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。 KONG SUN HOLDINGS LIMITED 江 山 控 股 有 限 公 司 （股份代號： 295） （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） 截至二零二五年六月三十日止六個月的 未經審核中期業績公告 江山控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及其附屬公 司（統稱「本集團」）截至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如下。 簡明綜合損益表 截至二零二五年六月三十日止六個月 （除非另有說明，以人民幣呈列） | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收入 | 3 | 160,979 | 229,087 | | 銷售成本 | | (73,65 ...

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。 HAIDILAO INTERNATIONAL HOLDING LTD. 海底撈國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6862） 截至2025年6月30日止六個月的中期業績 及 中期股息及暫停辦理過戶登記手續公告 海底撈國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期」）的未經 審核綜合業績，連同2024年同期的比較數字。 本公告內的「我們」指本公司，倘文義另有所指，指本集團。本公告所載若干金額 及百分比數字已作四捨五入調整或已四捨五入取至小數點後一位或兩位數。任何 表格、圖表或其他地方所示總額與所列數額總和的任何差異乃因四捨五入所致。 主要財務摘要 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | （人民幣千元） | ...

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，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Green Tea Group Limited 綠茶集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6831） 綜合損益表 截至2025年6月30日止六個月－未經審核 （以人民幣列示） | | 附註 | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | | 人民幣千元 | 人民幣千元 | | 收入 | 3 | 2,290,375 | 1,859,826 | | 其他收入 | | 12,913 | 15,793 | | 所用原材料及耗材 | | (693,170) | (589,397) | | 員工成本 | | (591,066) | (480,310) | | 使用權資產折舊 | | (109,548) | (97,873) | | 其他租金及相關開支 | | (48,030) | (34,596) | ...

截至2025年6月30日止六個月的中期業績公告 上海復宏漢霖生物技術股份有限公司（「本公司」或「復宏漢霖」）董事會（「董事 會」）欣然宣佈根據國際財務報告準則（「國際財務報告準則」）編製的本公司及其附 屬公司（統稱「本集團」或「我們」）截至2025年6月30日止六個月（「報告期」）之未 經審計綜合財務業績。 財務摘要： 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Shanghai Henlius Biotech, Inc. 上海復宏漢霖生物技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2696） 1. 截至2025年6月30日止六個月，本集團的總收入約人民幣2,819.5百萬元， 較截至2024年6月30日止六個月約人民幣2,746.1百萬元增加約人民幣73.4 百萬元，增長約2.7%。該收入主要來自藥物銷售，向客戶提供的研究與開 發（「研發」）服務及授權許可收入。 2. 截至2025年6月30日止六個月，本集團確認 ...

[Chairman's Report](index=1&type=section&id=Chairman%27s%20Report) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For H1 2025, BOE Varitronix reported HK$6.671 billion revenue (up 8%), HK$180.5 million profit (up 5%), and HK$4.748 billion cash resources (up 15%) 2025 First Half Key Financial Data | Indicator | As of June 30, 2025 (million HKD) | As of June 30, 2024 (million HKD) | | :--- | :--- | :--- | | Revenue | 6,671 | 6,157 | | EBITDA | 338 | 315 | | Profit attributable to shareholders | 180.5 | 172.1 | | Basic earnings per share | 22.9 HK cents | 21.9 HK cents | | Diluted earnings per share | 22.8 HK cents | 21.8 HK cents | | Operating cash inflow | 533 | 795 | | Indicator | As of June 30, 2025 (million HKD) | As of December 31, 2024 (million HKD) | | :--- | :--- | :--- | | Cash resources | 4,748 | 4,122 | | Cash and time deposit balances | 3,772 | 3,544 | - The Group recorded revenue of **HK$6.671 billion**, an increase of approximately **8%** compared to the same period in 2024[4](index=4&type=chunk) - Profit attributable to shareholders was **HK$180.5 million**, an increase of approximately **5%** compared to 2024[4](index=4&type=chunk) - As of June 30, 2025, the Group's total cash resources amounted to **HK$4.748 billion**, an increase of approximately **15%** from the end of 2024[5](index=5&type=chunk) [Business Review](index=3&type=section&id=Business%20Review) Revenue growth was driven by TFT, touchscreen, and in-vehicle system sales, with automotive displays contributing 94% of total revenue, achieving profit growth despite margin pressure via strategic investments and operational optimization - The Group's revenue growth was primarily driven by increased sales of Thin-Film Transistor ("TFT") products, touchscreen display modules, and in-vehicle system products[5](index=5&type=chunk) - The Group's TFT module business and touchscreen display module business accounted for approximately **94%** of the Group's revenue, with the automotive display business also accounting for **94%**[5](index=5&type=chunk) - Gross margin was affected by price adjustments and product mix changes, but overall profit attributable to shareholders improved through enhanced profitability of other businesses, such as net interest income, government subsidies, and equity investment income[6](index=6&type=chunk) - EBITDA increased by approximately **7%** to **HK$338 million**, with an EBITDA margin of approximately **5.1%** of the Group's revenue[7](index=7&type=chunk) - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[8](index=8&type=chunk) [Automotive Display Business](index=3&type=section&id=Automotive%20Display%20Business) Automotive display revenue grew 9% to HK$6.245 billion, comprising 94% of total revenue, driven by system business growth and leading global market share in in-vehicle displays, with significant sales expansion in China's new energy vehicle sector - Revenue from the automotive display business was **HK$6.245 billion**, an increase of approximately **9%** compared to the same period in 2024[9](index=9&type=chunk) - This business accounted for approximately **94%** of the Group's total