恒瑞醫藥 Hengrui Pharmaceuticals 中期報告 2025 江蘇恒瑞醫藥股份有限公司 Jiangsu Hengrui Pharmaceuticals 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 :1276 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 公司概覽 | 5 | | 管理層討論與分析 | 7 | | 企業管治及其他資料 | 21 | | 中期簡明合併損益及其他全面收入表 | 32 | | 中期簡明合併財務狀況表 | 34 | | 中期簡明合併權益變動表 | 36 | | 中期簡明合併現金流量表 | 38 | | 未經審計簡明中期財務資料附註 | 40 | | 釋義 | 57 | 2025 年中期報告 江蘇恒瑞醫藥股份有限公司 2 公司資料 董事會 執行董事 孫飄揚先生 （董事長） 戴洪斌先生 （副董事長） 馮佶女士 （總經理（總裁）兼首席運營官） 張連山先生 （執行副總裁） 江寧軍先生 （執行副總裁 ...

Revenue and Sales Performance - The company's revenue increased by 14.9% year-on-year during the first half of 2025, despite significant price declines in aggregate and concrete products due to economic downturns[8]. - The group’s revenue for the reporting period was RMB 127.3 million, an increase of 14.9% compared to RMB 110.8 million in the same period of 2024[14]. - Sales of aggregate products and others amounted to RMB 127.2 million, a 44.5% increase from RMB 88.0 million in the same period last year, driven by a 63.0% increase in sales volume[15]. - Revenue for the six months ended June 30, 2025, was RMB 127,301 thousand, an increase of 14.9% compared to RMB 110,752 thousand for the same period in 2024[76]. - The company did not report any revenue from concrete products sales in the first half of 2025, compared to RMB 22,731,000 in the same period of 2024[92]. Profitability and Financial Metrics - The gross profit for the reporting period was RMB 51.5 million, up RMB 11.1 million from RMB 40.4 million in 2024, with a gross margin of 40.5%, an increase of 4 percentage points year-on-year[19]. - Operating profit increased to RMB 32,573 thousand, up 28.0% from RMB 25,426 thousand in the previous year[76]. - The company reported a net loss of RMB 3,423 thousand for the six months ended June 30, 2025, a significant improvement compared to a net loss of RMB 11,147 thousand in 2024[76]. - Total reportable segment profit for the six months ended June 30, 2025, increased to RMB 79,932,000 from RMB 53,161,000 in 2024, representing a growth of 50.3%[102]. - The company recorded a consolidated loss before tax of RMB 908,000 for the six months ended June 30, 2025, significantly improved from a loss of RMB 9,738,000 in 2024[102]. Costs and Expenses - The group's selling costs were RMB 75.8 million, an increase of RMB 5.4 million from RMB 70.3 million in 2024, attributed to higher sales volume[18]. - Depreciation and amortization expenses for the same period rose to RMB 46,089,000, compared to RMB 27,916,000 in 2024, an increase of 65.1%[102]. - Total financial costs decreased to RMB 33,481,000 in 2025 from RMB 35,164,000 in 2024, a reduction of 4.8%[105]. - The total inventory cost of goods sold for the six months ended June 30, 2025, was RMB 75,787,000, compared to RMB 70,349,000 in 2024, an increase of 7.0%[114]. Assets and Liabilities - The total equity decreased from RMB 703.8 million as of December 31, 2024, to RMB 700.4 million as of June 30, 2025, primarily due to losses incurred in the first half of 2025[28]. - Cash and cash equivalents increased from RMB 320.3 million as of December 31, 2024, to RMB 384.4 million as of June 30, 2025, mainly due to repayments from the holding company[29]. - The company’s cash and cash equivalents increased to RMB 384,527 thousand from RMB 321,426 thousand at the end of 2024, indicating improved liquidity[78]. - The company’s interest-bearing borrowings totaled RMB 1,335,790,000 as of June 30, 2025, a slight decrease from RMB 1,360,000,000 as of December 31, 2024[123]. - Trade and other payables decreased to RMB 17,641,000 as of June 30, 2025, down 57.6% from RMB 41,685,000 as of December 31, 2024[119]. Market and Operational Strategy - The company supplied over 800,000 tons of various aggregates to major infrastructure projects, including highways and high-speed rail, significantly boosting sales volume[8]. - The company is actively exploring new markets in Guoyang, Mengcheng, and Yongcheng, aiming to capitalize on regional infrastructure developments[8]. - The local construction materials market is expected to see stable growth due to government policies aimed at stimulating economic recovery and major infrastructure projects planned for 2025[10]. - The company is focusing on product quality upgrades and diversifying its marketing channels to mitigate risks and enhance growth potential[8]. - The group anticipates a total production of aggregate products to reach 6 million tons in 2025, with plans to gradually increase annual output in subsequent years[50]. Compliance and Governance - The company has implemented internal control measures to enhance compliance with listing rules and improve internal compliance efficiency[60]. - The company has adopted the corporate governance code as per the listing rules and has complied with the relevant code provisions during the reporting period[73]. - The company acknowledges the need for early initiation of the renewal process for framework agreements to avoid non-compliance with listing rules[59]. - The company has established a dynamic monitoring system to issue work reminders 180 days before the expiration of related party transaction contracts[62]. - The company has maintained the required public float as per the main board listing rules throughout the reporting period[69]. Employee and Operational Efficiency - The total employee cost, including director remuneration, was approximately RMB 10.9 million, down about 8.4% from RMB 11.9 million in the same period of 2024[45]. - The company plans to optimize production efficiency and ensure stable supply of aggregate and concrete products to meet the growing market demand[50]. - The company has implemented a dual-track parallel approval system to optimize decision-making processes and reduce administrative review times[62]. Risks and Challenges - The group faced market competition risks due to cyclical downturns in the construction industry, leading to increased regional market competition and reduced product pricing power[37]. - The group is closely monitoring policy implementations to adjust its operational strategies and seize market opportunities arising from infrastructure construction[10]. - The group has not engaged in any significant asset acquisitions, mergers, or equity investments during the reporting period[46].

Sales Performance - Dongfeng Motor Group sold approximately 823,900 vehicles in the first half of 2025, a year-on-year decrease of 14.7%, with sales revenue reaching 54.533 billion yuan, an increase of 6.6%[6] - Sales of self-owned passenger vehicles increased by 17.5% year-on-year to 221,000 units, with a gross margin of 13.1%, up 4.1 percentage points[7] - New energy vehicle sales reached 204,400 units, a year-on-year increase of 33.0%, with their share of total sales rising by 8.9 percentage points[7] - The high-end new energy brand, Lantu, achieved a remarkable year-on-year sales growth of 84.8%[8] - The group exported 99,000 vehicles in the first half of 2025, marking a year-on-year increase of 5.8%[9] - The company anticipates a total vehicle sales volume of 33.02 million units for the year 2025, representing a year-on-year growth of 5%[24] - New energy vehicle sales are projected to reach 1.615 million units in 2025, reflecting a year-on-year increase of 25.5%[24] - The company reported a significant increase in new energy vehicle penetration rate to 44.3%, up by 3.4 percentage points compared to the end of 2024[22] Financial Performance - The gross profit was 7.599 billion yuan, reflecting a year-on-year growth of 28.0%, and the gross margin improved by 2.3 percentage points to 13.9%[6] - The company achieved a sales volume of approximately 823,900 units, a year-on-year decrease of 14.7%, while sales revenue reached approximately RMB 54.533 billion, an increase of 6.6%[51] - The passenger vehicle segment generated sales revenue of approximately RMB 25.279 billion, up 17.27% from RMB 21.556 billion in the same period last year[55] - The commercial vehicle segment reported sales revenue of approximately RMB 25.910 billion, a slight decrease of 0.98% from RMB 26.166 billion year-on-year[57] - The automotive finance segment reported revenue of approximately RMB 2.856 billion, a slight decrease of 0.31% from RMB 2.865 billion year-on-year[58] - The company's attributable profit for the first half of 2025 was approximately RMB 55 million, a decrease of about RMB 629 million or 92.0% year-on-year, with a net profit margin of 0.1%[75] - The net loss for the period was RMB 101 million, compared to a profit of RMB 40 million in the previous year[94] - Total revenue for the six months ended June 30, 2025, was RMB 54,533 million, an increase from RMB 51,145 million for the same period in 2024, representing a growth of approximately 4.67%[118] Research and Development - R&D investment intensity for self-owned brands continues to grow, with over 20,000 valid patents accumulated, leading the industry in innovation[9] - The launch of the "Tianyuan Intelligent" technology brand aims to enhance the smart driving and smart cabin experience, with new models featuring advanced AI technologies[11] - The establishment of the Dongfeng Yipai Automotive Technology Company aims to integrate core resources across brands, enhancing efficiency in R&D, manufacturing, and sales[11] Market Strategy - Dongfeng Motor Group is committed to high-quality development, focusing on innovation-driven strategies and aiming to become a world-class automotive enterprise[12] - The company is actively pursuing the development of its automotive finance business, which has increasingly supported its vehicle sales operations[17] - Dongfeng Motor Group's strategic initiatives include enhancing its innovation capabilities and expanding its presence in the new energy vehicle market and overseas markets[24] - The company plans to establish overseas subsidiaries in Mexico and the Middle East, as well as a design center in Europe and Japan[32] Corporate Governance - The company is currently undergoing a board restructuring process, with the aim of ensuring continuity in its senior management team[27] - The board of directors consists of 6 members, including 3 independent non-executive directors, complying with the listing rules[29] - Three board meetings were held in the first half of 2025, discussing key matters including the 2024 financial report and profit distribution plan[30][32] - The company did not recommend an interim dividend for the six months ended June 30, 2025, compared to RMB 0.05 per share for the same period in 2024[39] Assets and Liabilities - Total assets as of June 30, 2025, were approximately RMB 317.786 billion, a decrease of about RMB 7.266 billion or 2.2% from the end of the previous year[76] - Total liabilities as of June 30, 2025, were approximately RMB 163.847 billion, a decrease of about RMB 6.408 billion or 3.8% from the end of the previous year[77] - Current liabilities decreased to RMB 133,330 million from RMB 143,007 million at the end of 2024, indicating improved liquidity management[97] - Non-current liabilities increased to RMB 30,517 million as of June 30, 2025, up from RMB 27,248 million at the end of 2024, representing an increase of 8.4%[99] Cash Flow - Cash and cash equivalents net outflow for the first half of 2025 was approximately RMB 13.834 billion, with operating activities contributing a net outflow of RMB 9.440 billion[80] - Cash flow from operating activities showed a significant outflow of RMB 9,440 million for the six months ended June 30, 2025, compared to an inflow of RMB 494 million in the same period of 2024[103] - Total cash and cash equivalents decreased to RMB 33,582 million as of June 30, 2025, down from RMB 60,561 million at the end of 2024, a decline of 44.5%[105] Related Party Transactions - The company purchased automotive parts and raw materials from related parties totaling RMB 7,934 million for the six months ended June 30, 2025, an increase of 14.5% from RMB 6,927 million in the same period of 2024[142] - The company sold vehicles to related parties amounting to RMB 723 million for the six months ended June 30, 2025, up from RMB 339 million in the same period of 2024[144] - The company reported related party service purchases of RMB 1,241 million for the six months ended June 30, 2025, compared to RMB 1,101 million in the same period of 2024[143] Financial Position - The total equity attributable to equity holders of the parent decreased to RMB 148,491 million from RMB 149,290 million, a decrease of 0.5%[100] - The company’s retained earnings increased slightly to RMB 117,242 million from RMB 117,189 million, reflecting a marginal growth of 0.05%[100] - The fair value of financial assets as of June 30, 2025, totaled RMB 27,746 million, compared to RMB 25,769 million as of December 31, 2024, indicating an increase of approximately 7.7%[153]

