INTERIM REPORT 2025 中期報告 2025 Interim Report 中期報 頁次 公司資料 董事會 執行董事 劉錦蘭先生 （主席） 劉祥先生 杭友明先生 王進先生 王煜女士 獨立非執行董事 顧福身先生 許春華女士 張國雲女士 審核委員會 告 2025 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 16 | | 簡明綜合財務報表審閱報告 | 28 | | 簡明綜合損益及其他全面收入表 | 29 | | 簡明綜合財務狀況表 | 30 | | 簡明綜合權益變動表 | 32 | | 簡明綜合現金流量表 | 34 | | 簡明綜合財務報表附註 | 35 | 1 興達國際控股有限公司 顧福身先生 （主席） 許春華女士 張國雲女士 薪酬及管理發展委員會 顧福身先生 （主席） 張國雲女士 提名委員會 劉錦蘭先生 （主席） 顧福身先生 許春華女士 公司秘書 鄭錦豪先生， CPA 法定代表 王進先生 鄭錦豪先生 法律顧問 香港法律： 麥家榮律師行 核數師 德勤 • 關黃陳方會計師行 註冊公眾利益實體核數師 投資者關 ...

Revenue and Profitability - For the six months ended June 30, 2025, the company's revenue increased significantly by RMB 141,900,000 or 233.4% to RMB 202,700,000 compared to RMB 60,800,000 for the corresponding period[7]. - The company's profit before tax decreased by RMB 26,600,000 or 79.2% to RMB 7,000,000 from RMB 33,600,000 in the corresponding period[7]. - The company's attributable profit increased from RMB 25,300,000 to RMB 31,900,000, mainly due to significant losses incurred by Beijing Liheng Group being largely borne by non-controlling interests[9]. - The group recorded a pre-tax profit of RMB 7,000,000 during the interim period, a significant decrease from RMB 33,600,000 in the corresponding period, while profit attributable to owners increased from RMB 25,300,000 to RMB 31,900,000[37]. - The net profit for the six months ended June 30, 2025, was RMB 2,546,000, a decrease from RMB 25,388,000 in the same period of 2024[84]. Acquisitions and Business Expansion - The revenue increase was primarily due to the acquisition of CashBox Group Technology (Hong Kong) Limited, contributing RMB 129,900,000, and the acquisition of Beijing Liheng Group, contributing RMB 11,900,000[8]. - The company successfully expanded into the internet social and digital content sectors through acquisitions of Beijing Yihang Group and Beijing Jiayu Group[6]. - The acquisition of Beijing Yihang Group aims to enhance the company's digital content ecosystem, focusing on high-quality web series production for new media platforms[19]. - The acquisition of Beijing Yihang was completed on March 18, 2025, with a purchase price of zero, resulting in a bargain purchase gain of RMB 37,000,000 recognized in other income[139]. - The acquisition of Beijing Jiayu was also completed on March 18, 2025, for a 50% stake at zero cost, leading to an indirect ownership of 26.01%[141]. - The CashBox acquisition was agreed upon on October 16, 2023, with a total consideration of RMB 522,303,000 through the issuance of new shares[148]. - Following the completion of the CashBox acquisition on June 21, 2024, the company holds 100% of Guomei Xin International Investment and 51.15% of Guomei Xin Internet Technology[149]. Financial Performance and Expenses - Employee costs surged by RMB 43,500,000 or 580% due to the expansion of Beijing Liheng Group's operations, impacting profit margins[8]. - Administrative expenses increased from RMB 15,800,000 to RMB 89,600,000, primarily due to a rise in employee costs from RMB 7,500,000 to RMB 51,000,000, as the number of employees surged from 35 to 630[35]. - Marketing expenses surged to RMB 119,300,000 from RMB 5,800,000, with significant contributions from CashBox and Beijing Liheng's marketing activities[36]. - The total comprehensive income for the six months ended June 30, 2025, was RMB (16,886,000), down from RMB 33,613,000 in the same period of 2024[84]. Digital Content and Technology Strategy - The company is focusing on deepening its "Technology + Finance" integrated internet strategy and accelerating digital transformation and business diversification[6]. - The group aims to become a leading "technology + finance" integrated internet service provider, leveraging emerging technologies like AI and blockchain[13]. - The company is focusing on digital content services, including game development and digital marketing, as part of its growth strategy[102]. - The digital content ecosystem segment reported total revenue of RMB 131,074,000, a significant increase from RMB 5,973,000 in the corresponding period, driven by the acquisition of CashBox[38]. Financial Position and Liquidity - The total equity of the group as of June 30, 2025, was RMB 2,445,600,000, a decrease from RMB 2,465,100,000 as of December 31, 2024[69]. - Cash and cash equivalents decreased to RMB 73,000,000 as of June 30, 2025, down from RMB 130,500,000 as of December 31, 2024[69]. - The group recorded cash outflow from operating activities of RMB 9,100,000 during the period, compared to RMB 89,100,000 in the corresponding period[70]. - The current ratio as of June 30, 2025, was 10.5, down from 18.2 as of December 31, 2024[70]. - The debt-to-equity ratio was 9.15% as of June 30, 2025, compared to 5.25% as of December 31, 2024[70]. Employee and Management Information - Employee compensation (excluding directors and CEO) for the period was RMB 50,300,000, significantly higher than RMB 6,500,000 in the corresponding period[77]. - The group employed 630 staff as of June 30, 2025, an increase from 381 as of December 31, 2024[77]. - Management compensation for the six months ended June 30, 2025, was RMB 845,000, a decrease from RMB 971,000 for the same period in 2024[138]. Shareholder Information - The company’s major shareholders are Mr. Huang Guangyu and Ms. Du Juan, who control the company through their respective investment firms[92]. - Swiree Capital Limited and Ms. Du hold 1,653,073,872 shares, representing 31.78% of the company's issued share capital[159]. - Ms. Du's spouse holds 2,185,286,341 shares, accounting for 42.02% of the company's issued share capital[159]. - The total number of issued shares as of June 30, 2025, is 5,201,123,120[164]. Regulatory and Governance - The company has adopted the standard code of conduct for directors' securities transactions as per the listing rules[165]. - The audit committee consists of four members, including three independent non-executive directors[170]. - The company has complied with all corporate governance code provisions during the reporting period[162].

關愛 生命 呵護 健康 關愛 生命 健康 中期報告 2025 * 本公司以中文名稱及英文名稱「Sinopharm Group Co. Ltd.」根據香港公司條例註冊為非香港公司。 The Company is registered as a non-Hong Kong company under the Hong Kong Companies Ordinance * under its Chinese name and the English name "Sinopharm Group Co. Ltd.". All for Health for All 公司簡介 本公司是中國醫藥集團有限公司所屬核心企業，成立於2003年1月，於 2009年9月在香港聯交所上市（股票代碼：01099.HK），為中國藥品、醫 療器械及醫療保健產品龍頭分銷商和零售商，及領先的供應鏈服務提供 商。 本集團主營醫藥及醫療器械分銷業務，依託覆蓋全國的分銷及配送網絡，為 國內外藥品、醫療器械、耗材及其他醫療保健產品的製造商和供貨商，及下 游的醫院、其他分銷商、零售藥店、基層醫療機構等客戶提供全面的分銷、 配送和其他增值服務。 Health ...

