[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The group's revenue increased by 7.6% to RMB 97.0 million, with gross profit up 6.2% to RMB 75.7 million, but net profit turned into a loss of RMB 125.5 million due to non-operating items Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 96,973 | 90,113 | 7.6% | | Gross Profit | 75,684 | 71,283 | 6.2% | | Profit/(Loss) for the Period | (125,505) | 226 | -55,633.2% | | Adjusted Net Profit (Non-IFRS Measure) | 28,183 | 26,646 | 5.8% | - The Group's revenue increased by **7.6%** year-on-year to **RMB 97.0 million**, gross profit increased by **6.2%** to **RMB 75.7 million**, but gross margin decreased by **1 percentage point** to **78.1%**[5](index=5&type=chunk) - A net loss of **RMB 125.5 million** was recorded for the period, compared to a net profit of **RMB 0.2 million** in the same period last year, primarily due to non-operating items. Adjusted net profit (non-IFRS measure) increased by **5.8%** year-on-year to **RMB 28.2 million**[5](index=5&type=chunk) [Business Review and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) The group maintained steady business growth in the first half of 2025, with increased revenue and adjusted net profit, while net profit turned to a loss due to non-operating factors [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group maintained steady business growth, with increases in revenue and adjusted net profit, but net profit turned to a loss due to non-operating factors - The Group's revenue for the first half was **RMB 97.0 million**, a year-on-year increase of **7.6%**[6](index=6&type=chunk) - Gross profit was **RMB 75.7 million**, a year-on-year increase of **6.2%**[6](index=6&type=chunk) - Net loss was **RMB 125.5 million**, compared to a net profit of **RMB 0.2 million** in the same period last year[6](index=6&type=chunk) - Adjusted net profit (non-IFRS measure) was **RMB 28.2 million**, a year-on-year increase of **5.8%**[6](index=6&type=chunk) [Business Growth](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%A2%9E%E9%95%B7) The Group's core public transportation information service business expanded significantly in coverage and user numbers, successfully initiating overseas market expansion and advancing its public transportation analytics platform with large language model technology [Public Transportation Information Services Business](index=2&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E6%9C%8D%E5%8B%99%E6%A5%AD%E5%8B%99) The core product "Che Lai Le" expanded its service coverage to 476 towns and increased cumulative users to 315.0 million, with average monthly active users growing to 30.2 million - The core product 'Che Lai Le' service coverage increased from **466** towns at the end of 2024 to **476** towns[7](index=7&type=chunk) - Cumulative users increased from **298.4 million** at the end of 2024 to **315.0 million**, a **5.6%** increase[7](index=7&type=chunk) - Average monthly active users grew to **30.2 million** from January to June 2025, a **5%** increase compared to the same period in 2024, and a **4%** increase compared to the 2024 full-year average[7](index=7&type=chunk) [Internationalization of Public Transportation Information Services](index=2&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E6%9C%8D%E5%8B%99%E7%9A%84%E5%9C%8B%E9%9A%9B%E5%8C%96) In the first half of 2025, the Group launched public transportation travel products in Hong Kong and Kuala Lumpur, establishing an initial presence in 5 overseas regions by August 2025 - Public transportation travel products were developed and launched in Hong Kong and Kuala Lumpur regions in the first half of 2025[8](index=8&type=chunk) - As of August 2025, international business has covered **5** overseas regions, forming an initial strategic layout[8](index=8&type=chunk) [Public Transportation Analytics Platform Business](index=3&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90%E5%B9%B3%E5%8F%B0%E6%A5%AD%E5%8B%99) The public transportation analytics platform now covers 140 towns, providing data insights and smart decision-making support to transportation agencies, with its latest version integrating large language model technology for passenger flow analysis - The platform covers **140** towns nationwide, providing data insights and smart decision-making support for transportation agencies[9](index=9&type=chunk) - The latest version applies large language model technology to scenarios such as public transportation passenger flow analysis and has been deployed in pilot cities[9](index=9&type=chunk) [Revenue Breakdown](index=3&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E4%BD%88) The Group's revenue is primarily from mobile advertising services, driven by user base expansion and increased penetration, while data technology services revenue grew strongly due to the public transportation analytics platform and customized solutions [Mobile Advertising Services](index=3&type=section&id=%E7%A7%BB%E5%8B%95%E5%BB%A3%E5%91%8A%E6%9C%8D%E5%8B%99) Mobile advertising services revenue reached RMB 94.2 million, a 6.4% year-on-year increase, primarily driven by expanded bus route coverage and increased user penetration leading to higher ad impressions - As of June 30, 2025, mobile advertising services revenue was **RMB 94.2 million**, a year-on-year increase of **6.4%**[10](index=10&type=chunk) - Growth primarily stemmed from increased ad impressions due to expanded bus route coverage and enhanced user penetration[10](index=10&type=chunk) [Data Technology Services](index=3&type=section&id=%E6%95%B8%E6%93%9A%E6%8A%80%E8%A1%93%E6%9C%8D%E5%8B%99) Data technology services revenue reached RMB 2.8 million from January to June 2025, a 74.1% increase compared to the same period in 2024, driven by the public transportation analytics platform and customized data intelligence solutions - From January to June 2025, data technology services revenue was **RMB 2.8 million**, a **74.1%** increase compared to the same period in 2024[11](index=11&type=chunk) - Revenue sources include public transportation analytics platform usage by transportation agencies and other customized data intelligence technology solutions[11](index=11&type=chunk) [AI Technology Reserves](index=3&type=section&id=AI%E6%8A%80%E8%A1%93%E5%84%B2%E5%82%99) The Group continuously invests in AI R&D, collaborating with universities on deep neural network foundation models and multi-model fusion, applying latest research to online products to significantly enhance prediction accuracy - Collaborated with universities such as Peking University to establish joint research projects focusing on deep neural network foundation models for specific industries and dynamic fusion of multiple deep neural network large models[12](index=12&type=chunk) - Some innovative achievements have been published in top international conferences such as ICML2025 and IJCNN[12](index=12&type=chunk) - The new generation of deep neural network-based time series prediction service has been launched in the 'Che Lai Le' product, with a considerable improvement in prediction accuracy[13](index=13&type=chunk) [Future Outlook](index=4&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Group anticipates steady growth in the domestic urban public transportation sector, integrating AI technology for product iteration, while targeting overseas markets through a "technology export + localized operation" model and continuously incubating new AI products [Domestic Market Size Expected to Continue Steady Growth](index=4&type=section&id=%E5%9C%8B%E5%85%A7%E5%B8%82%E5%A0%B4%E8%A6%8F%E6%A8%A1%E5%B0%87%E7%B9%BC%E7%BA%8C%E7%A9%A9%E6%AD%A5%E5%A2%9E%E9%95%B7) China's urban public transportation industry revenue is projected to exceed RMB 500 billion by 2025, with passenger volume reaching 120 billion, and the Group will leverage AI technology for product iteration to enhance competitiveness - China's urban public transportation industry revenue is projected to exceed **RMB 500 billion** by 2025, with an average annual compound growth rate of **4%–5%**[14](index=14&type=chunk) - Urban public bus and tram passenger volume is expected to reach **120 billion** person-times in 2025, a **2.5%** increase from 2024[14](index=14&type=chunk) - The Group will closely follow the latest advancements in AI technology, applying them to product feature iterations to enhance core competitiveness[14](index=14&type=chunk) [Overseas Markets as a Future Growth Driver](index=4&type=section&id=%E6%B5%B7%E5%A4%96%E5%B8%82%E5%A0%B4%E6%98%AF%E6%A5%AD%E5%8B%99%E5%BE%8C%E7%BA%8C%E7%99%BC%E5%8A%9B%E6%96%B9%E5%90%91) Preliminary research indicates clear demand and high potential willingness to pay for real-time public transportation information in overseas markets, where the Group plans to expand through a "technology export + localized operation" model - Preliminary research indicates clear demand for real-time public transportation information in overseas markets and a relatively high potential willingness to pay[15](index=15&type=chunk) - Plans to gradually expand overseas coverage and optimize product experience through a 'technology export + localized operation' model[15](index=15&type=chunk) [Continuous Investment in Incubating New AI Products](index=4&type=section&id=%E6%8C%81%E7%BA%8C%E6%8A%95%E5%85%A5%E5%AD%B5%E5%8C%96%E6%96%B0%E7%9A%84AI%E7%94%A2%E5%93%81) Rapid AI technology development presents new market opportunities in data intelligence, and the Group will continuously invest in new product incubation as a strategic goal to create more value - Rapid development of AI technology brings new market opportunities in the data intelligence field[16](index=16&type=chunk) - The Group will continuously invest in new product incubation as a strategic goal to create more value[16](index=16&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) The interim condensed consolidated statement of profit or loss shows a significant shift from profit to a substantial loss for the period, primarily driven by a large fair value loss on financial liabilities Interim Condensed Consolidated Statement of Profit or Loss for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 96,973 | 90,113 | | Cost of Sales | (21,289) | (18,830) | | Gross Profit | 75,684 | 71,283 | | Other Income and Gains | 2,223 | 2,518 | | Selling and Distribution Expenses | (18,649) | (16,687) | | Administrative Expenses | (37,976) | (27,025) | | Research and Development Expenses | (21,633) | (18,580) | | Net Impairment Loss/(Reversal of Impairment Loss) on Financial Assets | 712 | (83) | | Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss | (119,202) | (8,006) | | Other Expenses and Losses | (4,246) | (185) | | Finance Costs | (478) | (692) | | Profit/(Loss) Before Tax | (123,565) | 2,543 | | Income Tax Expense | (1,940) | (2,317) | | Profit/(Loss) for the Period | (125,505) | 226 | | Basic Earnings/(Loss) Per