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。 XIMEI RESOURCES HOLDING LIMITED 稀 美 資 源 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：9936） 截至二零二五年六月三十日止六個月的中期業績公告 | 財務摘要 | | | | | | | --- | --- | --- | --- | --- | --- | | | | | 截至六月三十日止六個月 | | 變動增加╱ | | | | 二零二五 | 年 | 二零二四 年 | （減少） | | | | 人民幣千元 | | 人民幣千元 | | | | | （未經審核） | | （未經審核） | | | 財務摘要 | | | | | | | 收 益 | | | 954,200 | 902,593 | 5.7% | | 銷售成本 | | | (727,878) | (712,017) | 2.2% | | 毛 利 | | | 226,322 | 19 ...

[2025 Interim Results Highlights](index=1&type=section&id=二零二五年中期業績摘要) [Financial Highlights](index=1&type=section&id=財務摘要) The company achieved significant financial growth in the first half of 2025, with revenue increasing by 63.7% year-on-year and a successful turnaround to profit, with profit attributable to owners of the company reaching RMB 1,316 thousands Financial Performance Summary | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 90,959 | 55,560 | 63.7 | | Gross Profit | 57,974 | 39,064 | 48.4 | | Profit/(Loss) Before Income Tax | 1,388 | (6,746) | — | | Profit/(Loss) Attributable to Owners of the Company | 1,316 | (4,743) | — | | Basic and Diluted Earnings/(Loss) Per Share (RMB yuan) | 0.01/0.01 | (0.05)/(0.05) | — | [Interim Results](index=2&type=section&id=中期業績) [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=中期簡明綜合全面收益表) In the first half of 2025, the Group's revenue significantly increased, successfully achieving profitability and reversing the loss from the same period last year, with notable improvements in gross profit and financial income, alongside increased R&D expenses Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 90,959 | 55,560 | | Cost of Sales | (32,985) | (16,496) | | Gross Profit | 57,974 | 39,064 | | Other Income | 14,580 | 13,482 | | Net Other Gains/(Losses) | 544 | (449) | | Selling and Marketing Expenses | (4,260) | (5,179) | | General and Administrative Expenses | (17,714) | (14,850) | | Research and Development Expenses | (54,461) | (41,106) | | Reversal of Impairment Loss on Financial and Contract Assets | 3,004 | 1,931 | | Operating Loss | (333) | (7,107) | | Share of Profit/(Loss) of Investments Accounted for Using Equity Method | 34 | (662) | | Finance Income | 4,316 | 1,707 | | Finance Costs | (2,629) | (684) | | Profit/(Loss) Before Income Tax | 1,388 | (6,746) | | Income Tax (Expense)/Credit | (999) | 2,147 | | Profit/(Loss) for the Period | 389 | (4,599) | | Profit/(Loss) Attributable to Owners of the Company | 1,316 | (4,743) | | Non-controlling Interests | (927) | 144 | | Total Comprehensive Income/(Loss) for the Period | 122 | (4,599) | Earnings Per Share | Metric | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Basic Earnings/(Loss) Per Share | 0.01 | (0.05) | | Diluted Earnings/(Loss) Per Share | 0.01 | (0.05) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=中期簡明綜合資產負債表) As of June 30, 2025, the Group's total assets significantly increased, primarily driven by an increase in financial assets at fair value through profit or loss and cash and cash equivalents within current assets, while total liabilities decreased and shareholders' equity substantially improved Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 220,291 | 172,251 | | Total Current Assets | 748,862 | 495,709 | | **TOTAL ASSETS** | **969,153** | **667,960** | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 884,040 | 553,578 | | Non-controlling Interests | 3,203 | 4,130 | | **TOTAL EQUITY** | **887,243** | **557,708** | | **LIABILITIES** | | | | Total Non-current Liabilities | 41,002 | 44,775 | | Total Current Liabilities | 40,908 | 65,477 | | **TOTAL LIABILITIES** | **81,910** | **110,252** | | **TOTAL EQUITY AND LIABILITIES** | **969,153** | **667,960** | [Notes](index=6&type=section&id=附註) [General Information](index=6&type=section&id=一般資料) Beijing Saimo Technology Co., Ltd. was established in Beijing, China in 2014, restructured into a joint-stock company in 2022, and listed on the Main Board of the Hong Kong Stock Exchange on January 15, 2025, primarily providing ICV testing, verification, and evaluation solutions - The company was incorporated in Beijing, China on January 24, 2014, and restructured into a joint-stock company on November 8, 2022[7](index=7&type=chunk) - The company and its subsidiaries (the Group) are primarily engaged in providing Intelligent Connected Vehicle (ICV) testing, verification, and evaluation solutions in China[7](index=7&type=chunk) - The company completed its initial public offering on January 15, 2025, with its ordinary shares listed on the Main Board of the Hong Kong Stock Exchange[7](index=7&type=chunk) [Basis of Preparation and Accounting Policies](index=6&type=section&id=編製基準及會計政策) This condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 and should be read in conjunction with the 2024 annual consolidated financial statements, with the Group's initial application of IAS 21 amendments expected to have no significant impact - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) - The Group has first applied "Amendments to IAS 21 – Lack of Exchangeability" for the reporting period beginning January 1, 2025, with no significant impact expected on prior or future periods[10](index=10&type=chunk) - Among the standards not yet adopted, International Financial Reporting Standard 18 may primarily affect the presentation of the consolidated statement of comprehensive income[13](index=13&type=chunk) [New and Revised Standards Adopted by the Group](index=6&type=section&id=本集團採納之新訂及經修訂準則) The Group has first applied "Amendments to IAS 21 – Lack of Exchangeability" for the reporting period beginning January 1, 2025, with no significant impact expected on prior or future periods - The Group has first applied "Amendments to IAS 21 – Lack of Exchangeability" for the reporting period beginning January 1, 2025, with no significant impact expected on prior or future periods[10](index=10&type=chunk) [New and Revised Standards and Interpretations Not Yet Adopted](index=7&type=section&id=尚未獲採納的新訂及經修訂準則及詮釋) The Group has not early adopted certain new and revised accounting standards and amendments issued but not yet mandatorily effective for the reporting period ended June 30, 2025, with IFRS 18 potentially impacting the presentation of the consolidated statement of comprehensive income - The Group has not early adopted certain new and revised accounting standards and amendments that have been issued but are not yet mandatorily effective for the reporting period ended June 30, 2025[11](index=11&type=chunk) - Preliminary assessment indicates that the adoption of these new and revised standards is not expected to have a significant impact on the Group's performance and financial position, except that IFRS 18 may primarily affect the presentation of the Group's consolidated statement of comprehensive income[13](index=13&type=chunk) [Segment Information](index=7&type=section&id=分部資料) The Group's business activities are concentrated in ICV testing, verification, and evaluation in China, with the Board of Directors reviewing consolidated results as the chief operating decision maker, resulting in only one reportable segment where all non-current assets and revenue originate from China - The Group's business activities involve testing, verifying, and evaluating the functionality, compatibility, safety, reliability, and comfort of ICVs in China[14](index=14&type=chunk) - The Group has only one reportable segment, with all non-current assets and revenue located in China[14](index=14&type=chunk) [Revenue](index=8&type=section&id=收益) In the first half of 2025, the Group's total revenue reached RMB 90,959 thousands, primarily contributed by ICV simulation testing software and platforms, ICV data platforms and other products, and consulting and other services Revenue by Product and Service | Products and Services | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | ICV Simulation Testing Software and Platforms | 49,073 | 31,321 | | ICV Data Platforms and Other Products | 19,331 | 10,903 | | ICV Testing and Related Services | 9,310 | 6,638 | | Consulting and Other Services | 13,245 | 6,698 | | **Total Revenue** | **90,959** | **55,560** | Revenue Recognition Timing | Timing of Revenue Recognition | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | At a point in time | 90,507 | 54,830 | | Over time | 452 | 730 | | **Total Revenue** | **90,959** | **55,560** | [Other Income](index=8&type=section&id=其他收入) In the first half of 2025, the Group's other income increased to RMB 14,580 thousands, primarily driven by an increase in government grants, partially offset by a decrease in VAT refunds Other Income Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 14,521 | 10,335 | | VAT refunds | – | 1,621 | | Others | 59 | 1,526 | | **Total** | **14,580** | **13,482** | - Government grants primarily relate to subsidies for the Group's contributions to government technology development, with no unfulfilled conditions or contingencies[19](index=19&type=chunk) [Income Tax Expense/(Credit)](index=9&type=section&id=所得稅開支╱（抵免）) In the first half of 2025, the Group's income tax shifted from a credit in the prior year to an expense of RMB 999 thousands, primarily due to the reversal of deferred tax liabilities and assets, with the company and some subsidiaries benefiting from preferential corporate income tax rates and R&D expense super deduction policies Income Tax Expense/(Credit) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | – | – | | Deferred income tax | 999 | (2,147) | | **Income tax expense/(credit)** | **999** | **(2,147)** | - The company is recognized as a key software enterprise, enjoying a preferential corporate income tax rate of **10%** from January 1, 2024[22](index=22&type=chunk) - Effective January 1, 2023, the pre-tax deduction rate for enterprise R&D expenses is **100%**[22](index=22&type=chunk) [Earnings/(Loss) Per Share](index=10&type=section&id=每股盈利╱（虧損）) In the first half of 2025, the company achieved a turnaround to profit with basic and diluted earnings per share of RMB 0.01, compared to a loss per share of RMB 0.05 in the same period last year, with the weighted average number of ordinary shares increasing due to the listing Basic Earnings/(Loss) Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the Company (RMB thousands) | 1,316 | (4,743) | | Weighted average number of ordinary shares (thousands of shares) | 129,006 | 98,450 | | Basic earnings/(loss) per share (RMB yuan) | 0.01 | (0.05) | Diluted Earnings/(Loss) Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Weighted average number of ordinary shares used in calculating basic earnings per share (thousands of shares) | 129,006 | 98,450 | | Dilutive effect: Restricted share units (thousands of units) | 1,402 | – | | Adjusted weighted average number of ordinary shares used in calculating diluted earnings per share (thousands of shares) | 130,408 | 98,450 | | Diluted earnings/(loss) per share (RMB yuan) | 0.01 | (0.05) | - As a loss was recorded in the first half of 2024, restricted share units had an anti-dilutive effect and were therefore not included in the diluted loss per share[26](index=26&type=chunk) [Basic](index=10&type=section&id=基本) In the first half of 2025, the company achieved a basic earnings per share of RMB 0.01, a significant improvement from the loss of RMB 0.05 per share in the prior year, with an increased weighted average number of ordinary shares Basic Earnings/(Loss) Per Share | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the Company | 1,316 | (4,743) | | Weighted average number of ordinary shares (thousands of shares) | 129,006 | 98,450 | | Basic earnings/(loss) per share (RMB yuan) | 0.01 | (0.05) | [Diluted](index=11&type=section&id=攤薄) In the first half of 2025, the company reported diluted earnings per share of RMB 0.01, a turnaround from the RMB 0.05 loss per share in the previous year, reflecting the impact of restricted share units on the adjusted weighted average number of ordinary shares Diluted Earnings/(Loss) Per Share | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the Company | 1,316 | (4,743) | | Weighted average number of ordinary shares used in calculating basic earnings per share (thousands of shares) | 129,006 | 98,450 | | Dilutive effect: Restricted share units (thousands of units) | 1,402 | – | | Adjusted weighted average number of ordinary shares used in calculating diluted earnings per share (thousands of shares) | 130,408 | 98,450 | | Diluted earnings/(loss) per share (RMB yuan) | 0.01 | (0.05) | [Financial Assets at Fair Value Through Profit or Loss](index=11&type=section&id=按公允值計入損益的金融資產) As of June 30, 2025, the Group's financial assets at fair value through profit or loss significantly increased, primarily driven by short-term wealth management products, generating a fair value gain of RMB 561 thousands during the period Classification of Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted equity securities (Non-current) | 28,731 | 28,731 | | Wealth management products (Current) | 234,855 | 7,029 | Amounts Recognized in Profit or Loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss recognized in other gains | 561 | (448) | [Classification of Financial Assets at Fair Value Through Profit or Loss](index=11&type=section&id=按公允值計入損益的金融資產之分類) As of June 30, 2025, the Group's financial assets at fair value through profit or loss primarily consisted of unlisted equity securities and a significant increase in current wealth management products Classification of Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Unlisted equity securities (Non-current) | 28,731 | 28,731 | | Wealth management products (Current) | 234,855 | 7,029 | [Amounts Recognized in Profit or Loss](index=12&type=section&id=於損益確認的金額) In 2025, the Group recognized a fair value gain of RMB 561 thousands from financial assets at fair value through profit or loss, a positive shift from a loss in the prior year Amounts Recognized in Profit or Loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss recognized in other gains | 561 | (448) | [Trade and Bills Receivables](index=12&type=section&id=貿易應收款項及應收票據) As of June 30, 2025, the Group's total trade and bills receivables decreased to RMB 163,071 thousands, primarily due to the collection of a significant amount of receivables, with the majority of receivables falling within 6 months Trade and Bills Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 162,200 | 177,675 | | Bills receivables | 871 | 13,622 | | **Total** | **163,071** | **191,297** | Aging of Trade and Bills Receivables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 128,249 | 143,211 | | 6 months to 1 year | 7,204 | 24,125 | | 1 to 2 years | 21,728 | 19,230 | | Over 2 years | 12,128 | 13,873 | | **Total** | **169,309** | **200,439** | Loss Allowance for Trade and Bills Receivables | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss allowance at beginning of period | (9,142) | (8,818) | | Reversal of loss allowance | 2,904 | 2,022 | | Loss allowance at end of period | (6,238) | (6,796) | [Trade and Bills Payables](index=13&type=section&id=貿易應付款項及應付票據) As of June 30, 2025, the Group's total trade and bills payables slightly increased to RMB 6,234 thousands, primarily denominated in RMB with similar fair values Trade and Bills Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 5,032 | 5,136 | | Bills payables | 1,202 | 577 | | **Total** | **6,234** | **5,713** | Aging of Trade and Bills Payables | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 3,507 | 3,465 | | Over 6 months | 2,727 | 2,248 | | **Total** | **6,234** | **5,713** | [Dividends](index=14&type=section&id=股息) No dividends were paid or declared by the Group or any of its companies for the six months ended June 30, 2025 - For the six months ended June 30, 2025, no dividends were paid or declared by the Group or any of its companies (2024: nil)[31](index=31&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=管理層討論及分析) [Business Review](index=15&type=section&id=業務回顧) As a leading ICV simulation testing technology company in China, the Group focuses on R&D of ICV simulation testing products and related solutions, expanding into emerging fields like intelligent manufacturing and low-altitude economy, while actively pursuing domestic and international market opportunities through strategic partnerships and continuous investment in AI large models - The Group is a technology company in China specializing in Intelligent Connected Vehicle (ICV) simulation testing technology, primarily engaged in the design and R&D of ICV simulation testing products and providing related testing, verification, and evaluation solutions[32](index=32&type=chunk) - The Group primarily offers ICV simulation testing software and platforms, ICV data platforms and other products, ICV testing and related services, and consulting and other services[32](index=32&type=chunk) - The Group is expanding its business into emerging fields such as intelligent manufacturing and the low-altitude economy, and has formed strategic partnerships with AutoNavi