[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) The company's board members changed with Mr. Lun Zhaoming and Mr. Lu Peijun resigning, and Ms. Wang Di appointed as executive director, while committee members remained stable - Executive Director Mr. Lun Zhaoming resigned effective from **January 1, 2025**, and Mr. Lu Peijun resigned effective from **September 8, 2025**[5](index=5&type=chunk) - Ms. Wang Di was appointed as an executive director effective from **May 16, 2025**[5](index=5&type=chunk) - The chairmen and members of the Audit Committee, Nomination Committee, and Remuneration Committee remained unchanged[5](index=5&type=chunk)[6](index=6&type=chunk) [Registered and Principal Places of Business](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company's registered office is in the Cayman Islands, with its principal place of business in Dongguan, Guangdong, and Hong Kong - The registered office is located at Cricket Square, Hutchins Drive, Cayman Islands[7](index=7&type=chunk) - The principal place of business and head office in China is located at No. 1 Beihuan Road, Houjie Town, Dongguan City, Guangdong Province[10](index=10&type=chunk) - The principal place of business in Hong Kong is located at Room 1907, 19th Floor, Great Eagle Centre, 23 Harbour Road, Hong Kong[11](index=11&type=chunk) [Professional Advisors and Banks](index=4&type=section&id=%E5%B0%88%E6%A5%AD%E9%A1%A7%E5%95%8F%E5%8F%8A%E9%8A%80%E8%A1%8C) The company's auditor is BCT CPA Limited, legal counsel is Leung & Yentak Solicitors, and principal bankers include Hang Seng Bank - The auditor is BCT CPA Limited[11](index=11&type=chunk) - The legal counsel is Leung & Yentak Solicitors (for Hong Kong law)[12](index=12&type=chunk) - Principal bankers include Hang Seng Bank, Dongguan Rural Commercial Bank Houjie Branch, Industrial and Commercial Bank of China Dongguan Houjie Branch, and China Construction Bank Dongguan Houjie Branch[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Overall Review](index=6&type=section&id=%E6%95%B4%E4%BD%93%E6%A6%82%E8%A7%88) China's real estate market continued deep adjustments in 2025; the Group maintained its "one core, two wings" strategy focusing on residential development and urban renewal in high-value cities - China's real estate industry continued to experience deep adjustments in **2025**, with the government adhering to the "housing is for living, not for speculation; city-specific policies" policy, aiming for "stable land prices", "stable housing prices", and "stable expectations"[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group maintained its "one main, one core, two wings" business structure, namely, residential development as the main business, urban renewal as the core, and cultural tourism, health, and technology innovation industries as the two wings[17](index=17&type=chunk)[21](index=21&type=chunk) - The Group's strategy is "based in the Greater Bay Area, deeply cultivating Dongguan, and expanding into South China, Central China, and East China and other high-value cities"[17](index=17&type=chunk)[21](index=21&type=chunk) [Business Review](index=6&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group's total revenue for H1 2025 was RMB **136.1 million**, up **297%**, driven by property sales, despite significant drops in contracted sales and area 2025 H1 Business Overview | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Property Sales Revenue | 117.8 | 18.213 | +547.0% | | Investment Property Rental Income | 7.1 | - | - | | Contracted Sales Amount | 1.7 | - | -97.7% | | Contracted Sales GFA | 437.1 sq.m. | - | -93.3% | | Total GFA of Properties Sold and Recognized | 23,929 sq.m. | 2,779 sq.m. | +761.0% | | Average Selling Price | 4,924 RMB/square meter | 6,554 RMB/square meter | -24.9% | 2025 H1 Property Sales Regional Distribution | City | Recognized GFA (sq.m.) | % of Total GFA | Average Selling Price (RMB/square meter) | Recognized Revenue (RMB thousand) | % of Recognized Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | | Dongguan | 51 | 0.2% | 2,235 | 114 | 0.1% | | Heyuan | 22,836 | 95.5% | 5,012 | 114,450 | 97.2% | | Hengyang | 152 | 0.6% | 5,697 | 866 | 0.7% | | Changsha | 890 | 3.7% | 2,701 | 2,404 | 2.0% | | **Total** | **23,929** | **100%** | **4,924** | **117,834** | **100%** | - As of **June 30, 2025**, the Group's land reserve was approximately **2,175,219 sq.m.