Share (RMB) | (1.69) | 0.00 | | Diluted Earnings/(Loss) Per Share (RMB) | (1.69) | 0.00 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The interim condensed consolidated statement of comprehensive income reveals a substantial increase in total comprehensive loss for the period, primarily due to the shift from profit to loss and higher net other comprehensive loss Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | (125,505) | 226 | | Net Other Comprehensive Loss | (6,246) | (1,957) | | Total Comprehensive Loss for the Period | (132,303) | (2,532) | - In the first half of 2025, the Group recorded a total comprehensive loss for the period of **RMB 132.3 million**, a significant increase from the **RMB 2.5 million** loss in the same period last year, mainly due to the profit turning into a loss for the period and an increase in net other comprehensive loss[18](index=18&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The interim condensed consolidated statement of financial position shows a significant improvement in the Group's financial health, with net assets turning positive and a substantial reduction in current liabilities, primarily driven by the conversion of financial liabilities Interim Condensed Consolidated Statement of Financial Position (Summary) as at June 30, 2025 | Indicator | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Total Non-current Assets | 63,128 | 67,703 | | Total Current Assets | 360,297 | 156,463 | | Total Current Liabilities | 76,424 | 536,150 | | Total Non-current Liabilities | 65 | 108 | | Net Assets/(Capital Deficiency) | 346,936 | (312,092) | | Total Equity/(Deficiency) | 346,936 | (312,092) | - As of June 30, 2025, the Group's net assets turned positive to **RMB 346.9 million**, compared to a capital deficiency of **RMB 312.1 million** as of December 31, 2024, primarily due to a significant reduction in current liabilities[19](index=19&type=chunk)[20](index=20&type=chunk) - Total current assets significantly increased to **RMB 360.3 million** (December 31, 2024: **RMB 156.5 million**), primarily driven by an increase in cash and cash equivalents[19](index=19&type=chunk) - Total current liabilities substantially decreased to **RMB 76.4 million** (December 31, 2024: **RMB 536.2 million**), mainly due to the conversion of financial liabilities at fair value through profit or loss (preference shares) into ordinary shares[19](index=19&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) The interim condensed consolidated statement of changes in equity shows a significant shift from a capital deficiency to positive equity, primarily driven by share issuance and the conversion of preference shares into ordinary shares, partially offset by the period's loss - As of June 30, 2025, the Group's total equity shifted from a deficiency of **RMB 312.1 million** at the beginning of the period to an equity of **RMB 346.9 million**[22](index=22&type=chunk) - The significant increase in equity was primarily due to proceeds from share issuance of **RMB 221.8 million** and the conversion of financial liabilities at fair value through profit or loss (preference shares) into ordinary shares, resulting in an increase in capital reserve of **RMB 584.1 million**[22](index=22&type=chunk) - The loss of **RMB 125.5 million** for the period and total comprehensive loss of **RMB 132.3 million** partially offset the impact of the increase in share capital[22](index=22&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The interim condensed consolidated statement of cash flows indicates a substantial increase in cash and cash equivalents, primarily driven by significant net cash generated from financing activities due to the IPO, despite a decrease in operating cash flow Interim Condensed Consolidated Statement of Cash Flows (Summary) for the Six Months Ended June 30, 2025 | Cash Flow Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash Generated From Operating Activities | 817 | 15,752 | | Net Cash Used In Investing Activities | (16,910) | (25,785) | | Net Cash Generated From/(Used In) Financing Activities | 207,663 | (14,389) | | Net Increase/(Decrease) In Cash and Cash Equivalents | 191,570 | (24,422) | | Cash and Cash Equivalents at End of Period | 246,466 | 31,092 | - Net cash generated from operating activities significantly decreased to **RMB 0.8 million** (2024: **RMB 15.8 million**), primarily due to an increase in loss before income tax, although most of it was non-cash items[26](index=26&type=chunk) - Net cash generated from financing activities turned significantly positive to **RMB 207.7 million** (2024: used **RMB 14.4 million**), mainly attributable to proceeds from global offering of **RMB 221.8 million**[27](index=27&type=chunk) - Cash and cash equivalents at the end of the period significantly increased to **RMB 246.5 million** (2024: **RMB 31.1 million**), primarily influenced by IPO fundraising[28](index=28&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=14&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) These notes provide detailed explanations of the Group's company information, basis of presentation, accounting policy changes, operating segments, revenue, profit/loss before tax, income tax, dividends, earnings per share, property and equipment, receivables, payables, share capital, related party transactions, fair value of financial instruments, and post-reporting period events [1. Company Information](index=14&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) MetaLight Inc., incorporated in the Cayman Islands on May 21, 2015, listed on the HKEX Main Board on June 10, 2025, primarily provides mobile advertising and data technology services through "Che Lai Le" APP and WeChat mini-program - The Company was listed on the Main Board of the Hong Kong Stock Exchange on **June 10, 2025**[29](index=29&type=chunk) - The principal business involves providing mobile advertising services, real-time vehicle information, and data technology services through the 'Che Lai Le' APP and WeChat mini-program[29](index=29&type=chunk) [2. Basis of Presentation](index=14&type=section&id=2.%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in RMB according to IAS 34, with Wuhan YuanGuang Technology Co., Ltd. effectively controlled through contractual arrangements and consolidated as a subsidiary - The interim condensed consolidated financial information is prepared in **RMB '000** in accordance with International Accounting Standard 34[30](index=30&type=chunk) - The Group exercises effective control over Wuhan YuanGuang Technology Co., Ltd. through contractual arrangements, including exclusive business cooperation service agreements, exclusive call option agreements, and equity pledge agreements, and classifies it as a subsidiary[31](index=31&type=chunk)[32](index=32&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=15&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95%E5%8F%8A%E6%8A%AB%E9%9C%B2) The financial information for this period adopts revised IFRS accounting standards for the first time, with IAS 21 (Revised) on lack of exchangeability having no material impact on the Group's financial information - The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those in the 2024 annual report, except for the first-time adoption of revised IFRS accounting standards[33](index=33&type=chunk) - The amendments to IAS 21 (Revised) regarding lack of exchangeability had no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are all exchangeable[34](index=34&type=chunk) [4. Operating Segment Information](index=15&type=section&id=4.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group has only one reportable operating segment, providing mobile advertising, vehicle real-time information, and data technology services through "Che Lai Le" APP and WeChat mini-program, with all external revenue and non-current assets originating from mainland China - The Group has only one reportable operating segment, which is mobile advertising services, real-time vehicle information, and data technology services[35](index=35&type=chunk) - All external revenue during the period was derived from customers in mainland China[36](index=36&type=chunk) - All non-current assets at the end of the period were located in mainland China[37](index=37&type=chunk) Revenue Contribution from Major Customers (For the Six Months Ended June 30) | Customer | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Customer A | 21,874 | 26,847 | | Customer B | 15,073 | 19,236 | | Customer C | 16,042 | * (Less than 10%) | [5. Revenue](index=16&type=section&id=5.%20%E6%94%B6%E5%85%A5) The Group's total revenue increased by 7.6% to RMB 97.0 million, primarily contributed by mobile advertising services and data technology services, with mobile advertising being the largest component and data technology services showing the fastest growth Analysis of Revenue from Contracts with Customers (For the Six Months Ended June 30) | Service Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mobile Advertising Services | 94,158 | 88,496 | | Data Technology Services | 2,815 | 1,617 | | **Total** | **96,973** | **90,113** | Revenue from Contracts with Customers by Timing of Revenue Recognition (For the Six Months Ended June 30) | Recognition Timing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Transferred at a point in time | 95,664 | 89,134 | | Transferred over time | 1,309 | 979 | | **Total Revenue** | **96,973** | **90,113** | [6. Profit/(Loss) Before Tax](index=17&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%EF%BC%8F%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) The Group recorded a loss before tax of RMB 123.6 million, primarily due to a significant increase in fair value loss on financial liabilities at fair value through profit or loss Components of Profit/(Loss) Before Tax (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Services Provided | 21,289 | 18,830 | | Net Impairment Loss/(Reversal of Impairment Loss) on Financial Assets | (712) | 83 | | Write-off of Other Receivables | – | 3 | | Net Exchange Differences | 655 | – | - Net impairment loss on financial assets shifted from a reversal of **RMB 83 thousand** in 2024 to an impairment loss of **RMB 712 thousand** in 2025[40](index=40&type=chunk) [7. Income Tax](index=18&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85) The Group's income tax expense primarily originates from mainland China, with no assessable profits in Hong Kong, and mainland China subsidiaries benefit from preferential tax rates for high-tech or small-profit enterprises - No income tax in the Cayman Islands, and no provision for Hong Kong due to no assessable profits[42](index=42&type=chunk)[43](index=43&type=chunk) - Mainland China subsidiaries enjoy preferential tax rates of **15%** for high-tech enterprises or **5%** for small-profit