香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容所產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 YH Entertainment Group 樂華娛樂集團 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2306） 截 至2025年6月30日止六個月之 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月之未經審核綜合中期業績， 連 同2024年 同 期 之 比 較 數 字： 財務摘要 | 截 | 至6月30日止六個月 | 2025年 | 同比變動 | 2024年 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分 | （百 | 比 | （人 | 千 | 分 | 民 | 幣 | 以 | 計， | （百 | 點 | 元 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Best Pacific International Holdings Limited 超盈國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2111） 截至二零二五年六月三十日止六個月 的中期業績公告 財務摘要 截至二零二五年六月三十日止六個月的本公司擁有人應佔溢利為約 260.4百 萬 港 元，較 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 減 少 約6.1%。 – 1 – • 本集團截至二零二五年六月三十日止六個月的收入為約2,329.8百萬港 元，較 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 輕 微 減 少 約2.3%。 • 本集團截至二零二五年六月三十日止六個月的毛利為約620.4百萬港元， 較截至二零二四年六月三十日止六個月減少約3.8%。截 至 二 ...

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。 C CHENG HOLDINGS LIMITED 思城控股有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：1486） 截至二零二五年六月三十日止六個月的中期業績公告 思城控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核簡明綜合財務業 績，連同二零二四年同期的未經審核比較數字如下： 業務摘要 財務摘要 － 本集團期內新簽及補充合約總額為232,804,000港元（截至二零二四年六月 三十日止六個月：186,512,000港元），增加46,292,000港元或24.8%；及 － 在手合約總額為1,083,381,000港元（截至二零二四年六月三十日止六個月： 1,261,760,000港元），減少178,379,000元或14.1%。 － 期 內 收益為181,969,000港 元（截 至 二 零 二 四 ...

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，並明確表示概不就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。 CHINA INNOVATION INVESTMENT LIMITED 中 國 創 新 投 資 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1217） 截至二零二五年六月三十日止六個月 中期業績 中國創新投資有限公司（「本公司」）董事（「董事」）局（「董事局」）欣然公佈本公司截至 二零二五年六月三十日止六個月之未經審核中期業績連同二零二四年同期之比較數字如 下： 截至二零二五年六月三十日止六個月，本公司錄得營業額約為683,279,000港元（二零 二四年：269,660,000港元）。 截至二零二五年六月三十日止六個月，本公司之收益為約30,825,000港元，主要包括： 1 (i) 香港上市證券錄得股息收入約217,000港元。 (ii) 出售經損益按公平值計算之投資錄得已變現收益淨額約47,507,000港元。 (iii) 經損益按公平值計算之投資未變 ...

於本公告日期，董事會成員包括執行董事兼董事會主席田一妤女士，執行董事兼 本公司行政總裁田煥昕女士，執行董事余鈞楠先生，以及獨立非執行董事韓銘生 先生、鄧澍焙先生及洪嘉禧先生。 二零二五年中期業績公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 匯財金融投資控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈本集團截至二零二五年六月三十日止六個月的未經 審核簡明綜合中期業績。本公告列載本公司二零二五年中期報告全文，乃符合香 港聯合交易所有限公司GEM證券上市規則（「GEM上市規則」）中有關中期業績初 步公告附載之相關資料要求。 代表董事會 匯財金融投資控股有限公司 主席 田一妤女士 香港，二零二五年八月二十五日 本公告的資料乃遵照GEM 上市規則而刊載，旨在提供有關本公司的資料；各董事 願就本公告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後， 確認就其所知及所信，本公告所載資料在各重要方面均 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對就本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SiS MOBILE HOLDINGS LIMITED 新 龍 移 動 集 團 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：1362） 截至二零二五年六月三十日止六個月 中期業績 新龍移動集團有限公司（「本公司」）之董事（「董事」）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簡明綜合業績，連同二零二四年 同期之比較數字。中期財務報表已由本公司審核委員會審閱。 簡明綜合損益及其他全面收益表 | | | 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 | | | | (未經審核) | (未經審核) | | 收益 | 4 | 567,357 | 470,383 | | 銷售成本 | | (550,797) | (444,574) | | 毛 ...

[Announcement Information](index=1&type=section&id=%E5%85%AC%E5%91%8A%E4%BF%A1%E6%81%AF) This section provides fundamental information about Hebei Construction Group Corporation Limited, including its registration, listing details, and the composition of its Board of Directors [Company Basic Information](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Hebei Construction Group Corporation Limited (Stock Code: 1727), registered in the PRC with H shares listed on HKEX, announces its unaudited consolidated interim results for the six months ended June 30, 2025 - Company name: Hebei Construction Group Corporation Limited, stock code: **1727**[2](index=2&type=chunk) - The company was incorporated in the People's Republic of China, and its H shares were listed on the Main Board of the Hong Kong Stock Exchange on December 15, 2017[2](index=2&type=chunk)[97](index=97&type=chunk) - This announcement presents the unaudited consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) [Board of Directors](index=1&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E6%88%90%E5%91%98) As of the announcement date, the Board comprises 5 executive directors, 1 non-executive director, and 3 independent non-executive directors - Executive Directors include Mr. Li Baozhong, Mr. Shang Jinfeng, Mr. Zhao Wensheng, Mr. Tian Wei, and Mr. Zhang Wenzhong[4](index=4&type=chunk) - Non-executive Director is Mr. Li Baoyuan[4](index=4&type=chunk) - Independent Non-executive Directors include Ms. Shen Lifeng, Ms. Chen Xin, and Mr. Chen Yisheng[4](index=4&type=chunk) [Financial Highlights](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes the company's key financial performance for the first half of 2025, highlighting significant year-on-year changes in revenue, net profit, and earnings per share [Key Financial Data for H1 2025](index=2&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%95%B8%E6%93%9A) For the six months ended June 30, 2025, the company's revenue, net profit, and EPS significantly decreased year-on-year by 28%, 21%, and 14% respectively 2025 H1 Financial Highlights (Year-on-Year) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 7,908,202 | 11,015,171 | Down 28.21% | | Net Profit | 95,244 | 120,879 | Down 21.20% | | Earnings Per Share (RMB/share) | 0.06 | 0.07 | Down 14.29% | [Business Review](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides an overview of the company's core construction businesses, including new contract performance, segment distribution, and representative projects across various categories [Company Business Overview](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%88) The company is a leading non-state-owned construction group in China, with main revenue from building construction, infrastructure construction, and specialized and other construction engineering; new contracts in H1 2025 decreased by 42.41% to RMB 8.039 billion - The company is a leading non-state-owned construction group in China, primarily engaged in construction engineering contracting, including building construction, infrastructure construction, and specialized and other construction engineering contracting businesses[6](index=6&type=chunk)[8](index=8&type=chunk) 2025 H1 New Contract Value Overview | Indicator | 2025 H1 (RMB billion) | 2024 H1 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | New Contract Value | 8.039 | 13.960 | Down 42.41% | New Contract Value Distribution by Region and Segment | Category | 2025 H1 Share | 2024 H1 Share | | :--- | :--- | :--- | | **By Region** | | | | Beijing-Tianjin-Hebei | 79.71% | 88.91% | | Others | 20.29% | 11.09% | | **By Segment** | | | | Building Construction Engineering | 40.38% | 55.98% | | Infrastructure Construction Engineering | 39.05% | 18.77% | | Specialized and Other Construction Engineering | 20.57% | 25.25% | [Building Construction Business](index=4&type=section&id=%E6%88%BF%E5%B1%8B%E5%BB%BA%E7%AF%89%E6%A5%AD%E5%8B%99) This business primarily provides general contracting services for residential, public, industrial, and commercial building projects, with new contracts in H1 2025 significantly down by 58.46% to RMB 3.246 billion - The company undertakes most building construction projects as a general contractor, responsible for all major aspects including construction, foundation engineering, curtain walls, decoration, and fire protection engineering[9](index=9&type=chunk) Building Construction Business New Contract Value | Indicator | 2025 H1 (RMB billion) | 2024 H1 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | New Contract Value | 3.246 | 7.815 | Down 58.46% | Building Construction Business New Contract Value Distribution by Segment | Segment | 2025 H1 Share | 2024 H1 Share | | :--- | :--- | :--- | | Residential Building Engineering | 35.85% | 34.54% | | Public Building Engineering | 51.27% | 46.87% | | Industrial Building Engineering | 12.88% | 18.59% | | Commercial Building Engineering | 0.00% | 0.00% | [Infrastructure Construction Business](index=5&type=section&id=%E5%9F%BA%E7%A4%8E%E8%A8%AD%E6%96%BD%E5%BB%BA%E8%A8%AD%E6%A5%AD%E5%8B%99) This business primarily offers general contracting services for municipal and transportation infrastructure projects, with new contracts in H1 2025 increasing by 19.81% to RMB 3.139 billion - Business scope includes water supply and treatment, gas