**, including **15** projects and **3** land parcels, distributed across **5** cities in the Greater Bay Area, Yangtze River Delta urban cluster, and Central Yangtze River urban cluster[36](index=36&type=chunk)[38](index=38&type=chunk) [Financial Review](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%B1) H1 2025 total revenue increased by **297%** to RMB **136.1 million**, but gross profit margin fell to **13.8%**, expanding net loss to RMB **240.9 million** due to product mix and exchange losses 2025 H1 Key Financial Performance | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 136.1 | 34.3 | +297% | | Gross Profit | 18.8 | 18.8 | +0.1% | | Gross Profit Margin | 13.8% | 54.8% | -41.0 percentage points | | Loss for the Period | 240.9 | 228.1 | +5.6% | | Loss Attributable to Owners of the Parent | 250.8 | 227.8 | +10.1% | | Other Income and Gains | 0.7 | 5.9 | -88.1% | | Selling and Distribution Expenses | 1.5 | 6.6 | -77.3% | | Administrative Expenses | 28.9 | 51.8 | -44.2% | | Other Expenses | 77.3 | 19.0 | +306.8% | | Share of Loss of Joint Ventures | 12.0 | 5.9 | +103.4% | | Finance Costs | 134.3 | 149.4 | -10.1% | | Income Tax Expense | 30.8 | 1.7 | +1711.8% | - The decrease in gross profit margin was primarily due to changes in the product and geographical mix of properties delivered in **2025** and the relatively lower average selling price of delivered properties[54](index=54&type=chunk)[58](index=58&type=chunk) - The decrease in other income and gains was primarily due to a decrease in interest income from joint ventures of approximately RMB **3.7 million** and a decrease in exchange gains of approximately RMB **1.5 million**[61](index=61&type=chunk)[66](index=66&type=chunk) - The increase in other expenses was primarily due to an increase in exchange losses of approximately RMB **32.5 million**[65](index=65&type=chunk)[70](index=70&type=chunk) - The increase in income tax expense was primarily due to a significant decrease in land appreciation tax provision leading to an increase in deferred income tax of approximately RMB **24.2 million**, and an increase in land appreciation tax accrual due to increased property sales of

Financial Performance - The Company's revenue for the Reporting Period was approximately HK$64.8 million, a decrease of 1.5% compared to HK$65.8 million for the six months ended June 30, 2024[11]. - The Group recorded a loss before tax of approximately HK$212.6 million, a reduction of 22.6% from the loss of approximately HK$274.7 million in the same period ended June 30, 2024[11]. - The income tax credit for the Reporting Period was approximately HK$14.3 million, leading to a loss attributable to owners of the Company of approximately HK$198.7 million, down from HK$251.7 million for the same period in 2024[12]. - The Group recorded a loss of approximately HK$196.0 million for the segment, a decrease of approximately 23.6% compared to a loss of approximately HK$256.6 million in the same period ended June 30, 2024[43]. - The Group incurred a net loss of approximately HK$198,268,000 for the six months ended 30 June 2025[168]. - The total comprehensive income for the period attributable to owners of the Company was a loss of HK$248,506,000, slightly better than the loss of HK$255,651,000 in the previous year[158]. - Basic loss per share improved to HK$3.78 from HK$4.79 year-over-year, indicating a reduction in per-share losses[154]. Revenue Sources - Revenue from the shopping malls is derived from rental income and property management services[18]. - The revenue generated from the Shopping Mall Businesses in the PRC was approximately HK$38.5 million, primarily from rental income and property management services[26]. - Revenue from the flooring materials trading business decreased by approximately 3.6% to approximately HK$13.3 million compared to the same period ended June 30, 2024[45]. - Revenue from the medical equipment trading business decreased by approximately 13.4% to approximately HK$12.9 million compared to the same period ended June 30, 2024[46]. - Rental income from leases increased to HK$16,540,000, up 20.43% from HK$13,752,000 in 2024[186]. - The properties investment segment generated revenue of HK$38,589,000, while the financial services and assets management segment contributed