香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位是為投資風險可能較主板其他上市公司為高的中小型公司而設的市場。 有意投資者應瞭解投資於該等公司的潛在風險，並須經過審慎周詳的考慮後方作出 投資決定。 由於GEM上市公司通常為中小型公司，在GEM買賣的證券可能會較在主板買賣的 證券承受較高市場波動風險，而且無法保證在GEM買賣的證券將會有具流通量的市 場。 本報告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提 供有關春能控股有限公司（「本公司」）的資料；本公司之各董事（「董事」）願就本報告 的資料共同及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及所 信，(1)本報告所載資料在各重要方面均屬準確完備，沒有誤導及欺詐成分；及(2)概 無遺漏任何事項，足以令致本報告所載任何陳述或本報告產生誤導。 本公司董事會（「董事會」）欣然提呈本公司及其附屬公司（統稱「本集團」）截至2025 年6月30日止六個月的未經審核簡明綜合業績，連同於2024年同期的未經審核比較 數字如下： 本報告原文乃以英文編製，其後翻譯成中文。中英文版本如有任何歧義，概以英文 版為準。 目錄 | 摘要 ...

北京市春立正達醫療器械股份有限公司 Beijing Chunlizhengda Medical Instruments 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：1858 中期報告 INTERIM REPORT 僅供識別 北京市春立正達醫療器械股份有限公司 Beijing Chunlizhengda Medical Instruments Co., Ltd.* (a joint stock limited company incorporated in the People's Republic of China with limited liability) Stock code : 1858 For identication purpose only Beijing Chunlizhengda Medical Instruments Co., Ltd. 北京市春立正達醫療器械股份有限公司 * 2025 INTERIM REPORT 中期報告 | 目 錄 | | | --- | --- | | 公司資料 | 2 | | 管理層討論及分析 | 3 | | 企業管治及其他資料 ...

持續創新，卓越運營；以優質生物藥，造福全球病患 願景 專注提供質高價優的生物藥， 成為全球最受信賴的創新生物製藥公司 2025 中期報告 INTERIM REPORT 2025 中期報告 使命 獨立非執行董事 目錄 蘇德揚8 陳力元 宋瑞霖 Yihao Zhang9 趙國屏10 | 公司資料 | 2 | | --- | --- | | 運營摘要 | 4 | | 管理層討論與分析 | 11 | | 獨立審閱報告 | 37 | | 中期簡明綜合損益表 | 38 | | 中期簡明綜合全面收益表 | 39 | | 中期簡明綜合財務狀況表 | 40 | | 中期簡明綜合權益變動表 | 41 | | 中期簡明綜合現金流量表 | 42 | | 中期簡明綜合財務資料附註 | 44 | | 一般資料 | 61 | | 釋義 | 72 | 公司資料 董事 主席及非執行董事 Wenjie Zhang1 執行董事 朱俊 （首席執行官） 2 Wenjie Zhang1 非執行董事 陳啟宇 陳玉卿3 關曉暉4 劉毅5 Xingli Wang 吳以芳6 文德鏞7 監事 審計委員會 馮蓉麗 （主席） 孔德力 劉志勇11 袁曄星12 Wenj ...