and heating, urban pipelines, landscaping, roads, bridges, and airport runway facilities[11](index=11&type=chunk) - Major clients are local governments, and the company undertakes most of these construction projects as a general contractor[11](index=11&type=chunk) Infrastructure Construction Business New Contract Value | Indicator | 2025 H1 (RMB billion) | 2024 H1 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | New Contract Value | 3.139 | 2.620 | Up 19.81% | Infrastructure Construction Business New Contract Value Distribution by Segment | Segment | 2025 H1 Share | 2024 H1 Share | | :--- | :--- | :--- | | Municipal Infrastructure Construction Engineering | 77.22% | 62.43% | | Transportation Infrastructure Construction Engineering | 22.78% | 37.57% | [Specialized and Other Construction Engineering Contracting Business](index=6&type=section&id=%E5%B0%88%E6%A5%AD%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BB%BA%E7%AF%89%E5%B7%A5%E7%A8%8B%E6%89%BF%E5%8C%85%E6%A5%AD%E5%8B%99) This business leverages professional qualifications in M&E installation, steel structures, and decoration, with new contracts in H1 2025 decreasing by 53.09% to RMB 1.654 billion, but with significant growth in new energy and water conservancy - Business scope includes construction engineering contracting projects in specialized fields such as M&E installation, steel structure construction, and decoration and renovation[13](index=13&type=chunk) Specialized and Other Construction Engineering Contracting Business New Contract Value | Indicator | 2025 H1 (RMB billion) | 2024 H1 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | New Contract Value | 1.654 | 3.525 | Down 53.09% | Specialized and Other Construction Engineering Contracting Business New Contract Value Distribution by Segment | Segment | 2025 H1 Share | 2024 H1 Share | | :--- | :--- | :--- | | M&E Installation | 6.17% | 25.20% | | Steel Structure | 0.66% | 0.17% | | Decoration and Renovation | 12.52% | 5.25% | | New Energy | 55.99% | – | | Water Conservancy and Hydropower | 12.33% | – | | Other Construction Businesses | 12.33% | 69.38% | [Representative Engineering Projects](index=7&type=section&id=%E4%BB%A3%E8%A1%A8%E6%80%A7%E5%B7%A5%E7%A8%8B%E9%A0%85%E7%9B%AE) The report lists representative new, ongoing, and completed projects in H1 2025 across various categories, showcasing the company's project execution capabilities in different regions and sectors - Representative new contracts include transportation infrastructure projects (e.g., S333 Haixing to Shunping Highway Anping Section Reconstruction Project), municipal infrastructure projects (e.g., Flood Control and Drainage Project – Baoding City Pipeline Network and Supporting Municipal Infrastructure Project), residential building projects, and new energy projects (e.g., Antai (Baoding) New Energy Technology Co., Ltd. New 100MW/200MWh Independent Energy Storage Power Station Project)[15](index=15&type=chunk)[17](index=17&type=chunk) - Representative ongoing projects cover public buildings (e.g., China Academy of Chinese Medical Sciences Guang'anmen Hospital Baoding Hospital EPC Project), residential buildings (e.g., Huangshanmudian Liangmachang Resettlement Housing Project in Pingfang Township, Chaoyang District), commercial buildings, industrial buildings, transportation infrastructure construction, municipal infrastructure, and specialized construction businesses like M&E installation and decoration[18](index=18&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - Representative completed projects include public buildings (e.g., Knowledge City ZSCXN-B3–2 (Medical City) Project), residential buildings (e.g., Botou City Longtun New City Urban Village Renovation Phase II Project), commercial buildings, industrial buildings, and transportation infrastructure construction (e.g., Chongqing Jiangbei International Airport T3B Terminal and Fourth Runway Project Airfield Engineering)[28](index=28&type=chunk) [Scientific Research Achievements and Awards](index=14&type=section&id=%E7%A7%91%E7%A0%94%E6%88%90%E6%9E%9C%E5%8F%8A%E7%8D%8E%E9%A0%85) This section highlights the company's scientific research progress and accolades in the first half of 2025, including R&D investment, technology platform development, and intellectual property achievements [H1 2025 Scientific Research Progress](index=14&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%A7%91%E7%A0%94%E9%80%B2%E5%B1%95) In H1 2025, the company achieved notable progress in R&D projects, technology platform development, and intellectual property, accumulating **RMB 347 million** in R&D expenses for 2024 and obtaining **35 new patents** - Awarded **19 provincial construction industry scientific and technological progress awards**, **12 new technology application demonstration projects**, and **2 green construction technology demonstration projects**[29](index=29&type=chunk) - **9 achievements** were evaluated as domestically leading, **4 scientific and technological achievements** passed provincial construction association acceptance, and **3 achievements** were evaluated as domestically leading[29](index=29&type=chunk) - Accumulated **RMB 347 million** in R&D expenses for **300 enterprise-level scientific research projects** in 2024[29](index=29&type=chunk) - As of the end of June 2025, **35 new patents** were granted (including **8 invention patents**), and **21 new patent applications** were filed[29](index=29&type=chunk) [Future Outlook](index=15&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) This section outlines the company's strategic priorities and key initiatives for the second half of the year, focusing on sustainable development and enhancing shareholder value [Key Tasks for H2](index=15&type=section&id=%E4%B8%8B%E5%8D%8A%E5%B9%B4%E9%87%8D%E9%BB%9E%E5%B7%A5%E4%BD%9C) The company will continue to focus on building quality platforms, stimulating organizational vitality, improving project quality, and strengthening safety management in H2 to achieve sustainable development and shareholder returns - Continuously build high-quality enterprise platforms, leveraging the Group's **73 years of accumulated brand reputation, qualifications, performance, financial credit, and talent reserves**[31](index=31&type=chunk) - Continue to activate the vitality of all organizational levels, encouraging innovation and entrepreneurship across the industry value chain to identify new economic growth points[31](index=31&type=chunk) - Continuously improve project quality, deeply carry out special governance for common quality issues, promote quality management standardization, and actively create high-quality projects at all levels[32](index=32&type=chunk) - Maintain constant vigilance regarding production safety, continuously strengthen safety education and publicity, and ensure stable safety production throughout the year by strictly controlling the process[32](index=32&type=chunk) [Financial Performance Analysis](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) This section provides a detailed analysis of the company's financial performance for the first half of 2025, covering revenue, costs, expenses, and profit drivers [Revenue, Cost of Sales, and Gross Profit](index=16&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E3%80%81%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC%E5%8F%8A%E6%AF%9B%E5%88%A9) H1 2025 revenue was **RMB 7.908 billion**, a decrease of approximately **RMB 3.107 billion (28%)** year-on-year, primarily due to reduced revenue from the construction engineering segment, project completions, and fewer new contracts - H1 2025 revenue was **RMB 7.908 billion**, a decrease of approximately **RMB 3.107 billion**, representing a **28% decline**[34](index=34&type=chunk)[5](index=5&type=chunk) - The decrease in revenue was mainly due to a **RMB 3.174 billion** decline in revenue from the construction engineering contracting segment, attributed to the completion of some large projects and a decrease in the contract value and number of newly undertaken projects[34](index=34&type=chunk)[35](index=35&type=chunk) Operating Performance of Construction Engineering Contracting Segment | Segment | 2025 H1 Revenue (RMB billion) | 2025 H1 Gross Margin (%) | 2024 H1 Revenue (RMB billion) | 2024 H1 