revenue, with the system business becoming a new growth engine[9](index=9&type=chunk) - The Group maintained the **number one market share** globally in in-vehicle display shipments and area, especially for displays 8 inches and above[9](index=9&type=chunk) - In China, sales significantly increased, and the customer base expanded to include the **top 20 Chinese automakers** and most new energy vehicle manufacturers[9](index=9&type=chunk)[10](index=10&type=chunk) - Overseas business faced challenges from geopolitical tensions, energy shortages, and high interest rates, but revenue in Europe achieved growth[10](index=10&type=chunk) - Chengdu factory operations significantly improved efficiency, and system business revenue is expected to grow significantly in 2025[11](index=11&type=chunk) - Quality was significantly improved, quality costs were reduced, and numerous supplier awards were received from leading new energy vehicle manufacturers[12](index=12&type=chunk) [Industrial Display Business](index=5&type=section&id=Industrial%20Display%20Business) Industrial display revenue grew 5% to HK$426 million, accounting for 6% of total revenue, primarily driven by consumer electronics demand, with continued product promotion for new applications and emerging markets - The industrial display business recorded revenue of **HK$426 million**, an increase of approximately **5%** compared to the same period in 2024[13](index=13&type=chunk) - This business accounted for approximately **6%** of the Group's total revenue, with the increase primarily driven by growth in demand for consumer electronics products[13](index=13&type=chunk) [Industry Review](index=5&type=section&id=Industry%20Review) H1 2025 saw strong global new energy vehicle growth despite economic challenges, led by China's over 40% production and sales increase (44.3% of total sales) and robust exports, while Europe grew 26%, and North America and Japan experienced slower growth - The global new energy vehicle industry maintained strong and rapid growth, accelerating technological innovation and intensifying market competition[14](index=14&type=chunk) - The Chinese market continued to be the main growth driver for the new energy vehicle industry, with the government introducing multiple supportive policies[14](index=14&type=chunk) - In the first half of 2025, China's new energy vehicle production and sales reached **6.9 million units** each, increasing by **41.4%** and **40.3%** year-on-year respectively, accounting for **44.3%** of total vehicle sales during the same period[15](index=15&type=chunk) - China's new energy vehicle exports performed outstandingly, with passenger vehicle exports increasing by **71.3%** and commercial vehicle exports by **230%** year-on-year in the first half of 2025[16](index=16&type=chunk) - The European market saw new energy vehicle sales grow by **26%**, and the European Commission will invest **EUR 852 million** to support electric vehicle battery manufacturing projects[16](index=16&type=chunk) - New energy vehicle sales growth in North America slowed to **3%**, affected by shifts in US government policy and Canadian policy reviews[17](index=17&type=chunk) - The Japanese market for new energy vehicles remained weak, primarily focusing on hybrid vehicles, with lagging policy and infrastructure development[17](index=17&type=chunk) - The South Korean government set a target to increase the number of electric vehicles to **2 million** by 2030 and plans to accelerate the construction of charging stations[17](index=17&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) The Group targets automotive and industrial displays as key growth drivers, projecting the automotive market to reach HK$400 billion by 2030, and plans to expand globally, optimize operations, and enhance quality to mitigate risks and boost profitability amid intense competition - The automotive display sector and industrial display business will be the Group's two main growth drivers[19](index=19&type=chunk) - Escalating global geopolitical tensions may lead to tariffs on new energy vehicles manufactured in China, adversely affecting the Group[19](index=19&type=chunk) - The global automotive display equipment market is projected to reach **HK$400 billion** by 2030, with a Compound Annual Growth Rate (CAGR) of **9.93%** from 2024 to 2030[20](index=20&type=chunk) - The Group will collaborate with suppliers and leverage BOE Group's new 8.6-generation OLED production line in Chengdu to enhance competitiveness[20](index=20&type=chunk) - Automotive display systems have evolved from traditional dashboards into interactive centers integrating information, control, and entertainment functions[21](index=21&type=chunk) - Facing intense market competition, the Group will enhance risk awareness, focus on leading customers, continuously improve product quality and technical capabilities[22](index=22&type=chunk) - The Group will expand its supplier sourcing, explore expanding existing factories, overseas mergers and acquisitions, and establishing overseas production bases to meet market