Financial Performance - For the six months ended June 30, 2025, the commercial operation services generated total revenue of approximately RMB 1,048.6 million, a decrease of about 2.6% compared to RMB 1,076.9 million for the same period in 2024 [18]. - The gross profit for commercial operation services was RMB 361.6 million with a gross margin of 34.5%, compared to RMB 384.7 million and a gross margin of 35.7% in the previous year [17]. - The total gross profit for the group was RMB 405.3 million with a gross margin of 31.2%, compared to RMB 449.4 million and a gross margin of 33.7% in the previous year [17]. - For the six months ended June 30, 2025, the company's revenue was approximately RMB 1,300.9 million, a decrease of about RMB 32.0 million compared to RMB 1,332.9 million for the same period in 2024 [31]. - Revenue from commercial operation and management services was approximately RMB 915.9 million, accounting for 70.4% of total revenue, representing a year-on-year decrease of about 1.6% [34]. - The revenue from residential property management services was approximately RMB 252.3 million, a decrease of about 1.5%, accounting for 19.4% of total revenue [38]. - The total comprehensive income for the six months ended June 30, 2025, was RMB 176,064 thousand, compared to RMB 200,002 thousand for the same period in 2024, reflecting a decrease of 11.9% [114]. - The profit attributable to shareholders for the six months ended June 30, 2025, was approximately RMB 182.8 million, a decrease of about 6.0% from RMB 194.5 million in 2024 [51]. Operational Highlights - As of June 30, 2025, the group operates 97 retail commercial properties with a total built area of approximately 11.1 million square meters, and has signed contracts for 129 retail commercial properties with a total contracted area of about 14.2 million square meters [6]. - The average occupancy rate for retail commercial properties as of June 30, 2025, was 91.8%, up from 91.5% at the end of 2024 [25]. - The company plans to open new retail commercial properties in the second half of 2025, with a total projected building area of 523,952 square meters [26]. - The company opened a new retail commercial property, Wuyishan Baolong Plaza, with a total building area of 67,633 square meters on May 2025 [21]. - The company added one new delivered project, bringing the total delivered projects to 128, compared to 127 in 2024 [27]. Market and Strategic Focus - The group continues to focus on the Yangtze River Delta region, targeting cities with high economic vitality to enhance urban living experiences [6]. - The group aims to become a respected century-old enterprise and a global leader in urban space operations, adhering to its mission of "Letting Space Have Love" and corporate values of simplicity, authenticity, and win-win cooperation [7]. - The company aims to enhance operational capabilities, recruitment capabilities, and product capabilities to improve asset value and market influence [30]. - The company plans to focus on talent development through a "1 + 5" capability model to strengthen its leadership team and ensure sustainable growth [30]. Financial Position and Assets - As of June 30, 2025, the total assets amounted to RMB 6,021,041, with segment assets of RMB 1,744,158 [134]. - Total liabilities decreased to RMB 2,626,425,000 as of June 30, 2025, down from RMB 2,815,702,000 at the end of 2024, reflecting a reduction of approximately 6.7% [136]. - The cash and bank balances increased to approximately RMB 4,285.2 million, a growth of about 3.7% from RMB 4,131.6 million as of December 31, 2024, due to enhanced collection efforts [59]. - The total equity attributable to owners of the company was RMB 3,402,407 thousand, an increase from RMB 3,259,464 thousand as of June 30, 2024, representing a growth of 4.4% [114]. Employee and Labor Relations - The company maintained a stable workforce with 5,566 employees as of June 30, 2025, unchanged from December 31, 2024 [61]. - The total employee cost for the six months was approximately RMB 408.2 million, a decrease of 4.9% from RMB 427.5 million for the same period in 2024 [61]. - The company emphasizes the importance of attracting and retaining high-quality employees for its success [61]. - The company offers various employee benefits, including cash performance bonuses and social insurance programs [61]. Governance and Compliance - The company has adopted the corporate governance code as a basis for its governance practices and has complied with all applicable code provisions during the reporting period, except for deviations noted in specific provisions [83]. - The roles of Chairman and CEO were separated after Mr. Xu was appointed CEO on January 21, 2025, restoring compliance with the corporate governance code [85]. - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring compliance with regulatory requirements [100]. Shareholder Information - The company’s major shareholder, Mr. Xu Jiankang, holds 405 million shares, representing 63.00% of the total shares [68]. - The total issued share capital of the company as of June 30, 2025, was 642.9 million shares [65][70]. - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2025, compared to no dividend for the same period in 2024 [69].

