel%20Services) Quanpai Catering and Ziyuan Hotel services generated RMB 72.4 million revenue in H1 2025, up 6.1% - Quanpai Catering has an annual catering capacity of **10 million person-times**, and Ziyuan Hotel provides full industrial chain services for boutique hotels[68](index=68&type=chunk) - Group catering and hotel services revenue was **RMB 72.4 million**, compared to 2024, an increase of **6.1%**[69](index=69&type=chunk) [Park Development Services](index=28&type=section&id=Park%20Development%20Services) H1 2025 park development services revenue RMB 432.5 million (up 22.8%), driven by manufacturing project completions - Park development services revenue was **RMB 432.5 million**, an increase of **RMB 80.3 million** or **22.8%** compared to the same period in 2024[70](index=70&type=chunk) - Revenue growth was primarily due to the completion and delivery of manufacturing projects in Beibei, Caidian, Ezhou, etc., which increased revenue by **RMB 101.9 million** year-on-year[70](index=70&type=chunk) [Industrial Park Space Sales](index=28&type=section&id=Industrial%20Park%20Space%20Sales) H1 2025 industrial park space sales revenue RMB 315,268 thousand (up 31.4%), but new contracted area and value decreased Industrial Park Space Sales (RMB thousand/square meter) | Indicator | 2025 (RMB thousand/square meter) | 2024 (RMB thousand/square meter) | Change | | :--- | :--- | :--- | :--- | | Revenue from Properties Sold and Delivered | 315,268 | 239,920 | Increase 31.4% | | Gross Floor Area Sold and Delivered | 58,855 | 38,028 | Increase 54.8% | | Average Selling Price (RMB per square meter) | 5,357 | 6,309 | Decrease 15.1% | - Chongqing Optic Valley United Technology Development Co., Ltd., Tianjin CECEP Optic Valley Development Co., Ltd., and Qingdao Optic Valley United Development Co., Ltd. were the top three contributors to industrial park space sales revenue[72](index=72&type=chunk) - During the reporting period, contracted sales area for industrial parks was **129,000 square meters**, a decrease of **22,000 square meters** compared to the same period last year[74](index=74&type=chunk) - Contracted sales value was **RMB 701.6 million**, a decrease of **RMB 88.3 million** compared to the same period last year[75](index=75&type=chunk) [Industrial Park Land Reserves](index=30&type=section&id=Industrial%20Park%20Land%20Reserves) As of June 30, 2025, Group holds 5.32 million sqm of industrial park land reserves across 18 cities - The Group holds approximately **5.32 million square meters of high-quality industrial park land reserves** in 18 cities including Wuhan, Shanghai, Qingdao, Changsha, and Chengdu[76](index=76&type=chunk)[84](index=84&type=chunk) [Self-held Park Property Leasing Status](index=34&type=section&id=Self-held%20Park%20Property%20Leasing%20Status) As of June 30, 2025, self-held properties 70% occupied (674,000 sqm leased), rental income RMB 117.2 million (up 4.4%) - Self-held properties had a total leasable area of **958,000 square meters**, with **674,000 square meters leased**, achieving an **occupancy rate of 70%**[83](index=83&type=chunk) - Rental income was **RMB 117.2 million**, an increase of **4.4%** compared to the same period last year[83](index=83&type=chunk) [Industrial Investment](index=35&type=section&id=Industrial%20Investment) Group's funds focus on tech sectors; H1 2025 saw Nreal D-round financing and several equity exits - The Group, through "CECEP Zhongjin" and "Zero Degree Capital," has established multiple industrial investment funds, focusing on information innovation and cybersecurity, integrated circuits, digital cities, and intelligent manufacturing[85](index=85&type=chunk) - Zero Degree Capital manages **11 funds**, promoting the development of four major areas: digital cities, network information, intelligent manufacturing, and new materials[85](index=85&type=chunk) - Nreal, an investment of CECEP Zhongjin fund, completed D-round financing, and partial equity exits were completed for Suzhou Weiyeda, Shanghai Hejingsi, Beijing Leyan Technology, Beijing Dingcai Technology, and full equity exit for Sipa Health Technology[86](index=86&type=chunk) [Significant Events After Reporting Period](index=36&type=section&id=Significant%20Events%20After%20Reporting%20Period) Post-reporting