HK$6,000[195]. Investment Properties and Acquisitions - A decrease in fair value of investment properties was approximately HK$83.1 million due to a sluggish retail shop rental market[14]. - The acquisitions of Anyang, Jinzhou, and Guangzhou shopping malls completed in 2021 have expanded the geographical coverage and scale of the Group's shopping mall businesses[23][24]. - As of June 30, 2025, the fair values of investment properties were approximately HK$268 million for Anyang Shopping Mall, HK$498 million for Jinzhou Shopping Mall, and HK$520 million for Guangzhou Shopping Mall[26][27]. Financial Liabilities and Debt - The total debt financing of the Group as of June 30, 2025, was approximately HK$1,472.2 million, compared to approximately HK$1,435.3 million as of December 31, 2024[60]. - The principal of the defaulted bank loan by the Borrowers amounted to RMB3,400,000,000 as of June 30, 2025[70]. - The Group's consolidated net liabilities increased to approximately HK$1,984.5 million from HK$1,736.4 million as of December 31, 2024, representing an increase of approximately HK$248.1 million[58]. - The Group's current liabilities amounted to approximately HKD 3,237,923,000, with total liabilities of approximately HKD 1,984,505,000, including overdue bank borrowings of approximately HKD 1,471,430,000[170]. Cost Management and Operational Strategies - The Company actively implements a continuous cost-saving plan to mitigate losses[11]. - The Group's diversified business strategy aims to enhance the effectiveness and cost-efficiency of promotional campaigns and marketing activities for its shopping malls[23][24]. - The Group plans to reduce debts and guarantee obligations of Guangzhou and Jinzhou Shopping Malls through collaboration with banks and stakeholders, ensuring healthy operations[107]. Employee and Corporate Governance - As of June 30, 2025, the Group had 171 employees, an increase from 163 employees as of December 31, 2024, with approximately 8.8% located in Hong Kong[93]. - The company complied with all applicable provisions of the Corporate Governance Code during the reporting period[137]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the unaudited condensed consolidated financial statements for compliance with applicable accounting standards[148]. Market Conditions and Economic Outlook - The PRC economy's GDP grew by 5.3% year-on-year in the first half of the year, indicating resilience and potential for economic development[96]. - Total retail sales of consumer goods in the PRC exceeded RMB 24 trillion, reflecting a 5% year-on-year increase[96]. - The external environment remains uncertain, particularly due to ongoing tariff disputes initiated by the US[97]. Share Capital and Compliance - As of June 30, 2025, the total number of issued shares of the Company is 5,250,019,852[124]. - Satinu Resources Group Ltd. holds 3,937,234,889 shares, representing approximately 74.99% of the Company's issued share capital[126]. - The Company has adopted a Share Option Scheme allowing for the issuance of up to 125,091,243 shares, representing 10% of the issued shares as of September 17, 2015[131]. - The Company aims to ensure that any judgments related to the transferred liabilities are correctly allocated to the appropriate entities[114].

先 聲 藥 業 集 團 有 限 公 司 （ 於 香 港 註 冊 成 立 的 有 限 公 司 ） 股 份 代 號 : 2025 中期報告 目錄 公司資料 2 財務概要 4 公司概覽 5 管理層討論及分析 7 企業管治及其他資料 34 獨立核數師審閱報告 46 合併損益表 47 合併損益及其他全面收益表 48 合併財務狀況表 49 合併權益變動表 51 簡明合併現金流量表 54 未經審核中期財務報告附註 55 公司資料 執行董事 任晉生先生 （董事長兼首席執行官） 唐任宏先生 萬玉山先生 王熙女士 獨立非執行董事 宋瑞霖先生 汪建國先生 王新華先生 宋嘉桓先生 審計委員會 王新華先生 （主席） 宋瑞霖先生 汪建國先生 薪酬與考核委員會 汪建國先生 （主席） 任晉生先生 萬玉山先生 王新華先生 宋嘉桓先生 提名委員會 宋瑞霖先生 （主席） 任晉生先生 王熙女士 汪建國先生 宋嘉桓先生 戰略委員會 公司資料 主要往來銀行 中國銀行股份有限公司 南京江北新區分行 中國江蘇省 南京市浦口區 夢澤路33號2幢101室 招商銀行股份有限公司 南京解放路支行 中國江蘇省 南京市秦淮區 解放路53號 核數師 任晉生先生 （主席） ...

* 股份代號：6661 （於中華人民共和國註冊成立的股份有限公司） 2025 中期報告 * 僅供識別 Customer Service Center 客 服 服 务 中 心 峋䄎挼奠 粁㞀椳嬈✂꿟긲 目錄 02 公司資料 03 釋義 06 管理層討論與分析 14 企業管治及其他資料 18 獨立審閱報告 20 中期簡明綜合損益表 21 中期簡明綜合全面收益表 22 中期簡明綜合財務狀況表 24 中期簡明綜合權益變動表 26 中期簡明綜合現金流量表 28 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 汪驊先生 （主席） 王韜先生 （於2025年4月25日獲委任） 孫曉慧女士 楊帆先生 （於2025年4月25日辭任） 非執行董事 王鵬先生 宮羅建先生 （於2025年4月25日獲委任） 劉建鋒先生 （於2025年4月25日辭任） 獨立非執行董事 張立憲先生 劉雪樵博士 周鑫發先生 監事 邢燕女士 蔡銳先生 沈佳輝先生 （於2025年3月26日獲委任） 徐國新先生 （於2025年3月26日辭任） 審核委員會 張立憲先生 （主席） 劉雪樵博士 周鑫發先生 提名委員會 周鑫發先生 （主席） 張立憲先生 劉雪樵博士 ...