Financial Performance - In the first half of 2025, the company achieved total revenue of RMB 3,752.5 million, a decrease of 9.7% compared to RMB 3,956.6 million in the same period of 2024[15] - The sales volume of paper products decreased by 9.8% to approximately 966,600 tons, down from approximately 1,014,600 tons in the first half of 2024[15] - The company reported a profit attributable to owners of RMB 83.18 million, a significant decline of 56.1% from RMB 189.44 million in the same period last year[12] - Gross profit decreased from RMB 566.4 million in the first half of 2024 to RMB 538.6 million in the first half of 2025, while the gross margin increased from 14.3% to 15.1%[18] - The net loss for the first half of 2025 was RMB 5.6 million, compared to a net profit of RMB 42.7 million in the first half of 2024[20] - Other income in the first half of 2025 was RMB 80.3 million, down from RMB 173.2 million in the first half of 2024[19] - The company reported a net current liability of approximately RMB 409,631,000 as of June 30, 2025, but expects to meet its financial obligations due to strong banking relationships[75] - The company reported a net cash outflow from investing activities of RMB 271,725 thousand, compared to RMB 110,548 thousand in the previous year, indicating increased investment expenditures[72] Cost Management - The financing cost as a percentage of revenue decreased from 2.2% in the previous year to 1.7% in the current period, reflecting effective cost management strategies[12] - Financing costs decreased by 31.6% to RMB 60.7 million in the first half of 2025 from RMB 88.7 million in the first half of 2024[21] - Sales cost for the first half of 2025 was RMB 3,033.9 million, a reduction of 10.5% compared to RMB 3,390.2 million in the first half of 2024[17] Liquidity and Financial Health - The company's liquidity ratio improved from 0.88 at the end of 2024 to 0.93 in the current period, indicating better short-term financial health[12] - The current ratio improved from 0.88 times at the end of 2024 to 0.93 times at the end of June 2025[29] - The company anticipates sufficient working capital to meet its financial responsibilities in the foreseeable future, supported by existing bank financing and internal financial resources[75] Acquisition and Expansion - The company completed the acquisition of 40% equity in Sunshine Prince, making it a wholly-owned subsidiary, which is expected to enhance management efficiency[13] - The acquisition of Sunshine Prince is expected to strengthen the group's position in the specialty paper market and enhance competitiveness[110] - If the acquisition had occurred on January 1, 2025, the group's revenue for the six months ending June 30, 2025, would have increased by RMB 374,120,000, while profit would have decreased by RMB 15,066,000[113] Employee and Management Costs - The group had approximately 4,400 employees as of June 30, 2025, with employee costs amounting to RMB 266.6 million, an increase from RMB 233.6 million in the same period of 2024[41] - The company’s management compensation for the six months ended June 30, 2025, totaled RMB 6,083,000, which is a significant increase of 126.5% from RMB 2,693,000 in the same period of 2024[29] Shareholder and Corporate Governance - The board has decided not to declare an interim dividend for the first half of 2025, consistent with the decision made in the first half of 2024[42] - The board believes that sound corporate governance practices are essential for enhancing and protecting shareholder interests[38] - Major shareholder China Sunrise holds 321,687,052 shares, representing 30.20% of the company[50] Market Conditions - The overall profit of the paper and paper products industry decreased by 21.4% to RMB 17.57 billion in the first half of 2025, highlighting the challenging market conditions[10] - The company plans to focus on high-quality packaging paper products and expand into the specialty paper market to meet diverse customer needs[13] Financial Position - Total assets less current liabilities amounted to RMB 7,250,134 thousand, an increase from RMB 6,928,844 thousand as of December 31, 2024[69] - The total equity attributable to owners of the company was RMB 4,937,590 thousand, an increase from RMB 4,852,828 thousand[69] - The company’s cash and cash equivalents stood at RMB 1,085,422 thousand, a slight decrease from RMB 1,135,383 thousand[67] Share Award Schemes - The 2017 Share Award Scheme was adopted on June 27, 2017, to incentivize eligible participants and promote the company's future development[53] - The total number of shares available for grant under the 2017 Share Award Scheme as of January 1, 2025, and June 30, 2025, is 63,484,800 shares, representing approximately 5.96% of the issued shares as of the report date[57] - The 2023 Share Option Scheme was adopted on May 31, 2023, and is effective for ten years, aimed at rewarding and retaining eligible participants[58] Investment and Capital Expenditures - Capital expenditures in the first half of 2025 amounted to approximately RMB 429.9 million, primarily for new production line equipment and land acquisition[31] - The company has a capital commitment of RMB 235,171,000 for property, plant, and equipment, which is an increase of 2.5% from RMB 230,111,000 as of December 31, 2024[22]

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 274,903 thousand, a decrease from RMB 300,346 thousand in 2024, representing a decline of approximately 8.4%[7] - The company reported a pre-tax loss of RMB 13,877 thousand for the first half of 2025, improving from a loss of RMB 32,755 thousand in the same period of 2024[7] - Net loss for the period was RMB 24,022 thousand, compared to a net loss of RMB 46,917 thousand in 2024, indicating a reduction in losses by approximately 48.8%[7] - Gross profit decreased by RMB 15.7 million or 23.2% to approximately RMB 51.9 million, with gross margin declining from 22.5% to 18.9%[25] - Other income and gains increased by RMB 13.2 million or 86.8% to approximately RMB 28.4 million, mainly due to government subsidies received[26] - Administrative expenses decreased by RMB 2.0 million or 4.8% to approximately RMB 39.3 million, primarily due to reduced labor costs[27] - Financial costs decreased by RMB 6.5 million or 9.5% to approximately RMB 62.2 million, mainly due to a decline in borrowing rates[28] - Income tax expenses decreased by RMB 4.1 million or 28.9% to approximately RMB 10.1 million, primarily due to a decrease in pre-tax profit[29] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 5,641,998 thousand, slightly down from RMB 5,695,815 thousand at the end of 2024[8] - Total liabilities decreased to RMB 4,689,806 thousand from RMB 4,717,417 thousand, reflecting a reduction of about 0.6%[8] - The equity attributable to the owners of the parent company was RMB 748,605 thousand, down from RMB 770,664 thousand, a decrease of approximately 2.9%[8] - The company’s total equity decreased to RMB 952,192,000 from RMB 978,398,000, a decline of 2.7%[69] - Non-current liabilities increased to RMB 3,773,445,000 from RMB 3,618,513,000, reflecting a rise of 4.3%[69] - The company has a net current liability of approximately RMB 425,211,000, which includes other payables and accrued expenses of RMB 650,848,000[80] Revenue Breakdown - Revenue decreased by RMB 25.4 million or 8.5% to approximately RMB 274.9 million for the reporting period compared to RMB 300.3 million for the six months ended June 30, 2024[21] - Raw water sales revenue decreased by RMB 11.3 million or 15.6% to approximately RMB 61.3 million for the reporting period compared to RMB 72.6 million for the six months ended June 30, 2024[23] - Municipal water supply sales revenue decreased by RMB 15.9 million or 8.2% to approximately RMB 178.8 million for the reporting period compared to RMB 194.7 million for the six months ended June 30, 2024, mainly due to a reduction in water prices from the same city same price reform policy[23] - Revenue from tap water supply decreased by RMB 0.6 million or 2.4% to approximately RMB 24.0 million for the six months ended June 30, 2024[24] - Revenue from installation services increased by RMB 1.7 million or 21.0% to approximately RMB 9.8 million, primarily due to the increase in "one household, one meter installation project"[24] Strategic Initiatives and Future Outlook - The company continues to focus on strategic initiatives to enhance operational efficiency and market presence, although specific new products or technologies were not detailed in the report[7] - Future outlook remains cautious due to market conditions, with management emphasizing the need for continued cost control and efficiency improvements[7] - The company is exploring potential market expansion opportunities, particularly in the water services sector, to drive future growth[7] - The company aims to enhance its core competitiveness and promote high-quality development by integrating water services with technology and talent[10] - The company is focusing on optimizing its industrial layout and expanding its production capacity to support sustainable development in the water supply industry[10] Shareholder Information - The company has a total of 200,000,000 shares issued, including 150,000,000 domestic shares and 50,000,000 H shares as of June 30, 2025[56] - Major shareholders include Taizhou State-owned Capital Operation Group Co., Ltd. with 43,250,855 shares (28.83% of issued class) and Taizhou Huangyan District Finance Bureau with 26,679,541 shares (17.79% of issued class)[55] - Yang Yide and Ying Nan each hold 10,058,338 domestic shares, representing 6.71% of the issued class and 5.03% of total shares[53] - The company has not disclosed any additional interests held by directors, supervisors, or senior management in shares or related securities as of June 30, 2025[54] Employee and Governance - As of June 30, 2025, the company had 256 employees, with employee benefits expenses amounting to RMB 41.9 million during the reporting period[48] - The company has adopted corporate governance codes since its listing date and has complied with applicable code provisions throughout the reporting period[50] - The company is committed to enhancing corporate governance practices suitable for its business operations and growth, regularly reviewing these practices[50] - The company has maintained compliance with the standard code for securities trading by directors and supervisors throughout the reporting period[51] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2025, was RMB 99,451,000, an increase of 20.4% compared to RMB 82,576,000 in 2024[75] - Cash flow from investing activities was a net outflow of RMB 230,513,000, compared to RMB 192,087,000 in 2024, indicating increased investment in property, plant, and equipment[75] - The financing activities generated a net cash inflow of RMB 101,167,000, a substantial increase from RMB 10,842,000 in the previous year[75] - The company has available bank financing totaling RMB 3,486,110,000, which can be utilized within the next 12 months[80] Debt and Financial Commitments - As of June 30, 2025, the company's total borrowings and corporate debt amounted to approximately RMB 3,838.0 million, with a debt-to-equity ratio of 403.1%[40] - The total amount of guarantees provided by shareholders for borrowings reached RMB 408,000,000 as of June 30, 2025, compared to RMB 459,000,000 as of December 31, 2024, reflecting a decrease of 11.1%[112] - The total bank and other borrowings increased to RMB 3,686,456,000 as of June 30, 2025, compared to RMB 3,515,194,000 as of December 31, 2024, representing a growth of 4.9%[108] - The company continues to maintain a strong relationship with reputable banks, ensuring liquidity and financial stability[106]

中國疏浚環保控股有限公司 China Dredging Environment Protection Holdings Limited ( Incorporated in the Cayman Islands with limited liability ) ( 於開曼群島註冊成立的有限公司 ) Stock Code 股份代號: 871 中期報告 INTERIM REPORT 2025 Contents 目錄 2 Corporate Information 公司資料 4 Definitions 釋義 7 Group Chart 集團架構 8 Management Discussion and Analysis 管理層討論及分析 17 Disclosure of Interests and Other Information 權益披露及其他資料 22 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收益表 23 Condensed Consolidated Statement ...