Financial Performance - For the first half of 2025, MedSci Healthcare Holdings Limited achieved total revenue of RMB 125.2 million, representing a year-on-year growth of 13.2%[12] - Gross profit for the same period was RMB 77.5 million, with a year-on-year increase of 14.1%[12] - Net profit surged to RMB 13.2 million, reflecting a remarkable year-on-year growth of 5,238.3%[12] - The company's revenue for the six months ended June 30, 2025, was approximately RMB 125.2 million, representing a 13.2% increase from RMB 110.7 million for the same period in 2024[27] - Gross profit for the same period was RMB 77.5 million, up 14.1% from RMB 67.9 million year-over-year[27] - The net profit attributable to shareholders was RMB 13.2 million, a significant increase of 5,238.3% compared to RMB 248,000 in the previous year[27] - The precision omnichannel marketing solutions generated revenue of RMB 56.1 million, a 34.1% increase from RMB 41.9 million in the prior year[30] - Revenue from real-world clinical research (RWS) solutions rose by 22.7% to RMB 16.6 million, up from RMB 13.6 million year-over-year[32] - For the six months ended June 30, 2025, the company reported a pre-tax profit of RMB 14,521,000 compared to a loss of RMB 240,000 in the same period of 2024, indicating a significant turnaround in performance[126] Membership and Client Base - The company registered over 5.6 million cumulative members and 3.33 million certified doctors by June 30, 2025[11] - The number of active clients reached 613, including 525 core pharmaceutical, biotechnology, and medical device companies, with a 100% revenue retention rate from the top 10 clients[18] - As of June 30, 2025, the online professional physician platform has approximately 3.3 million registered physician users, with an average of about 3.0 million active users during the reporting period[14] AI and Technology Development - MedSci launched three AI products: iMED_AI, NovaX, and ElavaX, aimed at enhancing medical decision-making and operational efficiency[10] - AI-related business revenue reached RMB 5.6 million, contributing significantly to the company's growth trajectory[12] - The company is building a comprehensive AI empowerment system covering the entire pharmaceutical industry, aiming to release new growth momentum[12] - The company is focusing on AI-driven physician platform solutions to enhance information integration and push capabilities, reducing the reliance on manual services and improving efficiency[15] - The introduction of AI technologies is expected to drive significant growth in revenue from AI services, with the company already achieving some scale in AI service income[25] International Strategy and Market Expansion - The company is advancing its international strategy, focusing on expanding overseas markets and global service networks[12] - The company is transitioning to a "multi-agent collaboration" model to enhance business adaptability and innovation, with a focus on international market expansion, particularly in Southeast Asia[24] - The company plans to strengthen its international service model and technical capabilities to enhance supply chain resilience and establish a global pharmaceutical ecosystem[24] Operational Efficiency and Cost Management - Sales cost increased by approximately 11.8% from RMB 42.8 million for the six months ended June 30, 2024, to RMB 47.8 million for the same period in 2025[35] - Selling and distribution expenses decreased by approximately 10.8% from RMB 37.9 million for the six months ended June 30, 2024, to RMB 33.8 million for the same period in 2025[38] - Administrative expenses decreased by approximately 36.9% from RMB 35.8 million for the six months ended June 30, 2024, to RMB 22.6 million for the same period in 2025[39] - R&D expenses increased by approximately 63.8% from RMB 12.0 million for the six months ended June 30, 2024, to RMB 19.7 million for the same period in 2025, driven by increased investment in AI[40] Shareholder Information and Corporate Governance - As of June 30, 2025, Dr. Li holds a beneficial interest in 177,929,750 shares, representing 29.30% of the company, while Dr. Zhang holds 140,972,700 shares, representing 23.22%[74] - Major shareholders include Microhealth Limited with 29.30% and Dtx Health Limited with 23.22% of the company's shares as of June 30, 2025[78] - The company remains committed to maintaining high corporate governance standards and has complied with all applicable codes as of June 30, 2025[60] - The company adopted an equity incentive plan on April 20, 2022, aimed at attracting and retaining talent to drive long-term development[83] Dividend and Share Incentive Plans - The board has decided to distribute an interim dividend of HKD 0.011 per share for the six months ending June 30, 2025, compared to no dividend in the same period of 