Financial Performance - The company reported revenue of RMB 5,850 million for the first half of 2025, a decrease of 2.6% compared to RMB 6,007 million in the same period of 2024[7]. - Gross profit for the first half of 2025 was RMB 848 million, down 15.4% from RMB 1,003 million in the first half of 2024[7]. - Net profit attributable to the company's owners was RMB 641 million, a decrease of 6.6% from RMB 687 million in the previous year[7]. - The group's revenue for the reporting period was RMB 5,850.2 million, a decrease of RMB 156.4 million or 2.6% compared to RMB 6,006.6 million in the same period of 2024[25]. - The gross profit for the group was RMB 847.9 million, a decrease of RMB 155.2 million or 15.5% compared to RMB 1,003.1 million in 2024[27]. - The group's net profit for the period was RMB 723.8 million, a decrease of RMB 19.6 million or 2.6% compared to RMB 743.4 million in the same period of 2024[39]. Production and Sales - The production volume of fertilizers for the first half of 2025 was 967,647 tons, a slight decrease of 0.6% from 973,476 tons in the same period of 2024[8]. - The sales volume of chemical products increased by 8.6% to 726,174 tons in the first half of 2025, compared to 668,460 tons in the previous year[9]. - In the first half of the year, the company produced 968,000 tons of urea, 781,000 tons of methanol, 450,000 tons of phosphate and compound fertilizers, and 132,000 tons of acrylonitrile series products[21]. - The company sold 996,000 tons of urea, 726,000 tons of methanol, 386,000 tons of phosphate and compound fertilizers, and 127,000 tons of acrylonitrile series products in the first half of the year[21]. Market Prices - The average market price of urea in the first half of the year was RMB 1,804 per ton, a year-on-year decrease of RMB 434 per ton, representing a decline of 19%[15]. - The average market price of monoammonium phosphate was RMB 3,268 per ton, up 6.48% year-on-year[16]. - The average market price of diammonium phosphate was RMB 3,954 per ton, up 1.59% year-on-year[16]. - The average price of acrylonitrile in the first half of the year was RMB 9,350.41 per ton, down 5.4% from RMB 9,888.10 per ton in the same period last year[19]. Assets and Liabilities - The company's total assets increased to RMB 24,571 million as of June 30, 2025, compared to RMB 24,076 million at the end of 2024[7]. - As of June 30, 2025, the group had total interest-bearing liabilities of RMB 2,335.2 million, with a capital debt ratio of 10.7%[43]. - Total liabilities increased to RMB 4,999,064 thousand as of June 30, 2025, compared to RMB 4,569,034 thousand as of December 31, 2024, representing an increase of 9.4%[81]. - Current liabilities rose to RMB 3,204,407 thousand as of June 30, 2025, up from RMB 2,512,948 thousand as of December 31, 2024, indicating a growth of 27.5%[81]. Cash Flow and Investments - The group reported a cash flow from operating activities of RMB 533,057,000 for the six months ended June 30, 2025, compared to RMB 679,928,000 for the same period in 2024, reflecting a decrease of 21.6%[127]. - The company’s investment activities resulted in a net cash outflow of RMB 249,564 thousand for the six months ended June 30, 2025, compared to a net inflow of RMB 126,333 thousand for the same period in 2024[86]. - The group reported capital expenditures totaling RMB 78.76 million, with significant investments including RMB 27.83 million for the second phase of the Pisha gypsum dry stacking project and RMB 19.48 million for the underground mining project with an annual capacity of 1.6 million tons[41]. Corporate Governance and Compliance - The company has adopted accounting principles and standards reviewed by the audit committee, with no disagreements noted regarding the accounting treatment for the interim results for the six months ending June 30, 2025[59]. - The company has complied with all provisions of the Corporate Governance Code during the six months ending June 30, 2025, except as noted[60]. Future Outlook and Strategy - The company plans to continue expanding its market presence and sales channels while enhancing operational efficiency amid a challenging market environment[11]. - Key focus areas for the company in the second half of 2025 include enhancing equipment management systems, improving marketing effectiveness, and advancing research on low-carbon natural gas utilization projects[57]. - The industry outlook for the second half of 2025 indicates a continued oversupply in the urea market, with price pressures expected in the fourth quarter due to new capacity releases and declining demand[56].

