安東油田服務集團 Anton Oilfield Services Group ( 於開曼群島註冊成立之有限公司 ) ( 股份代號 : 3337 ) 中期報告 2025 目錄 | 公司資料 | 2 | 簡明綜合損益表 | 35 | | --- | --- | --- | --- | | 管理層討論與分析 | 4 | 簡明綜合損益及其他綜合收益表 | 36 | | 其他數據 | 20 | 簡明綜合權益變動表 | 37 | | 簡明綜合財務報表的審閱報告 | 32 | | | | | | 簡明綜合現金流量表 | 39 | | 簡明綜合財務狀況表 | 33 | | | | | | 簡明綜合財務報表附註 | 40 | 公司資料 董事會 非執行董事 黃松先生 獨立非執行董事 張永一先生 朱小平先生 WEE Yiaw Hin先生 陳欣女士 審核委員會 朱小平先生（主席） 張永一先生 WEE Yiaw Hin先生 薪酬委員會 WEE Yiaw Hin先生（主席） 朱小平先生 羅林先生 執行董事 羅林先生 皮至峰先生 范永洪先生 歐陽麗妮女士 提名委員會 張永一先生（主席） WEE Yiaw Hin先生 羅林先生 ESG（「環 ...

Company Information [Board of Directors and Corporate Structure](index=3&type=section&id=Board%20of%20Directors%20and%20Corporate%20Structure) The company's board saw changes with the passing of an independent non-executive director, a new appointment, and a new chairperson - Independent Non-Executive Director Mr. Hu Yong Quan passed away on **February 17, 2025**[5](index=5&type=chunk) - Ms. Ju He Feng was appointed as an Independent Non-Executive Director on **August 1, 2025**[5](index=5&type=chunk) - Ms. Yu Ru Min was appointed as the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**[56](index=56&type=chunk) - Mr. Yu Jin Lai ceased to be the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**, and ceased to be a member of the Audit Committee effective **August 1, 2025**[54](index=54&type=chunk) Financial Highlights [Interim Financial Performance for H1 2025](index=4&type=section&id=Interim%20Financial%20Performance%20for%20H1%202025) Group revenue decreased by 27.7% to RMB 185.5 million, gross profit slightly down, but gross margin significantly improved to 18.5%, with profit and total comprehensive income increasing substantially Interim Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 185.5 | 256.8 | -27.7% | | Gross Profit | 34.3 | 34.6 | -0.8% | | Gross Margin | 18.5% | 13.5% | +5.0pp | | Profit and Total Comprehensive Income | 26.1 | 5.5 | +374.5% | | Basic Earnings Per Share | RMB 0.016 | RMB 0.003 | +433.3% | | Interim Dividend | Not Recommended | None | - | Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) The Group, a leading Chinese communications manufacturer, experienced a 27.7% revenue decline but a significant increase in profit and total comprehensive income - The Group recorded revenue of approximately **RMB 185.5 million**, a decrease of approximately **27.7%** compared to the same period in 2024[8](index=8&type=chunk) - Gross profit was approximately **RMB 34.3 million**, a decrease of approximately **0.8%** compared to the same period in 2024[8](index=8&type=chunk) - Profit and total comprehensive income was approximately **RMB 26.1 million**, a significant increase from **RMB 5.5 million** in the same period in 2024[8](index=8&type=chunk) - Basic earnings per share was approximately **RMB 0.016**, a significant increase from **RMB 0.003** in the same period in 2024[8](index=8&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) Revenue and cost of sales decreased, gross margin improved due to lower raw material costs, while finance costs rose significantly, leading to a substantial increase in profit [Revenue](index=5&type=section&id=Revenue) Group revenue, primarily from optical cables and color-coated steel plates, decreased by 27.7% year-on-year - Total revenue was approximately **RMB 185.5 million**, a **27.7% decrease** from RMB 256.8 million in the prior year period[9](index=9&type=chunk) - The Group's principal businesses are the manufacturing and sale of optical cables and related equipment, and the processing and sale of color-coated steel plates, which are combined into one reportable and operating segment[9](index=9&type=chunk) [Cost of Sales](index=5&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 31.9% to RMB 151.2 million year-on-year Cost of Sales Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 151.2 | 222.1 | -31.9% | [Gross Profit and Gross Margin](index=5&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit slightly decreased, but gross margin improved to 18.5% due to a lower proportion of raw material costs Gross Profit and Gross Margin Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 34.3 | 34.6 | -0.8% | | Gross Margin | 18.5% | 13.5% | +5.0pp | - The improvement in gross margin was mainly due to a **decrease in the proportion of raw material costs**, leading to a reduction in cost of sales[11](index=11&type=chunk) [Net Other Income, Gains, Expenses and Losses](index=5&type=section&id=Net%20Other%20Income%2C%20Gains%2C%20Expenses%20and%20Losses) Net other income decreased to RMB 7.1 million, mainly due to lower bank interest income and government grants Net Other Income, Gains, Expenses and Losses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Other Income | 7.1 | 9.5 | -25.3% | - The decrease was mainly due to **lower bank interest income received** and **government grants recognized** during the reporting period[12](index=12&type=chunk) [Selling and Distribution Expenses](index=6&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 28.1% to RMB 7.9 million, primarily due to lower freight costs Selling and Distribution Expenses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 7.9 | 11.1 | -28.1% | - The decrease in expenses was primarily due to a **reduction in total freight costs**[13](index=13&type=chunk) [Administrative Expenses](index=6&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 13.9% to RMB 15.0 million, reflecting overall operational and cost control measures Administrative Expenses Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 15.0 | 17.5 | -13.9% | - The decrease in expenses is consistent with the Group's overall operations and stricter control measures on certain business and marketing expenses[14](index=14&type=chunk) [Research Costs](index=6&type=section&id=Research%20Costs) Research costs slightly increased by 1.9% to RMB 13.7 million Research Costs Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Research Costs | 13.7 | 13.4 | +1.9% | [Finance Costs](index=6&type=section&id=Finance%20Costs) Finance costs significantly increased by 97.2% to RMB 4.3 million, driven by higher average bank borrowings Finance Costs Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 4.3 | 2.2 | +97.2% | - The increase in finance costs was mainly due to an **increase in average bank borrowings** and the **full recognition of all interest expenses** during the reporting period[16](index=16&type=chunk) [Share of Profit of an Associate](index=6&type=section&id=Share%20of%20Profit%20of%20an%20Associate) Share of profit from an associate, primarily in optical fiber manufacturing, increased by 9.5% to RMB 5.7 million Share of Profit of an Associate Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of Profit of an Associate | 5.7 | 5.2 | +9.5% | - The associate is primarily engaged in the **manufacturing and sale of optical fibers**[17](index=17&type=chunk) [Share of Profit of a Joint Venture](index=6&type=section&id=Share%20of%20Profit%20of%20a%20Joint%20Venture) Share of profit from a joint venture, engaged in optical fiber preform manufacturing, decreased by 16.6% to RMB 1.4 million Share of Profit of a Joint Venture Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of Profit of a Joint Venture | 1.4 | 1.7 | -16.6% | - The joint venture is engaged in the **manufacturing and sale of optical fiber preforms**[18](index=18&type=chunk) [Income Tax Credit/(Expense)](index=6&type=section&id=Income%20Tax%20Credit%2F(Expense)) The Group recorded an income tax credit of RMB 0.3 million, primarily from deferred tax asset recognition, a shift from an expense in the prior period Income Tax Credit/Expense Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Income Tax Credit/(Expense) | 0.3 (Credit) | 2.3 (Expense) | Shift from expense to credit | - The income tax credit was mainly due to the **recognition of deferred tax assets** by the Group[19](index=19&type=chunk) [Profit and Total Comprehensive Income Attributable to Owners of the Company](index=7&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20Attributable%20to%20Owners%20of%20the%20Company) Profit and total comprehensive income attributable to owners of the company significantly increased to RMB 26.1 million Profit and Total Comprehensive Income Attributable to Owners of the Company Comparison | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit and Total Comprehensive Income | 26.1 | 5.5 | +374.5% | [Liquidity, Financial and Capital Resources](index=7&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) Operations and capital needs are funded by equity, reserves, bank borrowings, and amounts due to a director, with improved gearing and managed financial risks [Cash and Loan Position](index=7&type=section&id=Cash%20and%20Loan%20Position) Cash and bank balances decreased by 11.5%, while interest-bearing bank borrowings decreased by 28.1%, with all borrowings at floating rates Cash and Loan Position Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Cash and Bank Balances | 358.5 | 405.2 | -11.5% | | Interest-Bearing Bank Borrowings | 259.0 | 