2024[116] - The total number of shares that can be granted under the share incentive plan is capped at 10% of the company's issued share capital as of the adoption date, which amounts to 60,717,095 shares[107] - The equity incentive plan allows participants to realize economic benefits through the sale of reward shares, capped at 20% of the relevant shares per year[89] Financial Position and Cash Flow - Cash and cash equivalents amounted to approximately RMB 315.6 million as of June 30, 2025, down from RMB 366.9 million as of December 31, 2024[49] - The company had no bank borrowings or other interest-bearing debts as of June 30, 2025, except for lease liabilities totaling approximately RMB 8.3 million[50] - The fair value financial assets of the group increased from approximately RMB 552.9 million as of December 31, 2024, to approximately RMB 670.8 million as of June 30, 2025, primarily due to an increase in invested financial products[51] - The company recorded a total comprehensive income of RMB 7,520,000 for the six months ended June 30, 2025, compared to RMB 6,045,000 in 2024[122] - Cash flow from operating activities for the six months ended June 30, 2025, was RMB 20,719,000, a substantial increase from RMB 5,988,000 in the prior year, reflecting improved operational efficiency[126] Risks and Liabilities - The company faces foreign exchange risks primarily from fluctuations between the Renminbi and other currencies, particularly the Hong Kong Dollar and US Dollar, which could impact financial performance[73] - The company has not entered into any currency hedging transactions for the six months ending June 30, 2025[73] - There were no significant contingent liabilities or pledged assets as of June 30, 2025[54][55]

Financial Performance - For the six months ended June 30, 2025, the group's unaudited revenue was approximately SGD 1,490,000, an increase of about SGD 108,000 or 7.8% compared to SGD 1,382,000 for the same period in 2024[7] - The group recorded an unaudited loss of approximately SGD 1,946,000 for the six months ended June 30, 2025, compared to an unaudited loss of SGD 1,552,000 for the same period in 2024[7] - Basic and diluted loss per share for the six months ended June 30, 2025, was 0.43 Singapore cents, compared to 0.34 Singapore cents for the same period in 2024[7] - Total revenue for the six months ended June 30, 2025, was SGD 1,489,655, compared to SGD 1,382,320 for the same period in 2024, representing an increase of approximately 7.8%[31] - The company reported a loss attributable to equity holders of SGD 1,945,532 for the six months ended June 30, 2025, compared to a loss of SGD 1,552,140 for the same period in 2024, resulting in a basic and diluted loss per share of 0.43 Singapore cents, up from 0.34 Singapore cents[40] - The company recorded a loss of approximately SGD 1,946,000 for the period, compared to a loss of approximately SGD 1,552,000 for the same period in 2024[63] Profitability and Expenses - Gross profit for the six months ended June 30, 2025, was SGD 688,563, an increase from SGD 409,298 for the same period in 2024[10] - The group incurred selling and distribution expenses of SGD 393,552 for the six months ended June 30, 2025, compared to SGD 262,744 for the same period in 2024[10] - The group’s administrative expenses increased to SGD 2,129,075 for the six months ended June 30, 2025, from SGD 1,887,744 for the same period in 2024[10] - Selling and distribution expenses increased by approximately SGD 131,000 to about SGD 394,000, mainly due to higher employee compensation and related expenses[61] - Administrative expenses rose by approximately SGD 241,000 to about SGD 2,129,000, primarily due to increased travel costs[62] Assets and Liabilities - Total assets less current liabilities as of June 30, 2025, amounted to SGD 8,752,838, down from SGD 10,618,572 as of December 31, 2024[11] - The group's total equity as of June 30, 2025, was SGD 8,673,041, a decrease from SGD 10,618,572 as of December 31, 2024[11] - The total assets as of June 30, 2025, amounted to SGD 9,007,960, down from SGD 11,210,366 as of December 31, 2024, reflecting a decrease of approximately 19.7%[32] - The total liabilities as of June 30, 2025, were SGD 334,919, compared to SGD 591,794 as of December 31, 2024, showing a reduction of approximately 43.5%[32] - Trade receivables decreased to SGD 494,634 as of June 30, 2025, from SGD 584,409 as of December 31, 2024, indicating a decline of approximately 15.3%[48] - The carrying amount of property, plant, and equipment decreased to SGD 757,108 as of June 30, 2025, from SGD 789,775 as of December 31, 2024, representing a decline of about 4.1%[41] - The group reported a decrease in inventory to SGD 199,201 as of June 30, 2025, compared to SGD 227,211 as of December 31, 2024[11] Cash Flow and Financing - The group's cash