Drama Production and Content Strategy - By the end of June 2025, the Group has produced and distributed a total of 26 high-quality drama series, with 24 being original series where the Group acted as the lead/sole investor and executive producer[7]. - The Group's original drama series include popular titles such as "A Love for Separation," "Nothing but Thirty," and "Novoland: Eagle Flag," focusing on contemporary themes like family life and female empowerment[9]. - The Group is committed to diversified growth strategies, exploring new avenues such as content marketing, short drama series, overseas business, and IP derivative development to maximize the commercial value of proprietary IP rights[10]. - The original drama series "A Dream within a Dream" achieved significant viewership, with over 8 billion views on Douyin, ranking TOP1 among drama series during the same period[35]. - Several new projects are in preparation, scheduled to start shooting in the second half of 2025, including "A Journey to Glow" and "Showdown"[35]. - The Group aims to produce over 200 episodes of long drama series throughout 2025, focusing on premium original content[47]. - The Group is actively exploring the production and distribution of mini and short drama series in niche languages, with several projects currently in production[43]. - The Group's short commercial-break dramas achieved significant popularity, with multiple titles ranking TOP1 on various platforms[41]. Financial Performance - Revenue for the six months ended June 30, 2025, amounted to approximately RMB 401.3 million, representing an increase of 109% from approximately RMB 192.5 million for the same period in 2024[24]. - Gross profit for the same period was approximately RMB 101.0 million, an increase of 140% from approximately RMB 43.0 million in 2024[24]. - Net profit for the six months ended June 30, 2025, was approximately RMB 11.3 million, compared to a net loss of approximately RMB 52.9 million for the same period in 2024[24]. - Adjusted net profit for the same period was approximately RMB 14.4 million, a turnaround from an adjusted net loss of approximately RMB 49.4 million in 2024[24]. - The Group's total revenue increased by 109% from RMB192.5 million for the six months ended June 30, 2024, to RMB401.3 million for the six months ended June 30, 2025, primarily due to the launch of the 40-episode drama "A Dream within a Dream"[55]. - Gross profit rose by 135% from RMB43.0 million for the six months ended June 30, 2024, to RMB100.99 million for the six months ended June 30, 2025[58]. - The gross profit margin improved by 2.8 percentage points from 22.4% for the six months ended June 30, 2024, to 25.2% for the six months ended June 30, 2025[59]. - The Group's cost of sales increased by 101% from RMB149.5 million for the six months ended June 30, 2024, to RMB300.3 million for the six months ended June 30, 2025[57]. - Other income and gains decreased by 39.4% from RMB46.5 million for the six months ended June 30, 2024, to RMB28.2 million for the six months ended June 30, 2025[63]. - Administrative expenses decreased by 24.6% from RMB99.0 million for the six months ended June 30, 2024, to RMB74.7 million for the six months ended June 30, 2025[65]. - Finance costs increased by 56.7% to RMB2.3 million for the six months ended June 30, 2025, from RMB1.5 million for the six months ended June 30, 2024[66]. - The Group recorded a net profit of RMB11.3 million for the six months ended June 30, 2025, compared to a net loss of RMB52.9 million for the six months ended June 30, 2024[76]. - Income tax expense decreased to RMB1.5 million for the six months ended June 30, 2025, from RMB6.3 million for the six months ended June 30, 2024, due to the utilization of deductible losses from previous years[68]. - Revenue growth was driven by the broadcast of quality drama series and improved financial performance from new business lines such as short drama series[84]. Overseas Business and Distribution - The Group's overseas distribution revenue recorded notable growth year-on-year, with the first overseas localized long drama series recently broadcasting[27]. - The Group's overseas business revenue exceeded RMB 33 million in the first half of 2025, approximately 2.5 times higher than the same period in 2024[42]. - The original drama series "A Dream within a Dream" ranked TOP1 on the iQIYI International platform across eleven countries and regions in the first half of 2025[43]. Employee and Workforce Diversity - As of June 30, 2025, the Group had 185 employees, with approximately 76.8% being female, reflecting a commitment to workforce diversity[50][52]. Corporate Governance and Compliance - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all Directors for the six months ended June 30, 2025[122]. - The