Software Co., Ltd. and SGS-CSTC Standards Technical Services (Shanghai) Co., Ltd. to jointly explore global ICV market opportunities[34](index=34&type=chunk) - The Group continues to increase investment in cutting-edge technologies such as AI large models, continuously enhancing its intelligent simulation testing and big data analysis capabilities[34](index=34&type=chunk) [Market Overview](index=15&type=section&id=市場概覽) Driven by government support and growing consumer demand, the ICV industry is rapidly developing, leading to a continuous increase in demand for ICV simulation testing technology, positioning the Group to steadily expand its business and achieve sustainable growth through its technological advantages and market position - The ICV industry is experiencing rapid growth, with technological advancements and widespread adoption leading to a continuous increase in demand for ICV simulation testing technology[35](index=35&type=chunk) - As a leading enterprise, the Group possesses strong technological advantages and market position, and is expected to steadily expand its business, seize market opportunities, and achieve sustainable growth[35](index=35&type=chunk) [Overall Business Performance](index=16&type=section&id=業務整體表現) During the reporting period, the Group's operating revenue increased by 63.7% year-on-year to approximately RMB 91.0 millions, successfully achieving a turnaround to profit with profit attributable to owners of the company reaching RMB 1.3 millions, driven by optimized solutions, increased innovation investment, and enhanced ICV technology development and market acceptance - During the reporting period, the Group achieved operating revenue of approximately **RMB 91.0 millions**, representing a **63.7%** increase compared to the same period in 2024[37](index=37&type=chunk) - Profit attributable to owners of the company turned from a loss of **RMB 4.7 millions** in the same period of 2024 to a profit of **RMB 1.3 millions**[37](index=37&type=chunk) - The performance growth is attributed to continuous optimization and upgrading of existing solutions, increased investment in innovation, and the development of intelligent driving technology and increased acceptance of ICVs in China[37](index=37&type=chunk) [Business Performance by Product/Service Type](index=16&type=section&id=分產品╱服務類型的業務表現) The Group achieved growth across all four major business segments: ICV simulation testing software and platforms, ICV data platforms and other products, ICV testing and related services, and consulting and other services, with ICV data platforms and other products experiencing the fastest revenue growth at 77.3%, continuously enhancing market competitiveness through technological upgrades, customer expansion, and customized solutions [ICV Simulation Testing Software and Platforms, ICV Data Platforms and Other Products](index=16&type=section&id=ICV仿真測試軟件及平台、ICV數據平台及其他產品) Revenue from ICV simulation testing software and platforms increased by 56.7% year-on-year to RMB 49.1 millions, with SaaS solutions well-received by customers, while ICV data platforms and other products saw a 77.3% year-on-year revenue increase to RMB 19.3 millions, successfully expanding to multiple key customers and optimizing data platform functionalities - Revenue from ICV simulation testing software and platforms was approximately **RMB 49.1 millions**, a year-on-year increase of **56.7%**[39](index=39&type=chunk) - In terms of ICV simulation testing platforms, the Group achieved significant success in customer expansion, establishing long-term partnerships with several renowned automotive manufacturers and technology companies[40](index=40&type=chunk) - Revenue from ICV data platforms and other products was approximately **RMB 19.3 millions**, a year-on-year increase of **77.3%**[41](index=41&type=chunk) - The Group has participated in building ICV data platforms in multiple cities across China and successfully expanded to several key customers[41](index=41&type=chunk)[42](index=42&type=chunk) [ICV Testing and Related Services, and Consulting and Other Services](index=17&type=section&id=ICV測試及相關服務，及顧問及其他服務) Revenue from ICV testing and related services was approximately RMB 9.3 millions, offering customized solutions including simulation testing, closed-field testing, and platform operation and maintenance, while consulting and other services revenue increased by 97.7% year-on-year to RMB 13.2 millions, primarily assisting clients with ICV regulatory compliance and organizing industry conferences - The Group's ICV testing and related services include simulation testing, closed-field testing, and platform operation and maintenance services, offering highly customized solutions[45](index=45&type=chunk)[46](index=46&type=chunk) - During the reporting period, the Group's revenue from ICV testing and related services was approximately **RMB 9.3 millions**[47](index=47&type=chunk) - Revenue from consulting and other services was approximately **RMB 13.2 millions**, a year-on-year increase of **97.7%**[48](index=48&type=chunk) - Consulting services primarily assist automotive manufacturers in understanding and complying with domestic and international laws, regulations, and standards related to ICVs, while other services assist government departments in organizing ICV and related industry conferences[48](index=48&type=chunk)[49](index=49&type=chunk) [Prospects and Future Plans](index=19&type=section&id=前景及未來規劃) The Group plans to uphold independent innovation, increase R&D investment, continuously optimize existing solutions (Sim Pro, Safety Pro, Traffic Pro, SceCo Pro), and invest in developing new products (SGO Pro, DB Pro, Cloud Pro), while expanding its customer base and market coverage, including more Chinese cities and a Hong Kong representative office for overseas markets, further growing its talent pool, and exploring simulation technology applications in emerging industries such as drones, digital twin cities, and smart agriculture - The Group will adhere to independent innovation, strengthen R&D and technological innovation investments to enhance the core competitiveness of its products and services, expand its market share in China, and explore overseas markets and other sectors[50](index=50&type=chunk) [The Group Plans to Continue Optimizing and Upgrading its Existing Solutions to Strengthen its Technological Advantages](index=19&type=section&id=本集團計劃繼續優化和升級本集團現有的解決方案，加強本集團的技術優勢) The Group plans to continuously optimize and upgrade its existing solutions, including Sim Pro, Safety Pro, Traffic Pro, and SceCo Pro, to enhance its technological advantages and market competitiveness - Plans to continuously optimize and upgrade existing solutions, including Sim Pro (upgrading sensor models, cloud simulation data closed-loop, XiL testing performance), Safety Pro (upgrading intelligent analysis functions, automatic generation of FuSa and SOTIF scenario libraries), Traffic Pro (optimizing real-time data processing engine, intelligent traffic light optimization algorithms, compatibility), and SceCo Pro (developing multi-source data integration, cloud deployment, and automatic generation of customized scenarios)[50](index=50&type=chunk) [The Group Plans to Increase Investment in Innovation and Enhance New Products to Consolidate its Market Position in the ICV Testing, Verification, and Evaluation Solutions Industry](index=20&type=section&id=本集團計劃增加投資於創新及增強新產品並鞏固本集團在ICV測試%2C%20驗證和評估解決方案行業的市場地位) The Group plans to increase investment in innovation and enhance new products, focusing on developing and commercializing tools such as SGO Pro, DB Pro, and Cloud Pro based on the Sim Pro toolchain, to consolidate its market position in the ICV testing, verification, and evaluation solutions industry - Plans to continue developing and commercializing new products, focusing on tools such as SGO Pro, DB Pro, and Cloud Pro based on the Sim Pro toolchain[51](index=51&type=chunk) [The Group Plans to Expand its Customer Base and Geographically Broaden its Market Coverage](index=20&type=section&id=本集團計劃擴大我們的客戶群並在地理上擴大我們的市場覆蓋範圍) The Group plans to expand its customer base and geographically broaden its market coverage by extending operations to more Chinese cities and considering a Hong Kong representative office and R&D center to lay the groundwork for overseas market expansion, while strengthening sales and marketing efforts domestically and internationally - Plans to expand business into more Chinese cities and consider establishing a representative office and R&D center in Hong Kong to lay the foundation for overseas market expansion[52](index=52&type=chunk) - Will strengthen sales and marketing efforts, including expanding and enhancing the effectiveness of domestic sales and marketing teams, and participating in and organizing more industry events in mainland China and Hong Kong[52](index=52&type=chunk) [The Group Plans to Expand its Talent Pool to Support its Business Development Plans](index=20&type=section&id=本集團計劃擴大我們的人才庫，以支持我們的業務發展計劃) The Group plans to expand its talent pool to support business development by continuously investing in and growing its R&D team with technical personnel in software development, algorithms, vehicle testing, industry research, and product design, and by recruiting more professionals with sales, marketing, project management, and execution experience - Plans to continuously invest in and expand its R&D team by attracting technical personnel in areas such as software development, algorithms, vehicle testing, industry research, and product design[53](index=53&type=chunk) - Will recruit more professionals with sales and marketing expertise and experience, as well as management talent with project management and execution experience[53](index=53&type=chunk) [The Group Plans to Expand the Application of Simulation Technology and Explore Business Opportunities in Other Industries](index=21&type=section&id=本集團計劃擴大仿真技術的應用%2C%20並發掘在其他行業的商機) The Group plans to expand the application of simulation technology and explore business opportunities in other industries by investing in drone operation management, testing, and commercial applications, addressing the growing demand for digital twin city solutions in urban transportation, and developing and commercializing simulation solutions for smart agricultural machinery manufacturers - Plans to explore investment in simulation technology for drone operation management, testing, and commercial applications[54](index=54&type=chunk) - Digital twin city solutions are expected to see increasing demand in administrative or research activities aimed at improving urban transportation[54](index=54&type=chunk) - Plans to conduct R&D and commercialize simulation solutions for testing smart agricultural machinery, targeting smart product manufacturers in the smart agriculture market[54](index=54&type=chunk) [Revenue](index=22&type=section&id=收%20入) The Group's revenue increased by 63.7% year-on-year to RMB 91.0 millions in the first half of 2025, primarily driven by increased revenue from ICV simulation testing platforms, ICV data platforms and other products, and consulting and other services - The Group's revenue increased by **RMB 35.4 millions** (or approximately **63.7%**) from **RMB 55.6 millions** in the first six months of 2024 to **RMB 91.0 millions** in the first six months of 2025[55](index=55&type=chunk) - The increase in revenue was primarily attributable to increased revenue from ICV simulation testing platforms, ICV data platforms and other products, and consulting and other services[55](index=55&type=chunk) Revenue Contribution by Product/Service | Revenue Contribution | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | ICV Simulation Testing Software and Platforms | 49,073 | 54.0 | 31,321 | 56.4 | | ICV Data Platforms and Other Products | 19,331 | 21.3 | 10,903 | 19.6 | | ICV Testing and Related Services | 9,310 | 10.2 | 6,638 | 11.9 | | Consulting and Other Services | 13,245 | 14.5 | 6,698 | 12.1 | | **Total Revenue** | **90,959** | **100** | **55,560** | **100** | [Cost of Sales](index=22&type=section&id=銷售成本) The Group's cost of sales increased by 100% year-on-year to RMB 33.0 millions in the first half of 2025, primarily due to increased hardware procurement - The Group's cost of sales increased by **RMB 16.5 millions** (or approximately **100%**) from **RMB 16.5 millions** in the first six months of 2024 to **RMB 33.0 millions** in the first six months of 2025[56](index=56&type=chunk) - The increase in cost of sales was primarily attributable to increased hardware procurement[56](index=56&type=chunk) [Gross Profit and Gross Profit Margin](index=23&type=section&id=毛利及毛利率) The Group's gross profit increased by 48.4% year-on-year to RMB 58.0 millions in the first half of 2025, but the overall gross profit margin decreased from 70.3% to 63.7%, primarily due to increased hardware and customization requirements from customers for ICV simulation testing software and platforms - The Group's gross profit increased by **RMB 18.9 millions** (or approximately **48.4%**) from **RMB 39.1 millions** in the first six months of 2024 to **RMB 58.0 millions** in the first six months of 2025[57](index=57&type=chunk) - The Group's overall gross profit margin decreased from **70.3%** in the first six months of 2024 to **63.7%** in the first six months of 2025[57](index=57&type=chunk) - The decrease in gross profit margin was primarily attributable to increased hardware and customization requirements from customers for ICV simulation testing software and platforms[57](index=57&type=chunk) [Other Income](index=23&type=section&id=其他收入) The Group's other income increased by 8.1% year-on-year to RMB 14.6 millions in the first half of 2025, primarily driven by an increase in government grants, partially offset by a decrease in VAT refunds - The Group's other income increased by **RMB 1.1 millions** (or approximately **8.1%**) from **RMB 13.5 millions** in the first six months of 2024 to **RMB 14.6 millions** in the first six months of 2025[58](index=58&type=chunk) - The increase in other income was primarily attributable to increased government grants, partially offset by a decrease in VAT refunds[58](index=58&type=chunk) [Net Other Gains/(Losses)](index=23&type=section&id=其他收益╱（虧損）淨額) The Group's net other gains/(losses) shifted from a loss of RMB 0.4 millions in the prior year to a gain of RMB 0.5 millions in the first half of 2025, primarily due to fair value changes in wealth management products measured at fair value through profit or loss - The Group's net other gains/(losses) turned from a loss of **RMB 0.4 millions** in the first six months of 2024 to a gain of **RMB 0.5 millions** in the first six months of 2025[59](index=59&type=chunk) - The change was primarily attributable to fair value changes in wealth management products measured at fair value through profit or loss[59](index=59&type=chunk) [Selling and Marketing Expenses](index=23&type=section&id=銷售及營銷開支) The Group's selling and marketing expenses decreased by 17.7% year-on-year to RMB 4.3 millions in the first half of 2025, primarily due to optimized adjustments to the sales team, leading to cost reduction and efficiency improvement - The Group's selling and marketing expenses decreased by **RMB 0.9 millions** (or approximately **17.7%**) from **RMB 5.2 millions** in the first six months of 2024 to **RMB 4.3 millions** in the first six months of 2025[60](index=60&type=chunk) - The decrease was primarily attributable to optimized adjustments to the sales team, leading to cost reduction and efficiency improvement[60](index=60&type=chunk) [General and Administrative Expenses](index=23&type=section&id=一般及行政開支) The Group's general and administrative expenses increased by 19.3% year-on-year to RMB 17.7 millions in the first half of 2025, primarily due to increased management personnel costs and office expenses related to listing activities - The Group's general and administrative expenses increased by **RMB 2.8 millions** (or approximately **19.3%**) from **RMB 14.9 millions** in the first six months of 2024 to **RMB 17.7 millions** in the first six months of 2025[61](index=61&type=chunk) - The increase was primarily attributable to increased management personnel costs and office expenses related to listing activities[61](index=61&type=chunk) [Research and Development Expenses](index=24&type=section&id=研發開支) The Group's R&D expenses increased by 32.5% year-on-year to RMB 54.5 millions in the first half of 2025, primarily due to increased depreciation and amortization expenses for equipment and intangible assets related to R&D activities - The Group's R&D expenses increased by **RMB 13.4 millions** (or approximately **32.5%**) from **RMB 41.1 millions** in the first six months of 2024 to **RMB 54.5 millions** in the first six months of 2025[62](index=62&type=chunk) - The increase was primarily attributable to increased depreciation and amortization expenses for equipment and intangible assets related to R&D activities[62](index=62&type=chunk) [Reversal of