enterprises[44](index=44&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current Tax Expense for the Period | – | 2 | | Deferred Tax Expense for the Period | 1,940 | 2,315 | | **Total Tax Expense for the Period** | **1,940** | **2,317** | [8. Dividends](index=18&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Company did not declare or pay any dividends during the reporting period - The Company did not declare or pay any dividends during the period[46](index=46&type=chunk) [9. Basic and Diluted Earnings/(Loss) Per Share](index=19&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E5%9F%BA%E6%9C%AC%E5%8F%8A%E6%94%A4%E8%96%84%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) Both basic and diluted loss per share for the period were RMB 1.69, primarily due to the net loss, with anti-dilutive effects of options and preference shares not considered in the calculation Calculation of Basic and Diluted Earnings/(Loss) Per Share (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Ordinary Shareholders of the Company | (125,505) | 226 | | Adjustment for Fair Value Loss on Preference Shares | 119,202 | 8,006 | | Profit/(Loss) Used for Calculating Basic Earnings/(Loss) Per Share | (6,303) | 8,232 | | Number of Shares | 2025 | 2024 | | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares Outstanding for Basic Earnings/(Loss) Per Share | 74,450,469 | 51,706,266 | | Dilutive Effect – Weighted Average Number of Ordinary Shares | – | 5,796,800 | | Total | 74,450,469 | 57,503,066 | - Basic and diluted loss per share for 2025 were both **RMB 1.69**, compared to **RMB 0.00** in 2024[17](index=17&type=chunk) - Options and preference shares were not included in the calculation of diluted earnings/(loss) per share for 2025 and 2024 as they had an anti-dilutive effect[49](index=49&type=chunk) [10. Property and Equipment](index=20&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E5%8F%8A%E8%A8%AD%E5%82%99) The Group did not acquire or dispose of any property and equipment during the six months ended June 30, 2025 - The Group did not acquire or dispose of any assets during the six months ended June 30, 2025[51](index=51&type=chunk) [11. Trade Receivables](index=20&type=section&id=11.%20%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, net trade receivables increased to RMB 38.1 million compared to the end of 2024, primarily concentrated within 6 months Analysis of Trade Receivables | Item | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 39,320 | 35,487 | | Impairment | (1,261) | (1,828) | | **Net Carrying Amount** | **38,059** | **33,659** | Aging Analysis of Trade Receivables (Net of Loss Allowance) | Aging | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Within 6 months | 37,482 | 33,357 | | 7 to 12 months | 577 | 302 | | **Total** | **38,059** | **33,659** | [12. Trade Payables](index=20&type=section&id=12.%20%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables decreased to RMB 5.0 million compared to the end of 2024, primarily concentrated within 3 months Aging Analysis of Trade Payables (Based on Date of Service Acceptance) | Aging | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 1,974 | 6,118 | | 4 to 12 months | 2,324 | 870 | | 13 to 24 months | 462 | 528 | | Over 24 months | 270 | 348 | | **Total** | **5,030** | **7,864** | [13. Share Capital](index=21&type=section&id=13.%20%E8%82%A1%E6%9C%AC) The number of issued and fully paid ordinary shares significantly increased during the period due to new share issuance from the IPO and the conversion of preference shares into ordinary shares, leading to substantial growth in share capital and share premium Overview of Changes in Issued and Fully Paid Ordinary Shares | Item | As of 2025-06-30 (Number of Shares) | As of 2025-06-30 (Share Capital RMB '000) | | :--- | :--- | :--- | | At beginning of period | 63,973,298 | 44 | | Shares issued | 24,856,000 | 18 | | Conversion of financial liabilities at fair value through profit or loss | 65,447,239 | 47 | | Shares repurchased | – | – | | **At end of period** | **154,276,537** | **109** | - On June 10, 2025, the Company issued **24,856,000** ordinary shares in its initial public offering, with total cash proceeds of approximately **RMB 221.8 million**[55](index=55&type=chunk) - All **65,447,239** preference shares were converted into ordinary shares, with a total carrying value of **RMB 584.1 million**[55](index=55&type=chunk) [14. Related Party Transactions](index=22&type=section&id=14.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Related party transactions decreased during the period, while total key management personnel compensation increased, notably due to a significant rise in share-based payment expenses Related Party Transactions (For the Six Months Ended June 30) | Transaction Type | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mobile advertising services provided by entities controlled by the controlling company | – | 2,230 | | Cloud storage service fees collected by entities controlled by the controlling company | – | 29 | | IT solutions and other services provided by an associate | – | 95 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Compensation Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Short-term employee benefits | 1,080 | 2,365 | | Equity-settled share-based payment expenses | 8,433 | 4,195 | | Post-employment benefits | 104 | 102 | | **Total** | **9,617** | **6,662** | [15. Fair Value and Fair Value Hierarchy of Financial Instruments](index=23&type=section&id=15.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%B1%A4%E7%B4%9A) The fair value of the Group's financial instruments is primarily measured using discounted cash flow models, market-based valuation techniques, and option pricing methods, with financial liabilities at fair value through profit or loss (preference shares) converted to ordinary shares, resulting in zero balance at period-end Carrying Amounts and Fair Values of Financial Instruments (Summary) | Item | 2025-06-30 Carrying Amount (RMB '000) | 2024-12-31 Carrying Amount (RMB '000) | 2025-06-30 Fair Value (RMB '000) | 2024-12-31 Fair Value (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Financial Investments | 66,636 | 58,321 | 66,636 | 58,321 | | Financial Liabilities at Fair Value Through Profit or Loss | – | 465,189 | – | 465,189 | - Financial liabilities at fair value through profit or loss (preference shares) were converted into ordinary shares as of June 30, 2025, resulting in a zero fair value[59](index=59&type=chunk)[65](index=65&type=chunk) Fair Value Measurement Hierarchy (Summary) | Item | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | **Assets Measured at Fair Value** | | | | | | Financial Investments (2025-06-30) | 9,734 | 50,159 | 6,743 | 66,636 | | Financial Investments (2024-12-31) | 8,960 | 43,079 | 6,282 | 58,321 | | **Liabilities Measured at Fair Value** | | | | | | Financial Liabilities at Fair Value Through Profit or Loss (2025-06-30) | – | – | – | – | | Financial Liabilities at Fair Value Through Profit or Loss (2024-12-31) | – | – | 465,189 | 465,189 | - Changes in Level 3 fair value measurements during the period show a fair value gain of **RMB 461 thousand** for financial investments, while financial liabilities at fair value through profit or loss recorded a fair value loss of **RMB 119.2 million**, subsequently reduced by **RMB 584.1 million** due to conversion into ordinary shares[66](index=66&type=chunk) [16. Events After the Reporting Period](index=26&type=section&id=16.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) After the reporting period, the Group converted an unlisted convertible debt investment of RMB 1.0 million into a 5.0% equity stake in the investee entity and made an additional investment, increasing its total shareholding to 10.0% - On July 31, 2025, the Group converted an unlisted convertible debt investment of **RMB 1.0 million** into a **5.0%** equity stake in the investee entity[68](index=68&type=chunk) - Concurrently, an additional investment of **RMB 1.0 million** was made, bringing the total shareholding to **10.0%**[68](index=68&type=chunk) [Management Discussion and Analysis](index=27&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) This section provides an in-depth analysis of the Group's financial performance, including revenue, cost of sales, gross profit, operating expenses, other income/losses, fair value changes, non-IFRS measures, liquidity, capital resources, human resources, significant investments, and financial risks [Revenue](index=27&type=section&id=%E6%94%B6%E5%85%A5) The Group's total revenue increased by 7.6% to RMB 97.0 million, driven by growth in mobile advertising services and data technology services, benefiting from user growth and business expansion Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB '000) | 2024 (RMB '000) | Change Percentage | | :--- | :--- | :--- | :--- | | Mobile Advertising Services | 94,158 | 88,496 | 6.4% | | Data Technology Services | 2,815 | 1,617 | 74.1% | | **Total** | **96,973** | **90,113** | **7.6%** | - Mobile advertising services revenue increased by **RMB 5.7 million**, primarily due to the Company's continuous provision of high-quality public transportation information services, leading to growth in service coverage cities and users[69](index=69&type=chunk) - Data technology services revenue increased by **RMB 1.2 million**, mainly due to the Company's continuous expansion of its public transportation analytics platform business and collaboration with more transportation agencies[69](index=69&type=chunk) [Cost of Sales](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 13.06% year-on-year to RMB 21.3 million, with its proportion to revenue rising to 22.0%, primarily due to increased cross-network advertising fees - Cost of sales was **RMB 21.3 million**, an increase of **RMB 2.5 million** or **13.06%** compared to the same period last year[70](index=70&type=chunk) - The proportion of cost of sales to revenue increased from **20.9%** to **22.0%**[70](index=70&type=chunk) - The increase in cost of sales was primarily due to increased cross-network advertising fees[70](index=70&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by 6.2% year-on-year to RMB 75.7 million, but the gross margin slightly decreased from 79.1% to 78.1% - Gross profit increased by **6.2%** from **RMB 71.3 million** to **RMB 75.7 million**[71](index=71&type=chunk) - Gross margin decreased from **79.1%** to **78.1%**[71](index=71&type=chunk) [Selling Expenses](index=28&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Selling expenses increased to RMB 18.7 million year-on-year, primarily due to increased advertising and promotion expenses aimed at attracting new users and enhancing user engagement - Selling expenses increased from **RMB 16.7 million** to **RMB 18.7 million**[72](index=72&type=chunk) - The increase was primarily attributable to higher advertising and