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。 Jinke Smart Services Group Co., Ltd. 金科智慧服務集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9666） 截至2025年6月30日止六個月的 未經審核中期業績公告 業績摘要 1 • 本集團期內總收入約為人民幣2,334.7百萬元，較2024年同期的約人民幣 2,410.2百萬元下降約3.1%。期內來自住宅服務、企業服務及其他服務的收 入分別佔總收入約74.8%、20.6%及4.6%。 • 本集團住宅服務產生的收入約為人民幣1,746.7百萬元，較2024年同期的 約人民幣1,775.2百萬元小幅下降。其中，核心業務基礎物業服務產生的收 入小幅下降至人民幣1,630.9百萬元，較2024年同期的約人民幣1,639.1百 萬元下降約0.5%；在管建築面積小幅下降，由2024年12月31日的207.4百 萬平方米下降約1.9%至2025年6月3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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。 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：00340） 截至二零二五年六月三十日止六個月 中期業績公佈 摘要 潼關黃金集團有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬公司（「本集團」） 截至二零二五年六月三十日止六個月之未經審核綜合業績，連同二零二四年同期之比較 數字如下： — 1 — • 截至二零二五年六月三十日止六個月，本集團的淨利潤及本公司擁有人應佔溢利 分別約為350,000,000港元及343,000,000港元，而二零二四年則分別約為91,000,000 港元及92,000,000港元，增幅分別為285%及273%。 • 二零二五年的每股基本盈利為8.17港仙，而二零二四年則為2.26港仙。 • 截至二零二五年六月三十日止六個月的營業額約為1,029,000,000港元，而二零 二四年則約為850,000,000港元，增幅為21%。 簡明綜合損益 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Perennial Energy Holdings Limited 久泰邦達能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2798） 截 至2025年6月30日止六個月的 中期業績公告 久 泰 邦 達 能 源 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日止六個月的未經審核綜 合 業 績。 財務摘要 • 收益約為人民幣591.5百 萬 元（截 至2024年6月30日 止 六 個 月：約 人 民 幣 868.2百 萬 元），按 年 同 比（「同 比」）減 少 約31.9%。 • 毛利約為人民幣167.8百 萬 元（截 至2024年6月30日 止 六 個 月：約 人 民 幣 481.0百 萬 元），同 比 減 少 ...

[Financial Highlights](index=1&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) [Interim Results Announcement for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) Strongtech Environmental Holdings Limited announced unaudited interim results for the six months ended June 30, 2025, showing significant growth in revenue and gross profit, a turnaround to net profit, but no interim dividend declared | Indicator | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 80,800 | 45,700 | 76.8% | | Gross Profit | 38,800 | 20,700 | 87.9% | | Net Profit | 12,500 | (10,100) | Turnaround to Profit | - The Board resolved not to declare any dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E8%A1%A8) The Group's condensed consolidated statement of profit or loss for the six months ended June 30, 2025, shows substantial revenue growth, significant gross profit increase, a turnaround to profit for the period, and basic earnings per share shifting from loss to profit | Indicator | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Operating Revenue | 80,802 | 45,694 | | Cost of Sales | (41,996) | (25,038) | | Gross Profit | 38,806 | 20,656 | | Administrative Expenses | (17,691) | (19,765) | | Finance Costs | (5,801) | (6,425) | | Profit/(Loss) Before Tax | 15,137 | (4,511) | | Income Tax Expense | (2,664) | (5,613) | | Profit/(Loss) for the Period | 12,473 | (10,124) | | Profit/(Loss) for the Period Attributable to Owners of the Company | 11,942 | (8,931) | | Basic Earnings/(Loss) Per Share (HK cents) | 1.08 | (0.81) | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, shows that profit for the period, combined with other comprehensive income (mainly from exchange differences on overseas operations), resulted in a total comprehensive income turning from a loss to a profit | Indicator | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 12,473 | (10,124) | | Fair Value Gain on Equity Instrument Investments | — | 813 | | Exchange Differences Arising from Translation of Overseas Operations | 8,632 | (19,240) | | Total Other Comprehensive Income/(Expense) for the Period | 9,445 | (19,240) | | Total Comprehensive Income/(Expense) for the Period | 21,918 | (29,364) | | Total Comprehensive Income/(Expense) for the Period Attributable to Owners of the Company | 21,295 | (28,296) | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, the Group's statement of financial position shows increases in non-current assets and current cash and cash equivalents, a rise in current liabilities, but also growth in total equity, reflecting a solid asset base and capital structure | Indicator | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Non-Current Assets | 404,973 | 389,322 | | Current Assets | 142,665 | 127,392 | | Current Liabilities | 130,680 | 110,942 | | Net Current Assets | 11,985 | 16,450 | | Total Equity | 274,723 | 252,805 | | Non-Current Liabilities | 142,235 | 152,967 | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) [1. General Information](index=6&type=section&id=1.%20General%20Information) This section outlines Strongtech Environmental Holdings Limited's registration, listing, principal places of business, and core operations of its main subsidiaries, including wastewater treatment, biomass power generation, wood pellet sales, and IT services - The Company is an investment holding company, and its principal subsidiaries' businesses include the construction and operation of wastewater treatment facilities, construction and operation of biomass power plants, sales of wood pellets, and provision of information technology services[9](index=9&type=chunk) - The Company's shares are listed on The Stock Exchange of Hong Kong Limited, incorporated in the Cayman Islands, with its functional currency being HKD[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the disclosure requirements of the HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) [3. Accounting Policies](index=6&type=section&id=3.%20Accounting%20Policies) The Group's condensed consolidated financial statements are primarily prepared on a historical cost basis, with accounting policies consistent with the previous year, and the application of HKFRS amendments in the current period has no significant impact on financial position and performance - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[12](index=12&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards in this interim period has no significant impact on the Group's financial position and performance for the current and prior periods[13](index=13&type=chunk) [4. Operating Revenue](index=7&type=section&id=4.%20Operating%20Revenue) The Group's total operating revenue significantly increased by **76.8% to HKD 80.8 million**, primarily driven by strong growth in operational and construction services under service concession arrangements, and IT services, with a notable increase in contributions from Indonesia Operating Revenue by Type of Goods and Services | Type of Goods and Services | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Operational Services under Service Concession Arrangements | 40,096 | 17,757 | | Construction Services under Service Concession Arrangements | 17,794 | 9,416 | | Sales of Wood Pellets | 5,427 | 5,458 | | Information Technology Services | 8,389 | 3,932 | | Operating Revenue from Customer Contracts | 71,706 | 36,563 | | Imputed Interest Income from Receivables under Service Concession Arrangements | 9,096 | 9,131 | | **Total Operating Revenue** | **80,802** | **45,694** | Operating Revenue by Geographical Location | Geographical Location | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | China | 39,031 | 21,465 | | Indonesia | 41,771 | 24,229 | | **Total Operating Revenue** | **80,802** | **45,694** | [5. Segment Information](index=8&type=section&id=5.%20Segment%20Information) The Group's segment analysis by geographical location shows China and Indonesia as primary revenue sources, with the Indonesian segment achieving significant profit in the first half of 2025, while the Hong Kong segment continued to record a loss - The Group's operating segments include the construction and operation of wastewater treatment facilities, construction and operation of biomass power plants, sales of wood pellets, and provision of information technology services, with principal operating regions being Hong Kong, China, and Indonesia[17](index=17&type=chunk) Segment Revenue and Profit (Loss) | Geographical Location | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | **Segment Revenue** | | | | Hong Kong | — | — | | China | 39,031 | 21,465 | | Indonesia | 41,771 | 24,229 | | **Total** | **80,802** | **45,694** | | **Segment (Loss)/Profit** | | | | Hong Kong | (8,858) | (11,540) | | China | 13,688 | 11,403 | | Indonesia | 10,307 | (4,374) | | **Profit/(Loss) Before Tax** | **15,137** | **(4,511)** | [6. Other Income and Net Other Gains and Losses](index=9&type=section&id=6.%20Other%20Income%20and%20Net%20Other%20Gains%20and%20Losses) The Group's other income and net other gains and losses remained stable during the period, primarily comprising bank interest income and fair value gains on financial assets measured at fair value through profit or loss, but impacted by net exchange losses | Item | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Bank Interest Income | 312 | 306 | | Net Exchange (Loss)/Gain | (560) | 147 | | Fair Value Gain on Financial Assets Measured at Fair Value Through Profit or Loss | 513 | — | | **Total** | **977** | **1,023** | [7. Finance Costs](index=10&type=section&id=7.%20Finance%20Costs) The Group's finance costs decreased during the period, mainly due to reduced interest on borrowings and loans from related parties | Item | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Interest on Borrowings | 2,666 | 2,549 | | Interest on Loans from Related Parties | 3,123 | 3,437 | | Interest on Lease Liabilities | 12 | 11 | | **Total** | **5,801** | **6,425** | [8. Profit/(Loss) Before Tax](index=10&type=section&id=8.%20Profit%2F(Loss)%20Before%20Tax) This section lists the main expenses deducted/included in the calculation of profit/loss before tax, including staff costs, depreciation, and costs for construction and operational services | Item | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Staff Costs | 7,295 | 8,599 | | Depreciation of Property, Plant and Equipment | 2,731 | 2,673 | | Construction Service Costs | 15,545 | 8,313 | | Operational Service Costs | 20,055 | 7,163 | | Cost of Inventories Recognized as Expense | 5,979 | 6,446 | [9. Income Tax Expense](index=11&type=section&id=9.%20Income%20Tax%20Expense) The Group's income tax expense significantly decreased during the period, primarily due to a reduction in China corporate income tax and deferred tax, with some Chinese subsidiaries enjoying preferential tax rates | Item | Six Months Ended June 30, 2025 (Thousand HKD) | Six Months Ended June 30, 2024 (Thousand HKD) | | :--- | :--- | :--- | | China Corporate Income Tax | 2,915 | 3,802 | | Under-provision in Prior Years: China Corporate Income Tax | 101 | 809 | | Deferred Tax | (352) | 1,002 | | **Total** | **2,664** | **5,613** | - A Chinese subsidiary enjoys a **preferential tax rate of 15%** under relevant tax rules and regulations, valid until December 31, 2027[22](index=22&type=chunk) - The Group did not generate assessable profits in the Cayman Islands, British Virgin Islands, Hong Kong, and Indonesia, thus no income tax provision was made[21](index=21&type=chunk)[22](index=22&type=chunk) [10. Dividends](index=11&type=section&id=10.%20Dividends) The Company's Board of Directors has decided not to pay any dividends for this interim period - No dividends were paid, declared, or proposed during the interim period[23](index=23&type=chunk) [11. Earnings/(Loss) Per Share](index=12&type=section&id=11.%20Earnings%2F(Loss)%20Per%20Share) Basic earnings per share attributable to owners of the Company turned from a loss to a profit compared to the previous year, and diluted earnings per share are the same as basic earnings per share due to the absence of potential ordinary shares | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit/(Loss) for Basic Earnings Per Share (Thousand HKD) | 11,942 | (8,931) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,107,300 | 1,107,300 | | Basic Earnings/(Loss) Per Share (HK cents) | 1.08 | (0.81) | - As there are no outstanding potential ordinary shares, diluted earnings/(loss) per share are the same as basic earnings/(loss) per share[24](index=24&type=chunk) [12. Receivables under Service Concession Arrangements](index=12&type=section&id=12.%20Receivables%20under%20Service%20Concession%20Arrangements) The Group's total receivables under service concession arrangements increased, with most being unbilled amounts, reflecting the nature of long-term contract assets | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Receivables under Service Concession Arrangements | 373,976 | 364,193 | | Less: Portion Classified as Current Assets | (27,519) | (36,738) | | Portion Classified as Non-Current Assets | 346,457 | 327,455 | Ageing Analysis of Receivables under Service Concession Arrangements | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Invoiced within 3 Months | 10,634 | 19,700 | | Unbilled | 363,342 | 344,493 | [13. Trade Receivables](index=13&type=section&id=13.%20Trade%20Receivables) The Group's trade receivables remained stable and are all within the 0 to 60-day credit period, indicating effective collection management | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Trade Receivables | 2,500 | 2,324 | | Less: Provision for Credit Losses | (47) | (47) | | **Total** | **2,453** | **2,277** | - The Group's policy is to grant credit terms of **30 to 60 days**, and all trade receivables are within **0 to 60 days**[26](index=26&type=chunk) [14. Trade Payables](index=13&type=section&id=14.%20Trade%20Payables) The Group's trade payables increased, primarily concentrated within 0 to 60 days, but with some amounts exceeding 90 days | Ageing | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | 0 to 60 Days | 5,509 | 3,382 | | 61 to 90 Days | 4 | — | | Over 90 Days | 885 | 140 | | **Total** | **6,398** | **3,522** | [15. Amounts Due to Related Parties](index=14&type=section&id=15.%20Amounts%20Due%20to%20Related%20Parties) The Group's total amounts due to related parties increased, mainly non-trade in nature, with most classified as non-current liabilities | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | A Related Company | 36,409 | 34,810 | | A Close Family Member of a Shareholder | 22,790 | 21,235 | | A Close Family Member of a Director | 29,019 | 19,500 | | A Shareholder | 21,850 | 26,350 | | **Total** | **110,068** | **101,895** | | Less: Amounts Due within One Year and Classified as Current Liabilities | (30,329) | (7,261) | | Amounts Classified as Non-Current Liabilities | 79,739 | 94,634 | [16. Borrowings](index=14&type=section&id=16.