company will continue to review its corporate governance practices to ensure compliance with the CG Code[117]. - The company has established an Audit Committee to oversee financial reporting, internal controls, and risk management, comprising one non-executive Director and two independent non-executive Directors[126]. - The Board believes that the current structure of the Chairman and CEO roles, held by Mr. Su, will not impair the balance of power and authority within the company[116]. - The overall strategic and key business policies of the company are made collectively after thorough discussion among all Board members and senior managers[116]. Shareholder Interests and Options - The interests of directors and chief executives in the company include Mr. Su, Ms. Chen, and Ms. Xu, each holding approximately 37.94% of the shares through controlled corporations[142]. - As of June 30, 2025, Mr. Su directly holds 71,136,000 shares in the company[144]. - Faye Free Flight Limited and A&O Investment Limited, both wholly owned by Ms. Chen and Ms. Xu respectively, each hold 33,014,520 shares in the company[144]. - The direct interest held by Mr. Su, Ms. Chen, and Ms. Xu in Shanghai Linmon is 56.93%[149]. - The Pre-IPO Share Option Scheme allows for a maximum of 14,680,471 shares to be issued, which is 4.06% of the total issued shares as of the interim report date[165]. - As of June 30, 2025, 11,906,964 options have been granted under the Pre-IPO Share Option Scheme, representing 3.29% of the total issued shares[165]. - The 2024 Share Option Scheme allows for a maximum of 36,045,882 shares to be issued, representing 9.97% of the total issued shares of 361,575,527 as of the interim report date[190]. - The maximum number of shares issuable to service provider participants is 18,022,941, which is 4.98% of the total issued shares[190]. - The option exercise price will be determined by the Board and must be at least the higher of a specified minimum[200].

Financial Performance - Revenue for the first half of 2025 was SGD 26,065,000, a decrease of 8.9% compared to SGD 28,619,000 in the first half of 2024[4] - The group reported a profit before tax of SGD 388,000, significantly up from SGD 125,000 in the previous year, marking a 210.4% increase[4] - Net profit for the period was SGD 247,000, compared to a loss of SGD 130,000 in the same period last year[4] - Total comprehensive income for the first half of 2025 was SGD 258,000, recovering from a loss of SGD 130,000 in the first half of 2024[6] - Basic and diluted earnings per share for the first half of 2025 were 0.03 Singapore cents, compared to a loss of 0.01 Singapore cents in the previous year[6] - The group reported a segment profit of SGD 388,000 for the six months ended June 30, 2025, compared to a profit of SGD 125,000 in the same period of 2024[19] - For the six months ended June 30, 2025, the company reported a pre-tax profit of approximately SGD 253,000, compared to a loss of SGD 114,000 for the same period in 2024[27] Revenue Breakdown - Total revenue for the six months ended June 30, 2025, was SGD 26,065,000, a decrease of 9% from SGD 28,619,000 for the same period in 2024[23] - Revenue from customer contracts for the sale of prepared food, beverages, and tobacco products was SGD 18,088,000, down 18% from SGD 22,062,000 in the previous year[23] - Rental income from leasing premises amounted to SGD 5,134,000, an increase of 16% compared to SGD 4,423,000 in the prior year[23] - The segment for rental and shop management generated external revenue of SGD 7,977,000, while the food stall segment generated SGD 18,088,000[19] - Revenue from management, cleaning, and utility services rose by approximately SGD 0.7 million or 33.2% to about SGD 2.8 million, consistent with the increase in rental income[40] - Sales of prepared foods, beverages, and tobacco products generated approximately SGD 18.1 million, a decrease of SGD 4.0 million or 18% compared to SGD 22.1 million in the previous period, accounting for about 69.4% of total revenue[40] Assets and Liabilities - The group’s total assets less current liabilities stood at SGD 177,834,000 as of June 30, 2025, down from SGD 180,828,000 at the end of 2024[8] - Non-current assets totaled SGD 191,541,000, a slight decrease from SGD 194,266,000 in the previous year[7] - The total assets of the group as of June 30, 2025, were SGD 198,289,000, while total liabilities were SGD 108,823,000[19] - The group’s net asset value increased to SGD 89,466,000 from SGD 89,208,000 at the end of 2024[8] - The company’s total borrowings decreased to SGD 92,082,000 as of June 30, 2025, from SGD 95,668,000 as of December 31, 2024, reflecting a reduction of about 3.0%[35] Cash Flow and Expenses - Cash generated from operating activities was SGD 4,048,000, slightly