360.3 | -28.1% | | Floating Rate Borrowings | 259.0 | 230.2 | +12.5% | | Fixed Rate Borrowings | 0 | 130.1 | -100% | - All bank borrowings are interest-bearing at **floating rates ranging from 2.20% to 3.30% per annum**[23](index=23&type=chunk) - The Group has not encountered any difficulties in complying with its loan covenants and there have been **no defaults**[24](index=24&type=chunk) [Pledged Assets of the Group](index=7&type=section&id=Pledged%20Assets%20of%20the%20Group) Pledged bank deposits for bills payable significantly decreased to RMB 81.1 million Pledged Assets Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Pledged Bank Deposits | 81.1 | 173.6 | -53.3% | [Gearing Ratio](index=7&type=section&id=Gearing%20Ratio) The Group's gearing ratio significantly improved to 65.4% from 84.5% at the end of 2024 Gearing Ratio Comparison | Indicator | June 30, 2025 | Dec 31, 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Gearing Ratio | 65.4% | 84.5% | -19.1pp | [Currency Risk](index=8&type=section&id=Currency%20Risk) The Group faces currency risk from foreign currency-denominated balances and borrowings, managed by monitoring exchange rate movements - The Group primarily operates in Mainland China, with sales, production costs, and expenses recorded in **RMB**[27](index=27&type=chunk) - Certain bank deposits, advances, and borrowings are denominated in **foreign currencies**, exposing the Group to currency risk[27](index=27&type=chunk) - Directors manage foreign currency risk by closely monitoring foreign currency exchange rate movements and may use contractual hedging instruments[27](index=27&type=chunk) [Interest Rate Risk](index=8&type=section&id=Interest%20Rate%20Risk) The Group is exposed to fair value and cash flow interest rate risks from fixed and floating rate financial instruments, without derivative hedging - Fair value interest rate risk primarily relates to **fixed-rate bank deposits and borrowings**[28](index=28&type=chunk) - Cash flow interest rate risk arises from **floating-rate financial instruments** such as restricted bank balances, bank balances, and floating-rate bank borrowings[28](index=28&type=chunk) - The Group currently **does not use any derivative instruments** to hedge interest rate risk[28](index=28&type=chunk) [Credit Risk](index=8&type=section&id=Credit%20Risk) Credit risk from trade receivables and bills is managed through credit limits and impairment assessments, with concentration risk from major telecom operators - Credit risk primarily arises from **trade and bills receivables** from customer contracts[29](index=29&type=chunk) - A team is responsible for setting credit limits, monitoring procedures, and performing impairment assessments to estimate expected credit losses[29](index=29&type=chunk) - Credit risk for bank deposits and balances is assessed as **low**[30](index=30&type=chunk) - Approximately **89.3% of trade receivables** are from major PRC telecommunication network operators, indicating a concentration of credit risk[30](index=30&type=chunk) [Liquidity Risk](index=9&type=section&id=Liquidity%20Risk) Management monitors cash flow to maintain funding flexibility through available credit lines and potential new share issuance - Management regularly monitors the Group's cash flow position to ensure **strict control**[32](index=32&type=chunk) - The objective is to maintain funding flexibility through available committed credit facilities and the issuance of new ordinary shares[32](index=32&type=chunk) [Capital Commitments](index=9&type=section&id=Capital%20Commitments) Capital commitments for property, plant, and equipment decreased to RMB 16.6 million Capital Commitments Comparison | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Capital Commitments | 16.6 | 20.1 | -17.4% | [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) The Group had approximately 310 employees with total staff costs of RMB 15.4 million, offering competitive remuneration and various benefit plans Employees and Remuneration Comparison | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Number of Employees | 310 | 320 | -3.1% | | Staff Costs | RMB 15.4 million | RMB 15.6 million | -1.3% | - The Group participates in various employee benefit plans, including **pension insurance, medical insurance, and personal injury insurance**[34](index=34&type=chunk) - Remuneration packages are reviewed regularly with reference to market practices and legal requirements to remain competitive[34](index=34&type=chunk) [Outlook](index=9&type=section&id=Outlook) Despite short-term pressure, the optical cable industry is showing recovery, with strong growth expected in H2 2025 driven by new technologies and national policies, while the Group focuses on market expansion, R&D, and cost control - In H1 2025, domestic optical cable production decreased by approximately **2.9%**, a significant narrowing of the decline, indicating the industry downturn is entering a convergence period[35](index=35&type=chunk) - China's total optical cable demand is still expected to decrease slightly by approximately **2.2%** for the full year 2025, but global optical fiber and cable demand is projected to maintain **steady growth between 2025 and 2029**[35](index=35&type=chunk)[36](index=36&type=chunk) - Industry development benefits from the rapid advancement of new-generation information technologies such as **5G-A networks, 10-gigabit optical networks, "East-Data-West-Computing" initiatives, cloud computing, and artificial intelligence**[37](index=37&type=chunk) - The Group will deepen cooperation with operators to solidify its core market and actively expand into **non-operator and overseas markets**[38](index=38&type=chunk) - The Group will increase R&D investment, focusing on **high-speed transmission, high-density data center interconnects, and green and low-carbon products** to optimize its product structure[38](index=38&type=chunk) - The Group will continue to strengthen monitoring of raw material procurement costs and supply chain fluctuations, deepen lean production management, and enhance operational efficiency[38](index=38&type=chunk) Other Information [Interim Dividend](index=11&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**[40](index=40&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=11&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) Several directors and their spouses or as founders/beneficiaries of discretionary trusts held long positions in the company's shares or underlying shares Directors' and Chief Executive's Interests in the Company's Shares and Underlying Shares | Director's Name | Nature of Interest | Number of Shares or Underlying Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Ms. Yu Ru Min | Founder of a discretionary trust | 840,000,000 | 51.65 | | | Spouse's interest | 56,184,000 | 3.46 | | | Beneficial owner | 14,784,000 | 0.91 | | Mr. Yu Jin Lai | Beneficiary of a discretionary trust | 840,000,000 | 51.65 | | Ms. Yu Ru Ping | Beneficiary of a discretionary trust | 840,000,000 | 51.65 | | | Beneficial owner | 14,784,000 | 0.91 | | Mr. Shi Ming | Spouse's interest | 854,784,000 | 52.56 | | | Beneficial owner | 56,184,000 | 3.46 | - Ms. Yu Ru Min, as the founder of a family trust, is deemed to have an interest in the **840,000,000 shares** held by Pacific Mind[43](index=43&type=chunk) - Mr. Shi Ming is the spouse of Ms. Yu Ru Min and is deemed to have an interest in the shares held by each other under the SFO[42](index=42&type=chunk) [Substantial Shareholders' and Other Persons' Interests in Shares and Underlying Shares](index=12&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20in%20Shares%20and%20Underlying%20Shares) Pacific Mind Development Limited, UBS TC (Jersey) Limited, and UBS Nominee Limited each held 51.65% of the company's shares, with Mr. Yu Jian Guang holding 52.56% due to spouse's interest Substantial Shareholders' and Other Persons' Interests in the Company's Shares and Underlying Shares | Name/Person | Nature of Interest | Number of Shares or Underlying Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Pacific Mind Development Limited | Beneficial owner | 840,000,000 | 51.65 | | UBS TC (Jersey) Limited | Trustee | 840,000,000 | 51.65 | | UBS Nominee Limited | Interest of controlled corporation | 840,000,000 | 51.65 | | Mr. Yu Jian Guang | Spouse's interest | 854,784,000 | 52.56 | - The issued share capital of Pacific Mind is directly owned by UBS Nominee Limited, which is the nominee for a family trust, with UBS TC (Jersey) Limited as the trustee[48](index=48&type=chunk) - Mr. Yu Jian Guang is the spouse of Ms. Yu Ru Ping and is therefore deemed to have an interest in the shares held by Ms. Yu Ru Ping[48](index=48&type=chunk) [Share Option Scheme](index=13&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted in 2016 with a 10-year validity, had its authorized limit fully utilized by December 31, 2022, with no outstanding options - The Share Option Scheme was adopted on **November 24, 2016**, and is valid for **10 