Impairment Loss on Financial and Contract Assets](index=24&type=section&id=金融及合約資產減值虧損撥回) The Group's reversal of impairment loss on financial and contract assets increased by 55.6% year-on-year to RMB 3.0 millions in the first half of 2025, primarily due to the collection of a significant amount of trade receivables during the reporting period - The Group's reversal of impairment loss on financial and contract assets increased by **RMB 1.1 millions** (or approximately **55.6%**) from **RMB 1.9 millions** in the first six months of 2024 to **RMB 3.0 millions** in the first six months of 2025[63](index=63&type=chunk) - The increase was primarily attributable to the collection of a significant amount of trade receivables during the reporting period[63](index=63&type=chunk) [Share of Profit/(Loss) of Investments Accounted for Using Equity Method](index=24&type=section&id=分佔以權益法入賬的投資的利潤╱（虧損）) The Group's share of profit/(loss) of investments accounted for using the equity method shifted from a loss of RMB 0.7 millions in the prior year to a profit of RMB 34 thousands in the first half of 2025, primarily due to improved operating results of the joint venture, Beijing Dishishi Data Technology Co., Ltd - The Group's share of profit/(loss) of investments accounted for using the equity method increased by **RMB 0.7 millions** (or approximately **105.1%**) from a loss of **RMB 0.7 millions** in the first six months of 2024 to a profit of **RMB 34 thousands** in the first six months of 2025[64](index=64&type=chunk) - The increase was primarily attributable to the improved operating results of the joint venture, Beijing Dishishi Data Technology Co., Ltd., in the first six months of 2025 compared to the first six months of 2024[64](index=64&type=chunk) [Net Finance Income](index=24&type=section&id=財務收入淨額) The Group's net finance income increased by 64.9% year-on-year to RMB 1.7 millions in the first half of 2025, primarily due to increased interest income from bank deposits, partially offset by increased exchange losses and interest expenses on lease liabilities - The Group's net finance income increased by **RMB 0.7 millions** (or approximately **64.9%**) from **RMB 1.0 millions** in the first six months of 2024 to **RMB 1.7 millions** in the first six months of 2025[65](index=65&type=chunk) - The increase was primarily attributable to increased interest income from bank deposits, partially offset by increased exchange losses and interest expenses on lease liabilities[65](index=65&type=chunk) [Income Tax (Expense)/Credit](index=24&type=section&id=所得稅（開支）╱抵免) The Group's income tax shifted from a credit of RMB 2.1 millions in the prior year to an expense of RMB 1.0 millions in the first half of 2025, primarily due to the reversal of deferred tax liabilities and assets - The Group's income tax shifted from a credit of **RMB 2.1 millions** in the first six months of 2024 to an expense of **RMB 1.0 millions** in the first six months of 2025[66](index=66&type=chunk) - The change was primarily due to the reversal of deferred tax liabilities of approximately **RMB 0.3 millions** and the reversal of deferred tax assets of approximately **RMB 1.3 millions** during the reporting period[66](index=66&type=chunk) [Profit/(Loss) for the Period Attributable to the Group](index=25&type=section&id=本集團期內利潤╱（虧損）) The Group's profit for the period shifted from a loss of RMB 4.6 millions in the prior year to a profit of RMB 0.4 millions in the first half of 2025, primarily driven by increased gross profit, but partially offset by increased R&D expenses, general and administrative expenses, and income tax expenses - The Group's profit/(loss) for the period turned from a loss of **RMB 4.6 millions** in the first six months of 2024 to a profit of **RMB 0.4 millions** in the first six months of 2025[67](index=67&type=chunk) - Primarily attributable to an increase in gross profit of approximately **RMB 18.9 millions**, partially offset by increased R&D expenses, general and administrative expenses, and income tax expenses[67](index=67&type=chunk) [Non-IFRS Measures](index=25&type=section&id=非國際財務報告準則衡量方法) The Group uses adjusted profit/(loss) as a non-IFRS measure to better compare operating performance across different fiscal years, with this adjustment excluding share-based payment expenses and listing expenses, resulting in an adjusted profit of RMB 1,573 thousands for the first half of 2025 - The Group uses adjusted profit/(loss) (a non-IFRS measure) as an additional financial metric to compare operating performance across different fiscal years and entities[68](index=68&type=chunk) - Adjusted profit/(loss) is defined as profit for the period, excluding share-based payment expenses and listing expenses[68](index=68&type=chunk) Adjusted Profit/(Loss) for the Period (Non-IFRS Measure) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the period | 389 | (4,599) | | Add: Share-based payment expenses | 604 | 604 | | Add: Listing expenses | 580 | 155 | | **Adjusted profit/(loss) for the period (Non-IFRS measure)** | **1,573** | **(3,840)** | [Property, Plant and Equipment, Right-of-Use Assets and Intangible Assets](index=26&type=section&id=設備%2C%20使用權資產及無形資產) As of June 30, 2025, the Group's property, plant and equipment increased to RMB 93.9 millions, primarily due to new fixed asset acquisitions, while right-of-use assets and intangible assets slightly decreased due to depreciation and amortization - The Group's property, plant and equipment increased from **RMB 37.9 millions** as of December 31, 2024, to **RMB 93.9 millions** as of June 30, 2025, primarily due to new fixed asset acquisitions during the reporting period[72](index=72&type=chunk) - Right-of-use assets decreased from **RMB 49.0 millions** as of December 31, 2024, to **RMB 43.0 millions** as of June 30, 2025, primarily due to depreciation of right-of-use assets[72](index=72&type=chunk) - Intangible assets decreased from **RMB 52.3 millions** as of December 31, 2024, to **RMB 51.6 millions** as of June 30, 2025, primarily due to amortization of intangible assets[72](index=72&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=26&type=section&id=按公允值計入損益的金融資產) The Group's financial assets at fair value through profit or loss significantly increased from RMB 35.8 millions as of December 31, 2024, to RMB 263.6 millions as of June 30, 2025, primarily due to the purchase of wealth management products - The Group's financial assets at fair value through profit or loss increased from **RMB 35.8 millions** as of December 31, 2024, to **RMB 263.6 millions** as of June 30, 2025[73](index=73&type=chunk) - The increase was primarily due to the purchase of wealth management products[73](index=73&type=chunk) [Trade and Bills Receivables](index=26&type=section&id=貿易應收款項及應收票據) The Group's trade and bills receivables decreased from RMB 191.3 millions as of December 31, 2024, to RMB 163.1 millions as of June 30, 2025, primarily due to the collection of a significant amount of receivables, with turnover days significantly improving from 517.1 days to 352.6 days - The Group's trade and bills receivables decreased from **RMB 191.3 millions** as of December 31, 2024, to **RMB 163.1 millions** as of June 30, 2025[74](index=74&type=chunk) - The decrease was primarily due to the collection of a significant amount of trade receivables during the reporting period, partially offset by new receivables generated during the period[74](index=74&type=chunk) - The turnover days for trade and bills receivables were **352.6 days** for the first six months of 2025 (first six months of 2024: **517.1 days**)[74](index=74&type=chunk) [Prepayments and Other Receivables](index=26&type=section&id=預付款項及其他應收款項) The Group's prepayments and other receivables as of June 30, 2025, amounted to RMB 26.4 millions, a decrease of RMB 33.2 millions from the end of last year, primarily due to the transfer of capitalized listing-related prepayments to capital reserve - The Group's prepayments and other receivables as of June 30, 2025, amounted to **RMB 26.4 millions**, a decrease of **RMB 33.2 millions** from **RMB 59.6 millions** as of December 31, 2024[75](index=75&type=chunk) - The decrease was primarily due to the transfer of capitalized listing-related prepayments to capital reserve[75](index=75&type=chunk) [Current Assets](index=27&type=section&id=流動資產) The Group's current assets increased from RMB 495.7 millions as of December 31, 2024, to RMB 748.9 millions as of June 30, 2025, primarily due to an increase in cash and cash equivalents and financial assets at fair value through profit or loss - The Group's current assets increased from **RMB 495.7 millions** as of December 31, 2024, to **RMB 748.9 millions** as of June 30, 2025[76](index=76&type=chunk) - The increase was primarily due to an increase in cash and cash equivalents and financial assets at fair value through profit or loss[76](index=76&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=流動資金及資金資源) The Group primarily funds its operations through a combination of capital injections and operating cash flows, with cash and cash equivalents increasing to RMB 297.5 millions as of June 30, 2025, mainly due to proceeds from the listing, and the Group adopts a prudent financial management approach to its treasury policy - The Group has historically funded its operations primarily through a combination of capital injections and operating cash flows[77](index=77&type=chunk) - The Group's cash and cash equivalents increased from **RMB 208.3 millions** as of December 31, 2024, to **RMB 297.5 millions** as of June 30, 2025, primarily attributable to proceeds from the listing[77](index=77&type=chunk) [Net Cash Generated from Operating Activities](index=27&type=section&id=經營活動所得現金淨額) The Group's net cash generated from operating activities significantly increased by 9,679.2% to RMB 54.2 millions in the first half of 2025, primarily due to operating cash flow before working capital changes and working capital adjustments - The Group's net cash generated from operating activities increased by **RMB 53.6 millions** (or approximately **9,679.2%**) from **RMB 0.6 millions** in the first six months of 2024 to **RMB 54.2 millions** in the first six months of 2025[78](index=78&type=chunk) - The increase was primarily attributable to operating cash flow before working capital changes of approximately **RMB 35.9 millions** and working capital adjustments of **RMB 14.2 millions**[78](index=78&type=chunk) [Net Cash Used in Investing Activities](index=27&type=section&id=投資活動所用現金淨額) The Group's net cash used in investing activities increased to RMB 320.3 millions in the first half of 2025, a significant increase from the prior year, primarily due to the purchase of property, plant and equipment and wealth management products - For the first six months of 2025, the Group's net cash used in investing activities was **RMB 320.3 millions**, compared to **RMB 66.8 millions** in the first six months of 2024[79](index=79&type=chunk) - The increase was primarily due to the purchase of property, plant and equipment and wealth management products[79](index=79&type=chunk) [Net Cash Generated from/(Used in) Financing Activities](index=27&type=section&id=融資活動所得╱（所用）現金淨額) The Group's financing activities shifted from a cash outflow of RMB 18.1 millions in the prior year to a cash inflow of RMB 357.3 millions in the first half of 2025, primarily due to proceeds from the listing - The Group's net cash generated from/(used in) financing activities shifted from a cash outflow of **RMB 18.1 millions** in the first six months of 2024 to a cash inflow of **RMB 357.3 millions** in the same period of 2025[80](index=80&type=chunk) - Primarily attributable to proceeds from the listing[80](index=80&type=chunk) [Borrowings](index=28&type=section&id=借%20款) As of June 30, 2025, the Group had no external borrowings or loans - As of June 30, 2025, we had no external borrowings or loans (December 31, 2024: nil)[81](index=81&type=chunk) [Lease Liabilities](index=28&type=section&id=租賃負債) The Group's lease liabilities as of June 30, 2025, amounted to RMB 47.4 millions, a decrease of RMB 14.4 millions from the end of last year, primarily due to contractual payments for the Shunyi testing site lease - The Group's lease liabilities as of June 30, 2025, amounted to **RMB 47.4 millions**, a decrease of **RMB 14.4 millions** from **RMB 61.8 millions** as of December 31, 2024[82](index=82&type=chunk) - The decrease was primarily due to contractual payments for the lease of the Shunyi base of the National Intelligent Connected Vehicle and Smart Transportation (Beijing-Hebei) Demonstration Zone in the first half of 2025[82](index=82&type=chunk) [Trade and Bills Payables](index=28&type=section&id=貿易應付款項及應付票據) The Group's trade and bills payables increased from RMB 5.7 millions as of December 31, 2024, to RMB 6.2 millions as of June 30, 2025, primarily due to increased procurement costs driven by higher revenue, with turnover days decreasing from 51.9 days to 32.8 days - The Group's trade and bills payables increased from **RMB 5.7 millions** as of December 31, 2024, to **RMB 6.2 millions** as of June 30, 2025[83](index=83&type=chunk) - The increase was primarily due to increased procurement costs driven by higher revenue, which led to an increase in trade payables[83](index=83&type=chunk) - The turnover days for trade and bills payables were **32.8 days** for the reporting period (first six months of 2024: **51.9 days**)[83](index=83&type=chunk) [Capital Gearing Ratio](index=28&type=section&id=資本負債比率) As of June 30, 2025, the Group's capital gearing ratio remained at zero, consistent with the end of last year - As of June 30, 2025, the Group's capital gearing ratio was **zero** (December 31, 2024: zero)[84](index=84&type=chunk) [Pledge of Assets](index=28&type=section&id=資產抵押) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[85](index=85&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=外匯風險) The Group's business is primarily conducted in RMB, with foreign exchange risk mainly arising from fluctuations in USD/RMB and HKD/RMB exchange rates, and while there is currently no foreign currency hedging policy, the Board of Directors will monitor the risk and consider hedging - The Group's business is primarily conducted in RMB, with most assets denominated in RMB[86](index=86&type=chunk) - The Group's foreign exchange risk primarily arises from fluctuations in USD/RMB and HKD/RMB exchange rates[86](index=86&type=chunk) - As of now, the Group has not formulated any foreign currency hedging policy, but the Board of Directors will monitor the risk and consider hedging[86](index=86&type=chunk) [Contingent Liabilities](index=28&type=section&id=或然負債) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (as of December 31, 2024: nil)[87](index=87&type=chunk) [Capital Commitments](index=29&type=section&id=資本承諾) As of June 30, 2025, the Group's unpaid capital commitments increased by HKD 52.8 millions compared to the end of last year, primarily due to investment in its wholly-owned subsidiary, Saimo Technology (Hong Kong) Limited - The Group's unpaid capital commitments as of June 30, 2025, increased by **HKD 52.8 millions** compared to the end of last year, due to its investment in the wholly-owned subsidiary, Saimo Technology (Hong Kong) Limited[88](index=88&type=chunk) [Use of Proceeds from Global Offering](index=29&type=section&id=全球發售所得款項用途) The company completed its global offering and listing on the Stock Exchange on January 15, 2025, raising net proceeds of approximately RMB 328.8 millions, of which RMB 30.5 millions had been utilized as of June 30, 2025, primarily for continuous R&D investment and general corporate purposes, with no change in the intended use - The company completed its global offering and successfully listed on the Hong Kong Stock Exchange on January 15, 2025[89](index=89&type=chunk) - The global offering generated net proceeds of approximately **RMB 328.8 millions**[89](index=89&type=chunk) Use of Net Proceeds from Global Offering | Purpose | Allocated Net Proceeds (RMB millions) | Share (%) | Net Proceeds Utilized (RMB millions) | Net Proceeds Unutilized (RMB millions) | Expected Timeline for Use of Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Continuous R&D Investment - R&D of existing solutions | 57.5 | 17.5% | 3.9 | 53.6 | Before December 2027 | | Continuous R&D Investment - R&D of new tools and cloud infrastructure | 101.3 | 30.8% | – | 101.3 | Before December 2027 | | Continuous R&D Investment - Penetration into new industries | 45.7 | 13.9% | – | 45.7 | Before December 2027 | | Geographical expansion and marketing | 91.4 | 27.8% | – | 91.4 | Before December 2027 | | General corporate purposes and replenishment of working capital | 32.9 | 10.0% | 26.6 | 6.3 | Before December 2027 | | **Total** | **328.8** | **100%** | **30.5** | **298.3** | | - As of the date of this announcement, there has been no change in the intended use of net proceeds as disclosed in the prospectus[90](index=90&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=30&type=section&id=所持重大投資%2C%20重大收購與出售附屬公司%2C%20聯營公司及合營公司) In