Project and Area Management - As of June 30, 2025, the company has 515 contracted projects, an increase from 508 as of December 31, 2024, representing a growth of 1.4%[10] - The total contracted area reached 92.5 million square meters, up 4.2% from 88.7 million square meters as of December 31, 2024[10] - The company manages 444 projects, an increase from 437 projects as of December 31, 2024, reflecting a growth of 1.6%[10] - The total managed area is 72.3 million square meters, which is a 4.3% increase from 69.3 million square meters as of December 31, 2024[10] - The company has 80 contracted commercial projects with a total area of 7.3 million square meters, a slight decrease from 7.4 million square meters as of December 31, 2024[21] Revenue and Profitability - The group's revenue for the period was RMB 1,961.9 million, slightly up from RMB 1,960.2 million in the same period last year, indicating stability[35] - Revenue from non-commercial property management and value-added services was RMB 1,591.9 million, a decrease of 0.6% from RMB 1,601.3 million, primarily due to a decline in value-added services[44] - Property management service revenue increased by 19.2% to RMB 716.0 million, driven by an expansion in the number of managed non-commercial projects to 371 and a managed area of 65.9 million square meters[44] - Revenue from commercial property management and operational services was RMB 369.9 million, reflecting a 3.1% increase from RMB 358.9 million[48] - The company's gross profit decreased from RMB 507.4 million to RMB 417.9 million, a decline of 17.6% year-on-year, with the overall gross margin dropping from 25.9% to 21.3%[56] - Net profit for the period was RMB 242.7 million, down 15.6% from RMB 287.5 million in the same period last year, resulting in a net profit margin of 12.4%[60] Expenses and Costs - The group's sales costs rose to RMB 1,543.9 million, a 6.3% increase from RMB 1,452.8 million, primarily due to the expansion of managed area and business scale[51] - Employee benefits expenses under sales costs were RMB 334.0 million, up 5.2% from RMB 317.6 million in the previous year[52] - Administrative expenses decreased by 9.5% year-on-year to RMB 143.8 million, attributed to cost control and efficiency measures[57] Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 4,791.1 million from RMB 4,701.9 million, primarily due to cash generated from operating activities[68] - The company had no bank borrowings or related party loans as of June 30, 2025, resulting in a debt ratio of zero[68] - The company's receivables increased by 15.9% from RMB 773.4 million to RMB 896.2 million, reflecting ongoing business expansion[62] - The total liabilities increased to RMB 3,148,405 thousand from RMB 2,881,610 thousand, marking an increase of 9.3%[91] Shareholder and Corporate Governance - The company declared a dividend of RMB 114,062 thousand for the year-end 2024, reflecting its commitment to returning value to shareholders[94] - The company is committed to enhancing its corporate governance and has adhered to the corporate governance code as per the listing rules[81] - The company has been actively seeking suitable acquisition opportunities and has used part of the funds for preliminary feasibility studies and due diligence on potential targets[71] Stock Options and Employee Incentives - The stock option incentive plan was adopted on February 15, 2023, to attract and retain talented employees by granting stock options as incentives[163] - The total number of stock options that can be granted under the plan cannot exceed 10% of the issued shares as of the adoption date, which amounts to 152,203,017 shares[172] - The company aims to provide meaningful incentives to motivate employees to achieve operational performance targets and long-term goals[164] - The first batch of stock options (33%) will vest on December 30, 2024, the second batch (33%) on December 30, 2025, and the third batch (34%) on December 30, 2026[177] Market Strategy and Future Plans - Future market expansion will prioritize quality over quantity, targeting core cities and high-value sectors while implementing strict risk assessments for new projects[32] - The group aims to enhance service quality and customer satisfaction by focusing on customer pain points and optimizing service processes[31] - The company plans to utilize the proceeds from the global offering and operational cash flows for capital expenditures for the year ending December 31, 2025[79]

ALPHAMAB ONCOLOGY 康寧傑瑞生物製藥 （於開曼群島註冊成立的有限公司） 股份代號 : 9966 2025 中期報告 目錄 頁碼 釋義及技術詞彙 2 公司簡介 10 公司資料 13 財務摘要 16 業務摘要 18 管理層討論與分析 21 企業管治及其他資料 34 頁碼 簡明綜合財務報表審閱報告 50 簡明綜合損益及其他全面收益表 51 簡明綜合財務狀況表 52 簡明綜合權益變動表 54 簡明綜合現金流量表 56 簡明綜合財務報表附註 58 康寧傑瑞生物製藥 2025中期報告 1 釋義及技術詞彙 | 「AACR」 | 指 | 美國癌症研究協會，致力於攻克癌症的成立最早、規模最大的癌 | | --- | --- | --- | | | | 症研究組織之一 | | 「ADC」 | 指 | 抗體偶聯藥物 | | 「ASCO」 | 指 | 美國臨床腫瘤學會 | | 「聯繫人」 | 指 | 具有《上市規則》所賦予的涵義 | | 「審核委員會」 | 指 | 本公司審核委員會 | | 「BC」 | 指 | 乳腺癌 | | 「雙特異性抗體」 | 指 | 就抗體而言，將兩種抗原識別元件組合成單一構建體的抗體，能 | ...

Financial Performance - The group's revenue for the first half of 2025 was RMB 18.444 billion, an increase of RMB 5.988 billion or 48.1% compared to RMB 12.457 billion in the same period of 2024[9]. - Shareholders' profit for the first half of 2025 was RMB 208 million, a decrease of RMB 165 million or 44.3% from RMB 373 million in the same period of 2024[9]. - The group completed contract sales amounting to RMB 26.7 billion in the first half of 2025, a decrease of 6% year-on-year[10]. - The average contract sales price increased by 9% year-on-year to RMB 27,763 per square meter[10]. - In the first half of 2025, the company achieved a revenue recognition amount of approximately RMB 17.367 billion, with a recognized area of about 814,000 square meters[20]. - The company reported a significant increase in the revaluation reserve, which rose to RMB 853,405,000 as of June 30, 2025, from RMB 803,510,000 in the previous year[57]. - Total revenue for the six months ended June 30, 2025, was RMB 18,444,209, with RMB 17,458,481 from property development and RMB 913,687 from property investment and management[72]. - The group reported a profit before tax of RMB 1,375,975, with income tax expenses of RMB 1,143,493, resulting in a net profit of RMB 232,482[72]. Project Development - The group acquired 9 real estate development projects, adding approximately 1.183 million square meters of land reserves, with a 74% equity stake[11]. - The company plans to launch nine new projects in the second half of 2025, including locations in Shanghai, Hangzhou, Guangzhou, Shenzhen, Jinan, and Weihai[17]. - Six new projects were commenced in the first half of 2025, with a total construction area of approximately 511,000 square meters[18]. - The newly added land reserve in the first half of 2025 includes nine projects with a total planned construction area of approximately 1.183 million square meters[23]. - The Guangzhou Liwan project has a planned total construction area of approximately 253,000 square meters, located in a core business district[25]. - The Hangzhou West Lake project has a planned total construction area of approximately 68,000 square meters, benefiting from proximity to Zhejiang University[27]. - The Jinan Lixia District A1 project has a planned total construction area of approximately 168,000 square meters, situated in the city’s core area[28]. - The Weihai Huancui project has a planned total construction area of approximately 120,000 square meters, located in a central area with complete amenities[31]. Financial Position - As of June 30, 2025, the company's total equity attributable to shareholders was RMB 34.19 billion, with a net asset value per share of RMB 8.95[39]. - The company's debt-to-asset ratio was 75.9% as of June 30, 2025, a slight decrease from 76.6% at the end of 2024[39]. - The company had outstanding bank and other borrowings totaling RMB 68.20 billion, with 25.6% due within one year[40]. - The company’s liquid assets amounted to RMB 78.39 billion, with total bank deposits of RMB 28.47 billion as of June 30, 2025[41]. - The value of mortgaged investment properties increased to RMB 6.43 billion as of June 30, 2025, compared to RMB 5.53 billion at the end of 2024[43]. - The maximum guarantee amount provided to banks for mortgage loans reached RMB 17.82 billion as of June 30, 2025, down from RMB 23.50 billion at the end of 2024[44]. - The company’s total liabilities decreased to RMB 12,392,755,000 as of June 30, 2025, compared to RMB 10,933,352,000 in the previous year, indicating a shift in financial structure[57]. Cash Flow and Investments - Cash flow from operating activities showed a net outflow of RMB 2,100,537,000 for the six months ended June 30, 2025, compared to a net inflow of RMB 2,735,959,000 in 2024[59]. - The company incurred a total of RMB 1,204,877,000 in cash outflow from investing activities for the six months ended June 30, 2025, compared to RMB 804,247,000 in 2024, indicating an increase in investment expenditures[59]. - New borrowings amounted to RMB 7,947,367,000 in the first half of 2025, a decrease from RMB 10,426,686,000 in the same period of 2024[59]. - The cash and cash equivalents at the end of June 30, 2025, were RMB 28,304,708,000, down from RMB 33,590,263,000 at the end of June 30, 2024, representing a decrease of approximately 16%[59]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules during the review period[130]. - The audit committee, consisting of three non-executive directors and four independent non-executive directors, reviewed the accounting principles and practices adopted by the group[134]. - The company confirmed compliance with the standard code regarding securities trading by directors for the six months ending June 30, 2025[132]. - The company has taken sufficient measures to ensure its corporate governance practices meet or exceed the standards set forth in the corporate governance code[131]. Shareholder Information - The total number of issued shares as of June 30, 2025, is 3,821,183,118[114]. - China Poly Group holds 1,837,526,304 shares, representing 48.09% of the company's issued shares[118]. - Poly Development Holdings Group holds 1,583,738,058 shares, accounting for 41.45% of the company's issued shares[118]. - Ting Shing Holdings Limited indirectly holds 1,463,356,514 shares, which is 38.30% of the company's issued shares[118]. - The company did not declare an interim dividend for the six months ended June 30, 2025, consistent with the previous period[82].

