2025 中期報告 2025 Interim Report 2025 Interim Report 中期報告 (II) 公司信息 | (I) | 釋義 | 2 | | --- | --- | --- | | (II) | 公司信息 | 4 | | (III) | 主要數據 | 6 | | (IV) | 管理層討論與分析 | 7 | | (V) | 股本及主要股東、董事持股情況 | 25 | | (VI) | 重要事項 | 31 | | (VII) | 中期財務報告（未經審核） | 45 | | (VIII) | 其他 | 79 | (I) 釋義 於本中期報告內，除非文義另有所指，否則下列字句具有以下涵義： | 「本公司╱公司╱中國山水╱ | 指 | 中國山水水泥集團有限公司 | | --- | --- | --- | | 山水水泥」 | | | | 「本集團╱中國山水集團」 | 指 | 本公司及其附屬公司 | | 「財務報表」 | 指 | 本集團的簡明綜合財務報表 | | 「報告期」 | 指 | 2025年1月1日至2025年6月30日的期間 | | 「董事會」 | 指 | 本公司董事會 | | 「董事」 | ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The company experienced significant declines in key financial metrics and a reduced interim dividend | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 428,270 | 1,284,256 | -66.65% | | Gross Profit | 132,009 | 367,501 | -64.08% | | Profit Attributable to Owners of the Company | 56,049 | 177,309 | -68.30% | | Basic Earnings Per Share | 2.629 cents | 8.675 cents | -69.68% | | Diluted Earnings Per Share | 2.598 cents | 8.673 cents | -70.04% | - The Board recommends an interim dividend of **HKD 0.015 per share** for the six months ended June 30, 2025, a decrease from HKD 0.03 per share in the prior year period[5](index=5&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the condensed consolidated financial statements, detailing the company's financial performance and position [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For H1 2025, the company experienced significant declines in both revenue and profit attributable to owners Condensed Consolidated Statement of Profit or Loss Key Data | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 428,270 | 1,284,256 | -66.65% | | Cost of Sales and Services | (296,261) | (916,755) | -67.68% | | Gross Profit | 132,009 | 367,501 | -64.08% | | Operating Profit | 65,976 | 215,068 | -69.32% | | Profit Before Tax | 63,171 | 207,759 | -69.50% | | Profit for the Period Attributable to Owners of the Company | 56,049 | 177,309 | -68.30% | | Basic Earnings Per Share | 2.629 cents | 8.675 cents | -69.68% | | Diluted Earnings Per Share | 2.598 cents | 8.673 cents | -70.04% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Total comprehensive income for H1 2025 significantly decreased due to reduced profit and foreign currency translation differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (RMB'000) | | :--- | :--- | :--- | :--- | | Profit for the Period | 56,049 | 177,309 | -121,260 | | Exchange differences arising on translation of foreign operations | (3,812) | 2,535 | -6,347 | | Other comprehensive (expense)/income for the period, net of tax | (3,809) | 2,535 | -6,344 | | Total comprehensive income for the period attributable to owners of the Company | 52,240 | 179,844 | -127,604 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets less current liabilities and net assets increased, primarily due to higher net current assets Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB'000) | Dec 31, 2024 (RMB'000) | Change (RMB'000) | | :--- | :--- | :--- | :--- | | Non-current assets | 1,380,129 | 1,364,899 | 15,230 | | Current assets | 1,750,172 | 1,762,217 | -12,045 | | Current liabilities | 688,446 | 858,794 | -170,348 | | Net current assets | 1,061,726 | 903,423 | 158,303 | | Total assets less current liabilities | 2,441,855 | 2,268,322 | 173,533 | | Non-current liabilities | 214,214 | 92,921 | 121,293 | | Net assets (Total equity) | 2,227,641 | 2,175,401 | 52,240 | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes supporting the condensed consolidated financial statements, covering accounting policies and key financial items [Basis of Preparation](index=6&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements adhere to HKAS 34 and Listing Rules, maintaining consistency with 2024 annual accounting policies - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure requirements of the Listing Rules of The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - The accounting policies and methods of computation used in the condensed consolidated financial statements are consistent with those adopted in the preparation of the Group's annual financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=6&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E5%8F%8A%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87) HKAS 21 (Amendment) "Lack of Exchangeability" was applied in this interim period, with no significant financial impact - The Group has applied the revised Hong Kong Financial Reporting Standards issued by the HKICPA for the first time in the current interim period, including HKAS 21 (Amendment) "Lack of Exchangeability"[11](index=11&type=chunk) - The application of these revised HKFRSs has had no material impact on the Group's financial performance and consolidated financial position for the current and prior periods and/or on the disclosures set out in these condensed consolidated financial information[11](index=11&type=chunk) [Segment Information](index=6&type=section&id=3.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's Oil & Gas segment experienced revenue decline but improved gross margin, while New Energy & Refining saw revenue growth but a loss - The Group comprises two main reportable segments: equipment engineering and integrated services for the oil and gas industry, and equipment engineering and integrated services for the new energy and refining industry[12](index=12&type=chunk)[13](index=13&type=chunk) Segment Revenue and Profit Analysis (For the six months ended June 30) | Segment | H1 2025 Revenue (RMB'000) | H1 2024 Revenue (RMB'000) | YoY Revenue Change (%) | H1 2025 Segment Profit/(Loss) (RMB'000) | H1 2024 Segment Profit/(Loss) (RMB'000) | H1 2025 Gross Margin (%) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Oil and Gas | 321,753 | 1,281,731 | -74.90% | 148,396 | 363,509 | 46% | 28% | | New Energy and Refining | 106,517 | 2,226 | +4685.13% | (16,387) | 4,428 | -15% | 199% | | Total | 428,270 | 1,284,256 | -66.65% | 132,009 | 367,501 | 30.82% | 28.62% | [Revenue](index=8&type=section&id=4.%20%E6%94%B6%E5%85%A5) Total revenue for H1 2025 significantly decreased due to a sharp decline in Oil & Gas, partially offset by New Energy & Refining growth Revenue by Business Segment and Timing of Recognition (For the six months ended June 30) | Timing of Revenue Recognition | H1 2025 Oil & Gas (RMB'000) | H1 2024 Oil & Gas (RMB'000) | H1 2025 New Energy & Refining (RMB'000) | H1 2024 New Energy & Refining (RMB'000) | H1 2025 Total (RMB'000) | H1 2024 Total (RMB'000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Goods and services transferred at a point in time | 15,064 | 21,987 | 375 | - | 15,439 | 21,987 | | Goods and services transferred over time | 306,689 | 1,259,744 | 106,142 | 2,226 | 412,831 | 1,262,269 | | **Total** | **321,753** | **1,281,731** | **106,517** | **2,226** | **428,270** | **1,284,256** | Trade and Bills Receivables, Contract Assets and Contract Liabilities from Customer Contracts | Metric | June 30, 2025 (RMB'000) | Dec 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade and bills receivables | 74,857 | 288,070 | | Contract assets | 467,732 | 476,685 | | Contract liabilities | 43,072 | 60,957 | - An amount of approximately **RMB 50,630,000** recognized in contract liabilities at the beginning of the period was recognized as revenue for the six months ended June 30, 2025[18](index=18&type=chunk) [Other Income](index=9&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for H1 2025 decreased, primarily due to lower bank interest income and government subsidies Other Income Details (For the six months ended June 30) | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (RMB'000) | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 4,682 | 8,671 | -3,989 | | Government grants recognized | 1,819 | 4,619 | -2,800 | | Net exchange gain | - | 330 | -330 | | Total | 6,599 | 13,912 | -7,313 | [Other Operating Expenses](index=9&type=section&id=6.%20%E5%85%B6%E4%BB%96%E7%87%9F%E6%A5%AD%E9%96%8B%E6%94%AF) Other operating expenses for H1 2025 significantly decreased, mainly due to no impairment losses on property, plant, and equipment Other Operating Expenses Details (For the six months ended June 30) | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (RMB'000) | | :--- | :--- | :--- | :--- | | Fair value loss on derivative financial instruments | 5,329 | 7,251 | -1,922 | | Impairment provision for inventories | 2,098 | 3,101 | -1,003 | | Impairment loss on property, plant and equipment | - | 26,018 | -26,018 | | Total | 8,810 | 38,820 | -30,010 | - No impairment loss was recognized for property, plant and equipment of cash-generating units for the period ended June 30, 2025 (six months ended June 30, 2024: **RMB 1,491,000**)[20](index=20&type=chunk) - No impairment loss was recognized for equipment at the Penglai construction site for the six months ended June 30, 2025 (six months ended June 30, 2024: **RMB 24,527,000**)[21](index=21&type=chunk) [Finance Costs](index=10&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs for H1 2025 decreased, primarily due to reduced interest expenses on bank loans Finance Costs Details (For the six months ended June 30) | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (RMB'000) | | :--- | :--- | :--- | :--- | | Interest expense on bank loans | 1,444 | 4,937 | -3,493 | | Interest on lease liabilities | 490 | 545 | -55 | | Others | 869 | 1,827 | -958 | | Total | 2,803 | 7,309 | -4,506 | [Dividends](index=10&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Board recommends a reduced interim dividend of **HKD 0.015 per share** for H1 2025 - The Board recommends an interim dividend of **HKD 0.015 per share** for the six months ended June 30, 2025 (six months ended June 30, 2024: **HKD 0.03 per share**)[23](index=23&type=chunk) [Income Tax Expense](index=11&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for H1 2025 significantly decreased, primarily due to reduced taxable profit Income Tax Expense Details (For the six months ended June 30) | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (RMB'000) | | :--- | :--- | :--- | :--- | | Current tax – PRC Enterprise Income Tax | 5,507 | 37,961 | -32,454 | | Deferred tax | 1,615 | (7,511) | 9,126 | | Total | 7,122 | 30,450 | -23,328 | - No provision for Hong Kong Profits Tax was made as the Group had no assessable profits generated in Hong Kong for the six months ended June 30, 2025 and 2024[24](index=24&type=chunk) [Profit for the Period](index=11&type=section&id=10.%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period was influenced by inventory impairment, asset disposal gains/losses, and directors' and management's emoluments Profit for the Period Impact Items (For the six months ended June 30) | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Impairment provision for inventories | 2,098 | 3,101 | | (Gain)/loss on disposal of property, plant and equipment | (30) | 410 | | Directors' emoluments | 481 | 1,075 | | Management's emoluments | 1,501 | 35,490 | | Total directors' and management's emoluments | 1,982 | 36,565 | [Earnings Per Share](index=12&type=section&id=11.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share for H1 2025 significantly decreased from the prior year period Earnings Per Share Calculation Data (For the six months ended June 30) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for the purpose of basic and diluted earnings per share (RMB'000) | 56,049 | 177,309 | | Weighted average number of ordinary shares for the purpose of basic earnings per share | 2,131,598,389 | 2,043,991,246 | | Effect of potential dilutive ordinary shares from share options | 25,937,306 | 345,388 | | Weighted average number of ordinary shares for the purpose of diluted earnings per share | 2,157,535,695 | 2,044,336,634 | | Basic earnings per share (RMB cents) | 2.629 | 8.675 | | Diluted earnings per share (RMB cents) | 2.598 | 8.673 | [Property, Plant and Equipment](index=12&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group acquired less property, plant and equipment in H1 2025 compared to the prior year period - For the six months ended June 30, 2025, the Group acquired property, plant and equipment of approximately **RMB 67,568,000** (six months ended June 30, 2024: **RMB 84,330,000**)[27](index=27&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=13.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills receivables significantly decreased, primarily due to reduced trade receivables Trade and Bills Receivables (RMB'000) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 150,477 | 365,421 | | Provision for doubtful debts | (76,439) | (78,701) | | Bills receivables | 819 | 1,350 | | **Total** | **74,857** | **288,070** | Ageing Analysis of Trade Receivables (RMB'000) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 29,932 | 136,215 | | 31 to 90 days | 19,950 | 115,542 | | 91 to 365 days | 13,283 | 30,277 | | Over 365 days | 46,523 | 42,500 | | Unbilled | 40,789 | 40,887 | | **Total** | **150,477** | **365,421** | [Trade and Bills Payables](index=13&type=section&id=14.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills payables decreased from year-end 2024 Trade and Bills Payables (RMB'000) | Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Trade payables | 326,228 | 417,607 | | Bills payables | - | - | | **Total** | **326,228** | **417,607** | Ageing Analysis of Trade Payables (RMB'000) | Ageing | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 226,755 | 279,475 | | 31 to 90 days | 45,832 | 19,206 | | 91 to 365 days | 32,724 | 36,113 | | Over 365 days | 47,543 | 56,187 | | **Total** | **326,228** | **417,607** | [Share Capital](index=14&type=section&id=15.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued share capital remained unchanged, with a consistent authorized share capital Summary of Share Capital Movements | Item | Number of Shares | Amount (HKD'000) | Equivalent to (RMB'000) | | :--- | :--- | :--- | :--- | | As at January 1, 2024 (audited) | 1,981,598,389 | 19,816 | 17,783 | | Share placement | 150,000,000 | 1,500 | 1,362 | | As at June 30, 2025 (unaudited) | 2,131,598,389 | 21,316 | 19,145 | - On March 7, 2024, the company issued **150,000,000 ordinary shares** at **HKD 0.42 per share** through a placement, with a premium of approximately **HKD 60,009,000** (approximately **RMB 54,996,000**) after deducting share issue expenses, credited to the share premium account[31](index=31&type=chunk) [Share Award Scheme](index=15&type=section&id=16.%20%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) As of June 30, 2025, awarded shares were granted and vested, with no share award expenses recognized this period - The company has adopted a share award scheme, under which shares of the company are purchased by a trustee on the Stock Exchange[32](index=32&type=chunk) - As of December 31, 2024, the trustee had purchased a total of **228,750,000 shares** for a total consideration of approximately **HKD 158,560,000** (approximately **RMB 144,734,000**); no further purchases were made by the trustee for the six months ended June 30, 2025[32](index=32&type=chunk) - As of June 30, 2025, **164,000,000 awarded shares** have been granted and vested; no share award expenses were recognized in "Administrative expenses" in profit or loss for the six months ended June 30, 2025[32](index=32&type=chunk)[33](index=33&type=chunk) [Contingent Liabilities](index=15&type=section&id=17.%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[33](index=33&type=chunk) [Management Discussion and Analysis](index=16&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) This section provides management's perspective on the company's performance, financial position, and future outlook [Review](index=16&type=section&id=1.