股份代號: 969 於開曼群島註冊成立之有限公司 中期報告 INTERIM REPORT 2025 2025 Stock Code: 969 Incorporated in the Cayman Islands with limited liability Hua Lien International (Holding) Company Limited 華聯國際(控股)有限公司 Interim Report 2025 中期報告 01 華聯國際（控股）有限公司 未經審核中期業績 華聯國際（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（「本集團」）截至二零二五年六月三十日止六個月之未經審核綜合中期業績連 同比較數字如下： 簡明綜合損益表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 營業額 | (3) | 73,486 | 87,896 | | 銷售成 ...

Company Information [Board of Directors and Management](index=3&type=section&id=Board%20of%20Directors%20and%20Management) This section lists the board members of China South Vocational Education Group Co Ltd, including executive and independent non-executive directors, as well as the company secretary and authorized representatives - The Chairman of the Board is Mr He Huishan, and the Chief Executive Officer is Ms He Huifen[3](index=3&type=chunk) - Independent Non-Executive Director Ms Yang Yang was appointed on **August 29, 2025**, and Mr Luo Pan resigned on the same day[3](index=3&type=chunk) [Committees](index=3&type=section&id=Committees) This section outlines the composition and changes of the company's audit, nomination, and remuneration committees - The Audit Committee Chairman is Ms Yang Yang (appointed on **August 29, 2025**), with Mr Luo Pan resigning on the same day[6](index=6&type=chunk) - The Nomination Committee Chairman is Mr He Huishan, with Ms He Huifen and Mr Ma Shuchao appointed as members on **June 30, 2025**[4](index=4&type=chunk) - The Remuneration Committee Chairman is Mr Ye Zhewei, with Ms Yang Yang appointed as a member on **August 29, 2025**[7](index=7&type=chunk) [Legal Advisors and Offices](index=3&type=section&id=Legal%20Advisors%20and%20Offices) This section provides detailed address information for the company's Hong Kong legal advisor, China headquarters, principal place of business in Hong Kong, and registered office - The legal advisor for Hong Kong law is Haiwen & Partners[4](index=4&type=chunk) - The company's China headquarters and principal place of business are located at No 492 Daguan Middle Road, Tianhe District, Guangzhou, Guangdong Province[4](index=4&type=chunk) - The registered office is located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands[9](index=9&type=chunk) [Auditor and Share Registrars](index=4&type=section&id=Auditor%20and%20Share%20Registrars) This section lists the company's auditor, Cayman Islands share registrar, and Hong Kong securities registrar - The auditor is Huiyi International CPA Limited[8](index=8&type=chunk) - The Hong Kong share registrar is Tricor Investor Services Limited[10](index=10&type=chunk) [Stock Code and Company Website](index=4&type=section&id=Stock%20Code%20and%20Company%20Website) This section provides the company's stock code and official website information Company Basic Information | Metric | Details | | :--- | :--- | | Stock Code | 06913 | | Company Website | www.scvedugroup.com | Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) This section reviews the main business, auxiliary education services, and operational data of the Group's two schools in the Greater Bay Area, Guangdong Lingnan Institute of Technology and Guangdong Lingnan Modern Technician College, during the reporting period - The Group operates two schools in the Greater Bay Area, China: Guangdong Lingnan Institute of Technology and Guangdong Lingnan Modern Technician College, offering academic education and vocational training[11](index=11&type=chunk)[12](index=12&type=chunk) - Lingnan Institute of Technology has been integrated into **8** secondary colleges, **2** public colleges, and **1** continuing education college, adding new specialties such as stomatological medicine technology and optometry technology[13](index=13&type=chunk) - Auxiliary education services primarily include continuing education courses, vocational skill assessment, and professional qualification exam preparation training[16](index=16&type=chunk) 2024/2025 Academic Year Business Operations Data | Metric | Data | Unit | | :--- | :--- | :--- | | Total Full-time Enrolled Students | 34,748 | students | | Lingnan Institute of Technology Average Tuition Fee | 18,065 | RMB/year | | Lingnan Modern Technician College Average Tuition Fee | 15,023 | RMB/year | | Lingnan Institute of Technology Average Boarding Fee | 2,586 | RMB/year | | Lingnan Modern Technician College Average Boarding Fee | 2,079 | RMB/year | [Outlook](index=6&type=section&id=Outlook) This section elaborates on positive changes in China's vocational education policies, including increased financial investment, deepened industry-education integration, optimized systems and specialties, and emphasis on skilled talent cultivation, highlighting the Group's commitment to the Greater Bay Area by continuously supplying highly skilled professionals - In 2024, the central government allocated **RMB31.257 billion** for the Modern Vocational Education Quality Improvement Plan, focusing on enhancing teaching facilities, faculty development, and educational quality[18](index=18&type=chunk) - Policies encourage deepening industry-education integration and school-enterprise cooperation, establishing city-level industry-education alliances and industry communities, and launching the 'Thousand Schools, Ten Thousand Enterprises' collaborative innovation partnership program[20](index=20&type=chunk) - The Greater Bay Area's economy accounts for over **11%** of the national total, with a continuously expanding talent gap in emerging industries; the Group will leverage existing schools to expand its campus network and vocational education market[24](index=24&type=chunk) [Business Development Strategy](index=9&type=section&id=Business%20Development%20Strategy) The Group has formulated a 'Five-in-One' new development pattern, aiming for performance growth by enhancing academic vocational education quality, pursuing external mergers and acquisitions, expanding auxiliary education businesses, fostering international cooperation, and diversifying into five major sectors: large-scale training, large-scale dispatch, big health, big e-commerce, and big public welfare - Lingnan Institute of Technology aims to become an entrepreneurial vocational technical university with a focus on big health within the next decade, concentrating on upgrading specialties and striving to become a new national 'Double High' institution[25](index=25&type=chunk) - Lingnan Modern Technician College collaborates with JD.com Group to co-establish an industry college, deepening the 'industry-education-evaluation' ecosystem, and actively seeking new school premises in the Greater Bay Area[25](index=25&type=chunk) - The Group will rapidly expand its network through external mergers and acquisitions, prioritizing high-quality technical schools and non-academic vocational training institutions within the Greater Bay Area[25](index=25&type=chunk) - Vigorously expanding auxiliary education businesses such as vocational skill level certification and adult continuing education, Lingnan Modern Technician College has been approved for vocational skill level certification in **25** trades[27](index=27&type=chunk) - Actively developing international cooperative education, exploring collaboration with overseas institutions for upgrading to undergraduate level (with a focus on Hong Kong, Macau, Singapore, EU countries, and regions)[27](index=27&type=chunk) - Shifting to a 'Five-in-One' development pattern driven by 'academic education + vocational training + technical services', expanding into five major sectors: large-scale training, large-scale dispatch, big health, big e-commerce, and big public welfare[27](index=27&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) This section reviews changes in the Group's revenue, costs, gross profit, other income, and various expenses during the reporting period, noting revenue growth but a decline in gross profit and profit for the period due to rising costs Changes in Key Financial Indicators for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 361.8 | 335.8 | +7.8% | Increase in total full-time enrolled students | | Cost of Sales | 238.8 | 201.8 | +18.3% | Increase in staff costs, depreciation, cooperative education costs, and property management fees | | Gross Profit | 123.0 | 134.0 | -8.2% | Cost of sales increased more than revenue | | Gross Profit Margin | 34.0% | 39.9% | -5.9% | Cost of sales increased more than revenue | | Other Income and Gains | 33.9 | 27.8 | +21.6% | Increase in rental income | | Selling and Distribution Expenses | 13.9 | 13.4 | +3.7% | Increase in advertising expenses | | Administrative Expenses | 41.8 | 43.9 | -4.7% | Decrease in staff costs and benefits | | Other Expenses | 12.6 | 14.0 | -9.9% | Decrease in donations and exchange losses | | Finance Costs | 4.9 | 6.0 | -18.7% | Decrease in weighted average interest-bearing bank and other borrowings | | Profit for the Period | 83.7 | 87.8 | -4.6% | Impact of the aforementioned comprehensive factors | [Financial and Liquidity Position](index=13&type=section&id=Financial%20and%20Liquidity%20Position) This section analyzes the Group's current assets, current liabilities, debt, financial assets, contingent liabilities, and asset pledges, indicating a significant improvement in liquidity with net current assets turning positive, despite an increase in interest-bearing bank and other borrowings - Net current assets shifted from a net current liability of approximately **RMB177.3 million** as of **December 31, 2024**, to a net current asset of approximately **RMB5.2 million** as of **June 30, 2025**, an increase of approximately **102.9%**[40](index=40&type=chunk) - The increase in current assets was primarily due to an increase in cash and cash equivalents resulting from increased long-term borrowings[40](index=40&type=chunk) - The decrease in current liabilities was mainly due to a reduction in contract liabilities of approximately **RMB172.9 million** as tuition and boarding fees were recognized as revenue[40](index=40&type=chunk) Debt Position as of June 30, 2025 | Metric | Amount (RMB million) | Effective Annual Interest Rate | | :--- | :--- | :--- | | Interest-bearing bank and other borrowings | 323.4 | 2.6% to 6.8% | - As of **June 30, 2025**, the Group had no financial assets measured at fair value through profit or loss (**December 31, 2024**: **RMB0.03

[Definitions and Glossary of Technical Terms](index=3&type=section&id=Definitions%20and%20Glossary%20of%20Technical%20Terms) This chapter defines key terms and technical vocabulary used in the report, covering company operations, legal, financial, and technical aspects, ensuring consistent understanding of the report content - The report defines technical terms such as AI (Artificial Intelligence), L4/L5 autonomous driving, Robotaxi (autonomous ride-sharing vehicles), as well as company entities (e.g., Ruqi Mobility, Ruqi Technology), shareholders (e.g., GAC, Zhonglong), and financial concepts (e.g., transaction value)[7](index=7&type=chunk)[8](index=8&type=chunk)[10](index=10&type=chunk) - The "Reporting Period" specifically refers to the six months ended June 30, 2025[10](index=10&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This chapter lists key company information including board members, committee compositions, joint company secretaries, authorized representatives, auditors, legal and compliance advisors, registered office, headquarters, website, stock code, listing date, and principal bankers - The company's board of directors comprises executive director Mr. Jiang Hua (CEO), non-executive director Mr. Gao Rui (Chairman), and includes an Audit Committee, Remuneration Committee, and Nomination Committee[11](index=11&type=chunk) - The company is registered in the Cayman Islands, with its headquarters and principal place of business in China located in Guangzhou, and its principal place of business in Hong Kong located in Wan Chai[13](index=13&type=chunk) - The company's stock code is 9680, and its listing date was July 10, 2024[13](index=13&type=chunk) [Financial Highlights](index=8&type=section&id=Financial%20Highlights) This chapter summarizes Ruqi Mobility's financial performance, balance sheet, and key operating data for the six months ended June 30, 2025, showing significant revenue growth, a shift from gross loss to gross profit, substantial reduction in operating loss, and overall improvement in operating metrics Financial Highlights for the Six Months Ended June 30, 2025 (RMB Thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 1,676,467 | 1,037,053 | | Gross Profit / (Loss) | 37,438 | (32,445) | | Operating Loss | (124,405) | (255,887) | | Loss Before Tax | (124,917) | (331,634) | | Loss for the Period Attributable to Equity Holders of the Company | (124,917) | (331,634) | | Loss Per Share — Basic and Diluted (RMB) | (0.64) | (3.67) | Balance Sheet Highlights as of June 30, 2025 (RMB Thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 136,922 | 182,322 | | Current Assets | 1,099,335 | 1,196,320 | | Current Liabilities | 256,940 | 262,475 | | Non-current Liabilities | 6,907 | 9,866 | | Net Assets | 972,410 | 1,106,301 | Key Operating Data for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Transaction Value (RMB Million) | 2,032.4 | 1,295.9 | | Order Volume (Million Orders) | 73.3 | 48.5 | | Daily Order Volume (Thousand Orders) | 404.9 | 266.7 | | Average Transaction Value Per Order (RMB) | 27.7 | 26.7 | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details Ruqi Mobility's business performance, financial condition, operating strategies, and future outlook for the reporting period, highlighting significant revenue and gross profit growth, reduced losses, and improved operating efficiency, alongside discussions on liquidity, capital resources, financial risks, and IPO proceeds utilization [I. Business Review](index=9&type=section&id=I.