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section details changes in the Board of Directors and committee compositions, along with other essential corporate information [Changes in Board of Directors](index=3&type=section&id=Board%20of%20Directors) During the reporting period, Mr. Qian Fenglei was appointed Executive Director and Chairman, while Dr. Leung Kwong Sik retired as Independent Non-executive Director - Mr. Qian Fenglei was appointed Executive Director on **February 11, 2025**, and Chairman on **May 26, 2025**[4](index=4&type=chunk) - Mr. Jia Zhengyi resigned as Chairman on **May 26, 2025**, but continues to serve as Chief Executive Officer[4](index=4&type=chunk) - Mr. Chan Wai Tuen was appointed Independent Non-executive Director on **May 26, 2025**, and Dr. Leung Kwong Sik retired on the same day[4](index=4&type=chunk) [Committee Composition](index=3&type=section&id=Committees) The Audit, Nomination, and Remuneration Committees saw changes in membership, with Mr. Chan Wai Tuen replacing Dr. Leung Kwong Sik - The chairmen of the Audit Committee, Nomination Committee, and Remuneration Committee are all **Mr. Wong Chi Man**[5](index=5&type=chunk)[6](index=6&type=chunk) - Mr. Chan Wai Tuen was appointed a member of the Audit, Nomination, and Remuneration Committees on **May 26, 2025**, while Dr. Leung Kwong Sik retired on the same day[5](index=5&type=chunk)[6](index=6&type=chunk) - The chairman of the Investment Committee is **Mr. Li Shi Hua**[7](index=7&type=chunk) [Other Corporate Details](index=4&type=section&id=Other%20Corporate%20Details) The company provides details including authorized representatives, auditor, legal counsel, compliance adviser, principal bankers, registered office, share registrar, and website - The company's stock code is **2477**, and its website is **http://www.wellcell.com.cn**[12](index=12&type=chunk) - The auditor is **Tianjian Deyang Certified Public Accountants Limited**, and the Hong Kong legal counsel is **Choi, O'Dwyer & Yeung**[9](index=9&type=chunk)[10](index=10&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) This section provides a summary of the interim condensed consolidated statement of comprehensive income and financial position [Summary of Interim Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company experienced a decrease in revenue and profit, but other income significantly increased Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 90,068 | 106,092 | | Other income | 3,934 | 667 | | Other gains – net | 80 | 1,435 | | Operating profit | 8,777 | 10,919 | | Profit before tax | 8,275 | 12,150 | | Profit for the period | 7,717 | 10,721 | [Summary of Interim Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's non-current assets significantly increased, while current assets and current liabilities decreased, leading to a slight growth in net assets and total equity Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 53,978 | 25,693 | | Current assets | 252,906 | 299,628 | | Current liabilities | (98,141) | (123,918) | | Net current assets | 154,765 | 175,710 | | Total assets less current liabilities | 208,743 | 201,403 | | Non-current liabilities | (829) | (1,036) | | Net assets | 207,914 | 200,367 | | Total equity | 207,914 | 200,367 | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business performance, future outlook, and financial review for the reporting period [Business Review](index=7&type=section&id=Business%20Review) During the reporting period, the Group's main revenue sources remained telecom network support services, ICT integration services, and software-related businesses, with expansion into the Fintech sector through the Fopay payment platform - The Group's main revenue is derived from **wireless telecommunication network optimization services**, **telecommunication network infrastructure maintenance and engineering services**, **ICT integration services**, **telecommunication network-related software development and related services**, and **software sales**[18](index=18&type=chunk)[20](index=20&type=chunk) - During the reporting period, the Group expanded its business into the **Fintech sector**, launching its self-developed one-stop payment platform "Fopay," offering stablecoin custody and prepaid card payment services[18](index=18&type=chunk)[25](index=25&type=chunk)[28](index=28&type=chunk) Revenue Contribution by Business Segment (For the six months ended June 30) | Business Segment | 2025 % of Total Revenue | 2024 % of Total Revenue | | :--- | :--- | :--- | | Telecommunication Network Support Services | 50.9% | 54.6% | | ICT Integration Services | 42.6% | 30.4% | | Telecommunication Network-related Software Development | 6.5% | 15.0% | [Outlook](index=9&type=section&id=Outlook) Despite a complex market and increased competition leading to a slight decline in core business and squeezed profit margins, the Group remains committed to maintaining partnerships and sees growth potential in China's telecom industry and global Fintech, with plans to seek relevant licenses for its crypto payment business - Core business faces **market saturation and intensified competition**, leading to sustained pressure on profit margins, with management cautious about sustainable short-term expansion[30](index=30&type=chunk)[34](index=34&type=chunk) - China's telecommunications industry shows **significant growth** driven by its large population, expanding middle class, smartphone penetration, increased internet usage, and government digitalization policies[31](index=31&type=chunk)[34](index=34&type=chunk) - The Group has ventured into the **crypto payment sector** under its Fintech business, launching the Fopay mobile application, and may consider acquiring licenses for custody, money services, and crypto services in the future[33](index=33&type=chunk)[35](index=35&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) During the reporting period, the Group's total revenue, operating profit, and net profit decreased, primarily due to lower revenue from wireless telecom network optimization and software-related businesses, coupled with increased other operating expenses and depreciation and amortization; however, ICT integration services revenue grew, and financial assets at fair value through profit or loss generated significant fair value gains Revenue Breakdown (For the six months ended June 30) | Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Wireless Telecommunication Network Optimization Services | 28,636 | 41,136 | -30.4% | | Telecommunication Network Infrastructure Maintenance and Engineering Services | 17,170 | 16,842 | +2.4% | | ICT Integration Services | 38,359 | 32,240 | +19.3% | | Software-related Businesses | 5,903 | 15,874 | -62.9% | | **Total Revenue** | **90,068** | **106,092** | **-15.1%** | Key Profit and Loss Items Changes (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other income | 3,934 | 667 | +457.1% | | Other gains – net | 80 | 1,435 | -92.9% | | Employee benefit expenses | (7,685) | (9,725) | -20.6% | | Subcontracting fees | (62,396) | (64,983) | -4.0% | | Cost of materials, supplies and other items | (8,000) | (8,853) | -10.1% | | Depreciation and amortization | (2,464) | (1,009) | +150.0% | | Reversal of impairment loss on trade receivables and contract assets / impairment loss, net | 320 | (3,363) | N/A (from loss to reversal) | | Other operating expenses | (4,799) | (3,085) | +54.8% | | Listing expenses | 0 | (6,257) | -100.0% | | Finance (costs) / income, net | (502) | 1,231 | N/A (from income to cost) | | Operating profit | 8,777 | 10,919 | -19.3% | | Income tax expense | (558) | (1,429) | -57.1% | | Net profit | 7,717 | 10,721 | -28.0% | - Financial assets at fair value through profit or loss generated a fair value gain of approximately **RMB 3.4 million**, compared to zero in the prior year period[71](index=71&type=chunk)[75](index=75&type=chunk) - The Board does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[76](index=76&type=chunk)[79](index=79&type=chunk) [Financial Position, Liquidity and Capital Resources](index=15&type=section&id=Financial%20position%2C%20liquidity%20and%20capital%20resources) The company's cash and cash equivalents decreased, primarily due to financial asset acquisitions, bank loan repayments, and operations; total bank borrowings declined, leading to a lower gearing ratio, while the current ratio slightly increased, indicating improved liquidity Liquidity Indicators (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents (RMB millions) | 68.8 | 105.0 | -34.5% | | Total bank borrowings (RMB millions) | 32.4 | 41.8 | -22.5% | | Current ratio (times) | 2.6 | 2.4 | +8.3% | | Gearing ratio (%) | 15.6% | 20.8% | -25.0% | - The decrease in cash was mainly due to the **acquisition of financial assets at fair value through profit or loss**, **repayment of interest-bearing bank borrowings**, and **use in the Group's operations**[78](index=78&type=chunk)[81](index=81&type=chunk) - Unutilized bank facilities increased to approximately **RMB 5 million**, available for further drawdown based on business needs[84](index=84&type=chunk)[88](index=88&type=chunk) - The company pledged deposits of approximately **RMB 244,000** as collateral for customer projects and pledged receivables of approximately **RMB 1,774,000** from contract assets as collateral for interest-bearing bank borrowings[85](index=85&type=chunk)[89](index=89&type=chunk) - The company's share capital was adjusted due to a **share split**, with the par value per share decreasing from HKD 0.01 to **HKD 0.005**, increasing the total number of issued shares to **1,000,000,000**, and changing the board lot size from 4,000 shares to **800 shares**[92](index=92&type=chunk)[95](index=95&type=chunk)[93](index=93&type=chunk)[96](index=96&type=chunk) [Foreign Exchange Risk and Treasury Policies](index=18&type=section&id=Foreign%20exchange%20exposure%20and%20treasury%20policies) The Group primarily operates in China, with transactions, monetary assets, and liabilities mainly denominated in RMB and HKD; exchange rate fluctuations had no significant adverse impact during the reporting period, and no derivative or financial instruments were used to hedge foreign exchange risk, with the Board continuing to prudently manage cash and maintain sound liquidity - The Group's business is primarily conducted in China, with transaction currencies mainly **RMB and HKD**[99](index=99&type=chunk)[104](index=104&type=chunk) - During the reporting period, exchange rate fluctuations did not have a **material adverse impact** on the Group[99](index=99&type=chunk)[104](index=104&type=chunk) - The Group did not enter into any derivative agreements or financial instruments to **hedge foreign exchange risk**[100](index=100&type=chunk)[105](index=105&type=chunk) [Capital Commitments](index=18&type=section&id=Capital%20commitments) As of June 30, 2025, the Group had no significant capital commitments - As of **June 30, 2025**, the Group had **no significant capital commitments**[101](index=101&type=chunk)[106](index=106&type=chunk) [Employees