%20Borrowings) The Group's total borrowings slightly increased, consisting mainly of bank and other borrowings, with most classified as current liabilities due within one year | Item | June 30, 2025 (Thousand HKD) | December 31, 2024 (Thousand HKD) | | :--- | :--- | :--- | | Bank Borrowings | 73,708 | 75,392 | | Other Borrowings | 28,472 | 24,825 | | **Total** | **102,180** | **100,217** | | Less: Amounts Due within One Year and Classified as Current Liabilities | (82,708) | (84,392) | | Amounts Classified as Non-Current Liabilities | 19,472 | 15,825 | - During the interim period, **HKD 2 million** in bank borrowings were repaid, and **HKD 3.557 million** in new other borrowings were obtained[28](index=28&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Business Review](index=15&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group's business portfolio includes wastewater treatment, biomass power generation, data center operations, and wood pellet sales across China and Indonesia. During the period, Rugao wastewater treatment operated stably, with expansion slightly delayed; the Indonesian Bangka biomass power business fully operated and contributed significantly; data center management remained stable; and the wood pellet segment, while strategically important, saw slow progress in a proposed sale. Overall, operating revenue grew by **76.8%**, and net profit turned from loss to profit - The Rugao wastewater treatment facility maintained stable operations, with its expansion project (daily treatment capacity increasing from **40,000 tons to 50,000 tons**) slightly delayed due to environmental adjustments, now expected to be completed in the **second half of 2025**[29](index=29&type=chunk) - The Indonesian Bangka Island biomass power supply business commenced full operations in **late July 2024**, significantly contributing to the Group's operating revenue and profit under a **25-year fixed-price power purchase agreement**[30](index=30&type=chunk) - The Group's data center management business continued stable operations, providing information technology management services and making a positive contribution to overall financial performance[32](index=32&type=chunk) - The Group's wood pellet segment remains strategically important, but the proposed sale of **80% of the RPSL business** has been slow due to extended government approval processes, now expected to be completed in **2025**[32](index=32&type=chunk) | Indicator | Six Months Ended June 30, 2025 (Million HKD) | Six Months Ended June 30, 2024 (Million HKD) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 80.8 | 45.7 | 76.8% | | Net Profit | 12.5 | (10.1) | Turnaround to Profit | [Future Outlook](index=16&type=section&id=%E6%9C%AA%E6%9D%A5%E5%B1%95%E6%9C%9B) The Group expects to benefit from China's "14th Five-Year Plan" promoting industrial clusters and environmental governance, as well as Indonesia's continued support for biomass power through renewable energy policies. The Group is poised to capitalize on domestic and international policy opportunities for sustainable growth - Chinese development zones continue to advance the "14th Five-Year Plan," focusing on industrial cluster development, innovation capability enhancement, and environmental governance, creating a favorable environment for infrastructure operators like Rugao[34](index=34&type=chunk) - Recent policy developments in Indonesia regarding standardized renewable energy power purchase agreements and the **2060 Net Zero Emissions Energy Transition Roadmap** strengthen the position of biomass power in the national energy mix[34](index=34&type=chunk) - The Group is well-prepared to fully seize opportunities arising from domestic and international policy support, with all business segments performing excellently, laying a solid foundation for sustainable growth[35](index=35&type=chunk) [Financial Review](index=17&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group's financial performance significantly improved, with substantial growth in operating revenue and gross profit, reduced administrative and finance costs, ultimately achieving profit before tax and profit for the period attributable to owners of the Company, successfully reversing the loss from the same period last year [Operating Revenue](index=17&type=section&id=%E8%90%A5%E4%B8%9A%E6%94%B6%E5%85%A5) Total operating revenue for the period significantly increased by **76.8%**, primarily driven by operational revenue from the Bangka Island biomass power plant in Indonesia and construction revenue from the Rugao expansion project - Total operating revenue increased by **HKD 35.1 million or 76.8%** from **HKD 45.7 million** in the same period last year to **HKD 80.8 million** in the current period[36](index=36&type=chunk) - The increase was primarily due to higher operating revenue generated by the Bangka Island biomass power plant and increased construction revenue from the expansion and upgrade of wastewater treatment facilities for the Rugao expansion project[36](index=36&type=chunk) [Cost of Sales](index=17&type=section&id=%E9%94%80%E5%94%AE%E6%88%90%E6%9C%AC) Total cost of sales increased by **67.7%** year-on-year, mainly due to increased direct costs from the operation of the Bangka Island biomass power plant and construction costs from the Rugao expansion project - Total cost of sales increased by **HKD 17.0 million or 67.7%** from **HKD 25.0 million** in the same period last year to **HKD 42.0 million** in the current period[37](index=37&type=chunk) - Primarily due to increased direct costs from the operation of the Bangka Island biomass power plant and increased construction costs from the Rugao expansion project[37](index=37&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit significantly increased by **87.9%**, and gross margin improved from **45.2% to 48.0%**, reflecting enhanced profitability from business expansion and efficiency improvements - Gross profit increased by **HKD 18.2 million or 87.9%** from **HKD 20.7 million** in the same period last year to **HKD 38.8 million** in the current period[38](index=38&type=chunk) - Gross margin increased from **45.2%** in the same period last year to **48.0%** in the current period[38](index=38&type=chunk) [Other Income and Net Other Gains and Losses](index=17&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E4%BB%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%BA%8F%E6%8D%9F%E5%87%80%E9%A2%9D) Other income and net other gains for the period remained stable at **HKD 1.0 million** - Other income and net other gains remained stable at **HKD 1.0 million** in both the current period and the same period last year[39](index=39&type=chunk) [Administrative Expenses](index=17&type=section&id=%E8%A1%8C%E6%94%BF%E5%BC%80%E6%94%AF) Administrative expenses decreased by **10.5%** year-on-year, primarily due to lower utility costs and staff costs - Administrative expenses decreased by **HKD 2.1 million or 10.5%** from **HKD 19.8 million** in the same period last year to **HKD 17.7 million** in the current period[40](index=40&type=chunk) - Primarily due to reduced utility costs and staff costs in the current period[40](index=40&type=chunk) [Finance Costs](index=17&type=section&id=%E8%9E%8D%E8%B5%84%E6%88%90%E6%9C%AC) Finance costs decreased by **9.7%** year-on-year, mainly due to a lower weighted average interest rate on Bangka Island project loans and reduced amounts due to related parties - Finance costs decreased by **HKD 0.6 million or 9.7%** from **HKD 6.4 million** in the same period last year to **HKD 5.8 million** in the current period[41](index=41&type=chunk) - Primarily due to a decrease in the weighted average interest rate on loans borrowed for the Bangka Island project financing and reduced amounts due to related parties[41](index=41&type=chunk) [Profit Before Tax](index=17&type=section&id=%E9%99%A4%E7%A8%8E%E5%89%8D%E6%BA%A2%E5%88%A9) The Group successfully reversed its profit before tax from a loss in the same period last year to a **HKD 15.1 million** profit in the current period - The Group recorded a **profit before tax of HKD 15.1 million** in the current period, compared to a **loss before tax of HKD 4.5 million** in the same period last year[42](index=42&type=chunk) [Income Tax Expense](index=18&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%E5%BC%80%E6%94%AF) Income tax expense decreased by **52.5%** year-on-year, mainly due to a lower corporate income tax rate in Rugao and reduced deferred income tax for Indonesian subsidiaries - Income tax expense decreased by **HKD 2.9 million or 52.5%** from **HKD 5.6 million** in the same period last year to **HKD 2.7 million** in the current period[43](index=43&type=chunk) - Primarily due to a decrease in the corporate income tax rate charged to Rugao and reduced deferred income tax charged to Indonesian subsidiaries[43](index=43&type=chunk) [Profit for the Period Attributable to Owners of the Company](index=18&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%8B%A5%E6%9C%89%E4%BA%BA%E5%BA%94%E4%BD%97%E6%9C%9F%E5%86%85%E6%BA%A2%E5%88%A9) Profit for the period attributable to owners of the Company turned from a loss in the same period last year to a **HKD 11.9 million** profit, reflecting a significant improvement in overall financial performance - Profit for the period attributable to owners of the Company was **HKD 11.9 million** in the current period, compared to a **loss of HKD 8.9 million** attributable to owners of the Company in the same period last year[44](index=44&type=chunk) [Liquidity, Financial and Capital Resources](index=18&type=section&id=%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E3%80%81%E8%B4%A2%E5%8A%A1%E5%8F%8A%E8%B5%84%E6%9C%AC%E8%B5%84%E6%BA%90) The Group maintains a healthy liquidity position with significantly increased bank balances and cash, and a reduced gearing ratio. Key capital needs focus on project investments and facility construction, managed through prudent treasury policies - Principal liquidity and capital requirements involve project investments, construction and upgrade of wastewater treatment facilities, equipment purchases, and operating and maintenance costs[45](index=45&type=chunk) - As of June 30, 2025, the Group's bank balances and cash amounted to **HKD 52.0 million**, an increase of **48.3%** compared to December 31, 2024[45](index=45&type=chunk) [Bank and Other Borrowings](index=18&type=section&id=%E9%93%B6%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%80%9F%E6%AC%BE) The Group's total utilized bank borrowings amounted to **HKD 73.7 million**, mostly repayable on demand or within one year, with additional borrowings from independent third parties and related parties at fair interest rates - As of June 30, 2025, total utilized bank borrowings amounted to **HKD 73.7 million**, of which **HKD 46.8 million** is repayable on demand and **HKD 26.9 million** is repayable within one year[46](index=46&type=chunk) - Outstanding bank borrowings are primarily denominated in **HKD and RMB** and bear interest at floating annual rates[46](index=46&type=chunk)[47](index=47&type=chunk) - Outstanding borrowings from independent third parties amounted to **HKD 28.5 million**, bearing interest at annual rates of **7.8% to 8%**[48](index=48&type=chunk) - Outstanding amounts due to related parties amounted to **HKD 110.1 million**, bearing interest at a fixed annual rate of **6%**[48](index=48&type=chunk) [Gearing Ratio](index=19&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E6%AF%94%E7%8E%87) The Group's gearing ratio decreased from **80.0%** as of December 31, 2024, to **77.3%** as of June 30, 2025, primarily due to increased retained earnings from net profit, strengthening equity - The gearing ratio decreased from **80.0%** as of December 31, 2024, to **77.3%** as of June 30, 2025[50](index=50&type=chunk) - The decrease was primarily due to the increase in the Group's retained earnings from higher net profit, strengthening the Group's equity[50](index=50&type=chunk) [Pledge of Assets](index=19&type=section&id=%E8%B5%84%E4%BA%A7%E6%8A%B5%E6%8A%BC) As of June 30, 2025, cash deposits of **HKD 32.2 million** were pledged as collateral for the Group's interest-bearing bank borrowings - As of June 30, 2025, cash deposits of **HKD 32.2 million** were pledged as collateral for the Group's interest-bearing bank borrowings[51](index=51&type=chunk) [Treasury Policy](index=19&type=section&id=%E5%BA%93%E5%8A%A1%E6%94%BF%E7%AD%96) The Group adopts a prudent financial management approach to its treasury policy, maintaining a healthy liquidity position throughout the period, with close monitoring by the Board to meet funding needs - The Group has adopted a prudent financial management approach to its treasury policy, maintaining a healthy liquidity position throughout the period[52](index=52&type=chunk) - The Board closely monitors the Group's liquidity position to ensure that the liquidity structure of its assets, liabilities, and other commitments can meet its funding requirements as they arise[52](index=52&type=chunk) [Capital Expenditure](index=19&type=section&id=%E8%B5%84%E6%9C%AC%E5%BC%80%E6%94%AF) Capital expenditure for the period amounted to **HKD 20.3 million**, primarily for the Rugao expansion project, Bangka Island project, and Indonesian biofuel pellet business, funded by the Group's financing activities - Capital expenditure for the period was **HKD 20.3 million** (same period last year: **HKD 8.7 million**), mainly comprising expenditures for the Rugao expansion project, Bangka Island project, and Indonesian biofuel pellet business[53](index=53&type=chunk) - Capital expenditure was funded by the Group's financing activities[53](index=53&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9) The Group faces limited foreign currency risk as most transactions of its Chinese and Indonesian subsidiaries are in their functional currencies, but HKD exchange rate fluctuations against RMB and IDR still impact consolidated financial position and are reflected in the exchange fluctuation reserve - Most transactions of the Group's Chinese and Indonesian member companies are conducted in their respective functional currencies, thus exposing the Group to only limited foreign currency risk[54](index=54&type=chunk) - Any appreciation or depreciation of the HKD against the RMB and IDR will impact the Group's consolidated financial position and be reflected in the exchange fluctuation reserve[54](index=54&type=chunk) - The Group does not have a foreign currency hedging policy and mitigates foreign exchange risk by converting cash and cash equivalents of overseas operating subsidiaries into HKD[54](index=54&type=chunk) [Contingent Liabilities](index=20&type=section&id=%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) As of June 30, 2025, the Group had no significant contingent liabilities, except for those disclosed in the "Arbitration" section - As of June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: nil), except for those disclosed in the "Arbitration" section[55](index=55&type=chunk) [Arbitration](index=20&type=section&id=%E4%BB%B2%E8%A3%81) The Group is involved in an arbitration initiated by Hengfa Water Development Co., Ltd. with the Shenzhen International Arbitration Court concerning a dispute over the sale of a **70% equity stake** in Haian Hengfa Wastewater Treatment Co., Ltd., with the award date delayed until before August 28, 2025 - Hengfa Water Development Co., Ltd. applied to the Shenzhen International Arbitration Court for arbitration against CGN Environmental Protection Industry Co., Ltd. regarding a dispute arising from the sale and purchase agreement for a **70% equity stake** in Haian Hengfa Wastewater Treatment Co., Ltd[56](index=56&type=chunk) - Hengfa demanded payment of the third installment of the consideration under the sale and purchase agreement, **RMB 13,633,200**, plus total compensation for breach of contract, exchange losses, and legal fees of approximately **RMB 2.2 million**, and all arbitration costs[56](index=56&type=chunk) - The arbitration is ongoing, and the award date has been delayed until before **August 28, 2025**[57](index=57&type=chunk) [Other Information](index=21&type=section&id=%E5%85%B6%E4%BB%96%E8%B5%84%E6%96%99) [Employees and Remuneration Policy](index=21&type=section&id=%E5%83%B1%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had **293 employees**, with staff costs of approximately **HKD 7.3 million**. Remuneration policy is based on experience, responsibility, and market conditions, linked to Group profit performance and individual performance. The company's previous share option scheme expired on September 4, 2024, with no outstanding share options - As of June 30, 2025, the Group had **293 employees** (December 31, 2024: **302 employees**)[58](index=58&type=chunk) - Staff costs (including directors' emoluments) for the period were approximately **HKD 7.3 million** (same period last year: **HKD 8.6 million**)[58](index=58&type=chunk) - Remuneration policy is determined based on experience, responsibilities, and general market conditions, with discretionary bonuses and other incentives linked to the Group's profit performance and individual performance[58](index=58&type=chunk) - The Company's previous share option scheme expired on **September 4, 2024**, and no share options remain outstanding[58](index=58&type=chunk) [Material Investments, Major Acquisitions and Disposals](index=21&type=section&id=%E9%87%8D%E8%A6%81%E6%8A%95%E8%B5%84%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B4%AD%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A1%B9) Except as disclosed in this announcement, the Group had no other material investments, major acquisitions, or disposals of assets, subsidiaries, associates, or joint ventures during the period - Except as disclosed in this announcement, the Group had no other material investments, major acquisitions, or disposals of assets, subsidiaries, associates, or joint ventures during the period[59](index=59&type=chunk) [Future Plans for Material Investments or Capital Assets](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84%E6%88%96%E8%B5%84%E6%9C%AC%E8%B5%84%E4%BA%A7%E7%9A%84%E6%9C%AA%E6%9D%A5%E8%AE%A1%E5%88%92) Except as disclosed in this announcement, as of the date of this announcement, the Group has no plans for other material investments or additions to capital assets - Except as disclosed in this announcement, as of the date of this announcement, the Group has no plans for other material investments or additions to capital assets[60](index=60&type=chunk) [Events After Reporting Period](index=21&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E9%A1%B9) The Group had no significant events after the end of the reporting period and up to the date of this announcement - The Group had no significant events after the end of the reporting period and up to the date of this announcement[61](index=61&type=chunk) [Interim Dividend](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the current period - At the Board meeting held on August 25, 2025, the Board resolved not to declare any interim dividend for the current period (same period last year: nil)[62](index=62&type=chunk) [Corporate Governance](index=21&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The Company is committed to maintaining high standards of corporate governance and has applied and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the period and up to the date of this announcement - The Company has applied and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the period and up to the date of this announcement[63](index=63&type=chunk) [Directors' Securities Transactions](index=22&type=section&id=%E8%91%A3%E4%BA%8B%E8%BF%9B%E8%A1%8C%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93) 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, and all Directors confirmed compliance with it during the period - 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, and following enquiry, all Directors confirmed compliance with the said code during the period[64](index=64&type=chunk) [Purchase, Sale or Redemption of Shares](index=22&type=section&id=%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E8%82%A1%E4%BB%BD) During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) - As of June 30, 2025, the Company held no treasury shares[66](index=66&type=chunk) [Review by Audit Committee](index=22&type=section&id=%E7%94%B1%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A%E5%AE%A1%E9%98%85) The Company's Audit Committee has reviewed the accounting principles and practices adopted by the Group, as well as the unaudited interim results and this interim report for the period - The Audit Committee, comprising three independent non-executive directors, has reviewed with the Company's management the accounting principles and practices adopted by the Group, as well as the unaudited interim results and this interim report for the period[67](index=67&type=chunk) [Publication of Interim Report](index=22&type=section&id=%E5%88%8A%E5%8F%91%E4%B8%AD%E6%9C%9F%E6%8A%A5%E5%91%8A) The Company's 2025 interim report will be published on the HKEX and Company websites in due course, and distributed to shareholders - The Company's 2025 interim report will be published on the HKEX website (http://www.hkexnews.hk) and the Company's website (http://www.ellhk.com) in due course, and will be dispatched and sent to shareholders[68](index=68&type=chunk) [Acknowledgements](index=22&type=section&id=%E8%87%B4%E8%B0%A2) The Chairman of the Board extends sincere gratitude to all shareholders, directors, and staff for their continuous support and efforts - The Chairman of the Board extends sincere gratitude to all shareholders and stakeholders for their continuous support[69](index=69&type=chunk) - Appreciation is extended to all directors and staff for their dedicated and tireless efforts for the Group during the period[69](index=69&type=chunk) [By Order of the Board](index=22&type=section&id=%E6%89%BF%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%91%BD) This announcement is issued by the Board of Directors, represented by Chairman Zhou Andayuan, and lists the composition of the Board as of the announcement date - The Board comprises executive directors Zhou Andayuan (Chairman), Chen Kun (Chief Executive Officer), Chen Bailin, and Zhou Zhiren; non-executive director Su Jianren; and independent non-executive directors Wu Songen, Wu Wengong, and Liang Baoyi[71](index=71&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANGELALIGN TECHNOLOGY INC. 時代天使科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6699） 截至2025年6月30日止六個月期間的中期業績公告 時代天使科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）欣然公佈本集團截至2025年6月30日止六個月期間（「報告期 間」）的未經審核綜合中期業績，連同截至2024年6月30日止六個月期間的比較數 字，有關業績已經由董事會審核委員會（「審核委員會」）審閱。 於本公告中，「我們」、「我們的」及「時代天使」指本公司及（除非文義另有規定） 本集團。除文義另有所指外，本公告所用詞彙與日期為2021年6月3日的本公司招 股章程（「招股章程」）所界定者具有相同涵義。 業績概要 1 • 我們截至2025年6月30日止六個月期間的收入為161.4百萬美元，較截至 2024年6月30日止六個月期間 ...

[Unaudited Interim Results Announcement](index=1&type=section&id=Unaudited%20Interim%20Results%20Announcement) This report presents the unaudited interim financial results of the Group for the six months ended June 30, 2025, including financial statements, notes, and management's discussion and analysis [Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the six months ended June 30, 2025, comparing key financial performance and changes in revenue, profit, assets, and liabilities with prior periods [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's revenue, gross profit, other income, net gains/losses, profit before and after tax, and earnings per share for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30): | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 146,197 | 154,735 | | Gross profit | 41,897 | 42,503 | | Other income | 2,978 | 2,965 | | Net other gains and losses | (10,724) | 2,784 | | Profit before income tax | 5,973 | 17,574 | | Income tax credit | 2,042 | 7,667 | | Profit for the period | 8,015 | 25,241 | | Profit for the period attributable to owners of the Company | 7,400 | 25,429 | | Basic earnings per share | 0.55 HK Cents | 1.90 HK Cents | | Diluted earnings per share | 0.55 HK Cents | 1.90 HK Cents | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's assets, liabilities, and equity as of June 30, 2025, compared to December 31, 2024, highlighting changes in financial position Condensed Consolidated Statement of Financial Position (As of June 30, 2025 vs December 31, 2024): | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 143,038 | 137,465 | | Current assets | 657,818 | 647,538 | | Current liabilities | 157,240 | 143,133 | | Net current assets | 500,578 | 504,405 | | Non-current liabilities | 19,967 | 22,352 | | Total equity | 623,649 | 619,518 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides essential supplementary information for understanding the financial statements, detailing the Group's business overview, basis of preparation, revenue, segment information, profit composition, taxation, dividends, earnings per share, receivables, payables, share capital changes, subsidiary disposals, and post-reporting period events [General Information](index=5&type=section&id=General%20Information) This section outlines the company's incorporation, listing status, and primary business segments, including jewellery, property, and photovoltaic power generation and energy storage - The Company was incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange on January 4, 2016, with principal businesses including: (a) jewellery (design, manufacture, and sale of high-end jewellery, metal refining and purification); (b) property (development, sale, leasing, and management of Foshan Integrated Industrial Centre project); and (c) photovoltaic power generation and energy storage (sales of photovoltaic power systems electricity and energy storage services)[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) This section details the accounting standards and principles used for preparing the condensed consolidated financial statements, including the application of new or revised HKFRSs - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants, using the historical cost basis, except for financial assets at fair value through profit or loss and equity instruments at fair value through other comprehensive income[9](index=9&type=chunk)[10](index=10&type=chunk) - The new or revised Hong Kong Financial Reporting Standards accounting standards first applied in this interim period, such as the amendments to HKAS 21 "Lack of Exchangeability", did not have a significant impact on the Group's financial position and performance[10](index=10&type=chunk)[11](index=11&type=chunk) [Revenue and Segment Information](index=7&type=section&id=Revenue%20and%20Segment%20Information) This section provides a detailed breakdown of the Group's revenue, segment results, assets, and liabilities across its jewellery, property, and photovoltaic power generation and energy storage businesses Revenue by Business Segment (For the six months ended June 30): | Business Segment | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Sales of jewellery products | 112,998 | 124,627 | | Sales of properties | 3,804 | 13,686 | | Sales of electricity | 5,400 | 1,743 | | Revenue from metal refining and purification processing services for jewellery | 14,844 | 3,648 | | Revenue from energy storage business services | 457 | — | | Property management fee income | 2,923 | 4,971 | | Rental income | 5,771 | 6,060 | | **Total Revenue** | **146,197** | **154,735** | Segment Revenue and Results (For the six months ended June 30): | Segment | 2025 Revenue (HK$ Thousand) | 2025 Results (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | 2024 Results (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 127,842 | 18,060 | 128,275 | 16,937 | | Property Business | 12,498 | 4,441 | 24,717 | 3,722 | | Photovoltaic Power Generation and Energy Storage Business | 5,857 | 2,737 | 1,743 | 794 | | **Consolidated** | **146,197** | **25,238** | **154,735** | **21,453** | Segment Assets and Liabilities (As of June 30, 2025 vs December 31, 2024): | Segment | 2025 Assets (HK$ Thousand) | 2025 Liabilities (HK$ Thousand) | 2024 Assets (HK$ Thousand) | 2024 Liabilities (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 334,214 | 43,087 | 339,730 | 40,483 | | Property Business | 382,598 | 8,512 | 374,273 | 12,855 | | Photovoltaic Power Generation and Energy Storage Business | 68,216 | 41,037 | 63,786 | 39,432 | | **Consolidated Total** | **800,856** | **177,207** | **785,003** | **165,485** | [Profit Before Income Tax](index=13&type=section&id=Profit%20Before%20Income%20Tax) This section details the components contributing to the Group's profit before income tax, including depreciation, staff costs, auditor's remuneration, and cost of inventories for the six months ended June 30, 2025 Composition of Profit Before Income Tax (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 3,760 | 2,399 | | Depreciation of right-of-use assets | 1,601 | 93 | | **Total Depreciation** | **5,361** | **2,492** | | Directors' emoluments | 4,137 | 4,146 | | Other staff salaries and benefits | 7,747 | 10,367 | | **Total Staff Costs** | **11,884** | **14,513** | | Auditor's remuneration | 250 | 240 | | Cost of inventories recognised as expense and properties held for sale | 101,909 | 110,398 | [Income Tax Credit](index=14&type=section&id=Income%20Tax%20Credit) This section outlines the Group's income tax credit components and applicable tax rates for Hong Kong, China, and land appreciation tax for the six months ended June 30, 