down from SGD 4,165,000 in the first half of 2024[10] - The company reported a decrease in cash and cash equivalents to SGD 3,801,000 from SGD 7,158,000 at the beginning of the period[10] - Total employee costs decreased to SGD 7,380,000 in 2025 from SGD 8,979,000 in 2024, reflecting a reduction of approximately 17.8%[7] - The company's interest expenses for the six months ended June 30, 2025, were SGD 1,821,000, down from SGD 1,961,000 in 2024, indicating a decrease of about 7.1%[6] - Cost of consumed inventory decreased by approximately SGD 1.6 million or 17.0% to about SGD 7.8 million, aligning with the decline in sales revenue[41] - Property rental and related expenses increased by approximately SGD 0.2 million or 9.1% to about SGD 2.4 million, attributed to the opening of multiple food centers[43] - Other operating expenses decreased by approximately SGD 0.2 million or 9.5% to about SGD 1.9 million, mainly due to cost control strategies[45] Corporate Governance and Shareholder Information - The company has adopted the corporate governance code as per the listing rules, ensuring high standards of governance to protect shareholder interests and enhance corporate value[58] - The company did not declare an interim dividend for the reporting period, consistent with the previous year[26] - The board does not recommend declaring any interim dividends for the reporting period[67] - As of June 30, 2025, the company’s major shareholders include Strong Oriental with 600,000,000 shares (75.00%) and Lee Kek Choo with 56,536,000 shares (7.07%)[66] - No stock options were granted, exercised, or canceled under the stock option plan during the reporting period, with a total of 80,000,000 shares available for issuance, representing 10% of the issued share capital[60] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[61] Strategic Focus and Future Outlook - The company continues to focus on strategic adjustments, including the closure of underperforming outlets, to enhance profitability and operational efficiency[38] - The effective tax rate remained stable at 17% for both the current and previous reporting periods[25] - The group has applied new and revised International Financial Reporting Standards, which did not have a significant impact on the financial position or performance during the reporting period[16] - The group had unutilized bank financing of at least SGD 11.6 million as of June 30, 2025, ensuring sufficient liquidity for ongoing operations[48] - There have been no significant events related to the group after the reporting period up to the report date[69] - A property was sold for a total consideration of SGD 1,950,000, with the sale expected to complete on September 17, 2025[68] Audit and Compliance - The audit committee, comprising all independent non-executive directors, reviewed the accounting principles and policies adopted by the group during the reporting period[71] - The company maintains the required public float percentage as per listing rules as of the report date[70]

BOARD OF DIRECTORS Executive Directors: Mr. Mung Kin Keung (Chairman) Mr. Mung Bun Man, Alan (Chief Executive Officer) Independent Non-executive Directors: Mr. Fung Wai Ching Mr. Chung Wang Hei Ms. Cheng Hiu Ching (Appointed on 6 February 2025) Ms. Lui Sau Lin (Resigned on 6 February 2025) AUDIT COMMITTEE Ms. Cheng Hiu Ching (Committee Chairman) (Appointed on 6 February 2025) Ms. Lui Sau Lin (Committee Chairman) (Resigned on 6 February 2025) Mr. Fung Wai Ching Mr. Chung Wang Hei REMUNERATION COMMITTEE Mr. F ...

Customer Base and Market Presence - As of June 30, 2025, the active customer base reached 4.54 million, representing a year-on-year growth of 15.2% and an increase of 8.3% compared to the end of 2024[12]. - The subscription members of the WeChat platform Zhongsheng GO reached 3.8 million, with nearly 10.5 million customers connected through corporate WeChat[12]. - The company has closed 37 authorized dealerships since November 2024 and opened 57 new authorized dealerships and 20 service centers, primarily new stores[9]. - In the 32 key cities where the company operates, there is an average of 15 dealerships and service centers per city, serving approximately 137,000 active customers[13]. - Over 46% of the company's stores are the leading dealers for their brands in local markets, with 89 stores being exclusive dealers[13]. Business Strategy and Transformation - The company aims to transform into a high-end automotive service brand, focusing on after-sales services driven by the existing customer base[10]. - The company is focusing on digitalization and centralized operations as part of its transformation into a customer-centric automotive service provider[12]. - The company is enhancing local market business density and brand concentration to