and Remuneration Policy](index=18&type=section&id=Employees%20and%20remuneration%20policy) As of June 30, 2025, the Group had 116 employees; employee benefit expenses decreased, partly due to capitalization of some expenses as intangible assets, and remuneration for directors and senior management is linked to market terms, qualifications, experience, and shareholder returns Employee Count and Benefit Expenses | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 116 | 115 | +0.9% | | Total Wages and Salaries (RMB millions) | 8.8 | 9.7 | -9.3% | - The decrease in employee benefit expenses was mainly due to the **capitalization of some expenses as intangible asset development costs** and higher bonuses paid in the first half of 2024[51](index=51&type=chunk)[55](index=55&type=chunk) - Remuneration for directors and senior management is determined by reference to **market terms, qualifications, experience, and responsibilities**, and is linked to shareholder returns[103](index=103&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) [Significant Investments Held, Material Acquisitions or Disposals of Subsidiaries and Affiliated Companies, and Plans for Material Investments or Capital Assets](index=19&type=section&id=Significant%20investments%20held%2C%20material%20acquisitions%20or%20disposals%20of%20subsidiaries%20and%20affiliated%20companies%2C%20and%20plans%20for%20material%20investments%20or%20capital%20assets) During the reporting period, the company held no significant investments, nor did it undertake any material acquisitions or disposals of subsidiaries and affiliated companies, and had no other plans for material investments or capital assets, apart from disclosed matters - During the reporting period, the company held **no significant investments** and did not undertake any **material acquisitions or disposals of subsidiaries and affiliated companies**[109](index=109&type=chunk)[112](index=112&type=chunk) - As of **June 30, 2025**, the Group had **no other plans for material investments or capital assets**[109](index=109&type=chunk)[112](index=112&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had **no significant contingent liabilities**[110](index=110&type=chunk)[113](index=113&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20sale%20or%20redemption%20of%20the%20Company%27s%20listed%20securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the **company's listed securities**[115](index=115&type=chunk)[117](index=117&type=chunk) - As of **June 30, 2025**, the company held **no treasury shares**[115](index=115&type=chunk)[117](index=117&type=chunk) [Use of Proceeds](index=20&type=section&id=Use%20of%20proceeds) The company listed in January 2024, with net proceeds from the share offer of approximately RMB 56.0 million; as of June 30, 2025, part of the funds were used for ICT integration projects, R&D projects, and general working capital, with remaining funds to be used as planned and held in licensed banks in Hong Kong - The company was listed on **January 12, 2024**, with net proceeds from the share offer of approximately **RMB 56.0 million**[116](index=116&type=chunk)[118](index=118&type=chunk) Details of Net Proceeds Utilization (As of June 30, 2025) | Use | Prospectus Allocation Ratio | Net Proceeds from Share Offer (RMB millions) | Unutilized Net Proceeds as of Dec 31, 2024 (RMB millions) | Amount Utilized During Reporting Period (RMB millions) | Unutilized Net Proceeds as of June 30, 2025 (RMB millions) | Expected Timeline for Full Utilization | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Funding future ICT integration projects | 20.5% | 11.5 | 2.8 | 2.8 | – | N/A | | Undertaking new R&D projects | 34.6% | 19.4 | 14.4 | 3.9 | 10.5 | Before end of 2027 | | Expanding project management team | 19.8% | 11.1 | 11.0 | – | 11.0 | Before end of 2026 | | Funding sales and marketing efforts | 5.4% | 3.0 | 2.8 | – | 2.8 | Before end of 2026 | | Repaying part of bank borrowings | 12.9% | 7.2 | – | – | – | N/A | | General working capital | 6.8% | 3.8 | 1.9 | 1.9 | – | N/A | | **Total** | **100%** | **56.0** | **32.9** | **8.6** | **24.3** | | - The unutilized net proceeds will continue to be applied as stated in the prospectus and are deposited in **licensed banks in Hong Kong**[122](index=122&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) [Event After Reporting Period](index=22&type=section&id=Event%20after%20reporting%20period) Other than as disclosed in this report, the Group had no significant events after the reporting period and up to the date of this report - Other than as disclosed in this report, the Group had **no significant events** after the reporting period and up to the date of this report[123](index=123&type=chunk)[127](index=127&type=chunk) [Issue of Securities](index=22&type=section&id=Issue%20of%20securities) During the reporting period, the company did not issue any securities for cash - During the reporting period, the company did not issue any securities for cash (including securities convertible into equity securities)[124](index=124&type=chunk)[128](index=128&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers directors' and substantial shareholders' interests, share disposal by a controlling shareholder, share option scheme, corporate governance, and other relevant disclosures [Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=23&type=section&id=Directors%27%20and%20Chief%20Executives%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, several directors held long positions in the company's shares through controlled corporations, with Mr. Qian Fenglei, Mr. Jia Zhengyi, and Mr. Lin Qihao holding 29.9%, 16.6%, and 16.6% equity respectively Directors' Long Positions in the Company's Shares (As of June 30, 2025) | Director's Name | Capacity/Nature | Number of Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Qian Fenglei | Interest in controlled corporation | 299,000,000 | 29.9% | | Mr. Jia Zhengyi | Interest in controlled corporation | 166,000,000 | 16.6% | | Mr. Lin Qihao | Interest in controlled corporation | 166,000,000 | 16.6% | Directors' Long Positions in Shares of Associated Corporations (As of June 30, 2025) | Director's Name | Name of Associated Corporation | Capacity/Nature | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Qian Fenglei | Hengfeng | Beneficial owner | 58.48% | | Mr. Jia Zhengyi | Lichao Limited | Beneficial owner | 100% | | Mr. Lin Qihao | Cheer Partners Limited | Beneficial owner | 100% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=26&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, besides the directors, Hengfeng, Jingwei Tiandi Group Limited, Lichao Limited, Cheer Partners Limited, and the spouses of Mr. Jia Zhengyi and Mr. Lin Qihao (Ms. Zheng Li and Ms. Zhong Shumin) all held long positions in the company's shares, with Hengfeng holding 29.9% equity Substantial Shareholders' and Other Persons' Long Positions in the Company's Shares (As of June 30, 2025) | Name/Designation | Capacity/Nature | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Hengfeng | Beneficial owner | 299,000,000 | 29.9% | | Jingwei Tiandi Group Limited | Beneficial owner | 166,000,000 | 16.6% | | Lichao Limited | Interest in controlled corporation | 166,000,000 | 16.6% | | Cheer Partners Limited | Interest in controlled corporation | 166,000,000 | 16.6% | | Ms. Zheng Li | Spouse's interest | 166,000,000 | 16.6% | | Ms. Zhong Shumin | Spouse's interest | 166,000,000 | 16.6% | [Disposal of Shares by a Controlling Shareholder](index=28&type=section&id=Disposal%20of%20Shares%20by%20a%20Controlling%20Shareholder) During the reporting period, controlling shareholder Jingwei Tiandi Group Limited sold 299,000,000 shares, representing 29.9% of the company's total issued share capital, to Hengfeng International Holdings Limited, reducing Jingwei Tiandi Group Limited's stake to 16.6% - Jingwei Tiandi Group Limited sold **299,000,000 shares**, representing **29.9%** of the company's total issued share capital, to Hengfeng International Holdings Limited[149](index=149&type=chunk)[151](index=151&type=chunk) - Following the disposal, Hengfeng International Holdings Limited became the legal and beneficial owner of **29.9%** of the shares, while Jingwei Tiandi Group Limited's stake decreased to **16.6%**[149](index=149&type=chunk)[151](index=151&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on December 15, 2023, to incentivize eligible participants contributing to the Group, with an authorized limit of 10% of issued shares, currently 100,000,000 shares; as of the end of the reporting period, no share options were granted, exercised, cancelled, lapsed, or forfeited - The company adopted a share option scheme on **December 15, 2023**, effective upon listing on **January 12, 2024**, to incentivize eligible participants who have contributed to the Group[152](index=152&type=chunk)[154](index=154&type=chunk) - Eligible participants under the share option scheme include **employees, non-executive directors, suppliers, customers, technical support providers, shareholders, and consultants**[153](index=153&type=chunk)[155](index=155&type=chunk) - The scheme's authorized limit is **10% of the issued shares**, which was **100,000,000 shares** as of June 30, 2025 (after the share split)[158](index=158&type=chunk)[161](index=161&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted, exercised, cancelled, lapsed, or forfeited[172](index=172&type=chunk)[175](index=175&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company's corporate governance practices comply with the Corporate Governance Code in the Listing Rules, though a deviation existed from the beginning of the reporting period until May 26, 2025, when the roles of Chairman and Chief Executive Officer were combined; since Mr. Qian Fenglei's appointment as Chairman, the company has complied with all applicable code provisions - The company's corporate governance practices are based on the **Corporate Governance Code** set out in Appendix C1 Part 2 of the Listing Rules[177](index=177&type=chunk)[180](index=180&type=chunk) - From the beginning of the reporting period until **May 26, 2025**, the roles of Chairman and Chief Executive Officer were combined and held by **Mr. Jia Zhengyi**, deviating from code provision C.2.1[178](index=178&type=chunk)[180](index=180&type=chunk) - Since the appointment of **Mr. Qian Fenglei as Chairman** on **May 26, 2025**, the company has complied with all applicable code provisions[178](index=178&type=chunk)[180](index=180&type=chunk) [Model Code for Securities Transactions](index=33&type=section&id=Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions, and all directors confirmed compliance during the reporting period - The company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as its code of conduct for directors' securities transactions[179](index=179&type=chunk)[181](index=181&type=chunk) - All directors have confirmed compliance with the required standards of dealing as set out in the Model Code during the