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Building Construction Business | 4.744 | 5.1 | 6.984 | 5.1 | | Infrastructure Construction Business | 2.218 | 7.8 | 3.099 | 7.1 | | Specialized and Other Construction Business | 0.672 | 5.5 | 0.725 | 5.4 | | **Total** | **7.634** | **5.9** | **10.808** | **5.7** | [Administrative Expenses and R&D Expenses](index=17&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8%E8%88%87%E7%A0%94%E7%99%BC%E8%B2%BB%E7%94%A8) H1 2025 administrative expenses decreased by **RMB 89.77 million** to **RMB 122 million**, primarily due to reduced staff costs; R&D expenses decreased by **RMB 5.25 million** to **RMB 27.97 million**, mainly due to fewer new projects - Administrative expenses were **RMB 122 million**, a decrease of **RMB 89.77 million** compared to H1 2024, mainly due to reduced staff salaries, welfare, and social insurance contributions[37](index=37&type=chunk) - R&D expenses were **RMB 27.97 million**, a decrease of **RMB 5.25 million** compared to H1 2024, primarily due to fewer new projects initiated[38](index=38&type=chunk) [Credit Impairment Losses and Asset Impairment Losses](index=17&type=section&id=%E4%BF%A1%E7%94%A8%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1%E8%88%87%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 credit impairment losses increased by **RMB 15 million** to **RMB 92 million** due to bad debt provisions for high-risk clients; asset impairment losses reversed **RMB 68 million**, mainly due to decreased original value of contract assets from lower revenue - Credit impairment losses were **RMB 92 million**, an increase of **RMB 15 million** compared to H1 2024, mainly due to the Group's individual provision for bad debts for clients with significant default risks based on their operating conditions[39](index=39&type=chunk) - Asset impairment losses reversed **RMB 68 million**, compared to a reversal of **RMB 37 million** in H1 2024, primarily due to a decrease in the original value of contract assets resulting from lower revenue in the current period, leading to a reduction in newly provided bad debt provisions for contract assets[41](index=41&type=chunk) [Investment Income and Income Tax Expense](index=18&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A%E8%88%87%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) H1 2025 investment income improved to **RMB 0.69 million** from a loss of **RMB 1.9 million** in H1 2024, driven by continuous profitability of associates and joint ventures; income tax expense decreased by **RMB 7 million** to **RMB 28 million** due to lower pre-tax profit - Investment income was **RMB 0.69 million**, compared to an investment loss of **RMB 1.9 million** in H1 2024, mainly due to the continuous profitability of strategically invested associates and joint ventures[42](index=42&type=chunk) - Income tax expense was **RMB 28 million**, a decrease of **RMB 7 million** compared to the prior year, primarily due to a reduction in pre-tax profit for the current period[43](index=43&type=chunk) [Net Profit](index=18&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4) Overall, H1 2025 net profit was **RMB 95 million**, a decrease of approximately **RMB 26 million** year-on-year - H1 2025 net profit was **RMB 95 million**, a decrease of approximately **RMB 26 million** compared to the prior year[44](index=44&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=18&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E6%94%BF%E4%BE%86%E6%BA%90%E5%92%8C%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) This section analyzes the company's cash position, funding strategies, changes in receivables and payables, and key financial ratios, providing insights into its financial health and capital management [Cash and Cash Equivalents and Financial Policy](index=18&type=section&id=%E8%B2%A8%E5%B9%A3%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E5%8B%99%E6%94%BF%E7%AD%96) As of June 30, 2025, cash and cash equivalents were **RMB 4.315 billion**, a decrease of **RMB 1.435 billion** from year-end 2024, mainly due to net cash outflow from operating activities; the company will fund operations through operating cash and interest-bearing borrowings - As of June 30, 2025, cash and cash equivalents were **RMB 4.315 billion**, a decrease of **RMB 1.435 billion** from year-end 2024, primarily due to net cash outflow from operating activities[46](index=46&type=chunk) - The company will fund its operations through cash generated from operating activities and interest-bearing borrowings, striving to maintain an optimal liquidity level to meet working capital requirements[47](index=47&type=chunk) [Receivables and Contract Assets/Liabilities](index=19&type=section&id=%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E8%88%87%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5) Receivables financing decreased by **RMB 77 million** due to a preference for bank deposits; net accounts receivable decreased by **RMB 275 million**; net contract assets decreased by **RMB 1.674 billion**, mainly due to project settlements based on performance progress - Receivables financing was **RMB 29 million**, a decrease of **RMB 77 million** compared to year-end 2024, mainly because the Group preferred bank deposit settlements over bank acceptance bills issued by real estate enterprises during the reporting period[49](index=49&type=chunk) - Net accounts receivable was **RMB 7.052 billion**, a decrease of approximately **RMB 275 million** compared to year-end 2024[50](index=50&type=chunk) - Net contract assets were **RMB 39.467 billion**, a decrease of approximately **RMB 1.674 billion** compared to year-end 2024, primarily due to engineering settlements for related construction contracts based on performance progress[52](index=52&type=chunk) [Borrowings and Accounts Payable](index=20&type=section&id=%E5%80%9F%E8%B2%B8%E8%88%87%E6%87%89%E4%BB%98%E8%B3%B4%E6%AC%BE) As of June 30, 2025, total interest-bearing borrowings were approximately **RMB 5.920 billion**, a slight decrease; accounts payable decreased by **RMB 2.883 billion** due to reduced project volume; bills payable increased by **RMB 432 million** due to adjusted payment structure - As of June 30, 2025, interest-bearing borrowings were approximately **RMB 5.920 billion** (December 31, 2024: approximately **RMB 6.056 billion**)[54](index=54&type=chunk) - Accounts payable balance was **RMB 29.464 billion**, a decrease of **RMB 2.883 billion (9%)** compared to year-end 2024, mainly due to a decrease in procurement volume resulting from reduced project volume in the current period[55](index=55&type=chunk) - Bills payable balance increased by **RMB 432 million** compared to the prior year-end, primarily because the Group diversified its payment methods, adjusted its payment structure, and increased the proportion of bill payments[55](index=55&type=chunk) [Financial Ratios](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E6%AF%94%E7%8E%87) As of June 30, 2025, both current and quick ratios remained at **1.10x**; the gearing ratio decreased from **94.8%** at year-end 2024 to **91.5%**; return on assets and return on equity both declined Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio (x) | 1.10 | 1.10 | | Quick Ratio (x) | 1.10 | 1.10 | | Gearing Ratio | 91.5% | 94.8% | | Return on Assets (Non-annualized) | 0.2% | 0.3% | | Return on Equity (Non-annualized) | 1.5% | 2.5% | [Other Information](index=21&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers other important aspects of the company's operations, including material events, contingent liabilities, exchange rate risks, subsequent events, dividend policy, and corporate governance practices [Material Matters and Contingent Liabilities](index=21&type=section&id=%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85%E8%88%87%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) During the reporting period, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any significant investments; as of June 30, 2025, contingent liabilities from pending litigation or arbitration amounted to **RMB 35 million** - During the reporting period, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[59](index=59&type=chunk) - As of June 30, 2025, the company held no significant investments[60](index=60&type=chunk) - As