the first half of 2025, the company had no significant investments, material acquisitions, or disposals of any subsidiaries, associates, or joint ventures, other than those disclosed in this announcement - For the first six months of 2025, the company had no significant investments other than those disclosed in this announcement[91](index=91&type=chunk) - For the first six months of 2025, the company had no material acquisitions or disposals of any subsidiaries, associates, or joint ventures other than those disclosed in this announcement[91](index=91&type=chunk) [Future Plans for Material Investments or Capital Assets](index=30&type=section&id=重大投資或資本資產的未來計劃) As of the date of this announcement, the Group had no other future plans for material investments or capital assets, except for those disclosed in the prospectus and this announcement - As of the date of this announcement, the Group had no other future plans for material investments or capital assets, except for those disclosed in the "Future Plans and Use of Proceeds" section of the prospectus and in this announcement[92](index=92&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=僱員及薪酬政策) As of June 30, 2025, the Group had 162 employees with staff costs of approximately RMB 33.5 millions, providing internal and external training, employee incentive plans, and an H-share award trust scheme to attract and retain talent, while actively participating in China's local government housing provident fund and employee social security schemes - As of June 30, 2025, the Group had **162** employees (June 30, 2024: 185 employees)[93](index=93&type=chunk) - For the first six months of 2025, the Group's staff costs were approximately **RMB 33.5 millions** (same period in 2024: approximately **RMB 33.9 millions**)[93](index=93&type=chunk) - The Group provides internal and external training courses for employees and has an employee incentive scheme and a 2025 H-share award trust scheme to incentivize key management and technical personnel[94](index=94&type=chunk) - The Group participates in housing provident fund and employee social security schemes organized by relevant local government departments in China[94](index=94&type=chunk) [Material Events After Reporting Period](index=31&type=section&id=報告期後重大事項) No material and significant events affecting the Group occurred after June 30, 2025, up to the date of this announcement, other than those disclosed herein - Except as disclosed in this announcement, no material and significant events affecting the Group occurred after June 30, 2025, up to the date of this announcement[96](index=96&type=chunk) [Corporate Governance](index=31&type=section&id=企業管治) [Compliance with Corporate Governance Code](index=31&type=section&id=遵守企業管治守則) The company has adopted and applied the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange since its listing date and has continuously complied with all applicable code provisions and other laws and regulations without any deviation during the period - The company has adopted and applied the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange since its listing date[98](index=98&type=chunk) - The company has continuously complied with all applicable code provisions of the Corporate Governance Code and other applicable laws and regulatory requirements since its listing, with no deviation from the code provisions of the Corporate Governance Code during the period from the listing date to June 30, 2025[98](index=98&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors and Supervisors](index=32&type=section&id=遵守董事及監事進行證券交易的標準守則) The company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as the code of conduct for securities transactions by directors, supervisors, and relevant employees, and confirms that all directors and supervisors have complied with the Model Code during the reporting period - The company has adopted the "Model Code for Securities Transactions by Directors of Listed Issuers" as set out in Appendix C3 to the Listing Rules as the code of conduct for all securities transactions by directors, supervisors, and relevant employees of the company[99](index=99&type=chunk) - The company, after specific inquiries to all directors and supervisors, confirms that all directors and supervisors have complied with the required standards set out in the Model Code during the period from the listing date to June 30, 2025[99](index=99&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=購買%2C%20出售或贖回本公司之上市證券) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period, nor did the company hold any treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including the sale of treasury shares) during the reporting period[100](index=100&type=chunk) - As of June 30, 2025, the company held no treasury shares[101](index=101&type=chunk) [Interim Dividend](index=32&type=section&id=中期股息) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Board of Directors resolved not to declare any interim dividend (for the six months ended June 30, 2024: nil)[102](index=102&type=chunk) [Audit Committee](index=32&type=section&id=審核委員會) The company's Audit Committee, comprising three independent non-executive directors, provides independent opinions on financial reporting procedures, risk management, and internal control systems, and oversees the audit process, with members possessing professional qualifications and no former partners of the current external auditor - The company's Audit Committee comprises three independent non-executive directors: Ms. Guo Lili (Chairperson), Mr. Huang Hua, and Mr. Huang Haojun[103](index=103&type=chunk) - The primary responsibilities of the Audit Committee are to provide independent opinions to assist the Board of Directors on the effectiveness of the Group's financial reporting procedures, risk management, and internal control systems, and to oversee audit processes, development, and review policies[104](index=104&type=chunk) [Review of Unaudited Condensed Consolidated Interim Results](index=33&type=section&id=審閱未經審核簡明綜合中期業績) The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and deemed them compliant with applicable accounting standards, laws, and regulations - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025[105](index=105&type=chunk) - The Audit Committee is of the opinion that the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, comply with applicable accounting standards, laws, and regulations[105](index=105&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=33&type=section&id=刊登中期業績公告及中期報告) This announcement has been published on the Stock Exchange website and the company's website, and the company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders requesting printed corporate communications and published on the respective websites in due course - This announcement is published on the Stock Exchange website (www.hkexnews.hk) and the company's website (www.saimo.cloud)[106](index=106&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders requesting printed corporate communications in due course and published on the respective websites of the company and the Stock Exchange[106](index=106&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。 CENTRAL CHINA MANAGEMENT COMPANY LIMITED 中原建業有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） – 2 – （股 份 代 號：9982） 截 至2025年6月30日止六個月的 未經審核中期業績公告 財務摘要 – 1 – • 截 至2025年6月30日 止 六 個 月（「期 內」）收 入 為 人 民 幣139.6百 萬 元，較 2024年同期下降4.5%。 • 期內淨利潤為人民幣37.0百 萬 元，較2024年同期下降23.4%，期 內 淨 利潤率為26.5%。 • 期內每股基本盈利為人民幣0.94分，較2024年同期減少人民幣0.26分。 • 董事會並無建議派發截至2025年6月30日 止 六 個 月 之 中 期 股 息。 中期業績 中 原 建 業 有 限 公 司（「本公司 ...

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。 SUNAC SERVICES HOLDINGS LIMITED 融創服務控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01516） 截至2025年6月30日止六個月中期業績公告及 變更全球發售所得款項淨額用途 業績摘要 截至2025年6月30日止六個月： – 1 – • 本集團的收入約為人民幣35.47億元，同比增長約2%； • 本集團的毛利約為人民幣7.72億元，同比下降約13%，主要由於本集團暫緩 確認已完成履約義務但回款存在高風險的若干第三方客戶的收入，以及近年 交付項目質保到期而帶來的維修維護成本增加所致； • 本集團的銷售及管理費用約為人民幣2.79億元，同比下降約13%。銷售及管 理費率約為7.9%，同比下降約1.3個百分點；及 • 本公司擁有人應佔利潤約為人民幣1.22億元，去年同期本公司擁有人應佔虧 損約為人民幣4.72億元。 融創服務控股有限公司（「本公司」）董事（「董事 ...

[Financial Statements](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The company experienced a significant year-on-year decline in revenue, gross profit, profit before tax, and profit attributable to owners Key Financial Data from Condensed Consolidated Statement of Profit or Loss | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 205,410 | 323,471 | -36% | | Gross Profit and Net Interest Income | 79,519 | 118,953 | -33% | | Profit Before Tax | 21,995 | 52,157 | -58% | | Profit Attributable to Owners of the Company | 9,881 | 26,694 | -63% | | Basic and Diluted Earnings Per Share | 0.17 HK Cents | 0.45 HK Cents | -62% | [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) The company's total comprehensive income shifted from a loss to a profit year-on-year, driven by a significant increase in net exchange differences from foreign currency translation Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | | :--- | :--- | :--- | | Profit for the Period | 10,011 | 26,855 | | Fair Value Change of Equity Investments at Fair Value Through Other Comprehensive Income | 20,828 | (7,848) | | Net Exchange Differences Arising from Translation of Foreign Operations | 82,014 | (80,959) | | Total Comprehensive Income for the Period | 112,853 | (61,952) | [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) Total assets and liabilities increased, with a substantial rise in net current assets and non-current liabilities, indicating asset expansion and a shift in liability structure Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,788,406 | 3,861,767 | -2% | | Current Assets | 5,342,700 | 4,515,607 | +18% | | **Total Assets** | **9,131,106** | **8,377,374** | **+9%** | | Current Liabilities | (3,107,392) | (3,515,666) | -12% | | Non-current Liabilities | (3,153,280) | (2,092,198) | +51% | | **Total Liabilities** | **(6,260,672)** | **(5,607,864)** | **+12%** | | Net Current Assets | 2,235,308 | 999,941 | +124% | | Equity Attributable to Owners of the Company | 2,865,129 | 2,764,335 | +4% | [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) [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 are prepared in accordance with HKAS 34 and HKEX Listing Rules, extracted from the 2024 annual report with an unqualified opinion - The statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the HKEX Listing Rules[9](index=9&type=chunk) - The 2024 statutory annual report has been delivered to the Registrar of Companies, and the auditor's report was unqualified[9](index=9&type=chunk) [Accounting Policies](index=6&type=section&id=2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual report, and new HKFRS amendments have no material impact - The statements are prepared on a historical cost basis, except for certain properties and financial instruments measured at fair value[10](index=10&type=chunk) - Accounting policies are consistent with those presented in the Group's annual financial statements for the year ended December 31, 2024, except for changes due to the application of amendments to HKFRS[10](index=10&type=chunk) - New amendments to HKFRS have no material impact on the Group's financial position and performance during the current and prior periods[11](index=11&type=chunk) [Revenue](index=7&type=section&id=3%20%E7%87%9F%E6%A5%AD%E9%A1%8D) Total revenue significantly decreased by 36% year-on-year, primarily due to reduced property sales and leasing income, with property sales experiencing the largest decline Revenue Breakdown by Account | Business Type | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Property Sales | 9,439 | 58,373 | -84% | | Consulting Service Income from Lease Arrangements | 7,621 | – | Not Applicable | | Marine Tourism and Hotel Services Income | 16,520 | 18,227 | -9% | | Revenue from Customer Contracts | 33,580 | 76,600 | -56% | | Rental Income from Investment Properties | 933 | 1,362 | -31% | | Rental Income from Operating Leases of Own Machinery and Equipment | 43,720 | 54,942 | -20% | | Interest Income from Loans Receivable | 127,081 | 189,789 | -33% | | Finance Lease Income | 96 | 778 | -88% | | **Total Revenue** | **205,410** | **323,471** | **-36%** | [Segment Information](index=9&type=section&id=4%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) Leasing remains the primary revenue source but saw significant declines in revenue and performance, property development and investment also performed poorly, while marine tourism and hotel services revenue slightly decreased but gross profit increased Revenue and Performance Analysis by Reportable Segment | Business Segment | 2025 H1 Revenue (HKD Thousands) | 2024 H1 Revenue (HKD Thousands) | Revenue Y-o-Y Change | 2025 H1 Segment Results (HKD Thousands) | 2024 H1 Segment Results (HKD Thousands) | Results Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Leasing | 178,518 | 245,509 | -27% | 46,154 | 73,878 | -38% | | Property Development and Investment | 10,372 | 59,735 | -83% | (2,695) | 14,232 | -119% | | Marine Tourism Services and Hotel | 16,520 | 18,227 | -9% | (2,251) | (1,950) | +15% | | **Total** | **205,410** | **323,471** | **-36%** | **21,995 (Profit Before Tax)** | **52,157 (Profit Before Tax)** | **-58%** | - Unallocated corporate income primarily includes interest income from deposits and related parties, not directly attributable to any operating segment[18](index=18&type=chunk) - Unallocated corporate expenses mainly include depreciation, head office staff costs, exchange differences, and legal and professional fees, not directly attributable to any operating segment[19](index=19&type=chunk) [Other Income and Gains, Net](index=10&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) Other income and gains, net, decreased by 36% year-on-year, mainly due to lower interest income from deposits and other financial assets, despite an increase in gains from disposal of investment properties Details of Other Income and Gains, Net | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | | :--- | :--- | :--- | | Interest Income from Deposits and Other Financial Assets | 4,829 | 9,521 | | Interest Income from Related Parties | 1,015 | 1,116 | | Government Grants | 196 | 74 | | Gain on Disposal of Investment Properties | 140 | – | | Gain on Disposal of Property, Plant and Equipment | 116 | 26 | | Others | 787 | 278 | | **Total** | **7,083** | **11,015** | [Finance Costs](index=11&type=section&id=6%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Total finance costs decreased by 37% year-on-year, primarily due to reduced interest on bank borrowings and asset-backed securities, while corporate bond interest began to accrue Details of Finance Costs | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 40,003 | 69,345 | | Interest on Asset-Backed Securities | 24,628 | 42,397 | | Interest on Corporate Bonds | 5,612 | – | | Interest on Loans from Related Parties | 3,108 | 4,048 | | Interest on Lease Liabilities | 78 | 166 | | **Total Finance Costs** | **73,429** | **115,956** | | Less: Amount Capitalized into Cost of Sales | (66,341) | (100,605) | | **Net Finance Costs** | **7,088** | **15,351** | [Income Tax Expense](index=11&type=section&id=7%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased by 53% year-on-year, mainly due to lower China corporate income tax and land appreciation tax, with deferred tax shifting from expense to income Details of Income Tax Expense | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | | :--- | :--- | :--- | | China Corporate Income Tax | 16,122 | 24,232 | | China Land Appreciation Tax | 893 | 3,099 | | **Total Current Tax** | **17,015** | **27,331** | | Deferred Tax | (5,031) | (2,029) | | **Total Income Tax Expense** | **11,984** | **25,302** | [Profit for the Period](index=12&type=section&id=8%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period was net of staff costs, impairment losses on expected credit losses, depreciation, and net exchange losses, with depreciation and expected credit loss impairment increasing Items Deducted from Profit for the Period | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | | :--- | :--- | :--- | | Total Staff Costs | 27,967 | 29,241 | | Impairment Losses on Expected Credit Losses | 4,735 | 2,211 | | Depreciation of Property, Plant and Equipment | 68,433 | 52,006 | | Cost of Inventories Sold (included in cost of sales) | 13,042 | 50,717 | | Net Exchange Losses | 5,255 | 6,105 | [Dividends](index=12&type=section&id=9%20%E8%82%A1%E6%81%AF) The company declared a final dividend of 0.20 HK cents per share for 2024, totaling HKD 11.929 million, but the board resolved not to declare any interim dividend for the current period - A final dividend of **0.20 HK cents per share** for the year ended December 31, 2024 (2024: 0.34 HK cents per share for the year ended December 31, 2023) was declared to the owners of the Company[24](index=24&type=chunk) - The total final dividend declared for the interim period was **HKD 