%20Business%20Review) As a Chinese mobility service company, Ruqi Mobility primarily offers ride-hailing services and connects various industry participants, demonstrating continuous financial improvement, significant growth in total revenue, gross profit, orders, and daily orders, with plans for further market expansion through geographical reach, technological optimization, and talent development - The company primarily provides mobility services (ride-hailing, Robotaxi, carpooling), technology services (AI data and model solutions, high-precision maps), and fleet sales and maintenance services[17](index=17&type=chunk) - For the six months ended June 30, 2025, total revenue increased by **61.7% to RMB 1,676.5 million**, and gross profit turned from a loss to a **profit of RMB 37.4 million**[17](index=17&type=chunk) - The company plans to achieve business growth by expanding into international markets, improving ride-hailing operational efficiency, iterating its hybrid operating model (human-driven ride-hailing and Robotaxi), optimizing operational management with data analytics, enhancing brand awareness, and recruiting and developing talent[19](index=19&type=chunk) [II. Financial Review](index=9&type=section&id=II.%20Financial%20Review) This chapter analyzes financial metrics for the reporting period, including revenue composition, costs, gross profit, expenses, other gains/losses, and net loss, showing a 61.7% increase in total revenue driven by mobility services, a shift from gross loss to profit, and a 62.3% reduction in net loss [Revenue](index=9&type=section&id=Revenue) For the six months ended June 30, 2025, the company's total revenue reached RMB 1,676.5 million, a 61.7% year-on-year increase, primarily driven by strong growth in mobility service revenue, especially the increase in ride-hailing service transaction value and order volume Revenue Breakdown by Business Segment (RMB Thousand) | Business Segment | 2025 (Unaudited) | % of Total | 2024 (Unaudited) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Mobility Services | 1,636,355 | 97.6% | 879,063 | 84.8% | | — Ride-hailing Services | 1,635,795 | 97.6% | 878,514 | 84.7% | | — Others | 560 | 0.0% | 549 | 0.1% | | Technology Services | 26,828 | 1.6% | 8,740 | 0.8% | | Fleet Sales and Maintenance | 13,284 | 0.8% | 149,250 | 14.4% | | **Total** | **1,676,467** | **100.0%** | **1,037,053** | **100.0%** | - Mobility service revenue increased by **86.1%** year-on-year, primarily due to an increase in ride-hailing transaction value from **RMB 1,288.9 million to RMB 2,032.2 million**, and order volume from **48.4 million to 73.3 million**[22](index=22&type=chunk) - Technology service revenue increased by **207.0%** year-on-year, mainly benefiting from enhanced technology service operating strategies and increased sales and marketing efforts[22](index=22&type=chunk) - Fleet sales and maintenance revenue decreased by **91.1%** year-on-year, primarily due to reduced vehicle sales revenue[22](index=22&type=chunk) [Cost of Revenue](index=10&type=section&id=Cost%20of%20Revenue) During the reporting period, the company's cost of revenue increased by 53.3% to RMB 1,639.0 million, mainly due to increased driver service fees from ride-hailing business growth, higher technology service costs, and increased cooperation costs with third-party mobility service platforms - Cost of revenue increased from **RMB 1,069.5 million** in the same period of 2024 to **RMB 1,639.0 million** in the same period of 2025, a **53.3% increase**[23](index=23&type=chunk) - The increase in costs was primarily attributable to higher driver service fees resulting from ride-hailing business growth, increased costs associated with the growth of technology services, and higher service fees incurred from orders acquired through third-party platforms[23](index=23&type=chunk) [Gross Profit / (Loss) and Gross Margin](index=11&type=section&id=Gross%20Profit%20%2F%20%28Loss%29%20and%20Gross%20Margin) The company's gross profit shifted from a gross loss of RMB 32.4 million in the same period of 2024 to a gross profit of RMB 37.4 million in the same period of 2025, with the gross margin improving from -3.1% to 2.2%, primarily due to an improved gross loss margin in mobility services achieved through optimized customer and driver incentive policies Gross Profit / (Loss) and Gross Margin Breakdown by Business Segment (RMB Thousand) | Business Segment | 2025 Gross Profit | 2025 Gross Margin | 2024 Gross Profit (Loss) | 2024 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Mobility Services | 32,783 | 2.0% | (40,722) | (4.6)% | | Technology Services | 893 | 3.3% | 1,422 | 16.3% | | Fleet Sales and Maintenance | 3,762 | 28.3% | 6,855 | 4.6% | | **Total** | **37,438** | **2.2%** | **(32,445)** | **(3.1)%** | - The overall gross margin improvement was mainly due to the improved gross loss margin in mobility services, resulting from more prudent customer incentive policies and reduced additional driver incentives[26](index=26&type=chunk) [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, the company's other income increased by 206.1% to RMB 16.2 million, primarily driven by a significant increase in bank deposit interest income - Other income increased from **RMB 5.3 million** in the same period of 2024 to **RMB 16.2 million** in the same period of 2025, a **206.1% increase**[27](index=27&type=chunk) - The primary reason for the increase was higher bank deposit interest income[27](index=27&type=chunk) [Selling and Marketing Expenses](index=11&type=section&id=Selling%20and%20Marketing%20Expenses) During the reporting period, selling and marketing expenses decreased by 24.3% to RMB 65.0 million, primarily due to the company's regional expansion strategy enhancing brand awareness, thereby reducing promotional and marketing expenditures - Selling and marketing expenses decreased from **RMB 85.9 million** in the same period of 2024 to **RMB 65.0 million** in the same period of 2025, a **24.3% decrease**[28](index=28&type=chunk) - The reduction in expenses was mainly due to increased brand awareness resulting from the regional expansion strategy, which reduced the need for promotions and marketing[28](index=28&type=chunk) [General and Administrative Expenses](index=11&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by 22.9% to RMB 48.9 million, primarily due to reduced listing expenses, lower share-based payment expenses, and improved operating efficiency and economies of scale from business expansion - General and administrative expenses decreased from **RMB 63.4 million** in the same period of 2024 to **RMB 48.9 million** in the same period of 2025, a **22.9% decrease**[29](index=29&type=chunk) - Reasons for the decrease include reduced listing expenses, lower share-based payment expenses, and improved operating efficiency and economies of scale[29](index=29&type=chunk) [Research and Development Expenses](index=12&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by 12.7% to RMB 64.2 million, primarily due to costs related to R&D personnel's contributions to technology services being recognized as service revenue, and benefits from improved operating efficiency - Research and development expenses decreased from **RMB 73.5 million** in the same period of 2024 to **RMB 64.2 million** in the same period of 2025, a **12.7% decrease**[30](index=30&type=chunk) - Reasons for the decrease include R&D personnel contributing to technology services, with related costs recognized as service revenue, and improved operating efficiency[30](index=30&type=chunk) [Credit Loss on Trade and Other Receivables](index=12&type=section&id=Credit%20Loss%20on%20Trade%20and%20Other%20Receivables) Credit loss on trade and other receivables significantly decreased by 96.9% to RMB 0.1 million, primarily due to a reduction in loss provisions - Credit loss decreased from **RMB 3.9 million** in the same period of 2024 to **RMB 0.1 million** in the same period of 2025, a **96.9% decrease**[31](index=31&type=chunk) - The main reason was a reduction in loss provisions for trade and other receivables[31](index=31&type=chunk) [Other Net Gain / (Loss)](index=12&type=section&id=Other%20Net%20Gain%20%2F%20%28Loss%29) The company's other net gain/loss shifted from a net loss of RMB 2.1 million in the same period of 2024 to a net gain of approximately RMB 0.1 million in the same period of 2025 - Other net gain/loss shifted from a **net loss of RMB 2.1 million** in the same period of 2024 to a **net gain of approximately RMB 0.1 million** in the same period of 2025[32](index=32&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) Finance costs decreased from RMB 0.9 million in the same period of 2024 to RMB 0.5 million in the same period of 2025 - Finance costs decreased from **RMB 0.9 million** in the same period of 2024 to **RMB 0.5 million** in the same period of 2025[33](index=33&type=chunk) [Change in Fair Value of Convertible Redeemable Preferred Shares](index=12&type=section&id=Change%20in%20Fair%20Value%20of%20Convertible%20Redeemable%20Preferred%20Shares) Due to the conversion of convertible redeemable preferred shares into ordinary shares upon the company's initial public offering, the change in fair value for this item was zero in the 2025 reporting period, compared to a loss of RMB 66.3 million in the same period of 2024 - In the 2025 reporting period, the change in fair value of convertible redeemable preferred shares was **zero**, compared to a **loss of RMB 66.3 million** in the same period of 2024[34](index=34&type=chunk) - The change was zero because the preferred shares were converted into ordinary shares upon the company's initial public offering[34](index=34&type=chunk) [Change in Fair Value of Other Financial Liabilities Issued to Investors](index=12&type=section&id=Change%20in%20Fair%20Value%20of%20Other%20Financial%20Liabilities%20Issued%20to%20Investors) In the 2025 reporting period, the change in fair value of other financial liabilities issued to investors was zero, compared to a loss of RMB 8.6 million in the same period of 2024, primarily due to the exercise of warrants and repayment of related loans - In the 2025 reporting period, the change in fair value of other financial liabilities issued to investors was **zero**, compared to a **loss of RMB 8.6 million** in the same period of 2024[35](index=35&type=chunk) - The change to zero was due to the exercise of warrants and repayment of related loans[35](index=35&type=chunk) [Loss for the Period](index=12&type=section&id=Loss%20for%20the%20Period) For the six months ended June 30, 2025, the company's net loss was RMB 124.9 million, a significant reduction of 62.3% compared to RMB 331.6 million in the same period of 2024 - Net loss decreased from **RMB 331.6 million** in the same period of 2024 to **RMB 124.9 million** in the same period of 2025, a **62.3% decrease**[36](index=36&type=chunk) [Non-IFRS Measures](index=12&type=section&id=Non-IFRS%20Measures) The company uses adjusted net loss (a non-IFRS measure) as a supplementary financial indicator, adjusted by adding back changes in fair value of convertible redeemable preferred shares, changes in fair value of other financial liabilities, share-based payments, and listing expenses, to better reflect operating performance. As of June 30, 2025, the adjusted net loss was RMB 121.4 million, a 49.8% year-on-year decrease - Adjusted net loss (a non-IFRS measure) is defined as net loss for the period adjusted by adding back changes in fair value of convertible redeemable preferred shares, changes in fair value of other financial liabilities issued to investors, equity-settled share-based payments, and listing expenses related to the global offering[38](index=38&type=chunk) Reconciliation of