%20%E5%9B%9E%E9%A1%A7) The Group expanded renewable energy capacity but faced H1 revenue decline due to project delays and international political factors - China's annual new renewable energy installed capacity accounts for over **40%** globally, and the Group possesses production capabilities and experience for various offshore wind power pile foundation products, having undertaken several offshore wind power construction projects[34](index=34&type=chunk) - The Group has commenced construction of the second phase of the Zhuhai site's wharf project, planning to build a **50,000-ton** general-purpose berth, which will significantly enhance core competitiveness and facilitate international market expansion[35](index=35&type=chunk) - Due to delays in some ongoing projects and the impact of international political factors on overseas markets, the Group's construction sites experienced relatively insufficient workload during the reporting period[35](index=35&type=chunk) [Revenue (Management Discussion and Analysis)](index=16&type=section&id=%E6%94%B6%E5%85%A5%20(%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90)) Total revenue for H1 2025 significantly decreased due to a sharp decline in Oil & Gas, partially offset by New Energy & Refining growth Revenue Composition Analysis by Business Segment (For the six months ended June 30) | Product/Service | H1 2025 (RMB'000) | % of Total Revenue | H1 2024 (RMB'000) | % of Total Revenue | YoY Change (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equipment engineering and integrated services for the oil and gas industry | 321,753 | 75% | 1,281,731 | 100% | -959,978 | -74.90% | | Equipment engineering and integrated services for the new energy and refining industry | 106,517 | 25% | 2,226 | 0% | 104,291 | +4685.13% | | Others | 0 | 0% | 299 | 0% | -299 | -100% | | **Total** | **428,270** | **100%** | **1,284,256** | **100%** | **-855,986** | **-66.65%** | [Cost of Sales and Services](index=17&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Cost of sales and services for H1 2025 significantly decreased, primarily due to a substantial reduction in direct costs - During the reporting period, the Group's cost of sales and services was approximately **RMB 296,261,000**, a decrease of approximately **RMB 620,494,000** or **67.68%** from the prior year period[38](index=38&type=chunk) - Direct costs amounted to approximately **RMB 197,271,000**, accounting for **66.59%** of total cost of sales and services, a decrease of approximately **RMB 614,101,000** or **75.69%** from approximately RMB 811,372,000 in the prior year period[38](index=38&type=chunk) - Manufacturing overhead decreased by approximately **RMB 6,393,000** to approximately **RMB 98,990,000** from approximately RMB 105,383,000 in the prior year period, a decrease of approximately **6.07%**[38](index=38&type=chunk) [Gross Profit (Management Discussion and Analysis)](index=17&type=section&id=%E6%AF%9B%E5%88%A9%20(%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90)) Gross profit for H1 2025 decreased, but overall gross margin improved, driven by the Oil & Gas segment's enhanced margin Gross Profit Analysis by Business Segment (For the six months ended June 30) | Product/Service | H1 2025 Gross Profit (RMB'000) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (RMB'000) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Equipment engineering and integrated services for the oil and gas industry | 148,396 | 46% | 363,510 | 28% | | Equipment engineering and integrated services for the new energy and refining industry | (16,387) | (15%) | 4,428 | 199% | | Others | 0 | 0% | (437) | (146%) | | **Total** | **132,009** | **30.82%** | **367,501** | **28.62%** | - During the reporting period, the Group's total gross profit was approximately **RMB 132,009,000**, a decrease of approximately **RMB 235,492,000** or **64.08%** from the prior year period[39](index=39&type=chunk) - The overall gross margin increased from **28.62%** in the prior year period to **30.82%**[39](index=39&type=chunk) [Other Income (Management Discussion and Analysis)](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%20(%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90)) Other income for H1 2025 was primarily derived from interest income and government subsidies - The Group's other income for H1 2025 was approximately **RMB 6,599,000**, mainly comprising interest income and government grant income[40](index=40&type=chunk) [Administrative and Other Operating Expenses](index=17&type=section&id=%E8%A1%8C%E6%94%BF%E5%8F%8A%E5%85%B6%E4%BB%96%E7%87%9F%E6%A5%AD%E9%96%8B%E6%94%AF) Total administrative and other operating expenses significantly decreased due to reduced staff remuneration and no share-based expenses - Total administrative and other operating expenses decreased by approximately **59.40%** or **RMB 99,686,000** to approximately **RMB 68,135,000** compared to the prior year period[41](index=41&type=chunk) - Administrative expenses decreased by **RMB 69,676,000** compared to the prior year period, mainly due to a significant reduction in accrued staff remuneration and the absence of share-based expenses in the current period[41](index=41&type=chunk) [Finance Costs (Management Discussion and Analysis)](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8%20(%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90)) Finance costs for H1 2025 were primarily composed of bank interest expenses and handling fees - During the reporting period, the Group's finance costs were approximately **RMB 2,803,000**, primarily comprising bank interest expenses of approximately **RMB 1,444,000** and other fees such as bank handling charges of approximately **RMB 1,359,000**[42](index=42&type=chunk) [Profit for the Period Attributable to Owners of the Company](index=18&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period attributable to owners of the company for H1 2025 was **RMB 56.05 million**, with corresponding basic and diluted EPS - For H1 2025, the profit attributable to owners of the company was approximately **RMB 56,049,000**[43](index=43&type=chunk) - Basic and diluted earnings per share attributable to owners of the company were **RMB 2.629 cents** and **RMB 2.598 cents**, respectively[43](index=43&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, cash and bank balances increased, with positive operating cash flow and significantly higher available bank credit Liquidity and Cash Flow (RMB'000) | Item | June 30, 2025/H1 | Dec 31, 2024/H1 | | :--- | :--- | :--- | | Bank balances and cash | 967,372 | 785,161 | | Net cash inflow from operating activities | 133,683 | N/A (period-end data) | | Net cash outflow from investing activities | 16,866 | N/A (period-end data) | | Net cash inflow from financing activities | 69,078 | N/A (period-end data) | - As of June 30, 2025, the Group had available bank credit facilities of approximately **RMB 828,910,000** (December 31, 2024: **RMB 200,000,000**)[44](index=44&type=chunk) - As of June 30, 2025, the Group had bank guarantees under performance bonds for construction contracts of approximately **RMB 291,031,000** (December 31, 2024: **RMB 270,100,000**)[44](index=44&type=chunk) [Capital Structure](index=18&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, share capital remained unchanged, net assets increased, and net current assets significantly improved - As of June 30, 2025, the company's share capital comprised **2,131,598,389 ordinary shares** (December 31, 2024: **2,131,598,389 ordinary shares**)[45](index=45&type=chunk) - As of June 30, 2025, the Group's net assets were approximately **RMB 2,227,641,000** (December 31, 2024: **RMB 2,175,401,000**)[45](index=45&type=chunk) - Net current assets were approximately **RMB 1,061,726,000** (December 31, 2024: **RMB 903,423,000**), and non-current liabilities were approximately **RMB 214,214,000** (December 31, 2024: **RMB 92,921,000**)[45](index=45&type=chunk) [Significant Investments](index=18&type=section&id=%E9%87%8D%E8%A6%81%E6%8A%95%E8%B3%87) The Group completed Penglai site renovation and commenced Zhuhai wharf construction, with an estimated investment exceeding **RMB 200 million** - The renovation of the Group's Penglai site's west plant area has been completed, and the facilities at the Penglai site have been further improved based on market conditions and future development plans[46](index=46&type=chunk) - The Group has also commenced construction of the second phase wharf project at the Zhuhai site, with an estimated total investment exceeding **RMB 200 million**, and the project is expected to be completed in H1 2026[46](index=46&type=chunk) [Foreign Exchange Risk](index=18&type=section&id=%E5%A4%96%E5%BD%99%E9%A2%A8%E9%9A%AA) The Group manages exchange rate risks from RMB against USD and EUR by reducing foreign currency assets and using forward contracts - The Group is exposed to exchange rate risk arising from fluctuations of RMB against other currencies such as USD and EUR[48](index=48&type=chunk) - The Group will endeavor to minimize the amount of assets denominated in USD, EUR, and other currencies, make rolling forecasts of exchange rates, and consider potential exchange rate risks in business contracts[48](index=48&type=chunk) [Pledge of the Group's Assets](index=18&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had bank deposits pledged as security for bank loans and guarantees - As of June 30, 2025, the Group had bank deposits of approximately **RMB 68,136,000** (December 31, 2024: **RMB 64,618,000**) pledged as security for bank loans, issuance of guarantees, letters of credit, and bank acceptance bills[49](index=49&type=chunk) [Contingent Liabilities (Management Discussion and Analysis)](index=19&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%20(%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90)) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[50](index=50&type=chunk) [Capital Management](index=19&type=section&id=%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) The Group aims to maximize shareholder returns by optimizing its capital gearing ratio, which increased in H1 2025 due to higher bank loans - The Group's primary objectives in capital management are to safeguard its ability to continue as a going concern and to maximize returns to shareholders by optimizing the capital gearing ratio[51](index=51&type=chunk) Capital Gearing Ratio | Item | June 30, 2025 (RMB'000) | Dec 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Loans | 159,736 | 86,458 | | Lease liabilities | 17,441 | 20,486 | | Total equity | 2,227,641 | 2,175,401 | | Capital gearing ratio | 7.95% | 4.92% | - The increase in the capital gearing ratio during the reporting period was primarily due to an increase in bank loans[52](index=52&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=%E5%83%B1%E5%93%A1%E8%B3%87%E6%96%99%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group's workforce decreased, with remuneration based on position, responsibilities, performance, and training - As of June 30, 2025, the Group had a total of **1,936 employees** (December 31, 2024: **2,181 employees**), comprising **841 management and technical personnel** and **1,095 skilled workers**[53](index=53&type=chunk) - The Group determines employee remuneration and bonuses based on industry standards, job position, responsibilities, and performance, and contributes to social insurance and housing provident funds for employees[53](index=53&type=chunk) - The Group values employee development, encourages continuous learning, and provides on-the-job training[54](index=54&type=chunk) [Outlook](index=20&type=section&id=2.%20%E5%B1%95%E6%9C%9B) The Group will focus on new energy equipment, enhance EPC capabilities, expand capacity via Zhuhai wharf construction, and manage political risks - The Group will actively promote market business for construction projects, including new energy equipment, explore various cooperation models, and secure more new orders[55](index=55&type=chunk) - The Group will further enhance its technical capabilities, introduce high-end professional talents, improve software and hardware facilities and management systems, boost EPC business capabilities, and continue to promote and develop FPSO module and small-to-medium oil and gas platform EPC businesses[55](index=55&type=chunk) - Within the year, the Group will prioritize the construction of the new wharf at the Zhuhai site and other corresponding facility upgrades to improve production efficiency and expand capacity[55](index=55&type=chunk) [Directors' Report and Corporate Governance](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AE%A1%E6%B2%BB) This section details the interim dividend, directors' rights, securities transactions, and corporate governance adherence [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board recommends an interim dividend of **HKD 0.015 per share** for H1 2025, payable on October 17, 2025 - The Board recommends an interim dividend of **HKD 0.015 per share** for the six months ended June 30, 2025[56](index=56&type=chunk) - The proposed interim dividend will be paid on Friday, October 17, 2025, to shareholders whose names appear on the company's register of members on Friday, September 26, 2025[56](index=56&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%BC%E8%B2%B7%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E5%88%B8%E7%9A%84%E6%AC%8A%E5%88%A9) Except for share options and awards, no directors or chief executives held other rights to subscribe for company shares or debentures - Save for share options granted to directors in prior years under the company's share option scheme and share awards granted under the company's share award scheme, no directors or chief executives had or were granted or exercised any other rights to subscribe for shares of the company, any of its specific businesses, or their associated corporations during the period[57](index=57&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed listed securities, and no treasury shares were held - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[58](index=58&type=chunk) - As of June 30, 2025, the company held no treasury shares[58](index=58&type=chunk) [Corporate Governance](index=21&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company generally complied with the HKEX Corporate Governance Code, with a minor deviation for efficiency in financial reporting - The company has adopted the Corporate Governance Code as set out in Appendix C1 to the Listing Rules of the Stock Exchange and is committed to maintaining high standards of corporate governance mechanisms[59](index=59&type=chunk) - For the period ended June 30, 2025, the company has complied with the Corporate Governance Code, except for a deviation from Code Provision D.1.2 (management should provide monthly updates to board members)[60](index=60&type=chunk) - The company submits monthly internal financial statements to Mr. Tang Hui (who is responsible for monitoring the company's financial position) rather than to all Board members, a deviation aimed at enhancing the company's efficiency[60](index=60&type=chunk) [Directors' Securities Transactions](index=21&type=section&id=%E8%91%A3%E4%BA%8B%E7%9A%84%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The company's directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers - The company's Board of Directors has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules of the Stock Exchange as the code for directors' securities transactions[61](index=61&type=chunk) - The company confirms that all directors complied with the required standards set out in the Model Code during the reporting period[62](index=62&type=chunk) [Audit Committee](index=22&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the unaudited interim financial information, deeming it compliant with accounting and disclosure requirements - The company has established an Audit Committee in accordance with Rule 3.21 of the Listing Rules, comprising four independent non-executive directors[63](index=63&type=chunk) - The Audit Committee's primary responsibilities include reviewing the company's financial information, overseeing the Group's financial reporting system, risk management, and internal control systems[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025, and is of the opinion that such information complies with applicable accounting standards, Listing Rules, and legal requirements, and has made appropriate disclosures[63](index=63&type=chunk)