and cash equivalents decreased to SGD 2,387,123 as of June 30, 2025, from SGD 4,928,607 as of December 31, 2024[11] - Cash and cash equivalents decreased by SGD 2,541,484, down from SGD 6,188,414 at the end of June 2024, reflecting a decline of approximately 41.0%[14] - Operating cash outflow before changes in working capital was SGD 2,490,760, an increase from SGD 2,136,464 in the previous year, indicating a rise of about 16.6%[14] - The total cash outflow for leases was SGD 21,881 for the six months ended June 30, 2025, down from SGD 42,771 for the year ended December 31, 2024, reflecting a reduction of approximately 48.9%[42] - The financing activities resulted in a net cash outflow of SGD 21,879, which is slightly higher than SGD 20,514 in the previous year, showing an increase of about 6.7%[14] Employee and Operational Metrics - Employee benefits costs for the six months ended June 30, 2025, were SGD 1,875,266, slightly up from SGD 1,828,656 in 2024, indicating an increase of about 2.5%[36] - Total employee costs for the period amounted to approximately SGD 1,875,000, an increase from SGD 1,829,000 in the corresponding period[69] - As of June 30, 2025, the group had a total of 46 employees, up from 45 on December 31, 2024[68] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial results and confirmed compliance with applicable accounting standards and regulations[96] - The company has complied with the corporate governance code as per the listing rules during the six months ending June 30, 2025[92] - The board believes that the current governance structure allows for effective decision-making and oversight, with a majority of independent non-executive directors[92] Shareholder Information - Mr. Lu Yongde holds a beneficial interest in 230,000,000 shares, representing 51.11% of the total issued share capital of Billion Legend Company Limited[86] - The company has not granted any options under the share option scheme since its adoption on June 23, 2017, which is valid for ten years[87] - The board does not recommend the payment of an interim dividend for the current period[95] - The company has not disclosed any significant shareholder interests or conflicts of interest beyond what is stated in the report[86]

Financial Performance - The total electricity generation from solar power stations in China was approximately 88,684 MWh, a decrease of 19.3% compared to 109,912 MWh in the same period of 2024[13]. - Revenue from solar power generation in China decreased by RMB 15.4 million or 18.6% to RMB 67.5 million, primarily due to the reduction in electricity generation[16]. - Gross profit decreased by RMB 10.5 million or 44.3% to RMB 13.2 million compared to RMB 23.7 million in the same period of 2024[19]. - The net loss for the period was RMB 210.7 million, a decrease of RMB 8.3 million compared to RMB 219.0 million in the same period of 2024[28]. - For the six months ended June 30, 2025, the company reported a revenue of RMB 67,485,000, a decrease of 18.5% compared to RMB 82,875,000 for the same period in 2024[86]. - The gross profit for the same period was RMB 13,226,000, down 44.5% from RMB 23,693,000 in 2024[86]. - The company incurred a loss before tax of RMB 211,023,000, slightly improved from a loss of RMB 218,466,000 in the previous year[86]. - The group reported a loss of RMB 210,689,000 for the six months ended June 30, 2025, compared to a loss of RMB 219,004,000 for the same period in 2024[58]. Cash Flow and Liquidity - As of June 30, 2025, the company's cash and cash equivalents were only approximately RMB 3,406,000, raising concerns about liquidity[81]. - The company has total bank and other borrowings of RMB 1,925,266,000, which are due within one year[78]. - The overdue bank and other borrowings amounted to approximately RMB 995,423,000 as of June 30, 2025[78]. - The company is facing significant uncertainty regarding its ability to continue as a going concern due to its financial situation[82]. - The company has a significant amount of payables related to solar power station EPC projects, totaling RMB 45,752,000 as of June 30, 2025[142]. Debt and Liabilities - The company's net current liabilities amounted to RMB 2,713,220,000, with total borrowings and bonds payable of RMB 1,925,266,000 due within one year[58]. - The overdue borrowings as of June 30, 2025, were approximately RMB 995,423,000, compared to RMB 908,316,000 on December 31, 2024, indicating an increase in overdue debt[150]. - The company has been ordered by the Jiangsu Province Intermediate People's Court to repay bondholders a total of RMB 329,909,000 in principal and RMB 158,578,000 in accrued interest[78]. - The company is facing a liquidation petition related to overdue principal and interest obligations totaling HKD 289,100,000 as of February 13, 2025[61]. - The group’s total liabilities