years**[50](index=50&type=chunk) - The scheme mandate limit was **fully utilized by December 31, 2022**[50](index=50&type=chunk) - As of **June 30, 2025**, there were **no outstanding share options** available for exercise to subscribe for shares[50](index=50&type=chunk) [Sufficiency of Public Float](index=13&type=section&id=Sufficiency%20of%20Public%20Float) The company maintained a sufficient public float throughout the reporting period and up to the date of this report - The Company maintained a **sufficient public float** throughout the reporting period and up to the date of this report[51](index=51&type=chunk) [Corporate Governance Practices and Other Information](index=13&type=section&id=Corporate%20Governance%20Practices%20and%20Other%20Information) The company adheres to the Corporate Governance Code, having restored compliance with independent non-executive director requirements after a temporary shortfall - The Company has adopted the **Corporate Governance Code** as set out in Appendix C1 to the Listing Rules[52](index=52&type=chunk) - During the reporting period, the number of independent non-executive directors was temporarily **below the minimum required** by Rule 3.10(1) of the Listing Rules[53](index=53&type=chunk) - Following the appointment of Ms. Ju He Feng as an independent non-executive director on **August 1, 2025**, the Company has complied with Rule 3.10(1) of the Listing Rules[53](index=53&type=chunk) [Changes in Directors' Information](index=13&type=section&id=Changes%20in%20Directors'%20Information) Mr. Yu Jin Lai resigned as Board Chairman and Nomination Committee Chairman, and from the Audit Committee, while Ms. Yu Ru Min and Ms. Ju He Feng were appointed to new roles - Mr. Yu Jin Lai ceased to be the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**, and ceased to be a member of the Audit Committee effective **August 1, 2025**[54](index=54&type=chunk) - Ms. Yu Ru Min was appointed as the Chairperson of the Board and Nomination Committee Chairman effective **July 1, 2025**[56](index=56&type=chunk) - Ms. Ju He Feng was appointed as an Independent Non-Executive Director and a member of the Audit Committee effective **August 1, 2025**[56](index=56&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=14&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) All directors, except the late Mr. Hu Yong Quan, complied with the Model Code for securities transactions during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 to the Listing Rules[57](index=57&type=chunk) - All Directors, save for the late Mr. Hu Yong Quan, have complied with the required standards set out in the Model Code during the reporting period and up to the date of this report[57](index=57&type=chunk) [Audit Committee](index=14&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated financial statements for the period - The Audit Committee comprises three independent non-executive directors: Mr. Chan Kai Wing (Chairman), Mr. Lau Ching Yee, and Ms. Ju He Feng[58](index=58&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended **June 30, 2025**[58](index=58&type=chunk) [Contingent Liabilities and Litigation](index=14&type=section&id=Contingent%20Liabilities%20and%20Litigation) As of the date of this report, the Group had no contingent liabilities or litigation - As of the date of this report, the Group had **no contingent liabilities or litigation**[59](index=59&type=chunk) [Environmental Policies and Performance](index=14&type=section&id=Environmental%20Policies%20and%20Performance) The Group is committed to reducing environmental impact through pollution reduction and resource efficiency, striving for compliance with environmental laws - The Group is committed to reducing the environmental impact of its factories and offices by **minimizing pollution and efficiently utilizing resources**[60](index=60&type=chunk) - The Group strives to comply with relevant environmental laws and regulations and continuously improves its performance[60](index=60&type=chunk) [Key Relationships with Employees, Customers and Suppliers](index=14&type=section&id=Key%20Relationships%20with%20Employees%2C%20Customers%20and%20Suppliers) The Group maintains good relationships with employees, customers, and suppliers, fostering a positive workplace, delivering quality products, and building long-term partnerships - The Group strives to maintain **good relationships with its employees, customers, and suppliers**[61](index=61&type=chunk) - The Group is committed to creating a positive workplace for employees, producing quality products to meet customer requirements, and building long-term relationships with suppliers[61](index=61&type=chunk) [Compliance with Laws and Regulations](index=15&type=section&id=Compliance%20with%20Laws%20and%20Regulations) Except for a temporary non-compliance with independent non-executive director requirements, the Group was unaware of any material non-compliance with laws and regulations - For the six months ended **June 30, 2025**, the Group was unaware of any non-compliance with relevant laws and regulations that had a material impact on it, except for the non-compliance with Rule 3.10(1) of the Listing Rules[63](index=63&type=chunk) - As of the date of this report, following the new appointment of an independent non-executive director, the Company has complied with Rule 3.10(1) of the Listing Rules[64](index=64&type=chunk) [Material Investments](index=15&type=section&id=Material%20Investments) The Group holds significant investments in Southern Optical Fiber, Yingke Optoelectronics, and Source Photonics Group, with a sale agreement for the latter's preferred shares - The Group holds a **49% equity interest** in Jiangsu Southern Optical Fiber Technology Co., Ltd., with a total investment of approximately **RMB 73.5 million** and a share of profit of approximately **RMB 5.7 million**[68](index=68&type=chunk) - The Group holds a **51% equity interest** in Jiangsu Yingke Optoelectronics Technology Co., Ltd., with a total investment of approximately **RMB 38.3 million** and a share of profit of approximately **RMB 1.4 million**[68](index=68&type=chunk) - Pacific Smart, an indirect wholly-owned subsidiary of the Company, holds **8,235,293 Series A Preferred Shares** in Source Photonics Group, representing approximately **4.00% equity interest**, with a fair value of approximately **RMB 179.5 million**[65](index=65&type=chunk)[68](index=68&type=chunk) - A sale and purchase agreement has been entered into for the disposal of the Series A Preferred Shares in Source Photonics Group, which constitutes a **very substantial disposal** subject to shareholder approval[66](index=66&type=chunk)[72](index=72&type=chunk) [Future Plans for Material Investments](index=16&type=section&id=Future%20Plans%20for%20Material%20Investments) The Group plans to continue investing in development projects and acquiring plant and machinery, funded by internal resources, equity, or borrowings, with no other major plans disclosed - The Group will continue to invest in development projects and acquire suitable plant and machinery when appropriate[69](index=69&type=chunk) - These investments will be funded by internal resources, external equity financing, and/or borrowings[69](index=69&type=chunk) - Save as disclosed in this interim report, the Group had **no other future plans for material investments** as of the date of this report[69](index=69&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period and up to the date of this report[70](index=70&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=16&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The Group had no material acquisitions or disposals of subsidiaries and associates, but an agreement was made to sell shares in a target company - During the reporting period and up to the date of this report, the Group had **no material acquisitions or disposals** of its subsidiaries and associates[71](index=71&type=chunk) [Disposal of Sale Shares in the Target Company](index=16&type=section&id=Disposal%20of%20Sale%20Shares%20in%20the%20Target%20Company) Pacific Smart agreed to sell 8,235,293 Series A Preferred Shares in Source Photonics Group for US$25.18 million, constituting a very substantial disposal requiring shareholder approval - Pacific Smart has entered into a sale and purchase agreement to dispose of its **8,235,293 Series A Preferred Shares** (representing approximately **4.00% equity interest**) in Source Photonics Group[72](index=72&type=chunk) - The consideration for the disposal is **US$25,181,055.41** (approximately **RMB 180.8 million**)[72](index=72&type=chunk) - This disposal constitutes a **very substantial disposal** under the Listing Rules and is subject to approval by the Company's shareholders at an extraordinary general meeting[72](index=72&type=chunk) Events After the Reporting Period [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events affecting the Group occurred after the reporting period and up to the date of this report - No significant events affecting the