[Company Overview and Highlights](index=1&type=section&id=I.%20Company%20Overview%20and%20Highlights) This section provides an overview of the company's interim results, highlighting key financial performance and the characteristics of the GEM market [Report Statement and GEM Characteristics](index=1&type=section&id=1.1%20Report%20Statement%20and%20GEM%20Characteristics) This report presents the interim results for the six months ended June 30, 2025, noting GEM's high investment risks for SMEs and the directors' full responsibility for content accuracy - The GEM market is positioned for small and medium-sized enterprises, entailing **higher investment risks** and **market volatility**[2](index=2&type=chunk) - The Stock Exchange disclaims responsibility for the announcement's content, with the company's directors assuming full responsibility for its **accuracy and completeness**[2](index=2&type=chunk) [Financial Highlights](index=2&type=section&id=1.2%20Financial%20Highlights) During the review period, the company reported revenue of approximately **HK$32,469 thousand**, a net profit after tax of approximately **HK$3,662 thousand**, with no dividends declared for the period Key Financial Metrics | Indicator | Amount (HK$'000) | | :--- | :--- | | Revenue | 32,469 | | Net Profit After Tax | 3,662 | | Dividends Declared | None | [Financial Performance and Analysis](index=6&type=section&id=II.%20Financial%20Performance%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, including consolidated statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported revenue of **HK$32,469 thousand**, gross profit of **HK$9,208 thousand**, profit for the period of **HK$3,662 thousand**, and profit attributable to owners of the parent of **HK$3,948 thousand**, with basic and diluted earnings per share of **HK$0.09 cents**, showing significant growth from the prior year Condensed Consolidated Statement of Profit or Loss (HK$'000) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 32,469 | 31,472 | +3.17% | | Cost of Sales | (23,261) | (22,773) | +2.14% | | Gross Profit | 9,208 | 8,699 | +5.85% | | Other Income and Gains | 11,143 | 4,730 | +135.58% | | Selling and Distribution Expenses | (4,579) | (5,048) | -9.29% | | Administrative Expenses | (17,446) | (16,235) | +7.46% | | Net Reversal of Impairment Loss on Contract Assets | 8,634 | 6,065 | +42.36% | | Finance Costs | (1,531) | (1,817) | -15.74% | | Profit (Loss) Before Tax | 3,835 | (2,803) | Turned from loss to profit | | Profit for the Period | 3,662 | 159 | +2203.14% | | Profit Attributable to Owners of the Parent | 3,948 | 176 | +2143.18% | | Basic and Diluted Earnings Per Share (HK cents) | 0.09 | 0.003 | +2900% | [Condensed Consolidated Statement of Comprehensive Income](index=7&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income for the period was **HK$7,543 thousand**, a significant improvement from the prior year's loss of **HK$1,787 thousand**, primarily driven by positive exchange differences and share of other comprehensive income from associates Condensed Consolidated Statement of Comprehensive Income (HK$'000) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 3,662 | 159 | +2203.14% | | Exchange Differences Arising from Translation of Overseas Operations | 993 | (1,451) | Turned from negative to positive | | Share of Other Comprehensive Income (Loss) of Associates | 3,110 | (157) | Turned from negative to positive | | Total Comprehensive Income (Loss) for the Period | 7,543 | (1,787) | Turned from loss to profit | [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were **HK$834,237 thousand**, total liabilities were **HK$541,422 thousand**, and net assets were **HK$292,816 thousand**, showing an improvement in net current liabilities and an increase in net assets compared to December 31, 2024 Condensed Consolidated Statement of Financial Position (HK$'000) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 393,950 | 398,982 | -1.26% | | Total Current Assets | 440,285 | 457,820 | -3.83% | | Total Current Liabilities | 446,199 | 467,988 | -4.66% | | Net Current (Liabilities) | (5,914) | (10,168) | Improved by 41.83% | | Net Assets | 292,816 | 284,100 | +3.07% | | Total Equity | 292,816 | 284,100 | +3.07% | [Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=2.4%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the company's total equity increased from **HK$284,100 thousand** to **HK$292,816 thousand**, primarily due to profit for the period, an increase in exchange fluctuation reserve, and the impact of treasury share sales and repurchases Condensed Consolidated Statement of Changes in Equity (HK$'000) | Indicator | January 1, 2025 (HK$'000) | June 30, 2025 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Parent | 266,042 | 274,775 | +3.28% | | Non-Controlling Interests | 18,058 | 18,042 | -0.09% | | Total Equity | 284,100 | 292,816 | +3.07% | - Profit for the period was **HK$3,948 thousand**, exchange fluctuation reserve increased by **HK$3,611 thousand**, sale of treasury shares contributed **HK$1,345 thousand**, and share repurchases reduced equity by **HK$171 thousand**[25](index=25&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=2.5%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company experienced a net cash outflow from operating activities of **HK$9,190 thousand**, a net cash inflow from investing activities of **HK$2,212 thousand**, and a net cash inflow from financing activities of **HK$1,175 thousand**, resulting in cash and cash equivalents of **HK$46,353 thousand** at period-end, a decrease from the beginning of the period Condensed Consolidated Statement of Cash Flows (HK$'000) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Net Cash from (Used in) Operating Activities | (9,190) | (14,331) | Improved by 35.88% | | Net Cash from Investing Activities | 2,212 | 937 | +136.07% | | Net Cash from (Used in) Financing Activities | 1,175 | – | Turned from negative to positive | | Net Increase (Decrease) in Cash and Cash Equivalents | (5,803) | (13,394) | Improved by 56.67% | | Cash and Cash Equivalents at End of Period | 46,353 | 53,110 | -12.72% | [Financial Review](index=2&type=section&id=2.6%20Financial%20Review) This section outlines the company's financial performance for the six months ended June 30, 2025, showing a slight revenue increase, significant profit growth driven by improved gross margin, increased other income, and contributions from associates, alongside reduced selling expenses and higher administrative costs - Revenue slightly increased by **3.17%** year-on-year, reaching **HK$32,469 thousand**[7](index=7&type=chunk) - Profit for the period significantly grew to **HK$3,662 thousand** from **HK$159 thousand** in the prior year, primarily driven by an increase in gross margin, other income, and share of profits from associates/joint ventures[8](index=8&type=chunk) - Other income and gains surged by **135.58%** to **HK$11,143 thousand**, mainly due to the recognition of **HK$6,510 thousand** in government subsidies[8](index=8&type=chunk) - Selling and distribution expenses decreased year-on-year, while administrative expenses rose by **7.46%** due to increased legal service fees[8](index=8&type=chunk) [Revenue and Gross Profit](index=16&type=section&id=2.6.1%20Revenue%20and%20Gross%20Profit) For the six months ended June 30, 2025, the company's total revenue was **HK$32,469 thousand**, comprising **HK$29,687 thousand** from contracts with customers and **HK$2,782 thousand** from rental income, with shallow geothermal energy business contributing the majority of contract revenue from construction services in mainland China Revenue by Source (HK$'000) | Revenue Source | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Contract Revenue with Customers | 29,687 | 31,252 | -5.01% | | Rental Income | 2,782 | 220 | +1164.55% | | **Total Revenue** | **32,469** | **31,472** | **+3.17%** | Contract Revenue by Type (2025) (HK$'000) | Contract Revenue Type (2025) | Shallow Geothermal Energy (HK$'000) | Air Source/Shallow Geothermal Heat Pumps (HK$'000) | Total (HK$'000) | | :--- | :--- | :--- | :--- | | Sale of Industrial Products | – | 101 | 101 | | Construction Services | 29,586 | – | 29,586 | | **Total Contract Revenue** | **29,586** | **101** | **29,687** | - The shallow geothermal energy segment contributed **HK$29,586 thousand** in construction service revenue, primarily from mainland China, with revenue recognized over time as services are transferred[36](index=36&type=chunk) [Other Income and Gains](index=18&type=section&id=2.6.2%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total other income and gains significantly increased to **HK$11,143 thousand** from **HK$4,730 thousand** in the prior year, primarily driven by **HK$6,519 thousand** in subsidy income and **HK$2,283 thousand** in dividend income Other Income and Gains (HK$'000) | Other Income Type | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Interest Income | 1,570 | 1,749 | -10.35% | | Dividend Income from Equity Investments | 2,283 | 1,221 | +87.00% | | Subsidy Income | 6,519 | – | New | | Others | 771 | 1,695 | -54.51% | | **Total Other Income** | **11,143** | **4,730** | **+135.58%** | [Selling and Administrative Expenses](index=3&type=section&id=2.6.3%20Selling%20and%20Administrative%20Expenses) For the six months ended June 30, 2025, selling and distribution expenses decreased year-on-year due to enhanced cost control, while administrative expenses increased by **7.46%** primarily due to higher legal service fees - Selling and distribution expenses decreased from **HK$5,048 thousand** to **HK$4,579 thousand**, mainly due to enhanced cost control[8](index=8&type=chunk) - Administrative expenses increased from **HK$16,235 thousand** to **HK$17,446 thousand**, a rise of **HK$1,211 thousand** or **7.46%**, primarily due to increased legal service fees[8](index=8&type=chunk) [Finance Costs](index=19&type=section&id=2.6.4%20Finance%20Costs) For the six months ended June 30, 2025, finance costs amounted to **HK$1,408 thousand**, primarily consisting of interest on lease liabilities, representing a decrease from the prior year Finance Costs (HK$'000) | Finance Cost Type | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | – | 392 | -100% | | Interest on Lease Liabilities | 1,408 | 1,425 | -1.19% | | **Total Finance Costs** | **1,408** | **1,817** | **-22.40%** | [Income Tax Expense](index=19&type=section&id=2.6.5%20Income%20Tax%20Expense) The Group is exempt from income tax in the Cayman Islands and BVI, and has no assessable profits for Hong Kong profits tax, while mainland China subsidiaries are subject to a **25%** corporate income tax rate, with some high-tech enterprises enjoying a **15%** preferential rate, resulting in an income tax expense of **HK$173 thousand** for the period, compared to a negative value in the prior year due to over-provision - The Cayman Islands, British Virgin Islands, and Hong Kong are exempt from income tax[42](index=42&type=chunk)[43](index=43&type=chunk) - Mainland China subsidiaries are subject to a **25%** corporate income tax rate, with high-tech enterprises enjoying a **15%** preferential tax rate[43](index=43&type=chunk)[44](index=44&type=chunk) Income Tax Expense (HK$'000) | Income Tax Expense | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Current – Mainland China | 173 | 53 | +226.42% | | Over-provision in Prior Years | – | (3,015) | Turned from negative to zero | | **Total Tax Charged for the Period** | **173** | **(2,962)** | **Turned from negative to positive** | [Profit for the Period and Earnings Per Share](index=20&type=section&id=2.6.6%20Profit%20for%20the%20Period%20and%20Earnings%20Per%20Share) For the six months ended June 30, 2025, profit for the period was **HK$3,662 thousand**, profit attributable to ordinary equity holders of the parent was **HK$3,948 thousand**, and basic and diluted earnings per share were **HK$0.09 cents**, representing a significant improvement from the prior year, with no dividends declared for the period Profit and Earnings Per Share (HK$'000) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Profit (Loss) Attributable to Ordinary Equity Holders of the Parent | 3,948 | 176 | +2143.18% | | Basic and Diluted Earnings Per Share (HK cents) | 0.09 | 0.003 | +2900% | - No dividends were declared for the period[47](index=47&type=chunk) [Operating Segments and Business Development](index=12&type=section&id=III.%20Operating%20Segments%20and%20Business%20Development) This section details the company's principal activities and operating segments, including shallow geothermal energy, air source/shallow geothermal heat pumps, property investment, and securities trading, along with a review of business strategies and future outlook [Company Information and Principal Activities](index=12&type=section&id=3.1%20Company%20Information%20and%20Principal%20Activities) China Everbright Greentech Group Limited is incorporated in the Cayman Islands, listed on the Hong Kong Stock Exchange GEM, with principal activities including providing, installing, and maintaining shallow geothermal energy utilization systems, selling air source/shallow geothermal heat pump products, property investment, and securities trading - The company is incorporated in the Cayman Islands, with shares listed on the GEM of the Hong Kong Stock Exchange[27](index=27&type=chunk) - Principal activities include shallow geothermal energy systems, air source/shallow geothermal heat pump product sales, property investment, and securities trading[29](index=29&type=chunk) [Operating Segment Information](index=13&type=section&id=3.2%20Operating%20Segment%20Information) The company is organized into four operating segments: shallow geothermal energy, air source/shallow geothermal heat pumps, property investment and development, and securities investment and trading, with management monitoring segment performance for resource allocation and evaluation - The company is divided into four operating segments: shallow geothermal energy, air source/shallow geothermal heat pumps, property investment and development, and securities investment and trading[32](index=32&type=chunk) - Segment results are assessed based on adjusted profit/loss before tax, excluding profit/loss from associates/joint ventures, interest income, certain other income, administrative costs, and non-lease finance costs[30](index=30&type=chunk) [Segment Revenue and Results](index=14&type=section&id=3.2.1%20Segment%20Revenue%20and%20Results) For the six months ended June 30, 2025, the shallow geothermal energy segment contributed the majority of external revenue and segment results, while the property investment and development segment showed significant revenue growth, and the securities investment and trading segment generated no revenue Segment Revenue and Results (HK$'000) | Segment | 2025 Revenue (HK$'000) | 2024 Revenue (HK$'000) | 2025 Results (HK$'000) | 2024 Results (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Shallow Geothermal Energy | 29,586 | 30,617 | 10,059 | 9,185 | | Air Source/Shallow Geothermal Heat Pumps | 101 | 635 | 18 | 635 | | Property Investment and Development | 2,782 | 220 | 1,254 | 220 | | Securities Investment and Trading | – | – | – | – | | **Total (External Sales)** | **32,469** | **31,472** | **11,331** | **9,500** | - Shallow geothermal energy segment revenue slightly decreased, but segment results improved, while property investment and development segment revenue and results both significantly increased[33](index=33&type=chunk) [Segment Assets and Liabilities](index=15&type=section&id=3.2.2%20Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the shallow geothermal energy segment and property investment and development segment constituted the primary components of assets and liabilities, with both total segment assets and liabilities decreasing compared to June 30, 2024 Segment Assets and Liabilities (HK$'000) | Segment | June 30, 2025 Assets (HK$'000) | June 30, 2024 Assets (HK$'000) | June 30, 2025 Liabilities (HK$'000) | June 30, 2024 Liabilities (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Shallow Geothermal Energy | 268,356 | 569,572 | 275,206 | 587,798 | | Air Source/Shallow Geothermal Heat Pumps | 6 | 7,955 | – | 23,107 | | Property Investment and Development | 487,891 | 485,484 | 87,253 | 331,659 | | Securities Investment and Trading | 60,426 | 314,484 | 8,990 | 9,870 | | **Total Segment Assets** | **816,679** | **1,377,496** | **371,449** | **952,434** | - Shallow geothermal energy segment assets and liabilities significantly decreased, and securities investment and trading segment assets also notably declined[34](index=34&type=chunk) [Contract Status](index=3&type=section&id=3.3%20Contract%20Status) As of June 30, 2025, the Group's value of contracts on hand was approximately **HK$80,000 thousand**, a significant increase from the prior year Value of Contracts on Hand (HK$'000) | Indicator | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Value of Contracts on Hand | 80,000 | 50,000 | +60% | [Business Review and Outlook](index=4&type=section&id=3.4%20Business%20Review%20and%20Outlook) During the review period, the Group improved gross margin through cost control and optimized design, actively promoting an exclusive agency system for geothermal heat pump projects, focusing on core business, strengthening project and financial management, and benefiting from national policy support for renewable energy - The Group achieved an increase in gross margin by rigorously controlling costs and optimizing design[17](index=17&type=chunk) - An exclusive agency system for high-efficiency clean heating projects using geothermal heat pumps was implemented to expand market reach[18](index=18&type=chunk) - The Group focused on its core business, strengthened project management and independent accounting systems, and enhanced financial management to mitigate risks[18](index=18&type=chunk) - National policies, such as the "Guiding Opinions on Vigorously Implementing Renewable Energy Substitution Actions," provide favorable support for the Group's promotion of shallow geothermal energy[18](index=18&type=chunk) - The Board of Directors led the Group to achieve a "U-shaped reversal," promoting the high-quality development of the emerging industry of geothermal heat pump clean heating and cooling integration in northern winters[19](index=19&type=chunk) [Financial Position and Management](index=3&type=section&id=IV.