reporting period[179](index=179&type=chunk)[181](index=181&type=chunk) [Audit Committee](index=34&type=section&id=Audit%20Committee) The Audit Committee reviewed and discussed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, deeming them compliant with applicable accounting standards, Listing Rules, and adequately disclosed - The Audit Committee comprises **Mr. Wong Chi Man (Chairman), Ms. Dan Xi, and Mr. Chan Wai Tuen**[183](index=183&type=chunk)[185](index=185&type=chunk) - The Audit Committee reviewed the interim financial statements and considered them to be in compliance with **applicable accounting standards, the Listing Rules, and adequately disclosed**[184](index=184&type=chunk)[185](index=185&type=chunk) [Sufficiency of Public Float](index=34&type=section&id=Sufficiency%20of%20Public%20Float) Based on public information and the directors' knowledge, the company has maintained the public float required by the Listing Rules since its listing date - The company has maintained the **public float** required by the Listing Rules since its listing date[186](index=186&type=chunk)[189](index=189&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025**[187](index=187&type=chunk)[190](index=190&type=chunk) [Changes in Information in Respect of Directors](index=34&type=section&id=Changes%20in%20Information%20in%20Respect%20of%20Directors) Since the date of the 2024 annual report, Mr. Jia Zhengyi resigned as Chairman of the Board, and Mr. Qian Fenglei was appointed Chairman; Dr. Leung Kwong Sik retired as Independent Non-executive Director and committee member, and Mr. Chan Wai Tuen was appointed to these roles - Mr. Jia Zhengyi resigned as Chairman of the Board on **May 26, 2025**[188](index=188&type=chunk)[191](index=191&type=chunk) - Mr. Qian Fenglei was appointed Chairman of the Board on **May 26, 2025**[192](index=192&type=chunk)[195](index=195&type=chunk) - Dr. Leung Kwong Sik retired as Independent Non-executive Director and member of the Audit, Remuneration, and Nomination Committees on **May 26, 2025**[192](index=192&type=chunk)[195](index=195&type=chunk) - Mr. Chan Wai Tuen was appointed Independent Non-executive Director and member of the Audit, Remuneration, and Nomination Committees on **May 26, 2025**[193](index=193&type=chunk)[196](index=196&type=chunk) [Appreciation](index=35&type=section&id=Appreciation) Chairman Mr. Qian Fenglei, on behalf of the Board, expressed gratitude to all directors and staff for their contributions and outstanding performance during the reporting period - Chairman Mr. Qian Fenglei expressed gratitude to all directors and staff for their **contributions and outstanding performance** during the reporting period[194](index=194&type=chunk)[198](index=198&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=36&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the detailed interim condensed consolidated statement of comprehensive income [Statement of Comprehensive Income Data](index=36&type=section&id=Statement%20of%20Comprehensive%20Income%20Data) For the six months ended June 30, 2025, the company's revenue was RMB 90,068 thousands, and profit for the period was RMB 7,717 thousands, both lower than the prior year period; basic and diluted earnings per share were 0.77 RMB cents Interim Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 90,068 | 106,092 | | Other income | 3,934 | 667 | | Other gains – net | 80 | 1,435 | | Employee benefit expenses | (7,685) | (9,725) | | Subcontracting fees | (62,396) | (64,983) | | Cost of materials, supplies and other items | (8,000) | (8,853) | | Depreciation and amortization | (2,464) | (1,009) | | Reversal of impairment loss on trade receivables and contract assets / (impairment loss), net | 320 | (3,363) | | Impairment loss on other receivables | (281) | – | | Other operating expenses | (4,799) | (3,085) | | Listing expenses | – | (6,257) | | Operating profit | 8,777 | 10,919 | | Finance income | 94 | 1,679 | | Finance costs | (596) | (448) | | Finance (costs) / income, net | (502) | 1,231 | | Profit before tax | 8,275 | 12,150 | | Income tax expense | (558) | (1,429) | | Profit for the period attributable to owners of the Company | 7,717 | 10,721 | | Other comprehensive income | (170) | (2) | | Total comprehensive income for the period attributable to owners of the Company | 7,547 | 10,719 | | Basic and diluted earnings per share (RMB cents per share) | 0.77 | 1.09 | [Interim Condensed Consolidated Statement of Financial Position](index=37&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the detailed interim condensed consolidated statement of financial position [Statement of Financial Position Data](index=37&type=section&id=Statement%20of%20Financial%20Position%20Data) As of June 30, 2025, the company's non-current assets increased to RMB 53,978 thousands, mainly due to an increase in financial assets at fair value through profit or loss; current assets and current liabilities both decreased, while net assets and total equity rose to RMB 207,914 thousands Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **NON-CURRENT ASSETS** | | | | Property, plant and equipment | 14,376 | 14,459 | | Intangible assets | 15,602 | 10,377 | | Financial assets at FVTPL | 23,986 | – | | Deferred tax assets | 14 | 857 | | **Total non-current assets** | **53,978** | **25,693** | | **CURRENT ASSETS** | | | | Trade receivables | 38,441 | 53,539 | | Contract assets | 101,642 | 106,799 | | Prepayments, deposits and other receivables | 42,591 | 21,370 | | Financial assets at FVTPL | – | 11,600 | | Amount due from an associate | 1,219 | 1,205 | | Pledged bank deposits | 244 | 133 | | Cash and cash equivalents | 68,769 | 104,982 | | **Total current assets** | **252,906** | **299,628** | | **CURRENT LIABILITIES** | | | | Trade payables | 7,414 | 6,022 | | Contract liabilities, other payables and accruals | 57,544 | 73,635 | | Interest-bearing bank borrowings | 32,409 | 41,776 | | Lease liabilities | 742 | 1,168 | | Amount due to a shareholder | 32 | 1,032 | | Tax payable | – | 285 | | **Total current liabilities** | **98,141** | **123,918** | | **NET CURRENT ASSETS** | **154,765** | **175,710** | | **TOTAL ASSETS LESS CURRENT LIABILITIES** | **208,743** | **201,403** | | **NON-CURRENT LIABILITIES** | | | | Lease liabilities | 829 | 1,036 | | **Total non-current liabilities** | **829** | **1,036** | | **NET ASSETS** | **207,914** | **200,367** | | **EQUITY** | | | | Share capital | 4,549 | 4,549 | | Reserves | 203,365 | 195,818 | | **Total equity** | **207,914** | **200,367** | [Interim Condensed Consolidated Statement of Changes in Equity](index=39&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the detailed interim condensed consolidated statement of changes in equity [Statement of Changes in Equity Data](index=39&type=section&id=Statement%20of%20Changes%20in%20Equity%20Data) For the six months ended June 30, 2025, the company's total equity increased from RMB 200,367 thousands at the beginning of the period to RMB 207,914 thousands, primarily driven by profit for the period Interim Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | Share Capital (RMB thousands) | Share Premium (RMB thousands) | Capital Reserve (RMB thousands) | Statutory Reserve (RMB thousands) | Translation Reserve (RMB thousands) | Retained Earnings (RMB thousands) | Total Equity (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at January 1, 2025 | 4,549 | 90,578 | (4,608) | 20,471 | (50) | 89,427 | 200,367 | | Profit for the period | – | – | – | – | – | 7,717 | 7,717 | | Exchange differences arising from translation of foreign operations | – | – | – | – | (170) | – | (170) | | Total comprehensive income | – | – | – | – | (170) | 7,717 | 7,547 | | Balance at June 30, 2025 | 4,549 | 90,578 | (4,608) | 20,471 | (220) | 97,144 | 207,914 | [Interim Condensed Consolidated Statement of Cash Flows](index=40&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the detailed interim condensed consolidated statement of cash flows [Cash Flow Statement Data](index=40&type=section&id=Cash%20Flow%20Statement%20Data) For the six months ended June 30, 2025, the company reported negative net cash flows from operating, investing, and financing activities, resulting in a net decrease in cash and cash equivalents of RMB 36,077 thousands Interim Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows used in operating activities | (16,893) | (20,502) | | Net cash flows used in investing activities | (7,679) | (1,285) | | Net cash flows (used in) / from financing activities | (11,505) | 97,147 | | Net (decrease) / increase in cash and cash equivalents | (36,077) | 75,360 | | Cash and cash equivalents at beginning of period | 104,982 | 23,810 | | Effect of foreign exchange rate changes, net | (136) | 251 | | Cash and cash equivalents at end of period | 68,769 | 99,421 | [Notes to the Interim Condensed Consolidated Financial Statements](index=41&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering corporate information, accounting policies, estimates, revenue, and various financial items [1 CORPORATE INFORMATION](index=41&type=section&id=1%20CORPORATE%20INFORMATION) WellCell Holdings Co., Limited, incorporated in the Cayman Islands on September 14, 2021, is an investment holding company whose Group primarily engages in telecom network services and software development, expanding into Fintech during the reporting period, with its shares listed on the Main Board of the Hong Kong Stock Exchange since January 12, 2024 - WellCell Holdings Co., Limited was incorporated in the Cayman Islands on **September 14, 2021**, as an investment holding company[215](index=215&type=chunk)[218](index=218&type=chunk) - The Group's principal activities include **wireless telecommunication network optimization services, telecommunication network infrastructure maintenance and engineering services, ICT integration services, telecommunication network-related software development and related services, and software sales**[216](index=216&type=chunk)[218](index=218&type=chunk) - During the reporting period, the Group expanded its business into the **Fintech sector**[216](index=216&type=chunk)[218](index=218&type=chunk) - The company's shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since **January 12, 2024**[217](index=217&type=chunk)[219](index=219&type=chunk) [2 MATERIAL ACCOUNTING POLICIES](index=42&type=section&id=2%20MATERIAL%20ACCOUNTING%20POLICIES) The interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34, using the historical cost basis except for financial assets at fair value through profit or loss, which are presented at fair value; the Group has adopted the revised HKAS 21 for the first time, with no significant impact expected on financial performance or position, and other newly issued but not yet effective HKFRSs are also not expected to have a material impact - The interim financial statements are prepared in accordance with **Appendix D2 of the Listing Rules** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[223](index=223&type=chunk)[228](index=228&type=chunk) - The