2025 Income Tax Credit (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Hong Kong profits tax | 230 | (96) | | PRC tax | 939 | (3,564) | | Over-provision in prior years | (2,950) | (2,043) | | Deferred tax credit | (261) | (1,964) | | **Total Income Tax Credit** | **(2,042)** | **(7,667)** | - Hong Kong profits tax adopts a two-tiered system, with a tax rate of 8.25% for the first **HK$2 million** of assessable profits and 16.5% for the remaining profits. The corporate income tax rate for PRC subsidiaries is 25%. Land appreciation tax is levied at progressive rates from 30% to 60%[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Dividends](index=15&type=section&id=Dividends) This section details the dividends declared during the period and notes the absence of interim dividends, along with share repurchases by the Company Dividends Declared (For the six months ended June 30): | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 2024 Final dividend (HK$0.01 per share) | 13,351 | — | | 2023 Final dividend (HK$0.02 per share) | — | 26,790 | | **Dividends declared during the period** | **13,351** | **26,790** | - The Board did not declare any interim dividends for the six months ended June 30, 2024 and 2025. The Company repurchased and cancelled **1,167,000** of its own shares from the market during the first half of 2025[31](index=31&type=chunk) [Earnings Per Share](index=16&type=section&id=Earnings%20Per%20Share) This section presents the calculation of basic and diluted earnings per share, noting the impact of share repurchases and the absence of dilutive potential ordinary shares Earnings Per Share Calculation (For the six months ended June 30): | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (HK$ Thousand) | 7,400 | 25,429 | | Weighted average number of ordinary shares (Thousand Shares) | 1,335,615 | 1,340,443 | | **Basic earnings per share (HK Cents)** | **0.55** | **1.90** | | **Diluted earnings per share (HK Cents)** | **0.55** | **1.90** | - Basic earnings per share is the same as diluted earnings per share as there were no potential dilutive ordinary shares for the period ended June 30, 2025. The Company repurchased and cancelled **1,167,000** of its own shares during the first half of 2025[35](index=35&type=chunk) [Trade and Other Receivables](index=17&type=section&id=Trade%20and%20Other%20Receivables) This section provides a breakdown and ageing analysis of the Group's trade and other receivables, including details on impairment loss reversals and write-offs Trade and Other Receivables (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade receivables (net of allowance) | 60,410 | 45,453 | | Other receivables, prepayments and deposits | 12,035 | 14,931 | | Amount due from a joint venture | 1,368 | 1,435 | | **Total** | **73,813** | **61,819** | - The Group reversed impairment losses of approximately **HK$344,000** in the first half of 2025 under the expected credit loss model, primarily due to the settlement of relevant trade receivables. Concurrently, approximately **HK$19,552,000** of trade receivables were written off[36](index=36&type=chunk)[37](index=37&type=chunk) Ageing Analysis of Trade Receivables (As of June 30, 2025 vs December 31, 2024): | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 21,142 | 12,306 | | 31 to 60 days | 15,962 | 9,449 | | 61 to 180 days | 19,017 | 19,252 | | 181 to 365 days | 4,289 | 4,446 | | **Total** | **60,410** | **45,453** | [Trade and Other Payables](index=18&type=section&id=Trade%20and%20Other%20Payables) This section provides a breakdown and ageing analysis of the Group's trade and other payables as of June 30, 2025, compared to December 31, 2024 Trade and Other Payables (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Trade payables | 32,386 | 28,388 | | Accruals and other payables | 17,687 | 17,248 | | **Total** | **50,073** | **45,636** | Ageing Analysis of Trade Payables (As of June 30, 2025 vs December 31, 2024): | Ageing | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 60 days | 14,270 | 10,671 | | 61 to 90 days | 5,856 | 1,798 | | Over 90 days | 12,260 | 15,919 | | **Total** | **32,386** | **28,388** | [Share Capital](index=19&type=section&id=Share%20Capital) This section details the Company's issued and fully paid share capital, including the number of ordinary shares and the impact of share repurchases during the period Issued and Fully Paid Share Capital (As of June 30, 2025 vs December 31, 2024): | Item | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Nominal value of ordinary shares | 4,450 | 4,454 | | Number of ordinary shares | 1,335,078,000 | 1,336,245,000 | - For the six months ended June 30, 2025, the Company repurchased and cancelled **1,167,000** of its own shares from the market at a total cost of **HK$212,000**, with an average price of **HK$0.182**[43](index=43&type=chunk) [Disposal of a Subsidiary](index=20&type=section&id=Disposal%20of%20a%20Subsidiary) This section reports the Company's disposal of its entire equity interest in Foshan Huaguanhui Property Management Co., Ltd. in April 2024, including the consideration and gain on disposal - The Company disposed of its entire equity interest in Foshan Huaguanhui Property Management Co., Ltd. in April 2024 for a consideration of approximately **RMB3,670,000** (approximately **HK$3,958,000**), resulting in a gain on disposal of **HK$2,827,000**[44](index=44&type=chunk)[46](index=46&type=chunk) [Events After the Reporting Period](index=22&type=section&id=Events%20After%20the%20Reporting%20Period%20%28Notes%29) This section discloses significant events occurring after the reporting period, including a proposed privatization by the controlling shareholder and the acquisition of a golf club membership - Controlling shareholder Immaculate Diamonds Limited proposed to privatize the Company by way of a scheme of arrangement and delist its shares from the Stock Exchange. The deadline for dispatching the scheme document has been extended to on or before September 19, 2025[48](index=48&type=chunk) - The Group agreed to acquire a Hong Kong Golf Club membership for **HK$13.5 million** on July 16, 2025[48](index=48&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section provides comprehensive operational insights for investors, analyzing the Group's business segment performance, market challenges, future strategies, financial condition, liquidity, capital structure, risk management, and corporate governance [Business Outlook and Future Prospects](index=23&type=section&id=Business%20Outlook%20and%20Future%20Prospects) This section outlines the Group's strategic direction and market expectations for its jewellery, property, and photovoltaic power generation and energy storage businesses - The Group's principal businesses include the design, manufacture, and sale of high-end jewellery; property development, sale, and leasing of the Foshan Integrated Industrial Centre project; and sales of photovoltaic power systems electricity and energy storage services[49](index=49&type=chunk) [Jewellery Business](index=23&type=section&id=Jewellery%20Business%20Outlook) This section discusses the challenges faced by the jewellery business, including macroeconomic factors and high gold prices, and outlines strategies for market expansion and product development - The jewellery business faces challenges from global macroeconomic weakness, geopolitical tensions, record-high gold prices, and high US tariffs, leading to dampened customer purchasing sentiment and an unpronounced recovery in the Chinese market[50](index=50&type=chunk) - The Group actively participates in Hong Kong and overseas exhibitions, visits overseas customers to secure orders, and plans to strengthen R&D for market-competitive jewellery designs, focusing on developing overseas markets[50](index=50&type=chunk)[51](index=51&type=chunk) [Property Business](index=24&type=section&id=Property%20Business%20Outlook) This section addresses the weak sentiment in China's industrial property market, indicating no new development projects and future revenue reliance on existing unit sales and management fees - Given the weak sentiment in the Chinese industrial property market, the Group currently has no plans for new property development projects, with future revenue primarily relying on the sale of remaining industrial units and parking spaces, as well as management service income[53](index=53&type=chunk) [Photovoltaic Power Generation and Energy Storage Business](index=24&type=section&id=Photovoltaic%20Power%20Generation%20and%20Energy%20Storage%20Business%20Outlook) This section highlights the expansion of the Group's photovoltaic and energy storage projects in China, detailing increased capacity and generation, and forecasts future demand growth - As of June 30, 2025, the Group completed grid connection for **15** photovoltaic projects in China, with a total maximum capacity of approximately **16,953 kW** and power generation of approximately **7,800,000 kWh** (compared to 10 projects, **8,643 kW**, and **3,000,000 kWh** in the same period of 2024)[55](index=55&type=chunk) - Three energy storage power stations have been built and put into operation, with a total maximum capacity of approximately **4,831 kW** and power generation of approximately **1,000,000 kWh**[55](index=55&type=chunk) - Demand for photovoltaic power generation is expected to increase in the future, benefiting from strategic support from the Chinese government, technological advancements, and cost reductions, despite intense market competition[56](index=56&type=chunk) [Privatisation of the Company](index=25&type=section&id=Privatisation%20of%20the%20Company) This section details the proposed privatization of the Company by its controlling shareholder, including the scheme of arrangement, cash payment for shares, and delisting from the Stock Exchange - Controlling shareholder Immaculate Diamonds Limited proposed to privatize the Company by way of a scheme of arrangement, involving the cancellation of scheme shares for cash consideration and the withdrawal of the shares' listing on the Stock Exchange[57](index=57&type=chunk) - The Company has applied to extend the deadline for dispatching the scheme document to on or before September 19, 2025, and is preparing to submit relevant documents to the Grand Court to seek approval for the scheme[58](index=58&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, including revenue, gross profit, other income, expenses, and profit for the period, highlighting key drivers and changes - For the six months ended June 30, 2025, total revenue was approximately **HK$146.2 million**, a **5.5% decrease** compared to the same period in 2024, primarily due to reduced revenue from the jewellery and property businesses, partially offset by significant growth in the photovoltaic power generation and energy storage business[61](index=61&type=chunk) [Overall Revenue](index=26&type=section&id=Overall%20Revenue%20Breakdown) This section provides a detailed breakdown of the Group's total revenue by business segment and geographical region, highlighting key changes and contributing factors Overall Revenue by Business Segment (For the six months ended June 30): | Business Segment | 2025 (HK$ Thousand) | Percentage (%) | 2024 (HK$ Thousand) | Percentage (%) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 127,842 | 87.4 | 128,275 | 82.9 | (433) | (0.3) | | Property Business | 12,498 | 8.6 | 24,717 | 16.0 | (12,219) | (49.4) | | Photovoltaic Power Generation and Energy Storage Business | 5,857 | 4.0 | 1,743 | 1.1 | 4,114 | 236.0 | | **Total** | **146,197** | **100.0** | **154,735** | **100.0** | **(8,538)** | **(5.5)** | Overall Revenue by Region (For the six months ended June 30): | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 81,482 | 95,579 | (14,097) | (14.7) | | Dubai | 24,849 | 27,299 | (2,450) | (9.0) | | China | 39,866 | 31,857 | 8,009 | 25.1 | | **Total** | **146,197** | **154,735** | **(8,538)** | **(5.5)** | - The decrease in revenue from Hong Kong and Dubai was primarily due to weak consumer sentiment caused by macroeconomic challenges and a decline in jewellery product sales. The increase in revenue from China was mainly attributable to growth in jewellery metal refining and purification processing services income and the expansion of the photovoltaic power generation and energy storage business[65](index=65&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) This section analyzes the Group's gross profit and gross margin by business segment, explaining the factors influencing changes in profitability, including sales mix and cost fluctuations Gross Profit and Gross Margin by Business Segment (For the six months ended June 30): | Business Segment | 2025 Gross Profit (HK$ Thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (HK$ Thousand) | 2024 Gross Margin (%) | Gross Profit Change (HK$ Thousand) | Gross Profit Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jewellery Business | 32,033 | 25.1 | 33,190 | 25.9 | (1,157) | (3.5) | (0.8) | | Property Business | 6,825 | 54.6 | 8,265 | 33.4 | (1,440) | (17.4) | 21.2 | | Photovoltaic Power Generation and Energy Storage Business | 3,039 | 51.9 | 1,048 | 60.0 | 1,991 | 190.0 | (8.1) | | **Total** | **41,897** | **28.7** | **42,503** | **27.5** | **(606)** | **(1.4)** | **1.2** | - Overall gross profit decreased by **1.4%** to **HK$41.9 million**, but the overall gross margin increased by **1.2 percentage points** to **28.7%**, primarily due to an increase in the property business gross margin resulting from reduced property sales (which have relatively lower profit margins)[66](index=66&type=chunk)[67](index=67&type=chunk) - The gross margin for the jewellery business decreased by **0.8 percentage points** to **25.1%**, mainly offset by record-high gold prices for finished jewellery products sold and lower-margin metal refining and processing services revenue. The gross margin for the property business significantly increased by **21.2 percentage points** to **54.6%**, primarily due to reduced property sales. The gross margin for the photovoltaic power generation and energy storage business decreased by **8.1 percentage points** to **51.9%**, mainly due to the dilutive effect of the lower gross margin from the energy storage business commenced in the second half of 2024[70](index=70&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) [Other Income](index=32&type=section&id=Other%20Income) This section reports the Group's other income for the period, primarily consisting of bank deposit interest income, which remained consistent with the prior year - For the six months ended June 30, 2025, other income was approximately **HK$3.0 million**, similar