period, Company repurchased 52.8 million shares for cancellation for RMB 12.42 million; no other significant events - After the reporting period, the Company repurchased a total of **52,800,000 shares for cancellation**, with a total consideration of **RMB 12,420,000**[87](index=87&type=chunk) - Other than the aforementioned share repurchases, there were no other significant post-reporting period events that could materially affect the Group's financial position and operations from the end of the reporting period to the date of this announcement[88](index=88&type=chunk) [Future Outlook](index=36&type=section&id=Future%20Outlook) Facing market adjustments, CECEP Optic Valley aims to transform business, build a "second curve," and enhance operational quality - The Company will firmly advance business transformation, with building a "second curve" as its core objective, vigorously promoting the implementation of integrated operation projects[89](index=89&type=chunk)[90](index=90&type=chunk) [Promoting Business Transformation and the "Second Curve"](index=36&type=section&id=Promoting%20Business%20Transformation%20and%20the%20%22Second%20Curve%22) Integrated operations are key to market adjustments, building a "second curve" and accelerating Xiamen project implementation - Integrated operation business is considered the fundamental solution to deep adjustments in the real estate market, building long-tail value through a systematic approach to the market[90](index=90&type=chunk) - With the core objective of building a "second curve," vigorously promote the accelerated implementation of integrated operation projects such as Xiamen[90](index=90&type=chunk) [Seeking Strategic Synergy Value with China Electronics](index=37&type=section&id=Seeking%20Strategic%20Synergy%20Value%20with%20China%20Electronics) Leverage industrial park network to empower China Electronics' supply chain and integrate park development with data ecosystem - Leverage the industrial park network to empower China Electronics in establishing a higher-level information technology industry supply chain system[91](index=91&type=chunk) - Integrate park development and incubator construction with the building of a data element industry ecosystem[91](index=91&type=chunk) [Improving Operating Quality of Development Business](index=37&type=section&id=Improving%20Operating%20Quality%20of%20Development%20Business) H2 focus on inventory reduction, risk control, cash flow, flexible leasing/selling, and agile new project models - Key objectives are **inventory reduction, risk control, and cash flow preservation**[92](index=92&type=chunk) - Adopt flexible strategies of both leasing and selling to accelerate the disposal of sales properties and enhance the occupancy rate of investment properties[92](index=92&type=chunk) - New projects will adopt an agile customization model to control incremental growth, and deepen layered marketing to strengthen cross-regional collaborative investment attraction[92](index=92&type=chunk) [Reconstructing Operating and Management System for Investment Properties](index=37&type=section&id=Reconstructing%20Operating%20and%20Management%20System%20for%20Investment%20Properties) Establish asset management department to integrate resources, enhance operating efficiency, and create value in existing market - Establish an asset management department as a unified investment property operating and management institution at the Group level[93](index=93&type=chunk) - The core function is to ensure investment properties are integrated into a professional decision-making and operational management system, enhancing operating efficiency and creating unique value in the existing market[93](index=93&type=chunk) [Financial Review and Liquidity](index=38&type=section&id=Financial%20Review%20and%20Liquidity) [Revenue](index=38&type=section&id=Revenue) H1 2025 revenue RMB 1,470.7 million, up 0.8%; park operation services 70.6%, park development services 29.4% Revenue by Operating Segment (RMB thousand) | Operating Segment | 2025 Revenue (RMB thousand) | 2025 % of Total | 2024 Revenue (RMB thousand) | 2024 % of Total | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 70.6% | 1,106,955 | 75.9% | | Park Development Services | 432,493 | 29.4% | 352,207 | 24.1% | | **Total** | **1,470,685** | **100%** | **1,459,162** | **100%** | - Revenue for the reporting period increased by **RMB 11.5 million** year-on-year, a **0.8% increase**[94](index=94&type=chunk) [Cost of Sales](index=38&type=section&id=Cost%20of%20Sales) H1 2025 cost of sales RMB 1,103.6 million, down 0.7%, representing 75.0% of total revenue - Cost of sales was **RMB 1,103.6 million**, a decrease of **RMB 7.5 million** or **0.7%** compared to the same period in 2024[95](index=95&type=chunk) - Cost of sales accounted for **75.0%** of the Group's revenue (75.1% in the same period of 2024)[95](index=95&type=chunk) [Gross Profit and Gross Profit Margin](index=39&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) H1 2025 overall gross profit RMB 367.1 million (up RMB 4.0 million), gross profit margin 25.0% (up 0.1%) - Overall gross profit was **RMB 367.1 million**, an increase of **RMB 4.0 million** compared to the same period in 2024[96](index=96&type=chunk) - Overall gross profit margin was **25.0%**, an increase of **0.1%** compared to the gross profit margin of 24.9% in the same period of 2024[96](index=96&type=chunk) [Other Income](index=39&type=section&id=Other%20Income) H1 2025 other income RMB 65.3 million, an increase of RMB 33.0 million year-on-year - Other income was **RMB 65.3 million**, an increase of **RMB 33.0 million** compared to the same period in 2024[97](index=97&type=chunk) [Selling and Distribution Expenses](index=39&type=section&id=Selling%20and%20Distribution%20Expenses) H1 2025 selling and distribution expenses RMB 70.6 million, a 2.1% increase year-on-year - Selling and distribution expenses were **RMB 70.6 million**, an increase of **2.1%** compared to the same period in 2024[98](index=98&type=chunk) [Administrative Expenses](index=39&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses RMB 157.7 million, a decrease of RMB 3.7 million or 2.3% compared to the same period in 2024 - Administrative expenses were **RMB 157.7 million**, a decrease of **RMB 3.7 million** or **2.3%** compared to the same period in 2024[99](index=99&type=chunk) [Fair Value Changes of Investment Properties](index=39&type=section&id=Fair%20Value%20Changes%20of%20Investment%20Properties) H1 2025 investment properties fair value loss RMB 3.5 million, due to market rent decline - Fair value loss on investment properties was **RMB 3.5 million**, a decrease of **RMB 17.3 million** compared to the same period in 2024[100](index=100&type=chunk) - The loss was mainly due to market impact, with a decline in the valuation of self-held properties caused by downward adjustments in rents[100](index=100&type=chunk) [Income Tax Expense](index=40&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense RMB 70.1 million, up RMB 38.0 million, due to increased land appreciation and corporate income taxes - Income tax expense was **RMB 70.1 million**, an increase of **RMB 38.0 million** compared to the same period in 2024[101](index=101&type=chunk) - The main reasons were an increase of **RMB 10.5 million** in China Land Appreciation Tax and an increase of **RMB 18.7 million** in China Corporate Income Tax expense[101](index=101&type=chunk) [Profit for the Reporting Period](index=40&type=section&id=Profit%20for%20the%20Reporting%20Period) H1 2025 profit for the period RMB 2.1 million, a decrease of RMB 1.1 million year-on-year - Profit for the period was **RMB 2.1 million**, a decrease of **RMB 1.1 million** compared to the same period in 2024[102](index=102&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) H1 2025 net cash outflow from operating activities RMB 145.5 million, from financing activities RMB 75.0 million - Net cash outflow from operating activities was **RMB 145.5 million**, mainly due to new land reserves and project construction expenditures[103](index=103&type=chunk) - Net cash outflow from financing activities was **RMB 75.0 million**, mainly used for repayment of bank and other borrowings[103](index=103&type=chunk) [Indebtedness](index=40&type=section&id=Indebtedness) As of June 30, 2025, total outstanding indebtedness increased to RMB 7,995.4 million, up RMB 497.4 million - Total outstanding