Net Loss to Adjusted Net Loss (RMB Thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Loss for the Period | (124,917) | (331,634) | | Add: Change in Fair Value of Convertible Redeemable Preferred Shares | — | 66,290 | | Add: Change in Fair Value of Other Financial Liabilities Issued to Investors | — | 8,552 | | Add: Equity-settled Share-based Payments | 3,479 | 8,197 | | Add: Listing Expenses | — | 6,602 | | **Adjusted Net Loss** | **(121,438)** | **(241,993)** | - For the six months ended June 30, 2025, adjusted net loss was **RMB 121.4 million**, a **49.8% decrease** compared to **RMB 242.0 million** in the same period of 2024[38](index=38&type=chunk) [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) This chapter discusses the company's liquidity, debt levels, financial ratios, capital expenditures, and commitments, showing total cash and cash equivalents of RMB 878.4 million as of June 30, 2025, decreased net cash used in operating activities, changes in current and debt-to-asset ratios, and increased capital expenditures - As of June 30, 2025, the company's cash and cash equivalents and time deposits totaled **RMB 878.4 million**, lower than **RMB 1,016.6 million** as of December 31, 2024[40](index=40&type=chunk) - Net cash used in operating activities decreased from **RMB 200.0 million** in the same period of 2024 to **RMB 118.6 million** in the same period of 2025[40](index=40&type=chunk) Debt Details (RMB Thousand) | Debt Type | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current Loans and Borrowings | 10,007 | 23,026 | | Current Lease Liabilities | 5,367 | 5,989 | | Non-current Lease Liabilities | 6,907 | 9,866 | | **Total** | **22,281** | **38,881** | - The current ratio decreased from **455.8%** as of December 31, 2024, to **427.9%** as of June 30, 2025, and the debt-to-asset ratio increased from **19.8% to 21.3%**, primarily due to a decrease in current assets from operating cash outflows[44](index=44&type=chunk) - Capital expenditures increased to **RMB 10.1 million** in the first half of 2025 (first half of 2024: **RMB 5.8 million**), mainly for the purchase of property, plant and equipment[46](index=46&type=chunk) [Financial Risks](index=16&type=section&id=Financial%20Risks) This chapter outlines the credit, liquidity, interest rate, and currency risks faced by the company, along with strategies for managing and monitoring these risks - Credit risk primarily arises from trade receivables, deposits, and other receivables, but is limited due to counterparties being banks with high credit ratings[53](index=53&type=chunk) - Liquidity risk is managed by regularly monitoring needs, maintaining sufficient cash reserves, and committed credit facilities[54](index=54&type=chunk) - Interest rate risk primarily stems from floating-rate bank deposits, but there were no fixed-rate financial instruments measured at fair value through profit or loss at the end of the reporting period[55](index=55&type=chunk) - Currency risk mainly arises from transactions in currencies other than the functional currency, but as of June 30, 2025, foreign exchange risk was not significant, and no hedging was undertaken during the reporting period[56](index=56&type=chunk) [III. Use of Net Proceeds from Listing and Global Offering](index=17&type=section&id=III.%20Use%20of%20Net%20Proceeds%20from%20Listing%20and%20Global%20Offering) This chapter details the use of net proceeds from the company's global offering and their utilization as of June 30, 2025, with approximately HKD 982.4 million allocated for autonomous driving and Robotaxi R&D, mobility service upgrades, geographical expansion, strategic partnerships, and working capital, with no changes to the intended use or timetable - The net proceeds from the global offering amounted to approximately **HKD 982.4 million**[57](index=57&type=chunk) Use of Net Proceeds from Global Offering (HKD Million) | Use | Approximate Percentage of Total Net Proceeds | Net Proceeds from Global Offering | Unutilized Net Proceeds as of January 1, 2025 | Net Proceeds Utilized During Reporting Period | Remaining Net Proceeds as of June 30, 2025 | Expected Time for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | R&D activities for autonomous driving and Robotaxi operations | 40% | 392.96 | 314.54 | 58.71 | 255.83 | 2026 and beyond | | Product upgrades and operational efficiency improvements for mobility services | 20% | 196.48 | 153.58 | 39.49 | 114.09 | 2026 and beyond | | Expanding user base, enhancing brand awareness, and increasing market share in geographical expansion strategy | 20% | 196.48 | 163.10 | 14.94 | 148.16 | 2026 and beyond | | Establishing strategic partnerships, investments, and acquisitions in the mobility industry value chain | 10% | 98.24 | 98.24 | — | 98.24 | 2026 and beyond | | Working capital and general corporate purposes | 10% | 98.24 | 98.24 | — | 98.24 | 2026 and beyond | | **Total** | **100%** | **982.40** | **827.70** | **113.14** | **714.56** | | - As of the date of this report, there have been no changes to the intended use of net proceeds or the expected timetable for their implementation[58](index=58&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This chapter covers non-financial information including corporate governance, securities dealings, director updates, equity incentive plans, and major shareholder holdings, with no interim dividend declared, compliance with corporate governance and securities dealing codes, and detailed disclosures on pre-IPO equity incentive plan changes and director/major shareholder interests [Interim Dividend](index=18&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 (2024: nil)[59](index=59&type=chunk) [Events After Reporting Period](index=18&type=section&id=Events%20After%20Reporting%20Period) The company has not identified any significant subsequent events from the end of the reporting period up to the date of this report - The company is not aware of any significant subsequent events from the end of the reporting period up to the date of this report[60](index=60&type=chunk) [Corporate Governance Code](index=18&type=section&id=Corporate%20Governance%20Code) The company is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules. During the reporting period, the company complied with all applicable code provisions, except for the Chairman of the Board who was unable to attend the Annual General Meeting due to other business commitments - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with all applicable code provisions during the reporting period[61](index=61&type=chunk) - The only exception was the Chairman of the Board's inability to attend the Annual General Meeting held on May 27, 2025, which contravened code provision F.2.2 (now F.1.3)[61](index=61&type=chunk) [Compliance with Model Code for Securities Transactions](index=18&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during the reporting period, with no instances of employee breaches identified by the company - The company has adopted the Model Code for Securities Transactions set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code throughout the reporting period[62](index=62&type=chunk) - The company has not identified any instances of employees who may possess inside information breaching the Model Code[62](index=62&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=19&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held at the end of the reporting period - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[63](index=63&type=chunk) - As of the end of the reporting period, the company held no treasury shares[63](index=63&type=chunk) [Update on Directors' Information](index=19&type=section&id=Update%20on%20Directors%27%20Information) This chapter discloses updates to directors' information during the reporting period, including changes in positions held by independent non-executive directors Mr. Zhang Junyi and Mr. Zhang Senquan in other companies - Independent non-executive director Mr. Zhang Junyi ceased to be an independent director of Zongmu Technology (Shanghai) Co., Ltd. since February 2025 and has served as an independent non-executive director of Shenzhen Chengtian Technology Co., Ltd. since May 2025[67](index=67&type=chunk) - Independent non-executive director Mr. Zhang Senquan has served as an independent director of Shandong Weigao Blood Purification Products Co., Ltd. since May 19, 2025, and as a joint company secretary of China Communications (Group) Holdings Limited since July 2025[67](index=67&type=chunk) [Review of Interim Results and Interim Report](index=19&type=section&id=Review%20of%20Interim%20Results%20and%20Interim%20Report) The Audit Committee has reviewed the Group's interim results and interim financial report, deeming them prepared in accordance with applicable accounting standards, rules, and regulations, with appropriate disclosures. The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements - The Audit Committee, comprising three independent non-executive directors with Mr. Zhang Senquan as Chairman, is responsible for reviewing interim results and financial reports[65](index=65&type=chunk) - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[65](index=65&type=chunk) [Continuing Disclosure Obligations under Listing Rules](index=19&type=section&id=Continuing%20Disclosure%20Obligations%20under%20Listing%20Rules) The company states that it has no disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules - The company has no disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[66](index=66&type=chunk) [Pre-IPO Share Incentive Scheme](index=20&type=section&id=Pre-IPO%20Share%20Incentive%20Scheme) This chapter details the company's Pre-IPO Share Incentive Scheme adopted on July 14, 2021, designed to attract, retain, and motivate senior officers, directors, and employees. The scheme includes share options, restricted shares, and other share awards, with disclosure of changes in share options and restricted shares during the reporting period [Scheme Overview](index=20&type=section&id=Scheme%20Overview) The Pre-IPO Share Incentive Scheme, adopted on July 14, 2021, aims to attract, retain, and motivate the Group's senior officers, directors, and employees through share options, restricted shares, and other share awards, with a maximum of 10,000,000 shares issuable - The scheme aims to attract, retain, and motivate the Group's senior officers, directors, and employees, and to promote business success[69](index=69&type=chunk) - Award types include share options, restricted shares, and other share awards[71](index=71&type=chunk) - The maximum number of shares that can be issued to participants under the scheme is **10,000,000 shares**, representing approximately **4.90%** of the total issued shares as of the date of this report[72](index=72&type=chunk) [Share Options](index=21&type=section&id=Share%20Options) This chapter details the grant, pricing, vesting schedule, and exercise period of share options. Option prices are determined based on the participant's entry date, vesting typically occurs in equal installments over four years, and the exercise period is up to twelve years from the grant date - The share option price is **RMB 10.00 per share** for participants who joined on or after January 1, 2020, and at the discretion of the committee for other participants[75](index=75&type=chunk) - Shares related to share options typically vest in equal installments over four years, or for participants who joined before January 1, 2020, 50% vest on the first anniversary and the remaining 50% vest in equal installments over two years[76](index=76&type=chunk) - Participants may exercise vested share options at any time after the IPO, for a maximum period of twelve years from the grant date[77](index=77&type=chunk) Details of Share Option Movements under Pre-IPO Share Incentive Scheme | Grantee Name / Category | Number of Shares Related to Share Options as of January 1, 2025 | Granted During Reporting Period | Vested During Reporting Period | Cancelled / Forfeited During Reporting Period | Expired During Reporting Period | Exercised During Reporting Period | Number of Shares Related to Share Options as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Director — Mr. Jiang Hua | 660,000 | — | — | — | — | — | 660,000 | | Other Grantees — Highest Paid Individuals (4 in total) | 1,409,782 | — | — | — | 106,642 | — | 1,303,140 | | Others (total) | 5,090,982 | — | — | — | 155,457 | 37,100 | 4,900,135 | | **Total** | **7,160,764** | **—** | **—** | **—** | **262,099** | **37,100** | **6,863,275** | [Restricted Shares](index=22&type=section&id=Restricted%20Shares) This chapter describes the grant method, consideration, and performance targets for restricted shares. The grant of restricted shares may be conditional upon achieving specific