statements are prepared on the **historical cost basis**, except for financial assets at fair value through profit or loss, which are presented at fair value[229](index=229&type=chunk)[233](index=233&type=chunk) - The Group has initially adopted the amendments to **HKAS 21 "Lack of Exchangeability"**, but it has no significant impact on the interim financial statements[232](index=232&type=chunk)[235](index=235&type=chunk) - Newly issued but not yet effective Hong Kong Financial Reporting Standards (such as HKFRS 18, HKFRS 19, etc.) are not expected to have a **material impact** on the Group's financial performance and position[236](index=236&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) [3 ESTIMATES](index=45&type=section&id=3%20ESTIMATES) The preparation of the interim financial statements involves management's judgments, estimates, and assumptions, which are consistent with the key sources applied in the 2024 annual financial statements - The preparation of the interim financial statements requires management to make **judgments, estimates, and assumptions**[240](index=240&type=chunk)[245](index=245&type=chunk) - The key sources of estimation uncertainty and critical judgments made by management in applying accounting policies are the **same as those applied in the 2024 annual financial statements**[241](index=241&type=chunk)[245](index=245&type=chunk) [4 REVENUE AND SEGMENT INFORMATION](index=45&type=section&id=4%20REVENUE%20AND%20SEGMENT%20INFORMATION) The Group's primary business activities include telecom network services and software sales, with an expansion into Fintech during the reporting period; however, this new business is in its preliminary development stage and has not yet generated revenue, thus not forming a separate reportable segment, and the Group treats all its businesses as one reportable operating segment - The Group's principal business activities are the provision of **wireless telecommunication network optimization services, telecommunication network infrastructure maintenance and engineering services, ICT integration services, telecommunication network-related software development and related services, and software sales**[242](index=242&type=chunk)[246](index=246&type=chunk) - The Fintech business is in its preliminary development stage and has not yet generated any revenue, thus it does not constitute a **separate reportable segment**[242](index=242&type=chunk)[246](index=246&type=chunk) - The directors consider the Group's operations as **one reportable operating segment**, which is the provision of telecommunication network and infrastructure services and products[244](index=244&type=chunk)[247](index=247&type=chunk) Revenue Recognition Timing (For the six months ended June 30) | Revenue Recognition Timing | Business Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | | Over time | Wireless telecommunication network optimization services | 28,636 | 41,136 | | | Telecommunication network infrastructure maintenance and engineering services | 17,170 | 16,842 | | | ICT integration services | 38,359 | 32,240 | | | Telecommunication network-related software development and related services | 3,683 | 11,515 | | | **Subtotal** | **87,848** | **101,733** | | At a point in time | Software sales | 2,220 | 4,359 | | | **Total** | **90,068** | **106,092** | [5 PROFIT BEFORE TAX](index=47&type=section&id=5%20PROFIT%20BEFORE%20TAX) For the six months ended June 30, 2025, profit before tax was RMB 8,275 thousands, a decrease from RMB 12,150 thousands in the prior year period, primarily influenced by increased depreciation and amortization, a reversal of impairment loss on trade receivables and contract assets (compared to an impairment loss last year), and higher other operating expenses Profit Before Tax Impact Items (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Auditor's remuneration – non-audit services | 354 | 350 | | Depreciation and amortization | 2,464 | 1,009 | | Short-term lease expenses for offices and staff quarters | 10 | 27 | | Reversal of impairment loss on trade receivables and contract assets / impairment loss, net | (320) | 3,363 | | Impairment loss on other receivables | 281 | – | | Listing expenses | – | 6,257 | - Depreciation and amortization expenses significantly increased from **RMB 1,009 thousands in 2024** to **RMB 2,464 thousands in 2025**[253](index=253&type=chunk) - Impairment loss on trade receivables and contract assets changed from an impairment loss of **RMB 3,363 thousands in 2024** to a reversal of impairment loss of **RMB 320 thousands in 2025**[253](index=253&type=chunk) [6 OTHER INCOME](index=48&type=section&id=6%20OTHER%20INCOME) For the six months ended June 30, 2025, other income significantly increased to RMB 3,934 thousands, primarily due to gains from net fair value changes of financial assets at fair value through profit or loss Other Income Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 469 | 259 | | VAT refunds | 4 | 379 | | Net fair value change of financial assets at FVTPL | 3,442 | – | | Miscellaneous income | 19 | 29 | | **Total** | **3,934** | **667** | - The net fair value change of financial assets at fair value through profit or loss, amounting to **RMB 3,442 thousands**, was the primary reason for the significant increase in other income (zero in the prior year period)[256](index=256&type=chunk) [7 OTHER GAINS — NET](index=48&type=section&id=7%20OTHER%20GAINS%20%E2%80%94%20NET) For the six months ended June 30, 2025, other gains, net, significantly decreased to RMB 80 thousands, mainly due to reduced exchange gains Other Gains — Net Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Exchange gains | 130 | 1,386 | | Others | (50) | 49 | | **Total** | **80** | **1,435** | - Exchange gains significantly decreased from **RMB 1,386 thousands in 2024** to **RMB 130 thousands in 2025**[260](index=260&type=chunk) [8 EMPLOYEE BENEFIT EXPENSES](index=49&type=section&id=8%20EMPLOYEE%20BENEFIT%20EXPENSES) For the six months ended June 30, 2025, total employee benefit expenses (including directors' emoluments) amounted to RMB 7,685 thousands, a decrease from RMB 9,725 thousands in the prior year period Employee Benefit Expenses Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Wages and salaries | 6,541 | 8,334 | | Retirement benefit costs – defined contribution plans | 983 | 1,211 | | Other staff welfare | 161 | 180 | | **Total** | **7,685** | **9,725** | - Wages and salaries decreased by approximately **RMB 1.8 million**, which is the main reason for the decline in total employee benefit expenses[263](index=263&type=chunk) [9 FINANCE (COSTS)/INCOME, NET](index=49&type=section&id=9%20FINANCE%20%28COSTS%29%2FINCOME%2C%20NET) For the six months ended June 30, 2025, the company recorded net finance costs of RMB 502 thousands, compared to net finance income of RMB 1,231 thousands in the prior year period, primarily due to a significant decrease in interest income from bank deposits Finance (Costs)/Income, Net Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income from bank deposits | 94 | 1,679 | | Interest expense on interest-bearing bank borrowings | (574) | (430) | | Interest expense on lease liabilities | (22) | (18) | | **Finance (costs) / income, net** | **(502)** | **1,231** | - Interest income from bank deposits significantly decreased from **RMB 1,679 thousands in 2024** to **RMB 94 thousands in 2025**[265](index=265&type=chunk) [10 INCOME TAX EXPENSE](index=50&type=section&id=10%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, income tax expense was RMB 558 thousands, a decrease from RMB 1,429 thousands in the prior year period, mainly due to lower corporate income tax resulting from reduced operating profit; the Group's principal operating subsidiaries in China enjoy a preferential income tax rate of 15% - The decrease in income tax expense was mainly due to a **reduction in corporate income tax** resulting from lower operating profit[69](index=69&type=chunk)[73](index=73&type=chunk) - The Group's principal operating subsidiaries in China qualify as **High and New Technology Enterprises**, enjoying a preferential income tax rate of **15%**[268](index=268&type=chunk)[269](index=269&type=chunk) Income Tax Expense Breakdown (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax – PRC enterprise income tax | – | 837 | | Current tax – over-provision in prior periods | (285) | – | | Deferred tax | 843 | 592 | | **Income tax expense** | **558** | **1,429** | [11 EARNINGS PER SHARE](index=51&type=section&id=11%20EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted earnings per share were 0.77 RMB cents, a decrease from 1.09 RMB cents in the prior year period; the calculation of earnings per share has been retrospectively adjusted for the share split Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Profit for the period (RMB thousands) | 7,717 | 10,721 | | Weighted average number of ordinary shares (thousands) | 1,000,000 | 984,890 | | Basic and diluted earnings per share (RMB cents per share) | 0.77 | 1.09 | - There was **no difference between basic and diluted earnings per share** as there were no potential dilutive ordinary shares during the reporting period[276](index=276&type=chunk) - The weighted average number of ordinary shares outstanding has been **retrospectively adjusted** for the share split effective on March 31, 2025[274](index=274&type=chunk)[277](index=277&type=chunk) [12 PROPERTY, PLANT AND EQUIPMENT](index=52&type=section&id=12%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, additions to property, plant and equipment amounted to RMB 1,382 thousands, and depreciation expense was RMB 1,298 thousands Changes in Property, Plant and Equipment (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Additions | 1,382 | 2,964 | | Depreciation expense | 1,298 | 695 | [13. INTANGIBLE ASSETS](index=52&type=section&id=13.