11,929,000** (2024: approximately HKD 20,280,000)[24](index=24&type=chunk) - As of the end of the interim period, the directors resolved not to declare any dividend for the current interim period[25](index=25&type=chunk) [Earnings Per Share](index=13&type=section&id=10%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share for the period were 0.17 HK cents, a significant decrease year-on-year, with no dilutive equity instruments, thus diluted EPS equals basic EPS Earnings Per Share Data | Metric | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD Thousands) | 9,881 | 26,694 | | Weighted Average Number of Ordinary Shares (Thousands) | 5,952,885 | 5,952,885 | | Basic and Diluted Earnings Per Share | 0.17 HK Cents | 0.45 HK Cents | - As there are no dilutive potential equity instruments, diluted earnings per share are the same as basic earnings per share[26](index=26&type=chunk) [Finance Lease Receivables and Loans Receivable](index=13&type=section&id=11%20%E8%9E%8D%E8%B3%87%E7%A7%9F%E8%B3%83%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E8%B2%B8%E6%AC%BE) Net finance lease receivables and loans receivable slightly increased, with a corresponding rise in credit loss provisions; most receivables are from state-owned enterprises, and some are pledged as collateral Key Data for Finance Lease Receivables and Loans Receivable | Metric | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | Gross Finance Lease Receivables and Loans Receivable | 6,672,707 | 6,631,636 | | Less: Provision for Credit Losses | (69,399) | (62,795) | | **Net Amount** | **6,603,308** | **6,568,841** | | Current Assets | 3,352,240 | 3,255,832 | | Non-current Assets | 3,251,068 | 3,313,009 | - Provision for credit losses increased by **11%** to approximately **HKD 69,399,000**[28](index=28&type=chunk)[30](index=30&type=chunk)[57](index=57&type=chunk) - Effective annual interest rates for fixed-rate loans receivable ranged from **3.42% to 9.40%**, and for floating-rate loans receivable from **3.04% to 7.84%**[31](index=31&type=chunk) - Approximately **99%** of net lease receivables are from state-owned enterprises[54](index=54&type=chunk) - Approximately **HKD 3.064 billion** of finance lease receivables and loans receivable are pledged as collateral for bank borrowings, and approximately **HKD 1.390 billion** are pledged as collateral for asset-backed securities[32](index=32&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Trade and Other Receivables](index=17&type=section&id=12%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables slightly decreased, with most trade receivables aged within 30 days, and some pledged as collateral for bank borrowings and asset-backed securities Details of Trade and Other Receivables | Item | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable | 2,543 | 2,760 | | Other Prepayments and Deposits | 4,989 | 3,596 | | Other Receivables | 16,941 | 14,149 | | Other Recoverable Taxes | – | 7,952 | | Amounts Due from a Related Company | 2,458 | 1,319 | | Amounts Due from Fellow Subsidiaries | 494 | – | | **Total** | **27,425** | **29,776** | Ageing Analysis of Trade Receivables and Bills Receivable | Ageing | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | 1 to 30 days | 1,471 | 2,351 | | 31 to 90 days | 1,046 | 177 | | Over 90 days | 26 | 232 | | **Total** | **2,543** | **2,760** | - Approximately **HKD 191,000** of trade receivables are pledged as collateral for bank borrowings, and approximately **HKD 1,260,000** are pledged as collateral for asset-backed securities[33](index=33&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Trade and Other Payables](index=18&type=section&id=13%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables significantly decreased, mainly due to reduced trade payables and deposits received, with some deposits classified as non-current liabilities Details of Trade and Other Payables | Item | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | Trade Payables and Bills Payable | 6,868 | 112,448 | | Other Payables and Accruals | 83,030 | 73,721 | | Deposits Received | 242,993 | 308,003 | | Accrued Construction Costs | 6,966 | 11,554 | | Amounts Due to Ultimate Holding Company | 2,071 | 8,074 | | Amounts Due to Immediate Holding Company | 11 | 1,691 | | Amounts Due to Fellow Subsidiaries | 1,914 | 197 | | **Total** | **343,853** | **515,688** | | Current Liabilities | 198,147 | 300,704 | | Non-current Liabilities | 145,706 | 214,984 | Ageing Analysis of Trade Payables and Bills Payable | Ageing | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | 1 to 30 days | 172 | 106,095 | | 31 to 90 days | 6,352 | 6,695 | | Over 90 days | 1 | 1 | | **Total** | **6,868** | **112,448** | - Approximately **HKD 145,706,000** of deposits received are presented as non-current liabilities[34](index=34&type=chunk) [Corporate Bonds](index=19&type=section&id=14%20%E5%85%AC%E5%8F%B8%E5%82%B5%E5%88%B8) The company issued two tranches of corporate bonds totaling RMB 1 billion (approx. HKD 1.07 billion) with effective annual interest rates of 2.17% to 2.18%, a five-year term, and early redemption, put option, and coupon rate adjustment features - Two tranches of corporate bonds were issued at par during the interim period, each with a principal amount of **RMB 500,000,000** (equivalent to **HKD 535,000,000**)[35](index=35&type=chunk) - The corporate bonds have an effective annual interest rate ranging from **2.17% to 2.18%**, a five-year term, with interest paid annually[35](index=35&type=chunk)[36](index=36&type=chunk) - The corporate bonds include early redemption options, put options, and coupon rate adjustment options[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Capital Commitments](index=19&type=section&id=15%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of the reporting period, the company had no contracted but unprovided capital commitments, unlike the prior year which had minor commitments for property, plant, and equipment purchases Capital Commitments | Item | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | | :--- | :--- | :--- | | Contracted but not provided for: Purchase of property, plant and equipment | – | 135 | - The Group had no capital commitments as of **June 30, 2025**[88](index=88&type=chunk) [Contingent Liabilities](index=19&type=section&id=16%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The company provided contingent liability guarantees of approximately HKD 236 million for mortgage loans to property buyers of the Chengtong Xiangxie Li project, with directors deeming the financial impact insignificant and no major litigation - The Group's contingent liabilities for guarantees amounted to approximately **HKD 236,040,000** (December 31, 2024: approximately HKD 230,470,000), provided for mortgage loans granted by banks to certain property unit buyers of the Group's Chengtong Xiangxie Li project[39](index=39&type=chunk) - The directors of the Company believe that the financial impact arising from providing these financial guarantees is insignificant and thus not recognized in these condensed consolidated financial statements[40](index=40&type=chunk) - The Group is not involved in any material litigation or arbitration, nor are the directors aware of any outstanding or threatened material litigation or claims against the Group[40](index=40&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Financial Performance Review](index=20&type=section&id=%E4%B8%80.%20%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) Overall financial performance significantly declined, with substantial reductions in revenue, gross profit, and profit attributable to shareholders, influenced by global economic slowdown, geopolitical shifts, and China's lower interest rates and tight supply of quality assets Key Financial Performance Review Data | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 205,410 | 323,471 | -36% | | Consolidated Gross Profit and Net Interest Income | 79,519 | 118,953 | -33% | | Profit Before Tax | 21,995 | 52,157 | -58% | | Profit Attributable to Shareholders | 9,881 | 26,694 | -63% | - Financial performance was primarily affected by slow global economic recovery, ongoing geopolitical and economic shifts, and China's declining interest rates and scarcity of quality assets[42](index=42&type=chunk) - Consolidated cost of sales decreased by **38%** to approximately **HKD 125.89 million**, consistent with the reduced business volume in the leasing segment during the review period[43](index=43&type=chunk) - Net impairment loss under the expected credit loss model was approximately **HKD 4.74 million**, an increase of **114%** compared to 2024 H1[44](index=44&type=chunk) - Fair value loss on investment properties was approximately **HKD 75,000**, a significant reduction from approximately HKD 7.78 million in 2024 H1[45](index=45&type=chunk) [Business Review](index=22&type=section&id=%E4%BA%8C.%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's main businesses include leasing, property development and investment, and marine tourism and hotel services; leasing faces challenges but is expanding, property development is impacted by market downturns, and marine tourism and hotel services show improved gross margins [Segment Performance](index=22&type=section&id=A.%20%E5%88%86%E9%A1%9E%E8%A1%A8%E7%8F%BE) Segment performance varied, with significant declines in revenue and results for leasing and property development and investment, while marine tourism and hotel services saw slightly lower revenue but substantially improved gross margins [Leasing Business](index=22&type=section&id=%281%29%20%E7%A7%9F%E8%B3%83) Leasing business revenue and segment results significantly decreased due to reduced new placements and lower lease receivables balances; the company is actively expanding into new areas like aircraft leasing and strengthening risk control and financing channels Leasing Business Segment Performance | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 127,177 | 190,567 | -33% | | Consulting Service Fees | 7,621 | – | Not Applicable | | Rental Income | 43,720 | 54,942 | -20% | | Segment Revenue | 178,518 | 245,509 | -27% | | Cost of Sales | (112,852) | (153,802) | -27% | | Gross Profit and Net Interest Income | 65,666 | 91,707 | -28% | | Gross Profit Margin | 37% | 37% | 0% | | Segment Results | 46,154 | 73,878 | -38% | - **14 new sale-and-leaseback arrangements** were entered into, with a total lease principal of approximately **HKD 1.90924 billion**, lease terms of **1 to 5 years**, and floating annual interest rates ranging from **2.85% to 3.9%**[48](index=48&type=chunk) - Successfully launched its first aircraft leasing business, further diversifying the Group's lease asset types[69](index=69&type=chunk) - Net lease receivables were approximately **HKD 6.60331 billion**, a slight increase from December 31, 2024, accounting for **72%** of total assets[53](index=53&type=chunk) - Approximately **99%** of net lease receivables are from state-owned enterprises, indicating relatively low default risk[54](index=54&type=chunk)[58](index=58&type=chunk) - Total provision for expected credit losses increased by **11%** compared to December 31, 2024[57](index=57&type=chunk) [Property Development and Investment](index=25&type=section&id=%282%29%20%E7%89%A9%E6%A5%AD%E7%99%BC%E5%B1%95%E5%8F%8A%E6%8A%95%E8%B3%87) Property development and investment revenue and gross profit significantly declined due to continuous market price adjustments and fewer housing deliveries; the company aims to complete project sales as soon as possible Property Development and Investment Segment Performance | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Property Sales | 9,439 | 58,373 | -84% | | Rental Income | 933 | 1,362 | -31% | | Segment Revenue | 10,372 | 59,735 | -83% | | Cost of Sales | (6,711) | (40,561) | -83% | | Gross Profit | 3,661 | 19,174 | -81% | | Gross Profit Margin | 32% | 35% | -3% | | Segment Results | (2,695) | 14,232 | -119% | - Sales revenue significantly decreased by **84%**, mainly due to continuous downward market price adjustments, weak willingness of homeowners to take possession, and a year-on-year reduction in actual housing deliveries[60](index=60&type=chunk) - The average selling price per square meter of residential area for the Chengtong Xiangxie Li project decreased to approximately **RMB 4,800**[60](index=60&type=chunk) - Completed and unsold residential and commercial area was approximately **37,286 square meters**[60](index=60&type=chunk) [Marine Tourism Services and Hotel](index=26&type=section&id=%283%29%20%E6%B5%B7%E4%B8%8A%E6%97%85%E9%81%8A%E6%9C%8D%E5%8B%99%E5%92%8C%E9%85%92%E5%BA%97) Marine tourism services and hotel business revenue slightly decreased, but gross profit significantly increased, primarily due to a higher proportion of hotel sales revenue and reduced cost of sales Marine Tourism Services and Hotel Segment Performance | Metric | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Segment Revenue | 16,520 | 18,227 | -9% | | Cost of Sales | (6,331) | (10,156) | -38% | | Gross Profit | 10,189 | 8,071 | +26% | | Gross Profit Margin | 62% | 44% | +18% | | Segment Results | (2,251) | (1,950) | +15% | - Sales revenue from the hotel business accounted for nearly **80%** of this segment's revenue[62](index=62&type=chunk) [Other Income and Gains](index=27&type=section&id=B.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Total other income and gains decreased by 36% year-on-year, mainly due to lower interest income from deposits, other financial assets, and related party loans - Total other income and gains were approximately **HKD 7.08 million**, a **36%** decrease compared to 2024 H1[63](index=63&type=chunk) - Interest income from deposits and other financial assets, and loans granted to a related party, was approximately **HKD 5.84 million**, a decrease from approximately HKD 10.64 million in 2024 H1[63](index=63&type=chunk) [Selling and Administrative Expenses](index=27&type=section&id=C.%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E8%A1%8C%E6%94%BF%E8%B2%BB%E7%94%A8) Selling expenses significantly increased by 70% due to increased marketing activities, while administrative expenses decreased by 8% due to reduced office expenses, amortization, and depreciation Selling and Administrative Expenses | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Selling Expenses | 9,560 | 5,608 | +70% | | Administrative Expenses | 43,149 | 46,865 | -8% | - The increase in selling expenses was primarily due to increased marketing costs for promoting the Group's Chengtong Xiangxie Li project sales[64](index=64&type=chunk) - The decrease in administrative expenses was mainly due to reduced office expenses, amortization, and depreciation across various business segments[65](index=65&type=chunk) [Finance Costs](index=27&type=section&id=D.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Total finance costs decreased by 37% year-on-year, and net finance costs decreased by 54%, primarily due to reduced asset-backed securities maturities, bank loan repayments, and lower Hong Kong interest rates Finance Costs | Item | 2025 H1 (HKD Thousands) | 2024 H1 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Interest Expense | 73,429 | 115,956 | -37% | | Less: Interest Expense Transferred to Cost of Sales | (66,341) | (100,605) | -34% | | **Net Finance Costs** | **7,088** | **15,351** | **-54%** | - The decrease in total finance costs was mainly due to the reduction in asset-backed securities after maturity and repayment of bank borrowings[67](index=67&type=chunk) - Net finance costs decreased by approximately **54%**, primarily due to lower interest rates in Hong Kong during the review period[67](index=67&type=chunk) [Outlook](index=28&type=section&id=%E4%B8%89.%20%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) The company's leasing business will focus on national priority areas, accelerate specialization, diversify financing, and strengthen risk control; property development and investment will expedite existing property sales; marine tourism and hotel services will restructure customer channels, enhance customer management, and boost online traffic - Breakthroughs were achieved in new leasing projects, with multiple successful implementations, including the first Airbus A321-200 aircraft lease order, diversifying the Group's lease asset types[69](index=69&type=chunk) - Chengtong Financial Leasing was rated as a 'Beijing AAA Credit Enterprise' and '2025 Beijing Credit Commitment Enterprise' by the Beijing Leasing Industry Association[69](index=69&type=chunk) - Successfully issued two tranches of corporate bonds, totaling **RMB 1 billion**, with coupon rates setting a historical low for AA+ leasing companies' bonds of the same tenor[70](index=70&type=chunk) - In the second half, the leasing business will maintain strategic focus on business layout, increase investment in nationally supported sectors, and accelerate the pace of business specialization[71](index=71&type=chunk) - The property development and investment business will closely monitor industry policies, accelerate the sale of existing property units, and recover funds for the core leasing business[72](index=72&type=chunk) - In the second half, the marine tourism services and hotel business will focus on restructuring customer source channels, strengthening customer lifecycle management, and leveraging platforms to enhance online traffic[73](index=73&type=chunk) [Asset Structure, Capital Liquidity and Financial Resources](index=30&type=section&id=%E5%9B%9B.