Group have occurred since the end of the reporting period and up to the date of this report[75](index=75&type=chunk) Publication of Interim Report [Publication of Interim Report](index=17&type=section&id=Publication%20of%20Interim%20Report) This interim report has been published on the websites of HKEX and the company - This interim report is published on the website of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company's website (www.jsnfgroup.com)[76](index=76&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Overview of Profit or Loss and Comprehensive Income](index=17&type=section&id=Overview%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income) Revenue decreased by 27.7% to RMB 185.5 million, but profit and total comprehensive income significantly increased to RMB 26.1 million due to lower cost of sales and fair value gains Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 185,520 | 256,750 | | Cost of Sales | (151,207) | (222,146) | | Gross Profit | 34,313 | 34,604 | | Net Other Income, Gains, Expenses and Losses | 7,107 | 9,474 | | Fair value change of financial assets at fair value through profit or loss | 18,222 | – | | Selling and Distribution Expenses | (7,948) | (11,061) | | Administrative Expenses | (15,033) | (17,457) | | Research Costs | (13,678) | (13,419) | | Finance Costs | (4,253) | (2,157) | | Share of Profit of an Associate | 5,674 | 5,180 | | Share of Profit of a Joint Venture | 1,418 | 1,700 | | Profit Before Income Tax | 25,822 | 7,787 | | Income Tax Credit/(Expense) | 314 | (2,268) | | Profit and Total Comprehensive Income for the Period | 26,136 | 5,519 | | Earnings Per Share | RMB 0.016 | RMB 0.003 | Condensed Consolidated Statement of Financial Position [Overview of Financial Position](index=18&type=section&id=Overview%20of%20Financial%20Position) Total assets less current liabilities slightly decreased, but net current assets and gearing ratio improved due to reduced trade receivables, payables, and bank borrowings Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 213,766 | 208,236 | | Interests in an Associate | 112,900 | 107,076 | | Financial assets at fair value through profit or loss | 179,500 | 161,278 | | **Current Assets** | | | | Trade and Bills Receivables | 349,487 | 436,221 | | Bank Deposits, Bank Balances and Cash | 271,072 | 201,084 | | **Current Liabilities** | | | | Trade and Bills Payables | 237,049 | 278,330 | | Bank Borrowings (Current) | 132,000 | 201,342 | | **Non-current Liabilities** | | | | Bank Borrowings (Non-current) | 127,000 | 159,000 | | **Total** | | | | Net Current Assets | 357,263 | 380,224 | | Total Assets Less Current Liabilities | 995,370 | 1,001,338 | | Equity Attributable to Owners of the Company | 844,120 | 817,984 | Condensed Consolidated Statement of Changes in Equity [Overview of Changes in Equity](index=21&type=section&id=Overview%20of%20Changes%20in%20Equity) Equity attributable to owners of the company increased from RMB 817.984 million to RMB 844.120 million, driven by profit and total comprehensive income Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 817,984 | 778,048 | | Profit and Total Comprehensive Income for the Period | 26,136 | 5,519 | | Amortization for the Period | – | – | | Equity Attributable to Owners of the Company at End of Period | 844,120 | 783,567 | Condensed Consolidated Statement of Cash Flows [Overview of Cash Flows](index=22&type=section&id=Overview%20of%20Cash%20Flows) Net cash from operating activities significantly increased, investment activities shifted to net cash generation, and financing activities used less cash, resulting in a net increase in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 36,910 | 19,787 | | Net Cash Generated from/(Used in) Investing Activities | 137,745 | (21,753) | | Net Cash Used in Financing Activities | (104,653) | (33,889) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 70,002 | (35,855) | | Cash and Cash Equivalents at Beginning of Period | 201,084 | 247,767 | | Cash and Cash Equivalents at End of Period | 271,072 | 211,912 | - Net cash generated from investing activities primarily resulted from **withdrawals of restricted bank deposits and balances (RMB 92.483 million)** and **withdrawals of bank deposits with original maturity over three months (RMB 24.200 million)**, as well as **fair value changes of financial assets at fair value through profit or loss (RMB 18.080 million)**[83](index=83&type=chunk) Notes to the Condensed Consolidated Financial Statements [1. Basis of Preparation](index=23&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with IAS 34 and applicable HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with **International Accounting Standard 34 Interim Financial Reporting** and the applicable disclosure requirements of **Appendix D2 to the Listing Rules** of The Stock Exchange of Hong Kong Limited[84](index=84&type=chunk) [2. Principal Accounting Policies](index=23&type=section&id=2.%20Principal%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new IFRS standards having no material impact on financial position or performance - The condensed consolidated financial statements are prepared on a **historical cost basis**, except for certain financial instruments that are measured at fair value where applicable[85](index=85&type=chunk) - The application of new and revised International Financial Reporting Standards has **no material impact** on the Group's financial position and performance for the current and prior periods and/or the disclosures set out in these condensed consolidated financial statements[86](index=86&type=chunk) [3. Revenue](index=24&type=section&id=3.%20Revenue) Revenue from optical cables, FDN equipment, and color-coated steel plates is recognized at a point in time, with credit terms for major telecom operators - The Group's revenue represents the amounts received and receivable from the **sale of optical cables, optical fiber distribution network equipment, and color-coated steel plates**, with revenue recognized at a point in time[87](index=87&type=chunk) - Major customers include the **four largest state-owned telecommunication network operators in the PRC** and other companies[89](index=89&type=chunk) - The Group allows credit periods of **up to six months** to major PRC telecommunication network operators and **up to one year** to other customers[89](index=89&type=chunk) [4. Segment Information](index=24&type=section&id=4.%20Segment%20Information) The Group merged its optical cable and color-coated steel plate segments into one reportable segment, primarily operating in China - The Group has combined its manufacturing and sale of optical cables and related equipment segment with its processing and sale of color-coated steel plates segment into **one reportable and operating segment**[90](index=90&type=chunk) - The Group primarily operates in **Mainland China**, where all its non-current assets (excluding financial assets at fair value through profit or loss and deferred tax assets) are located[91](index=91&type=chunk) [5. Net Other Income, Gains, Expenses and Losses](index=25&type=section&id=5.%20Net%20Other%20Income%2C%20Gains%2C%20Expenses%20and%20Losses) Net other income, gains, expenses, and losses decreased to RMB 7.107 million, mainly due to lower bank interest income and government grants Net Other Income, Gains, Expenses and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank interest income | 1,551 | 3,557 | | Net foreign exchange (losses)/gains | (35) | 801 | | Gains on sales of electricity and other materials | 2,759 | 607 | | Government grants recognized | 2,187 | 4,714 | | (Losses)/gains on disposal of property, plant and equipment | (191) | 15 | | Others | 836 | (220) | | **Total** | **7,107** | **9,474** | [6. Finance Costs](index=25&type=section&id=6.%20Finance%20Costs) Finance costs significantly increased to RMB 4.253 million, primarily due to higher interest on borrowings with no capitalized amounts Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on borrowings | 4,253 | 3,706 | | Interest on lease liabilities | – | 1 | | Less: Amount capitalized into construction in progress | – | (1,550) | | **Finance Costs** | **4,253** | **2,157** | - The capitalization rate used to determine the amount of interest incurred and capitalized for the six months ended **June 30, 2025**, was approximately **1.85%**[93](index=93&type=chunk) [7. Income Tax (Credit)/Expense](index=26&type=section&id=7.%20Income%20Tax%20(Credit)%2FExpense) The Group recorded an income tax credit of RMB 0.314 million, mainly from deferred tax asset recognition. Southern Communication and Yingke, as "High and New Technology Enterprises," enjoy a 15% corporate income tax preferential rate Income Tax (Credit)/Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC corporate income tax – current tax | 627 | 1,769 | | PRC corporate income tax – deferred tax | (941) | 499 | | **Income Tax (Credit)/Expense** | **(314)** | **2,268** | - The income tax credit was mainly due to the **recognition of deferred tax assets** by the Group[94](index=94&type=chunk) - Southern Communication and Yingke, as "High and New Technology Enterprises," enjoy a **preferential corporate income tax rate of 15%**[95](index=95&type=chunk) [8. Profit Before Income Tax](index=26&type=section&id=8.