promotion expenses to attract new users and enhance user engagement for 'Che Lai Le'[72](index=72&type=chunk) [Administrative Expenses](index=28&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses significantly increased year-on-year to RMB 38.0 million, mainly due to higher listing expenses and share-based payment expenses - Administrative expenses increased from **RMB 27.0 million** to **RMB 38.0 million**[73](index=73&type=chunk) - The increase was primarily due to higher listing expenses and share-based payment expenses[73](index=73&type=chunk) [Research and Development Expenses](index=28&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses increased year-on-year to RMB 21.6 million, primarily due to higher staff costs for additional R&D personnel engaged in new business initiatives and increased share-based payment expenses - Research and development expenses increased from **RMB 18.6 million** to **RMB 21.6 million**[74](index=74&type=chunk) - The increase was primarily due to higher staff costs for additional R&D personnel hired for new business initiatives and increased share-based payment expenses[74](index=74&type=chunk) [Other Income](index=28&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income decreased by 11.7% year-on-year to RMB 2.2 million, mainly due to lower investment income and fair value gains on financial investments, partially offset by increased government grants - Other income was **RMB 2.2 million**, a decrease of **RMB 0.3 million** or **11.7%** compared to the same period last year[75](index=75&type=chunk) - Primarily due to a decrease in investment income of **RMB 0.8 million** and a decrease in fair value gains on financial investments at fair value through profit or loss of **RMB 0.4 million**[75](index=75&type=chunk) - Partially offset by an increase in government grants of **RMB 0.9 million**[75](index=75&type=chunk) [Other Losses](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%99%A7%E6%90%8D) Other losses significantly increased to RMB 4.2 million, primarily due to fair value losses on equity investments at fair value through profit or loss and exchange differences - Other losses for the six months ended June 30, 2025, were **RMB 4.2 million**, compared to **RMB 0.2 million** in the same period last year[76](index=76&type=chunk) - Primarily due to fair value losses on equity investments at fair value through profit or loss held by the Company and exchange differences[76](index=76&type=chunk) [Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss](index=29&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E7%95%B6%E6%9C%9F%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B2%A0%E5%82%B5%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E6%90%8D%E5%A4%B1) A fair value loss of RMB 119.2 million was recorded, a significant increase from the prior year, mainly due to adjustments in the carrying value of contingently redeemable preference shares, with future fluctuations expected to cease following their conversion to ordinary shares post-IPO - A fair value loss of **RMB 119.2 million** was recorded, a significant increase from **RMB 8.0 million** in the same period of 2024[77](index=77&type=chunk) - This change primarily stemmed from adjustments to the carrying value of contingently redeemable preference shares, driven by changes in their redemption price[77](index=77&type=chunk) - Following the Group's successful listing, these preference shares have been automatically converted into ordinary shares, and such fair value fluctuations are not expected to recur in the future[77](index=77&type=chunk) [Non-IFRS Measures](index=29&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F) The Group uses adjusted net profit (non-IFRS measure) as a supplementary indicator, excluding fair value losses on financial liabilities, listing expenses, share-based payment expenses, and fair value changes of equity investments, to better reflect core operating performance - Adjusted net profit (non-IFRS measure) is defined as (loss)/profit for the year/period, adjusted to exclude (i) fair value loss on financial liabilities at fair value through profit or loss, (ii) listing expenses, (iii) share-based payment expenses, and (iv) fair value changes of equity investments at fair value[79](index=79&type=chunk) - The new adjustment item (iv) was added because the fair value fluctuations of these equity investments significantly increased in the first half of 2025, being non-operating and non-cash in nature, and having a material impact on reflecting the Group's core operating performance[79](index=79&type=chunk) Adjusted Net Profit (Non-IFRS Measure) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | (125,505) | 226 | | Adjustments for: | | | | Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss | 119,202 | 8,006 | | Listing Expenses | 17,499 | 12,371 | | Share-based Payment Expenses | 13,275 | 6,467 | | Fair Value Changes of Equity Investments at Fair Value | 3,712 | (424) | | **Adjusted Net Profit (Non-IFRS Measure)** | **28,183** | **26,646** | [Liquidity and Capital Resources](index=31&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group's liquidity significantly improved, with a substantial increase in cash and cash equivalents, a shift to positive net current assets, and a sharp decrease in the gearing ratio, primarily due to IPO fundraising and the conversion of preference shares to ordinary shares [Overview of Liquidity and Capital Resources](index=31&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90%E6%A6%82%E8%A7%80) Net cash generated from operating activities was RMB 0.8 million, net cash used in investing activities was RMB 16.9 million, and net cash generated from financing activities was RMB 207.7 million, primarily from IPO proceeds and new bank borrowings - Net cash generated from operating activities was **RMB 0.8 million**, primarily affected by loss before income tax (mostly non-cash items)[80](index=80&type=chunk) - Net cash used in investing activities was **RMB 16.9 million**, mainly for the purchase of financial investments, partially offset by the redemption of matured structured deposits[81](index=81&type=chunk) - Net cash generated from financing activities was **RMB 207.7 million**, primarily from proceeds of the global offering and new bank borrowings[81](index=81&type=chunk) [Cash and Cash Equivalents](index=32&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, cash and cash equivalents significantly increased to RMB 246.5 million, a 337.8% growth from December 31, 2024, primarily due to IPO proceeds - As of June 30, 2025, cash and cash equivalents were **RMB 246.5 million**, a **337.8%** increase from December 31, 2024[83](index=83&type=chunk) - The increase was primarily due to the completion of the listing on **June 10, 2025**, and proceeds from the initial public offering of shares[83](index=83&type=chunk) [Trade Receivables](index=32&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, trade receivables increased to RMB 38.1 million, a RMB 4.4 million increase from December 31, 2024, mainly due to higher single-month advertising revenue in June from events like 618 - As of June 30, 2025, trade receivables were **RMB 38.1 million**, an increase of **RMB 4.4 million** compared to December 31, 2024[84](index=84&type=chunk) - The increase was mainly due to higher single-month advertising revenue in June driven by festivals such as 618[84](index=84&type=chunk) [Trade Payables](index=32&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, trade payables decreased to RMB 5.0 million, a RMB 2.8 million decrease from December 31, 2024, primarily due to the payment of previously accrued commercial promotion expenses - As of June 30, 2025, trade payables were **RMB 5.0 million**, a decrease of **RMB 2.8 million** compared to December 31, 2024[85](index=85&type=chunk) - The decrease was mainly due to the Company's payment of previously accrued commercial promotion expenses during the period[85](index=85&type=chunk) [Bank Loans as at June 30, 2025](index=32&type=section&id=%E6%96%BC2025%E5%B9%B46%E6%9C%8830%E6%97%A5%E7%9A%84%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group had several bank loans totaling RMB 40 million, secured by patent pledges and guarantees, with two loans maturing in July and August 2025 already fully repaid Bank Loan Details (As of June 30, 2025) | Borrower | Loan Amount (RMB '000) | Annual Interest Rate | Maturity Date | Collateral, Guarantee Status | | :--- | :--- | :--- | :--- | :--- | | Beijing YuanGuang ZhiXing Information Technology Co., Ltd. | 10,000 | 2.8% | 2025-07-19 | Patent pledge | | Beijing YuanGuang ZhiXing Information Technology Co., Ltd. | 10,000 | 2.2% | 2026-06-27 | Wuhan YuanGuang Technology Co., Ltd. guarantee | | Wuhan YuanGuang Technology Co., Ltd. | 10,000 | 2.9% | 2025-12-10 | Patent pledge and Beijing YuanGuang ZhiXing Information Technology Co., Ltd. guarantee | | Wuhan YuanGuang Technology Co., Ltd. | 10,000 | 3.0% | 2025-08-20 | Patent pledge and Wuhan YuanGuang Technology Co., Ltd. and Beijing YuanGuang ZhiXing Information Technology Co., Ltd. guarantee | - As of the date of the interim results announcement, two loans maturing in July and August 2025, respectively, have been fully repaid[87](index=87&type=chunk) [Gearing Ratio](index=33&type=section&id=%E8%B3%87%E7%94%A2%E5%82%B5%E5%8B%99%E6%AF%94%E7%8E%87) As of June 30, 2025, the gearing ratio significantly decreased to 18.1% from 239.2% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was **18.1%**, a significant decrease from **239.2%** as of December 31, 2024[88](index=88&type=chunk) [Net Current Assets/(Liabilities)](index=33&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%EF%BC%8F%EF%BC%88%E8%B2%A0%E5%82%B5%EF%BC%89%E6%B7%A8%E5%80%BC) As of June 30, 2025, the Group recorded net current assets of RMB 283.9 million, a significant improvement from net current liabilities of RMB 379.7 million as of December 31, 2024, primarily due to the conversion of redeemable preference shares from liabilities to equity - As of June 30, 2025, net current assets of **RMB 283.9 million** were recorded, compared to net current liabilities of **RMB 379.7 million** as of December 31, 2024[89](index=89&type=chunk) - The current ratio increased from **0.3** as of December 31, 2024, to **4.7** as of June 30, 2025[89](index=89&type=chunk) - The change was primarily due to the conversion of redeemable preference shares from liabilities to equity[89](index=89&type=chunk) [Capital Structure](index=33&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Company's capital comprises ordinary shares and reserves, funded by operating cash flow, shareholder contributions, bank financing, and net proceeds from the initial public offering - The Company's capital comprises ordinary shares and reserves, with funding sources including cash flow from operating