%20INTANGIBLE%20ASSETS) For the six months ended June 30, 2025, additions to intangible assets amounted to RMB 6,391 thousands, and amortization expense was RMB 1,166 thousands Changes in Intangible Assets (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Additions | 6,391 | – | | Amortization expense | 1,166 | 314 | [14 PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES](index=53&type=section&id=14%20PREPAYMENTS%2C%20DEPOSITS%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, total prepayments, deposits, and other receivables significantly increased to RMB 42,591 thousands from RMB 21,370 thousands as of December 31, 2024, primarily due to a substantial rise in prepaid project material costs and subcontracting fees Prepayments, Deposits and Other Receivables Breakdown (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Prepaid project material costs and subcontracting fees | 18,960 | 5,108 | | Other prepayments | 735 | 1,264 | | Rental and other deposits | 1,412 | 905 | | Tender deposits | 3,054 | 2,559 | | Other receivables | 15,369 | 9,471 | | VAT and other recoverable taxes | 3,862 | 2,583 | | Less: Impairment | (801) | (520) | | **Total** | **42,591** | **21,370** | - Prepaid project material costs and subcontracting fees increased from **RMB 5,108 thousands in 2024** to **RMB 18,960 thousands in 2025**[280](index=280&type=chunk) [15 TRADE RECEIVABLES](index=54&type=section&id=15%20TRADE%20RECEIVABLES) As of June 30, 2025, net trade receivables decreased to RMB 38,441 thousands from RMB 53,539 thousands as of December 31, 2024; impairment provisions were reversed, and receivables overdue for more than two years significantly increased Trade Receivables and Impairment Provision (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 44,972 | 60,195 | | Less: Impairment on trade receivables | (6,531) | (6,656) | | **Net** | **38,441** | **53,539** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 180 days | 18,053 | 33,122 | | 181 to 365 days | 2,950 | 5,166 | | 1 to 2 years | 13,882 | 14,932 | | Over 2 years | 3,556 | 319 | | **Total** | **38,441** | **53,539** | - Impairment provision for trade receivables decreased from **RMB 6,656 thousands in 2024** to **RMB 6,531 thousands in 2025**, with an impairment reversal of **RMB 125 thousands** recognized during the period[285](index=285&type=chunk) [16 FINANCIAL ASSETS AT FVTPL](index=55&type=section&id=16%20FINANCIAL%20ASSETS%20AT%20FVTPL) As of June 30, 2025, financial assets at fair value through profit or loss increased to RMB 23,986 thousands, primarily comprising an 11% equity interest in an unlisted entity incorporated in the Cayman Islands; during the reporting period, the Group recorded a fair value gain of approximately RMB 3,442 thousands Financial Assets at FVTPL (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted equity investments | 23,986 | 11,600 | | Less: Classified as current portion | – | (11,600) | | **Non-current portion** | **23,986** | **–** | - Unlisted equity investments primarily include a **0.206% equity interest in an unlisted entity incorporated in China** and an **11% equity interest in an unlisted entity incorporated in the Cayman Islands** (zero in 2024)[289](index=289&type=chunk)[291](index=291&type=chunk) - During the reporting period, the Group recorded a fair value gain of approximately **RMB 3,442 thousands**[289](index=289&type=chunk)[291](index=291&type=chunk) - These financial assets are classified as **Level 3 fair value measurements**, with valuation techniques using unobservable inputs such as composite index returns and discounts for lack of marketability[290](index=290&type=chunk)[291](index=291&type=chunk)[294](index=294&type=chunk) [17 TRADE PAYABLES](index=57&type=section&id=17%20TRADE%20PAYABLES) As of June 30, 2025, total trade payables increased to RMB 7,414 thousands from RMB 6,022 thousands as of December 31, 2024, primarily concentrated within 180 days Trade Payables (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 7,414 | 6,022 | Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 180 days | 6,225 | 3,331 | | 181 to 365 days | 438 | 1,940 | | Over 1 year | 751 | 751 | | **Total** | **7,414** | **6,022** | [18 CONTRACT LIABILITIES, OTHER PAYABLES AND ACCRUALS](index=57&type=section&id=18%20CONTRACT%20LIABILITIES%2C%20OTHER%20PAYABLES%20AND%20ACCRUALS) As of June 30, 2025, total contract liabilities, other payables, and accruals decreased to RMB 57,544 thousands from RMB 73,635 thousands as of December 31, 2024, mainly due to a decline in accrued subcontracting fees, material costs, and other direct project costs Contract Liabilities, Other Payables and Accruals Breakdown (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Accrued subcontracting fees, material costs and other direct project costs | 52,250 | 68,857 | | Other payables and accruals | 2,169 | 3,313 | | Accrued employee benefit expenses | 890 | 1,061 | | Contract liabilities | 2,235 | 404 | | **Total** | **57,544** | **73,635** | - Accrued subcontracting fees, material costs, and other direct project costs decreased from **RMB 68,857 thousands in 2024** to **RMB 52,250 thousands in 2025**[299](index=299&type=chunk) [19 INTEREST-BEARING BANK BORROWINGS](index=58&type=section&id=19%20INTEREST-BEARING%20BANK%20BORROWINGS) As of June 30, 2025, total interest-bearing bank borrowings decreased to RMB 32,409 thousands from RMB 41,776 thousands as of December 31, 2024; borrowings carry both fixed and floating interest rates, with some secured by receivables from service contracts, and the Group has complied with all borrowing covenants Interest-Bearing Bank Borrowings Breakdown (As of June 30) | Borrowing Type | Effective Interest Rate | Maturity Date | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Unsecured bank borrowings | 2.4%-2.9% | August and September 2025 | 20,000 | 22,000 | | Unsecured bank borrowings | Prime Lending Rate - 0.5% | March 2026 | 10,000 | 10,000 | | Secured bank borrowings | 2.6% | December 2025 | 2,409 | 9,776 | | **Total** | | | **32,409** | **41,776** | - Total interest-bearing bank borrowings decreased by approximately **RMB 9.3 million**[301](index=301&type=chunk) - Certain interest-bearing bank borrowings are secured by receivables arising from service contracts, with pledged receivables amounting to approximately **RMB 1,774 thousands** as of June 30, 2025[304](index=304&type=chunk)[306](index=306&type=chunk) - The Group regularly monitors and has complied with all borrowing covenants, with **no defaults occurring**[305](index=305&type=chunk)[306](index=306&type=chunk) [20 SHARE CAPITAL](index=59&type=section&id=20%20SHARE%20CAPITAL) As of June 30, 2025, the company's authorized share capital comprised 2,000,000,000 ordinary shares of HKD 0.005 each, with 1,000,000,000 ordinary shares of HKD 0.005 each issued and fully paid; the change in share capital was primarily due to a share split effective March 31, 2025 Company Share Capital (As of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Authorized share capital | 9,252 | 9,252 | | Issued and fully paid share capital | 4,549 | 4,549 | - Pursuant to a resolution passed at the EGM on **March 27, 2025**, the company's shares were split on **March 31, 2025**, with each share of HKD 0.01 par value split into two shares of **HKD 0.005 par value**[311](index=311&type=chunk) - After the share split, the total number of issued shares increased from **500,000,000 shares** to **1,000,000,000 shares**[310](index=310&type=chunk)[311](index=311&type=chunk) - On **January 12, 2024**, the company issued **125,000,000 ordinary shares** due to the share offer and undertook a capitalization issue of **374,999,600 ordinary shares**[314](index=314&type=chunk) [21 CAPITAL COMMITMENTS](index=61&type=section&id=21%20CAPITAL%20COMMITMENTS) As of June 30, 2025, the Group had no significant capital commitments - As of **June 30, 2025**, the Group had **no significant capital commitments**[312](index=312&type=chunk)[313](index=313&type=chunk) [22 RELATED PARTY TRANSACTIONS](index=62&type=section&id=22%20RELATED%20PARTY%20TRANSACTIONS) As of June 30, 2025, the Group had non-trade balances with related parties, including amounts due from former direct controlling company Jingwei Tiandi Group and amounts due to shareholder Mr. Jia Zhengyi; additionally, the Group entered into an office lease agreement with related party Huajun and paid rent Balances with Related Parties (Non-trade nature, as of June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amount due from an associate (former direct controlling company): Jingwei Tiandi Group | 1,219 | 1,205 | | Amount due to a shareholder: Mr. Jia | (32) | (1,032) | - Balances with related parties are **unsecured, interest-free, and repayable on demand**[323](index=323&type=chunk) - The Group entered into a **three-year office lease agreement with Huajun** (controlled by Mr. Jia and Ms. Zheng Li), with rent paid during the period amounting to approximately **RMB 413 thousands**[325](index=325&type=chunk)[326](index=326&type=chunk) Key Management Personnel Remuneration (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries and other short-term employee benefits | 1,475 | 730 | | Retirement benefit costs – defined contribution plans | 191 | 95 | | **Total** | **1,666** | **825** | [23 DIVIDEND](index=65&type=section&id=23%20DIVIDEND) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended **June 30, 2025**[329](index=329&type=chunk)[333](index=333&type=chunk) [24 PLEDGED ASSETS](index=65&type=section&id=24%20PLEDGED%20ASSETS) As of June 30, 2025, the Group pledged approximately RMB 244 thousands in deposits as collateral for customer projects and approximately RMB 1,774 thousands in receivables from service contracts as collateral for interest-bearing bank borrowings - The Group pledged approximately **RMB 244 thousands in deposits** as collateral for customer projects[330](index=330&type=chunk)[334](index=334&type=chunk) - The Group pledged approximately **RMB 1,774 thousands in receivables from service contracts** (included in contract assets) as collateral for interest-bearing bank borrowings[330](index=330&type=chunk)[334](index=334&type=chunk) [25 CONTINGENT LIABILITIES](index=65&type=section&id=25%20CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no significant contingent liabilities - As of **June 30, 2025**, the Group had **no significant contingent liabilities**[331](index=331&type=chunk)[335](index=335&type=chunk) [26 COMPARATIVE FIGURES](index=65&type=section&id=26%20COMPARATIVE%20FIGURES) Comparative figures for earnings per share have been retrospectively adjusted, and some comparative figures have been reclassified to conform to the current period's presentation - Comparative figures for earnings per share have been **retrospectively adjusted**[332](index=332&type=chunk)[336](index=336&type=chunk) - Certain comparative figures have been **reclassified** to conform to the current period's presentation[332](index=332&type=chunk)[336](index=336&type=chunk)