%20Profit%20Before%20Income%20Tax) Profit before income tax was RMB 25.822 million. During the reporting period, inventory costs recognized as cost of sales were RMB 151.207 million, and total staff costs were RMB 15.424 million Profit Before Income Tax Related Data (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Inventory costs recognized as cost of sales | 151,207 | 222,146 | | Depreciation of property, plant and equipment | 2,884 | 3,648 | | Depreciation of right-of-use assets | 474 | 604 | | Total staff costs | 15,424 | 15,611 | [9. Earnings Per Share](index=27&type=section&id=9.%20Earnings%20Per%20Share) Basic earnings per share significantly increased to RMB 0.016, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic Earnings Per Share | 0.016 | 0.003 | - The weighted average number of ordinary shares used for calculating basic earnings per share was **1,626,240 thousand shares**[97](index=97&type=chunk) - No diluted earnings per share is presented as there were **no potential ordinary shares outstanding** for both periods[97](index=97&type=chunk) [10. Dividends](index=27&type=section&id=10.%20Dividends) The directors do not recommend an interim dividend for the six months ended June 30, 2025 - The directors do not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[98](index=98&type=chunk) [11. Property, Plant and Equipment](index=27&type=section&id=11.%20Property%2C%20Plant%20and%20Equipment) Acquisitions of property, plant, and equipment decreased to RMB 8.4 million during the reporting period Acquisitions of Property, Plant and Equipment (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Acquisitions of Property, Plant and Equipment | 8.4 | 23.6 | [12. Trade and Bills Receivables](index=28&type=section&id=12.%20Trade%20and%20Bills%20Receivables) Trade and bills receivables significantly decreased to RMB 349.487 million, with the majority being less than 6 months old and including amounts due from an associate Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables, net | 347,333 | 431,916 | | Bills receivables | 2,154 | 4,305 | | **Total** | **349,487** | **436,221** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 313,516 | 411,022 | | Over 6 months but less than 1 year | 21,902 | 9,197 | | Over 1 year | 11,915 | 11,697 | - Trade receivables include an amount due from an associate of approximately **RMB 266,000**[102](index=102&type=chunk) [13. Restricted Bank Deposits and Balances](index=29&type=section&id=13.%20Restricted%20Bank%20Deposits%20and%20Balances) The Group's restricted bank deposits and balances are pledged to banks for bills payable - The Group's restricted bank deposits and balances are **pledged to banks for the issuance of bills payable**[103](index=103&type=chunk) [14. Trade and Bills Payables](index=29&type=section&id=14.%20Trade%20and%20Bills%20Payables) Trade and bills payables decreased to RMB 237.049 million, with an average credit period of four months for material purchases and bills secured by restricted bank deposits Trade and Bills Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 104,805 | 156,438 | | Bills payables | 132,244 | 121,892 | | **Total** | **237,049** | **278,330** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 98,459 | 145,225 | | Over 6 months but less than 1 year | 1,069 | 3,562 | | Over 1 year | 5,277 | 7,651 | - The average credit period for purchases of materials is **within four months** after receipt of materials and relevant VAT invoices[104](index=104&type=chunk) - Bills payable are secured by the Group's **restricted bank deposits and balances**[106](index=106&type=chunk) [15. Bank Borrowings](index=30&type=section&id=15.%20Bank%20Borrowings) Interest-bearing bank borrowings decreased to RMB 259.0 million, all at floating rates between 2.20% and 3.30%, with no covenant breaches Bank Borrowings (As of June 30) | Indicator | June 30, 2025 (RMB million) | Dec 31, 2024 (RMB million) | | :--- | :--- | :--- | | Interest-Bearing Bank Borrowings | 259.0 | 360.3 | | Floating Rate Borrowings | 259.0 | 230.2 | | Fixed Rate Borrowings | 0 | 130.1 | - All bank borrowings are interest-bearing at **floating rates ranging from 2.20% to 3.30% per annum**[107](index=107&type=chunk) - The Group has not encountered any difficulties in complying with its covenants and there have been **no defaults**[108](index=108&type=chunk) [16. Share Capital](index=31&type=section&id=16.%20Share%20Capital) The company's authorized share capital is 8,000,000,000 shares of HKD 0.001 each, with 1,626,240,000 shares issued and fully paid, valued at RMB 1.418 million Share Capital (As of June 30) | Item | June 30, 2025 (HKD thousand) | Dec 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Authorized Share Capital (8,000,000,000 shares) | 8,000 | 8,000 | | Issued and Fully Paid Share Capital (1,626,240,000 shares) | 1,626 | 1,626 | | Presented in Condensed Consolidated Statement of Financial Position (RMB thousand) | 1,418 | 1,418 | [17. Fair Value Measurement of Financial Instruments](index=31&type=section&id=17.%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) Non-listed equity investments, classified as Level 3 fair value measurements, were valued at RMB 179.5 million by an independent valuer, with a sale agreement in place Financial Assets at Fair Value Through Profit or Loss (Level 3) (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-listed Equity Investments | 179,500 | 161,278 | Reconciliation of Level 3 Financial Instruments (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Balance at Beginning of Period | 161,278 | 154,121 | | Fair value change of financial assets at fair value through profit or loss | 18,222 | 7,157 | | Balance at End of Period | 179,500 | 161,278 | - The fair value of non-listed equity investments is determined by an **independent qualified professional valuer** using the market approach[112](index=112&type=chunk) - The Company has entered into a sale and purchase agreement with the buyer group for the disposal of the non-listed equity investments, which has **not yet been completed** as of the date of this report[113](index=113&type=chunk) [18. Capital Commitments](index=33&type=section&id=18.%20Capital%20Commitments) Contracted but unprovided capital expenditure for property, plant, and equipment decreased to RMB 16.635 million Capital Commitments (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | Dec 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital Expenditure for Acquisition of Property, Plant and Equipment | 16,635 | 20,144 | [19. Related Party Transactions](index=33&type=section&id=19.%20Related%20Party%20Transactions) Significant related party transactions included sales to and purchases from an associate, purchases from a joint venture partner's affiliates, and director/key management remuneration Related Party Transactions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of other materials to an associate | 509 | 832 | | Purchases of optical fibers and other materials from an associate | 44,646 | 71,723 | | Purchases of raw materials from the holding company and fellow subsidiaries of the Group's joint venture partner | 17,113 | 10,072 | Directors' and Key Management Remuneration (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and allowances | 1,641 | 1,861 | | Contributions to retirement benefit schemes | 89 | 123 | | **Total** | **1,730** | **1,984** | [20. Events After the Reporting Period](index=33&type=section&id=20.%20Events%20After%20the%20Reporting%20Period) No material subsequent events occurred after June 30, 2025, up to the date of this report, other than those disclosed - Save as disclosed in this interim report, the Group has **not undertaken any material subsequent events** after **June 30, 2025**, up to the date of this report[118](index=118&type=chunk)

Contents 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | UNAUDITED INTERIM RESULTS: | 未經審核中期業績： | | | Condensed Consolidated Statement of | 簡明綜合損益表 | 4 | | Profit or Loss | | | | Condensed Consolidated Statement of | 簡明綜合全面收益表 | 5 | | Comprehensive Income | | | | Condensed Consolidated Statement of | 簡明綜合財務狀況表 | 6 | | Financial Position | | | | Condensed Consolidated Statement of | 簡明綜合權益變動表 | 8 | | Changes in Equity | | | | Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 9 | | No ...

2025 中期報告 匯通達網絡股份有限公司 HUITONGDA NETWORK CO., LTD. 二零二五年中期報告 Interim Report 2025 1 目錄 Contents 2 公司資料 Corporate Information 9 管理層討論與分析 Management Discussion and Analysis Consolidated Statement of Profit or Loss for the Six Months Ended June 30, 2025 (Unaudited) Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025 (Unaudited) Consolidated Statement of Financial Position at June 30, 2025 (Unaudited) Consolidated Statement of Changes in Equity for the Si ...