to the same period last year, mainly comprising bank deposit interest income[77](index=77&type=chunk) [Net Other Gains and Losses](index=32&type=section&id=Net%20Other%20Gains%20and%20Losses) This section explains the shift from a net gain in 2024 to a net loss in 2025, primarily due to fair value changes in financial assets and the absence of a gain from subsidiary disposal - Net other gains and losses turned from a gain of **HK$2.8 million** in the same period of 2024 to a loss of **HK$10.7 million** in the same period of 2025, mainly due to net fair value changes losses on financial assets at fair value through profit or loss (including realised and unrealised losses on gold futures contracts) and the absence of a gain from the disposal of a subsidiary in the same period of 2024[78](index=78&type=chunk) [Write-down of Properties Held for Sale](index=32&type=section&id=Write-down%20of%20Properties%20Held%20for%20Sale) This section reports a write-down of properties held for sale due to the continued downturn in the Chinese industrial property market - For the six months ended June 30, 2025, a write-down of properties held for sale of approximately **HK$2.7 million** was recognised due to the continued sluggishness in the Chinese industrial property market[79](index=79&type=chunk) [Selling and Distribution Costs](index=32&type=section&id=Selling%20and%20Distribution%20Costs) This section notes a decrease in selling and distribution costs, primarily attributed to enhanced control over sales expenses in the jewellery business - Selling and distribution costs decreased by **18.3%** to **HK$5.8 million**, mainly due to enhanced control over sales expenses in the jewellery business[80](index=80&type=chunk) [General and Administrative Expenses](index=33&type=section&id=General%20and%20Administrative%20Expenses) This section reports a reduction in general and administrative expenses, primarily due to improved control over administrative costs in both the jewellery and property businesses - General and administrative expenses decreased by **15.4%** to **HK$19.2 million**, mainly due to enhanced control over administrative expenses in both the jewellery and property businesses[81](index=81&type=chunk) [Finance Costs](index=33&type=section&id=Finance%20Costs) This section indicates that finance costs remained consistent with the prior year, primarily comprising bank loan interest for the photovoltaic power generation and energy storage business - Finance costs were approximately **HK$0.8 million**, similar to the same period last year, mainly comprising bank loan interest for the photovoltaic power generation and energy storage business[82](index=82&type=chunk) [Share of Results of a Joint Venture](index=33&type=section&id=Share%20of%20Results%20of%20a%20Joint%20Venture) This section reports a significant increase in the share of profit from a joint venture, reflecting the Group's 50% equity interest in the photovoltaic power generation entity - The share of profit from a joint venture (Zhaoqing Shunzhiguang Power Technology Co., Ltd.) increased by **250%** to **HK$21,000**, reflecting the Group's 50% equity interest in the photovoltaic power generation business entity[83](index=83&type=chunk) [Income Tax Credit](index=33&type=section&id=Income%20Tax%20Credit%20%28Financial%20Review%29) This section notes a decrease in income tax credit, primarily due to the absence of a significant reversal of prior year PRC tax over-provision in the current period - Income tax credit decreased by **74.0%** to **HK$2.0 million**, mainly due to a substantial reversal of prior year PRC tax over-provision in the same period of 2024, which was absent in the same period of 2025[84](index=84&type=chunk) [Profit for the Period](index=33&type=section&id=Profit%20for%20the%20Period%20%28Financial%20Review%29) This section reports a significant decrease in profit for the period, attributed to the combined impact of various financial factors discussed previously - Profit for the period decreased by **68.3%** to **HK$8.0 million**, primarily due to the combined effect of the aforementioned factors[85](index=85&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=34&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) This section discusses the Group's use of gold and silver futures contracts to hedge inventory price fluctuations, detailing realised and unrealised losses and their impact on cash flow - The Group entered into gold and silver futures contracts (short positions) to hedge against the risk of fluctuations in inventory gold prices. For the six months ended June 30, 2025, realised losses of approximately **HK$7.4 million** and unrealised losses of approximately **HK$3.9 million** were recorded on gold futures contracts, along with unrealised losses of approximately **HK$0.6 million** on silver futures contracts[86](index=86&type=chunk) - The Company considers futures contracts to be an inherent measure commonly adopted in the industry to stabilise inventory costs, and their realised and unrealised losses are not expected to have a significant impact on cash flow and operations[87](index=87&type=chunk) [Liquidity and Financial Resources](index=34&type=section&id=Liquidity%20and%20Financial%20Resources) This section provides an overview of the Group's liquidity and financial resources, including current assets, liabilities, ratios, bank balances, and capital commitments Liquidity and Financial Resources Overview (As of June 30, 2025 vs December 31, 2024): | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current assets | 657,800 | 647,500 | | Current liabilities | 157,200 | 143,100 | | Current Ratio | 4.2 | 4.5 | | Bank Deposits | 105,900 | 112,900 | | Cash and Cash Equivalents | 67,600 | 44,800 | | Total Interest-bearing Bank Loans | 32,800 | 31,900 | | Capital Gearing Ratio | 0.05 | 0.05 | - The Group possesses sufficient working capital to support its ongoing operations and business development. Certain buildings and properties held for sale are pledged to secure bank loans and provide guarantees for credit facilities and buyer mortgage loans[90](index=90&type=chunk)[92](index=92&type=chunk)[94](index=94&type=chunk) - As of June 30, 2025, capital commitments for plant and machinery were zero, primarily due to the completion of photovoltaic power generation equipment installation[93](index=93&type=chunk) [Events After the Reporting Period](index=36&type=section&id=Events%20After%20the%20Reporting%20Period%20%28MD%26A%29) This section reiterates the controlling shareholder's privatization proposal and the Group's agreement to acquire a Hong Kong Golf Club membership after the reporting period - This section reiterates the controlling shareholder's proposed privatization and the Group's agreement to acquire a Hong Kong Golf Club membership on July 16, 2025[95](index=95&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=36&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) This section confirms that the Company did not undertake any significant acquisitions or disposals of subsidiaries and associates during the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company did not undertake any significant acquisitions or disposals of subsidiaries and associates[96](index=96&type=chunk) [Foreign Exchange Risk](index=37&type=section&id=Foreign%20Exchange%20Risk) This section assesses the Group's exposure to foreign exchange risk from HKD, USD, RMB, and AED, concluding that currency risk is not significant due to pegging arrangements - The Group is exposed to foreign exchange risk from HKD, USD, RMB, and AED, but as HKD and AED are pegged to USD, fluctuations in USD do not significantly impact operations and financial performance, thus currency risk is not material[97](index=97&type=chunk) [Employees and Remuneration Policy](index=37&type=section&id=Employees%20and%20Remuneration%20Policy) This section provides an overview of the Group's employee numbers and total staff costs, outlining its competitive remuneration, share option, and training policies to enhance performance Employee and Remuneration Overview (For the six months ended June 30): | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 100 | 133 | | Total Salaries and Related Costs (HK$ Thousand) | 11,900 | 14,500 | - The Group offers competitive remuneration packages, share option schemes, and training and development programs to encourage employees to enhance performance and adapt to industry developments[98](index=98&type=chunk) [Future Plans for Material Investments or Capital Assets](index=37&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) This section states that as of June 30, 2025, the Board has not authorized any significant investment or capital asset acquisition plans, but will continue to seek opportunities to enhance business profitability - As of June 30, 2025, the Board had not authorised any plans for material investments or additions of capital assets, but will continue to seek opportunities to enhance the profitability of its ordinary business[99](index=99&type=chunk) [Interim Dividend](index=38&type=section&id=Interim%20Dividend) This section states that the Board resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 (consistent with the same period in 2024)[100](index=100&type=chunk) [Corporate Governance Practices](index=38&type=section&id=Corporate%20Governance%20Practices) This section confirms the Company's compliance with the Corporate Governance Code, noting an exception regarding the separation of Chairman and CEO roles, which the Board believes benefits group management - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for Code Provision C.2.1 (separation of the roles of chairman and chief executive)[101](index=101&type=chunk) - Mr. Kan Kin Kwong serves as both the Chairman of the Board and Chief Executive Officer, an arrangement the Board believes benefits the Group's management and business development, and will be continuously reviewed[101](index=101&type=chunk) [Standard of Conduct for Securities Transactions by Directors](index=38&type=section&id=Standard%20of%20Conduct%20for%20Securities%20Transactions%20by%20Directors) This section confirms that all Directors have complied with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025 - Following enquiry with all Directors, they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules for the six months ended June 30, 2025[102](index=102&type=chunk) [Pre-emptive Rights](index=39&type=section&id=Pre-emptive%20Rights) This section clarifies that the Company's articles of association and Cayman Islands law do not contain provisions for pre-emptive rights, thus not requiring pro-rata new share offerings to existing shareholders - The Company's memorandum and articles of association and the laws of the Cayman Islands do not contain provisions for pre-emptive rights, and do not require the Company to offer new shares pro-rata to existing shareholders[103](index=103&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=39&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) This section reports the Company's repurchase and cancellation of 1,167,000 ordinary shares from the market during the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Company repurchased and cancelled **1,167,000** ordinary shares from the market for a total consideration of **HK$200,000** (before expenses)[104](index=104&type=chunk) [Sufficiency of Public Float](index=39&type=section&id=Sufficiency%20of%20Public%20Float) This section confirms that the Company has maintained the sufficient public float required by the Listing Rules as of the latest practicable date prior to the announcement date - As of the latest practicable date prior to the date of this announcement, the Company has maintained a sufficient public float as required by the Listing Rules[105](index=105&type=chunk) [Audit Committee](index=39&type=section&id=Audit%20Committee) This section describes the composition and responsibilities of the Audit Committee, including its review of accounting principles, internal controls, risk management, and the interim results - The Audit Committee comprises three independent non-executive Directors, with Mr. Wong Wai Keung as Chairman. The Committee has reviewed and confirmed the accounting principles and practices adopted by the Group, and discussed audit, internal control, risk management, and financial reporting matters, including these interim results[106](index=106&type=chunk) [Auditor's Review](index=40&type=section&id=Auditor%27s%20Review) This section confirms that the Company's auditor, UHY Mac & Co., has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, in accordance with HKSRE 2410 - UHY Mac & Co., the Company's auditor, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410[107](index=107&type=chunk) [Publication of Interim Results Announcement](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement) This section states that the interim results announcement has been published on the Company's and Stock Exchange's websites, with the interim report to be dispatched to shareholders and published accordingly - This results announcement has been published on the Company's website (www.hkperjew.com.hk) and the Stock Exchange's website (www.hkexnews.hk). The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[108](index=108&type=chunk) [Board of Directors](index=40&type=section&id=Board%20of%20Directors) This section lists the executive and independent non-executive directors comprising the Company's Board of Directors - The Company's executive Directors are Mr. Kan Kin Kwong, Ms. Shek Mei Chun, and Mr. Chung Chi Keung; the independent non-executive Directors are Dr. Ng Wang Pun, Ms. Ng Sin Kiu, and Mr. Wong Wai Keung[109](index=109&type=chunk)

執行董事 2025 中期報告 目錄 | | 公司資料 | | --- | --- | | | 管理層討論及分析 | | | 其他資料 | | | 綜合損益表 | | 21 | 綜合財務狀況表 | | 23 | 綜合權益變動表 | | | 簡明綜合現金流量表 | | | 未經審核中期財務報告附註 | | 38 | 釋義 | | 2 4 13 20 25 26 | | 天津建設發展集團股份公司 公司資料 Tianjin Construction Development Group Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 2515 董事 審核委員會 趙匡華先生 （總裁） 李凱先生 （首席財務官） 關鳳丹女士 楊友華先生 倪拔群先生 蕭恕明先生 （主席） 嚴兵博士 劉金璐博士 非執行董事 王文彬先生 （主席） 獨立非執行董事 嚴兵博士 劉金璐博士 蕭恕明先生 監事 王玲女士（自2025年1月27日起辭任） 路曉亮先生 （主席） （自2025年1月27日起獲委任） 王磊先生 任飛宇先生 薪酬委員會 聯席公司秘書 李凱先生 呂穎一先生 (ACG, HKACG) 合規顧問 嚴兵博士 （ ...

截 至2025年6月30日 止 六 個 月 的 中 期 業 績 公 告 天 津 建 设 发 展 集 团 股 份 公 司（「本 公 司」，連 同 其 附 屬 公 司 統 稱「本 集 團」） 董 事（「董 事」）會（「董 事 會」）謹 此 宣 佈 本 集 團 截 至2025年6月30日 止 六 個 月 的未經審核綜合業績。本公告載有本公司2025年中期報告（「2025年中期報告」） 全文，並符合香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」） 有 關 中 期 業 績 初 步 公 告 附 載 資 料 的 相 關 規 定。 股 息 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。 天津建设发展集团股份公司 Tianjin Construction Developm ...