%20%E8%B3%87%E7%94%A2%E7%B5%90%E6%A7%8B%E3%80%81%E8%B3%87%E6%9C%AC%E6%B5%81%E5%8B%95%E6%80%A7%E5%8F%8A%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) Total assets and liabilities increased, with lease receivables remaining the largest component; liquidity improved, ample credit facilities are available, and total borrowings, primarily RMB-denominated, also increased Asset Structure and Liability Status | Metric | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 2,865,130 | 2,764,340 | +4% | | Total Assets | 9,131,106 | 8,377,374 | +9% | | Total Liabilities | 6,260,672 | 5,607,864 | +12% | | Lease Receivables as % of Total Assets | 72% | 78% | -6% | | Current Ratio | 1.72 times | 1.28 times | +34% | | Cash and Deposits | 1,775,330 | 1,033,794 | +72% | | Total Borrowings | 5,698,770 | 4,904,290 | +16% | - Possesses over **HKD 13.6 billion** in ample standby credit facilities, ensuring the Group's stable business development while maintaining liquidity[75](index=75&type=chunk) - Total borrowings are primarily denominated in RMB, including bank loans, senior asset-backed securities, outstanding corporate bonds, and related party loans[77](index=77&type=chunk) [Financial Leverage Ratios](index=31&type=section&id=%E4%BA%94.%20%E8%B2%A1%E5%8B%99%E5%8B%9D%E6%A1%BF%E6%AF%94%E7%8E%87) Total debt-to-equity and total debt-to-asset ratios increased due to higher bank borrowings, but the interest coverage ratio remained at 4 times, indicating sufficient funds for interest payment obligations Financial Leverage Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Debt / Total Equity | 1.99 times | 1.77 times | | Total Debt / Total Assets | 0.62 times | 0.59 times | | Total Debt / EBITDA | 58 times | 23 times | | Interest Coverage | 4 times | 4 times | - The interest coverage ratio of **4 times** indicates the Group has sufficient buffer funds to ensure fulfillment of its interest payment obligations[79](index=79&type=chunk) [Material Investments](index=32&type=section&id=%E5%85%AD.%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) As of the reporting period, the company had no material investments exceeding 5% of total assets and will continue to focus on core leasing business while prudently investing in other financial assets - The Group has no material investments exceeding **5%** of its total asset value[80](index=80&type=chunk) - The Group will continue to focus on and invest in its core leasing business, while prudently investing in other financial assets to maximize shareholder value[80](index=80&type=chunk) [Financial Policies](index=32&type=section&id=%E4%B8%83.%20%E7%90%86%E8%B2%A1%E6%94%BF%E7%AD%96) The company faces interest rate and foreign exchange risks; most lease receivables use floating rates, effectively hedging interest rate risk from China bank borrowings; RMB appreciation against HKD increased foreign exchange reserves; no hedging measures are currently in place, but risks are monitored for timely management [Interest Rate Risk](index=32&type=section&id=%28a%29%20%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The company faces interest rate risk, but most lease receivables are at floating rates, effectively hedging interest rate risk arising from China bank borrowings - The Group's bank borrowings amounted to approximately **HKD 3.08647 billion**, of which approximately **HKD 1.81207 billion** are floating-rate and approximately **HKD 1.27440 billion** are fixed-rate[82](index=82&type=chunk) - Most of the Group's lease receivables are accounted for at floating interest rates, effectively hedging the interest rate risk arising from China bank borrowings[83](index=83&type=chunk) [Foreign Exchange Risk](index=32&type=section&id=%28b%29%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The company's primary business is in RMB, with assets and liabilities denominated in HKD and RMB; RMB appreciation against HKD increased foreign exchange reserves; no hedging measures are currently in place, but currency fluctuations are monitored for timely risk management - The Group's business is primarily conducted in RMB, with most assets and liabilities denominated in HKD and RMB[84](index=84&type=chunk) - Due to the appreciation of RMB against HKD during the review period, the Group's foreign exchange reserves increased by approximately **HKD 81.42 million** as of **June 30, 2025**[84](index=84&type=chunk) - Currently, the Group has not adopted any measures to hedge these risks but will closely monitor changes in interest rates and foreign currency exchange rates, and implement risk management and hedging transactions as appropriate[85](index=85&type=chunk) [Pledge of Assets](index=33&type=section&id=%E5%85%AB.%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of the reporting period, the company had pledged bank deposits, lease receivables, and trade receivables as collateral for bank borrowings and asset-backed securities - Pledged bank deposits amounted to approximately **HKD 2.71 million**, of which **HKD 2.54 million** was pledged for bank financing granted to mortgagees of the Chengtong Xiangxie Li project[86](index=86&type=chunk) - Lease receivables with a carrying amount of approximately **HKD 3.06435 billion** and trade receivables of approximately **HKD 191,000** are pledged as collateral for bank borrowings[86](index=86&type=chunk) - Lease receivables with a carrying amount of approximately **HKD 1.39021 billion** and trade receivables of approximately **HKD 1.26 million** are pledged as collateral for asset-backed securities[87](index=87&type=chunk) [Capital Commitments and Contingent Liabilities](index=33&type=section&id=%E4%B9%9D.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94%E5%8F%8A%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of the reporting period, the company had no capital commitments; details of contingent liabilities are provided in Notes 18 and 19 to the financial statements - The Group had no capital commitments as of **June 30, 2025**[88](index=88&type=chunk) - Details of the Group's capital commitments and contingent liabilities are provided in Notes 18 and 19 to the financial statements in this announcement, respectively[88](index=88&type=chunk) [Future Plans for Material Investments or Capital Assets](index=33&type=section&id=%E5%8D%81.%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in this announcement, the company has no other future plans for material investments or capital assets for the coming year - Except as disclosed in this announcement, the Group has no other future plans for material investments or capital assets for the coming year[89](index=89&type=chunk) [Human Resources and Remuneration Policies](index=34&type=section&id=%E5%8D%81%E4%B8%80.%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of the reporting period, the company had 202 employees with total staff costs of approximately HKD 28 million; remuneration policies are based on experience, skills, qualifications, responsibilities, and market trends, with training provided - As of **June 30, 2025**, the Group had **202 employees** (December 31, 2024: 230 employees)[90](index=90&type=chunk) - During the review period, the Group's total staff costs (including directors' emoluments and MPF) were approximately **HKD 28 million**[90](index=90&type=chunk) - Employee remuneration is determined based on employee experience, skills, qualifications, nature of responsibilities, and current market trends[90](index=90&type=chunk) - The Group provides or sponsors various training programs and courses for its employees based on business needs[91](index=91&type=chunk) [Events After the Reporting Period](index=34&type=section&id=%E5%8D%81%E4%BA%8C.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) No material events occurred after the reporting period - No material events occurred after the review period[92](index=92&type=chunk) [Other Information](index=34&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Purchase, Sale and Redemption of Listed Securities](index=34&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%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the review period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [Standard Code for Securities Transactions by Directors](index=34&type=section&id=%E8%91%A3%20%E4%BA%8B%20%E9%80%B2%20%E8%A1%8C%20%E8%AD%89%20%E5%88%B8%20%E4%BA%A4%20%E6%98%93%20%E7%9A%84%20%E6%A8%99%20%E6%BA%96%20%E5%AE%88%20%E5%89%87) The company adopted a code of conduct for directors' securities transactions, meeting HKEX Listing Rules Appendix C3 standards, and all directors confirmed compliance during the review period - The Company has adopted a code of conduct for directors' securities transactions, the standards of which are no less exacting than those set out in the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules[94](index=94&type=chunk) - Following specific enquiries with each of the Company's directors, the Company has received confirmation from all directors that they have complied with the required standards of the code of conduct and the Model Code throughout the review period[94](index=94&type=chunk) [Corporate Governance](index=34&type=section&id=%E4%BC%81%20%E6%A5%AD%20%E7%AE%A1%20%E6%B2%BB) The company complied with all Corporate Governance Code provisions, but a deviation exists as the Chairman and CEO roles are not separated; the company is seeking a suitable candidate to rectify this - The directors believe that the Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the review period[95](index=95&type=chunk) - The roles of Chairman and Chief Executive Officer should be separate and not performed by the same individual; however, Mr. Li Qian serves concurrently as Chairman of the Board and oversees daily business management, representing a deviation[96](index=96&type=chunk) - The Company is seeking a suitable candidate for the position of Managing Director and/or Chief Executive Officer to re-comply with Code Provision C.2.1 of the Corporate Governance Code[97](index=97&type=chunk) [Review of Accounts](index=35&type=section&id=%E5%AF%A9%20%E9%96%B1%20%E8%B3%A6%20%E7%9B%AE) The Board believes the financial information complies with HKEX Listing Rules Appendix D2 and has been reviewed by the Audit Committee and auditors in accordance with HKSRE 2410 - The Board believes that the financial information disclosed in this announcement complies with the requirements of Appendix D2 of the Listing Rules[98](index=98&type=chunk) - The Company's Audit Committee has reviewed the Group's unaudited interim financial information for the review period, which has also been reviewed by the Company's auditors in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[98](index=98&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=%E7%99%BB%20%E8%BC%89%20%E4%B8%AD%20%E6%9C%9F%20%E6%A5%AD%20%E7%B8%BE%20%E5%85%AC%20%E5%91%8A%20%E5%8F%8A%20%E4%B8%AD%20%E6%9C%9F%20%E5%A0%B1%20%E5%91%8A) The results announcement has been published on the HKEX and company websites, and the interim report will be published in due course - This results announcement is published on the HKEX website www.hkexnews.hk and the Company's website www.hk217.com[99](index=99&type=chunk) - The Company's 2025 interim report will be published on the aforementioned websites in due course[99](index=99&type=chunk)

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group reported a 2.7% revenue increase to **HKD 4,300.9 million**, while gross profit, operating profit, and profit for the period all declined | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 4,300.9 | 4,187.6 | 2.7% | | Gross Profit | 2,134.8 | 2,201.5 | -3.0% | | Operating Profit | 202.0 | 279.4 | -27.7% | | Non-GAAP Operating Profit | 225.9 | 299.2 | -24.5% | | Profit for the Period | 105.5 | 187.3 | -43.7% | | Profit for the Period Attributable to Owners of the Parent | 105.4 | 185.4 | -43.1% | | Basic Earnings Per Share (HKD) | 0.06 | 0.11 | -45.5% | | Diluted Earnings Per Share (HKD) | 0.06 | 0.11 | -45.5% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the group's interim condensed consolidated statements of profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the group's revenue increased by 2.7% to **HKD 4,300.9 million**, but a 9.1% rise in cost of sales led to a 3.0% decrease in gross profit, with operating and period profits declining significantly | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 4,300,936 | 4,187,639 | | Cost of Sales | (2,166,090) | (1,986,091) | | Gross Profit | 2,134,846 | 2,201,548 | | Other Income and Gains | 77,810 | 10,718 | | Selling and Distribution Expenses | (1,253,013) | (1,205,245) | | Administrative Expenses | (756,784) | (727,033) | | Operating Profit | 202,045 | 279,384 | | Finance Income | 8,046 | 18,586 | | Finance Costs | (56,701) | (87,683) | | Profit Before Tax | 153,619 | 217,880 | | Income Tax Expense | (48,082) | (30,594) | | Profit for the Period | 105,537 | 187,286 | | Profit for the Period Attributable to Owners of the Parent | 105,388 | 185,447 | | Basic Earnings Per Share (HKD) | 0.06 | 0.11 | | Diluted Earnings Per Share (HKD) | 0.06 | 0.11 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period significantly increased to **HKD 319.5 million**, primarily driven by a positive shift in exchange differences, offsetting the decline in profit for the period | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the Period | 105,537 | 187,286 | | Other Comprehensive Income (net of tax) | 213,954 | (126,409) | | Total Comprehensive Income for the Period | 319,491 | 60,877 | | Attributable to Owners of the Parent | 319,328 | 59,636 | | Non-controlling Interests | 163 | 1,241 | - The exchange difference on translation of overseas operations shifted from a negative **HKD 150.2 million** in 2024 to a positive **HKD 249.0 million** in 2025, being the primary reason for the significant increase in total comprehensive income[7](index=7&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total non-current assets increased, total current assets slightly decreased, and total current liabilities reduced, leading to an increase in net assets and equity attributable to owners of the parent | Indicator | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 836,176 | 819,179 | | Goodwill | 2,617,439 | 2,532,832 | | Total Non-current Assets | 6,008,639 | 5,768,492 | | **Current Assets** | | | | Inventories | 1,623,337 | 1,712,437 | | Cash and Cash Equivalents | 998,472 | 1,099,358 | | Total Current Assets | 4,467,805 | 4,635,090 | | **Current Liabilities** | | | | Trade and Bills Payables | 1,280,310 | 1,457,628 | | Total Current Liabilities | 3,131,827 | 3,205,861 | | Net Current Assets | 1,335,978 | 1,429,229 | | **Non-current Liabilities** | | | | Total Non-current Liabilities | 1,328,443 | 1,382,104 | | **Equity** | | | | Net Assets | 6,016,174 | 5,815,617 | | Equity Attributable to Owners of the Parent | 6,010,304 | 5,789,855 | | Total Equity | 6,016,174 | 5,815,617 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the interim condensed consolidated financial information, covering company details, accounting policies, segment data, and specific financial line items [1. Company Information](index=6&type=section&id=1.%20Company%20Information) Goodbaby International Holdings Limited, incorporated in the Cayman Islands in 2000 and listed on HKEX in 2010, primarily engages in the design, R&D, manufacturing, marketing, and distribution of children's products - The company was incorporated in the Cayman Islands on July 14, 2000, and listed on the Main Board of the Stock Exchange of Hong Kong on November 24, 2010[10](index=10&type=chunk) - The group is principally engaged in the design, research and development, manufacturing, marketing, and distribution of children's products[11](index=11&type=chunk) [2.1 Basis of Preparation](index=6&type=section&id=2.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in HKD under IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and is presented in Hong Kong dollars[12](index=12&type=chunk) - The financial information should be read in conjunction with the group's annual consolidated financial statements for the year ended December 31, 2024[12](index=12&type=chunk) [2.2 Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The group adopted revised IFRS accounting standards for the first time this period, with the amendment to IAS 21, "Lack of Exchangeability," having no impact on the interim condensed consolidated financial information - The group has adopted the revised International Financial Reporting Standards (IFRSs) accounting standards for the first time in the current period, including "Amendments to IAS 21 Lack of Exchangeability"[13](index=13&type=chunk)[14](index=14&type=chunk) - As the group's transaction and functional currencies are all exchangeable, the amendments had no impact on the interim condensed consolidated financial information[14](index=14&type=chunk) [3. Operating Segment Information](index=6&type=section&id=3.