Financial Performance - For the first half of 2025, the company's operating revenue was RMB 489.14 million, a decrease of 6% year-on-year, with product sales revenue at RMB 397.91 million, down 1% due to intensified competition[15]. - The CDMO/CMO business revenue was RMB 77.30 million, a decline of 32%, primarily due to some key projects not reaching delivery milestones[15]. - The net profit for the first half of 2025 was RMB 4.06 million, a significant decrease of 87%, impacted by increased depreciation and amortization from major construction projects coming into use[15]. - The company's revenue for the first half of 2025 was RMB 489,140 thousand, a decrease of RMB 31,463 thousand or 6% compared to RMB 520,603 thousand in the same period of 2024[32]. - The net profit for the first half of 2025 was RMB 4,062 thousand, down RMB 27,497 thousand or 87% from RMB 31,559 thousand in the same period of 2024[32]. - The group's product sales revenue for the first half of 2025 was RMB 397,909 thousand, a decrease of RMB 2,491 thousand from RMB 400,400 thousand in the same period of 2024, primarily due to intensified market competition[33]. - CDMO/CMO business revenue for the first half of 2025 was RMB 77,301 thousand, down RMB 36,490 thousand from RMB 113,791 thousand in the same period of 2024, mainly due to significant project milestones completed last year that have not yet been reached this year[33]. - Operating profit for the six months ended June 30, 2025, was RMB 9,178 thousand, significantly down from RMB 33,258 thousand in 2024, representing a decline of 72.5%[53]. - Total assets as of June 30, 2025, were RMB 1,476,422 thousand, down from RMB 1,508,772 thousand as of December 31, 2024, reflecting a decrease of 2.1%[55]. - Total liabilities as of June 30, 2025, were RMB 744,740 thousand, a decrease of 4.4% from RMB 779,117 thousand as of December 31, 2024[56]. Research and Development - The company added 16 new projects in the first half of 2025, including 14 ADC projects, bringing the total to 169 projects, with 12 projects advancing from preclinical to clinical stages[9]. - The company is focusing on its core business in the biopharmaceutical CDMO sector, with a continuous decrease in new drug R&D expenses while actively promoting sales of already launched products[22]. - Research and development expenses for the first half of 2025 were RMB 35,628 thousand, compared to RMB 46,059 thousand in the same period of 2024[32]. - The company has a robust pipeline with multiple candidates in various clinical stages, including TAE020 for acute myeloid leukemia and TAB014 for wet age-related macular degeneration[22]. - The company has introduced the "OS One-Step Conjugation" and HydroTrio technologies to enhance ADC development efficiency and clinical effectiveness, catering to specific customer needs[19]. - The BDKcell® (CHOk1) cell line development platform enables rapid and efficient high-expression monoclonal cell line development, accelerating IND submissions[19]. Market Expansion - The core product, Bevacizumab injection, has successfully obtained market approval in Nigeria and Pakistan, marking significant progress in international expansion[12]. - The company is responsible for the global commercialization of Bevacizumab injection, which opens new international market opportunities[12]. - The market for Bevacizumab is projected to reach nearly RMB 49 billion globally by 2030, with a CAGR of 7.6% from 2021 to 2030[23]. - The Chinese market for Bevacizumab is expected to grow to RMB 18.4 billion by 2030, with a CAGR of 8.3% from 2021 to 2030[23]. - The company successfully included its product in the 2022 National Medical Insurance Drug List, significantly improving patient affordability and drug accessibility[23]. Compliance and Quality Management - The company has passed GMP inspections in multiple countries, including Brazil and Colombia, enhancing its international compliance recognition[12]. - The company has successfully passed over 60 GMP audits, including zero-defect EU QP audits and direct approvals from various countries, ensuring compliance with international quality standards[21]. - The company has invested significantly in data integrity and quality management systems to support regulatory audits and ensure compliance with global standards[21]. Employee and Organizational Structure - The CDMO team consists of 524 members, with 77% holding advanced degrees, reflecting the company's commitment to building a strong workforce[21]. - The company continues to enhance its organizational structure and management system, leading to a slight increase in sales and management expenses[15]. - The total number of employees as of June 30, 2025, was 604, with 60.60% in production and manufacturing roles[47]. Financial Management and Risk - The company has not disclosed any significant financial risks that may impact its financial performance and position[70]. - The company’s financial risk management plan focuses on mitigating potential adverse effects on its financial condition and performance due to market unpredictability[70]. - The company plans to continue reviewing economic conditions and foreign exchange risk, considering appropriate hedging measures as necessary[52]. - The company has not made any changes to its risk management mechanisms since the fiscal year ending December 31, 2024[71]. Shareholder Information - As of June 30, 2025, the total number of issued shares is 772,787,887[114]. - Major shareholder Chengwei Evergreen Capital holds 116,250,000 shares, accounting for 15.04% of the company's equity[118]. - The largest shareholder, Chengde Pharmaceutical Co., Ltd., owns 213,311,700 shares, representing 27.60% of the company's equity[117]. - The company has a total of 7,646,300 shares held by a controlled corporation under Chengde Pharmaceutical Co., Ltd., which is 0.99% of the equity[117]. Share-Based Awards - The company adopted the Pre-IPO Share Option Scheme on February 20, 2013, to attract and retain talent, enhancing employee productivity and cohesion[120]. - The company plans to grant share-based awards under the newly adopted 2024 Restricted Share Award Scheme instead of the 2020 scheme, as the transitional arrangements for new share grants have been terminated[126]. - The 2020 Restricted Share Award Scheme is expected to terminate on May 28, 2030, subject to certain conditions[128]. - The company has outlined specific vesting conditions for shares granted, with some shares vesting based on achieving R&D targets by 2029[128]. Corporate Governance - The company has a commitment to comply with the Corporate Governance Code as per the listing rules[146]. - The audit and related party transaction review committee has reviewed the financial reporting process and internal control systems, confirming compliance with applicable accounting standards and regulations[134]. - The company is subject to regulations from the FDA and NMPA regarding drug approvals and clinical trials[147].

Course Enrollments - The total number of course enrollments increased by 31.6% from 4,736 for the six months ended June 30, 2024, to 6,232 for the six months ended June 30, 2025[15]. - Shun Da School's course enrollments rose to 608, a 19.0% increase from 511 in the same period last year, driven by higher demand for Small Vehicles training[15]. - Tong Tai School's course enrollments increased to 4,707, an 11.4% rise from 4,225, despite a slight decline of 2.4% in Large Vehicles training demand[15]. - The overall number of course enrollments for Large Vehicles and Small Vehicles grew by 13.1% from 1,696 to 1,918[15]. - The total number of course enrollments for Small Vehicles surged by 41.9% from 3,040 to 4,314[15]. - The total number of course enrollments for standard courses of Large Vehicles and Small Vehicles increased by approximately 92.2% from 3,211 for the six months ended 30 June 2024 to 6,173 for the six months ended 30 June 2025[17]. - The overall number of trainees who attended driving courses increased by approximately 31.4%, reaching 7,188 for the six months ended 30 June 2025, compared to 5,469 for the same period in 2024[24]. - The number of enrollments for Tong Tai School's standard courses was 1,655, representing 26.5% of total enrollments for the six months ended 30 June 2025[21]. - The number of enrollments for small vehicle standard courses increased significantly by approximately 41.9%, from 3,040 to 4,314 for the six months ended 30 June 2025[19]. - The acquisition of Kai Yuan School and Xin Cai School contributed to the increase in course enrollments and market share[17]. - The demand for large vehicle driving courses slightly decreased by 2.4%, from 1,696 to 1,655 for the six months ended 30 June 2025[19]. - The overall number of course enrollments for standard courses accounted for 99.1% of total enrollments, while premium courses accounted for only 0.9% for the six months ended 30 June 2025[23]. Financial Performance - Total revenue for the Group decreased by approximately 6.0%, amounting to approximately RMB 17.1 million for the six months ended 30 June 2025, down from approximately RMB 18.1 million for the same period in 2024[24]. - The revenue from Large Vehicles training accounted for approximately 69.6% of total revenue for the six months ended June 30, 2025[15]. - Revenue from Large Vehicles driving training services accounted for approximately 69.6% of total revenue, down from 75.0% in the same period of 2024[25]. - Revenue from premium courses of Large Vehicles contributed approximately 8.9% of total revenue, a significant decrease from 20.0% in the same period of 2024[25]. - The overall revenue for the six months ended June 30, 2025, was RMB 17,061,000, compared to RMB 18,147,000 for the same period in 2024[28]. - Total revenue decreased by approximately RMB1.1 million, or approximately 6.0%, from RMB18.1 million for the six months ended 30 June 2024 to RMB17.1 million for the six months ended 30 June 2025[37]. - Gross profit decreased by approximately RMB0.8 million, or approximately 22.8%, from RMB3.4 million for the six months ended 30 June 2024 to approximately RMB2.6 million for the six months ended 30 June 2025[37]. - Gross profit margin decreased by 3.4 percentage points from 18.9% for the six months ended 30 June 2024 to 15.5% for the six months ended 30 June 2025[37]. - Loss before tax increased by approximately RMB0.5 million, or approximately 10.1%, from approximately RMB5.3 million for the six months ended 30 June 2024 to approximately RMB5.8 million for the six months ended 30 June 2025[37]. - Net loss attributable to the owners of the Company increased from approximately RMB2.3 million for the six months ended 30 June 2024 to approximately RMB4.8 million for the six months ended 30 June 2025[37]. - The company faced intensified competition in the driving training services market due to lower entry barriers for existing small vehicle driving schools[18]. - Total revenue decreased due to a reduction in actual training hours for trainees, despite an increase in the number of trainees and average course fees per hour[25]. Acquisitions and Market Strategy - The company acquired Kai Yuan School and Xin Cai School, contributing 689 and 228 enrollments, respectively, for the six months ended June 30, 2025[15]. - The company adopted an operational strategy to acquire other driving schools to reduce competition and capture market share[14]. - The acquisitions of Kai Yuan School and Xin Cai School were completed in November 2024 and March 2025, respectively, and did not constitute a notifiable transaction under the Listing Rules[10]. - The company plans to seek multi-regional partnerships in