activities, shareholder contributions, bank financing, and net proceeds from the initial public offering[90](index=90&type=chunk) [Contingent Liabilities](index=33&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[91](index=91&type=chunk) [Human Resources](index=34&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group values its employees, with 138 staff members all located in China as of June 30, 2025, offering competitive compensation, equity incentives, and comprehensive training programs to attract and retain talent - As of June 30, 2025, the Group had a total of **138** employees, all located in China[92](index=92&type=chunk) - Total staff costs (including directors' remuneration) for the six months ended June 30, 2025, amounted to **RMB 39.6 million**[92](index=92&type=chunk) - Compensation policy is based on employee performance and experience, offering competitive salaries, performance bonuses, and share options, with participation in various government-organized employee social security schemes[93](index=93&type=chunk)[95](index=95&type=chunk) - The Group provides comprehensive training programs, including new employee onboarding, core competency development, internal training team capability enhancement, and key talent development plans[96](index=96&type=chunk) [Material Acquisitions and Disposals and Significant Investments](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85%E4%BB%A5%E5%8F%8A%E9%87%8D%E8%A6%81%E6%8A%95%E8%B3%87) The Group has not undertaken any material acquisitions or disposals since its listing date, and during the period, it subscribed to structured deposit products to enhance capital returns, with these investments not sourced from IPO proceeds [Material Acquisitions and Disposals](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) From the listing date to June 30, 2025, the Group did not hold any material acquisitions or disposals of subsidiaries, associates, or joint ventures - From the listing date to June 30, 2025, the Group did not hold any material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any other material acquisitions[97](index=97&type=chunk) [Future Plans for Material Investments and Capital Assets](index=35&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group invested in structured deposit products with Shanghai Sci-Tech Bank, totaling RMB 45.1 million in fair value as of June 30, 2025, representing 10.7% of total assets, with these funds not sourced from IPO proceeds Structured Deposit Product Details (As of June 30, 2025) | Trustee | Wealth Management Type | Wealth Management Amount (RMB) | Start Date | End Date | Annualized Yield | Actual Gain or (Loss) (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Sci-Tech Bank | Structured Deposit | 5,000,000.00 | 2025-03-31 | 2025-07-01 | 2.25% | 28,750.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 20,000,000.00 | 2025-04-21 | 2025-07-21 | 2.25% | 88,750.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 5,000,000.00 | 2025-06-13 | 2025–09-15 | 2.05% | 5,125.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 15,000,000.00 | 2025-06-20 | 2025-09-22 | 2.05% | 9,395.83 | - As of June 30, 2025, the fair value of Shanghai Sci-Tech Bank structured deposits was **RMB 45.1 million**, accounting for **10.7%** of total assets[98](index=98&type=chunk) - These investment funds were not sourced from the Company's initial public offering proceeds[98](index=98&type=chunk) [Capital Commitments](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments contracted but not recognized as liabilities - As of June 30, 2025, the Group had no capital commitments contracted but not recognized as liabilities[100](index=100&type=chunk) [Capital Expenditure](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) The Group incurred no capital expenditure during the reporting period - The Group incurred no capital expenditure during the reporting period[101](index=101&type=chunk) [Pledged Assets](index=36&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged certain patent rights for RMB 30 million in bank borrowings, with these patents retaining economic value and legal enforceability despite a zero carrying value - As of June 30, 2025, the Group pledged certain patent rights in exchange for **RMB 30 million** in bank borrowings[102](index=102&type=chunk) - Despite a net carrying value of zero for these patents, they retain economic value and legal enforceability[102](index=102&type=chunk) [Financial Risks](index=36&type=section&id=%E9%87%91%E8%9E%8D%E9%A2%A8%E9%9A%AA) The Group faces credit, liquidity, and exchange rate risks, which are managed through credit verification, maintaining adequate cash levels, and continuous monitoring of exchange rate fluctuations [Credit Risk](index=36&type=section&id=%E4%BF%A1%E8%B2%B8%E9%A2%A8%E9%9A%AA) Credit risk primarily arises from trade receivables and is managed through individual credit verification procedures for customers and continuous monitoring of outstanding balances - Credit risk primarily arises from trade receivables and is managed through individual credit verification procedures for customers and continuous monitoring of outstanding balances[104](index=104&type=chunk) [Liquidity Risk](index=36&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E9%A2%A8%E9%9A%AA) The Group manages liquidity risk by monitoring and maintaining sufficient levels of cash and cash equivalents to fund operations and mitigate the impact of cash flow fluctuations - The Group manages liquidity risk by monitoring and maintaining sufficient levels of cash and cash equivalents to fund operations and mitigate the impact of cash flow fluctuations[105](index=105&type=chunk) [Exchange Rate Fluctuation Risk](index=37&type=section&id=%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's functional currency is RMB, but some cash and financial assets are denominated in USD and HKD, exposing it to foreign exchange risk, which management continuously monitors without a current hedging policy - The Group's functional currency is RMB, but some cash and financial assets are denominated in USD and HKD, exposing it to foreign exchange risk[106](index=106&type=chunk) - Currently, there is no foreign currency hedging policy, and management will continue to monitor and take prudent measures when appropriate[106](index=106&type=chunk) [Other Information](index=37&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers the interim dividend, corporate governance, transactions involving the Company's listed securities, compliance with the Model Code, post-reporting period events, review of interim results, and publication of the interim results announcement and report [Interim Dividend](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[107](index=107&type=chunk) [Corporate Governance](index=37&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) Since its listing on June 10, 2025, the Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, committed to achieving high standards of corporate governance - The Company has adopted the Corporate Governance Code as its corporate governance code since the listing date[108](index=108&type=chunk) - From the listing date to the date of this announcement, the Company has complied with all applicable code provisions under the Corporate Governance Code[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date to June 30, 2025, and no treasury shares were held at period-end - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date to June 30, 2025[109](index=109&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[109](index=109&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=37&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E4%B9%8B%E3%80%8A%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87%E3%80%8B) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions and has complied with it since the listing date - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions[110](index=110&type=chunk) - Following specific inquiries made to all Directors, each Director has confirmed compliance with the Model Code from the listing date to the date of this announcement[110](index=110&type=chunk) [Post-Reporting Period Events](index=38&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 31, 2025, the Group converted an RMB 1.0 million unlisted convertible debt investment into a 5.0% equity stake in the investee entity and made an additional RMB 1.0 million investment, increasing its total shareholding to 10.0% - On July 31, 2025, the Group agreed to convert the entire principal amount of its unlisted convertible debt investment of **RMB 1.0 million**, along with related accrued interest, into a **5.0%** equity stake in the investee entity[111](index=111&type=chunk) - It also agreed to invest an additional **RMB 1.0 million** in the investee entity, resulting in the Group collectively owning a **10.0%** equity stake in the investee entity[111](index=111&type=chunk) [Review of Interim Results](index=38&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Company's Audit Committee reviewed the Group's unaudited consolidated financial statements and results for the six months ended June 30, 2025, confirming their preparation in accordance with applicable accounting standards, and the interim results were reviewed by Ernst & Young in accordance with HKSRE 2410 - The Audit Committee has reviewed the Group's unaudited consolidated financial statements and results for the six months ended June 30, 2025, and considers them to be prepared in accordance with applicable accounting standards[112](index=112&type=chunk) - The interim results are unaudited but have been reviewed by the Company's independent auditor, Ernst & Young, in accordance with Hong Kong Standard on Review Engagements 2410[112](index=112&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the HKEX and Company websites, and the Company's 2025 interim report will be published in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.metalight.com.cn)[113](index=113&type=chunk) - The Company's 2025 interim report will be published on the HKEX and Company websites in due course[113](index=113&type=chunk) [Definitions](index=38&type=section&id=%E9%87%8B%E7%BE%A9) This section provides a glossary of key terms and abbreviations used throughout the report for clarity and consistency

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之內容概不負責，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之任何損失承擔任何責任。 SHAW BROTHERS HOLDINGS LIMITED 邵氏兄弟控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：00953） 截至二零二五年六月三十日止六個月 未經審核中期業績公告 二零二五年中期業績摘要 — 1 — | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | | 二零二五年 | 二零二四年 | 變動 | | | 人民幣 | 人民幣 | | | | （未經審核） | （未經審核） | | | 收入 | | | | | 電影、劇集及非劇集 （千元） | 95,343 | 2,269 | 4102.0% | | 藝人及活動管理 （千元） | 11,037 | 10,477 | 5.3% | | 總計 （千元） | 106,380 | 12,746 | 734.6% | | 分部溢利（虧損） | | | ...