%20Financial%20Position%20and%20Management) This section covers the company's liquidity, capital structure, gearing ratio, asset pledges, contingent liabilities, material acquisitions and disposals, financial policies, and trade receivables and payables [Liquidity, Capital Structure, and Gearing Ratio](index=3&type=section&id=4.1%20Liquidity%2C%20Capital%20Structure%2C%20and%20Gearing%20Ratio) As of June 30, 2025, the Group's net current liabilities improved to approximately **HK$5,914 thousand** from **HK$10,168 thousand** on December 31, 2024, with cash and cash equivalents of **HK$46,353 thousand** and a gearing ratio decreasing to **46%** from **49%** Liquidity, Capital Structure, and Gearing Ratio (HK$'000) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 5,914 | 10,168 | Improved by 41.83% | | Cash and Cash Equivalents | 46,353 | 52,586 | -11.95% | | Gearing Ratio | 46% | 49% | Decreased by 3 percentage points | [Pledge of Assets and Contingent Liabilities](index=4&type=section&id=4.2%20Pledge%20of%20Assets%20and%20Contingent%20Liabilities) As of June 30, 2025, the Group had no pledge of assets or significant contingent liabilities - As of June 30, 2025, the Group had no pledge of assets[12](index=12&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities[15](index=15&type=chunk) [Material Acquisitions and Disposals](index=4&type=section&id=4.3%20Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group did not engage in any material acquisition or disposal activities - During the review period, the Group had no material acquisitions or disposals[13](index=13&type=chunk) [Financial Policy](index=4&type=section&id=4.4%20Financial%20Policy) The Group adopts a conservative treasury policy, holding all monetary funds in Hong Kong dollars or the local currency of its subsidiaries' operating locations to minimize foreign exchange risk - A conservative treasury policy is adopted, holding funds in HKD or local currencies to minimize foreign exchange risk[14](index=14&type=chunk) [Trade and Other Receivables and Payables](index=21&type=section&id=4.5%20Trade%20and%20Other%20Receivables%20and%20Payables) This section details the aging analysis of trade receivables and payables, noting the company's strict monitoring of outstanding receivables with no significant credit risk concentration, and trade payables and bills payable generally settled within six months - The company primarily conducts transactions with customers on credit, typically with a three-month credit period, and strictly monitors outstanding receivables[51](index=51&type=chunk) - Trade receivables are non-interest bearing and have no significant concentration of credit risk[51](index=51&type=chunk) - Trade payables and bills payable are interest-free and generally settled within six months[53](index=53&type=chunk) [Trade Receivables](index=21&type=section&id=4.5.1%20Trade%20Receivables) As of June 30, 2025, net trade receivables amounted to **HK$3,174 thousand**, a decrease from **HK$4,811 thousand** on December 31, 2024, with the highest proportion of receivables aged within 90 days Trade Receivables (HK$'000) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Net Trade Receivables | 3,174 | 4,811 | -34.02% | Trade Receivables Aging Analysis (HK$'000) | Aging | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Within 90 days | 2,433 | 3,997 | | 91 to 180 days | 89 | 116 | | 181 to 365 days | 297 | 282 | | Over 365 days | 355 | 416 | | **Total** | **3,174** | **4,811** | [Trade Payables and Bills Payable](index=22&type=section&id=4.5.2%20Trade%20Payables%20and%20Bills%20Payable) As of June 30, 2025, total trade payables and bills payable amounted to **HK$119,596 thousand**, a decrease from **HK$139,369 thousand** on December 31, 2024, with the largest proportion of payables aged over 365 days Trade Payables and Bills Payable (HK$'000) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Trade Payables and Bills Payable | 119,596 | 139,369 | -14.20% | Trade Payables and Bills Payable Aging Analysis (HK$'000) | Aging | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Within 90 days | 15,271 | 22,968 | | 91 to 180 days | 13,587 | 13,867 | | 181 to 365 days | 11,884 | 17,048 | | Over 365 days | 78,854 | 85,486 | | **Total** | **119,596** | **139,369** | [Share Capital and Capital Commitments](index=22&type=section&id=4.6%20Share%20Capital%20and%20Capital%20Commitments) As of June 30, 2025, the company's issued and fully paid ordinary share capital remained at **HK$353,043 thousand**, consistent with December 31, 2024, with no significant capital commitments at the end of the reporting period Share Capital (HK$'000) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Share Capital | 353,043 | 353,043 | - At the end of the reporting period, the Group had no significant capital commitments[55](index=55&type=chunk) [Shareholders and Corporate Governance](index=24&type=section&id=V.%20Shareholders%20and%20Corporate%20Governance) This section details the interests of directors, chief executives, and substantial shareholders, outlines share schemes, directors' securities transactions, corporate governance code compliance, audit committee activities, and updates on directors' information, as well as share repurchases and sales of treasury shares [Directors' and Chief Executive's Interests](index=24&type=section&id=5.1%20Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, several directors and the chief executive held long positions in the company's shares, with Mr. Xu Shengheng and his spouse holding **15.99%**, Ms. Liu Ening holding **5.59%**, and Mr. Zhang Yiying and his controlled corporations holding **5.65%**, while Mr. Wu Qiang resigned as an independent non-executive director on March 28, 2025 Directors' and Chief Executive's Interests in Shares | Name | Number of Shares Held | % of Voting Shares | | :--- | :--- | :--- | | Mr. Xu Shengheng (Beneficial Owner + Spouse's Interest) | 723,153,400 | 15.99% | | Ms. Liu Ening (Beneficial Owner) | 253,000,000 | 5.59% | | Mr. Zhang Yiying (Beneficial Owner + Controlled Corporation's Interest) | 255,504,000 | 5.65% | | Mr. Wu Qiang (Beneficial Owner) | 5,000,000 | 0.11% | | Mr. Guan Chenghua (Beneficial Owner) | 5,000,000 | 0.11% | | Mr. Yang Mingzhong (Beneficial Owner) | 1,760,000 | 0.04% | - Mr. Wu Qiang resigned as an independent non-executive director on **March 28, 2025**[61](index=61&type=chunk) - Other directors, Mr. Liao Yuan, Mr. Dai Qi, Mr. Zhang Honghai, and Mr. Guo Guanglei, held no interests in the company's shares at period-end[62](index=62&type=chunk) [Substantial Shareholders' and Other Persons' Interests](index=25&type=section&id=5.2%20Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests) As of June 30, 2025, China Everbright Greentech (Hong Kong) Investment Co., Ltd. and its parent, China Everbright Greentech Group Co., Ltd., were the largest substantial shareholders, holding **26.30%** of the company's shares, with Ms. Lu Haiwen, Mr. Wang Zhiyu, and Ms. Wang Xinmeng holding shares through spouse's interests Substantial Shareholders' and Other Persons' Interests in Shares | Name | Number of Shares Held | % of Voting Shares | | :--- | :--- | :--- | | China Everbright Greentech (Hong Kong) Investment Co., Ltd. | 1,190,000,000 | 26.30% | | China Everbright Greentech Group Co., Ltd. | 1,190,000,000 | 26.30% | | Ms. Lu Haiwen (Spouse's Interest) | 723,153,400 | 15.99% | | Mr. Wang Zhiyu (Spouse's Interest) | 253,000,000 | 5.59% | | Ms. Wang Xinmeng (Spouse's Interest) | 255,504,000 | 5.65% | | Universal Zone Limited | 250,000,000 | 5.53% | - The company is not aware of any substantial shareholders or other persons holding long or short positions in equity derivatives such as share options, warrants, or convertible bonds[66](index=66&type=chunk)[67](index=67&type=chunk) [Share Schemes](index=26&type=section&id=5.3%20Share%20Schemes) The company adopted an Option Scheme and a Share Award Scheme on September 6, 2024, both valid for ten years, with no options or awarded shares granted under these schemes as of June 30, 2025, and a total of **452,692,516 shares** available for grant under each scheme - The 2024 Option Scheme and Share Award Scheme were adopted on **September 6, 2024**, with a ten-year validity period[68](index=68&type=chunk) - As of June 30, 2025, no options or awarded shares have been granted under these schemes[70](index=70&type=chunk) - The total number of shares available for grant under each scheme is **452,692,516 shares**[70](index=70&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=5.4%20Directors%27%20Securities%20Transactions) The company has not adopted a code for directors' securities transactions, but inquiries confirmed that no directors failed to comply with the GEM Listing Rules' dealing restrictions and code of conduct for directors' securities transactions during the review period - The company has not adopted a code for directors' securities transactions, but directors complied with the GEM Listing Rules' dealing restrictions during the review period[74](index=74&type=chunk) [Corporate Governance Code](index=28&type=section&id=5.5%20Corporate%20Governance%20Code) During the review period, the company complied with all code provisions of Appendix C1 to the GEM Listing Rules' Corporate Governance Code, except for Mr. Liao Yuan, a non-executive director, who did not attend the Annual General Meeting due to other commitments - The company complied with the Corporate Governance Code, except for non-executive director Mr. Liao Yuan's absence from the Annual General Meeting[75](index=75&type=chunk) [Audit Committee](index=27&type=section&id=5.6%20Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and overseeing the Group's financial reporting, risk management, and internal control systems; Mr. Guo Guanglei was appointed to the committee following Mr. Wu Qiang's resignation, and the committee has reviewed these interim results - The Audit Committee comprises three independent non-executive directors, responsible for financial reporting, risk management, and internal controls[73](index=73&type=chunk) - Following Mr. Wu Qiang's resignation, Mr. Guo Guanglei was appointed as an independent non-executive director and joined the Audit Committee[73](index=73&type=chunk) [Update on Directors' Information](index=28&type=section&id=5.7%20Update%20on%20Directors%27%20Information) Mr. Wu Qiang resigned as an independent non-executive director and from several committee positions on March 28, 2025, and Mr. Guo Guanglei was appointed to succeed him on the same date - Mr. Wu Qiang resigned as an independent non-executive director and from related committee positions on **March 28, 2025**[78](index=78&type=chunk) - Mr. Guo Guanglei was appointed as an independent non-executive director and chairman of related committees on **March 28, 2025**[78](index=78&type=chunk) [Repurchase, Redemption or Sale of the Company's Listed Securities](index=28&type=section&id=5.8%20Repurchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) During the review period, the company repurchased a total of **4,080,000 shares** under the 2024 and 2025 repurchase mandates for a total consideration of **HK$170,864**, with an additional **6,112,000 shares** repurchased post-period, and **22,416,000 treasury shares** sold to an independent third party on April 17, 2025, with proceeds used for general working capital - Directors were granted a 2025 repurchase mandate to repurchase up to **10%** of the total issued shares[79](index=79&type=chunk) - For the six months ended June 30, 2025, the company repurchased a total of **4,080,000 shares** for a total consideration of **HK$170,864**[80](index=80&type=chunk) - Subsequent to June 30, 2025, and up to the announcement date, the company repurchased an additional **6,112,000 shares** for a total consideration of **HK$244,048**[80](index=80&type=chunk) - On April 17, 2025, the company sold **22,416,000 treasury shares** to an independent third party at a premium of approximately **53.85%** to the market price, with net proceeds used for general working capital[82](index=82&type=chunk) [Share Repurchases](index=29&type=section&id=5.8.1%20Share%20Repurchases) During the review period, the company repurchased a total of **4,080,000 shares** under the 2024 and 2025 repurchase mandates for a total consideration of **HK$170,864**, with an additional **6,112,000 shares** repurchased post-period, held as treasury shares to provide financial flexibility Share Repurchases (HKD) | Repurchase Period | Number of Shares Repurchased | Total Consideration (HKD) | | :--- | :--- | :--- | | January 2025 (2024 Mandate) | 1,064,000 | 47,704 | | May 2025 (2025 Mandate) | 1,744,000 | 73,352 | | June 2025 (2025 Mandate) | 1,272,000 | 49,808 | | **Total During Review Period** | **4,080,000** | **170,864** | | July 2025 (Post-Period) | 6,112,000 | 244,048 | - Repurchased shares are held as treasury shares to provide financial flexibility, potentially for resale or share schemes[81](index=81&type=chunk) [Sale of Treasury Shares](index=30&type=section&id=5.8.2%20Sale%20of%20Treasury%20Shares) On April 17, 2025, the company sold **22,416,000 treasury shares** to an independent third party, Mr. Long Yun, at **HK$0.06 per share**, representing a premium of approximately **53.85%** to the market price, with net proceeds of approximately **HK$300,651.01** allocated for general working capital - On April 17, 2025, **22,416,000 treasury shares** were sold at **HK$0.06 per share**, representing a premium of approximately **53.85%** to the market price[82](index=82&type=chunk) - Net proceeds from the sale, approximately **HK$300,651.01**, will be used for general working capital[82](index=82&type=chunk) Treasury Shares (Shares) | Indicator | January 1, 2025 (Shares) | June 30, 2025 (Shares) | Date of this Announcement (Shares) | | :--- | :--- | :--- | :--- | | Number of Treasury Shares | 21,352,000 | 3,016,000 | 9,128,000 | [Notes and Supplementary Information](index=12&type=section&id=VI.%20Notes%20and%20Supplementary%20Information) This section provides details on the basis of preparation and accounting policies, related party transactions, fair value of financial instruments, competition and conflicts of interest, amendments to the company's memorandum and articles of association, and the change of auditor's registered name [Basis of Preparation and Accounting Policies](index=12&type=section&id=6.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated interim financial statements are prepared in Hong Kong dollars in accordance with Chapter 18 of the GEM Listing Rules and HKAS 34, with accounting policies consistent with the 2024 annual financial statements, and newly adopted HKFRSs effective from January 1, 2025, having no significant impact on the current period's results - Financial statements are prepared in Hong Kong dollars in accordance with Chapter 18 of the GEM Listing Rules and HKAS 34[28](index=28&type=chunk) - Accounting policies are consistent with the prior year, and newly adopted Hong Kong Financial Reporting Standards have no significant impact on the current period's results[28](index=28&type=chunk) [Related Party Transactions](index=22&type=section&id=6.2%20Related%20Party%20Transactions) The Group engaged in rental expense transactions with related parties during the review period and disclosed the total remuneration paid to key management personnel Related Party Transactions (HK$'000) | Transaction Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Rental Expenses to Related Parties | 330 | 330 | Key Management Personnel Remuneration (HK$'000) | Remuneration Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Short-term Employee Benefits | 3,956 | 3,820 | | **Total Remuneration Paid to Key Management Personnel** | **3,956** | **3,820** | [Fair Value of Financial Instruments](index=23&type=section&id=6.3%20Fair%20Value%20of%20Financial%20Instruments) This section presents the carrying amounts and fair values of the Group's financial instruments, noting that the carrying amounts of trade receivables, equity investments designated at fair value through other comprehensive income, and financial assets at fair value through profit or loss are approximate to their fair values Financial Assets Carrying and Fair Values (HK$'000) | Financial Asset | June 30, 2025 Carrying Amount (HK$'000) | December 31, 2024 Carrying Amount (HK$'000) | | :--- | :--- | :--- | | Trade Receivables, Non-Current Portion | 46,921 | 55,332 | | Equity Investments Designated at Fair Value Through Other Comprehensive Income | 55,500 | 54,661 | | Financial Assets at Fair Value Through Profit or Loss | 4,461 | 4,895 | | **Total** | **106,882** | **114,888** | - The carrying amounts of financial instruments are reasonably approximate to their fair values[59](index=59&type=chunk) [Competition and Conflicts of Interest](index=27&type=section&id=6.4%20Competition%20and%20Conflicts%20of%20Interest) None of the company's directors, substantial shareholders, or their respective associates are engaged in any business that competes or may compete with the Group's business, nor do they have any other conflicts of interest with the Group - Directors, substantial shareholders, and their associates have no competing business or conflicts of interest with the Group[72](index=72&type=chunk) [Amendments to the Company's Memorandum and Articles of Association](index=30&type=section&id=6.5%20Amendments%20to%20the%20Company%27s%20Memorandum%20and%20Articles%20of%20Association) At the Annual General Meeting on May 22, 2025, a special resolution was passed to approve and adopt new Memorandum and Articles of Association, primarily granting the company the power to hold and deal with treasury shares and incorporating administrative amendments for clarity - The new Articles grant the company the power to hold and deal with treasury shares and include administrative amendments for enhanced clarity[84](index=84&type=chunk) [Change of Auditor's Registered Name](index=31&type=section&id=6.6%20Change%20of%20Auditor's%20Registered%20Name) Effective June 30, 2025, the company's auditor's registered name changed from "CL Partners CPA Limited" to "Rongcheng (Hong Kong) CPA Limited" - The auditor's name has changed to "Rongcheng (Hong Kong) CPA Limited"[85](index=85&type=chunk)

: 603993.SH | 03993.HK 2025- • 'S ~ ¢4- ‡%Þ8 « p…Þ"- ®! Ã6Æ9 ÍUª'$8+- ð¢»Õ 重要提示 無 六、 前瞻性陳述的風險聲明 除歷史事實陳述外，本報告涉及未來計劃、發展戰略等前瞻性陳述，受諸多可變因素的影響，未來的實 際結果或發展趨勢可能會與這些前瞻性陳述出現重大差異。本報告中的前瞻性陳述為本公司2025年8月 22日作出，本公司沒有義務或責任對該等前瞻性陳述進行更新，且不構成公司對投資者的實質承諾，投 資者及相關人士均應當對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 敬請投資者注意投資風險。 二零二五中期報告 1 一、 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 公司全體董事出席董事會會議，審計及風險委員會、監事會已審閱本公司截至2025年6月30日止6個月 的財務報表，認為該報表符合相關會計準則，而本公司已做出適當的相關披露。 三、 本半年度報告未經審計。 四、 公司負責人劉建鋒、主管會計工作負責人陳 ...

