香 港 交 易 及結 算 所 有 限 公 司 及 香港 聯 合 交 易 所 有 限 公司 對 本 公 告 之 內 容 概不 負 責 ， 對 其 準 確 性 或 完 整性 亦 不 發 表 任 何 聲 明， 並 明 確 表 示 概 不 就因 本 公 告 全 部 或 任 何部 分 內 容 而 產 生 或因倚賴該等內容而引致之任何損失承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 截至二零二五年六月三十日止六個月之中期業績 中期業績 中國儒意控股有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及 其附屬公司及其控制的實體（「本集團」）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，連同比較數字如下： | 財務摘要 收入 | | | | | | | | | | | | | | | 二零二五年 六月三十日 人民幣千元 | | | | | | | 1,839,559 | | | 2,206,249 | 截至以下日期止六個月 | | | | | | | 二零二四年 六月三十日 人民幣千 ...

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 ...

Company Announcements and Financial Summary [Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) The company announced its unaudited condensed consolidated results for the six months ended June 30, 2025, reviewed by the audit committee - The company announced its unaudited condensed consolidated results for the six months ended June 30, 2025[3](index=3&type=chunk) - The interim financial statements have been reviewed by the company's audit committee[3](index=3&type=chunk) [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) Revenue increased by 20.6%, but gross profit fell 35.8%, leading to a net loss of HK$3,297 thousand, with a basic and diluted loss per share of 1.18 HK cents Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 567,357 | 470,383 | +20.6% | | Cost of sales | (550,797) | (444,574) | +23.9% | | Gross profit | 16,560 | 25,809 | -35.8% | | (Loss) Profit before tax | (3,199) | 5,449 | -158.7% | | (Loss) Profit for the period | (3,297) | 4,140 | -179.6% | | (Loss) Earnings per share (HK cents) | (1.18) | 1.47 | -180.3% | - Total comprehensive income attributable to owners of the company for the period was **HK$127 thousand**, a significant decrease from **HK$5,206 thousand** in the prior year[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly increased, but net current assets and total assets less current liabilities decreased, with a significant rise in current liabilities Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Non-current assets | 23,250 | 25,400 | (2,150) | | Current assets | 194,805 | 179,255 | 15,550 | | Current liabilities | 48,133 | 27,616 | 20,517 | | Net current assets | 146,672 | 151,639 | (4,967) | | Net assets | 166,907 | 170,980 | (4,073) | | Bank balances and cash | 82,543 | 81,042 | 1,501 | - Trade payables, other payables, and accruals increased from **HK$23,127 thousand** as of December 31, 2024, to **HK$40,815 thousand** as of June 30, 2025[5](index=5&type=chunk) - Dividends payable increased from nil to **HK$4,200 thousand**[5](index=5&type=chunk) Notes to the Financial Statements [Basis of Preparation and Accounting Policies](index=3&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared under HKAS 34, with consistent accounting policies and no material impact from new HKFRS amendments - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and Appendix 16 of the Listing Rules[6](index=6&type=chunk) - These condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[7](index=7&type=chunk) - The application of HKFRS amendments during the period had no material impact on the group's financial position, performance, or disclosures[8](index=8&type=chunk) [Segment Reporting and Revenue](index=3&type=section&id=Segment%20Reporting%20and%20Revenue) The group primarily sells mobile phones in Hong Kong; no segment information is presented due to focus on brand-based revenue analysis, with revenue mainly from distribution and retail sales - The group is principally engaged in the sale and distribution of mobile phones and related products in Hong Kong[9](index=9&type=chunk) - No segment information is presented beyond entity-wide disclosures, as no separate financial information other than the group's consolidated revenue and profit is provided[9](index=9&type=chunk) - Revenue represents the net amounts received and receivable from the sale of goods arising from the distribution and retail sales of mobile phones and related products[10](index=10&type=chunk) [(Loss) Profit Before Tax and Income Tax Expense](index=4&type=section&id=%28Loss%29%20Profit%20Before%20Tax%20and%20Income%20Tax%20Expense) The company recorded a pre-tax loss of HK$3,199 thousand, with increased inventory costs and significantly reduced income tax expense, reflecting lower profitability Components of (Loss) Profit Before Tax | Item | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Cost of inventories recognized as an expense | 550,797 | 444,574 | | Reversal of impairment loss under expected credit loss model | (218) | (46) | | Depreciation of property, plant and equipment | 68 | 397 | | Depreciation of right-of-use assets | 1,677 | 1,149 | | Dividend income | (400) | (325) | | Exchange (gain) loss, net | (11) | 391 | | Interest income from bank deposits | (630) | (1,274) | | Interest expense on lease liabilities | 214 | 179 | Income Tax Expense | Item | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | | :--- | :--- | :--- | | Hong Kong profits tax—current period | 98 | 1,309 | - Hong Kong profits tax is calculated at a two-tiered rate: **8.25%** on the first **HK$2,000,000** of assessable profits and **16.5%** on the remaining portion[12](index=12&type=chunk) [(Loss) Earnings Per Share](index=4&type=section&id=%28Loss%29%20Earnings%20Per%20Share) Basic and diluted loss per share was 1.18 HK cents, based on a group loss of HK$3,297 thousand and 280,000 thousand ordinary shares, with no dilutive shares (Loss) Earnings Per Share | Metric | June 30, 2025 (HK