performance targets, and failure to meet these targets may result in forfeiture - Restricted share awards are grants of a specified number of shares by the Board to participants, which will be forfeited upon the occurrence of certain events[78](index=78&type=chunk) - The consideration for restricted share grants is **RMB 10.00 per share** for current participants, and at the discretion of the Board for non-current participants[78](index=78&type=chunk) - The Board may set performance targets as conditions for the grant of restricted shares or the expiration of the restriction period, and participants may be required to forfeit awards if these targets are not met[79](index=79&type=chunk) Details of Restricted Share Movements under Pre-IPO Share Incentive Scheme | Grantee Name / Category | Number of Shares Related to Restricted Shares Awarded as of January 1, 2025 | Granted During Reporting Period | Vested During Reporting Period | Cancelled / Forfeited During Reporting Period | Expired During Reporting Period | Awards Not Yet Vested as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Director — Mr. Jiang Hua | 55,000 | — | — | — | — | 55,000 | | Other Grantees — Highest Paid Individuals (4 in total) | 110,547 | — | — | — | 35,547 | 75,000 | | Others (total) | — | — | — | — | — | — | | **Total** | **165,547** | **—** | **—** | **—** | **35,547** | **130,000** | [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=25&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This chapter discloses the long positions of directors and the chief executive in the company's shares or underlying shares as of June 30, 2025, with Mr. Jiang Hua holding 880,000 shares, including share options and restricted shares Directors' and Chief Executive's Long Positions in Shares or Underlying Shares of the Company | Director Name | Capacity / Nature of Interest | Number of Shares Held | Approximate Percentage of Equity Interest | | :--- | :--- | :--- | :--- | | Jiang Hua | Beneficial Owner | 880,000 (L) | 0.43% | - Mr. Jiang Hua's interests include **660,000 shares** related to share options granted under the Pre-IPO Share Incentive Scheme, as well as **165,000 restricted shares** and **55,000 underlying shares**[90](index=90&type=chunk) [Major Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=26&type=section&id=Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This chapter discloses the interests of major shareholders in the company's shares or underlying shares as of June 30, 2025, including GAC Group, GAC, Zhonglong, Tencent Mobility Limited (a subsidiary of Tencent Holdings Limited), Pony.ai Hong Kong Limited (a subsidiary of Pony.ai Inc.), and Didi Global Inc. Major Shareholders' Interests in Shares or Underlying Shares of the Company | Shareholder Name / Name | Capacity / Nature of Interest | Number of Shares Held | Approximate Percentage of Equity Interest | | :--- | :--- | :--- | :--- | | GAC Group | Beneficial Owner | 46,302,391 (L) | 22.68% | | GAC Group | Interest in Controlled Corporation | 26,202,774 (L) | 12.84% | | GAC | Interest in Controlled Corporation | 26,202,774 (L) | 12.84% | | Zhonglong | Beneficial Owner | 26,202,774 (L) | 12.84% | | Tencent Mobility Limited | Beneficial Owner | 32,396,688 (L) | 15.87% | | Tencent Holdings Limited | Interest in Controlled Corporation | 32,396,688 (L) | 15.87% | | Pony.ai Hong Kong Limited | Beneficial Owner | 10,909,912 (L) | 5.35% | | Pony.ai Inc. | Interest in Controlled Corporation | 10,909,912 (L) | 5.35% | | Peng Jun | Interest in Controlled Corporation | 10,909,912 (L) | 5.35% | | Didi Global Inc. | Interest in Controlled Corporation | 11,627,700 (L) | 5.70% | - GAC Group, GAC, and Zhonglong collectively hold shares in the company, with Zhonglong being a wholly-owned subsidiary of GAC, and GAC Group owning **52.51%** of GAC's equity[92](index=92&type=chunk) - Tencent Mobility Limited is a wholly-owned subsidiary of Tencent Holdings Limited[92](index=92&type=chunk) - Pony.ai Hong Kong Limited is a wholly-owned subsidiary of Pony.ai Inc., controlled by Mr. Peng Jun[92](index=92&type=chunk) - Didi Global Inc. holds shares through its subsidiaries Jovial Lane Limited and Voyager Global Inc[92](index=92&type=chunk) [Review Report](index=28&type=section&id=Review%20Report) KPMG reviewed Ruqi Mobility's interim financial report for the six months ended June 30, 2025, finding no matters suggesting the report was not prepared in all material respects in accordance with IAS 34 - KPMG has reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[97](index=97&type=chunk) - The review concluded that nothing has come to their attention that causes them to believe the interim financial report is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting"[98](index=98&type=chunk) - As the scope of a review is less than that of an audit, no audit opinion is expressed[97](index=97&type=chunk) [Consolidated Statement of Profit or Loss](index=29&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This chapter presents the consolidated statement of profit or loss for the six months ended June 30, 2025, showing significant revenue growth, a shift from gross loss to profit, and substantial reductions in operating loss and loss for the period Key Data from Consolidated Statement of Profit or Loss (RMB Thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 1,676,467 | 1,037,053 | | Cost of Revenue | (1,639,029) | (1,069,498) | | Gross Profit / (Loss) | 37,438 | (32,445) | | Other Income | 16,236 | 5,304 | | Selling and Marketing Expenses | (64,969) | (85,877) | | General and Administrative Expenses | (48,870) | (63,395) | | Research and Development Expenses | (64,186) | (73,524) | | Operating Loss | (124,405) | (255,887) | | Loss Before Tax | (124,917) | (331,634) | | Loss for the Period Attributable to Equity Holders of the Company | (124,917) | (331,634) | | Loss Per Share — Basic and Diluted (RMB) | (0.64) | (3.67) | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=30&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This chapter presents the consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, showing the loss for the period and total comprehensive income Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB Thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss for the Period | (124,917) | (331,634) | | Items that may be reclassified subsequently to profit or loss: | | | | Exchange differences on translation of financial statements of foreign operations | (12,823) | (3,356) | | Other Comprehensive Income for the Period | (12,823) | (3,356) | | Total Comprehensive Income for the Period Attributable to Equity Holders of the Company | (137,740) | (334,990) | [Consolidated Statement of Financial Position](index=31&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This chapter presents the consolidated statement of financial position as of June 30, 2025, reflecting the company's asset, liability, and equity structure, with decreases in current assets and net assets, but also a slight reduction in current liabilities Key Data from Consolidated Statement of Financial Position (RMB Thousand) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 46,295 | 54,358 | | Right-of-use Assets | 30,619 | 37,236 | | Intangible Assets | 17,914 | 21,882 | | Other Non-current Assets | 42,094 | 68,846 | | **Total Non-current Assets** | **136,922** | **182,322** | | **Current Assets** | | | | Inventories | 857 | 2,440 | | Trade Receivables | 20,303 | 28,597 | | Prepayments, Deposits and Other Receivables | 199,775 | 148,665 | | Time Deposits | 506,230 | — | | Cash and Cash Equivalents | 372,170 | 1,016,618 | | **Total Current Assets** | **1,099,335** | **1,196,320** | | **Current Liabilities** | | | | Trade Payables | 93,112 | 66,838 | | Accruals and Other Payables | 144,662 | 162,252 | | Loans and Borrowings | 10,007 | 23,026 | | Contract Liabilities | 3,792 | 4,370 | | Lease Liabilities | 5,367 | 5,989 | | **Total Current Liabilities** | **256,940** | **262,475** | | **Net Current Assets** | **842,395** | **933,845** | | **Non-current Liabilities** | | | | Lease Liabilities | 6,907 | 9,866 | | **Total Non-current Liabilities** | **6,907** | **9,866** | | **Net Assets** | **972,410** | **1,106,301** | | **Total Equity** | **972,410** | **1,106,301** | [Consolidated Statement of Changes in Equity](index=33&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This chapter presents the consolidated statement of changes in equity for the six months ended June 30, 2025, reflecting changes in share capital, share premium, capital reserve, share-based payment reserve, exchange reserve, other reserves, and accumulated losses, resulting in a decrease in total equity from RMB 1,106,301 thousand to RMB 972,410 thousand at period-end Key Data from Consolidated Statement of Changes in Equity (RMB Thousand) | Indicator | Share Capital | Share Premium | Capital Reserve | Share-based Payment Reserve | Exchange Reserve | Other Reserves | Accumulated Losses | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance as of January 1, 2025 | 688 | 3,976,660 | 57,688 | 89,255 | (1,863) | (15,683) | (3,000,444) | 1,106,301 | | Loss for the Period | — | — | — | — | — | — | (124,917) | (124,917) | | Other Comprehensive Income for the Period | — | — | — | — | (12,823) | — | — | (12,823) | | Total Comprehensive Income for the Period | — | — | — | — | (12,823) | — | (124,917) | (137,740) | | Equity-settled Share-based Payment Transactions | — | — | — | 3,479 | — | — | — | 3,479 | | Exercise of Share Options under Share Incentive Scheme | * | 370 | — | — | — | — | — | 370 | | Balance as of June 30, 2025 | 688 | 3,977,030 | 57,688 | 92,734 | (14,686) | (15,683) | (3,125,361) | 972,410 | [Consolidated Statement of Cash Flows](index=35&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This chapter presents the consolidated statement of cash flows for the six months ended June 30, 2025, showing decreased net cash used in operating activities, significantly increased net cash used in investing activities, and decreased net cash used in financing activities, leading to a substantial decline in cash and cash equivalents at period-end Key Data from Consolidated Statement of Cash Flows (RMB Thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (118,561) | (200,010) | | Net Cash Used in Investing Activities | (499,900) | (929) | | Net Cash Used in Financing Activities | (16,076) | (40,017) | | Net Decrease in Cash and Cash Equivalents | (634,537) | (240,956) | | Cash and Cash Equivalents at Beginning of Period | 1,016,618 | 612,858 | | Effect of Exchange Rate Changes on Cash Held | (9,911) | 1,138 | | Cash and Cash Equivalents at End of Period | 372,170 | 373,040 | [Notes to the Unaudited Interim Financial Report](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This chapter provides detailed explanations and supplementary information for the interim financial report, including general company information, accounting policy changes, revenue and segment reporting, expense breakdowns, balance sheet item analysis, share-based payment transactions, capital and reserves, fair value measurement of financial instruments, commitments, and significant related party transactions, offering deeper context for understanding the company's financial position and operating performance [1 General Information and Basis of Preparation](index=36&type=section&id=1%20General%20Information%20and%20Basis%20of%20Preparation) Ruqi Mobility Technology Co., Ltd. was incorporated in the Cayman Islands on April 30, 2019, and its shares have been listed on the Main Board of the Hong Kong Stock Exchange since July 10, 2024. The Group primarily engages in mobility services, technology services, and fleet sales and maintenance businesses in China. The interim financial report is prepared in accordance with the Hong Kong Stock Exchange Listing Rules and International Accounting Standard 34, and although unaudited, it has been reviewed by KPMG - The company was incorporated in the Cayman Islands on April 30, 2019, and its shares have been listed on the Main Board of the Hong Kong Stock Exchange since July 10, 2024[116](index=116&type=chunk) - The Group primarily engages in mobility services, technology services, and fleet sales and maintenance businesses in China[116](index=116&type=chunk) - The interim financial report is prepared in accordance with International Accounting Standard 34, and although unaudited, it has been reviewed by KPMG[116](index=116&type=chunk)[117](index=117&type=chunk) [2 Changes in Accounting Policies](index=36&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group applied the amendment to IAS 21 "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability" during this accounting period, but it had no significant impact on the interim report as the company did not engage