Performance Highlights [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The company experienced declines in turnover, gross profit, profit attributable to owners, and basic EPS for H1 2025, with no interim dividend recommended H1 2025 Performance Summary | Metric | H1 2025 (RMB) | H1 2024 (RMB) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Turnover | 932,300,000 | 987,765,000 | Decreased 5.6% | | Gross Profit | 116,700,000 | 144,084,000 | Decreased 19.0% | | Gross Profit Margin | 12.5% | 14.6% | Decreased 2.1 percentage points | | Profit attributable to owners of the Company for the period | 35,200,000 | 42,400,000 | Decreased 16.98% | | Basic earnings per share | 0.040 | 0.049 | Decreased 18.37% | | Interim Dividend | Not recommended for distribution | HKD 0.02 | Not distributed | Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For H1 2025, group turnover decreased by 5.6% to RMB 932,301 thousand, gross profit fell by 19.0% to RMB 116,676 thousand, and profit for the period was RMB 19,231 thousand Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Turnover | 932,301 | 987,765 | | Cost of sales | (815,625) | (843,681) | | Gross Profit | 116,676 | 144,084 | | Other income and gains | 18,100 | 18,166 | | Selling expenses | (40,747) | (36,327) | | Administrative and other operating expenses | (52,197) | (83,289) | | Finance costs | (6,395) | (638) | | Profit before income tax | 35,437 | 41,996 | | Income tax expense | (16,206) | (8,146) | | Profit for the period | 19,231 | 33,850 | | Profit attributable to owners of the Company for the period | 35,154 | 42,357 | | Profit/(Loss) attributable to non-controlling interests for the period | (15,923) | (8,507) | | Basic earnings per share | RMB 0.040 | RMB 0.049 | | Diluted earnings per share | RMB 0.040 | RMB 0.049 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for H1 2025 significantly decreased to RMB 13,056 thousand, primarily due to a shift from gain to loss in currency translation differences Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the period | 19,231 | 33,850 | | Other comprehensive income - Currency translation differences | (6,175) | 737 | | Total comprehensive income for the period | 13,056 | 34,587 | | Total comprehensive income attributable to owners of the Company | 28,803 | 43,242 | | Total comprehensive income attributable to non-controlling interests | (15,747) | (8,655) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities slightly decreased, with increases in trade and bills receivables and cash balances, and a significant reduction in time deposits Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current assets | 1,662,114 | 1,659,245 | | Current assets | 1,520,861 | 1,425,188 | | Current liabilities | 653,606 | 524,507 | | Net current assets | 867,255 | 900,681 | | Total assets less current liabilities | 2,529,369 | 2,559,926 | | Non-current liabilities | 24,778 | 45,002 | | Net assets | 2,504,591 | 2,514,924 | | Equity attributable to owners of the Company | 2,425,517 | 2,420,103 | | Non-controlling interests | 79,074 | 94,821 | | Total equity | 2,504,591 | 2,514,924 | - Within current assets, **trade and bills receivables increased from RMB 377,774 thousand to RMB 461,932 thousand**, and **bank and cash balances increased from RMB 358,214 thousand to RMB 633,913 thousand**, while **time deposits decreased from RMB 493,340 thousand to RMB 215,006 thousand**[5](index=5&type=chunk) - Bank borrowings within current liabilities significantly **increased from RMB 220,134 thousand to RMB 354,191 thousand**[5](index=5&type=chunk) Notes to the Financial Statements [General Information](index=5&type=section&id=1.%20General%20Information) TianDe Chemical Holdings Limited is an exempted company incorporated in the Cayman Islands, primarily engaged in investment holding and the R&D, manufacturing, and sale of fine chemical products - The Company is an exempted company incorporated in the Cayman Islands, with shares listed on the Hong Kong Stock Exchange[6](index=6&type=chunk) - The Company's principal business is investment holding, while the Group's principal activities are the research, development, manufacturing, and sale of fine chemical products[7](index=7&type=chunk) [Basis of Preparation and Presentation](index=5&type=section&id=2.%20Basis%20of%20Preparation%20and%20Presentation) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in RMB, and reviewed by BDO Limited - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules[8](index=8&type=chunk) - The Company's functional currency is HKD, but financial information is presented in RMB due to its principal operations being in China[8](index=8&type=chunk) - The financial information is unaudited but has been reviewed by BDO Limited[8](index=8&type=chunk) [Significant Accounting Policies](index=5&type=section&id=3.%20Significant%20Accounting%20Policies) Amendments to HKAS 21 and HKFRS 1, concerning non-exchangeable currencies and exchange rate estimation, were first applied this interim period with no significant impact, while HKFRS 18 is expected to significantly affect financial statement presentation - The first-time application of amendments to Hong Kong Accounting Standard 21 and Hong Kong Financial Reporting Standard 1, concerning the assessment of non-exchangeable currencies, had **no impact on the Group's condensed consolidated interim financial statements**[9](index=9&type=chunk)[10](index=10&type=chunk) - Hong Kong Financial Reporting Standard 18 will replace Hong Kong Accounting Standard 1, and is expected to have a **significant impact on the classification of profit or loss, subtotals, aggregation/disaggregation of information, and disclosure of management performance measures**[11](index=11&type=chunk) [Turnover and Segment Information](index=7&type=section&id=4.%20Turnover%20and%20Segment%20Information) The Group identifies R&D, manufacturing, and sale of fine chemical products as a single operating segment, with total turnover of RMB 932,301 thousand for H1 2025, showing decreased domestic sales but increased sales in UAE, USA, and Brazil - The Group identifies the research, development, manufacturing, and sale of fine chemical products as a **single operating segment**[12](index=12&type=chunk) Classified Turnover from External Customers (By Geographical Region) | Region | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | China (Domestic) | 643,615 | 708,475 | -9.29% | | India | 103,938 | 124,289 | -16.40% | | United Arab Emirates | 41,891 | 24,533 | +70.76% | | United States | 29,300 | 16,375 | +78.93% | | Brazil | 21,459 | 6,112 | +251.10% | | Others | 92,098 | 107,981 | -14.71% | | **Total** | **932,301** | **987,765** | **-5.62%** | - For the period ended June 30, 2025, **no single customer accounted for 10% or more of the Group's revenue**[14](index=14&type=chunk) [Finance Costs](index=7&type=section&id=5.%20Finance%20Costs) Finance costs for H1 2025 significantly increased to RMB 6,395 thousand from RMB 638 thousand in the prior period, driven by interest on bank borrowings, asset-backed financing, and supplier financing arrangements Finance Costs Details (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on bank borrowings repayable within one year and containing a repayment on demand clause | 2,701 | 638 | | Interest on asset-backed financing | 391 | - | | Interest on supplier financing arrangements | 3,202 | - | | Interest on advances from related parties | 101 | - | | **Total** | **6,395** | **638** | [Profit Before Income Tax](index=8&type=section&id=6.%20Profit%20Before%20Income%20Tax) Profit before income tax for H1 2025 was RMB 35,437 thousand, with decreased total employee costs but increased inventory costs and depreciation of property, plant, and equipment, alongside a significant reduction in research costs Profit Before Income Tax Deducted/(Credited) Items (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total employee costs | 83,686 | 97,910 | | Depreciation of right-of-use assets | 1,287 | 1,287 | | Amortisation of intangible assets | 902 | 902 | | Cost of inventories recognised as expense | 815,625 | 843,681 | | Depreciation of property, plant and equipment | 90,487 | 83,700 | | (Gain)/Loss on disposal of property, plant and equipment, net | (1,018) | 43 | | Provision for impairment loss on trade receivables | 1,484 | 110 | | Loss on write-off of property, plant and equipment | 2,353 | 8 | | Research costs | 22,669 | 54,426 | - **Research costs significantly decreased from RMB 54,426 thousand in H1 2024 to RMB 22,669 thousand in H1 2025**[16](index=16&type=chunk) - **Depreciation of property, plant and equipment increased from RMB 83,700 thousand in H1 2024 to RMB 90,487 thousand in H1 2025**[16](index=16&type=chunk) [Income Tax Expense](index=9&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense for H1 2025 significantly increased to RMB 16,206 thousand from RMB 8,146 thousand in the prior period, primarily due to a substantial rise in withholding tax paid on China dividends Income Tax Expense Details (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax—China corporate income tax - Tax for the period | 11,319 | 9,167 | | Current tax—China corporate income tax - Over-provision in prior years | (641) | (1,172) | | Current tax—China corporate income tax - Withholding tax paid on China dividends | 25,706 | 970 | | Deferred tax - Credit for the period | (20,178) | (819) | | **Total Income Tax Expense** | **16,206** | **8,146** | - **Withholding tax paid on China dividends significantly increased from RMB 970 thousand in H1 2024 to RMB 25,706 thousand in H1 2025**[17](index=17&type=chunk) - China subsidiaries are subject to corporate income tax at a rate of **25%**, with China withholding tax rates of **5% or 10%**[18](index=18&type=chunk) [Dividends](index=9&type=section&id=8.%20Dividends) Shareholders approved a final dividend of HKD 0.03 per share for 2024, but the Board does not recommend any interim dividend for H1 2025, compared to HKD 0.02 per share in the prior period - The 2024 final dividend of **HKD 0.03 per share** (2023: HKD 0.10) was approved at the AGM on June 6, 2025, totaling **RMB 24,218,000**[19](index=19&type=chunk) - The Board does not recommend any interim dividend for the six months ended June 30, 2025 (H1 2024: HKD 0.02 per share)[19](index=19&type=chunk) [Earnings Per Share](index=10&type=section&id=9.