increased to RMB 5,153,907,000 from RMB 4,961,981,000, marking a rise of 3.9%[116]. Operational Metrics - The number of days for trade receivables turnover increased to 2,343.8 days from 1,814.9 days as of December 31, 2024[29]. - The number of days for trade payables turnover increased to 252.1 days from 38.0 days as of December 31, 2024[30]. - The company’s trade and other receivables increased to RMB 1.04 billion as of June 30, 2025, compared to RMB 987.67 million at the end of 2024[90]. - The aging analysis of trade receivables shows that RMB 836,910,000 is overdue by more than 180 days as of June 30, 2025, compared to RMB 785,545,000 at the end of 2024[138]. Corporate Governance and Management - The board has resolved not to declare an interim dividend for the period[49]. - The company has 113 employees as of June 30, 2025, with compensation aligned to employee responsibilities and performance[48]. - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[65]. - The company has no arrangements that allow directors and senior management to benefit from acquiring shares or debentures of the company or any other entity[67]. Future Outlook and Strategies - The company is actively considering various fundraising options, including refinancing and potential sale of remaining solar power plants, to enhance financial stability[52]. - Significant progress has been made in negotiations with creditors regarding overdue debts since the end of the reporting period[50]. - The company plans to complete the potential sale of subsidiaries and expects to receive proceeds as per its anticipated amounts and timelines[100]. - The company is in discussions with creditors, banks, financial institutions, and bondholders for alternative refinancing and/or extension of maturity dates[100]. Compliance and Reporting - The report is compliant with the relevant provisions of the Hong Kong Listing Rules and International Accounting Standards[74]. - The review of the interim financial data was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards[75]. - The company has disclosed all relevant interests and holdings of directors and senior management as required by the Securities and Futures Ordinance[68]. - The interim financial data was approved by the board on August 29, 2025[170].

Contents 目 錄 | | | 頁碼 | | --- | --- | --- | | Corporate Information | 公司資料 | 2 | | Financial Highlights and Key Performance Index | 財務摘要及關鍵業務指標 | 4 | | Consolidated Statement of Profit or Loss | 綜合損益表 | 9 | | Consolidated Statement of Profit or Loss and | 綜合損益及其他全面收益表 | 10 | | Other Comprehensive Income | | | | Consolidated Statement of Financial Position | 綜合財務狀況表 | 11 | | Consolidated Statement of Changes in Equity | 綜合權益變動表 | 13 | | Condensed Consolidated Cash Flow Statement | 簡明綜合現金流量表 | 16 | | Notes to ...

Market Performance - In the first half of 2025, the overall market capacity of the central air conditioning sector declined by 15.9% year-on-year, with traditional application scenarios like commercial and public buildings contracting by 5.6%[8] - The home air conditioning market saw retail volume and retail value increase by 28.5% and 24.9% year-on-year, respectively, driven by the old-for-new policy and rising demand for healthy air[9] - The domestic refrigerator market experienced a retail volume growth of 2.9% and a retail value growth of 3.9% in the first half of 2025, with high-end products (priced above 8000 RMB) seeing a retail value increase of 25.7%[10] - The washing machine market grew by 7.3% in retail volume year-on-year, supported by national subsidy policies encouraging appliance upgrades[12] - The global refrigerator export volume increased by 6.5%, while washing machine and air conditioning exports rose by 10% and 15.2%, respectively, in the first five months of 2025[14] Company Performance - The company holds over 20% market share in the multi-split air conditioning business, maintaining its leading position in the industry[16] - The company's home decoration business achieved a 13% year-on-year growth in scale, driven by innovative air solutions integrating five core functions with AI control[17] - The company signed contracts for old equipment renovation projects with a total value that increased by 110% year-on-year, highlighting its commitment to market expansion[20] - The company's energy-saving and low-carbon solutions in the water machine segment received the 2025 Refrigeration Exhibition Innovation Product Award, showcasing its technological advancements[21] - The company's revenue for the reporting period reached approximately RMB 49.34 billion, a year-on-year increase of 1.44%[50] Financial Highlights - Net profit attributable to shareholders was approximately RMB 2.08 billion, reflecting a year-on-year growth of 3.01%[50] - The net cash flow from operating activities surged by 153.43% to