in foreign currency non-exchangeable transactions. The company has not applied any new standards or interpretations that are not yet effective - The Group applied the amendment to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," but it had no significant impact on the interim report[118](index=118&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective for this accounting period[119](index=119&type=chunk) [3 Revenue and Segment Reporting](index=37&type=section&id=3%20Revenue%20and%20Segment%20Reporting) This chapter details the company's revenue composition and segment reporting by business line. Revenue primarily comes from mobility services, with significant growth in technology service revenue, while fleet sales and maintenance revenue substantially decreased. Segment reporting shows a narrowing loss in mobility services, and profitability in both technology services and fleet sales and maintenance businesses [Revenue](index=37&type=section&id=Revenue) The company's revenue primarily derives from mobility services, with ride-hailing services contributing the most. Technology service revenue significantly increased, while fleet sales and maintenance revenue substantially decreased Revenue Classified by Business Line (RMB Thousand) | Business Line | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Mobility Services | 1,636,355 | 879,063 | | — Ride-hailing Services | 1,635,795 | 878,514 | | — Others | 560 | 549 | | Technology Services | 26,828 | 8,740 | | Fleet Sales and Maintenance | 13,284 | 149,250 | | **Total** | **1,676,467** | **1,037,053** | - Within fleet sales and maintenance business, revenue from vehicle sales significantly decreased from **RMB 133,851 thousand** in the same period of 2024 to **RMB 1,717 thousand** in the same period of 2025[122](index=122&type=chunk) [Segment Reporting](index=38&type=section&id=Segment%20Reporting) The company manages its business through three reportable segments: mobility services, technology services, and fleet sales and maintenance. For the six months ended June 30, 2025, the mobility services segment's loss narrowed, while both technology services and fleet sales and maintenance segments achieved profitability Segment Results (For the Six Months Ended June 30, 2025, RMB Thousand) | Indicator | Mobility Services | Technology Services | Fleet Sales and Maintenance | Total | | :--- | :--- | :--- | :--- | :--- | | External Revenue | 1,636,355 | 26,828 | 13,284 | 1,676,467 | | Segment (Loss) / Profit Before Tax | (91,261) | 893 | 1,121 | (89,247) | | Bank Deposit Interest Income | 417 | — | 150 | 567 | | Finance Costs | (421) | — | (91) | (512) | | Depreciation and Amortization | (17,063) | (975) | (1,122) | (19,160) | | Credit Loss on Trade and Other Receivables | (122) | — | — | (122) | Segment Results (For the Six Months Ended June 30, 2024, RMB Thousand) | Indicator | Mobility Services | Technology Services | Fleet Sales and Maintenance | Total | | :--- | :--- | :--- | :--- | :--- | | External Revenue | 879,063 | 8,740 | 149,250 | 1,037,053 | | Segment (Loss) / Profit Before Tax | (196,670) | 1,422 | 1,851 | (193,397) | | Bank Deposit Interest Income | 4,464 | — | 79 | 4,543 | | Finance Costs | (905) | — | — | (905) | | Depreciation and Amortization | (19,971) | (927) | (2,137) | (23,035) | | Credit Loss on Trade and Other Receivables | (3,890) | — | — | (3,890) | | Service Costs Waived by a Shareholder for Mobility Service Platform | (2,814) | — | — | (2,814) | - All non-current assets and revenue are derived from operations in China[129](index=129&type=chunk) [4 Other Income](index=40&type=section&id=4%20Other%20Income) This chapter lists the components of other income, primarily including government grants and bank deposit interest income, with a significant increase in bank deposit interest income Other Income Details (RMB Thousand) | Income Source | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Government Grants | 2,469 | 761 | | Bank Deposit Interest Income | 13,767 | 4,543 | | **Total** | **16,236** | **5,304** | [5 Loss Before Tax](index=40&type=section&id=5%20Loss%20Before%20Tax) This chapter details the components of loss before tax, including finance costs and other expenses such as intangible asset amortization, depreciation, exchange gains, and research and development costs [Finance Costs](index=40&type=section&id=Finance%20Costs) Finance costs primarily consist of interest on loans and other borrowings and interest on lease liabilities, totaling RMB 512 thousand in 2025, down from RMB 905 thousand in the same period of 2024 Finance Costs Details (RMB Thousand) | Cost Type | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Interest on Loans and Other Borrowings | 176 | 459 | | Interest on Lease Liabilities | 336 | 446 | | **Total** | **512** | **905** | [Other Items](index=41&type=section&id=Other%20Items) This chapter lists other major items included in the loss before tax, such as intangible asset amortization, depreciation of property, plant and equipment, depreciation of right-of-use assets, exchange gains, research and development costs, and inventory costs Other Items Details (RMB Thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 4,285 | 4,236 | | Depreciation — Property, Plant and Equipment | 8,877 | 11,398 | | Depreciation — Right-of-use Assets | 5,998 | 7,401 | | Exchange Gains | (2,912) | (860) | | Research and Development Costs | 64,186 | 73,524 | | Cost of Inventories | 6,472 | 137,427 | - Research and development expenses (including staff costs, amortization, and depreciation) for the first half of 2025 were **RMB 48,896 thousand**, lower than **RMB 59,646 thousand** in the same period of 2024[133](index=133&type=chunk) [6 Income Tax](index=41&type=section&id=6%20Income%20Tax) This chapter provides a reconciliation of income tax expense. The company recognized no income tax expense during the reporting period, primarily because the impact of unrecognized tax losses and temporary differences offset the nominal tax and the tax effect of super deduction for R&D costs Reconciliation of Income Tax Expense (RMB Thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss Before Tax | 124,917 | 331,634 | | Nominal Tax on Loss Before Tax | 34,645 | 62,900 | | Tax Effect of Non-deductible Expenses | (877) | (726) | | Tax Effect of Super Deduction for Research and Development Costs | 16,047 | 17,505 | | Effect of Unrecognized Tax Losses and Temporary Differences | (50,214) | (79,840) | | Utilization of Unused Tax Losses | 314 | — | | Others | 85 | 161 | | **Actual Tax Expense** | **—** | **—** | - The Group is exempt from income tax in the Cayman Islands and British Virgin Islands, Hong Kong subsidiaries are subject to profits tax at **16.5%** (**8.25%** for the first **HKD 2 million**), and Chinese subsidiaries are subject to corporate income tax at **25%** and can enjoy an additional **100% super deduction** for R&D costs[139](index=139&type=chunk) [7 Loss Per Share](index=42&type=section&id=7%20Loss%20Per%20Share) This chapter calculates the basic and diluted loss per share for the six months ended June 30, 2025. Basic loss per share was RMB 0.64, with no difference from diluted loss per share, as share options, restricted shares, and convertible redeemable preferred shares had an anti-dilutive effect [Basic Loss Per Share](index=42&type=section&id=Basic%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share was RMB 0.64, calculated based on the loss attributable to ordinary equity holders of the company of RMB 124,917 thousand and a weighted average of 196,556,110 ordinary shares outstanding - Basic loss per share for the six months ended June 30, 2025, was **RMB 0.64** (2024: **RMB 3.67**)[101](index=101&type=chunk)[135](index=135&type=chunk) Weighted Average Number of Ordinary Shares | Item | 2025 | 2024 | | :--- | :--- | :--- | | Ordinary Shares Issued and Fully Paid as of January 1 | 196,343,994 | 90,190,000 | | Vested and Unpaid Restricted Shares as of January 1 | 182,190 | — | | Effect of Fully Paid but Unvested Restricted Shares as of January 1 | — | (190,000) | | Effect of Exercise of Share Options | 29,926 | — | | **Weighted Average Number of Ordinary Shares as of June 30** | **196,556,110** | **90,000,000** | [Diluted Loss Per Share](index=43&type=section&id=Diluted%20Loss%20Per%20Share) For the six months ended June 30, 2025 and 2024, there was no difference between basic and diluted loss per share, as the effect of share options, restricted shares, and convertible redeemable preferred shares was anti-dilutive - Share options, restricted shares, and convertible redeemable preferred shares had an anti-dilutive effect, thus there was no difference between basic and diluted loss per share[140](index=140&type=chunk) [8 Property, Plant and Equipment](index=43&type=section&id=8%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's cost of additions to property, plant and equipment was RMB 1,195 thousand, lower than RMB 8,084 thousand in the same period of 2024 - For the six months ended June 30, 2025, the cost of additions to property, plant and equipment was **RMB 1,195 thousand** (2024: **RMB 8,084 thousand**)[141](index=141&type=chunk) [9 Right-of-use Assets](index=43&type=section&id=9%20Right-of-use%20Assets) For the six months ended June 30, 2025, the Group recognized additions to right-of-use assets of RMB 907 thousand, primarily for additional lease agreements for office premises and car service stations - For the six months ended June 30, 2025, additions to right-of-use assets of **RMB 907 thousand** were recognized (2024: **RMB 6,599 thousand**)[142](index=142&type=chunk) - Additions were primarily for additional lease agreements for office premises and car service stations[142](index=142&type=chunk) [10 Trade Receivables](index=43&type=section&id=10%20Trade%20Receivables) This chapter discloses the aging analysis of trade receivables. As of June 30, 2025, total trade receivables amounted to RMB 20,303 thousand, with all amounts expected to be recovered within one year Aging Analysis of Trade Receivables (RMB Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 9,177 | 11,080 | | 31 to 60 days | 3,071 | 5,112 | | 61 to 180 days | 3,792 | 5,915 | | Over 180 days | 4,263 | 6,490 | | **Total** | **20,303** | **28,597** | - The company requires real-time settlement from individual passengers, typically grants credit terms of less than 30 days to corporate clients, and generally requires prepayments or grants credit terms of 20 to 30 days for fleet sales and maintenance businesses[144](index=144&type=chunk) [11 Prepayments, Deposits and Other Receivables](index=44&type=section&id=11%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) This chapter lists the details of prepayments, deposits, and other receivables, with the total increasing from RMB 148,665 thousand as of December 31, 2024, to RMB 199,775 thousand as of June 30, 2025, primarily due to growth in prepayments and amounts due from online payment platforms Details of Prepayments, Deposits and Other Receivables (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments | 95,861 | 78,400 | | Recoverable VAT | 21,375 | 17,257 | | Deposits | 2,382 | 2,426 | | Amounts Due from Online Payment Platforms | 32,146 | 14,368 | | Amounts Due from Third-party Mobility Service Platforms (Collected on behalf of the Group) for Ride-hailing Service Fees | 37,766 | 23,134 | | Amounts Due from Vehicle Suppliers for Purchase Rebates | 8,215 | 8,211 | | Others | 2,030 | 4,869 | | **Total** | **199,775** | **148,665** | - Prepayments primarily include service costs for Robotaxi autonomous driving safety operators and prepayments for advertising services[145](index=145&type=chunk) [12 Trade Payables](index=44&type=section&id=12%20Trade%20Payables) This chapter provides an aging analysis of trade payables. As of June 30, 2025, total trade payables amounted to RMB 93,112 thousand, with most amounts due within 0 to 30 days Aging Analysis of Trade Payables (RMB Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 86,916 | 58,453 | | 31 to 60 days | 1,256 | 1,563 | | 61 to 90 days | 88 | 228 | | Over 90 days | 4,852 | 6,594 | | **Total** | **93,112** | **66,838** | [13 Accruals and Other Payables](index=45&type=section&id=13%20Accruals%20and%20Other%20Payables) This chapter lists the details of accruals and other payables, with the total decreasing from RMB 162,252 thousand as of December 31, 2024, to RMB 144,662 thousand as of June 30, 2025, primarily due to a reduction in payables related to promotional and marketing expenses Details of Accruals and Other Payables (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Platform User Deposits | 3,624 | 3,585 | | Corporate Client Deposits | 3,126 | 3,031 | | Amounts Payable on Behalf of End-users | 5,079 | 5,363 | | Amounts Payable Related to Promotional and