%20Operating%20Segment%20Information) The group is organized into three reportable operating segments: Wheeled Goods, Car Seats, and Other Categories, with regional segments adjusted to EMEA & India, Americas, and Asia Pacific, with management assessing performance based on revenue - The group has three reportable operating segments: Wheeled Goods, Car Seats, and Other Categories[15](index=15&type=chunk)[18](index=18&type=chunk) - The geographical segments have been updated to Europe, Middle East, India and Africa ("EMEA & India"), Americas, and Asia Pacific segments[16](index=16&type=chunk) Revenue by Product Category (thousand HKD) | Product Category | 2025 | 2024 | | :--- | :--- | :--- | | Wheeled Goods | 1,791,331 | 1,694,830 | | Car Seats | 1,985,259 | 1,884,065 | | Other Categories | 524,346 | 608,744 | | **Total** | **4,300,936** | **4,187,639** | Revenue by Region (thousand HKD) | Region | 2025 | 2024 | | :--- | :--- | :--- | | EMEA & India Market | 2,004,177 | 1,835,035 | | Americas Market | 1,394,679 | 1,393,940 | | Asia Pacific Market | 902,080 | 958,664 | | **Total** | **4,300,936** | **4,187,639** | - Sales revenue to two major third-party customers amounted to **HKD 550.9 million** and **HKD 423.4 million** respectively (2024: **HKD 517.7 million** and **HKD 412.8 million**), covering all product segments[21](index=21&type=chunk) [4. Revenue, Other Income and Gains](index=9&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue for the period grew by 2.7% to **HKD 4,300.9 million**, primarily from sales of goods, while other income and gains significantly increased, driven by a substantial rise in net exchange gains Revenue Analysis (thousand HKD) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Sales of Goods | 4,289,475 | 4,173,838 | | Provision of Testing Services | 11,461 | 13,801 | | **Total** | **4,300,936** | **4,187,639** | Other Income and Gains (thousand HKD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Government Grants | 8,579 | 3,536 | | Gain on Disposal of Scrapped Materials | 3,023 | 2,355 | | Net Exchange Gain | 62,825 | 679 | | Compensation Income | 1,015 | 507 | | Others | 2,302 | 1,942 | | **Total** | **77,810** | **10,718** | - Net exchange gain significantly increased from **HKD 679 thousand** in 2024 to **HKD 62,825 thousand** in 2025, being the main driver for the growth in other income and gains[24](index=24&type=chunk) [5. Finance Income](index=11&type=section&id=5.%20Finance%20Income) Finance income for the period, primarily interest income from bank deposits, significantly decreased by **56.7%** year-on-year | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 8,046 | 18,586 | [6. Finance Costs](index=11&type=section&id=6.%20Finance%20Costs) Finance costs for the period decreased by **35.3%** year-on-year, primarily due to reduced interest expenses on bank loans, overdrafts, and other borrowings | Category | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on Bank Loans, Overdrafts and Other Borrowings | 51,968 | 83,548 | | Interest on Lease Liabilities | 4,733 | 4,135 | | **Total** | **56,701** | **87,683** | [7. Profit Before Tax](index=12&type=section&id=7.%20Profit%20Before%20Tax) Profit before tax was achieved after deducting various expenses, with increases in cost of inventories sold, R&D costs, depreciation, and amortization, while employee benefit expenses slightly decreased Key Deductions/Credits (thousand HKD) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 2,158,450 | 1,977,143 | | Depreciation of Property, Plant and Equipment | 130,325 | 124,880 | | Amortization of Intangible Assets | 39,953 | 37,001 | | Research and Development Costs | 219,705 | 201,990 | | Employee Benefit Expenses | 950,462 | 968,403 | | Net Exchange Gain | (62,825) | (679) | | Bank Interest Income | (8,046) | (18,586) | - Research and development costs increased by **8.8%** year-on-year to **HKD 219.7 million**[29](index=29&type=chunk) - Employee benefit expenses (including directors' emoluments) decreased by **1.9%** year-on-year to **HKD 950.5 million**[29](index=29&type=chunk) [8. Income Tax](index=13&type=section&id=8.%20Income%20Tax) The group operates globally with varying income tax rates, with two Chinese subsidiaries, GCPC and EQTC, enjoying a **15%** preferential tax rate as "High-Tech Enterprises," leading to a **57.1%** year-on-year increase in income tax expense for the period - The group operates in various jurisdictions including Hong Kong, the United States, Japan, Germany, the Czech Republic, Canada, the United Arab Emirates, and Mainland China, with different income tax rates applicable[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Goodbaby Child Products Co., Ltd. (GCPC) and EQTC Testing and Certification Co., Ltd. (EQTC) were recognized as "High-Tech Enterprises" and enjoy a **15%** preferential tax rate from 2023 to 2025[32](index=32&type=chunk) Income Tax Expense (thousand HKD) | Category | 2025 | 2024 | | :--- | :--- | :--- | | Current Income Tax | 75,805 | 71,200 | | Deferred Income Tax | (27,723) | (40,606) | | **Income Tax Expense** | **48,082** | **30,594** | [9. Dividends](index=14&type=section&id=9.%20Dividends) The company paid a final dividend of **HKD 116.8 million** for 2024 in May 2025, but the Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - On May 27, 2025, shareholders approved and paid a final dividend of **HKD 0.07** per share for 2024, totaling **HKD 116.8 million**[34](index=34&type=chunk) - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024: nil)[34](index=34&type=chunk) [10. Earnings Per Share](index=14&type=section&id=10.%20Earnings%20Per%20Share) Basic and diluted earnings per share for the period were **HKD 0.06**, a **45.5%** decrease from **HKD 0.11** in the prior year, primarily due to reduced profit attributable to ordinary equity holders of the parent Earnings Per Share Calculation (thousand HKD/share) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to ordinary equity holders of the parent used in basic EPS calculation | 105,388 | 185,447 | | Weighted average number of ordinary shares in issue during the period used in basic EPS calculation | 1,668,235,666 | 1,668,031,166 | | Dilutive effect of share options on weighted average number of ordinary shares | 53,698,475 | – | | **Total diluted shares** | **1,721,934,141** | **1,668,031,166** | - Basic and diluted earnings per share both decreased from **HKD 0.11** in 2024 to **HKD 0.06** in 2025[35](index=35&type=chunk)[36](index=36&type=chunk) [11. Inventories](index=15&type=section&id=11.%20Inventories) As of June 30, 2025, the group's total inventories decreased to **HKD 1,623.3 million** from **HKD 1,712.4 million** at the end of 2024, mainly due to a reduction in finished goods Inventory Composition (thousand HKD) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 262,463 | 221,952 | | Work-in-progress | 14,839 | 19,437 | | Finished Goods | 1,346,035 | 1,471,048 | | **Total** | **1,623,337** | **1,712,437** | [12. Trade and Bills Receivables](index=15&type=section&id=12.%20Trade%20and%20Bills%20Receivables) The group's total trade and bills receivables remained stable, with a maximum credit period of three months and a credit control department for monitoring, and most receivables are within three months - The group's trade terms with customers are primarily on credit, with a maximum credit period of three months, and a credit control department is in place to mitigate credit risk[37](index=37&type=chunk) Ageing Analysis of Trade and Bills Receivables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 1,033,208 | 1,051,390 | | 3 to 6 months | 32,951 | 23,987 | | 6 months to 1 year | 17,145 | 6,225 | | Over 1 year | 2,122 | 2,850 | | **Total** | **1,085,426** | **1,084,452** | [13. Trade and Bills Payables](index=16&type=section&id=13.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables decreased to **HKD 1,280.3 million** from **HKD 1,457.6 million** at the end of 2024, with most payables settled within three months, typically on 60 to 90-day terms Ageing Analysis of Trade and Bills Payables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 986,648 | 1,156,016 | | 3 to 12 months | 285,245 | 291,761 | | 1 to 2 years | 894 | 3,658 | | 2 to 3 years | 2,876 | 1,568 | | Over 3 years | 4,647 | 4,625 | | **Total** | **1,280,310** | **1,457,628** | - Trade and bills payables are interest-free and generally settled on 60 to 90-day terms[39](index=39&type=chunk) [14. Interest-bearing Bank Loans and Other Borrowings](index=16&type=section&id=14.%20Interest-bearing%20Bank%20Loans%20and%20Other%20Borrowings) The group's total interest-bearing bank loans and other borrowings slightly increased to **HKD 1,460.6 million**, with a rise in current borrowings and a decrease in non-current, primarily USD-denominated at floating rates between **1.06%** and **5.99%** Interest-bearing Bank Loans and Other Borrowings (thousand HKD) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current | 523,402 | 475,886 | | Non-current | 937,194 | 979,171 | | **Total** | **1,460,596** | **1,455,057** | Carrying Amount of Borrowings by Currency (thousand HKD) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | RMB | 219,154 | 85,101 | | USD | 1,047,632 | 1,036,057 | | EUR | 185,640 | 326,441 | | JPY | 8,170 | 7,458 | | **Total** | **1,460,596** | **1,455,057** | Carrying Amount of Borrowings by Interest Rate Type (thousand HKD) | Interest Rate Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Fixed Rate | 186,281 | 178,896 | | Floating Rate | 1,274,315 | 1,276,161 | | **Total** | **1,460,596** | **1,455,057** | - The effective interest rates for bank loans and other borrowings ranged from **1.06%** to **5.99%** (2024: **1.20%** to **7.56%**)[42](index=42&type=chunk) - Certain bank loans are secured by standby letters of credit and guarantees issued by the group's subsidiaries and guarantees provided by the company[43](index=43&type=chunk) [15. Derivative Financial Instruments](index=18&type=section&id=15.%20Derivative%20Financial%20Instruments) The group holds derivative financial instruments, including forward currency contracts and foreign currency swaps, with a significant increase in liabilities from forward currency contracts Derivative Financial Instruments (thousand HKD) | Category | June 30, 2025 Assets | June 30, 2025 Liabilities | December 31, 2024 Assets | December 31, 2024 Liabilities | | :--- | :--- | :--- | :--- | :--- | | Forward Currency Contracts | 22,222 | 80,595 | 20,430 | 10,711 | | Foreign Currency Swaps | 39 | 16 | – | 1,352 | | **Total** | **22,261** | **80,611** | **20,430** | **12,063** | [Overview](index=19&type=section&id=Overview) This section provides an overview of the macroeconomic environment, the group's revenue performance by brand, and an executive summary of key business segments [Impact of Macroeconomic Volatility and Heightened Uncertainty on Business Performance](index=19&type=section&id=Impact%20of%20Macroeconomic%20Volatility%20and%20Heightened%20Uncertainty%20on%20Business%20Performance) Global macroeconomic weakness, tariff policies, and geopolitical conflicts reduced consumer demand and market confidence, increasing cost pressures; despite challenges, the group's revenue grew **2.7%**, but profitability declined due to US tariffs, compliance costs, and marketing expenses - The global macroeconomic outlook remains weak, with US tariff policies and geopolitical conflicts leading to a general decline in consumer demand, market confidence, and business sentiment[46](index=46&type=chunk) - The group's revenue grew by **2.7%**, but profitability decreased, mainly due to US market tariff costs, compliance costs for new regulatory standards for car seat products, new product display costs, and increased marketing expenses[46](index=46&type=chunk) - The group was selected for "The Sustainability Yearbook (China Edition) 2025" and listed on "Forbes China ESG Benchmark for Industry Development 2025," receiving external recognition[47](index=47&type=chunk) [Revenue Summary of the Group](index=20&type=section&id=Revenue%20Summary%20of%20the%20Group) The group's revenue for the period increased by **2.7%** (or **2.8%** in constant currency) to **HKD 4,300.9 million**, with strategic brands contributing **91.2%**, led by strong CYBEX performance, while Evenflo and gb brands saw revenue declines Group Revenue Summary (million HKD) | Indicator | 2025 | 2024 | YoY Change (%) | YoY Change (Constant Currency) (%) | | :--- | :--- | :--- | :--- | :--- | | Group Revenue | 4,300.9 | 4,187.6 | 2.7% | 2.8% | | **By Brand** | | | | | | Strategic Brands | 3,922.5 | 3,792.3 | 3.4% | 3.4% | | CYBEX | 2,452.4 | 2,158.2 | 13.6% | 12.6% | | Evenflo | 1,075.3 | 1,133.8 | -5.2% | -2.5% | | gb | 394.8 | 500.3 | -21.1% | -23.0% | | Blue Chip and Other Businesses | 378.4 | 395.3 | -4.3% | -2.4% | - Reported gross profit decreased by **3.0%** to **HKD 2,134.8 million**, and reported operating profit decreased by **27.7%** to **HKD 202.0 million**[48](index=48&type=chunk) - The group possesses its own diversified brands, a globally balanced omni-channel distribution platform, and a vertically integrated platform for in-house manufacturing and operational services[48](index=48&type=chunk) [Executive Summary](index=20&type=section&id=Executive%20Summary) CYBEX brand revenue grew **13.6%**, outperforming competitors, while Evenflo revenue declined **5.2%** with profitability challenges, and gb revenue fell **21.1%** due to brand transformation, though gross margin improved, and Blue Chip business revenue decreased **4.3%** due to delayed shipments - CYBEX brand revenue grew strongly by **13.6%** (or **12.6%** in constant currency) to **HKD 2,452.4 million**, with continued improvement in profitability, surpassing revenue growth[52](index=52&type=chunk) - Evenflo brand revenue decreased by **5.2%** (or **2.5%** in constant currency) to **HKD 1,075.9 million**, facing profitability challenges mainly due to US tariffs, new regulatory compliance costs, and increased marketing expenses[55](index=55&type=chunk) - gb brand revenue decreased by **21.1%** (or **23.0%** in constant currency) to **HKD 394.8 million**, primarily due to brand transformation focusing on proprietary retail channels, optimizing the channel mix, and achieving a significant improvement in gross margin[55](index=55&type=chunk) - Blue Chip and Other Businesses revenue decreased by **4.3%** (or **2.4%** in constant currency) to **HKD 378.4 million**, mainly due to delayed shipments by major customers after tariff announcements[54](index=54&type=chunk) [Outlook](index=22&type=section&id=Outlook) The group anticipates future challenges from global economic slowdown, geopolitical conflicts, logistics disruptions, and climate change, yet remains confident in its vertically integrated, brand-driven strategy, focusing on strategic investments, brand development, and global supply chain optimization - For the remainder of 2025, global economic slowdown, geopolitical conflicts, logistics disruptions, and climate change are expected to bring business interruptions and cost pressures[56](index=56&type=chunk) - The group will continue to implement its vertically integrated, brand-driven development strategy, maintaining and strengthening global competitiveness through ongoing strategic investments[57](index=57&type=chunk) - CYBEX will continue to leverage brand momentum and omni-channel infrastructure for global development; Evenflo will focus on restoring sales growth and profitability; gb will continue its brand transformation in the China market; Blue Chip business is expected to face downward pressure but maintain stable customer relationships[56](index=56&type=chunk) - Global strategies include continuously expanding and deepening brand building, omni-channel distribution networks and infrastructure, and optimizing and integrating global supply chain strategies[57](index=57&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This section provides a detailed review of the group's financial performance, including revenue, costs, profits, working capital, liquidity, and other financial metrics [Revenue](index=23&type=section&id=Revenue) Total revenue for the period increased by **2.7%** to **HKD 4,300.9 million**, or **2.8%** in constant currency, with exchange rate fluctuations impacting reported revenue | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | YoY Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 4,300.9 | 4,187.6 | 2.7% | 2.8% | - Exchange rate fluctuations of RMB and EUR against HKD led to differences between revenue growth in original currencies and in HKD[58](index=58&type=chunk) [Cost of Sales, Gross Profit and Gross