support its cross-brand operational strategy[13]. - The company has implemented a significant network optimization, marking the largest scale in its history since November 2024[9]. Financial Performance - The company's revenue for the six months ended June 30, 2025, was RMB 77,322.1 million, a decrease of RMB 5,099.3 million or 6.2% compared to the same period in 2024[36]. - New car sales revenue was RMB 57,931.0 million, down 4.7% from RMB 60,812.0 million in the previous year, while used car sales revenue fell by 27.0% to RMB 6,014.6 million[36]. - The after-sales service segment saw a revenue increase of 4.4%, reaching RMB 11,445.3 million, indicating a positive trend in this area[36]. - Gross profit for the six months ended June 30, 2025, was RMB 4,209.3 million, a decrease of RMB 716.9 million or 14.6% compared to the previous year[42]. - Operating profit was RMB 1,905.1 million, a decrease of RMB 850.7 million or 30.9% compared to the previous year, with an operating profit margin of 2.5%[49]. Vehicle Sales and Market Trends - In the first half of 2025, the company sold approximately 229,000 new vehicles, a decrease of about 4,000 units or 1.7% year-on-year, with luxury brand sales accounting for 62.3% of total sales[21]. - The average transaction price of new vehicles decreased by approximately RMB 33,000, a decline of 12.5% compared to the previous year, while manufacturers provided an average subsidy of RMB 19,000 per vehicle, representing 7.0% of the price[21]. - The company sold approximately 111,000 used vehicles in the first half of 2025, a year-on-year increase of 9.6%, but revenue from used vehicles fell by 27.0% to RMB 6.02 billion[23]. - The average profit per used vehicle was compressed to less than RMB 3,000, with overall profit for the used vehicle segment declining by 60.2%[24]. - The company expects continued growth in after-sales service revenue, particularly in the luxury market, as local competitors exit and market consolidation deepens[18]. Cash Flow and Financial Position - As of June 30, 2025, the company's cash balance was RMB 20,037.2 million, a decrease of RMB 2,966.8 million from December 31, 2024, primarily due to cash outflows from financing activities[55]. - The company generated free cash flow of RMB 3,973.0 million for the six months ended June 30, 2025, with net cash inflow from operating activities amounting to RMB 5,948.4 million[55]. - Cash used in financing activities for the six months ended June 30, 2025, was RMB 10,830.2 million, mainly for repaying bank loans and redeeming convertible bonds[60]. - The company's total capital expenditure for the six months ended June 30, 2025, was RMB 818.7 million, compared to RMB 618.7 million for the same period in 2024[62]. - The average inventory turnover days increased from 36.2 days in 2024 to 38.3 days in 2025, reflecting adjustments in inventory levels[65]. Shareholder Information and Corporate Governance - The company declared a final dividend of RMB 1,734,665,000 for the year 2023, reflecting a commitment to returning value to shareholders despite fluctuations in comprehensive income[77]. - The company has issued zero-coupon convertible bonds with a face value of HKD 4,560,000,000, maturing in 2025, with the conversion price adjusted to HKD 43.88 per share as of July 4, 2024[105]. - Major shareholders, including Blue Natural Development Ltd. and Light Yield Ltd., collectively own 49.66% of the company's shares[133]. - The company has a total of 505,816,116 shares held by Jardine Strategic Limited, representing 21.20% of the total shares[134]. - The company’s board members are considered to have interests in the treasury shares due to their voting rights[129]. Environmental and Social Responsibility - The group has implemented multiple measures to reduce emissions and enhance energy efficiency in daily operations, including improving emission testing equipment and wastewater treatment[167]. - The group encourages employees to use public transportation and replace business travel with phone or video conferencing when feasible to reduce carbon emissions[167]. - The group is committed to corporate social responsibility by providing employment opportunities for local residents and disabled individuals through its national dealer network[168].

Tanwan Inc. 贪玩 （曾用名ZX Inc.中旭未来） 股份代號 ���� （於開曼群島註冊成立的有限公司） 中期報告2025 INTERIM REPORT 2025 Tanwan Inc. 贪玩 （Formerly known as ZX Inc.中旭未来） （Incorporated in the Cayman Islands with limited liability） Stock Code ���� Tanwan Inc. 貪玩 目錄 | 公司資料 | 2 | | --- | --- | | 致股東的信 | 3 | | 主要重點 | 5 | | 管理層討論與分析 | 6 | | 其他資料 | 18 | | 獨立審閱報告 | 26 | | 中期簡明綜合損益表 | 27 | | 中期簡明綜合全面收益表 | 28 | | 中期簡明綜合財務狀況表 | 29 | | 中期簡明綜合權益變動表 | 31 | | 中期簡明綜合現金流量表 | 32 | | 中期簡明綜合財務資料附註 | 34 | | 釋義 | 51 | 公司資料 董事會 執行董事 Interim Report 2025 中期報告 吳旭波先生 ...