[Company Overview](index=1&type=section&id=I.%20Company%20Overview) [Overview of the Reporting Period](index=1&type=section&id=1.1%20Overview%20of%20the%20Reporting%20Period) Shanghai Huige Environmental Technology Group Co., Ltd. (the Group) faced severe challenges in H1 2025, with significant declines in both revenue and profit, and the Board does not recommend an interim dividend Performance Highlights | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 143.5 | 336.5 | -57.4% | | Profit | 6.1 | 82.1 | -92.6% | | Basic Earnings Per Share | 0.18 RMB | 2.75 RMB | -93.5% | - The Board does not recommend an interim dividend for the reporting period[3](index=3&type=chunk) [Company Background](index=13&type=section&id=1.2%20Company%20Background) The Group, established in China in 2017 and restructured in 2022, listed its H-shares on the Hong Kong Stock Exchange in January 2025, primarily providing marine environmental solutions and services - The company was established in China on May 31, 2017, and restructured into a joint-stock company on December 28, 2022[24](index=24&type=chunk) - The company's H-shares were listed on the Hong Kong Stock Exchange on January 9, 2025[24](index=24&type=chunk) - The Group is a supplier of marine desulfurization systems, marine energy-saving devices, marine clean energy supply systems, and marine services[25](index=25&type=chunk) [Operating Performance Analysis](index=2&type=section&id=II.%20Operating%20Performance%20Analysis) [Geographical Market Analysis](index=2&type=section&id=2.1%20Geographical%20Market%20Analysis) The Group's H1 2025 revenue from both mainland China and overseas significantly declined due to long order cycles, geopolitical tensions, tariff fluctuations, and tight shipyard schedules Revenue by Geographical Region | Geographical Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | Share of Total Revenue (2025) | Share of Total Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mainland China | 78,769 | 191,771 | -58.9% | 54.9% | 57.0% | | Overseas | 64,717 | 144,695 | -55.3% | 45.1% | 43.0% | | **Total** | **143,486** | **336,466** | **-57.4%** | **100.0%** | **100.0%** | - The decline in mainland China revenue is primarily due to the longer delivery cycles of most new orders received in early 2025, which have not yet been completed and recognized[4](index=4&type=chunk) - The decrease in overseas revenue is mainly attributed to geopolitical tensions, recent tariff fluctuations, and rising dry dock fees during peak shipyard schedules, leading overseas shipowners to delay non-urgent vessel modifications[5](index=5&type=chunk) [Business Segment Analysis](index=3&type=section&id=2.2%20Business%20Segment%20Analysis) The Group's revenue performance varied across business segments, with significant declines in marine desulfurization systems and energy-saving devices, while clean energy supply systems saw substantial growth and marine services also decreased Revenue by Business Segment | Business Segment | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | Share of Total Revenue (2025) | Share of Total Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Marine Desulfurization Systems | 45,173 | 204,402 | -77.9% | 31.5% | 60.7% | | Marine Energy-Saving Devices | 7,688 | 22,557 | -65.9% | 5.4% | 6.7% | | Marine Clean Energy Supply Systems | 36,316 | 13,288 | 173.3% | 25.3% | 3.9% | | Marine Services | 54,309 | 96,219 | -43.6% | 37.8% | 28.7% | | **Total** | **143,486** | **336,466** | **-57.4%** | **100.0%** | **100.0%** | - Revenue from marine desulfurization systems decreased by **77.9%**, mainly due to new shipbuilding projects being in the installation and commissioning phase without final delivery, and rising dry dock fees in Chinese shipyards reducing shipowners' willingness to undertake modifications[6](index=6&type=chunk) - Revenue from marine clean energy supply systems significantly increased by **173.3%**, benefiting from global growth in new energy shipbuilding orders and the company's R&D investments and cost reductions in clean energy technologies[9](index=9&type=chunk) [Customer Analysis](index=5&type=section&id=2.3%20Customer%20Analysis) The Group's revenue remains highly concentrated among a few major customers, but revenue from Customer D saw significant growth, reflecting the company's strategy to mitigate concentration risk and diversify revenue streams Revenue by Customer | Customer | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Change (%) | Share of Total Revenue (2025) | Share of Total Revenue (2024) | | :--- | :--- | :--- | :--- | :--- | :--- | | Customer A | 39,316 | 66,876 | -41.2% | 27.4% | 19.9% | | Customer B | 23,522 | 73,237 | -67.9% | 16.4% | 21.8% | | Customer C | 19,452 | 79,292 | -75.5% | 13.6% | 23.6% | | Customer D | 16,465 | 11 | 149,581.8% | 11.5% | 0.0% | | Other Customers | 44,731 | 117,050 | -61.8% | 31.1% | 34.7% | | **Total** | **143,486** | **336,466** | **-57.4%** | **100.0%** | **100.0%** | - Revenue from Customer D significantly increased from **RMB 11 thousand** in H1 2024 to **RMB 16.5 million** in H1 2025[11](index=11&type=chunk) - The company aims to reduce customer concentration risk by developing emerging markets, enriching its product portfolio, and enhancing brand awareness[11](index=11&type=chunk) [R&D Progress](index=6&type=section&id=2.4%20R%26D%20Progress) The Group continues its R&D investments, achieving new advancements in marine energy-saving devices and clean energy supply systems, including the successful development of the Stirling reliquefaction system and optimization of the dual-alkali carbon capture system, alongside securing new patents - The Stirling reliquefaction system was successfully developed, utilizing the inverse Stirling cycle principle to prevent overpressure risks in storage tanks and reduce greenhouse gas emissions[13](index=13&type=chunk) - The dual-alkali carbon capture system has entered its second phase of trials, focusing on acquiring more comprehensive data and experience for solid-liquid separation solutions[15](index=15&type=chunk) - During the reporting period, **6 new patents** were successfully granted (including **3 invention patents**), bringing the cumulative total to **86 patents** (including **45 invention patents**)[14](index=14&type=chunk) [Market Outlook](index=7&type=section&id=2.5%20Market%20Outlook) Despite short-term geopolitical and tariff challenges, the Group remains strategically focused on the sustainable development of the shipping industry, benefiting from long-term demand for IMO regulations and ESG solutions, with significant growth in backlog orders and plans to consolidate its leadership through technological advantages and market penetration - The Group's total backlog orders amounted to **RMB 861.7 million**, an increase of **47.8%** from **RMB 583.1 million** as of December 31, 2024[16](index=16&type=chunk) - The long-term demand trend for marine environmental, social, and governance (ESG) solutions remains unchanged, with mature clean energy technologies and the exemplary role of leading shipping companies benefiting the Group's growth[17](index=17&type=chunk) - The company plans to deepen its penetration into regulation-driven markets like Europe and leverage the capital advantages from its H-share listing (end-of-period cash reserves of **RMB 296.7 million**) to continue strategic R&D investments (this period's **RMB 9.6 million**)[18](index=18&type=chunk)[19](index=19&type=chunk) [Financial Statements](index=9&type=section&id=III.%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=3.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's revenue and profit significantly declined in H1 2025, with a corresponding decrease in gross profit and earnings per share, reflecting challenging operating conditions Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 143,486 | 336,466 | | Cost of Sales | (99,050) | (193,684) | | Gross Profit | 44,436 | 142,782 | | Profit for the Period | 6,061 | 82,082 | | Profit for the Period Attributable to Owners of the Company | 6,945 | 82,494 | | Basic Earnings Per Share (RMB) | 0.18 | 2.75 | [Condensed Consolidated Statement of Financial Position](index=11&type=section&id=3.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased, primarily driven by higher financial assets, cash and cash equivalents, and trade and other receivables within current assets, while total equity decreased Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 106,525 | 67,080 | | Current Assets | 716,423 | 386,539 | | Current Liabilities | 138,843 | 293,740 | | Net Current Assets | 247,696 | 422,683 | | Total Equity | 284,232 | 487,823 | | Non-current Liabilities | 30,544 | 41,385 | - Financial assets at fair value through profit or loss within current assets increased from **RMB 19,768 thousand** to **RMB 137,896 thousand**, and cash and bank balances increased from **RMB 133,402 thousand** to **RMB 296,677 thousand**[22](index=22&type=chunk) - Trade and other payables increased from **RMB 87,872 thousand** to **RMB 127,235 thousand**, primarily influenced by dividends payable[23](index=23&type=chunk) [Notes to the Financial Statements](index=13&type=section&id=IV.%20Notes%20to%20the%20Financial%20Statements) [General Information](index=13&type=section&id=4.1%20General%20Information) This section outlines the company's establishment, restructuring, listing history, and primary business scope, confirming that interim financial information is presented in RMB and is unaudited - The company was established in China on May 31, 2017, and restructured into a joint-stock company on December 28, 2022[24](index=24&type=chunk) - The company's H-shares were listed on the Hong Kong Stock Exchange on January 9, 2025[24](index=24&type=chunk) - The Group primarily provides marine desulfurization systems, marine energy-saving devices, marine clean energy supply systems, and marine services[25](index=25&type=chunk) [Basis of Preparation](index=13&type=section&id=4.2%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Listing Rules[26](index=26&type=chunk) [Accounting Policies](index=13&type=section&id=4.3%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, and amendments to International Financial Reporting Standards have been applied without significant impact on financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis, with certain properties and financial instruments measured at revalued amounts or fair value[27](index=27&type=chunk) - IAS 21 (Amendment) "Lack of Exchangeability" was first applied during this interim period, but it had no significant impact on the financial position or performance[28](index=28&type=chunk) [Revenue](index=14&type=section&id=4.4%20Revenue) The Group's H1 2025 revenue significantly decreased, mainly due to reduced revenue from marine desulfurization systems and energy-saving devices, though marine clean energy supply systems revenue grew substantially, with all revenue recognized at a point in time Revenue by Service Type | Service Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Marine Desulfurization Systems | 45,173 | 204,402 | | Marine Energy-Saving Devices | 7,688 | 22,557 | | Marine Clean Energy Supply Systems | 36,316 | 13,288 | | Marine Services | 54,309 | 96,219 | | **Total** | **143,486** | **336,466** | Revenue by Geographical Region | Geographical Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 78,769 | 191,771 | | Overseas | 64,717 | 144,695 | | **Total** | **143,486** | **336,466** | - All revenue is recognized at a point in time[30](index=30&type=chunk) [Segment Information](index=15&type=section&id=4.5%20Segment%20Information) The Group operates as a single operating segment, encompassing marine desulfurization, energy-saving, clean energy solutions, and global marine services, with non-current assets primarily concentrated in mainland China - The chief operating decision-maker considers the Group to have only one operating segment, which includes marine desulfurization solutions, marine energy-saving and carbon reduction solutions, marine clean energy solutions, and global marine services[31](index=31&type=chunk) Non-current Assets by Geographical Region | Geographical Region | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 63,519 | 65,340 | | Overseas | 565 | 168 | | **Total** | **64,084** | **65,508** | [Other Income](index=16&type=section&id=4.6%20Other%20Income) The Group's other income primarily comprises interest income and government grants, with government grants significantly increasing during the reporting period Other Income | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | 2,794 | 2,435 | | Government Grants | 2,376 | 185 | | Other | 3 | 11 | | **Total** | **5,173** | **2,631** | - Government grants are unconditional, approved by local Chinese government authorities, and recognized upon receipt of payment[34](index=34&type=chunk) [Other Gains and Losses](index=16&type=section&id=4.7%20Other%20Gains%20and%20Losses) The Group's other gains and losses shifted from a gain in H1 2024 to a loss in H1 2025, primarily due to net foreign exchange losses Other Gains and Losses | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Foreign Exchange (Loss) Gain | (3,175) | 5,470 | | Fair Value Gain on Financial Assets at Fair Value Through Profit or Loss | 1,882 | – | | Loss on Disposal of Equipment | – | (121) | | Other | (4) | (4) | | **Total** | **(1,297)** | **5,345** | [Profit Before Tax for the Period](index=17&type=section&id=4.8%20Profit%20Before%20Tax%20for%20the%20Period) This section details the expenses deducted from (or included in) profit before tax for the period, including depreciation, amortization, and staff costs, reflecting the composition of various operating expenses Items Deducted from (or Included in) Profit Before Tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 2,148 | 2,290 | | Depreciation of Right-of-Use Assets | 1,174 | 764 | | Amortization of Other Intangible Assets | 118 | 8 | | Auditor's Remuneration | 1,190 | 894 | | Directors' and Supervisors' Remuneration | 7,035 | 8,472 | | Staff Costs (excluding changes in capitalized amounts) | 18,997 | 25,671 | | Amortization of Contract Costs | 11,669 | 18,982 | | Expenses Recognized as Cost of Inventories (excluding inventory write-downs) | 93,190 | 190,325 | | Inventory (Reversal) Write-down | (90) | 394 | [Income Tax Expense](index=18&type=section&id=4.9%20Income%20Tax%20Expense) The Group's income tax expense primarily consists of China corporate income tax, Singapore income tax, Hong Kong profits tax, and Portugal income tax, with a significant reduction in total income tax expense during the reporting period Income Tax Expense | Tax Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 26 | 11,314 | | Singapore Income Tax | 504 | 827 | | Hong Kong Profits Tax | 499 | 305 | | Portugal Income Tax | 18 | – | | Deferred Tax | (595) | 1,290 | | **Total** | **452** | **13,736** | [Earnings Per Share](index=18&type=section&id=4.10%20Earnings%20Per%20Share) Basic earnings per share attributable to owners of the company was RMB 0.18, a significant decrease from the prior year, with no diluted earnings presented as performance conditions for potential ordinary shares were not met Earnings Per Share | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 6,945 | 82,494 | | Weighted Average Number of Ordinary Shares Issued | 39,558 | 30,000 | | Basic Earnings Per Share (RMB) | 0.18 | 2.75 | - As of June 30, 2025, the performance conditions for share options had not been met, so the exercise of share options was not assumed in calculating diluted earnings per share[40](index=40&type=chunk) [Dividends](index=18&type=section&id=4.11%20Dividends) The final dividend for the year ended December 31, 2024, was paid in July 2025, and no interim dividend is recommended for the current interim period - The final dividend of **RMB 1.5** per ordinary share, totaling **RMB 60 million**, for the year ended December 31, 2024, was paid in July 2025[42](index=42&type=chunk) - The Board does not recommend an interim dividend for the six months ended June 30, 2025[80](index=80&type=chunk) [Trade and Other Receivables](index=19&type=section&id=4.12%20Trade%20and%20Other%20Receivables) The Group's total trade and other receivables significantly increased, primarily driven by growth in prepayments and deposits for the acquisition of active vessels, while trade receivables decreased Trade and Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of allowance) | 48,606 | 80,220 | | Prepayments | 146,190 | 31,571 | | Bills Receivable | 5,834 | 9,262 | | Recoverable VAT | 1,734 | 1,413 | | Letter of Credit and Bank Guarantee Deposits | 4,976 | 13,934 | | Deposits for Acquisition of Active Vessels | 39,372 | – | | **Total** | **249,281** | **165,617** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 21,750 | 47,232 | | 31 to 90 days | 5,405 | 30,035 | | 91 to 180 days | 4,781 | 2,775 | | 181 to 365 days | 16,615 | 151 | | Over 1 year | 55 | 27 | | **Total** | **48,606** | **80,220** | - The Group typically grants customers a credit period of **30 days** or an agreed period[43](index=43&type=chunk) [Trade and Other Payables](index=20&type=section&id=4.13%20Trade%20and%20Other%20Payables) The Group's total trade and other payables increased, primarily due to the recognition of dividends payable, with the aging structure of trade payables indicating a higher proportion of short-term liabilities Trade and Other Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables — Third Parties | 43,305 | 40,822 | | Bills Payable | 9,265 | 14,862 | | Accrued Wages | 3,257 | 7,608 | | Other Payables — Third Parties | 7,890 | 17,627 | | Accrued Expenses | 3,253 | 5,776 | | Dividends Payable | 60,000 | – | | Other Taxes Payable | 265 | 1,177 | | **Total** | **127,235** | **87,872** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 32,025 | 8,986 | | 91 to 180 days | 4,227 | 19,394 | | 181 to 365 days | 3,403 | 9,204 | | Over 365 days | 3,650 | 3,238 | | **Total** | **43,305** | **40,822** | - The Group's average credit period for purchases of goods and services is **90 days**[46](index=46&type=chunk) [Financial Review and Analysis](index=22&type=section&id=V.