of June 30, 2025, the company's contingent liabilities arising from pending litigation or arbitration amounted to **RMB 35 million**[61](index=61&type=chunk) [Exchange Rate Risk and Subsequent Events](index=22&type=section&id=%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA%E8%88%87%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The company's business and bank loans are primarily denominated in RMB, posing no significant foreign exchange risk, and currently, there is no hedging policy; as of the announcement date, there are no material subsequent events - The company's vast majority of business and all bank loans are transacted in RMB, thus posing no significant foreign exchange fluctuation risk, and currently, there is no hedging policy against foreign exchange risk[63](index=63&type=chunk) - As of the date of this announcement, the company has no material subsequent events[64](index=64&type=chunk) [Dividends and Corporate Governance](index=22&type=section&id=%E8%82%A1%E6%81%AF%E8%88%87%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Board does not recommend an interim dividend for H1 2025; the company is committed to maintaining high corporate governance standards, with an effective framework and compliance with the Corporate Governance Code - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[65](index=65&type=chunk)[94](index=94&type=chunk) - The company is committed to achieving and maintaining a high level of corporate governance, has established an effective corporate governance structure, and strives to continuously improve its internal controls and corporate governance mechanisms[66](index=66&type=chunk) - During the reporting period, the company complied with all code provisions of the Corporate Governance Code[66](index=66&type=chunk) - The Audit Committee has reviewed and confirmed the Group's interim results announcement and unaudited interim financial statements for the six months ended June 30, 2025[69](index=69&type=chunk) [Notes to Interim Consolidated Financial Statements](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the interim consolidated financial statements, including the balance sheet, income statement, and specific accounting policies and analyses [Interim Consolidated Balance Sheet](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, total assets were **RMB 58.379 billion**, a decrease of approximately **RMB 3.456 billion** from year-end 2024; both current assets and liabilities decreased, while total equity attributable to owners slightly increased Summary of Interim Consolidated Balance Sheet | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Total Current Assets | 51,974,532 | 55,394,965 | (3,420,433) | | Total Non-current Assets | 6,404,694 | 6,440,070 | (35,376) | | **Total Assets** | **58,379,226** | **61,835,035** | **(3,455,809)** | | Total Current Liabilities | 48,916,624 | 52,260,750 | (3,344,126) | | Total Non-current Liabilities | 2,990,177 | 3,184,339 | (194,162) | | **Total Liabilities** | **51,906,801** | **55,445,089** | **(3,538,288)** | | Total Equity Attributable to Owners of Parent | 6,313,679 | 6,221,833 | 91,846 | | Non-controlling Interests | 158,746 | 168,113 | (9,367) | | **Total Equity** | **6,472,425** | **6,389,946** | **82,479** | [Interim Consolidated Income Statement](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) H1 2025 operating revenue was **RMB 7.908 billion**, net profit was **RMB 95.24 million**, net profit attributable to owners was **RMB 104.61 million**, and basic EPS was **RMB 0.06**, all showing year-on-year decreases Summary of Interim Consolidated Income Statement | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Year-on-Year Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,908,202 | 11,015,171 | (3,106,969) | | Cost of Sales | 7,403,489 | 10,365,625 | (2,962,136) | | Operating Profit | 122,653 | 157,082 | (34,429) | | Total Profit | 123,188 | 155,973 | (32,785) | | Income Tax Expense | 27,944 | 35,094 | (7,150) | | **Net Profit** | **95,244** | **120,879** | **(25,635)** | | Net Profit Attributable to Owners of Parent | 104,611 | 126,889 | (22,278) | | Basic and Diluted Earnings Per Share (RMB/share) | 0.06 | 0.07 | (0.01) | [Notes to Financial Statements](index=28&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes detail the basis of financial statement preparation, aging analysis of accounts and long-term receivables/payables, revenue composition and recognition, and calculation methods for income tax and EPS - The financial statements are prepared in accordance with **Accounting Standard for Business Enterprises No. 32 – Interim Financial Reporting** issued by the Ministry of Finance and the disclosure requirements of the **Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited**[77](index=77&type=chunk) Aging Analysis of Accounts Receivable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 6,509,814 | 6,294,717 | | 1 to 2 years | 813,467 | 1,156,111 | | 2 to 3 years | 501,549 | 501,379 | | Over 3 years | 933,635 | 987,408 | | **Total (before impairment provision)** | **8,758,465** | **8,939,615** | | Less: Provision for bad debts on accounts receivable | 1,706,471 | 1,612,871 | | **Total (Net Value)** | **7,051,994** | **7,326,744** | Aging Analysis of Accounts Payable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 18,318,232 | 20,640,524 | | 1 to 2 years | 8,526,684 | 8,877,374 | | 2 to 3 years | 1,551,425 | 1,521,756 | | Over 3 years | 1,067,217 | 1,306,994 | | **Total** | **29,463,558** | **32,346,648** | Composition of Operating Revenue | Revenue Type | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Principal Business Revenue | 7,633,670 | 10,808,378 | | Other Business Revenue | 274,532 | 206,793 | | **Total** | **7,908,202** | **11,015,171** | - Operating revenue is primarily recognized over time (construction services, sewage and reclaimed water treatment), with some recognized at a point in time (sale of goods)[86](index=86&type=chunk)[87](index=87&type=chunk) [Definitions](index=35&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used in the report, including currencies, company entities, accounting standards, regulatory bodies, and share types, to ensure clear understanding of the report content [Definitions of Key Terms](index=35&type=section&id=%E9%97%9C%E9%8D%B5%E8%A1%93%E8%AA%9E%E5%AE%9A%E7%BE%A9) This section provides definitions for key terms and abbreviations used in the report, including currencies, company entities, accounting standards, regulatory bodies, and share types, to ensure clear understanding of the report content - Currencies used in the report include **Hong Kong Dollars (HKD)**, the lawful currency of Hong Kong, and **Renminbi (RMB)**, the lawful currency of the PRC[96](index=96&type=chunk)[98](index=98&type=chunk) - Definitions are provided for the Company (Hebei Construction Group Corporation Limited), the Group (the Company and its subsidiaries), H shares, and other entities and share types[97](index=97&type=chunk) - References are made to **China Accounting Standards for Business Enterprises**, the **Listing Rules**, the **Corporate Governance Code**, and other regulatory and accounting standards[97](index=97&type=chunk)[98](index=98&type=chunk)

香港交易及結算所有限公司及聯交所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，並明確表示概不就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。 香港聯合交易所有限公司（「聯交所」）GEM 的特色 GEM 之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之公司提供一個上市 之市場。有意投資之人士應瞭解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投 資決定。GEM 之高風險及其他特色表示 GEM 較適合專業及其他經驗豐富投資者。 由於 GEM 上市公司之新興性質，在 GEM 買賣之證券可能會較於主機板買賣之證券承受較 大之市場波動風險，同時無法保證在 GEM 買賣之證券會有高流通量之市場。 CHINA HEALTH GROUP INC. 中國醫療集團有限公司 （以「萬全醫療集團」名稱在香港經營業務） (於開曼群島註冊成立之有限公司) (股份代號: 08225) 二零二五年中期業績公告 截至二零二五年六月三十日止六個月 本公佈乃遵照聯交所 GEM 證券上市規則之規定而提供有關中國醫療集團有限公司（「本公 司」） 之資料，本公司各董事（「董事」）願共 ...

（股份代號：00816） 截至2025年6月30日止六個月 中期業績公告 摘要 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。 JINMAO PROPERTY SERVICES CO., LIMITED 金茂物業服務發展股份有限公司 （於香港註冊成立之有限公司） 1 • 截至2025年6月30日止六個月，本集團總收入約為人民幣1,783.4百萬元， 較截至2024年6月30日止六個月的約人民幣1,491.4百萬元增加約人民幣 292.0百萬元或19.6%。 • 截至2025年6月30日止六個月，本集團毛利約為人民幣401.6百萬元，較截 至2024年6月30日止六個月的約人民幣366.4百萬元增加約9.6%。 • 截至2025年6月30日止六個月，本集團期內利潤約為人民幣184.4百萬元， 較截至2024年6月30日止六個月的約人民幣181.0百萬元增加約1.9%。 • 截至2025年6月30日止六個月，本公司普通權益持有人應佔每股盈利約為 每股人民 ...