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) Edianyun Limited's unaudited interim results for the first half of 2025 show an 8.2% increase in revenue to RMB 699.6 million, with profit and total comprehensive income surging by 177.6% to RMB 45.745 million, alongside significant growth in adjusted net profit and adjusted EBITDA Financial Data Overview (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 699,640 | 646,888 | 8.2 | | Cost of sales | (411,700) | (369,917) | 11.3 | | Gross profit | 287,940 | 276,971 | 4.0 | | Profit before tax | 54,064 | 21,269 | 154.2 | | Profit and total comprehensive income for the period | 45,745 | 16,481 | 177.6 | | Adjusted net profit* | 51,179 | 30,714 | 66.6 | | Adjusted EBITDA* | 384,989 | 320,628 | 20.1 | *Note: Adjusted net profit is net profit after adding back share-based payment expenses; Adjusted EBITDA is EBITDA after adding back net finance costs, income tax expense, depreciation, amortization, and share-based payment expenses [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In the first half of 2025, the company's revenue grew by 8.2% and gross profit by 4.0%, while sales and marketing, R&D, and general and administrative expenses all decreased, with general and administrative expenses seeing the largest reduction of 39.8%, leading to a significant 177.6% increase in profit and total comprehensive income for the period Key Profit or Loss Statement Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 699,640 | 646,888 | | Cost of sales | (411,700) | (369,917) | | Gross profit | 287,940 | 276,971 | | Sales and marketing expenses | (81,293) | (80,726) | | Research and development expenses | (29,978) | (32,987) | | General and administrative expenses | (42,622) | (70,830) | | Other income | 7,259 | 6,811 | | Net other gains and losses | (8,670) | (6,372) | | Impairment losses under expected credit loss model | (15,495) | (13,704) | | Finance costs | (63,077) | (57,894) | | Profit before tax | 54,064 | 21,269 | | Income tax expense | (8,319) | (4,788) | | Profit and total comprehensive income for the period | 45,745 | 16,481 | | Basic earnings per share (RMB) | 0.09 | 0.03 | | Diluted earnings per share (RMB) | 0.09 | 0.03 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly increased to RMB 3,515.6 million, total liabilities slightly decreased to RMB 2,253.2 million, and total equity increased to RMB 1,262.3 million, with significant increases in right-of-use assets under non-current assets and trade and other receivables under current assets Key Balance Sheet Data (As of June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 2,408,709 | 2,375,438 | | Total current assets | 1,106,858 | 1,138,377 | | **Total assets** | **3,515,567** | **3,513,815** | | **Equity and Liabilities** | | | | Total equity | 1,262,337 | 1,235,750 | | Total non-current liabilities | 900,983 | 897,603 | | Total current liabilities | 1,352,247 | 1,380,462 | | **Total liabilities** | **2,253,230** | **2,278,065** | | **Total equity and liabilities** | **3,515,567** | **3,513,815** | - Current assets were **RMB 245.4 million** less than current liabilities, but management believes there are sufficient financial resources for continuous operation in the next 12 months based on operating cash flow and financing plans[10](index=10&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=5&type=section&id=1.%20General%20Information) The condensed consolidated financial statements are presented in Renminbi as both the functional and presentation currency - The condensed consolidated financial statements are presented in Renminbi, which is also the functional currency of the Company[9](index=9&type=chunk) [2. Basis of Preparation of Condensed Consolidated Financial Statements](index=5&type=section&id=2.%20Basis%20of%20Preparation%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the HKEX Listing Rules; despite current assets being less than current liabilities, management believes the company can continue as a going concern based on cash flow forecasts and available financial resources - The statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the HKEX Listing Rules[10](index=10&type=chunk) - As of June 30, 2025, current assets were **RMB 245.4 million** less than current liabilities, but management expects sufficient financial resources to meet working capital needs for the next 12 months, thus preparing the statements on a going concern basis[10](index=10&type=chunk) [3. Accounting Policies](index=5&type=section&id=3.%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for financial instruments measured at fair value, and the application of IAS 21 (amended) "Lack of Exchangeability" had no material impact on financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[11](index=11&type=chunk) - The revised International Accounting Standard 21 "Lack of Exchangeability" was first applied in the current period, but it had no material impact on the financial position and performance[12](index=12&type=chunk)[13](index=13&type=chunk) [4. Revenue and Segment Information](index=6&type=section&id=4.%20Revenue%20and%20Segment%20Information) The company's primary business is providing integrated office IT solutions and other services, with only one reportable segment; all revenue and non-current assets are derived from China, and total revenue for the first half of 2025 was RMB 699.6 million, an 8.2% increase, primarily driven by pay-per-use office IT integrated solutions - The company's main business is providing integrated office IT solutions and other services, with only one reportable segment[14](index=14&type=chunk) - All revenue and non-current assets are derived from China, with no single external customer accounting for more than **10%** of revenue[14](index=14&type=chunk) Revenue Composition (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Pay-per-use office IT integrated solutions revenue | 625,893 | 576,875 | | Equipment sales | 67,915 | 64,077 | | SaaS and other services | 5,832 | 5,936 | | **Total** | **699,640** | **646,888** | - Within pay-per-use office IT integrated solutions revenue, **RMB 347.1 million** was recognized as lease income under IFRS 16, and **RMB 278.8 million** was from office IT technical subscription services[16](index=16&type=chunk) - Revenue recognition timing: equipment sales are recognized at a point in time, while office IT technical subscription services, SaaS, and other services are recognized over a period of time[17](index=17&type=chunk) [5. Other Income](index=9&type=section&id=5.%20Other%20Income) Other income for the first half of 2025 increased by 6.6% to RMB 7.259 million, primarily due to an increase in government grants Other Income Details (Six Months Ended June 30) | Income Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank interest income | 1,685 | 3,554 | | Installment sales receivables interest income | 362 | 598 | | Government grants | 4,046 | 1,293 | | Compensation income | 1,166 | 1,366 | | **Total** | **7,259** | **6,811** | - Government grants primarily came from Beijing and Chengdu local governments, supporting foreign-invested enterprises, high-tech enterprises, and employment stability[25](index=25&type=chunk) [6. Net Other Gains and Losses](index=9&type=section&id=6.%20Net%20Other%20Gains%20and%20Losses) Net other gains and losses for the first half of 2025 resulted in a loss of RMB 8.67 million, a 36.1% increase in loss compared to the same period last year, mainly due to increased write-off losses on leased computer equipment Net Other Gains and Losses Details (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value changes in financial assets at fair value through profit or loss | 1,806 | 3,527 | | Subscription fees for financial assets at fair value through profit or loss | (718) | – | | Write-off losses on leased computer equipment | (8,580) | (11,218) | | Others | (1,178) | 1,319 | | **Total** | **(8,670)** | **(6,372)** | - Write-off losses on leased computer equipment refer to losses recognized when the company deems amounts unrecoverable from customers overdue for more than **6 months**[26](index=26&type=chunk) [7. Impairment Losses Under Expected Credit Loss Model, Net of Reversals](index=10&type=section&id=7.%20Impairment%20Losses%20Under%20Expected%20Credit%20Loss%20Model%2C%20Net%20of%20Reversals) Net impairment losses under the expected credit loss model for the first half of 2025 were RMB 15.495 million, a 13.1% increase year-on-year, primarily due to increased trade receivables driven by revenue growth Impairment Losses Details (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 15,425 | 14,262 | | Other receivables | 70 | (558) | | **Total** | **15,495** | **13,704** | - The increase in impairment losses was mainly due to the increase in trade receivables resulting from the company's revenue growth[68](index=68&type=chunk) [8. Finance Costs](index=10&type=section&id=8.%20Finance%20Costs) Finance costs for the first half of 2025 were RMB 63.077 million, a 9.0% increase year-on-year, primarily due to increased financing scale driven by market expansion and higher equipment procurement, despite a decrease in financing interest rates Finance Costs Details (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on borrowings | 46,539 | 43,531 | | Interest on lease liabilities | 16,538 | 14,363 | | **Total** | **63,077** | **57,894** | - The increase in finance costs was mainly due to the company's expanded market scale and increased equipment procurement, leading to an increase in financing scale[69](index=69&type=chunk) [9. Income Tax Expense](index=10&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense for the first half of 2025 was RMB 8.319 million, a significant increase from RMB 4.788 million in the same period last year, primarily due to the recognition of deferred tax Income Tax Expense Details (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current corporate income tax | 188 | 153 | | Deferred tax | 8,131 | 4,635 | | **Total** | **8,319** | **4,788** | - The increase in income tax expense was mainly due to the recognition of deferred tax[70](index=70&type=chunk) [10. Earnings Per Share](index=11&type=section&id=10.%20Earnings%20Per%20Share) Both basic and diluted earnings per share for the first half of 2025 were RMB 0.09, a substantial increase from RMB 0.03 in the same period last year Earnings Per Share Data (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period used to calculate basic earnings per share (RMB thousands) | 45,745 | 16,481 | | Weighted average number of ordinary shares used to calculate basic earnings per share | 529,106,424 | 577,795,367 | | Basic earnings per share (RMB) | 0.09 | 0.03 | | Diluted earnings per share (RMB) | 0.09 | 0.03 | - The **12,939,000** ordinary shares repurchased by the company in the first half of 2025 were not included in the calculation of basic earnings per share[29](index=29&type=chunk) - When calculating diluted earnings, some share options were not considered because their exercise price was higher than the average market price[30](index=30&type=chunk) [11. Dividends](index=11&type=section&id=11.%20Dividends) The Board of Directors decided not to pay dividends for the first half of 2025, consistent with the same period last year - No dividends were paid, declared, or proposed for the first half of 2025[31](index=31&type=chunk)[95](index=95&type=chunk) [12. Trade and Other Receivables and Prepayments](index=12&type=section&id=12.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, total trade and other receivables and prepayments amounted to RMB 574.7 million, an increase from December 31, 2024, with current portion totaling RMB 410.4 million and non-current portion totaling RMB 164.4 million Trade and Other Receivables and Prepayments (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables (net of allowance for credit losses) | 137,162 | 134,520 | | Other receivables and prepayments | 437,579 | 380,284 | | **Total** | **574,741** | **514,804** | | Total current portion | 410,381 | 339,695 | | Total non-current portion | 164,360 | 175,109 | - Trade receivables aging analysis shows that receivables within **30 days** accounted for the largest portion, at **RMB 113.8 million**[32](index=32&type=chunk) [13. Trade and Other Payables](index=13&type=section&id=13.%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables amounted to RMB 126.0 million, an increase from December 31, 2024, primarily due to an increase in trade payables Trade and Other Payables (As of June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 63,508 | 34,907 | | Accrued salaries and welfare | 31,194 | 40,733 | | Others | 31,314 | 29,801 | | **Total** | **126,016** | **105,441** | - Trade payables aging analysis shows that payables within **12 months** accounted for the largest portion, at **RMB 49.305 million**[33](index=33&type=chunk) [14. Share Capital](index=14&type=section&id=14.%20Share%20Capital) As of June 30, 2025, the company's issued share capital was 533,987,643 shares, a decrease from January 1, 2025, primarily due to the repurchase and cancellation of 46,013,500 shares, partially offset by the exercise of share options which added 940,627 shares Share Capital Changes (As of June 30, 2025) | Item | Number of Shares | Amount (USD) | Amount (RMB thousands) | | :--- | :--- | :--- | :--- | | January 1, 2025 (audited) | 579,060,516 | 28,954 | 200 | | Exercise of share options | 940,627 | 47 | – * | | Shares repurchased and cancelled | (46,013,500) | (2,301) | (17) | | June 30, 2025 (unaudited) | 533,987,643 | 26,700 | 183 | - **46,013,500** shares were repurchased and cancelled, leading to a reduction in share capital[34](index=34&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=15&type=section&id=Business%20Review) In the first half of 2025, the company solidified its position as an enterprise IT productivity partner by providing one-stop, reliable, and flexible office IT integrated solutions, achieving growth in active customers and in-service equipment, with primary revenue from pay-per-use office IT integrated solutions, equipment sales, and SaaS and other services - The company's mission is "making office IT easier," providing IT equipment with systems and software installed, along with managed IT services, through one-stop office IT solutions[35](index=35&type=chunk) - Competitive advantages include reliability (fastest nationwide service capability), flexibility (pay-per-use subscription model), and one-stop service[36](index=36&type=chunk) - Primary revenue sources include pay-per-use office IT integrated solutions, equipment sales, and SaaS and other services[35](index=35&type=chunk) - Pay-per-use office IT integrated solutions offer a comprehensive package including hardware, equipment configuration, deployment, operation and maintenance support, performance optimization, and equipment management[38](index=38&type=chunk) - Equipment sales include installment purchases of new equipment, subscription customers buying out used equipment, and selling used equipment through the online bidding platform "Yipaiji"[38](index=38&type=chunk) - The SaaS product "Yipandian" aims to help enterprise customers manage assets and inventory, charging an annual subscription fee[38](index=38&type=chunk) [Disclosure of Key Operating Data](index=17&type=section&id=Disclosure%20of%20Key%20Operating%20Data) As of June 30, 2025, active customer numbers and in-service equipment quantities continued to grow, with average monthly subscription fees per subscriber and average subscribed units per customer both increasing, while net cash retention rate remained high, indicating strong customer loyalty Key Operating Indicators (As of June 30) | Indicator | 2024 | December 31, 2024 | 2025 | | :--- | :--- | :--- | :--- | | Active customers | 49,737 | 51,024 | 52,357 | | Subscription customers | 48,705 | 50,180 | 51,769 | | Core customers | 26,436 | 27,529 | 27,709 | | SaaS customers | 2,118 | 2,164 | 2,043 | | In-service equipment | 1,329,721 | 1,374,200 | 1,480,599 | | Subscribed equipment | 1,307,215 | 1,352,687 | 1,464,452 | Key Operating Indicators (Six Months Ended June 30) | Indicator | 2024 | 2025 | | :--- | :--- | :--- | | Average monthly subscription fee per subscriber | 1,974 | 2,015 | | Average subscribed units per subscriber | 26.8 | 28.3 | | Number of equipment sold | 48,293 | 59,941 | | Net cash retention rate | 88.8% | 96.8% | | Net cash retention rate for pay-per-use office IT integrated solutions | 90.0% | 96.4% | - Equipment utilization rate remained high at **88.9%**, with idle equipment reduced through comprehensive inventory management measures[41](index=41&type=chunk) [Increase in Customer Numbers and Improvement in New Customer Quality](index=19&type=section&id=Increase%20in%20Customer%20Numbers%20and%20Improvement%20in%20New%20Customer%20Quality) In the first half of 2025, active customer numbers grew by 