Margin](index=23&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) Cost of sales increased by **9.1%**, leading to a **3.0%** decrease in gross profit to **HKD 2,134.8 million** and a **3.0 percentage point** drop in gross margin to **49.6%**, primarily due to US tariffs, car seat compliance costs, and promotional discounts | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 2,166.1 | 1,986.1 | 9.1% | | Gross Profit | 2,134.8 | 2,201.5 | -3.0% | | Gross Margin | 49.6% | 52.6% | -3.0 percentage points | - The decrease in gross profit was mainly due to lower gross profit from US market operations, attributed to additional tariff costs, increased car seat product costs for new regulatory compliance, and higher promotional discount expenses for new products in retail stores[60](index=60&type=chunk) [Other Income and Gains](index=24&type=section&id=Other%20Income%20and%20Gains) Other income and gains for the period significantly increased by approximately **HKD 67.1 million** to **HKD 77.8 million**, primarily driven by higher foreign exchange gains | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Other Income and Gains | 77.8 | 10.7 | 626.2% | - Primarily due to increased foreign exchange gains[61](index=61&type=chunk) [Selling and Distribution Expenses](index=24&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by approximately **HKD 47.8 million** to **HKD 1,253.0 million**, primarily due to higher logistics and personnel costs driven by increased revenue | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 1,253.0 | 1,205.2 | 4.0% | - Primarily includes marketing expenses, personnel costs, rent and commissions, and logistics costs, with the increase mainly due to higher logistics and personnel costs driven by increased revenue[62](index=62&type=chunk) [Administrative Expenses](index=24&type=section&id=Administrative%20Expenses) Administrative expenses increased by approximately **HKD 29.8 million** to **HKD 756.8 million**, primarily due to higher research and development costs and professional service fees | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 756.8 | 727.0 | 4.1% | - Primarily includes personnel costs, research and development costs, professional service fees, depreciation, and amortization costs, with the increase mainly due to higher research and development costs and professional service fees[63](index=63&type=chunk) [Other Expenses](index=24&type=section&id=Other%20Expenses) Other expenses slightly increased by approximately **HKD 0.2 million** to **HKD 0.8 million**, mainly due to higher charitable donations and losses on disposal of property, plant, and equipment, partially offset by reduced fair value losses on derivative financial instruments | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Other Expenses | 0.8 | 0.6 | 33.3% | [Operating Profit](index=24&type=section&id=Operating%20Profit) Operating profit for the period significantly decreased by **27.7%**, or **HKD 77.4 million**, to **HKD 202.0 million**, primarily due to the combined impact of increased cost of sales, selling and distribution expenses, administrative expenses, and a decline in gross profit | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Profit | 202.0 | 279.4 | -27.7% | [Finance Income](index=24&type=section&id=Finance%20Income) Finance income for the period, primarily interest income from bank deposits, significantly decreased by **56.7%** to **HKD 8.0 million** year-on-year | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Income | 8.0 | 18.6 | -56.7% | [Finance Costs](index=25&type=section&id=Finance%20Costs) Finance costs for the period decreased by **35.3%** to **HKD 56.7 million** year-on-year, consistent with the reduction in interest-bearing bank loans and other borrowings | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | 56.7 | 87.7 | -35.3% | [Profit Before Tax](index=25&type=section&id=Profit%20Before%20Tax) Profit before tax for the period decreased by **29.5%** to **HKD 153.6 million** year-on-year, primarily impacted by lower operating profit and reduced finance income | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 153.6 | 217.9 | -29.5% | [Income Tax Expense](index=25&type=section&id=Income%20Tax%20Expense) Income tax expense for the period was **HKD 48.1 million**, a significant **57.1%** year-on-year increase, primarily due to varying effective tax rates across different legal entities' profit contributions | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 48.1 | 30.6 | 57.1% | - The change in income tax expense is primarily due to different effective tax rates on profit contributions from various legal entities[69](index=69&type=chunk) [Profit for the Period](index=25&type=section&id=Profit%20for%20the%20Period) Profit for the period significantly decreased by **43.7%** to **HKD 105.5 million** year-on-year, with Non-GAAP profit also declining by **38.4%** to **HKD 124.6 million** | Indicator | 2025 (million HKD) | 2024 (million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 105.5 | 187.3 | -43.7% | | Non-GAAP Profit | 124.6 | 202.2 | -38.4% | [Non-GAAP Financial Measures](index=25&type=section&id=Non-GAAP%20Financial%20Measures) The group uses Non-GAAP financial measures, such as Non-GAAP operating profit, profit before tax, and profit for the period, to present clearer financial results by excluding non-cash items, M&A impacts, and one-off provisions, supplementing IFRS financial performance analysis - Non-GAAP financial measures provide supplementary analysis to investors by excluding non-cash items, impacts from merger and acquisition transactions, and one-off bad debt provisions/operating losses[71](index=71&type=chunk) Reconciliation of Non-GAAP Financial Measures to IFRS (million HKD) | Indicator | 2025 Reported | 2025 Non-GAAP | 2024 Reported | 2024 Non-GAAP | | :--- | :--- | :--- | :--- | :--- | | Operating Profit | 202.0 | 225.9 | 279.4 | 299.2 | | Profit Before Tax | 153.6 | 177.5 | 217.9 | 237.7 | | Profit for the Period | 105.5 | 124.6 | 187.3 | 202.2 | | Operating Margin | 4.7% | 5.3% | 6.7% | 7.1% | | Net Profit Margin | 2.5% | 2.9% | 4.5% | 4.8% | [Working Capital Management](index=27&type=section&id=Working%20Capital%20Management) Trade and bills receivables remained robust, trade and bills payables decreased, and inventories also reduced due to lower in-transit stock and scaled-back safety reserves, maintaining stable inventory turnover days Working Capital Items (million HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables | 1,085.9 | 1,085.0 | | Trade and Bills Payables | 1,282.1 | 1,459.5 | | Inventories | 1,623.3 | 1,712.4 | Turnover Days (days) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables Turnover Days | 45 | 52 | | Trade and Bills Payables Turnover Days | 114 | 119 | | Inventory Turnover Days | 139 | 138 | - The decrease in inventories was mainly due to lower in-transit inventory levels and the group's proactive reduction of safety stock reserves built up to address potential supply chain shortages from the Red Sea crisis and Chinese New Year[74](index=74&type=chunk) [Liquidity and Financial Resources](index=28&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the group's monetary assets totaled **HKD 1,067.1 million**, interest-bearing bank loans and other borrowings were **HKD 1,460.6 million**, resulting in net debt of **HKD 393.5 million** Liquidity and Financial Resources (million HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Monetary Assets | 1,067.1 | 1,126.0 | | Interest-bearing Bank Loans and Other Borrowings | 1,460.6 | 1,455.1 | | Current Bank Loans and Other Borrowings | 523.4 | 475.9 | | Non-current Bank Loans and Other Borrowings | 937.2 | 979.2 | | Net Debt | 393.5 | 329.1 | [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) The group may be involved in legal proceedings and litigation in its ordinary course of business, but as of June 30, 2025, there were no material contingent liabilities - The group may be involved in legal proceedings and litigation in the ordinary course of its business, but it believes that losses from such matters will not have a material adverse effect on its business, financial condition, operating results, or cash flows[77](index=77&type=chunk) - As of June 30, 2025, the group had no material contingent liabilities[78](index=78&type=chunk) [Exchange Rate Fluctuations](index=28&type=section&id=Exchange%20Rate%20Fluctuations) As a multinational enterprise, the group faces foreign currency exposure from USD, RMB, and EUR-denominated revenues and expenses, utilizing forward foreign exchange contracts to mitigate potential impacts - The group's revenue is primarily denominated in USD, RMB, and EUR, while its purchases and operating expenses are mainly denominated in RMB, USD, and EUR[79](index=79&type=chunk) - The group uses forward foreign exchange contracts to mitigate the potential impact of foreign currency exposure[79](index=79&type=chunk) [Pledged Assets](index=29&type=section&id=Pledged%20Assets) As of June 30, 2025, approximately **HKD 24.7 million** in bank deposits were pledged as interest reserves for certain bank borrowings - Approximately **HKD 24.7 million** (December 31, 2024: **HKD 24.5 million**) of bank deposits were pledged as interest reserves for certain bank borrowings[80](index=80&type=chunk) [Gearing Ratio](index=29&type=section&id=Gearing%20Ratio) As of June 30, 2025, the group's gearing ratio was **30.6%** (**32.6%** including lease liabilities), a decrease from the end of 2024 | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 30.6% | 32.8% | | Gearing Ratio (including lease liabilities) | 32.6% | 34.8% | [Other Information](index=29&type=section&id=Other%20Information) This section covers additional information including employee details, remuneration policies, significant transactions, post-reporting events, share activities, dividends, and corporate governance [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group had **6,096** full-time employees with employee costs of **HKD 935.8 million**, and the company adopted the 2025 Share Option Scheme to incentivize employees, replacing prior plans | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 6,096 | 6,231 | | Employee Costs (excluding Directors' Emoluments) | HKD 935.8 million | HKD 953.8 million | - The company has adopted the 2025 Share Option Scheme to incentivize or reward eligible participants, replacing the 2010 and 2020 Share Option Schemes[82](index=82&type=chunk)[83](index=83&type=chunk) - As of June 30, 2025, the total number of outstanding share options under the 2010 and 2020 Share Option Schemes was **175,668,000**[84](index=84&type=chunk) [Material Acquisitions and Disposals and Material Investments](index=30&type=section&id=Material%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) During the period, the group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it make any material investments - During the period, the group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures, and there were no material investments[85](index=85&type=chunk) [Events After Reporting Period](index=30&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed in this announcement, no other significant events requiring additional disclosure or adjustment occurred after the reporting period and up to the announcement date - Save as disclosed in this announcement, no other significant events requiring additional disclosure or adjustment occurred after the period end and up to the date of this announcement[86](index=86&type=chunk) [Purchase, Sale or Redemption of Shares](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Shares) During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[87](index=87&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[87](index=87&type=chunk) [Dividends](index=30&type=section&id=Dividends) The Board does not recommend the payment of any dividend for the current period - The Board does not recommend the payment of any dividend for the current period (for the six months ended June 30, 2024: nil)[88](index=88&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Board is committed to high corporate governance standards and has complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules throughout the period - The Board is committed to achieving high standards of corporate governance, believing it is crucial for safeguarding shareholders' interests, formulating business strategies, and enhancing corporate value[89](index=89&type=chunk) - The company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the period[89](index=89&type=chunk) [Standard Code for Securities Transactions by Directors](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as the standard for directors' dealings in the company's securities[90](index=90&type=chunk) - Following specific enquiries, all directors confirmed that they have complied with the required standards of dealing as set out in the Standard Code throughout the period[90](index=90&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The company's Audit Committee, comprising Mr. Wong Shun Tak, Ms. Zhang Yun, and Mr. Ho Kwok Yin, reviewed the group's unaudited interim condensed consolidated financial information for the period, which was also reviewed by Ernst & Young - The Audit Committee comprises Mr. Wong Shun Tak (Chairman), Ms. Zhang Yun, and Mr. Ho Kwok Yin[91](index=91&type=chunk) - The group's unaudited interim condensed consolidated financial information for the period has been reviewed by the Audit Committee and by the company's auditor, Ernst & Young, in accordance with Hong Kong Standard on Review Engagements 2410[91](index=91&type=chunk) [Publication of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Report) This interim results announcement is published on the HKEX and company websites, and the interim report will be dispatched to shareholders and uploaded to these websites in due course - This interim results announcement is published on the website of the Stock Exchange (http://www.hkexnews.hk) and the company's website (http://www.gbinternational.com.hk)[92](index=92&type=chunk) - The company's interim report for the period will be dispatched to the company's shareholders and uploaded to the aforementioned websites in due course[92](index=92&type=chunk) [Appointment of Lead Independent Non-executive Director](index=31&type=section&id=Appointment%20of%20Lead%20Independent%20Non-executive%20Director) The Board appointed Ms. Zhang Yun, an independent non-executive director, as Lead Independent Non-executive Director, effective August 25, 2025, to enhance Board effectiveness and promote corporate governance practices - Ms. Zhang Yun, an independent non-executive director, has been appointed as the Lead Independent Non-executive Director, effective August 25, 2025[93](index=93&type=chunk) - This appointment aims to enhance the effectiveness of the Board and further promote robust corporate governance practices in response to the requirements of the revised Corporate Governance Code and Listing Rules[93](index=93&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。 VCREDIT Holdings Limited 維信金科控股有限公司 （以存續方式於開曼群島註冊成立的有限公司） （股份代號：2003） 截 至2025年6月30日止六個月的 中期業績公告 維 信 金 科 控 股 有 限 公 司（「本公司」或「我 們」）董 事（「董 事」）會（「董事會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至2025年6月30日 止 六 個 月（「期 內」）的 未 經 審 核綜合中期業績。 財務摘要 | | 截 至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變 動 | | | 人民幣百萬元 | 人民幣百萬元 | | | 總收入 | 2,499.9 | 1,738.4 | 43.8% | | 利息及類似收入 | 1,089.5 | 1,068.3 | 2.0% | | 減：利息支 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或依 賴該等內容而引致的任何損失承擔任何責任。 Mirxes Holding Company Limited （ 於 開 曼 群 島 註 冊 成 立 的 有 限 責 任 公 司 ） （股份代號：2629） 截至2025年6月30日止六個月的 中期業績公告 Mirxes Holding Company Limited（「本公司」，連同其附屬公司，統稱「本集團」或 「我們」）董事（「董事」）會（「董事會」）宣佈本集團截至2025年6月30日止六個月 （「報告期」）的未經審核綜合業績，連同2024年同期的比較數字。 財務概要 – 1 – ‧ 截至2025年6月30日止六個月的收益為10.5百萬美元，與2024年同期的9.6 百萬美元相比增加9.4%。 ‧ 截至2025年6月30日止六個月，早期檢測及精準多組學分部的收益為 10.5百萬美元，較2024年同期的7.0百萬美元增長50%。 ‧ 截至2025年6月30日止六個月的毛利為7.1百萬美元，而2024年同期 ...

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依 賴該等內容而引致的任何損失承擔任何責任。 Tsaker New Energy Tech Co., Limited 彩客新能源科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1986） 截至二零二五年六月三十日止六個月之中期業績公告 業績 1 財務摘要 本集團截至二零二五年六月三十日止六個月的收益約為人民幣933.5百萬元，較 二零二四年同期減少約人民幣71.5百萬元或約7.1%。 本集團截至二零二五年六月三十日止六個月的毛利約為人民幣116.8百萬元，較 二零二四年同期減少約人民幣28.6百萬元或約19.7%。 本集團截至二零二五年六月三十日止六個月的淨利約為人民幣30.0百萬元，較 二零二四年同期增加約人民幣6.5百萬元或約27.7%。 截至二零二五年六月三十日止六個月，母公司普通股權益擁有人應佔每股基 本及攤薄盈利約為人民幣0.01元，較二零二四年同期減少約人民幣0.01元或約 50%。 董事會決議就截至二零二五年六月三十日止六 ...

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，並表明概不就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。 BANK OF GANSU CO., LTD.* 甘肅銀行股份有限公司* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2139） 承董事會命 甘肅銀行股份有限公司* 董事長 劉青 甘肅蘭州 2025年8月25日 於本公告日期，董事會成員包括執行董事劉青先生及王錫真先生；非執行董事 張斌先生、張軍平先生、葉榮先生及楊春梅女士；以及獨立非執行董事劉光華先 生、王雷先生及侯百燊先生。 * 甘肅銀行股份有限公司並非香港法例第155章銀行業條例所指認可機構，不受限於香港金 融管理局的監督，亦不獲授權在香港經營銀行╱接受存款業務。 目 截至2025年6月30日止六個月之中期業績公告 甘肅銀行股份有限公司（「* 本行」）董事會（「董事會」）欣然宣佈本行及其附屬公司 截至2025年6月30日止六個月之未經審核中期業績。本公告列載本行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 ...