approximately RMB 5.32 billion compared to the previous year[50] - Total assets increased by 7.33% to approximately RMB 74.81 billion compared to the end of the previous year[50] - The gross profit margin for the manufacturing sector was 22.66%, a decrease of 0.01% compared to the previous year[62] - The company reported a net increase in cash and cash equivalents of RMB 1,075,732,900.97, reversing a decrease of RMB 127,424,266.33 from the previous year[57] Regional Performance - In the European region, revenue increased by 22.7%, with refrigerator market share rising by 1.75 percentage points[41] - The Americas region saw a revenue growth of 26.2%, with washing machine sales increasing by 71%[42] - The Middle East and Africa region reported a revenue increase of 22.8%, with air conditioning revenue growing by 28.9%[43] - The Asia-Pacific region's revenue grew by 14.5%, with washing machine sales increasing by 9%[44] Research and Development - The company has established over 20 provincial and national-level technology innovation platforms, focusing on smart, healthy, and energy-saving technology innovations[93] - The company achieved a 16.8% improvement in overall operational energy efficiency for home air conditioning systems, enhancing user comfort[94] - The company developed a dual-direction fresh air exchange technology, improving fresh air replacement efficiency by 21%[94] - The company has made breakthroughs in key technologies for centrifugal compressors, achieving international leading levels in energy efficiency and operational reliability[94] - The company continues to focus on research and development in home appliances, including air conditioning and refrigeration systems, to enhance its market position[166] Corporate Governance - The company has not experienced any bankruptcy reorganization matters during the reporting period[127] - The board of directors has confirmed that there are no overdue commitments from major shareholders during the reporting period[126] - The company has no major properties, factories, or equipment pledged as collateral for borrowings as of June 30, 2025[119] - There were no significant changes in the information of directors, supervisors, and senior management during the reporting period[137] - The financial report for the half-year period was not audited[140] Shareholder Information - As of June 30, 2025, the company's total issued share capital is 1,385,616,805 shares, with A shares accounting for 66.83% (926,026,997 shares) and H shares for 33.17% (459,589,808 shares)[120] - The top ten shareholders hold a total of 1,066,000,000 shares, representing 76.94% of the company's issued share capital, with Qingdao Hisense Air Conditioning Co., Ltd. holding 37.29% (516,758,670 shares)[121] - The company has a total of 41,209 shareholders as of June 30, 2025[121] - The company declared a final dividend of RMB 12.30 per 10 shares for the year ending December 31, 2024, totaling approximately RMB 1.7 billion distributed to shareholders[135] - The company did not declare an interim dividend for the reporting period, consistent with the previous year[136] Risk Management - The group faced significant risks including macroeconomic fluctuations, rising costs, and exchange rate volatility, which could impact consumer demand and profitability[103] - The group has implemented strategies to enhance its resilience against economic challenges, including high-end product transformation and deep development in emerging markets[102] - The group utilized financial instruments such as import and export financing and forward contracts to hedge against exchange rate risks during the reporting period[114] - The company established a foreign exchange risk management team to monitor and manage currency exposure effectively[76] - The company has maintained its commitment to sustainable operations, with no significant doubts regarding its ability to continue as a going concern for the next 12 months[169]

Financial Performance - Revenue for the first half of 2025 increased by approximately HK$2.4 million or 4.7% to approximately HK$52.4 million compared to HK$50.0 million in the first half of 2024[16]. - Loss before tax for the first half of 2025 was HK$5.1 million, an increase of 82.3% from HK$2.8 million in the first half of 2024[14]. - Loss for the period increased to HK$4.96 million in the first half of 2025 from HK$2.94 million in the first half of 2024, representing a 68.5% increase[14]. - Basic and diluted loss per share for the first half of 2025 was HK$0.45, up from HK$0.27 in the first half of 2024, marking a 68.5% increase[14]. - Total comprehensive expense for the period was HK$1,824,000, an improvement from HK$3,360,000 in the same period last year[74]. - Loss for the period attributable to owners of the Company was HK$4,958,000 in 2025, compared to