Financial Performance - Total revenue increased by approximately HKD 25.4 million or 8.4% to HKD 327.3 million for the six months ended June 30, 2025, compared to HKD 301.9 million for the same period in 2024[12] - Gross profit decreased by approximately HKD 19.9 million or 19.8% to HKD 80.8 million for the six months ended June 30, 2025, with a gross margin decline of 8.6 percentage points to 24.7%[13] - Net profit decreased by approximately HKD 18.4 million or 38.0% from approximately HKD 48.5 million for the six months ended June 30, 2024, to approximately HKD 30.1 million for the six months ended June 30, 2025[20] - Profit before tax for the period was HKD 35,292,000, a decline of 38.1% from HKD 57,025,000 in the previous year[71] - Basic and diluted earnings per share decreased to HKD 0.0838 from HKD 0.1352 year-on-year, representing a decline of 38.1%[71] - The company reported a total comprehensive income of HKD 32,880,000 for the period, compared to HKD 47,168,000 in the previous year[74] Revenue Sources - Revenue from cooking appliances significantly increased from approximately HKD 24.0 million to HKD 59.9 million, marking a growth of approximately 149.6% in the Asian market[8] - Revenue from Europe was HKD 259,930,000, a slight decrease from HKD 270,240,000 in the previous year, indicating a decline of approximately 3.8%[84] - Revenue from Asia surged to HKD 59,922,000, up from HKD 24,002,000, reflecting a significant increase of 149%[84] - Sales of electric household appliances contributed HKD 323,399,000 to revenue, up from HKD 301,847,000, while mold sales increased significantly from HKD 86,000 to HKD 3,896,000[88] Expenses and Costs - Other income and net gains decreased by approximately HKD 2.6 million to HKD 6.6 million for the six months ended June 30, 2025, primarily due to reduced bank interest income and foreign exchange gains[14] - Sales and distribution expenses decreased slightly from approximately HKD 7.2 million for the six months ended June 30, 2024, to approximately HKD 7.1 million for the six months ended June 30, 2025[15] - General and administrative expenses decreased from approximately HKD 44.8 million for the six months ended June 30, 2024, to approximately HKD 44.2 million for the six months ended June 30, 2025[16] - Financing costs increased from approximately HKD 1.0 million for the six months ended June 30, 2024, to approximately HKD 1.7 million for the six months ended June 30, 2025[18] Strategic Initiatives - The company plans to focus on developing new product categories with long-term potential, particularly kitchen appliances for Southeast Asian markets[9] - The upcoming launch of a revolutionary fourth-generation fully automatic coffee machine is expected to set a new industry benchmark and drive future growth[9] - The company is enhancing operational resilience through increased production automation and standardization initiatives[10] - Strategic recruitment for engineering and digital transformation teams is underway to align operational capabilities with growing market demands[10] - The overall strategy includes customer and regional diversification to rebalance revenue distribution and enhance cost efficiency through automated upgrades in production facilities[11] Financial Position - Cash and cash equivalents as of June 30, 2025, were approximately HKD 79.1 million, compared to approximately HKD 75.9 million as of December 31, 2024[27] - The debt-to-equity ratio as of June 30, 2025, was approximately 7.7%, down from 11.3% as of December 31, 2024[26] - Interest-bearing bank borrowings decreased from approximately HKD 40.0 million as of December 31, 2024, to approximately HKD 25.6 million as of June 30, 2025[28] - The total employee cost for the period was approximately HKD 61.0 million, compared to HKD 54.4 million for the six months ended June 30, 2024[34] Shareholder Information - The company declared an interim dividend of HKD 0.07 per share, totaling approximately HKD 25.1 million for the six months ended June 30, 2025[44] - The interim dividend for the same period in 2024 was approximately HKD 39.5 million, indicating a decrease of about 36.5% year-over-year[44] - As of June 30, 2025, the company had a total of 35,900,000 stock options available for issuance under the stock option plan, representing approximately 10.0% of the total issued shares[46] - The stock option plan allows for a maximum allocation of 3,590,000 shares per service provider, which is 1.0% of the total issued shares[46] Governance and Compliance - The company has adopted corporate governance codes to enhance investor confidence and protect shareholder interests[39] - The company’s governance structure complies with relevant laws and regulations, with no significant violations reported during the period[43] - The company has complied with the relevant disclosure requirements regarding connected transactions as per the listing rules[60] Risks and Challenges - The company faces risks from public health events, geopolitical conflicts, and reliance on a few major customers, which could adversely affect sales and performance[30]

Financial Performance - Revenue for the first half of 2025 reached HKD 6,457 million, an increase of 11.4% compared to HKD 5,795 million in 2024[6] - Profit attributable to equity holders decreased by 19.5% to HKD 3,584 million from HKD 4,452 million in the previous year[6] - EBITDA for the port business rose by 10.2% to HKD 3,925 million, while the bonded logistics business saw a slight decrease of 0.7% to HKD 150 million[7] - The total revenue for the group was HKD 6.457 billion for the six months ending June 30, 2025, an increase of 11.4% year-on-year, mainly driven by growth in business volume[30] - The net profit attributable to equity holders of the company was HKD 3.584 billion, a decrease of 19.5% year-on-year, impacted by reduced profits from joint ventures and fair value losses on financial assets[30] - Gross profit for the same period was HKD 3,290 million, up 18.3% from HKD 2,782 million in 2024[72] - Net profit for the period was HKD 4,214 million, a decrease of 14.2% from HKD 4,914 million in 2024[72] - Basic earnings per share attributable to equity holders of the company was HKD 0.854, down from HKD 1.061 in 2024[72] Assets and Liabilities - Total assets increased by 4.3% to HKD 176,721 million from HKD 169,474 million at the end of 2024[6] - The group’s total liabilities increased by 5.6% to HKD 50.716 billion as of June 30, 2025, compared to HKD 48.042 billion at the end of 2024[32] - The group’s total segment assets, excluding interests in associates and joint ventures, were HKD 139,932 million as of June 30, 2025[97] - The group’s total segment assets, excluding interests in associates and joint ventures, reached HKD 133,928 million, with significant contributions from the port business and bonded logistics[98] - The company’s total assets less current liabilities stood at HKD 151,410 million as of June 30, 2025, up from HKD 145,413 million in December 31, 2024, reflecting a growth of 4.5%[75] Cash Flow and Financing - The net cash generated from operating activities was HKD 3,539 million, down 16.7% from HKD 4,251 million in 2024[6] - Cash flow from operating activities was HKD 3,539 million for the six months ended June 30, 2025, down from HKD 4,251 million in 2024, representing a decline of 16.7%[78] - The company reported a net financing cost of HKD 631 million for the six months ended June 30, 2025, compared to HKD 691 million for the same period in 2024, indicating a decrease of about 8.7%[95] - The group’s current liabilities exceeded current assets by HKD 5.61 billion as of June 30, 2025, but management believes it can continue as a going concern for at least the next twelve months[82] - The company has unutilized bank loan and other debt financing facilities amounting to HKD 27,123 million as of June 30, 2025, compared to HKD 13,744 million as of December 31, 2024, an increase of 97.5%[114] Market and Economic Outlook - The total import and export volume for China in the first half of 2025 was RMB 21.79 trillion, a year-on-year increase of 2.9%[11] - Exports from China totaled RMB 13.00 trillion, reflecting a growth of 7.2% year-on-year, while imports decreased by 2.7% to RMB 8.79 trillion[11] - The global economic growth is projected to slow down, with the IMF estimating a growth rate of 3.0% for 2025, down from 4.1% in emerging markets and developing economies[50] - The company recognizes the importance of consumer spending as a stabilizing factor for economic growth in China, despite ongoing external uncertainties[51] Strategic Initiatives - The company plans to focus on market expansion and new product development in response to the evolving economic landscape[10] - The management highlighted the importance of adapting to trade policy uncertainties and global economic challenges to maintain growth momentum[10] - The company aims to enhance its global network layout and stimulate growth by focusing on regions such as Southeast Asia, Europe, and Latin America, particularly through investments in port projects[53] - The company is committed to sustainable development and aims to drive green and low-carbon transformation through technological innovation[49] - The company plans to deepen lean operations and focus on efficiency improvement while implementing six major strategies, including overseas strategy and innovation strategy[52] Operational Efficiency - The company is focusing on enhancing operational efficiency through systematic diagnosis and optimization of subsidiary operations[16] - The average warehouse utilization rate for the group’s bonded logistics business in Shenzhen was 96%[29] - The company launched the CTOS system in Brazil and Turkey, replacing foreign systems and improving operational efficiency[17] - The company is focused on developing three leading products: "招商芯," "招商ePort," and "SMP," to drive technological integration within its operations[54] ESG and Sustainability - The company's ESG rating remains at BBB, maintaining a leading position in the industry according to MSCI[18] - The group aims to become a world-class green and intelligent port service provider, integrating sustainability into its investment and operational strategies[46] - The group has set waste reduction targets and is implementing measures to minimize waste generation and optimize resource utilization[47] - The company emphasizes the integration of ESG principles into daily operations to promote sustainable development and enhance management efficiency[55] Shareholder Information - The company will pay an interim dividend of HKD 0.25 per share, totaling HKD 1.05 billion for the six months ending June 30, 2025[56] - The company will suspend share transfer registration from September 30 to October 6, 2025, to facilitate the interim dividend payment[57] - As of June 30, 2025, the company’s major shareholder CMG holds 3,029,009,132 shares, representing 72.15% of the total issued shares[61] - The company’s major shareholder, China Merchants Jinling Shipyard, holds 3,002,405,132 shares, representing 71.52% of the total issued shares[61] Employee and Management - The group employed 8,792 full-time employees, with total salaries paid amounting to HKD 1.141 billion, representing 29.7% of total operating expenses[44] - The remuneration for key management personnel increased to HKD 12 million, up from HKD 9 million in the previous year[136] - The audit committee is now composed of four independent non-executive directors, ensuring compliance with accounting principles and risk management[67] - The board is committed to maintaining high standards of corporate governance to enhance investor confidence and shareholder returns[64]

( 於中華人民共和國成立的股份有限公司 ) 股份代號 : 06198.HK 601298.SH 中期報告 2025 目錄 2 釋義 6 公司資料 8 公司概覽 9 管理層討論與分析 25 其他信息 31 合併資產負債表（未經審計） 33 公司資產負債表（未經審計） 35 合併利潤表（未經審計） 37 公司利潤表（未經審計） 38 合併現金流量表（未經審計） 40 公司現金流量表（未經審計） 42 合併股東權益變動表（未經審計） 44 公司股東權益變動表（未經審計） 46 財務報表附註（未經審計） 259 財務報表補充資料 釋義 除文義另有所指外，下列詞彙具有下文所載的涵義： 「董事會」 本公司董事會 「場站」 集裝箱貨運站，其中位於裝運港口的集裝箱貨運站是指由承運人用作收取貨物以便承運人 將貨物裝載到集裝箱的指定地點，位於卸貨或目的地港口的集裝箱貨運站是指承運人用作 為集裝箱貨物拆箱的指定地點 「中海碼頭發展」 中海碼頭發展有限公司，一家於2001年3月在中國成立的有限責任公司，為中遠海運港口 發展有限公司之全資附屬公司 「本公司」、「公司」、「青島港」 青島港國際股份有限公司，一家於2013年11月在中國成 ...