[Financial and Operational Summary](index=1&type=section&id=Financial%20and%20Operational%20Summary) [Financial Summary for the Six Months Ended June 30](index=1&type=section&id=截至六月三十日止六個月財務概要) Revenue decreased by 1.9% to RMB 443.9 million, resulting in a loss attributable to owners of the parent of RMB 40.6 million, with basic loss per share at RMB 1.26 cents and operating cash outflow increasing by 25.9% **Financial Summary for the Six Months Ended June 30 (RMB millions):** | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 443.9 | 452.4 | -1.9% | | Loss / (Profit) attributable to owners of the parent | (40.6) | 8.2 | N/A | | Basic Loss / (Earnings) per share (RMB cents) | (1.26) | 0.25 | N/A | | Interim dividend per share (HK cents) | – | – | N/A | | Net cash flow (used in) / from operating activities | (188.3) | (149.5) | +25.9% | - The company shifted from a profit of **RMB 8.2 million** in the prior period to a loss of **RMB 40.6 million** in the current period[2](index=2&type=chunk) [Operational Summary for the Six Months Ended June 30](index=1&type=section&id=截至六月三十日止六個月營運概要) Total assets slightly increased, but inventory and accounts receivable turnover days rose, indicating potential operational efficiency decline, while accounts payable turnover days decreased **Operational Summary for the Six Months Ended June 30 (RMB millions/days):** | Indicator | H1 2025 | FY 2024 | H1 2024 | | :--- | :--- | :--- | :--- | | Total assets | 2,843.6 | 2,829.2 | 2,996.1 | | Inventory turnover days – Raw materials | 79.3 | 61.1 | 60.6 | | Inventory turnover days – Finished goods and work-in-progress | 322.4 | 223.4 | 232.9 | | Accounts receivable turnover days | 63.2 | 61.3 | 66.4 | | Accounts payable turnover days | 62.4 | 67.0 | 62.3 | - Inventory turnover days (raw materials and finished goods) and accounts receivable turnover days both increased, indicating a potential decline in operational efficiency[2](index=2&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=簡明綜合財務報表) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=簡明綜合損益及其他全面收益表) Revenue declined by 1.9% and gross profit by 34.5%, shifting the company from profit to a **RMB 40.586 million** loss attributable to owners of the parent, exacerbated by increased income tax expense **Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30, RMB thousands):** | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 443,914 | 452,357 | | Cost of sales | (392,193) | (373,334) | | Gross profit | 51,721 | 79,023 | | Other income and gains, net | 14,525 | 31,862 | | Selling and distribution expenses | (14,961) | (18,579) | | Administrative expenses | (65,862) | (59,640) | | Finance costs | (2,548) | (3,713) | | Profit / (Loss) before tax | (21,074) | 18,703 | | Income tax expense | (18,012) | (9,724) | | Profit / (Loss) for the period | (39,086) | 8,979 | | Profit / (Loss) attributable to owners of the parent | (40,586) | 8,231 | | Profit / (Loss) attributable to non-controlling interests | 1,500 | 748 | | Basic Earnings / (Loss) per share (RMB cents) | (1.26) | 0.25 | - Profit for the period shifted from **RMB 8,979 thousand** in the prior period to a loss of **RMB 39,086 thousand** in 2025, primarily due to a significant decrease in gross profit and increased income tax expense[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=簡明綜合財務狀況報表) Total assets slightly decreased, driven by reduced fixed deposits and increased interest-bearing bank borrowings and dividends payable, resulting in lower net current assets and net assets **Condensed Consolidated Statement of Financial Position (As at June 30, 2025, RMB thousands):** | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 906,204 | 977,416 | | Investment properties | 78,322 | 30,828 | | Fixed deposits | 10,000 | 114,000 | | Total non-current assets | 1,162,005 | 1,289,642 | | **Current assets** | | | | Inventories | 912,803 | 813,976 | | Accounts receivable and bills receivable | 148,544 | 158,838 | | Cash and cash equivalents | 558,602 | 503,804 | | Total current assets | 1,681,619 | 1,539,538 | | **Current liabilities** | | | | Accounts payable and bills payable | 51,270 | 111,160 | | Interest-bearing bank borrowings | 410,295 | 240,285 | | Dividends payable | 117,842 | – | | Total current liabilities | 672,050 | 508,356 | | Net current assets | 1,009,569 | 1,031,182 | | Net assets | 2,133,017 | 2,292,691 | - Fixed deposits within non-current assets significantly decreased from **RMB 114,000 thousand** at the end of 2024 to **RMB 10,000 thousand** as of June 30, 2025[6](index=6&type=chunk) - Interest-bearing bank borrowings in current liabilities increased from **RMB 240,285 thousand** at the end of 2024 to **RMB 410,295 thousand** as of June 30, 2025, and dividends payable increased from zero to **RMB 117,842 thousand**[6](index=6&type=chunk) [Notes to the Condensed Interim Financial Information](index=6&type=section&id=簡明中期財務資料附註) [1. Company Information](index=6&type=section&id=1.%20公司資料) The company, registered in the Cayman Islands, primarily manufactures and sells edible collagen casings, collagen food, skincare, and medical biomaterials - The company's main business encompasses the manufacturing and sale of edible collagen casings, collagen food, skincare products, and high-molecular collagen medical biomaterials[8](index=8&type=chunk) [2.1 Basis of Preparation and Accounting Policies](index=6&type=section&id=2.1%20編製基準及會計政策) Interim financial information is prepared under HKAS 34 'Interim Financial Reporting' and should be read with the 2024 annual consolidated financial statements - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[9](index=9&type=chunk) [2.2 Changes in Accounting Policies](index=6&type=section&id=2.2%20會計政策變動) The company adopted HKAS 21 (Revised) 'Lack of Exchangeability', which had no impact on interim financial information due to currency convertibility - The company first adopted HKAS 21 (Revised) 'Lack of Exchangeability', but it had no impact on the financial information[10](index=10&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20經營分部資料) Edible collagen casings generate over 90% of revenue, primarily from mainland China, where most non-current assets are located, and a new major customer emerged - Edible collagen casing products contributed over **90%** of the Group's revenue[11](index=11&type=chunk) **Revenue from External Customers (For the six months ended June 30, RMB thousands):** | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 387,600 | 380,261 | | Asia (excluding Mainland China) | 36,246 | 48,162 | | Other countries / regions | 20,068 | 23,934 | | Total | 443,914 | 452,357 | - As of June 30, 2025, a major customer accounted for over **10%** of the Group's revenue, contributing **RMB 49,431 thousand**[14](index=14&type=chunk) [4. Revenue](index=8&type=section&id=4.%20收入) Total revenue decreased by 1.9% to **RMB 443.914 million**, with 99.99% derived from goods transferred at a point in time **Revenue Breakdown (For the six months ended June 30, RMB thousands):** | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Goods transferred at a point in time | 443,885 | 452,323 | | Services transferred over time | 29 | 34 | | Total | 443,914 | 452,357 | [5. Other Income and Gains, Net](index=8&type=section&id=5.%20其他收入及收益，淨額) Other income and gains, net, significantly decreased by **54.4%** to **RMB 14.525 million**, mainly due to reduced bank interest, government grants, and auxiliary material sales **Analysis of Other Income and Gains, Net (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Bank interest income | 7,602 | 17,156 | | Government grants | 1,826 | 4,887 | | Sales of auxiliary materials | 1,930 | 3,596 | | Total | 14,525 | 31,862 | - Other income and gains, net, decreased by **54.4%** year-on-year, primarily due to reduced bank interest income and government grants[16](index=16&type=chunk) [6. Finance Costs](index=8&type=section&id=6.%20融資成本) Finance costs decreased by **31.4%** to **RMB 2.548 million**, primarily driven by lower bank loan interest **Finance Costs (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest on bank loans | 2,387 | 3,627 | | Interest on lease liabilities | 161 | 86 | | Total | 2,548 | 3,713 | [7. Profit / (Loss) Before Tax](index=9&type=section&id=7.%20除稅前盈利╱（虧損）) The company shifted from pre-tax profit to a **RMB 21.074 million** loss, impacted by lower gross profit, increased inventory provisions, and fair value losses **Profit / (Loss) Before Tax after deducting / (crediting) items (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 335,472 | 334,283 | | Depreciation of property, plant and equipment | 37,842 | 35,150 | | Provision for obsolete and slow-moving inventories | 22,622 | 2,775 | | Impairment of accounts receivable and bills receivable | 3,027 | 6,395 | | Fair value loss / (gain) on investment properties, net | 258 | (574) | - Profit before tax shifted from **RMB 18,703 thousand** in the prior period to a loss of **RMB 21,074 thousand** in 2025[4](index=4&type=chunk) - Provision for obsolete and slow-moving inventories significantly increased from **RMB 2,775 thousand** in 2024 to **RMB 22,622 thousand** in 2025[18](index=18&type=chunk) [8. Income Tax Expense](index=9&type=section&id=8.