Marketing Expenses | 7,682 | 20,709 | | Amounts Payable Related to Research and Development Expenses | 33,692 | 25,553 | | Amounts Payable Related to Information Technology Service Expenses | 20,613 | 20,358 | | Accrued Salaries and Benefits | 25,184 | 30,357 | | Other Taxes Payable | 13,645 | 7,386 | | Amounts Payable Related to Purchase of Property, Plant and Equipment and Intangible Assets | 10,727 | 18,862 | | Others | 21,290 | 27,048 | | **Total** | **144,662** | **162,252** | [14 Equity-settled Share-based Payment Transactions](index=45&type=section&id=14%20Equity-settled%20Share-based%20Payment%20Transactions) This chapter details the movements of share options and restricted shares under the Pre-IPO Share Incentive Scheme. As of June 30, 2025, both share options and restricted shares experienced forfeitures and exercises, leading to a reduction in outstanding numbers and recognition of corresponding compensation expenses [Share Options](index=45&type=section&id=Share%20Options) As of June 30, 2025, the number of outstanding share options was 6,834,275, with a weighted average exercise price of RMB 14.79. During the reporting period, 262,099 share options were forfeited, 37,100 were exercised, and RMB 3,302 thousand in compensation expense was recognized Overview of Share Option Movements | Item | Number of Share Options | Weighted Average Exercise Price (RMB Per Share) | Weighted Average Fair Value at Grant Date (RMB Per Share) | | :--- | :--- | :--- | :--- | | Outstanding as of January 1, 2025 | 7,133,474 | 14.99 | 13.11 | | Forfeited | (262,099) | 20.77 | 14.61 | | Exercised | (37,100) | 10.00 | 12.01 | | Outstanding as of June 30, 2025 | 6,834,275 | 14.79 | 13.06 | | Exercisable as of June 30, 2025 | 5,181,825 | 10.74 | 12.00 | | Unvested as of June 30, 2025 | 1,652,450 | 27.49 | 16.40 | - As of June 30, 2025, the weighted average remaining contractual life for outstanding share options was **8.64 years**[150](index=150&type=chunk) - For the six months ended June 30, 2025, the total compensation expense recognized was **RMB 3,302 thousand** (2024: **RMB 6,992 thousand**)[151](index=151&type=chunk) [Restricted Shares of the Company](index=47&type=section&id=Restricted%20Shares%20of%20the%20Company) As of June 30, 2025, the number of outstanding restricted shares was 130,000, with a weighted average subscription price of RMB 10.00. During the reporting period, 35,547 restricted shares were forfeited, and RMB 177 thousand in compensation expense was recognized Overview of Restricted Share Movements of the Company | Item | Number of Restricted Shares | Weighted Average Subscription Price (RMB Per Share) | Weighted Average Fair Value at Grant Date (RMB Per Share) | | :--- | :--- | :--- | :--- | | Outstanding as of January 1, 2025 | 165,547 | 10.34 | 10.63 | | Forfeited | (35,547) | 11.60 | 10.17 | | Outstanding as of June 30, 2025 | 130,000 | 10.00 | 10.75 | - For the six months ended June 30, 2025, the total compensation expense recognized for restricted shares was **RMB 177 thousand** (2024: **RMB 1,205 thousand**)[153](index=153&type=chunk) [15 Capital, Reserves and Dividends](index=48&type=section&id=15%20Capital%2C%20Reserves%20and%20Dividends) This chapter discloses the company's dividend policy and issued share capital. As of June 30, 2025, the company had not paid or declared dividends, and the total number of issued ordinary shares was 204,113,852, including issued but not fully paid ordinary shares [Dividends](index=48&type=section&id=Dividends) For the six months ended June 30, 2025, the company did not pay or declare any dividends - For the six months ended June 30, 2025, the company did not pay or declare any dividends (2024: nil)[154](index=154&type=chunk) [Share Capital](index=48&type=section&id=Share%20Capital) The company's authorized share capital is USD 240,000, divided into 480,000,000 ordinary shares with a par value of USD 0.0005 each. As of June 30, 2025, there were 196,381,094 issued and fully paid ordinary shares, and 7,732,758 issued but not fully paid ordinary shares - The company's authorized share capital is **USD 240,000**, divided into **480,000,000 ordinary shares** with a par value of **USD 0.0005** each[154](index=154&type=chunk) Issued Share Capital (RMB Thousand) | Share Capital Type | Number of Shares as of June 30, 2025 | Amount as of June 30, 2025 | Number of Shares as of December 31, 2024 | Amount as of December 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares | 196,381,094 | 688 | 196,343,994 | 688 | | Issued but Not Fully Paid Ordinary Shares | 7,732,758 | — | 7,769,858 | — | | **Total** | **204,113,852** | **688** | **204,113,852** | **688** | - Issued but not fully paid ordinary shares are reserved for the share incentive scheme. During the reporting period, **37,100 ordinary shares** were paid for the exercise of share options under the equity incentive scheme[155](index=155&type=chunk) [16 Fair Value Measurement of Financial Instruments](index=48&type=section&id=16%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) As of June 30, 2025, there were no significant differences between the carrying amounts and fair values of the Group's financial instruments accounted for at amortized cost - As of June 30, 2025, there were no significant differences between the carrying amounts and fair values of the Group's financial instruments accounted for at amortized cost[156](index=156&type=chunk) [17 Commitments](index=49&type=section&id=17%20Commitments) This chapter discloses unfulfilled capital commitments not yet provided for in the interim financial report as of the period-end, primarily related to the purchase of property, plant and equipment, totaling RMB 735 thousand Capital Commitments (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted for Purchase of Software | — | 139 | | Contracted for Purchase of Property, Plant and Equipment | 735 | 782 | | **Total** | **735** | **921** | [18 Significant Related Party Transactions](index=49&type=section&id=18%20Significant%20Related%20Party%20Transactions) This chapter details significant related party transactions and balances between the Group and key management personnel, as well as investors with significant influence and their subsidiaries and joint ventures. Transactions cover the provision and purchase of various services and goods, and deposit movements [Key Management Personnel Compensation](index=49&type=section&id=Key%20Management%20Personnel%20Compensation) This chapter lists the compensation for the Group's key management personnel, including salaries, allowances, discretionary bonuses, retirement plan contributions, and equity-settled share-based payments, totaling RMB 5,390 thousand in 2025, down from RMB 8,215 thousand in the same period of 2024 Key Management Personnel Compensation (RMB Thousand) | Compensation Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Salaries, Allowances and Other Benefits | 2,567 | 3,249 | | Discretionary Bonuses | 2,606 | 2,936 | | Retirement Plan Contributions | 81 | 111 | | Equity-settled Share-based Payments | 136 | 1,919 | | **Total** | **5,390** | **8,215** | [Related Party Transactions](index=50&type=section&id=Related%20Party%20Transactions) This chapter lists the transaction amounts between the Group and rela

Financial Performance - Total operating revenue for the first half of 2025 reached ¥38.15 billion, an increase of 14.03% compared to ¥33.46 billion in the same period of 2024[17] - Net profit attributable to shareholders for the first half of 2025 was ¥1.91 billion, up 12.91% from ¥1.69 billion in the first half of 2024[18] - Basic earnings per share for the first half of 2025 were ¥0.60, representing an 11.11% increase from ¥0.54 in the same period of 2024[20] - The company reported a total profit of ¥2.49 billion for the first half of 2025, which is an 18.38% increase from ¥2.11 billion in the first half of 2024[17] - The net profit after deducting non-recurring gains and losses was ¥1.81 billion, up 10.52% from ¥1.63 billion in the first half of 2024[18] - The company reported a total revenue from sales of goods and services of RMB 36.95 billion, compared to RMB 31.65 billion in the previous year, representing a growth of about 16.5%[150] - The total comprehensive income amounted to ¥2.03 billion, compared to ¥1.76 billion, indicating an increase of approximately 15.14% year-over-year[144] Assets and Liabilities - The company's total assets as of June 30, 2025, amounted to ¥156.37 billion, reflecting a 10.11% increase from ¥142.01 billion at the end of 2024[18] - Total liabilities reached ¥110.96 billion, up from ¥98.87 billion, reflecting a growth of 12.66%[135] - Owner's equity totaled ¥45.40 billion, an increase of 5.25% from ¥43.14 billion year-over-year[135] - The debt-to-asset ratio rose to 70.96%, an increase of 1.34 percentage points compared to the beginning of the year, indicating a controllable asset structure risk[60] - The company held cash and cash equivalents, with RMB and USD accounting for 94.63% and 3.59% respectively[60] Cash Flow - The net cash flow from operating activities for the first half of 2025 was negative at -¥556.47 million, a significant decrease of 113.69% compared to ¥4.06 billion in the first half of 2024[18] - Operating cash inflow for the first half of 2025 reached RMB 43.77 billion, up from RMB 35.69 billion in the same period last year, representing a growth of approximately 22.5%[150] - Cash inflow from investment activities totaled RMB 15.45 billion, compared to RMB 11.03 billion in the prior period, marking an increase of about 40.5%[150] - The ending cash and cash equivalents balance was RMB 26.34 billion, an increase from RMB 18.23 billion year-on-year, reflecting a growth of approximately 44.5%[150] Research and Development - Research and development expenses increased by 16.45% to RMB 1.57 billion, reflecting the company's commitment to innovation[39] - The company is engaged in extensive research and development activities in the fields of industrial control, automation, and environmental protection equipment[169] Market Position and Strategy - The company maintains a strong competitive position in the energy equipment sector, providing advanced solutions across various energy sources including wind, solar, and nuclear power[30] - The company aims to optimize its industrial layout and enhance resource acquisition through equipment manufacturing and new technology applications[30] - The company is focused on enhancing its core competitiveness and aims to lead in the energy equipment industry[31] - The company is actively responding to changes in the new energy market by validating and applying new technologies and products[30] Shareholder Information - The company distributed a cash dividend of RMB 4.03 per 10 shares, totaling RMB 1,366,315,211.38, approved at the annual general meeting on June 24, 2025[74] - The board proposed no interim dividend for the six months ending June 30, 2025, consistent with the previous year[75] - The total number of ordinary shareholders reached 92,007 by the end of the reporting period[106] Governance and Compliance - The company has established a comprehensive compliance system and risk management framework to enhance operational oversight[36] - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange rules during the reporting period[82] - The audit and risk committee has reviewed and approved the interim results for the six months ending June 30, 2025[84] Capital Management - The company raised a total of RMB 4,123,189,647.33 by issuing 272,878,203 A-shares at a price of RMB 15.11 per share[90] - The net proceeds from the fundraising, after deducting related expenses of RMB 6,624,284.32, amounted to RMB 4,116,565,363.01[91] - The company plans to enhance cash management by utilizing up to RMB 930 million of temporarily idle raised funds for cash management purposes[94] Employee Information - As of June 30, 2025, the total number of employees was 18,511, with total employee compensation amounting to RMB 1,407,480,200[76] - The company continues to enhance its employee compensation policy, focusing on performance management and adjusting salary structures to favor core technical positions[76] Legal and Regulatory Matters - The company has not been involved in any significant litigation or arbitration as of the report date[89] - The company is currently undergoing bankruptcy proceedings for its subsidiary, Eastern Electric New Energy Equipment (Hangzhou) Co., Ltd.[89] Future Outlook - The company plans to focus on high-quality development and optimize investment structure in the second half of 2025, aiming for a solid foundation for the 15th Five-Year Plan[66] - The management team emphasized the importance of maintaining robust financial health and pursuing growth opportunities in the upcoming periods[158]