HK$2,943,000 in 2024, indicating an increase in loss of about 68%[131]. Revenue Breakdown - Revenue from Hotel Operation accounted for approximately 56.8% of total revenue, increasing by approximately HK$2.6 million or 9.7% from approximately HK$27.1 million in 1H2024 to approximately HK$29.7 million in 1H2025[44]. - Revenue from Properties Management accounted for approximately 36.7% of total revenue, increasing by approximately HK$0.3 million or 1.5% from approximately HK$18.9 million in 1H2024 to approximately HK$19.2 million in 1H2025[45]. - Revenue from Catering Management decreased by approximately HK$0.5 million or 13.6% from approximately HK$4.0 million in 1H2024 to approximately HK$3.4 million in 1H2025, primarily due to a decrease in the total number of customers[46]. - Hotel operations revenue increased by approximately 9.7% to about HKD 29,700,000 in 1H2025, compared to HKD 27,100,000 in 1H2024, contributing approximately 56.8% to total revenue[47]. - Property management revenue rose by approximately 1.5% to about HKD 19,200,000 in 1H2025, up from HKD 18,900,000 in 1H2024, accounting for approximately 36.7% of total revenue[48]. - Catering management revenue decreased by approximately 13.6% to about HKD 3,400,000 in 1H2025, down from HKD 4,000,000 in 1H2024, representing about 6.6% of total revenue[49]. Expenses and Costs - Gross profit decreased by approximately HK$2.4 million from HK$13.5 million in the first half of 2024 to HK$11.1 million in the first half of 2025, primarily due to higher direct costs[17]. - Administrative expenses rose by approximately HK$0.6 million or 4.3% from HK$14.9 million in the first half of 2024 to HK$15.6 million in the first half of 2025[18]. - Staff costs increased by approximately HK$3.7 million or 16.4% from approximately HK$22.7 million in 1H2024 to approximately HK$26.4 million in 1H2025, mainly due to business expansion in Hotel Operation and Properties Management[36]. - Total depreciation expenses rose to HK$2,204,000 in 2025 from HK$1,858,000 in 2024, marking an increase of approximately 18.5%[125]. - The total legal and professional fees incurred were HK$2,688,000 in 2025, up from HK$2,239,000 in 2024, representing an increase of about 20%[125]. Assets and Liabilities - Total assets as of June 30, 2025, were HK$111.3 million, a 1.2% increase from HK$110.0 million at the end of 2024[14]. - Total liabilities increased by 2.1% to HK$148.8 million as of June 30, 2025, compared to HK$145.7 million at the end of 2024[14]. - The Group's net current liabilities rose by approximately HK$6.0 million from approximately HK$118.0 million as of December 31, 2024, to approximately HK$124.0 million as of June 30, 2025, with the current ratio decreasing from approximately 0.15 times to approximately 0.13 times[21]. - Non-current assets increased to HK$93,337,000 as of June 30, 2025, up from HK$89,564,000 at the end of 2024[76]. - Current liabilities rose to HK$141,885,000, compared to HK$138,369,000 at the end of 2024, indicating a 3.6% increase[76]. - Net liabilities stood at HK$37,502,000 as of June 30, 2025, worsening from HK$35,678,000 at the end of 2024[77]. Cash Flow - As of June 30, 2025, bank balances and cash amounted to approximately HK$7.4 million, down from approximately HK$10.2 million as of December 31, 2024[22]. - The net cash used in operating activities for the six months ended June 30, 2025, was HK$3,196,000, compared to HK$964,000 in the same period of 2024[91]. - The net cash used in investing activities for the same period was HK$1,607,000, an increase from HK$849,000 in 2024[91]. - Financing activities generated a net cash inflow of HK$743,000 for the six months ended June 30, 2025, down from HK$1,549,000 in 2024[91]. - Cash and cash equivalents decreased to HK$7,388,000 from HK$10,189,000, reflecting a decline of 27.5%[76]. Compliance and Governance - The company has maintained the required amount of public float as per the Listing Rules during the six months ended June 30, 2025[62]. - The company has complied with the Corporate Governance Code during the six months ended June 30, 2025[63]. - All directors have complied with the Model Code for Securities Transactions during the period ended June 30, 2025[64]. - The audit committee confirmed compliance with applicable accounting principles and adequate disclosures for the financial statements[70]. Strategic Outlook - The overall outlook for the hotel business in Canada and property management in the PRC remains stable despite potential economic challenges[50]. - The management team is implementing measures to reduce operating losses and improve financial results while exploring new business opportunities[51]. - The company continues to adopt the going concern basis of accounting, indicating confidence in its operational sustainability for the foreseeable future[97].