%20所得稅開支) Income tax expense significantly increased by **85.2%** to **RMB 18.012 million**, mainly due to financial planning adjustments between China and Hong Kong entities, resulting in dividend withholding tax **Income Tax Expense (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current – China | 10,712 | 12,865 | | Current – Hong Kong | 647 | 406 | | Deferred tax | 6,653 | (3,547) | | Total tax expense for the period | 18,012 | 9,724 | - Income tax expense increased from **RMB 9,724 thousand** in the prior period to **RMB 18,012 thousand** in 2025, an increase of **85.2%**[21](index=21&type=chunk) - The increase in income tax expense is primarily due to overall financial planning adjustments between the Group's companies in China and Hong Kong, resulting in dividend withholding tax expenses and provisions[48](index=48&type=chunk) [9. Dividends](index=10&type=section&id=9.%20股息) The company declared and paid **RMB 118.328 million** in 2024 final and special dividends, but the Board does not recommend an interim dividend for this period **Dividends Declared and Paid (For the six months ended June 30, RMB thousands):** | Item | 2025 | 2024 | | :--- | :--- | :--- | | Final dividend declared and paid for 2024 | 59,164 | 58,725 | | Special dividend declared and paid for 2024 | 59,164 | 58,725 | | Total | 118,328 | 117,450 | - The Board does not recommend paying any interim dividend for this reporting period[22](index=22&type=chunk) [10. Earnings / (Loss) Per Share Attributable to Owners of the Parent](index=11&type=section&id=10.%20母公司普通股權益持有人應佔每股盈利╱（虧損）) Basic loss per share attributable to owners of the parent was **RMB 1.26 cents**, a shift from **RMB 0.25 cents** profit in the prior period, with no dilutive shares **Earnings / (Loss) Per Share Attributable to Owners of the Parent (For the six months ended June 30, RMB cents per share):** | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted | (1.26) | 0.25 | - Basic earnings per share shifted from a profit of **RMB 0.25 cents** in the prior period to a loss of **RMB 1.26 cents** in the current period[23](index=23&type=chunk) [11. Accounts Receivable and Bills Receivable](index=11&type=section&id=11.%20應收賬款及應收票據) Total accounts receivable and bills receivable slightly decreased to **RMB 148.544 million**, with the majority aged within three months **Aging Analysis of Accounts Receivable and Bills Receivable (As at June 30, RMB thousands):** | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 48,496 | 72,326 | | 1 to 3 months | 47,038 | 43,777 | | 3 to 6 months | 44,576 | 33,653 | | 6 months to 1 year | 4,807 | 3,618 | | Over 1 year | 3,627 | 5,464 | | Total | 148,544 | 158,838 | [12. Accounts Payable and Bills Payable](index=11&type=section&id=12.%20應付賬款及應付票據) Total accounts payable and bills payable significantly decreased by **53.9%** to **RMB 51.270 million**, with the largest portion due within one month **Aging Analysis of Accounts Payable and Bills Payable (As at June 30, RMB thousands):** | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 month | 35,594 | 38,257 | | 1 to 2 months | 499 | 12,168 | | 2 to 3 months | 1,162 | 9,753 | | 3 to 6 months | 6,002 | 41,396 | | Over 6 months | 8,013 | 9,586 | | Total | 51,270 | 111,160 | - Total accounts payable and bills payable significantly decreased by **53.9%** from **RMB 111,160 thousand** at the end of 2024 to **RMB 51,270 thousand** as of June 30, 2025[25](index=25&type=chunk) [13. Share Capital](index=12&type=section&id=13.%20股本) Authorized share capital remained at **HKD 200,000 thousand**, with issued and fully paid share capital at **HKD 32,305 thousand** (equivalent to **RMB 27,807 thousand**), consistent with 2024 year-end **Share Capital (As at June 30, RMB thousands):** | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HKD 0.01 each) | 200,000 (HKD) | 200,000 (HKD) | | Issued and fully paid share capital (3,230,480,000 ordinary shares of HKD 0.01 each) | 32,305 (HKD) | 32,305 (HKD) | | Equivalent (RMB thousands) | 27,807 | 27,807 | [Management Discussion and Analysis](index=13&type=section&id=管理層討論及分析) [Market Review](index=13&type=section&id=市場回顧) China's GDP grew by **5.3%** in H1 2025, with future policies expected to boost domestic consumption and drive collagen casing market growth - China's GDP grew by **5.3%** year-on-year in the first half of 2025, with the national economy maintaining overall resilience[27](index=27&type=chunk) - Future policies are expected to further unleash domestic consumption potential, driving sustained growth in China's collagen casing market demand[27](index=27&type=chunk) [Business Review](index=13&type=section&id=業務回顧) The Group focused on quality and high-end products, expanding into food, skincare, and medical biomaterials, with the latter showing exceptional performance in R&D and approvals - The Group's core guiding principle is "strengthening standard management and solidifying new product quality," with a focus on increasing the proportion of high-end casing products, accounting for approximately **40%** of first-half sales volume[28](index=28&type=chunk) - The Group is intensifying market development efforts in new business areas such as collagen food, skincare products, and high-molecular collagen medical biomaterials[28](index=28&type=chunk) [Collagen Casings](index=14&type=section&id=膠原蛋白腸衣) New collagen casing products gained significant market acceptance, production efficiency improved through innovation, and raw material sourcing and cost management were enhanced - Market acceptance for the six new series of collagen casing products significantly improved after market promotion[29](index=29&type=chunk) - Production processes were optimized through technological innovation, equipment upgrades, and resource investment, enhancing production efficiency[29](index=29&type=chunk) - Raw material import channels were expanded, and domestic acquisition points increased to ensure stable supply, while standardized management of equipment and spare parts was implemented to reduce costs[29](index=29&type=chunk) [High-Molecular Collagen Medical Biomaterials, Collagen Food and Skincare Products](index=14&type=section&id=高分子膠原蛋白醫用生物材料、膠原蛋白食品及膠原蛋白護膚品) Non-casing business sales grew by **93%**, led by high-molecular collagen medical biomaterials with strong performance and progress in medical device approvals, exceeding FDA standards - Sales of business segments other than collagen casings increased by approximately **93%** year-on-year, with high-molecular collagen medical biomaterials performing exceptionally well[30](index=30&type=chunk) - The endotoxin content of medical collagen raw materials is only **0.01EU/ml**, superior to the US FDA standard of **0.5EU/ml**[30](index=30&type=chunk) - Documentation for the "Collagen Bone Graft Material (Artificial Bone)" Class III medical device product license approval is being finalized, and clinical trials for "Dental Medical Collagen Sponge" have been completed, with plans to enter the application process in the second half of the year[30](index=30&type=chunk) [Group Accolades](index=14&type=section&id=集團榮譽) The 'Shenguan' brand was recognized among China's Top 500 Most Valuable Brands, maintaining its research center status, holding **116 patents**, and collaborating on research with universities - The "Shenguan" brand was evaluated by the World Brand Lab as one of China's Top 500 Most Valuable Brands in 2025[31](index=31&type=chunk) **Group Patent Status (As at June 30, 2025):** | Patent Authority | Total Granted | In Force | Pending | | :--- | :--- | :--- | :--- | | China National Intellectual Property Administration | 108 | 71 | 22 | | Taiwan Intellectual Property Office, Ministry of Economic Affairs | 2 | 2 | – | | United States Patent and Trademark Office | 1 | 1 | – | | Intellectual Property Office of Singapore | 2 | 2 | – | | Intellectual Property Department, Ministry of Commerce, Cambodia | 1 | 1 | – | | Directorate General of Intellectual Property, Indonesia | 1 | 1 | – | | Intellectual Property Corporation of Malaysia | 1 | 1 | – | | Total | 116 | 79 | 22 | - The Group collaborates closely with Huazhong University of Science and Technology, publishing research articles in *Advanced Science* and *BioDesign Research* journals, with six co-developed patents authorized or pending[32](index=32&type=chunk)[33](index=33&type=chunk) [Quality Control](index=16&type=section&id=質量控制) Strict quality control, multiple ISO and FDA certifications enable global exports, while a subsidiary's extensive testing capabilities support high-end collagen raw material development - Collagen casing production is certified with multiple management systems including ISO9001, ISO22000, ISO10012, ISO45001, and ISO14001, and has obtained US FDA registration, allowing products to be exported to Southeast Asia, Europe, and the United States[34](index=34&type=chunk) - Subsidiary Wuzhou Zhongguan Testing Technology Service Co., Ltd. possesses over **800** physicochemical indicator testing capabilities and provides third-party impartial testing services, which helps the Group develop a high-end collagen raw material base[35](index=35&type=chunk) [Customer Relationships](index=16&type=section&id=客戶關係) The Group maintains strong, long-term relationships with domestic and international partners, ensuring a stable customer base and continuous new client acquisition - The Group maintains close relationships with leading meat product processing and sausage manufacturers in China and various overseas markets including Southeast Asia, South America, and the United States[36](index=36&type=chunk) - The Group continuously attracts new customers while maintaining its existing customer base, achieving good results[36](index=36&type=chunk) [Raw Material Supply](index=16&type=section&id=原料供應) Bovine inner hide supply has been stable since H2 2024, significantly improving from prior years, with the main supplier holding a food production license - The supply of bovine inner hide, the main raw material for collagen casings, has remained stable since the second half of 2024, showing significant