indebtedness increased from **RMB 7,498.0 million** as of December 31, 2024, to **RMB 7,995.4 million** as of June 30, 2025, an increase of **RMB 497.4 million**[104](index=104&type=chunk) [Capital Expenditure and Capital Commitments](index=40&type=section&id=Capital%20Expenditure%20and%20Capital%20Commitments) H1 2025 capital expenditure RMB 21.0 million; outstanding commitments RMB 2,633.5 million as of June 30, 2025 - Capital expenditure was **RMB 21.0 million**, mainly related to the acquisition of property, plant and equipment and intangible assets[105](index=105&type=chunk) - Outstanding commitments were **RMB 2,633.5 million**, expected to be financed by bank borrowings and cash flows from operating activities[106](index=106&type=chunk) [Employees](index=41&type=section&id=Employees) As of June 30, 2025, Group employed 8,509 full-time employees; staff costs RMB 420.6 million, up RMB 8.1 million - As of June 30, 2025, the Group employed **8,509 full-time employees**[107](index=107&type=chunk) - Staff costs were approximately **RMB 420.6 million**, an increase of **RMB 8.1 million** compared to the same period last year[107](index=107&type=chunk) [Other Information](index=41&type=section&id=Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) H1 2025, Company repurchased 17.348 million shares for cancellation; further 52.8 million shares repurchased post-period Repurchase of Listed Securities (HKD) | Month | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | June 2025 | 17,348,000 | 3,870,640 | - After the reporting period, **52,800,000 shares** were repurchased for cancellation in July 2025, with a total consideration of approximately **HKD 13,440,568**[110](index=110&type=chunk) [Corporate Governance](index=42&type=section&id=Corporate%20Governance) Company adopted and complied with HKEX Listing Rules Appendix C1 Corporate Governance Code during the reporting period - The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[111](index=111&type=chunk) [Standard Code for Securities Transactions](index=42&type=section&id=Standard%20Code%20for%20Securities%20Transactions) Company adopted HKEX Listing Rules Appendix C3 Standard Code for directors' securities transactions; all directors complied - The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance with this code during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk) [Changes in Directors' Information](index=42&type=section&id=Changes%20in%20Directors'%20Information) No changes in directors' information requiring disclosure since the 2024 annual report publication - No changes in directors' information since the publication of the 2024 annual report[114](index=114&type=chunk) [Review of Interim Results by Audit Committee](index=43&type=section&id=Review%20of%20Interim%20Results%20by%20Audit%20Committee) Audit Committee, management, and independent auditors reviewed H1 2025 interim results and accounting policies - The Audit Committee, together with management and independent auditors, has reviewed the Group's interim results and accounting principles and policies[115](index=115&type=chunk) [Dividends](index=43&type=section&id=Dividends) The Board does not recommend any interim dividend for the reporting period - The Board does not recommend the payment of any interim dividend for the reporting period[116](index=116&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=43&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This announcement published online; 2025 Interim Report to be dispatched to shareholders and published in due course - This announcement has been published on the Company's website and the HKEX website, and the 2025 Interim Report will be dispatched to shareholders and published on the website in due course[117](index=117&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。 （於開曼群島註冊成立的有限公司） （股份代號：8107） 補充公告 截至二零二四年十二月三十一日止年度的年報 茲提述細葉榕科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於二 零 二 五 年 三 月 三 十 一 日 刊 發 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 的 年 報（「 年 報」）。除文義另有所指外，本公告所用詞彙與年報所界定者具有相同涵義。 除年報所載資料外，本公司董事會（「董事會」）謹向本公司股東及潛在投資者提供 以下補充資料。 導致二零二四財政年度收益大幅減少的原因 誠 如 本 集 團 年 報 所 披 露 ， 本 集 團 於 二 零 二 四 財 政 年 度 的 收 益 大 幅 下 降 ， 主 要 由 於：(i)流失部分主要服裝客戶的採購訂單；(ii)本公司採取更審慎的財務方針，專 注 於 ...