cents) | June 30, 2024 (HK cents) | | :--- | :--- | :--- | | Basic and diluted (loss) earnings per share | (1.18) | 1.47 | - The number of ordinary shares used for calculating basic and diluted (loss) earnings per share was **280,000 thousand**[14](index=14&type=chunk) - Diluted (loss) earnings per share for the six months ended June 30, 2025, and 2024, was the same as basic (loss) earnings per share due to the absence of potential dilutive shares during the interim period[14](index=14&type=chunk) [Dividend Policy](index=5&type=section&id=Dividend%20Policy) The company recognized a final dividend of 1.5 HK cents per share for 2024, totaling HK$4,200 thousand, but the board did not recommend an interim dividend - Dividends recognized for the six months ended June 30, 2025, included a final dividend of **1.5 HK cents** per share for the year ended December 31, 2024, totaling **HK$4,200 thousand**[15](index=15&type=chunk) - The directors did not recommend an interim dividend for the six months ended June 30, 2025 (2024: nil)[15](index=15&type=chunk) [Analysis of Trade and Other Receivables and Payables](index=5&type=section&id=Analysis%20of%20Trade%20and%20Other%20Receivables%20and%20Payables) Trade receivables decreased to HK$21,464 thousand, while trade payables significantly increased to HK$27,740 thousand, with a 30-day credit period Aging Analysis of Trade Receivables | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 30 days | 15,181 | 19,254 | | 31 to 60 days | 4,036 | 3,596 | | 61 to 90 days | 1,345 | 2,568 | | 91 to 120 days | 543 | - | | Over 120 days | 359 | - | | **Total trade receivables** | **21,464** | **25,418** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (HK$ '000) | December 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | Within 30 days | 21,726 | 5,806 | | 31 to 90 days | 54 | 7 | | 91 to 120 days | 1 | 2 | | Over 120 days | 5,959 | 5,970 | | **Total trade payables** | **27,740** | **11,785** | - The group offers an average credit period of **30 days** to its trade customers and does not charge interest on overdue balances[17](index=17&type=chunk) [Share Capital Structure](index=6&type=section&id=Share%20Capital%20Structure) As of June 30, 2025, authorized share capital was HK$50,000 thousand, with issued and fully paid share capital of HK$28,000 thousand, unchanged from prior year Share Capital Structure | Item | Number of Ordinary Shares (shares) | Par Value (HK$ '000) | | :--- | :--- | :--- | | Authorized share capital | 500,000,000 | 50,000 | | Issued and fully paid share capital | 280,000,000 | 28,000 | - As of June 30, 2025, the issued and fully paid share capital remained consistent with January 1, 2024, June 30, 2024, and December 31, 2024[20](index=20&type=chunk) Business Review and Outlook [Business Review](index=6&type=section&id=Business%20Review) Turnover increased by 21%, but gross profit fell 36% to a net loss of HK$3,297 thousand due to market challenges, prompting cost review and new revenue exploration - Turnover increased by **21%** compared to the prior year, reflecting the company's ability to drive sales and maintain market share[22](index=22&type=chunk) - Significant pressure on gross profit margin led to a **36%** decrease in gross profit[22](index=22&type=chunk) - A net loss of **HK$3,297 thousand** was recorded for the period, compared to a net profit of **HK$4,140 thousand** in the prior year[22](index=22&type=chunk) - The company is actively reviewing its cost structure, optimizing inventory management, and exploring new revenue streams to alleviate operational pressure[22](index=22&type=chunk) [Outlook](index=6&type=section&id=Outlook) Hong Kong's consumer outlook remains sluggish due to intense competition and changing consumer behavior, prompting the company to reassess costs and explore new business models - Hong Kong's consumer outlook remains sluggish, affected by several interconnected challenges[23](index=23&type=chunk) - Competition from mainland Chinese brands is intensifying, offering aggressive pricing and rapid innovation, further squeezing profit margins and market share[24](index=24&type=chunk) - Shifting consumer behavior, favoring value-oriented purchases and longer replacement cycles, has impacted overall demand[24](index=24&type=chunk) - The company is actively reassessing its cost structure, enhancing operational flexibility, and exploring new product categories or business models[23](index=23&type=chunk) Financial Analysis and Risk Management [Liquidity and Financial Resources](index=7&type=section&id=Liquidity%20and%20Financial%20Resources) Total assets were HK$218,055 thousand, with a current ratio of 4.0 (down from 6.5), and HK$82,543 thousand in cash, maintaining good liquidity with no bank borrowings - As of June 30, 2025, the group's total assets of **HK$218,055 thousand** comprised total equity of **HK$166,907 thousand** and total liabilities of **HK$51,148 thousand**[25](index=25&type=chunk) - The group's current ratio was approximately **4.0**, compared to approximately **6.5** as of December 31, 2024[25](index=25&type=chunk) - As of June 30, 2025, the group held bank balances and cash of **HK$82,543 thousand** (December 31, 2024: **HK$81,042 thousand**)[25](index=25&type=chunk) - There were no bank borrowings as of June 30, 2025 (December 31, 2024: nil)[25](index=25&type=chunk) [Pledged Assets and Material Investments](index=7&type=section&id=Pledged%20Assets%20and%20Material%20Investments) The group had no pledged assets; listed securities held as long-term investments appreciated by 