%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company for H1 2025 both decreased to RMB 0.040, down from RMB 0.049 in the prior period Earnings Per Share Calculation Data (For the six months ended June 30) | Metric | 2025 (RMB '000/thousand shares) | 2024 (RMB '000/thousand shares) | | :--- | :--- | :--- | | Profit attributable to owners of the Company for the period | 35,154 | 42,357 | | Weighted average number of ordinary shares for basic EPS | 877,462 | 869,418 | | Dilutive effect of potential ordinary shares - Share options | 44 | 4,188 | | Weighted average number of ordinary shares for diluted EPS | 877,506 | 873,606 | | **Basic earnings per share** | **RMB 0.040** | **RMB 0.049** | | **Diluted earnings per share** | **RMB 0.040** | **RMB 0.049** | [Trade and Bills Receivables](index=10&type=section&id=10.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased to RMB 461,932 thousand from RMB 377,774 thousand at December 31, 2024, with a notable increase in receivables over 365 days - The Group generally grants credit terms of **one to six months** to its trade customers[21](index=21&type=chunk) Ageing Analysis of Trade and Bills Receivables (By invoice date) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 90 days | 321,193 | 275,588 | | 91 to 180 days | 49,260 | 87,238 | | 181 to 365 days | 78,260 | 14,753 | | Over 365 days | 13,219 | 195 | | **Total** | **461,932** | **377,774** | [Trade Payables](index=11&type=section&id=11.%20Trade%20Payables) As of June 30, 2025, total trade payables slightly increased to RMB 40,755 thousand from RMB 37,901 thousand at December 31, 2024, with credit terms from suppliers ranging from 30 to 270 days - The Group is granted credit terms by its suppliers ranging from **30 to 270 days**[22](index=22&type=chunk) Ageing Analysis of Trade Payables (By invoice date) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | 0 to 90 days | 35,600 | 32,497 | | 91 to 180 days | 851 | 1,798 | | 181 to 365 days | 1,666 | 1,533 | | Over 365 days | 2,638 | 2,073 | | **Total** | **40,755** | **37,901** | Management Discussion and Analysis [Business Review](index=11&type=section&id=Business%20Review) Domestic manufacturing faces downward pressure from macroeconomic headwinds, geopolitical tensions, and US tariffs, but the Group's overseas market expansion and capacity increase for potential products partially offset negative impacts, leading to a slight decline in total turnover - Persistent adverse macroeconomic factors, international geopolitical tensions, and US tariff policies have severely impacted domestic manufacturing, leading to **increased downward pressure on the overall domestic economy and declining product selling prices**[23](index=23&type=chunk) - The Group strategically allocated marketing resources to developing overseas markets, achieving **moderate year-on-year growth in overseas sales** through an expanded international marketing network[23](index=23&type=chunk) - Expanding production capacity for products with market potential successfully opened new application areas in downstream industries and broadened product applications in international markets, helping to **mitigate the adverse effects of declining product selling prices**[23](index=23&type=chunk) - Domestic deflation led to a decrease in average raw material costs, and the Group improved efficiency through automated production and a circular economy system, but these efforts could not fully offset the negative impact of declining product selling prices, resulting in **reduced gross profit and gross profit margin**[24](index=24&type=chunk) [Outlook](index=12&type=section&id=Outlook) Facing US-China trade tensions, domestic economic slowdown, and deflation, the Group is actively expanding its business scope, diversifying risks, enhancing operational flexibility, optimizing product portfolio, and seeking new revenue streams, while strengthening cash flow management and maintaining confidence in long-term prospects - Ongoing US-China trade tensions and US tariff policies pose significant pressure on the domestic economy, with a **continued slowdown and deepening deflation expected to bring severe challenges to domestic manufacturing**[25](index=25&type=chunk) - The Group is actively expanding its business scope and diversifying its business risks, enhancing operational flexibility, continuously optimizing its product portfolio, and actively seeking new revenue sources[25](index=25&type=chunk) - Strengthening cash flow management and improving operational efficiency remain key priorities for the Group, and the Board remains **confident in the Group's long-term prospects**[25](index=25&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Turnover decreased by 5.6% to RMB 932.3 million due to domestic economic downturn and falling product prices; gross profit fell 19.0% to RMB 116.7 million, with margin shrinking to 12.5%; selling expenses rose, administrative expenses decreased, and finance costs significantly increased [Turnover and Gross Profit](index=12&type=section&id=Turnover%20and%20Gross%20Profit) Total turnover decreased by 5.6% to RMB 932.3 million due to domestic economic downturn and falling product prices; gross profit fell 19.0% to RMB 116.7 million, with margin shrinking to 12.5%, despite lower raw material costs and improved efficiency - Total turnover **decreased by 5.6% to approximately RMB 932.3 million** (H1 2024: RMB 987.8 million), primarily due to a significant decline in overall product selling prices caused by the prolonged domestic economic downturn[26](index=26&type=chunk) - Gross profit **decreased by 19.0% to approximately RMB 116.7 million** (H1 2024: RMB 144.1 million), and gross profit margin **contracted by 2.1 percentage points to 12.5%** (H1 2024: 14.6%), mainly because the decline in product selling prices was not fully offset by lower raw material costs and improved operational efficiency[27](index=27&type=chunk) [Operating Expenses](index=13&type=section&id=Operating%20Expenses) Selling expenses increased by 12.1% to RMB 40.7 million due to higher transportation costs from increased domestic sales of hazardous products, while administrative and other operating expenses significantly decreased by 37.3% to RMB 52.2 million, mainly due to lower research and development expenses - Selling expenses **increased by approximately RMB 4.4 million to approximately RMB 40.7 million**, primarily due to higher transportation costs resulting from increased domestic sales of hazardous products[28](index=28&type=chunk) - Administrative and other operating expenses **decreased by approximately RMB 31.1 million or 37.3% to approximately RMB 52.2 million**, mainly due to a reduction in research and development expenses[28](index=28&type=chunk) [Finance Costs](index=13&type=section&id=Finance%20Costs) Finance costs significantly increased by approximately RMB 5.8 million to RMB 6.4 million, primarily due to a strategic increase in bank borrowings, asset-backed financing, supplier financing arrangements, and advances from related parties to optimize short-term liquidity management - Finance costs were approximately **RMB 6.4 million**, an **increase of approximately RMB 5.8 million** compared to the same period last year, primarily from interest on bank borrowings, asset-backed financing, supplier financing arrangements, and advances from related parties[29](index=29&type=chunk) - The Group strategically increased its use of bank borrowings and other methods to **optimize short-term liquidity management**[29](index=29&type=chunk) [Profit for the Period](index=13&type=section&id=Profit%20for%20the%20Period) Profit attributable to owners of the Company for the period under review was approximately RMB 35.2 million, a decrease from RMB 42.4 million in the prior period - Profit attributable to owners of the Company for the period under review was approximately **RMB 35.2 million** (H1 2024: RMB 42.4 million)[30](index=30&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade receivables (net of impairment allowance) increased by 19.1% to RMB 323.8 million, with approximately 28.3% aged over 180 days; bills receivables rose by 30.3% to RMB 138.1 million, all being bank acceptance bills with low default risk - Trade receivables (net of allowance for impairment losses) **increased by 19.1% to approximately RMB 323.8 million** (December 31, 2024: RMB 271.8 million)[31](index=31&type=chunk) - Approximately **28.3% of trade receivables were aged over 180 days**, but the Directors believe no additional bad debt provision is required[31](index=31&type=chunk) - Bills receivables **increased by 30.3% to approximately RMB 138.1 million** (December 31, 2024: RMB 106.0 million), all of which are bank acceptance bills with low default risk[32](index=32&type=chunk) [Short-term Bank Borrowings](index=14&type=section&id=Short-term%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings increased to RMB 354.2 million, primarily utilized to fund the Group's general working capital - Total bank borrowings outstanding **increased to approximately RMB 354.2 million** (December 31, 2024: RMB 220.1 million)[33](index=33&type=chunk) - The bank borrowings were primarily raised to fund the Group's **general working capital** during the period under review[33](index=33&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) Net cash inflow from operating activities for H1 2025 significantly decreased to RMB 50.3 million, and the Group's net cash balance declined to RMB 490.4 million, yet it maintains a sound financial position with cash and cash equivalents exceeding total outstanding borrowings - Net cash inflow from operating activities was approximately **RMB 50.3 million** (H1 2024: RMB 151.8 million), representing a **significant decrease**[34](index=34&type=chunk) - New bank borrowings