demand[23](index=23&type=chunk) - Proactive measures to address geopolitical conflicts include cost transfer, establishing overseas factories, and collaborating with overseas partners[23](index=23&type=chunk) [Automotive Display Business](index=8&type=section&id=Automotive%20Display%20Business) The automotive display market is expected to grow strongly, with LCD remaining the primary solution, but demand for high-quality displays will drive advanced technology adoption; the Group will leverage BOE Group's OLED production lines to enhance competitiveness and focus on innovative technologies like smart cockpits, multi-screen, and large-screen displays to meet market competition and customer needs - The global automotive display equipment market size is projected to reach **HK$400 billion** by 2030, with a compound annual growth rate of **9.93%**[20](index=20&type=chunk) - LCD technology remains the primary solution due to cost competitiveness, but demand for higher quality displays will drive the application of advanced technologies[20](index=20&type=chunk) - Automotive display systems have evolved from traditional dashboards into interactive centers integrating information, control, and entertainment functions[21](index=21&type=chunk) - The Group will enhance risk awareness, focus on leading customers, continuously improve product quality and technical capabilities, and optimize factory operational efficiency and services[22](index=22&type=chunk) - The Group will expand its supplier sourcing, explore expanding existing factories, overseas mergers and acquisitions, and establishing overseas production bases[23](index=23&type=chunk) [Industrial and Other Display Business](index=10&type=section&id=Industrial%20and%20Other%20Display%20Business) The industrial and other display market is projected to exceed HK$60 billion by 2030, with a compound annual growth rate of 6.7%, characterized by long product cycles and stable demand, where the Group will focus on developing high-end, high-tech, and high-profit products, while strengthening customer service and marketing strategies to drive business growth - The global industrial display market size is projected to exceed **HK$60 billion** by 2030, with a compound annual growth rate of **6.7%** from 2025 to 2030[24](index=24&type=chunk) - This sector features long product cycles and stable demand, and the Group has established a strong customer base and partnerships in the industrial and other display markets[24](index=24&type=chunk) - The Group will strengthen customer service and marketing strategies to foster closer communication with customers and provide optimal solutions[24](index=24&type=chunk) [Development Strategy](index=11&type=section&id=Development%20Strategy) The Group maintains an asset-light model, leveraging BOE's R&D to lead in high-end automotive displays, with a core strategy to expand overseas markets for a 50/50 sales split, consolidate leadership, enhance system market share, seize smart cockpit opportunities, and promote a dual-engine business model - The Group maintains an **asset-light model**, leveraging BOE Group's existing production and R&D capabilities to maintain a leading position in high-end and large-size products[25](index=25&type=chunk) - Expanding overseas markets is a core strategic focus, aiming to achieve an equal split between domestic and overseas sales in recent years[25](index=25&type=chunk) - The Group continues to execute its **"three-step development strategy"**: consolidating its leading position in automotive display equipment, increasing market share in automotive display systems, and seizing opportunities in system and smart cockpit solutions[26](index=26&type=chunk) - "HERO" (Health, Entertainment, Recreation, Office) application scenarios and AI-enabled smart cockpit solutions have been launched in the Chinese market[26](index=26&type=chunk) - The Group will leverage existing resources to explore opportunities in the industrial and other display sectors, promoting the rapid growth of a **"dual-engine driven"** business model[26](index=26&type=chunk) - Digital management systems will be strengthened, utilizing AI to improve operational and management efficiency[27](index=27&type=chunk) - The Group is committed to sustainable development, targeting **carbon neutrality by 2050**[27](index=27&type=chunk) [Research and Development](index=12&type=section&id=Research%20and%20Development) Adhering to the 'V+' strategy, the Group deepens its in-vehicle presence via a 'component-system-smart cockpit' path, building a new display ecosystem with nearly HK$900 million R&D investment, 464 R&D staff, covering OLED, smart interaction, and AI integration for HERO smart cockpit scenarios - In-vehicle display, as a core business, adheres to the "V+" operating strategy and "Vehicle" concept, following a "component-system-smart cockpit" three-step development path[28](index=28&type=chunk) - AI, multi-modal interaction, and other cutting-edge technologies are fully integrated into the overall smart cockpit solution, with the "HERO" smart cockpit concept