higher-rate regions to enhance profitability and market consolidation in response to industry turbulence expected in 2025[35]. - The current industry landscape presents an opportunity for regional joint operations and business consolidation to stabilize market prices and grow course enrollments[34]. Operational Efficiency and Future Plans - The company plans to optimize internal operations to reduce costs and improve efficiency, including the expansion of intelligent teaching methods[34]. - The company aims to explore unmanned vehicles training programs to broaden its scope of education and training without incurring excessive additional costs[34]. - The company has faced challenges in acquiring suitable land due to insufficient commercial land supply during the COVID-19 pandemic from 2020 to 2024[102]. - The company will continue to actively seek suitable land parcels and may consider alternative uses for financial resources if necessary[102]. Shareholder Information and Corporate Governance - As of June 30, 2025, Mr. Qi Xiangzhong holds a 47.3% interest in the company through Alpha Leap, which owns 206,400,000 shares[109]. - Significant shareholders include Alpha Leap with 47.34% and Cosmic Hero with 9.08% of shares, indicating concentrated ownership[113]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the six months ended June 30, 2025[128]. - The Company is committed to maintaining high corporate governance standards to enhance transparency and accountability[124]. - All Directors confirmed compliance with the Model Code regarding securities transactions, with no incidents of non-compliance[130]. - The Company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[128]. Cash Flow and Financial Position - Cash generated from operations for the six months ended June 30, 2025, was RMB 7,735,000, compared to RMB 3,685,000 in 2024, reflecting a significant increase of approximately 109.2%[148]. - The company experienced a net cash outflow of RMB 4,066,000 from investing activities in the first half of 2025, compared to a net cash inflow of RMB 427,000 in 2024[148]. - New borrowings raised amounted to RMB 34,230,000 in the first half of 2025, an increase from RMB 20,730,000 in 2024, showing a growth of approximately 65%[150]. - The company reported a net cash used in financing activities of RMB 4,253,000 for the first half of 2025, compared to RMB 5,880,000 in 2024, indicating a decrease of about 27.6%[150]. - Cash and cash equivalents at the end of the period were RMB 120,329,000, down from RMB 150,591,000 at the end of June 2024, representing a decrease of approximately 20%[150]. - The current ratio of the Group improved to 1.69 as of 30 June 2025, compared to 1.63 as of 31 December 2024[69]. - The gearing ratio of the Group remained stable at approximately 0.26 times as of 30 June 2025[71]. - The total interest-bearing borrowings as of June 30, 2025, were approximately RMB 43.2 million, a decrease from RMB 45.2 million as of December 31, 2024[78]. Employee and Operational Costs - The total employee benefit expenses for the six months ended June 30, 2025, were approximately RMB 7.0 million, compared to RMB 7.3 million for the same period in 2024[87]. - Employee benefit expenses decreased by approximately RMB0.3 million, or approximately 7.9%, from approximately RMB4.4 million for the six months ended 30 June 2024 to approximately RMB4.0 million for the six months ended 30 June 2025[47]. - Fuel expenses decreased by approximately RMB0.9 million, or approximately 31.4%, from approximately RMB2.9 million for the six months ended 30 June 2024 to approximately RMB2.0 million for the six months ended 30 June 2025[47]. - Administrative expenses decreased by approximately RMB0.2 million, or approximately 3.0%, from approximately RMB6.4 million to approximately RMB6.2 million[57]. - Finance costs decreased by approximately RMB0.5 million, or approximately 25.1%, from approximately RMB1.8 million to approximately RMB1.4 million[58]. Assets and Liabilities - As of June 30, 2025, the Group's current assets were approximately RMB 121.6 million, with cash and bank balances of about RMB 120.3 million[74]. - The current liabilities of the Group were approximately RMB 72.1 million, resulting in a current ratio of 1.69, up from 1.63 as of December 31, 2024[74]. - The total value of right-of-use assets was RMB 52,367,000 as of June 30, 2025, compared to RMB 51,070,000 on December 31, 2024, showing a slight increase of 2.5%[198]. - The accumulated depreciation for property, plant, and equipment was RMB 78,523,000 as of June 30, 2025, up from RMB 71,565,000 at the end of 2024, indicating an increase of about 9.7%[198]. - Trade receivables increased to RMB 119,000 as of June 30, 2025, compared to RMB 67,000 on December 31, 2024, reflecting a growth of approximately 77.6%[200]. - Other receivables rose to RMB 2,390,000 as of June 30, 2025, from RMB 1,629,000 at the end of 2024, marking an increase of about 46.8%[200].

Financial Performance - The company reported a net loss attributable to shareholders of RMB 163.43 million, an increase of RMB 21.94 million compared to the previous year[4]. - The company's operating revenue for the first half of 2025 was ¥71,929,258.41, representing a decrease of 53.25% compared to the same period last year[25]. - The total profit for the reporting period was -¥200,946,473.53, indicating a continued loss[25]. - The net profit attributable to shareholders was -¥163,427,812.69, reflecting a worsening financial position compared to the previous year[25]. - The net cash flow from operating activities was -¥34,553,748.71, showing a significant improvement from -¥183,120,171.18 in the previous year[25]. - The total assets at the end of the reporting period were ¥4,254,071,963.23, a decrease of 10.98% from the previous year[25]. - The net assets attributable to shareholders decreased by 6.38% to ¥2,397,692,764.75[25]. - The company reported a basic earnings per share of -0.71 CNY for the first half of the year, compared to -0.61 CNY in the same period last year, indicating a decline[26]. - The weighted average return on equity decreased to -6.59%, down 1.83 percentage points from the previous year[26]. Market Conditions - The decline in performance is primarily due to a decrease in market demand for fuel cell products and a cautious marketing expansion strategy, leading to reduced sales volume[4]. - Future industry development may not meet expectations, leading to sustained market demand decline and intensified competition[4]. - The company has adopted a prudent marketing strategy considering its current liquidity situation, which has impacted sales performance[4]. - The company is experiencing high customer concentration risk, which may affect its independent sustainability if major customers face business challenges[88]. - The company anticipates a decline in gross margin due to increased competition and the rapid decrease in fuel cell costs and prices[89]. Research and Development - The company continues to focus on the development of hydrogen fuel cell technology, which is a key area of its business strategy[16]. - The research and development expenditure accounted for 35.41% of operating revenue, down from 50.45% in the same period last year[26]. - The company has established deep cooperation with major commercial vehicle manufacturers, including Yutong and BAIC Foton, for fuel cell systems[33]. - The company has undertaken several national high-tech research and development projects in the fuel cell field[33]. - The company has established a strong position in the fuel cell system R&D and commercialization, with independent core intellectual property rights and mass production capabilities[44]. - The company has accumulated 325 invention patents and 119 software copyrights, showcasing strong technical and R&D advantages[52]. - The company has made significant progress in the development of high-performance membrane electrodes, with an investment of $187.41 million and a cumulative investment of $823.69 million[70]. Financial Management - There is a risk of continued negative operating cash flow due to high accounts receivable and inventory, which may lead to insufficient working capital[5]. - The company is focusing on enhancing R&D capabilities, improving supply chain management, and increasing brand awareness to mitigate operational risks[85]. - The company has implemented strict risk control systems for investment, financing, and cash management[149]. - The company has confirmed no significant contractual breaches regarding outstanding debts and has not faced any unusual difficulties in obtaining bank loans[155]. - The company has established a compensation policy system based on legality, competitiveness, incentivization, and fairness to attract and retain talent[158]. Corporate Governance - The board of directors has confirmed the authenticity and completeness of the interim report[6]. - The report has not been audited, and the company emphasizes the importance of investment risk awareness for investors[8]. - The company emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[127]. - The audit committee, consisting of three independent non-executive directors, regularly reviews and recommends improvements to the financial reporting processes and internal controls[125]. - The company maintains a separation of responsibilities between the chairman and the CEO to ensure effective strategic planning[127]. Shareholder Information - The company has no treasury shares as of the end of the reporting period[129]. - The largest shareholder, Zhang Guoqiang, holds 36,444,469 shares, accounting for 15.73% of the total shares[197]. - The number of ordinary shareholders as of the end of the reporting period is 14,356[194]. - The top ten unrestricted shareholders include Zhang Guoqiang with 36,444,469 shares and HKSCC Nominees Limited with 35,859,552 shares[199]. - The company has not disclosed any significant changes in the scope of consolidation beyond the newly included subsidiaries[124]. Operational Challenges - The company is in the early stages of R&D and industrialization, with limited debt financing capabilities, posing a risk if funding channels are not expanded[5]. - The company faces risks of significant performance decline due to decreased market demand in the fuel cell industry and a cautious marketing expansion strategy[86]. - The company acknowledges the potential for seasonal fluctuations in performance due to the cyclical nature of the fuel cell vehicle market[92]. - The company is at risk of negative operating cash flow due to high accounts receivable and inventory levels, which may lead to insufficient operating capital[95]. Investment and Capital Expenditure - The company has invested a total of $2.527 billion in the development of fuel cell stack series products, with a current investment of $578.22 million and cumulative investment of $1.713 billion[73]. - The company aims to achieve a significant reduction in production costs and operational costs through the development of a high-power, long-lifetime fuel cell engine system[69]. - The company has completed the architecture design for the megawatt fuel cell combined heat and power system, which includes key components such as high-efficiency injectors and supercritical humidification systems[72]. - The company has made commitments related to shareholding intentions and reduction intentions as of August 10, 2020, with a lock-up period of 24 months[170]. Social Responsibility - The company has actively participated in social responsibility initiatives, including donations to local schools to support talent cultivation and rural revitalization[168].

CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Management Discussion and Analysis | 4 | | 管理層討論及分析 | | | Other Information | 12 | | 其他資料 | | | Condensed Consolidated Income Statement | 18 | | 簡明綜合收益表 | | | Condensed Consolidated Statement of Comprehensive Income | 19 | | 簡明綜合全面收益表 | | | Condensed Consolidated Statement of Financial Position | 20 | | 簡明綜合財務狀況表 | | | Condensed Consolidated Statement of Changes in Equity | 22 | | 簡明綜合權益變動表 | | | Condensed Consolidated Statement of Cash Fl ...

SINO BIOPHARMACEUTICAL LIMITED ( 於開曼群島註冊成立之有限公司) (股票編號：1177) 中期報告 2025 Interim Report 2025 中期報告 公司資料 公司法定名稱 中國生物製藥有限公司 股票代號 1177 公司網址 www.sinobiopharm.com 公司註冊地點 開曼群島 主板上市日期 二零零三年十二月八日 創業板上市日期 二零零零年九月二十九日 董事 執行董事 謝其潤女士 （主席） 謝炳先生 （資深副主席） 鄭翔玲女士 （副主席） 謝承潤先生 （首席執行長） 謝炘先生 田舟山先生 獨立非執行董事 陸正飛先生 李大魁先生 魯紅女士 張魯夫先生 李國棟醫生 執行董事委員會 謝其潤女士 （主席） 謝炳先生 鄭翔玲女士 謝承潤先生 謝炘先生 審核委員會 陸正飛先生 （主席） 李大魁先生 魯紅女士 李國棟醫生 薪酬委員會 張魯夫先生 （主席） 陸正飛先生 魯紅女士 提名委員會 謝其潤女士 （主席） 謝炳先生 陸正飛先生 魯紅女士 張魯夫先生 李國棟醫生 環境、社會及管治委員會 鄭翔玲女士 （主席） 謝其潤女士 李國棟醫生 公司秘書 陳凱年先生 授權代表 謝炳 ...

Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 116,460,000, a decrease of 1.0% compared to RMB 117,602,000 in the same period of 2024[12]. - Gross profit increased by 40.9% to RMB 30,837,000, resulting in a gross margin of 26.5%, up from 18.6% in 2024, an increase of 7.9 percentage points[12]. - Net profit attributable to owners of the company was RMB 10,557,000, representing a significant increase of 98.8% from RMB 5,310,000 in the previous year[12]. - The company achieved revenue of RMB 116.5 million for the period, a slight decrease of 1.0% compared to RMB 117.6 million in the same period of 2024[24]. - The company reported a pre-tax profit of RMB 11.9 million, a significant increase of 136.6% from RMB 5.0 million in 2024, primarily due to reduced sales costs[47]. - Total income for the period was RMB 6.3 million, an increase of 45.0% from RMB 4.3 million in 2024, with attributable profit to owners rising by 98.8% to RMB 10.6 million[49]. - The company reported a total comprehensive income of RMB 11,008,000, which includes a net income of RMB 10,557,000, compared to a total comprehensive income of RMB 5,520,000 for the same period in 2024[95]. - The company reported a net cash flow from operating activities of RMB 10,651,000 for the six months ended June 30, 2025, compared to a cash outflow of RMB 20,842,000 in the same period of 2024[95]. Revenue Breakdown - Property management service revenue was RMB 93.9 million, accounting for 80.6% of total revenue, with a 1.8% increase from RMB 92.2 million in 2024[34]. - Revenue from community value-added services increased by 2.7% to RMB 8.8 million, compared to RMB 8.6 million in 2024, representing 7.6% of total revenue[35]. - Revenue from non-owner value-added services decreased significantly to RMB 4,544,000, down 32.8% from RMB 6,771,000 in 2024[104]. - Revenue from hotel operations, including room services and food and beverage sales, totaled RMB 8,291,000[106]. - External customer revenue accounted for RMB 104,722,000, representing an increase from RMB 100,341,000 in 2024[104]. - Segment revenue from property management services was RMB 107,214,000, while hotel business services generated RMB 9,246,000, totaling RMB 116,460,000[110]. Assets and Liabilities - Total assets increased by 1.1% to RMB 555,863,000 compared to RMB 549,592,000 at the end of 2024[14]. - The company's current assets increased by 3.3% to RMB 529.0 million as of June 30, 2025, compared to RMB 511.9 million at the end of 2024[50]. - Trade receivables increased to RMB 159,357,000 as of June 30, 2025, up from RMB 142,551,000 at the end of 2024, indicating a growth of 11.7%[128]. - As of June 30, 2025, trade and other payables amounted to RMB 114.7 million, a decrease of 6.7% from RMB 123.0 million as of December 31, 2024[60]. - The company’s total equity as of June 30, 2025, was RMB 399,912,000, compared to RMB 393,168,000 at the end of 2024[91]. Operational Strategy - The company aims to enhance operational efficiency and service quality through refined management and cost structure optimization[17]. - The focus will be on high-quality projects in core cities of the Yangtze River Delta, emphasizing community and urban services[17]. - The company plans to leverage technology to improve service quality, including the expansion of its smart property management system[19]. - The management highlighted the importance of customer-centric services and aims to provide diversified and thoughtful services to property owners[18]. - The company is committed to continuous innovation and pragmatic operations to navigate market challenges and drive growth[19]. - The company plans to focus on optimizing cost structures and enhancing service efficiency in the second half of 2025[33]. Shareholder Information - Major shareholder Yu Jianwu holds 2,280,000,000 shares, representing approximately 59.38% of the company's equity[76]. - Other significant shareholders, including Wang Xiangyu and Lin Mingqing, each hold 307,190,000 shares, accounting for 8.00% of the company's equity[76][77]. - The board does not recommend any interim dividend for the period, consistent with the previous year[71]. - The company has adopted a share option scheme aimed at incentivizing eligible participants, with a maximum limit of 320,000,000 shares, or 10% of the total issued shares post-listing[80]. Employee and Management - The company employed 408 staff as of June 30, 2025, down from 496 staff a year earlier, with employee costs for the period totaling RMB 29.0 million[64]. - Total remuneration for key management personnel increased to RMB 2,019,000 for the six months ended June 30, 2025, up from RMB 1,198,000 in the same period of 2024, representing a 68.7% increase[145]. Governance and Compliance - The company has adopted and complied with all applicable corporate governance codes as of the report date[84]. - The audit committee, consisting of three independent non-executive directors, oversees the company's financial reporting and internal controls[72].