improvement compared to the previous two years[37](index=37&type=chunk) - The main supplier, Guangxi Zhiguan Industrial Development Co., Ltd., has obtained a food production license valid until October 2027[38](index=38&type=chunk) [Financial Analysis](index=17&type=section&id=財務分析) Revenue decreased by 1.9% and gross profit by 34.5%, leading to a **RMB 40.6 million** loss attributable to owners of the parent, impacted by weak consumer confidence, inventory write-downs, and increased tax expense - Revenue decreased by **1.9%** to **RMB 443.9 million**, primarily due to weakened demand in the meat market caused by insufficient consumer confidence[39](index=39&type=chunk) - Gross profit decreased by **34.5%** to **RMB 51.7 million**, with the gross profit margin falling from **17.5%** to **11.7%**, mainly due to inventory write-downs and preferential sales policies for old process products[41](index=41&type=chunk) - Loss attributable to owners of the parent was approximately **RMB 40.6 million**, a reversal from a profit of approximately **RMB 8.2 million** in the prior period[50](index=50&type=chunk) [Revenue](index=17&type=section&id=收入) Revenue decreased by **1.9%** to **RMB 443.9 million**, primarily due to weakened market demand for meat products amid insufficient consumer confidence **Revenue (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 443.9 | | Prior period | 452.4 | | Change | -1.9% | [Cost of Sales](index=17&type=section&id=銷售成本) Cost of sales increased by **5.1%** to **RMB 392.2 million**, driven by a **312.5%** surge in inventory write-downs and provisions, despite slight reductions in raw material and energy costs **Cost of Sales Composition (RMB millions):** | Item | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Total cost of sales | 392.2 | 373.3 | +5.1% | | Inventory write-downs and provisions | 23.1 | 5.6 | +312.5% | | Raw material costs | 163.1 | 164.7 | -1.0% | | Energy expenses | 76.2 | 76.4 | -0.2% | | Direct labor costs | 78.7 | 75.5 | +4.2% | - Inventory write-downs and provisions significantly increased from **RMB 5.6 million** in the prior period to **RMB 23.1 million** in the current period, which is the main reason for the increase in cost of sales[40](index=40&type=chunk) [Gross Profit](index=17&type=section&id=毛利) Gross profit decreased by **34.5%** to **RMB 51.7 million**, with gross profit margin falling from **17.5%** to **11.7%**, primarily due to inventory write-downs and promotional sales **Gross Profit and Gross Profit Margin (RMB millions):** | Indicator | Current Period | Prior Period | Change | | :--- | :--- | :--- | :--- | | Gross profit | 51.7 | 79.0 | -34.5% | | Gross profit margin | 11.7% | 17.5% | -5.8 percentage points | | Gross profit margin after deducting inventory write-downs and provisions | 16.8% | 18.7% | -1.9 percentage points | - The decrease in gross profit margin is primarily due to increased inventory write-downs and provisions, as well as preferential policies implemented to accelerate sales of old process products[41](index=41&type=chunk) [Other Income and Gains](index=18&type=section&id=其他收入及收益) Other income and gains decreased by **54.4%** to **RMB 14.5 million** **Other Income and Gains (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 14.5 | | Prior period | 31.9 | | Change | -54.4% | [Selling and Distribution Expenses](index=18&type=section&id=銷售及分銷開支) Selling and distribution expenses decreased by **19.5%** to **RMB 15.0 million**, with its revenue ratio falling from **4.1%** to **3.4%** **Selling and Distribution Expenses (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 15.0 | | Prior period | 18.6 | | Change | -19.5% | [Administrative Expenses](index=18&type=section&id=行政開支) Administrative expenses increased by **10.4%** to **RMB 65.9 million**, primarily due to higher staff costs and a **RMB 2.9 million** revaluation loss on investment properties **Administrative Expenses (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 65.9 | | Prior period | 59.6 | | Change | +10.4% | - The increase in administrative expenses is mainly due to higher employee remuneration and benefits expenses, and a revaluation loss of approximately **RMB 2.9 million** on investment properties[44](index=44&type=chunk) [Finance Costs](index=18&type=section&id=融資成本) Finance costs decreased by **31.4%** to **RMB 2.5 million** **Finance Costs (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 2.5 | | Prior period | 3.7 | | Change | -31.4% | [Share of Loss of an Associate](index=18&type=section&id=分佔一間聯營公司之虧損) The Group no longer shared losses from an associate in the current period, as its net investment had been reduced to zero by prior losses and impairment **Share of Loss of an Associate (RMB thousands):** | Period | Amount | | :--- | :--- | | Current period | – | | Prior period | (287) | [Impairment of Accounts Receivable and Bills Receivable](index=18&type=section&id=應收賬款及應收票據減值) Impairment of accounts receivable and bills receivable decreased to **RMB 3.0 million** from **RMB 6.4 million** in the prior period **Impairment of Accounts Receivable and Bills Receivable (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 3.0 | | Prior period | 6.4 | [Income Tax Expense](index=19&type=section&id=所得稅開支) Income tax expense significantly increased to **RMB 18.0 million** from **RMB 9.7 million**, primarily due to financial planning adjustments between China and Hong Kong entities, leading to dividend withholding tax **Income Tax Expense (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 18.0 | | Prior period | 9.7 | - Income tax expense significantly increased, primarily due to overall financial planning adjustments between the Group's companies in China and Hong Kong, resulting in dividend withholding tax expenses and provisions[48](index=48&type=chunk) [Profit Attributable to Non-Controlling Interests](index=19&type=section&id=非控股權益應佔盈利) Profit attributable to non-controlling interests increased to **RMB 1.5 million**, representing the aggregate profit from non-wholly owned subsidiaries **Profit Attributable to Non-Controlling Interests (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | 1.5 | | Prior period | 0.7 | [Loss Attributable to Owners of the Parent](index=19&type=section&id=母公司擁有人應佔虧損) The Group reported a loss attributable to owners of the parent of **RMB 40.6 million**, a reversal from a **RMB 8.2 million** profit in the prior period **Loss Attributable to Owners of the Parent (RMB millions):** | Period | Amount | | :--- | :--- | | Current period | (40.6) | | Prior period | 8.2 | [Liquidity and Capital Resources](index=19&type=section&id=流動資金及資本資源) Cash and equivalents, net of dividends, decreased to **RMB 477.1 million**, while bank borrowings rose to **RMB 410.3 million**, increasing the debt-to-equity ratio to **19.7%**; operating cash outflow was **RMB 188.3 million**, with future capital commitments of **RMB 130.2 million** - As of June 30, 2025, cash and cash equivalents, together with pledged and fixed deposits, amounted to approximately **RMB 595.0 million**, or **RMB 477.1 million** after deducting dividends, a decrease of approximately **RMB 169.2 million** from the end of 2024[51](index=51&type=chunk) - Total bank borrowings increased to approximately **RMB 410.3 million**, all repayable within one year[52](index=52&type=chunk) - The net cash position (after deducting dividends) was **RMB 66.8 million**, a decrease of approximately **RMB 339.2 million** from the end of 2024; the debt-to-equity ratio increased to **19.7%** (December 31, 2024: **10.8%**)[53](index=53&type=chunk) [Cash and Bank Borrowings](index=19&type=section&id=現金及銀行借貸) Cash and equivalents, net of dividends, decreased to **RMB 477.1 million**, while bank borrowings rose to **RMB 410.3 million**, increasing the debt-to-equity ratio to **19.7%** **Cash and Bank Borrowings Overview (RMB millions):** | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents together with pledged and fixed deposits | 595.0 | 646.3 | | Cash and cash equivalents together with pledged and fixed deposits after deducting dividends | 477.1 | – | | Total bank borrowings | 410.3 | 240.3 | | Net cash position (after deducting dividends) | 66.8 | 406.0 | | Debt-to-equity ratio | 19.7% | 10.8% | [Cash Flows](index=20&type=section&id=現金流量) Net cash outflow from operating activities was **RMB 188.3 million**, primarily due to increased inventory and reduced accounts payable, offset by inflows from investing and financing activities **Cash Flows (For the six months ended June 30, RMB millions):** | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash outflow from operating activities | (188.3) | (149.5) | | Net cash inflow from investing activities | 57.6 | – | | Net cash inflow from financing activities | 164.9 | – | - Net cash outflow from operating activities increased by **25.9%**, mainly due to increased inventory and decreased accounts payable[54](index=54&type=chunk) [Exposure to Exchange Rate Risk](index=20&type=section&id=承受匯兌風險) Operating primarily in China with RMB-denominated transactions, the Group has no formal hedging policy, as the Board anticipates no significant impact from future currency fluctuations - The Group primarily settles transactions in Renminbi and has not adopted a formal hedging policy, as the Board believes future currency fluctuations will not have a significant impact on operations[55](index=55&type=chunk) [Capital Expenditure](index=21&type=section&id=資本開支) Capital expenditure was **RMB 17.3 million**, with future commitments of **RMB 130.2 million** for capacity expansion and equipment upgrades, including **RMB 100.0 million** estimated for 2025 **Capital