%20Financial%20Review%20and%20Analysis) [Revenue Analysis](index=22&type=section&id=5.1%20Revenue%20Analysis) The Group's H1 2025 revenue significantly decreased by 57.4%, primarily due to geopolitical factors, tariff fluctuations, customer shipyard schedule adjustments, and long order delivery cycles Revenue Performance | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 143.5 | 336.5 | -57.4% | - The decrease in revenue is mainly due to geopolitical tensions and recent tariff fluctuations impacting China's shipbuilding and shipping industries[48](index=48&type=chunk) - Most new orders have longer delivery cycles and have not yet been completed and recognized as revenue[48](index=48&type=chunk) [Gross Profit and Gross Margin Analysis](index=22&type=section&id=5.2%20Gross%20Profit%20and%20Gross%20Margin%20Analysis) The Group's gross profit and gross margin both significantly declined, primarily due to reduced gross profit from marine desulfurization systems, energy-saving devices, and marine services, coupled with an increased revenue share from marine clean energy supply systems and marine services, leading to an overall gross margin decrease Gross Profit and Gross Margin | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 44.4 | 142.8 | -68.9% | | Gross Margin | 31.0% | 42.4% | -11.4 percentage points | - Gross profit from marine desulfurization systems decreased from **RMB 107.2 million** to **RMB 16.1 million**[49](index=49&type=chunk) - The decline in gross margin is partly due to the increased revenue contribution from marine clean energy supply systems and marine services, where the operating cost ratio is higher as these businesses have not yet achieved full self-production[50](index=50&type=chunk) [Other Income Analysis](index=22&type=section&id=5.3%20Other%20Income%20Analysis) The Group's other income increased by 100% year-on-year, primarily driven by a substantial increase in government grants aimed at incentivizing operating activities Other Income | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 5.2 | 2.6 | 100.0% | | Government Grants | 2.4 | 0.2 | 1100.0% | - The increase in government grants is due to more subsidies awarded by local Chinese government authorities to incentivize the Group's operating activities[51](index=51&type=chunk) [Other Gains and Losses Analysis](index=23&type=section&id=5.4%20Other%20Gains%20and%20Losses%20Analysis) The Group's other gains and losses shifted from a gain in the prior year to a loss in the reporting period, primarily due to foreign exchange losses resulting from the depreciation of USD and HKD against RMB Other Gains and Losses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Other Gains and Losses | (1.3) (Loss) | 5.3 (Gain) | - A net foreign exchange loss of **RMB 3.2 million** was recorded during the reporting period, compared to a net foreign exchange gain of **RMB 5.5 million** in the prior year[52](index=52&type=chunk) - This is mainly due to the depreciation of the USD and HKD against the RMB during the reporting period, leading to significant exchange losses on monetary assets denominated in USD/HKD[52](index=52&type=chunk) [Expense Analysis](index=23&type=section&id=5.5%20Expense%20Analysis) The Group's various expenses generally decreased during the reporting period, with distribution and selling expenses seeing the largest reduction, while finance costs increased [Distribution and Selling Expenses](index=23&type=section&id=5.5.1%20Distribution%20and%20Selling%20Expenses) Distribution and selling expenses significantly decreased by 52.9%, primarily due to a notable reduction in sales commissions Distribution and Selling Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | 9.7 | 20.6 | -52.9% | | Sales Commissions | 4.4 | 14.8 | -70.3% | [Administrative Expenses](index=23&type=section&id=5.5.2%20Administrative%20Expenses) Administrative expenses slightly decreased by 2.1% Administrative Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 23.0 | 23.5 | -2.1% | [Research and Development Expenses](index=23&type=section&id=5.5.3%20Research%20and%20Development%20Expenses) Research and development expenses slightly decreased by 5.0% Research and Development Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 9.6 | 10.1 | -5.0% | [Impairment Loss Under Expected Credit Loss Model](index=23&type=section&id=5.5.4%20Impairment%20Loss%20Under%20Expected%20Credit%20Loss%20Model) Impairment loss under the expected credit loss model shifted from a loss to a gain, primarily due to a reversal of impairment loss resulting from a decrease in trade receivables balance Impairment Loss (Gain) | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Impairment Loss (Gain) | 1.7 (Gain) | (0.3) (Loss) | - This is mainly due to a decrease in the balance of trade receivables, leading to a reversal of previously recognized impairment losses on trade receivables[56](index=56&type=chunk) [Finance Costs](index=23&type=section&id=5.5.5%20Finance%20Costs) Finance costs significantly increased by 200%, primarily due to an increase in the average balance of bank borrowings Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 1.2 | 0.4 | 200.0% | - The increase in finance costs is mainly due to a higher average balance of bank borrowings during the reporting period compared to H1 last year[57](index=57&type=chunk) [Income Tax Expense Analysis](index=24&type=section&id=5.6%20Income%20Tax%20Expense%20Analysis) Income tax expense significantly decreased by 96.4%, primarily due to a reduction in profit before tax Income Tax Expense | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Income Tax Expense | 0.5 | 13.7 | -96.4% | - The decrease in income tax expense is mainly due to a lower profit before tax in H1 2025 compared to H1 2024[58](index=58&type=chunk) [Profit for the Period](index=24&type=section&id=5.7%20Profit%20for%20the%20Period) The Group's profit for the period significantly decreased by 92.6% to RMB 6.1 million, reflecting a substantial decline in overall operating performance Profit for the Period | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 6.1 | 82.1 | -92.6% | [Balance Sheet Items Analysis](index=24&type=section&id=5.8%20Balance%20Sheet%20Items%20Analysis) The Group's balance sheet items showed several changes during the reporting period, with significant increases in inventories, financial assets, cash and cash equivalents, and trade and other payables, reflecting business expansion and financing activities [Property, Plant and Equipment](index=24&type=section&id=5.8.1%20Property%2C%20Plant%20and%20Equipment) Total property, plant and equipment slightly decreased by 3.6%, primarily due to depreciation recognized during the reporting period Property, Plant and Equipment | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 45.1 | 46.8 | -3.6% | - The decrease is mainly due to depreciation recognized during the reporting period[60](index=60&type=chunk) [Inventories](index=24&type=section&id=5.8.2%20Inventories) Total inventories significantly increased by 89.5%, primarily due to the rapid growth in new and backlog orders, leading to substantial increases in raw materials, work-in-progress, and finished goods Inventories | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Finished Goods | 43,891 | 24,177 | | Raw Materials and Consumables | 3,898 | 1,143 | | Work-in-Progress | 6,423 | 3,329 | | **Total** | **54,212** | **28,649** | - The increase in inventories is mainly due to the rapid growth in new orders and backlog orders during the reporting period[63](index=63&type=chunk) [Trade and Other Receivables](index=25&type=section&id=5.8.3%20Trade%20and%20Other%20Receivables) Total trade and other receivables increased by 50.5%, primarily driven by growth in prepayments and deposits for the acquisition of active vessels, while trade receivables and letters of credit and bank guarantee deposits decreased Trade and Other Receivables | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Receivables | 249.3 | 165.6 | 50.5% | - Prepayments increased from **RMB 31.6 million** to **RMB 146.2 million**[66](index=66&type=chunk) - Deposits of **RMB 39.4 million** were paid for the acquisition of active vessels during the reporting period[66](index=66&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=25&type=section&id=5.8.4%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets significantly increased by 596.5%, primarily comprising highly liquid, low-risk wealth management products subscribed by the Group Financial Assets at Fair Value Through Profit or Loss | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Financial Assets | 137.9 | 19.8 | 596.5% | - These financial assets refer to wealth management products subscribed by the Group from independent third parties, including US Treasury bills and other cash and cash equivalents, which are principal-protected and yield-guaranteed[65](index=65&type=chunk) [Restricted Bank Deposits](index=26&type=section&id=5.8.5%20Restricted%20Bank%20Deposits) Restricted bank deposits decreased by 28.0%, mainly due to the release of deposits upon the expiry of certain bank guarantees Restricted Bank Deposits | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Restricted Bank Deposits | 5.4 | 7.5 | -28.0% | - The decrease is mainly due to the release of deposits upon the expiry of certain bank guarantees[67](index=67&type=chunk) [Cash and Cash Equivalents](index=26&type=section&id=5.8.6%20Cash%20and%20Cash%20Equivalents) Cash and cash equivalents significantly increased by 122.4%, primarily attributable to proceeds from the H-share issuance and bank borrowings Cash and Cash Equivalents | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 296.7 | 133.4 | 122.4% | - The increase is mainly attributable to proceeds received from the issuance of the company's H-shares and proceeds from bank borrowings[68](index=68&type=chunk) [Trade and Other Payables](index=26&type=section&id=5.8.7%20Trade%20and%20Other%20Payables) Trade and other payables increased by 44.7%, primarily attributable to dividends payable of RMB 60.0 million Trade and Other Payables | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Other Payables | 127.2 | 87.9 | 44.7% | - The increase is mainly attributable to dividends payable of **RMB 60.0 million**, which were subsequently paid in July 2025[71](index=71&type=chunk) [Liquidity and Capital Management](index=27&type=section&id=VI.%20Liquidity%20and%20Capital%20Management) [Liquidity and Financial Resources](index=27&type=section&id=6.1%20Liquidity%20and%20Financial%20Resources) The Group possesses sufficient working capital, with a significant increase in cash and cash equivalents, primarily benefiting from H-share issuance proceeds and bank borrowings Cash and Cash Equivalents | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 296.7 | 133.4 | 122.4% | - The increase is mainly due to proceeds received from the issuance of the company's H-shares and an increase in proceeds from bank borrowings during the reporting period[72](index=72&type=chunk) [Order Book](index=27&type=section&id=6.2%20Order%20Book) As of June 30, 2025, the Group's total backlog orders significantly increased, with marine desulfurization systems and marine services contributing the most to the order value Order Book by Business Segment | Business Segment | June 30, 2025 (Number of Orders) | June 30, 2025 (Contract Value, RMB million) | December 31, 2024 (Number of Orders) | December 31, 2024 (Contract Value, RMB million) | | :--- | :--- | :--- | :--- | :--- | | Marine Desulfurization Systems | 185 | 308.9 | 185 | 140.4 | | Marine Energy-Saving Devices | 44 | 29.1 | 32 | 20.9 | | Marine Clean Energy Supply Systems | 96 | 146.7 | 70 | 148.6 | | Marine Services | 637 | 377.0 | 649 | 273.2 | [Debt Position](index=27&type=section&id=6.3%20Debt%20Position) The Group's total debt significantly increased, primarily due to an increase in bank borrowings Debt Position | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Debt | 171.0 | 41.9 | 308.1% | - The increase in debt is mainly due to an increase in bank borrowings[73](index=73&type=chunk) [Pledged Assets](index=27&type=section&id=6.4%20Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[74](index=74&type=chunk) [Contingent Liabilities](index=28&type=section&id=6.5%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[76](index=76&type=chunk) [Material Acquisitions and Disposals](index=28&type=section&id=6.6%20Material%20Acquisitions%20and%20Disposals) During the reporting period, the Group did not undertake any material acquisition or disposal transactions - For the period ended June 30, 2025, the Group did not undertake any material acquisition or disposal transactions[77](index=77&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=6.7%20Foreign%20Exchange%20Risk) The Group primarily faces foreign exchange risk from USD-denominated currencies and has established risk management strategies and policies, although a foreign currency hedging policy has not yet been implemented - The Group primarily faces foreign exchange risk from USD-denominated currencies[78](index=78&type=chunk) - The Group has not yet established a foreign currency hedging policy but has developed risk management strategies and policies for foreign exchange forward and option contracts[78](index=78&type=chunk) [Corporate Governance and Employees](index=28&type=section&id=VII.%20Corporate%20Governance%20and%20Employees) [Employees and Remuneration](index=28&type=section&id=7.1%20Employees%20and%20Remuneration) As of June 30, 2025, the Group's employee count increased, with remuneration packages determined based on job responsibilities, position level, professional experience, and performance Employee Count | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 126 | 111 | +15 | - Remuneration packages are determined with reference to job responsibilities, position level, professional experience, and work performance[79](index=79&type=chunk) [Interim Dividend](index=28&type=section&id=7.2%20Interim%20Dividend) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend an interim dividend for the six months ended June 30, 2025[80](index=80&type=chunk) [Corporate Governance Code](index=28&type=section&id=7.3%20Corporate%20Governance%20Code) The Group is committed to maintaining high standards of corporate governance and has complied with all code provisions set out in Appendix C1 of the Listing Rules - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[81](index=81&type=chunk) - During the reporting period, the company complied with all code provisions set out in Part 2 of the Corporate Governance Code[81](index=81&type=chunk) [Standard Securities Trading Code](index=29&type=section&id=7.4%20Standard%20Securities%20Trading%20Code) The company has adopted the Standard Securities Trading Code set out in Appendix C3 of the Listing Rules, and all directors and supervisors complied with it during the reporting period - The company has adopted the Standard Securities Trading Code set out in Appendix C3 of the Listing Rules[82](index=82&type=chunk) - Upon inquiry, all directors and supervisors confirmed their compliance with the Standard Code throughout the reporting period[82](index=82&type=chunk) [Measures to Avoid Potential Conflicts of Interest](index=29&type=section&id=7.5%20Measures%20to%20Avoid%20Potential%20Conflicts%20of%20Interest) The company has implemented measures to ensure good corporate governance and avoid potential conflicts of interest with controlling shareholders, and independent non-executive directors have confirmed the absence of such conflicts - The company has taken measures to ensure good corporate governance standards and avoid potential conflicts of interest between the Group and its controlling shareholders[83](index=83&type=chunk) - The independent non-executive directors have conducted an annual review and confirmed no knowledge of any conflicts of interest between the Group and its controlling shareholders[83](index=83&type=chunk) [Listing Securities Transactions](index=29&type=section&id=7.6%20Listing%20Securities%20Transactions) From the H-share listing date to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - From the listing date to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[84](index=84&type=chunk) [Review of Interim Results](index=29&type=section&id=7.7%20Review%20of%20Interim%20Results) The company's audit committee has reviewed the Group's interim financial information and deemed it compliant with accounting standards, rules, and regulations - The company's audit committee has reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[85](index=85&type=chunk) - The audit committee believes that the interim financial results comply with relevant accounting standards, rules, and regulations, and appropriate disclosures have been made[85](index=85&type=chunk) [Post-Reporting Period Events and Others](index=30&type=section&id=VIII.%20Post-Reporting%20Period%20Events%20and%20Others) [Material Events After Reporting Period](index=30&type=section&id=8.1%20Material%20Events%20After%20Reporting%20Period) Subsequent to the reporting period, the Group adopted a restricted share scheme to incentivize eligible participants, which was approved by shareholders, and the company's non-H share equity was approved for delisting from the National Equities Exchange and Quotations system - The Group adopted a restricted share scheme, allowing for the grant of up to **4,000,000 shares** to eligible participants, which was approved by shareholders on August 1, 2025[86](index=86&type=chunk) - The company's non-H shares were delisted from the National Equities Exchange and Quotations system effective August 27, 2025[88](index=88&type=chunk) [Publication of Interim Results and Report](index=30&type=section&id=8.2%20Publication%20of%20Interim%20Results%20and%20Report) This announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published in due course - This announcement has been published on the HKEX website www.hkexnews.hk and the company's website www.contioceangroup.com[89](index=89&type=chunk) - The company's interim report for the period ended June 30, 2025, will be dispatched to shareholders and published on the HKEX and the company's respective websites in due course[89](index=89&type=chunk) [Acknowledgement](index=31&type=section&id=8.3%20Acknowledgement) The Board expresses gratitude to all colleagues for their dedication, focus, loyalty, and integrity, as well as to shareholders, customers, banks, and other business partners for their trust and support - The Board expresses its gratitude to all colleagues for their efforts, dedication, loyalty, and integrity, and to all shareholders, customers, banks, and other business partners for their trust and support[90](index=90&type=chunk) [Board of Directors](index=31&type=section&id=8.4%20Board%20of%20Directors) As of the announcement date, the Board of Directors includes executive directors Mr. Zhou Yang, Mr. Zhao Mingzhu, Mr. Chen Zhiyuan, Mr. Shu Huadong, and Mr. Chen Rui, along with independent non-executive directors Dr. Guan Yanmin, Mr. Zhu Rongyuan, and Ms. Wu Xianqiao - The Board of Directors includes executive directors Mr. Zhou Yang, Mr. Zhao Mingzhu, Mr. Chen Zhiyuan, Mr. Shu Huadong, and Mr. Chen Rui[92](index=92&type=chunk) - Independent non-executive directors include Dr. Guan Yanmin, Mr. Zhu Rongyuan, and Ms. Wu Xianqiao[92](index=92&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 WING ON COMPANY INTERNATIONAL LIMITED 永安國際有限公司 (百慕達註冊成立有限公司) (股份代號︰289) 截至 2025 年 6 月 30 日止 6 個月 中期業績公告 永安國際有限公司(「本公司」)董事會宣布本公司及其附屬公司(統稱為「本集團」)截至 2025 年 6 月 30 日止 6 個月未經審核之綜合業績︰ 綜合損益表 | | | 截至 6 月 30 | 日止 6 個月 | | --- | --- | --- | --- | | | 附註 | 2025 年 | 2024 年 | | | | 千港元計 | 千港元計 | | 收入 | 3 | 416,238 | 479,998 | | 其他收入 | 5 | 60,331 | 76,987 | | 其他淨收益 | 5 | 220,817 | 106,678 | | 百貨業務銷售成本 | 6(d) | (106,8 ...