5.3% to 52,357, and core customer numbers increased by 4.8% to 27,709, with the proportion of in-service equipment for core customers rising to 86.5%, driven by more effective sales strategies, new product development, enhanced technological and scale advantages, and optimized service capabilities - Active customer numbers grew by **5.3%** to **52,357**, and core customer numbers increased by **4.8%** to **27,709**[42](index=42&type=chunk)[43](index=43&type=chunk) - The proportion of in-service equipment for core customers increased from **86.2%** in the first half of 2024 to **86.5%** in the first half of 2025[43](index=43&type=chunk) - Growth drivers include more effective sales strategies, new product development and flexible product strategies, technological and scale advantages (the "Xingyun" system), and optimized service capabilities[42](index=42&type=chunk) - With over **1.48 million** in-service equipment, increased customer density optimized engineer service efficiency and quality, leading to a stable increase in customer retention rate[43](index=43&type=chunk) [Impact of Macroeconomic Conditions and New Product Development](index=20&type=section&id=Impact%20of%20Macroeconomic%20Conditions%20and%20New%20Product%20Development) Facing the demand for cost reduction and efficiency improvement among SMEs amidst a "weak recovery" macroeconomic trend, the company launched its own-brand IT equipment in the first half of 2025, significantly reducing monthly subscription fees and successfully increasing the average subscribed units per old customer from **29** to **31** - The "weak recovery" macroeconomic environment led SMEs to seek cost reduction and efficiency improvement, putting pressure on average monthly subscription fees[44](index=44&type=chunk) - The company launched its own-brand IT equipment with lower monthly subscription fees to meet SME office IT needs and adapt to the transformation of PC demand in the AI era[44](index=44&type=chunk) - The combined effect of new products and sales strategies increased the average subscribed units per old customer from **29** to **31**[44](index=44&type=chunk) [AI Business Implementation and Active Exploration](index=20&type=section&id=AI%20Business%20Implementation%20and%20Active%20Exploration) Responding to the surge in AI hardware demand driven by the explosion of large AI models, the company launched its self-developed Edianyun AP series workstations, supporting local deployment of large models, which received enthusiastic market response and were in short supply, helping SMEs embrace the AI wave at low cost, with continued deep cultivation in the AI field planned for the future - Observing rising market demand for AI PC hardware, the company launched its self-developed Edianyun AP series workstations, supporting local deployment of large models like DeepSeek[45](index=45&type=chunk) - Upon launch, this product generated significant subscription demand, leading to supply shortages, and helped SMEs achieve local deployment of large models at the lowest cost[45](index=45&type=chunk) - The company plans to continue deep cultivation in the AI field, leveraging its main business to connect with SME customer groups and help them build their own AI capabilities[45](index=45&type=chunk) [Outlook](index=21&type=section&id=Outlook) The company will continue to focus on product enhancement, planning to launch key products in the second half of the year, optimize sales teams and strategies, increase R&D investment in remanufacturing technology, and sustain its ESG attributes; despite ongoing challenges for SME recovery, the company's business has returned to a growth trajectory, with office IT integrated solutions market penetration expected to continue increasing - The company will focus on product enhancement, planning to launch several key products in the second half of 2025, and actively respond to customer feedback to optimize its product matrix[46](index=46&type=chunk) - Sales team operations will be strengthened through recruitment and training of sales talent, and AI-based business analytics will be used to optimize sales processes and strategies[46](index=46&type=chunk) - Continued investment and R&D in remanufacturing technology will enhance digital intelligence capabilities, reduce costs, and provide a higher quality equipment experience[47](index=47&type=chunk) - The main business possesses ESG attributes, extending equipment lifespan through remanufacturing technology, reducing waste and carbon emissions[47](index=47&type=chunk) - Significant growth in active customers and in-service equipment indicates the company has overcome adverse factors and returned to a growth trajectory, with office IT integrated solutions market penetration expected to continue increasing[48](index=48&type=chunk) [Significant Events After the Reporting Period](index=22&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) [Significant Events After the Reporting Period](index=22&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) After the reporting period, between June 6 and July 9, 2025, the company subscribed to wealth management products totaling USD 26,534,700 to utilize surplus cash reserves, with an expected annualized return of 2%-4.5%, an investment period of no more than one year, and redeemable at any time - The company subscribed to cash management wealth management products totaling **USD 26,534,700** between June 6 and July 9, 2025[49](index=49&type=chunk) - These wealth management products have an expected annualized return of **2%-4.5%**, an investment period of no more than **one year**, are redeemable at any time, and carry low risk[84](index=84&type=chunk) - The subscription funds came from the Group's surplus cash reserves, aiming to enhance capital utilization and increase income from idle funds[49](index=49&type=chunk)[83](index=83&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) [Revenue](index=22&type=section&id=Revenue) Total revenue for the first half of 2025 was RMB 699.6 million, an 8.2% year-on-year increase, primarily driven by pay-per-use office IT integrated solutions revenue, which accounted for 89.5% and grew by 8.5%, while equipment sales revenue increased by 6.0% and SaaS and other services revenue slightly decreased by 1.8% - Revenue for the first half of 2025 was **RMB 699.6 million**, an **8.2%** year-on-year increase, mainly due to increased revenue from pay-per-use office IT integrated solutions[50](index=50&type=chunk) Revenue Composition and Growth (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pay-per-use office IT integrated solutions | 625,893 | 89.5% | 576,875 | 89.2% | 8.5% | | Equipment sales | 67,915 | 9.7% | 64,077 | 9.9% | 6.0% | | SaaS and other services | 5,832 | 0.8% | 5,936 | 0.9% | -1.8% | | **Total** | **699,640** | **100.0%** | **646,888** | **100.0%** | **8.2%** | [Pay-per-use Office IT Integrated Solutions](index=23&type=section&id=Pay-per-use%20Office%20IT%20Integrated%20Solutions) In the first half of 2025, revenue from this business was RMB 625.9 million, an 8.5% year-on-year increase, primarily benefiting from effective sales strategies, improved sales efficiency, and rapid growth in customer numbers and average subscribed units per customer - Revenue increased by **8.5%** year-on-year to **RMB 625.9 million**[53](index=53&type=chunk) - Growth was mainly attributable to effective sales strategies, significant improvement in sales efficiency, and rapid growth in customer numbers and average subscribed units per customer[53](index=53&type=chunk) [Equipment Sales](index=23&type=section&id=Equipment%20Sales) In the first half of 2025, equipment sales revenue was RMB 67.915 million, a 6.0% year-on-year increase, primarily due to an increase in the volume of equipment sold - Revenue increased by **6.0%** year-on-year to **RMB 67.915 million**[54](index=54&type=chunk) - Growth was mainly due to an increase in the volume of equipment sold compared to the same period[54](index=54&type=chunk) [SaaS and Other Services](index=23&type=section&id=SaaS%20and%20Other%20Services) In the first half of 2025, SaaS and other services revenue was RMB 5.832 million, a 1.8% year-on-year decrease, primarily due to reduced system development revenue and external maintenance services - Revenue decreased by **1.8%** year-on-year to **RMB 5.832 million**[55](index=55&type=chunk) - The decrease was mainly due to reduced system development revenue and external maintenance services[55](index=55&type=chunk) [Cost of Sales](index=23&type=section&id=Cost%20of%20Sales) Cost of sales for the first half of 2025 was RMB 411.7 million, an 11.3% year-on-year increase, primarily due to increased equipment depreciation costs, with pay-per-use office IT integrated solutions accounting for the largest portion and growing by 12.3% - Cost of sales increased by **11.3%** year-on-year to **RMB 411.7 million**[56](index=56&type=chunk) - Primarily due to increased equipment depreciation costs[56](index=56&type=chunk) Cost of Sales Composition (Six Months Ended June 30) | Cost Source | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Pay-per-use office IT integrated solutions | 338,890 | 82.3% | 301,701 | 81.6% | | Equipment sales | 70,613 | 17.2% | 66,963 | 18.1% | | SaaS and other services | 2,197 | 0.5% | 1,253 | 0.3% | | **Total** | **411,700** | **100.0%** | **369,917** | **100.0%** | [Pay-per-use Office IT Integrated Solutions](index=24&type=section&id=Pay-per-use%20Office%20IT%20Integrated%20Solutions) In the first half of 2025, the cost of sales for this business was RMB 338.9 million, a 12.3% year-on-year increase, primarily due to increased depreciation costs resulting from the growth in subscribed equipment - Cost of sales increased by **12.3%** year-on-year to **RMB 338.9 million**[57](index=57&type=chunk) - Mainly due to increased depreciation costs resulting from the growth in subscribed equipment[57](index=57&type=chunk) [Equipment Sales](index=24&type=section&id=Equipment%20Sales) In the first half of 2025, equipment sales cost of sales was RMB 70.613 million, a 5.5% year-on-year increase, primarily due to an increase in the volume of equipment sold - Cost of sales increased by **5.5%** year-on-year to **RMB 70.613 million**[58](index=58&type=chunk) - Mainly due to an increase in the volume of equipment sold compared to the same period[58](index=58&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Gross profit for the first half of 2025 increased by 4.0% to RMB 287.9 million, but the gross profit margin decreased from 42.8% to 41.2%, primarily due to increased depreciation costs for pay-per-use office IT integrated solutions, while the loss rate for equipment sales decreased - Gross profit increased by **4.0%** year-on-year to **RMB 287.9 million**[59](index=59&type=chunk) - Gross profit margin decreased from **42.8%** to **41.2%**[59](index=59&type=chunk) Gross Profit and Gross Profit Margin (Six Months Ended June 30) | Business Segment | 2025 Gross Profit (RMB thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousands) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Pay-per-use office IT integrated solutions | 287,003 | 45.9% | 275,174 | 47.7% | | Equipment sales | (2,698) | (4.0%) | (2,886) | (4.5%) | | SaaS and other services | 3,635 | 62.3% | 4,683 | 78.9% | | **Total Gross Profit / Total Gross Profit Margin** | **287,940** | **41.2%** | **276,971** | **42.8%** | [Pay-per-use Office IT Integrated Solutions](index=25&type=section&id=Pay-per-use%20Office%20IT%20Integrated%20Solutions) In the first half of 2025, gross profit for this business increased by 4.3% to RMB 287.0 million, but the gross profit margin decreased from 47.7% to 45.9%, primarily due to increased depreciation costs resulting from the growth in equipment numbers - Gross profit increased by **4.3%** year-on-year to **RMB 287.0 million**[62](index=62&type=chunk) - Gross profit margin decreased from **47.7%** to **45.9%**, mainly due to increased depreciation costs resulting from the growth in equipment numbers[62](index=62&type=chunk) [Equipment Sales](index=25&type=section&id=Equipment%20Sales) In the first half of 2025, equipment sales loss decreased by 6.5% to RMB 2.7 million, and the loss rate decreased from 4.5% to 4.0%, primarily due to the company adjusting its sales strategies and product categories based on market conditions - Equipment sales loss decreased by **6.5%** to **RMB 2.7 million**[63](index=63&type=chunk) - The loss rate decreased from **4.5%** to **4.0%**, mainly due to the company adjusting its sales strategies and product categories according to market conditions[63](index=63&type=chunk) [Research and Development Expenses](index=25&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses for the first half of 2025 were RMB 30.0 million, a 9.1% year-on-year decrease, primarily due to lower cloud server costs and improved bargaining power - Research and development expenses decreased by **9.1%** year-on-year to **RMB 30.0 million**[64](index=64&type=chunk) - Mainly due to lower cloud server costs and improved bargaining power[64](index=64&type=chunk) [General and Administrative Expenses](index=26&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses for the first half of 2025 were RMB 42.6 million, a significant 39.8% year-on-year decrease, primarily due to reduced share-based payment expenses and improved office efficiency through AI tools - General and administrative expenses significantly decreased by **39.8%** year-on-year to **RMB 42.6 million**[65](index=65&type=chunk) - Mainly due to reduced share-based payment expenses and improved overall office efficiency through the use of AI tools[65](index=65&type=chunk) [Other Income](index=26&type=section&id=Other%20Income) Other income for the first half of 2025 was RMB 7.3 million, a 6.6% year-on-year increase, primarily due to increased government grants from Beijing and Chengdu local governments supporting foreign-invested enterprises - Other income increased by **6.6%** year-on-year to **RMB 7.3 million**[66](index=66&type=chunk) - Mainly due to increased grants received from Beijing and Chengdu local governments to support foreign-invested enterprises during the period[66](index=66&type=chunk) [Other Gains and Losses](index=26&type=section&id=Other%20Gains%20and%20Losses) Net other gains and losses for the first half of 2025 resulted in a loss of RMB 8.7 million, a 36.1% increase in loss compared to the same period last year, primarily due to increased write-off losses on leased computer equipment - Net loss was **RMB 8.7 million**, a **36.1%** increase in loss compared to the same period last year[67](index=67&type=chunk) - Mainly due to increased write-off losses on leased computer equipment[67](index=67&type=chunk) [Impairment Losses Under Expected Credit Loss Model, Net of Reversals](index=26&type=section&id=Impairment%20Losses%20Under%20Expected%20Credit%20Loss%20Model%2C%20Net%20of%20Reversals) Net impairment losses under the expected credit loss model for the first half of 2025 were RMB 15.5 million, a 13.1% year-on-year increase, primarily due to increased trade receivables driven by revenue growth - Net impairment losses were **RMB 15.5 million**, an increase of **RMB 1.8 million** compared to the same period last year[68](index=68&type=chunk) - Mainly due to the increase in trade receivables resulting from the company's revenue growth[68](index=68&type=chunk) [Finance Costs](index=27&type=section&id=Finance%20Costs) Finance costs for the first half of 2025 were RMB 63.1 million, a 9.0% year-on-year increase, primarily due to expanded financing scale driven by market expansion and higher equipment procurement, despite a continuous decrease in financing interest rates - Finance costs increased by **9.0%** year-on-year to **RMB 63.1 million**[69](index=69&type=chunk) - Mainly due to the company's expanded market scale and increased equipment procurement, leading to an increase in the Group's financing scale, while financing interest rates continued to decline[69](index=69&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) Income tax expense for the first half of 2025 was RMB 8.3 million, a significant increase from RMB 4.8 million in the same period last year, primarily due to the recognition of deferred tax - Income tax expense was **RMB 8.3 million**, an increase compared to **RMB 4.8 million** in the same period last year[70](index=70&type=chunk) - The tax expense recorded during the reporting period was mainly due to the recognition of deferred tax[70](index=70&type=chunk) [Profit and Total Comprehensive Income for the Period](index=27&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Period) Profit and total comprehensive income for the first half of 2025 was RMB 45.7 million, a substantial 177.6% increase from RMB 16.5 million in the same period last year - Profit and total comprehensive income for the period was **RMB 45.7 million**, an