amounted to approximately **RMB 118.6 million**, and advances from related parties were **RMB 12.0 million**[34](index=34&type=chunk) - Net cash balance was approximately **RMB 490.4 million** (December 31, 2024: RMB 626.9 million), showing a **decrease**[35](index=35&type=chunk) - The Group maintained a **sound financial position** during the period under review, with cash and cash equivalents exceeding total outstanding borrowings, and the debt-to-equity ratio is not applicable[35](index=35&type=chunk) [Pledge of Assets](index=15&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged RMB 1.3 million in bank deposits as security and certain buildings (RMB 50.4 million) and right-of-use assets (RMB 76.6 million) as collateral for bank borrowings - Bank deposits of approximately **RMB 0.3 million were pledged as security for factory water supply**, and **RMB 1.0 million was pledged as security for foreign exchange forward contracts**[38](index=38&type=chunk) - Certain buildings (approximately **RMB 50.4 million**) and right-of-use assets (approximately **RMB 76.6 million**) were pledged as collateral for bank borrowings[38](index=38&type=chunk) [Contingent Liabilities](index=15&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[39](index=39&type=chunk) [Foreign Exchange Fluctuation Risk](index=15&type=section&id=Foreign%20Exchange%20Fluctuation%20Risk) The Group's primary operations are in China, with assets, liabilities, turnover, and transactions mainly denominated in RMB, USD, and HKD; the main foreign exchange risk stems from RMB fluctuations, which caused no significant issues during the period, and cost-effective hedging methods will be considered in the future - The Group's assets, liabilities, turnover, and transactions are primarily denominated in **RMB, USD, and HKD**[40](index=40&type=chunk) - The most significant foreign exchange fluctuation risk arises from **RMB exchange rate changes**, but no major difficulties or impacts were encountered during the period under review[40](index=40&type=chunk) - The Group will consider adopting **cost-effective hedging methods** for foreign currency transactions when appropriate in the future[40](index=40&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend any interim dividend for the six months ended June 30, 2025 (H1 2024: HKD 0.02 per share)[41](index=41&type=chunk) Other Information [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2025, the Group had 1,213 full-time employees, a decrease from 1,358 at year-end 2024, with established remuneration, bonus, and diverse training and development programs to enhance employee skills and industry knowledge - As of June 30, 2025, the Group had **1,213 full-time employees** (December 31, 2024: 1,358 full-time employees)[42](index=42&type=chunk) - The Group has established human resources policies and systems, including **remuneration, bonuses, diverse training, and personal development programs**[42](index=42&type=chunk) - The Group adopted a share option scheme to reward contributors, but **no share options were granted** during the period under review[43](index=43&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=16&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares**[44](index=44&type=chunk) [Corporate Governance Practices](index=16&type=section&id=Corporate%20Governance%20Practices) To the best of the Directors' knowledge, the Company has complied with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules for the six months ended June 30, 2025 - The Company has **complied with the Corporate Governance Code** set out in Appendix C1 Part 2 of the Listing Rules for the six months ended June 30, 2025[45](index=45&type=chunk) [Standard Code for Securities Transactions](index=16&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted a code of conduct no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all Directors and senior management have confirmed compliance - The Company has adopted a code of conduct **no less exacting than the Standard Code** set out in Appendix C3 of the Listing Rules, and each Director has confirmed compliance with the code[46](index=46&type=chunk) - Senior management is also required to comply with the provisions of the Standard Code and the Company's code of conduct regarding Directors' securities transactions[46](index=46&type=chunk) [Nomination Committee](index=16&type=section&id=Nomination%20Committee) The Nomination Committee is chaired by Executive Director Mr. Liu Yang and includes two independent non-executive Directors, with no meetings held during the period under review - The Nomination Committee is chaired by Executive Director Mr. Liu Yang, with members including Independent Non-executive Directors Mr. Leung Kam Wan and Mr. Liu Chenguang[47](index=47&type=chunk) - **No Nomination Committee meetings were held** during the period under review[47](index=47&type=chunk) [Remuneration Committee](index=17&type=section&id=Remuneration%20Committee) The Remuneration Committee is chaired by Independent Non-executive Director Mr. Liu Chenguang and has three other members, with no meetings held during the period under review - The Remuneration Committee is chaired by Independent Non-executive Director Mr. Liu Chenguang, with members including Independent Non-executive Directors Mr. Leung Kam Wan, Ms. Shan Honghong, and Executive Director Mr. Liu Yang[48](index=48&type=chunk) - **No Remuneration Committee meetings were held** during the period under review[48](index=48&type=chunk) [Audit Committee](index=17&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive Directors and chaired by Mr. Leung Kam Wan, has reviewed accounting principles, internal controls, independent auditor's work, and the unaudited condensed financial information without objection - The Audit Committee comprises **three independent non-executive Directors**, with Mr. Leung Kam Wan as Chairman[49](index=49&type=chunk) - The Committee has reviewed the Company's adopted accounting principles and practices, compliance with Listing Rules, internal controls, statutory requirements, and financial reporting[49](index=49&type=chunk) - The Audit Committee has reviewed the unaudited condensed financial information and has **no objections to the accounting treatments adopted by the Company** during the period under review[49](index=49&type=chunk) [Events After the Reporting Period](index=17&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, the Group had no other significant events after June 30, 2025 - As of the announcement date, the Group had **no other significant events after June 30, 2025**[50](index=50&type=chunk)

（股份代號：826） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 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。 Tiangong International Company Limited 天工國際有限公司* （於開曼群島註冊成立的有限公司） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（未 經 審 核） | | | | | | | | | | | | | | | 日 止 六 | 月 | | | | 個 | | | 截 | 至 六 | 月 三 十 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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之內容概不負責，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之任何損失承擔任何責任。 截至2025年6月30日止六個月之中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一 個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳 的考慮後方作出投資決定。 XinXiang Era Group Company Limited 新 享 時 代 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 8519） 本公司董事會（「董事會」）欣然公告本公司及其附屬公司截至2025年6月30日止六個月之未 經審核簡明綜合業績（「中期業績」）。本公告載有本公司2025年中期報告全文，符合GEM 上市規則有關隨附中期業績初步公告的資料的相關披露規定。 本公司2025年中期報告印刷本將於適當時候寄發予本公司股東，並於聯交所網站 www.hkexnew ...

Reach New Holdings Limited 新達控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8471） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告；及 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 會 對 本 公 告 的 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 有 關 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 年 報 之 補 充 公 告 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的 特 色 GEM乃 為 較 於 聯 交 所 上 市 之 其 他 公 司 帶 有 更 高 投 資 風 險 之 中 小 型 公 司 提 供 上 市 之 市 場。有 意 投 資 者 應 了 解 投 資 於 該 等 公 司 之 潛 ...

COOLPAD GROUP LIMITED 酷派集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2369） 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之內容概不 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 會 就 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之任何損失承擔任何責 任。 酷 派 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月（「報告期間」）之 未 經 審 核 簡 明 綜 合 中 期 業 績，連 同 二 零 二 四 年 同 期 之 比 較 數 據 如 下： – 1 – 簡明綜合損益及其他全面收益表 截至二零二五年六月三十日止六個月 | | | | | | | | | 截至六月三十日止六個月 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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因依賴 該等內容而引致的任何損失承擔任何責任。 Rongta Technology (Xiamen) Group Co., Ltd. 容大合眾（廈門）科技集團股份公司 （股份代號：9881） 截至2025年6月30日止六個月之 中期業績公告 容大合眾（廈門）科技集團股份公司（「本公司」）董事（「董事」）會（「董事會」）謹此 宣佈本公司及其附屬公司（「本集團」）截至2025年6月30日止六個月（「報告期」）之 未經審核簡明綜合中期業績，連同2024年同期的比較數字如下： 財務表現摘要 （於中華人民共和國註冊成立的股份有限公司） 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | 未經審核 | 未經審核 | | | 人民幣千元 | 人民幣千元 | | 收益 | 145,617 | 162,491 | | 毛利 | 39,582 | 43,871 | | 除所得稅前（虧損）╱利潤 | (8,805) ...

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 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Macau E&M Holding Limited 濠江機電控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1408） 截 至2025年6月30日止六個月未經審核中期業績公告 中期業績 濠 江 機 電 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 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（「本期間」）之 未 經 審 核綜合中期業績連同2024年 同 期 比 較 數 字 如 下： 簡明綜合損益及其他全面收益表 截 至2025年6月30日止六個月 | | | | | | | | | | 截至下列日期止六個月 | | | | | | --- | --- | --- | --- | - ...

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之內容概不負責，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倚賴該 等內容而引致的任何損失承擔任何責任。 Asymchem Laboratories (Tianjin) Co., Ltd. 凱萊英醫藥集團（天津）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：6821） 截至2025年6月30日止六個月 中期業績公告 凱萊英醫藥集團（天津）股份有限公司（「本公司」、「公司」、「凱萊英」）董事（「董 事」）會（「董事會」）欣然公佈本公司及其附屬公司（統稱「本集團」、「我們」）截至 2025年6月30日止六個月（「報告期」）的未經審計綜合中期業績，連同截至2024年 6月30日止六個月之比較數字。本集團於報告期間的綜合財務報表已由董事會及 審核委員會審閱。 於本公告中，金額及百分比數字已作四捨五入調整，或約整至小數點後一位或兩 位（如適用）。任何表格、圖表或其他地方所列總數與數額總和如有任何差異，皆 因約整所致。除非本公告另有說明，否則本公告所用詞彙與本公司日期為2021年 11月30日的招股 ...