Company Information and Report Overview [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) Beijing Luzhu Biotechnology Co., Ltd. released its unaudited condensed consolidated interim results announcement for the six months ended June 30, 2025 - The reporting period covers the unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Financial Highlights](index=2&type=section&id=Financial%20Highlights) The company significantly narrowed its pre-tax loss by 29.4% year-on-year in H1 2025, driven by substantial reductions in administrative and R&D expenses, despite decreased other income and net gains, and a sharp increase in finance costs H1 2025 Financial Highlights (RMB thousands) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | (50.2) | | Other expenses | (585) | (189) | 209.5 | | Net other gains and losses | 2,405 | 6,255 | (61.6) | | Impairment loss recognized on property, plant and equipment | (5,441) | – | 100.0 | | Administrative expenses | (25,801) | (44,962) | (42.6) | | Research and development expenses | (50,273) | (80,376) | (37.5) | | Finance costs | (2,725) | (398) | 584.7 | | Loss before tax | (77,570) | (109,938) | (29.4) | | Income tax expense | – | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | (29.4) | [Business Highlights](index=2&type=section&id=Business%20Highlights) The company's core product LZ901 achieved significant progress in H1 2025, including the submission and acceptance of its Biologics License Application (BLA) to the NMPA, and head-to-head study results showing superior immunogenicity and safety compared to Shingrix® - Core product LZ901 submitted BLA to NMPA in January 2025 and was accepted in February[4](index=4&type=chunk) - LZ901 head-to-head comparative study successfully completed, results showed LZ901 induced superior cellular immunogenicity and exhibited better safety in adults aged 50 or above compared to recombinant glycoprotein E subunit vaccine HZ/su vaccine (Shingrix®)[4](index=4&type=chunk) - Annual general meeting approved the 2025 share award scheme, election/re-election of the fifth board of directors, and re-election of shareholder representative supervisors[5](index=5&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss and total comprehensive expenses for the period significantly narrowed by 29.4% to RMB 77,570 thousand, with basic and diluted loss per share improving from RMB 0.54 to RMB 0.39 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousands) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Other income | 4,850 | 9,732 | | Other expenses | (585) | (189) | | Net other gains and losses | 2,405 | 6,255 | | Impairment loss recognized on property, plant and equipment | (5,441) | – | | Administrative expenses | (25,801) | (44,962) | | Research and development expenses | (50,273) | (80,376) | | Finance costs | (2,725) | (398) | | Loss before tax | (77,570) | (109,938) | | Income tax expense | – | – | | Loss and total comprehensive expenses for the period | (77,570) | (109,938) | Loss Per Share (RMB) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic | (0.39) | (0.54) | | Diluted | (0.39) | (0.54) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities increased to RMB 977,438 thousand, but net assets decreased to RMB 739,131 thousand, with non-current liabilities significantly rising due to increased bank borrowings and net current assets slightly decreasing Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Right-of-use assets | 97,135 | 99,504 | | Property, plant and equipment | 502,813 | 457,588 | | Intangible assets | 8,615 | 8,329 | | Prepayments, deposits and other receivables | 3,074 | 12,166 | | Investment in an associate | 1,000 | – | | Time deposits | 1,005 | – | | **Subtotal** | **613,642** | **577,587** | | **Current assets** | | | | Materials | 4,398 | 5,735 | | Prepayments, deposits and other receivables | 15,640 | 13,461 | | Financial assets at fair value through profit or loss | 342,176 | 313,554 | | Cash and cash equivalents | 99,219 | 140,126 | | **Subtotal** | **461,433** | **472,876** | | **Current liabilities** | | | | Prepayments received and other payables | 86,168 | 97,037 | | Bank borrowings | 11,469 | 1,820 | | **Subtotal** | **97,637** | **98,857** | | **Net current assets** | **363,796** | **374,019** | | **Total assets less current liabilities** | **977,438** | **951,606** | | **Non-current liabilities** | | | | Lease liabilities | 12,992 | 12,619 | | Deferred government grants | 29,460 | 32,302 | | Bank borrowings | 195,855 | 53,094 | | **Subtotal** | **238,307** | **98,015** | | **Net assets** | **739,131** | **853,591** | | **Total equity** | **739,131** | **853,591** | Notes to the Condensed Consolidated Financial Statements [General Information](index=6&type=section&id=General%20Information) The company and its subsidiaries are primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China, with financial statements presented in RMB - The Group is primarily engaged in the research, development, and production of vaccines and therapeutic biologics in China[9](index=9&type=chunk) - The condensed consolidated financial statements are presented in RMB[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the HKEX Listing Rules - Financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules[10](index=10&type=chunk) [Principal Accounting Policies](index=6&type=section&id=Principal%20Accounting%20Policies) The financial statements are primarily prepared on a historical cost basis, except for certain financial instruments measured at fair value, with no significant impact from IFRS amendments applied during the period - Financial statements are primarily prepared on a historical cost basis, with some financial instruments measured at fair value[11](index=11&type=chunk) - Amendments to IFRS accounting standards applied during the period had no significant impact[12](index=12&type=chunk) [Segment Information](index=7&type=section&id=Segment%20Information) The Group has only one operating and reportable segment and recorded no revenue during the reporting period, with all non-current assets located in mainland China - The Group has only one operating and reportable segment[13](index=13&type=chunk) - For the six months ended June 30, 2025, the Group recorded no revenue[13](index=13&type=chunk) [Other Income](index=7&type=section&id=Other%20Income) Other income decreased by 50.2% year-on-year to RMB 4,850 thousand, primarily due to reduced government grants, despite increased sales revenue from VZV vaccine immunogenicity detection kits Composition of Other Income (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Sales revenue from VZV vaccine immunogenicity detection kits | 1,473 | 650 | | Government grants (property and equipment) | 1,507 | 1,267 | | Government grants (right-of-use assets) | 1,335 | 1,335 | | Government grants (others) | 155 | 4,718 | | Interest income from bank balances and time deposits | 370 | 1,752 | | Interest income from lease deposits | 10 | 10 | | **Total** | **4,850** | **9,732** | - Other income decreased by **50.2%** year-on-year, primarily due to reduced government grants[3](index=3&type=chunk)[14](index=14&type=chunk) [Net Other Gains and Losses](index=7&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains and losses decreased by 61.6% year-on-year to RMB 2,405 thousand, mainly affected by reduced fair value gains on financial assets at fair value through profit or loss and net foreign exchange losses Composition of Net Other Gains and Losses (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 3,531 | 5,309 | | Net foreign exchange (losses) gains | (1,126) | 975 | | Loss on early termination of lease | – | (29) | | **Total** | **2,405** | **6,255** | - Net other gains and losses decreased by **61.6%** year-on-year, primarily due to reduced fair value gains on financial assets and a shift from foreign exchange gains to losses[3](index=3&type=chunk)[15](index=15&type=chunk) [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs significantly increased by 584.7% year-on-year to RMB 2,725 thousand, primarily due to new bank borrowings Composition of Finance Costs (RMB thousands) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank borrowings | 2,814 | 135 | | Interest on lease liabilities | 373 | 356 | | Total borrowing costs | 3,187 | 491 | | Less: Amount capitalized in construction in progress | (462) | (93) | | **Total** | **2,725** | **398** | - Finance costs increased by **584.7%** year-on-year, primarily due to the Group obtaining additional bank loans[3](index=3&type=chunk)[16](index=16&type=chunk) [Income Tax Expense](index=8&type=section&id=Income%20Tax%20Expense) The company and its Chinese subsidiaries incurred no income tax expense during the reporting period due to tax losses, and the Hong Kong subsidiary also had no taxable profits; as of June 30, 2025, the company had approximately RMB 789,760 thousand in unused tax losses - Due to tax losses incurred, the Company and its PRC subsidiaries had no income tax expense during the reporting period[18](index=18&type=chunk) - As of June 30, 2025, the Group's estimated unused tax losses amounted to approximately **RMB 789,760 thousand**[18](index=18&type=chunk) [Dividends](index=8&type=section&id=Dividends) The Board of Directors decided not to declare an interim dividend for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed during the interim period[19](index=19&type=chunk) [Loss Per Share](index=9&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.39, an improvement from RMB 0.54 in the prior year period Loss Per Share (RMB) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic | (0.39) | (0.54) | | Diluted | (0.39) | (0.54) | [Prepayments, Deposits and Other Receivables](index=9&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, total prepayments, deposits, and other receivables decreased to RMB 18,714 thousand from RMB 25,627 thousand at the end of 2024, mainly due to reduced prepayments for property, plant, and equipment purchases Prepayments, Deposits and Other Receivables (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Recoverable value-added tax | 7,905 | 5,627 | | Prepayments for purchase of property, plant and equipment | 2,659 | 11,815 | | Prepayments to suppliers and service providers | 5,452 | 6,629 | | Lease deposits | 361 | 351 | | Receivables for diagnostic kits | 733 | - | | Others | 1,604 | 1,205 | | **Total** | **18,714** | **25,627** | [Prepayments Received and Other Payables](index=10&type=section&id=Prepayments%20Received%20and%20Other%20Payables) As of June 30, 2025, total prepayments received and other payables decreased to RMB 86,168 thousand from RMB 97,037 thousand at the end of 2024, primarily due to reduced payables for R&D activities Prepayments Received and Other Payables (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Payables for acquisition of property, plant and equipment | 51,725 | 48,437 | | Payables for research and development activities | 29,911 | 41,808 | | Payables for intangible assets | 520 | 1,327 | | Accrued salaries and other allowances | 2,400 | 5,091 | | Other tax payables | 1,270 | 154 | | Others | 342 | 220 | | **Total** | **86,168** | **97,037** | [Share Capital / Treasury Shares](index=10&type=section&id=Share%20Capital%20%2F%20Treasury%20Shares) The company's share capital remained unchanged, but 1,759,200 H shares were repurchased during the period for approximately RMB 36,890 thousand, holding 3,219,200 treasury H shares at period-end for the 2025 Share Award Scheme - As of June 30, 2025, share capital remained at **202,450 thousand shares**, **RMB 202,450 thousand**[24](index=24&type=chunk) - During the reporting period, **1,759,200 H shares** were repurchased for a total consideration of approximately **RMB 36,890 thousand**[25](index=25&type=chunk) - As of June 30, 2025, **3,219,200 treasury H shares** were held, available for the 2025 Share Award Scheme[25](index=25&type=chunk) Management Discussion and Analysis [Business Review](index=11&type=section&id=Business%20Review) The company has established a diversified product pipeline leveraging its innovative precision protein engineering and Fabite® bispecific antibody platforms, with core product LZ901 achieving significant clinical and safety progress and planned commercialization in China by 2026 - The Group has established innovative precision protein engineering and Fabite® bispecific antibody development platforms, enabling full drug development cycles[26](index=26&type=chunk) - LZ901 has submitted BLA to NMPA and been accepted, with commercialization in China expected in **2026**[29](index=29&type=chunk) - LZ901 head-to-head study showed superior cellular immunogenicity and better safety in adults aged 50 or above, outperforming Shingrix®[29](index=29&type=chunk) [R&D of Pipeline Products](index=11&type=section&id=R%26D%20of%20Pipeline%20Products) The company has multiple pipeline products in vaccines and antibodies, with core product LZ901 in BLA stage, K3 and K193 in clinical trials, and six preclinical products - The Group's innovative antigen presentation technology for vaccine development aims to enhance immunogenicity, improve safety, and patient vaccination experience[26](index=26&type=chunk) - The Fabite® platform features fully controllable mechanism of action and administration, optimizing purification and stability of bispecific antibodies[26](index=26&type=chunk) [LZ901](index=11&type=section&id=LZ901) LZ901, the world's first recombinant zoster vaccine with a tetramer molecular structure, has submitted BLA in China and is expected to be commercialized in 2026, with US Phase I clinical trials anticipated to complete in Q3 2025 - LZ901 is the world's first zoster vaccine with a tetramer molecular structure, having completed Phase III clinical trial enrollment in China and submitted BLA[28](index=28&type=chunk)[29](index=29&type=chunk) - Phase I clinical trials for LZ901 in the US are expected to be completed in **Q3 2025**[30](index=30&type=chunk) [K3](index=12&type=section&id=K3) K3, a biosimilar of adalimumab for autoimmune diseases, has completed Phase I clinical trials, with Phase III clinical trials expected to commence as early as H2 2026 - K3 is a recombinant human anti-tumor necrosis factor-α monoclonal antibody injection, a biosimilar to Humira® (adalimumab)[31](index=31&type=chunk) - K3 has completed Phase I clinical trials, with Phase III clinical trials expected to commence as early as **H2 2026**[31](index=31&type=chunk) [K193](index=12&type=section&id=K193) K193, the world's first CD19/CD3 bispecific antibody with an asymmetric structure for B-cell leukemia and lymphoma, is currently in Phase I clinical trials and expected to complete in 2026 - K193 is the world's first CD19/CD3 bispecific antibody with an asymmetric structure, for treating B-cell leukemia and lymphoma[32](index=32&type=chunk) - K193 is currently in Phase I clinical trials, expected to be completed in **2026**[32](index=32&type=chunk) [Other Preclinical Pipeline Products](index=13&type=section&id=Other%20Preclinical%20Pipeline%20Products) As of June 30, 2025, the company had six preclinical pipeline products, including recombinant vaccines and bispecific antibodies - The Group has six preclinical pipeline products, including recombinant varicella vaccine, recombinant RSV vaccine, recombinant HSV-1 vaccine, recombinant HSV-2 vaccine, K333 bispecific antibody, and K1932 bispecific antibody[33](index=33&type=chunk) [Product Pipeline Overview](index=13&type=section&id=Product%20Pipeline%20Overview) The company's product pipeline covers two major categories: vaccines and antibodies, including core products LZ901 (zoster vaccine), K3 (monoclonal antibody), and K193 (bispecific antibody), as well as multiple preclinical recombinant vaccines and bispecific antibodies - Product pipeline includes LZ901 (zoster vaccine, China BLA, US Phase I), K3 (monoclonal antibody, China Phase I), K193 (bispecific antibody, China Phase I), and multiple preclinical vaccines and antibodies[35](index=35&type=chunk) [R&D and Manufacturing Facilities](index=13&type=section&id=R%26D%20and%20Manufacturing%20Facilities) The company possesses comprehensive in-house product discovery capabilities, with 18 R&D staff, 57 manufacturing staff, and 57 quality management staff, operating R&D and manufacturing facilities in Beijing and Zhuhai, and constructing new facilities in Beijing - The Group's in-house R&D team consists of **18 personnel**, possessing comprehensive product discovery capabilities[37](index=37&type=chunk) - The Group has R&D and manufacturing facilities in Beijing and Zhuhai, and is constructing a new facility in Beijing with a total gross floor area of approximately **45,072.87 square meters**[39](index=39&type=chunk) - The manufacturing team and quality management team each consist of **57 personnel**, committed to complying with GMP standards and quality control requirements[39](index=39&type=chunk) [Future and Outlook](index=14&type=section&id=Future%20and%20Outlook) The