increase of **RMB 29.3 million** compared to the same period last year[71](index=71&type=chunk) [Adjusted Profit (Non-IFRS Measure)](index=27&type=section&id=Adjusted%20Profit%20(Non-IFRS%20Measure)) Adjusted net profit for the first half of 2025 was RMB 51.179 million, a 66.6% year-on-year increase, primarily adjusted by adding back share-based payment expenses Adjusted Net Profit Reconciliation (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit and total comprehensive income for the period | 45,745 | 16,481 | | Add: Share-based payment expenses | 5,434 | 14,233 | | **Adjusted net profit** | **51,179** | **30,714** | [EBITDA and Adjusted EBITDA (Non-IFRS Measure)](index=28&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20(Non-IFRS%20Measure)) EBITDA for the first half of 2025 was RMB 379.6 million, and adjusted EBITDA was RMB 385.0 million, representing year-on-year increases of 23.9% and 20.1%, respectively EBITDA and Adjusted EBITDA Reconciliation (Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit and total comprehensive income for the period | 45,745 | 16,481 | | Add: Net finance costs | 61,392 | 54,340 | | Add: Income tax expense | 8,319 | 4,788 | | Add: Depreciation | 263,860 | 230,581 | | Add: Amortization | 239 | 205 | | **EBITDA** | **379,555** | **306,395** | | Add: Share-based payment expenses | 5,434 | 14,233 | | **Adjusted EBITDA** | **384,989** | **320,628** | [Capital Management, Financing and Financial Policies](index=29&type=section&id=Capital%20Management%2C%20Financing%20and%20Financial%20Policies) [Capital Management, Financing and Financial Policies](index=29&type=section&id=Capital%20Management%2C%20Financing%20and%20Financial%20Policies) The company is committed to maintaining its ability to continue as a going concern and providing returns to shareholders, supporting business expansion and working capital needs through prudent financing and financial policies; as of June 30, 2025, cash and cash equivalents decreased, borrowings increased, and the gearing ratio improved - The company's capital management objective is to maintain its ability to continue as a going concern, provide returns to shareholders, and adjust its capital structure through issuing new shares, bonds, bank borrowings, and other means[74](index=74&type=chunk) - Prudent financing and financial policies are adopted to maintain sufficient cash flow to support business expansion, capital expenditures, and general working capital needs[74](index=74&type=chunk) [Cash Position](index=29&type=section&id=Cash%20Position) As of June 30, 2025, cash and cash equivalents were RMB 400.6 million, a decrease from RMB 556.7 million as of December 31, 2024 - Cash and cash equivalents decreased from **RMB 556.7 million** as of December 31, 2024, to **RMB 400.6 million** as of June 30, 2025[75](index=75&type=chunk) - Cash and cash equivalents are primarily denominated in Renminbi, Hong Kong Dollars, and US Dollars[75](index=75&type=chunk) [Borrowings](index=29&type=section&id=Borrowings) As of June 30, 2025, the company's total borrowings were RMB 1,488.6 million, with approximately RMB 892.9 million due within one year; the average borrowing balance increased by 7.7% year-on-year, and borrowing interest rates ranged from 2.15% to 12%, a decrease from the previous year - As of June 30, 2025, total borrowings were **RMB 1,488.6 million**[76](index=76&type=chunk) - Approximately **RMB 892.9 million** is due within **one year**[76](index=76&type=chunk) - The average balance of current and non-current borrowings was **RMB 1,552.7 million**, an increase of **7.7%** compared to the same period last year[76](index=76&type=chunk) - Borrowing interest rates ranged from **2.15%** to **12%**, a decrease from **3.15%** to **12%** in the same period last year[77](index=77&type=chunk) [Gearing Ratio](index=30&type=section&id=Gearing%20Ratio) As of June 30, 2025, the company's gearing ratio was 160.9%, an improvement from 168.5% as of December 31, 2024 - The gearing ratio decreased from **168.5%** as of December 31, 2024, to **160.9%** as of June 30, 2025[78](index=78&type=chunk) [Foreign Exchange and Exchange Rate Risk](index=30&type=section&id=Foreign%20Exchange%20and%20Exchange%20Rate%20Risk) The company primarily operates in China, with most income and expenses denominated in Renminbi, but some bank balances, financial assets, and liabilities are denominated in foreign currencies, exposing it to foreign exchange risk; currently, there is no hedging policy, but management continuously monitors the situation - The company primarily operates in China, with most income and expenses denominated in Renminbi[79](index=79&type=chunk) - Some bank balances, financial assets, and liabilities are denominated in foreign currencies, exposing the company to foreign exchange risk[79](index=79&type=chunk) - Currently, there is no foreign currency hedging policy, but management will monitor and consider future hedging measures[79](index=79&type=chunk) [Contingent Liabilities](index=30&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - As of June 30, 2025, the company had no significant contingent liabilities[80](index=80&type=chunk) [Pledge of Group Assets](index=30&type=section&id=Pledge%20of%20Group%20Assets) As of June 30, 2025, the company pledged leased computer equipment and right-of-use assets with a net book value of approximately RMB 1,562.6 million as collateral for bank borrowings and other financial institution financing - As of June 30, 2025, the company pledged leased computer equipment and right-of-use assets with a net book value of approximately **RMB 1,562.6 million** as collateral for bank borrowings and other financial institution financing[81](index=81&type=chunk) [Capital Expenditures](index=30&type=section&id=Capital%20Expenditures) Capital expenditures for the first half of 2025 were RMB 386.4 million, a decrease from RMB 426.0 million in the same period last year, primarily used for the acquisition of leased computer equipment and right-of-use assets, funded mainly by cash flow from customer subscriptions and borrowings - Capital expenditures for the first half of 2025 were **RMB 386.4 million**, a decrease from **RMB 426.0 million** in the same period last year[82](index=82&type=chunk) - Capital expenditures were primarily used for the acquisition of leased computer equipment (**RMB 177.7 million**) and right-of-use assets (**RMB 208.7 million**)[82](index=82&type=chunk) - Funds were primarily provided by cash flow from customer subscriptions, bank, and other borrowings[82](index=82&type=chunk) [Significant Investments Held](index=31&type=section&id=Significant%20Investments%20Held) [Significant Investments Held](index=31&type=section&id=Significant%20Investments%20Held) After the reporting period, between June 6 and July 9, 2025, the company subscribed to low-risk cash management wealth management products totaling USD 26,534,700 to enhance capital utilization and increase income from idle funds; as of June 30, 2025, the fair value of these products was RMB 143.3 million, accounting for approximately 4.1% of total assets - The company subscribed to cash management wealth management products totaling **USD 26,534,700** between June 6 and July 9, 2025[84](index=84&type=chunk) - These products have an expected annualized return of **2%-4.5%**, an investment period of no more than **one year**, are redeemable at any time, and carry low risk[84](index=84&type=chunk) - As of June 30, 2025, the fair value of these wealth management products was **RMB 143.3 million**, accounting for approximately **4.1%** of total assets[84](index=84&type=chunk) - As of June 30, 2025, the company had no significant investments accounting for **5%** or more of total assets[85](index=85&type=chunk) [Material Acquisitions and Disposals](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals) [Material Acquisitions and Disposals](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals) For the first half of 2025 and up to the date of this announcement, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the first half of 2025 and up to the date of this announcement, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[86](index=86&type=chunk) [Employees and Remuneration](index=32&type=section&id=Employees%20and%20Remuneration) [Employees and Remuneration](index=32&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the company had 1,238 full-time employees, a decrease from December 31, 2024; the company offers competitive compensation and benefits, diverse training, and implements share option schemes to attract and incentivize talent - As of June 30, 2025, the company had **1,238** full-time employees, a decrease from **1,430** as of December 31, 2024[88](index=88&type=chunk) - Employee remuneration (excluding directors) for the first half of 2025 was approximately **RMB 136 million**, a decrease from **RMB 144 million** in the same period last year[88](index=88&type=chunk) - The company offers competitive compensation, performance bonuses, and other incentives, and provides regular internal training for employees[88](index=88&type=chunk)[89](index=89&type=chunk) - The company adopted a pre-IPO share option scheme and a 2023 share scheme, aiming to attract, incentivize, and retain talent[90](index=90&type=chunk)[91](index=91&type=chunk) - On April 22, 2025, the Board conditionally granted share options and share awards to Dr. Ji Pengcheng and Mr. Zhang Bin, linked to business and financial milestones such as subscribed equipment quantity, monthly revenue, and gross profit[92](index=92&type=chunk) - On June 13, 2025, the company granted a total of **5,760,000** share options and **2,821,400** share awards to **146** eligible participants[94](index=94&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board of Directors decided not to pay any interim dividend for the first half of 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[95](index=95&type=chunk) [Corporate Governance Code](index=35&type=section&id=Corporate%20Governance%20Code) The company has complied with all applicable provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, but the roles of Chairman and Chief Executive Officer are combined and held by Dr. Ji Pengcheng, which the Board believes provides strong and consistent leadership for the company, with adequate checks and balances in place - The company has complied with all applicable provisions of the Corporate Governance Code[96](index=96&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Dr. Ji Pengcheng, which deviates from code provision C.2.1[97](index=97&type=chunk) - The Board believes this arrangement provides strong and consistent leadership for the company, and adequate checks and balances are in place (e.g., independent non-executive directors, Board decisions requiring majority approval)[97](index=97&type=chunk)[98](index=98&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=36&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) Following specific inquiries, all Directors confirmed that they have complied with the required standards set out in the Model Code for Securities Transactions by Directors in Appendix C3 of the Listing Rules for the six months ended June 30, 2025 - All Directors confirmed that they have complied with the required standards set out in the Model Code for the six months ended June 30, 2025[100](index=100&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Mr. Wang Jingbo as Chairman; the committee has reviewed the company's unaudited condensed consolidated interim financial statements and interim results announcement for the first half of 2025, and the independent auditor has reviewed the condensed consolidated financial statements in accordance with International Standard on Review Engagements 2410 - The Audit Committee comprises three independent non-executive directors, with Mr. Wang Jingbo as Chairman of the committee[101](index=101&type=chunk) - The committee has reviewed the company's unaudited condensed consolidated interim financial statements and interim results announcement for the first half of 2025[101](index=101&type=chunk) - The independent auditor, Deloitte Touche Tohmatsu, has reviewed the condensed consolidated financial statements in accordance with International Standard on Review Engagements 2410[101](index=101&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) In the first half of 2025, the company repurchased and cancelled a total of 46,013,500 ordinary shares on the Stock Exchange for a total consideration (before expenses) of HKD 26,371,999, aiming to enhance net asset value per share and/or earnings per share; as of the date of this announcement, the company held 13,637,000 treasury shares - In the first half of 2025, the company repurchased a total of **14,792,500** ordinary shares on the Stock Exchange for a total consideration (before expenses) of **HKD 26,371,999**[102](index=102&type=chunk) - The share repurchases aimed to enhance net asset value per share and/or earnings per share[102](index=102&type=chunk) - As of June 30, 2025, the company cancelled a total of **46,013,500** treasury shares[102](index=102&type=chunk) - As of the date of this announcement, the company held **13,637,000** treasury shares[102](index=102&type=chunk) [Material Litigation](index=37&type=section&id=Material%20Litigation) For the first half of 2025 and up to the date of this announcement, the company was not involved in any material litigation or arbitration, and the Directors were not aware of any pending or threatened material litigation or claims - For the first half of 2025 and up to the date of this announcement, the company was not involved in any material litigation or arbitration[103](index=103&type=chunk) [Use of Proceeds from Global Offering](index=38&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering were approximately HKD 97.0 million, of which HKD 83.9 million had been utilized as of June 30, 2025, primarily for market promotion, sales and service network improvements, R&D and diversification of service content, enhancing remanufacturing capabilities and operational efficiency, working capital, and general corporate purposes; the remaining proceeds are expected to be utilized by the end of 2025 - The net proceeds from the global offering were approximately **HKD 97.0 million**[105](index=105&type=chunk) - As of June 30, 2025, **HKD 83.9 million** had been utilized, with **HKD 13.1 million** remaining unutilized[105](index=105&type=chunk) Use of Proceeds and Utilization (As of June 30, 2025) | Intended Use | Percentage (%) | Available (HKD millions) | Utilized (HKD millions) | Unutilized (HKD millions) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Investment in market promotion and sales and service network improvements | 40.0 | 38.8 | 29.8 | 9.0 | By end of 2025 | | Investment in R&D and diversification of service content | 30.0 | 29.1 | 25.0 | 4.1 | By end of 2025 | | Enhancing remanufacturing capabilities and operational efficiency | 20.0 | 19.4 | 19.4 | 0.0 | - | | Working capital and general corporate purposes | 10.0 | 9.7 | 9.7 | 0.0 | - | | **Total** | **100.0** | **97.0** | **83.9** | **13.1** | | - Unutilized proceeds are intended to be placed in interest-bearing accounts and comply with China's foreign exchange registration and remittance laws[106](index=106&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=39&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the company's website, and the interim report for the six months ended June 30, 2025, will also be available on these websites - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (http://edianyun.com)[107](index=107&type=chunk) - The interim report for the six months ended June 30, 2025, will be available on the aforementioned websites[107](index=107&type=chunk) [By Order of the Board](index=39&type=section&id=By%20Order%20of%20the%20Board) This announcement was issued by Dr. Ji Pengcheng, Chairman and Chief Executive Officer of the Board, in Beijing, China, on August 25, 2025, and lists the members of the Board of Directors - The announcement was issued by Dr. Ji Pengcheng, Chairman and Chief Executive Officer of the Board, on August 25, 2025[108](index=108&type=chunk) - Board members include executive directors Dr. Ji Pengcheng, Mr. Zhang Bin, Mr. He Liang, and Mr. Tong Jian, as well as independent non-executive directors Mr. Hong Weili, Mr. Song Shiji, Mr. Wang Jingbo, and Ms. Li Dan[108](index=108&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DREAM INTERNATIONAL LIMITED 德林國際有限公司 （於香港註冊成立之有限公司） （股份代號：1126） 截至二零二五年六月三十日止六個月中期業績公告 德林國際有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（「本集團」）截至二零二五年六月三十日止六個月之未經審核綜合業績， 連同二零二四年同期之比較數字。 綜合損益表 截至二零二五年六月三十日止六個月－未經審核 （以港元為單位） | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收入 | 3 | 2,578,311 | 2,294,045 | | 銷售成本 | | (2,060,691) | (1,743,774) | | 毛利 | | 517,620 | 550 ...