24%, with a fair value gain of HK$3,424 thousand and dividend income of HK$400 thousand - There were no pledged assets as of June 30, 2025 (December 31, 2024: nil)[26](index=26&type=chunk) - Listed securities held by the group for long-term investment purposes appreciated by **24%** for the six months ended June 30, 2025[28](index=28&type=chunk) - A fair value gain of **HK$3,424 thousand** was recognized in other comprehensive income, and dividend income of **HK$400 thousand** was received[28](index=28&type=chunk) [Employee Information and Remuneration Policy](index=7&type=section&id=Employee%20Information%20and%20Remuneration%20Policy) The group had 54 employees, with salaries and benefits totaling HK$10,262 thousand, and no significant changes to the remuneration policy, which includes MPF, medical insurance, and performance bonuses - The group had **54 employees** as of June 30, 2025 (June 30, 2024: **51 employees**)[27](index=27&type=chunk) - Salaries and other benefits paid and payable to employees (excluding directors' emoluments) amounted to **HK$10,262 thousand** (June 30, 2024: **HK$10,886 thousand**)[27](index=27&type=chunk) - In addition to MPF contributions and medical insurance, employees receive discretionary bonuses based on performance assessments, with no significant changes to the employee remuneration policy from the prior year[27](index=27&type=chunk) [Currency Risk Management and Contingent Liabilities](index=7&type=section&id=Currency%20Risk%20Management%20and%20Contingent%20Liabilities) Some purchases, receivables, and bank balances are in USD, but due to the HKD-USD peg, no significant currency risk is expected; no hedging policy exists, and no derivative financial instruments or contingent liabilities were present - Certain of the group's purchases of goods, other receivables, and bank balances are denominated in US dollars[29](index=29&type=chunk) - As the Hong Kong dollar is pegged to the US dollar, the group's management does not expect any significant currency risk between the US dollar and the Hong Kong dollar[29](index=29&type=chunk) - The group currently has no currency hedging policy; however, management monitors currency fluctuation risks and will hedge significant currency risks when necessary[29](index=29&type=chunk) - As of June 30, 2025, the group had no contingent liabilities or guarantees (December 31, 2024: nil)[30](index=30&type=chunk) Corporate Governance and Other Information [Corporate Governance Code](index=8&type=section&id=Corporate%20Governance%20Code) The company adopted and complied with the Corporate Governance Code in Appendix C1 of the Listing Rules for the period ended June 30, 2025 - The company has adopted the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of the Stock Exchange[31](index=31&type=chunk) - For the period ended June 30, 2025, the company has complied with the code provisions under the Code[31](index=31&type=chunk) [Standard Securities Dealing Code for Directors](index=8&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company adopted the Standard Securities Dealing Code for Directors in Appendix C3 of the Listing Rules, and all directors confirmed compliance - The company has adopted the Standard Securities Dealing Code for Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' dealings in the company's securities[32](index=32&type=chunk) - Following specific enquiry with all directors, they have confirmed compliance with the Standard Code[32](index=32&type=chunk) [Audit Committee](index=8&type=section&id=Audit%20Committee) The Audit Committee, composed of all independent non-executive directors, reviewed the company's condensed consolidated financial statements and accounting policies - The Audit Committee comprises all independent non-executive directors[33](index=33&type=chunk) - The Audit Committee has reviewed the company's condensed consolidated financial statements for the six months ended June 30, 2025, including the accounting policies and practices adopted by the company[33](index=33&type=chunk) [Dealings in Listed Securities](index=8&type=section&id=Dealings%20in%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the period ended June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the period ended June 30, 2025[34](index=34&type=chunk) [Publication of Results Announcement](index=8&type=section&id=Publication%20of%20Results%20Announcement) This results announcement is published on the company and Stock Exchange websites; the 2025 interim report will be dispatched to shareholders and published by September 30, 2025 - This results announcement is published on the company's website www.sismobile.com.hk and the Stock Exchange's website www.hkexnews.hk[35](index=35&type=chunk) - The company's 2025 interim report will be dispatched to shareholders and published on the aforementioned websites on or before September 30, 2025[35](index=35&type=chunk) [Acknowledgement](index=8&type=section&id=Acknowledgement) Chairman Lam Ka Ming thanked employees, customers, partners, and shareholders, pledging continued value creation and strategic adaptation to market changes - Chairman Lam Ka Ming expressed sincere gratitude for the unwavering dedication of employees, the continued trust of customers and business partners, and the steadfast support of shareholders[36](index=36&type=chunk) - The company will continue to strive for shareholder value creation and adapt its strategies to meet the evolving market environment[36](index=36&type=chunk)

[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 ...