company plans to actively advance the clinical development and commercialization of its pipeline drugs, especially core product LZ901, and expand its product pipeline - Plans to actively promote the clinical development of pipeline drugs, especially core product LZ901[42](index=42&type=chunk) - Plans to rapidly advance the development of other preclinical pipeline products and formulate domestic and international commercialization strategies[42](index=42&type=chunk) - Plans to expand the product pipeline through independent development and/or collaborations[42](index=42&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The company's pre-tax loss narrowed by 29.4% year-on-year in H1, primarily due to significant reductions in administrative and R&D expenses, but other income and net other gains decreased, and finance costs sharply increased - Pre-tax loss decreased by **29.4%** from **RMB 109.9 million** to **RMB 77.6 million**[51](index=51&type=chunk) [Other Income](index=14&type=section&id=Other%20Income) Other income decreased by 50.2% to RMB 4.9 million, primarily due to reduced government grants - Other income decreased by **50.2%** to **RMB 4.9 million**, mainly due to reduced government grants[41](index=41&type=chunk) [Other Expenses](index=15&type=section&id=Other%20Expenses) Other expenses increased by 209.5% to RMB 0.6 million, reflecting increased costs of sold immunodiagnostic kits - Other expenses increased by **209.5%** to **RMB 0.6 million**, reflecting increased costs of sold immunodiagnostic kits[44](index=44&type=chunk) [Net Other Gains and Losses](index=15&type=section&id=Net%20Other%20Gains%20and%20Losses) Net other gains decreased by 61.6% to RMB 2.4 million, primarily due to reduced fair value gains on financial assets and decreased net foreign exchange gains - Net other gains decreased by **61.6%** to **RMB 2.4 million**, primarily due to reduced fair value gains on financial assets and decreased net foreign exchange gains[45](index=45&type=chunk) [Administrative Expenses](index=16&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 42.6% to RMB 25.8 million, mainly due to no share-based payment amortization expense in 2025 - Administrative expenses decreased by **42.6%** to **RMB 25.8 million**, mainly due to no share-based payment amortization expense in 2025[48](index=48&type=chunk) [Research and Development Expenses](index=16&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 37.5% to RMB 50.3 million, primarily due to reduced expenses for LZ901 Phase III clinical trials - R&D expenses decreased by **37.5%** to **RMB 50.3 million**, primarily due to reduced expenses for LZ901 Phase III clinical trials[49](index=49&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs increased by 584.7% to RMB 2.7 million, primarily due to obtaining additional bank loans - Finance costs increased by **584.7%** to **RMB 2.7 million**, primarily due to obtaining additional bank loans[50](index=50&type=chunk) [Loss Before Tax](index=16&type=section&id=Loss%20Before%20Tax) Loss before tax decreased by 29.4% to RMB 77.6 million, primarily benefiting from reduced administrative and R&D expenses - Loss before tax decreased by **29.4%** to **RMB 77.6 million**[51](index=51&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) The company and its Chinese subsidiaries incurred no income tax expense during the reporting period due to tax losses - No income tax expense was incurred during the reporting period as the Group recorded a loss[52](index=52&type=chunk) [Liquidity and Capital Resources](index=16&type=section&id=Liquidity%20and%20Capital%20Resources) The company's bank balances and cash decreased due to share repurchases, while bank borrowings significantly increased, leading to a rise in the gearing ratio to 31.2%, and capital expenditures decreased due to project completion - Bank balances and cash decreased by **RMB 39.9 million** to **RMB 100.2 million**, primarily due to share repurchases[53](index=53&type=chunk) - Bank borrowings increased to **RMB 207.3 million**, of which **RMB 11.5 million** is repayable within one year[54](index=54&type=chunk) - Gearing ratio increased from **18.7%** at the end of 2024 to **31.2%** as of June 30, 2025[58](index=58&type=chunk) [Bank Balances and Cash](index=16&type=section&id=Bank%20Balances%20and%20Cash) Bank balances and cash (including time deposits) decreased by approximately RMB 39.9 million to RMB 100.2 million, primarily due to share repurchases - Bank balances and cash decreased by approximately **RMB 39.9 million** to **RMB 100.2 million**, primarily due to share repurchases[53](index=53&type=chunk) [Bank Borrowings](index=17&type=section&id=Bank%20Borrowings) Bank borrowings increased to approximately RMB 207.3 million, with approximately RMB 11.5 million repayable within one year, secured by property and/or guarantees from controlling shareholders, and approximately RMB 397.7 million in unutilized bank facilities - Bank borrowings increased to approximately **RMB 207.3 million**, of which approximately **RMB 11.5 million** is repayable within one year[54](index=54&type=chunk) - Borrowings are secured by the Group's properties and/or guaranteed by Mr. Kong and Ms. Zhang, executive directors and controlling shareholders[54](index=54&type=chunk) - As of June 30, 2025, approximately **RMB 397.7 million** of bank facilities remained unutilized[54](index=54&type=chunk) [Pledge of Assets](index=17&type=section&id=Pledge%20of%20Assets) The Group's properties, including offices, laboratories, production bases, and construction in progress, have been pledged as security for bank borrowings and bank facilities - Properties have been pledged as security for bank borrowings and bank facilities[56](index=56&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[57](index=57&type=chunk) [Gearing Ratio](index=17&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 31.2%, an increase from 18.7% at the end of 2024 - Gearing ratio increased from **18.7%** as of December 31, 2024, to **31.2%** as of June 30, 2025[58](index=58&type=chunk) [Capital Commitments](index=17&type=section&id=Capital%20Commitments) Capital commitments decreased from approximately RMB 38.3 million to RMB 7.4 million, primarily due to the completion of certain construction projects - Capital commitments decreased from approximately **RMB 38.3 million** to approximately **RMB 7.4 million**, primarily due to the completion of certain construction projects[59](index=59&type=chunk) [Foreign Exchange](index=18&type=section&id=Foreign%20Exchange) The company primarily faces foreign exchange risks related to HKD and did not enter into any currency hedging transactions during the reporting period - The Group primarily faces foreign exchange risks related to HKD and did not enter into any currency hedging transactions[60](index=60&type=chunk) [Significant Investments, Acquisitions and Disposals](index=18&type=section&id=Significant%20Investments%2C%20Acquisitions%20and%20Disposals) During the reporting period, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, and joint ventures - During the reporting period, the Group had no significant investments, acquisitions, or disposals[61](index=61&type=chunk) [Future Plans for Material Investments or Capital Assets](index=18&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets - As of June 30, 2025, the Group had no specific plans for material capital expenditures, investments, or capital assets[62](index=62&type=chunk) Other Information [Interim Dividend](index=18&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[63](index=63&type=chunk) [Use of Net Proceeds from Global Offering](index=18&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The total net proceeds from the global offering amounted to approximately HKD 241.6 million; as of June 30, 2025, HKD 1.3 million was used for working capital, with HKD 105.0 million remaining unutilized and expected to be fully utilized by the end of 2027 - Total net proceeds from the global offering amounted to approximately **HKD 241.6 million**[64](index=64&type=chunk) Use of Net Proceeds from Global Offering (HKD millions) | Use of Proceeds | Net Proceeds Allocation (%) | Unutilized Amount as of Dec 31, 2024 | Amount Utilized for Six Months Ended June 30, 2025 | Unutilized Amount as of June 30, 2025 | Expected Timeline for Full Utilization of Remaining Global Offering Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | For clinical development, manufacturing and commercialization of core product LZ901 | 58.2 | 46.0 | – | 46.0 | By end of 2026 | | To fund ongoing and planned clinical trials for LZ901 in China and the US | 40.2 | 2.3 | – | 2.3 | By end of 2026 | | To fund commercial manufacturing of LZ901 | 6.0 | 14.6 | – | 14.6 | By end of 2026 | | To fund marketing and sales activities | 12.0 | 29.1 | – | 29.1 | By end of 2026 | | For clinical development and manufacturing of K3 | 22.1 | 53.4 | – | 53.4 | By end of 2027 | | To fund planned clinical trials for K3 | 16.1 | 38.8 | – | 38.8 | By end of 2026 | | To fund commercial manufacturing of K3 | 6.0 | 14.6 | – | 14.6 | By end of 2027 | | For construction of Zhuhai Phase II commercial production facility | 16.1 | 0.1 | – | 0.1 | By end of 2026 | | For working capital and other general corporate purposes | 3.6 | 6.8 | 1.3 | 5.5 | By end of 2026 | | **Total** | **100.0** | **106.3** | **1.3** | **105.0** | | - As of June 30, 2025, **HKD 1.3 million** was used for working capital, with **HKD 105.0 million** remaining unutilized and expected to be fully utilized by the end of **2027**[65](index=65&type=chunk)[67](index=67&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 197 full-time employees, offering competitive remuneration, bonuses, and promotion opportunities through an evaluation system, while emphasizing employee training and social insurance contributions - As of June 30, 2025, the Group employed **197 full-time employees**[68](index=68&type=chunk) - The company determines remuneration, bonuses, and promotions through an evaluation system, provides training, and contributes to social insurance and housing provident funds[68](index=68&type=chunk)[69](index=69&type=chunk) [Employee Incentive Schemes](index=20&type=section&id=Employee%20Incentive%20Schemes) The company has a pre-IPO employee incentive scheme and a 2025 Share Award Scheme to motivate and retain talent; the 2025 scheme was approved by shareholders and effective, with 19,922,983 H shares available for granting at period-end - The company has a pre-IPO employee incentive scheme that does not involve granting new shares[70](index=70&type=chunk) - The 2025 Share Award Scheme was approved by shareholders and became effective, aiming to provide ownership interests and incentivize contributions[71](index=71&type=chunk) - As of June 30, 2025, **19,922,983 H shares** remained available for granting under the 2025 Share Award Scheme[71](index=71&type=chunk) [Pre-IPO Employee Incentive Scheme](index=20&type=section&id=Pre-IPO%20Employee%20Incentive%20Scheme) This scheme, adopted on December 15, 2021, does not involve granting new shares, with eligible participants granted interests in the employee incentive platform Hengqin Luzhu Limited Partnership - The pre-IPO employee incentive scheme was adopted on December 15, 2021, and does not involve granting new shares[70](index=70&type=chunk) [2025 Share Award Scheme](index=20&type=section&id=2025%20Share%20Award%20Scheme) This scheme was approved by shareholders on June 12, 2025, and became effective on June 13, aiming to provide ownership interests and incentivize contributions; as of the reporting period end, 19,922,983 H shares were available for granting, but no awards had been granted - The 2025 Share Award Scheme was approved by shareholders on June 12, 2025, and became effective on June 13[71](index=71&type=chunk) - As of June 30, 2025, **19,922,983 H shares** remained available for granting, but no awards had been granted[71](index=71&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules; despite the Chairman and CEO being the same person, the Board believes sufficient checks and balances are in place, and corporate governance practices will be regularly reviewed and strengthened - The company's corporate governance practices are based on the Corporate Governance Code in Appendix C1 of the Listing Rules[72](index=72&type=chunk) - The Chairman and CEO are the same person, but the Board believes there are sufficient checks and balances to protect the Group's and shareholders' interests[72](index=72&type=chunk) [Compliance with Model Code for Securities Transactions](index=21&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, all directors and supervisors have confirmed compliance, and no breaches by relevant employees were identified - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules[74](index=74&type=chunk) - All directors and supervisors have confirmed compliance with the Model Code, and no breaches by relevant employees were identified[74](index=74&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company repurchased 1,759,200 H shares for approximately HKD 39.7 million, holding 3,219,200 treasury H shares for the 2025 Share Award Scheme, and further repurchased 316,600 H shares after the reporting period - During the reporting period, the company repurchased a total of **1,759,200 H shares** for approximately **HKD 39.7 million**[75](index=75&type=chunk) - As of June 30, 2025, the company held a total of **3,219,200 treasury H shares**, available for the 2025 Share Award Scheme[76](index=76&type=chunk) - After the reporting period, the company further repurchased **316,600 H shares** in July 2025 for approximately **HKD 6.8 million**[76](index=76&type=chunk) [Events After Reporting Period](index=22&type=section&id=Events%20After%20Reporting%20Period) Other than those disclosed in this announcement, no significant events affecting the Group occurred from June 30, 2025, up to the date of this announcement - No significant events affecting the Group occurred after the reporting period, other than those disclosed[77](index=77&type=chunk) [Review of Interim Results](index=22&type=section&id=Review%20of%20Interim%20Results) The Audit Committee has reviewed the interim results and deemed them compliant with accounting standards and disclosure requirements; independent auditor Deloitte Touche Tohmatsu has reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements - The Audit Committee has reviewed the interim results and deemed them compliant with applicable accounting standards, rules, and regulations[78](index=78&type=chunk) - Independent auditor Deloitte Touche Tohmatsu has reviewed the interim financial information[78](index=78&type=chunk) [Publication of Interim Results and Interim Report](index=23&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement has been published on the HKEX website and the company's website[79](index=79&type=chunk) - The interim report will be dispatched to shareholders and published on the HKEX website and the company's website in due course[79](index=79&type=chunk) Definitions [Content of Definitions](index=23&type=section&id=Content%20of%20Definitions) This section provides definitions for key terms and abbreviations used in the report, ensuring consistent understanding of the report's content - This section provides definitions for key terms and abbreviations used in the report, such as BLA (Biologics License Application), FDA (U.S. Food and Drug Administration), and GMP (Good Manufacturing Practice)[80](index=80&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Ming Yuan Cloud Group Holdings Limited 明源雲集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：909） 截至二零二五年六月三十日止六個月 中期業績公告 董事會謹此宣佈，本集團截至二零二五年六月三十日止六個月的未經審計簡明綜 合中期業績，連同截至二零二四年六月三十日止六個月的可比較數字如下： 財務摘要 截至六月三十日止六個月 二零二五年 二零二四年 同比變動% （人民幣千元，另有指明者除外） | 收入 | 605,807 | 720,106 | (15.9) | | --- | --- | --- | --- | | 毛利潤 | 486,023 | 577,696 | (15.9) | | 營運虧損 | (65,580) | (210,434) | (68.8) | | 所得稅前利潤╱（虧損） | 9,622 | (116,287) | (108.3) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對任何就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔責任。 China Jinmao Holdings Group Limited 中國金茂控股集團有限公 司 （於香港註冊成立的有限公司） （股票代號：00817） 截至2025年6月30日止六個月中期業績公告 董事會欣然宣佈本公司及其附屬公司截至2025年6月30日止六個月的未經審核中 期業績。本公告列載本公司2025年中期報告全文，並符合《香港聯合交易所有限 公司證券上市規則》中有關中期業績公告的披露要求。本公司2025年中期報告的 印刷版本將於2025年9月底或之前寄發予本公司的股東，並可於其時在香港交易 所披露易網站 www.hkexnews.hk 及本公司的網站 www.chinajinmao.cn 上閱覽。 董事會決議向本公司股東派發中期股息每股3港仙，並向股東提供以股代息的選 擇。中期股息將於2025年10月31日（星期五）或之前派發予各股東。本公司將就 中期股息刊發暫停辦理股份過戶登記的公告。根 ...

（在香港註冊成立的有限公司） （股份代號：00123） 二○二五年中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 業績摘要 – 1 – ‧ 營業收入約為人民幣475.7億元，同比上升34.6%。 ‧ 毛利率約為10.6%，同比下降3.1個百分點。 ‧ 權益持有人應佔盈利約為人民幣13.7億元，同比下降25.2%。 ‧ 核心淨利潤*約為人民幣15.2億元，同比下降12.7%。 ‧ 期內累計合同銷售（連同合營企業及聯營公司項目的銷售）金額約為人民幣 615.0億元，同比上升11.0%，完成全年合同銷售目標人民幣1,205億元的 51.0%。根据克而瑞統計，本集團上半年銷售金額排名保持全國前8。 ‧ 期內於6個城市新增13幅土地，總建築面積約為148萬平方米，全部位於一 線和二線城市。截至六月三十日，總土地儲備達到約2,043萬平方米。總土地 儲備中94%位於一線和二線城市。 – 2 – ‧ 截至六月三十日，本集團「三道紅線」保持「綠檔」達標 ...