Expenditure and Commitments (RMB millions):** | Item | Amount | | :--- | :--- | | Capital expenditure for the current period | 17.3 | | Capital commitments as of June 30, 2025 | 130.2 | | Estimated capital expenditure for 2025 | 100.0 | - Future capital commitments are primarily related to expanding, improving, and upgrading production equipment, particularly for the renovation of high-quality collagen casing production lines[56](index=56&type=chunk) [Pledge of Assets](index=21&type=section&id=資產抵押) Pledged bank deposits totaled **RMB 26.4 million** as of June 30, 2025 **Pledged Bank Deposits (RMB millions):** | Date | Amount | | :--- | :--- | | June 30, 2025 | 26.4 | [Contingent Liabilities](index=21&type=section&id=或然負債) The Group had no significant contingent liabilities as of June 30, 2025 - The Group had no significant contingent liabilities as of the end of the reporting period[58](index=58&type=chunk) [Material Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=21&type=section&id=重大投資、重大收購及出售附屬公司、聯營公司及合營企業) No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the period - No material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[59](index=59&type=chunk) [Events After the Reporting Period](index=21&type=section&id=本期間後事項) No significant post-reporting period events affecting the Group have occurred as of this announcement date - No significant events affecting the Group have occurred subsequent to the reporting period as of the date of this announcement[60](index=60&type=chunk) [Human Resources](index=21&type=section&id=人力資源) The Group had **3,010** employees with **RMB 134.7 million** in staff costs, focusing on automation to mitigate rising labor expenses **Human Resources Overview (RMB millions):** | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of contracted employees | 3,010 | 2,730 | | Total remuneration and employee benefits expenses | 134.7 | 124.0 | - The Group is committed to enhancing automated production to offset continuously rising labor costs[61](index=61&type=chunk) [Outlook](index=22&type=section&id=展望) [Macroeconomic Outlook](index=22&type=section&id=宏觀經濟展望) China's government will continue implementing policies to stabilize employment, boost consumption, and expand emerging industry investment, aiming to unleash domestic demand potential - The country will continue to promote policies to stabilize employment, boost consumption, and expand investment in emerging industries to unleash domestic demand potential[62](index=62&type=chunk) [Collagen Casing Business Outlook](index=22&type=section&id=膠原蛋白腸衣業務展望) The Group will focus on standardizing collagen casing production, enhancing new product applicability, improving efficiency, resolving bottlenecks, and strengthening market expansion efforts - Key work for the second half of the year includes strengthening standardized production management and enhancing the applicability of the six new series of products[63](index=63&type=chunk) - The Group will advance improvements in the production environment, site environment, and equipment environment to enhance production efficiency and product quality[63](index=63&type=chunk) - The Group plans to improve collagen casing production support capabilities, resolve production bottlenecks, and conduct training for market marketing and technical service teams to continuously expand the market[63](index=63&type=chunk) [High-Molecular Collagen Medical Biomaterials Industry Outlook](index=23&type=section&id=高分子膠原蛋白醫用生物材料產業展望) The Group will boost medical collagen raw material sales, expedite Class III medical device approvals for 'artificial bone' and 'oral collagen sponge,' and advance other biomaterial R&D - The Group will continue to promote the production and sales of medical collagen raw materials to enhance performance[64](index=64&type=chunk) - Efforts will be made to accelerate the finalization of supplementary materials required for "artificial bone" approval and to compile post-clinical data for "oral medical collagen sponge" in preparation for application[65](index=65&type=chunk)[66](index=66&type=chunk) - The Group will continue to advance the research and development and preclinical preparation for other high-molecular collagen medical biomaterials[67](index=67&type=chunk) [Collagen Food Industry Outlook](index=23&type=section&id=膠原蛋白食品產業展望) The Group will innovate high-molecular collagen food applications, expand marketing for 'Niu Xiaojin' and 'Boboji,' and adjust strategies via in-store and online channels to boost performance - The Group will expand marketing and promotion for products such as "Niu Xiaojin" and "Boboji"[67](index=67&type=chunk) - Marketing strategies will be adjusted, and the marketing team expanded, utilizing in-store experiences and online live streaming to strive for better performance[67](index=67&type=chunk) [Collagen Skincare Products Industry Outlook](index=23&type=section&id=膠原蛋白護膚品產業展望) The Group will research high-molecular collagen in skincare, develop new products, expand brands like 'Luxianna,' and enhance advertising and sales planning for dual online and offline sales - The Group will continue to research and develop new daily skincare and washing products, expanding the product chain for brands such as "Luxianna," "Gaojile," "Collagen Family," and "Guangcaidunsheng"[68](index=68&type=chunk) - Advertising and sales planning will be strengthened to fully promote both online (e-commerce, WeChat commerce) and offline sales[68](index=68&type=chunk) [Overall Group Strategy](index=23&type=section&id=集團整體戰略) The Group aims to accelerate Shenguan's health industry development, expand collagen technology applications, launch more products, and enhance shareholder returns - The Group's team will continue to strive to accelerate the development of Shenguan's grand health industry and further expand the technological application of collagen[68](index=68&type=chunk) - The Group will develop and launch more collagen industry chain products to the market, providing better investment returns for shareholders[68](index=68&type=chunk) [Other Information](index=24&type=section&id=其他資料) [Share Option Scheme](index=24&type=section&id=購股權計劃) The employee stock option scheme, adopted in 2020 and revised in 2024, aims to attract and retain talent, with a 10% share cap and approximately 5 years remaining; no options were transacted this period - The share option scheme aims to attract and retain qualified individuals and promote the Group's business development[69](index=69&type=chunk) - The scheme has a ten-year validity, with approximately **5 years** remaining as of June 30, 2025[69](index=69&type=chunk) - Under the scheme, the total number of shares that can be issued is capped at **10%** of the issued shares on the adoption date (**323,048,000 shares**)[72](index=72&type=chunk) [Payment of Interim Dividend](index=25&type=section&id=派付中期股息) The Board does not recommend an interim dividend for this period, prioritizing future capital expenditures and market expansion needs - The Board does not recommend paying an interim dividend for this reporting period, to support future capital expenditures and market expansion[75](index=75&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=25&type=section&id=購買、贖回或出售本公司的上市證券) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the period - During the reporting period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[76](index=76&type=chunk) [Corporate Governance Code](index=25&type=section&id=企業管治守則) The company complied with corporate governance codes, except for the combined Chairman and CEO roles, which the Board is reviewing, while the Chairman ensures board effectiveness and shareholder communication - The company did not comply with code provision C.2.1 (separation of Chairman and Chief Executive Officer roles), but the Board believes the current structure fosters strong leadership[77](index=77&type=chunk) - The company will continue to consider the feasibility of appointing a separate Chief Executive Officer[78](index=78&type=chunk) - The Chairman's responsibilities include ensuring the Board acts in the company's best interests, maintaining effective communication with shareholders, and leading the Board's effective operation[79](index=79&type=chunk)[81](index=81&type=chunk) [Model Code for Securities Transactions](index=26&type=section&id=上市規則標準守則) The company adopted the Listing Rules' Model Code for securities transactions, with all directors confirming compliance and no known breaches by senior management - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the reporting period[80](index=80&type=chunk) [Audit Committee](index=27&type=section&id=審核委員會) The Audit Committee, comprising three independent non-executive directors with a professionally qualified Chairman, reviewed and approved the interim results, confirming compliance with standards - The Audit Committee comprises three independent non-executive directors, with Mr. Xu Rongguo, the Chairman, possessing professional accounting qualifications[82](index=82&type=chunk) - The Committee has reviewed and approved the Group's unaudited condensed consolidated interim results, deeming them compliant with all applicable accounting standards and Listing Rules[82](index=82&type=chunk) [Board of Directors](index=27&type=section&id=承董事會命) [Board Members](index=27&type=section&id=董事會成員) The Board comprises four executive directors, one non-executive director, and three independent non-executive directors, including the Chairman - The Board of Directors includes four executive directors, one non-executive director, and three independent non-executive directors[83](index=83&type=chunk)