gaining high market recognition[28](index=28&type=chunk) - Cumulative R&D investment over the past three years reached nearly **HK$900 million**, and the R&D team expanded to **464 employees**[30](index=30&type=chunk) - Technology layout covers automotive-grade OLED devices, irregular structures, smart interaction, transparent imaging, HUD, and other core directions, promoting deep integration of AI with in-vehicle displays[30](index=30&type=chunk) [Panoramic Head-Up Display (PHUD)](index=13&type=section&id=Panoramic%20Head-Up%20Display%20%28PHUD%29) PHUD is an advanced in-vehicle head-up display technology that projects key information onto the windshield, reducing driver's eyes-off-road time and providing a seamless experience, with multiple projects secured from various automakers and a 44.8-inch panoramic head-up display showcased at SID 2025 - PHUD utilizes optical technology to project key information such as navigation and vehicle speed onto the windshield in front of the driver's line of sight, reducing the time drivers take their eyes off the road[31](index=31&type=chunk) - PHUD has secured multiple projects with various automakers and showcased a **44.8-inch** panoramic head-up display at SID 2025[31](index=31&type=chunk) [UB Cell (ADS-Pro)](index=13&type=section&id=UB%20Cell%20%28ADS-Pro%29) UB Cell is a high-end TV display solution integrating ADS Pro advanced LCD technology, offering ultra-high color gamut, full-angle color neutrality, high contrast, and low reflectivity, comparable to OLED picture quality, with a vehicle-grade UB Cell display prototype first demonstrated at SID 2025 achieving a contrast ratio of 2,300:1 and targeting 3,000:1 - UB Cell integrates ADS Pro advanced LCD technology, featuring ultra-high color gamut, full-angle color neutrality, **1400:1** ultra-high ambient light contrast ratio, and **0.7%** ultra-low panel reflectivity[32](index=32&type=chunk) - A vehicle-grade UB Cell display prototype was first demonstrated at SID 2025, achieving a contrast ratio of up to **2,300:1**, with a target of **3,000:1**[32](index=32&type=chunk) [f-OLED](index=14&type=section&id=f-OLED) f-OLED represents high-end flexible organic light-emitting diode technology, offering vibrant colors, versatile forms, and high integration, with multiple in-vehicle f-OLED displays already in mass production, and ongoing development of panel-integrated light control technology and active privacy features to enhance driving safety and privacy - f-OLED boasts industry-leading advantages such as vibrant colors, versatile forms, and high integration, with multiple in-vehicle f-OLED displays already entering mass production[33](index=33&type=chunk)[34](index=34&type=chunk) - Panel-integrated light control technology is under development to avoid windshield projection, significantly enhancing driving safety[34](index=34&type=chunk) - Panel-integrated active privacy features are being developed to support free switching between shared and privacy modes, ensuring co-driver entertainment content does not distract the driver[34](index=34&type=chunk) [Far-field Light Field Display](index=14&type=section&id=Far-field%20Light%20Field%20Display) Far-field light field display utilizes light field folding technology to achieve large-screen, long-distance imaging within the limited space of a vehicle, providing a broad view for rear-seat passengers, reducing visual fatigue, and delivering a mobile cinema experience, with a prototype developed and exhibited at SID in the first half of 2025, and continuous upgrades and expansion into new industrial product scenarios like learning, education, and gaming planned for the second half - Utilizing light field folding technology, it achieves large-screen, long-distance imaging within the limited space of a vehicle, reducing visual fatigue and dizziness[35](index=35&type=chunk) - A prototype was completed in the first half of 2025, attracting customer attention at the SID exhibition, with continuous upgrades and expansion into new industrial product scenarios planned for the second half[35](index=35&type=chunk) [Dual-View Dual-Touch Display Technology](index=14&type=section&id=Dual-View%20Dual-Touch%20Display%20Technology) Dual-view dual-touch display technology enables two different perspectives on the same screen, facilitating multi-user interaction and simplifying in-car space, with a successful proof-of-concept prototype developed in the first half of 2025 garnering significant customer interest, and active promotion and testing on in-vehicle platforms planned for the second half to achieve mass production soon - Dual-view display technology can show two different perspectives on the same screen, enabling multi-user interaction, applicable in aviation, high-speed rail, in-vehicle, medical, and educational training fields[36](index=36&type=chunk) - In the first half of 2025, dual-view dual-touch display functionality was successfully achieved, producing a POC prototype that garnered significant customer attention[37](index=37&type=chunk) - Active promotion to clients and joint testing on in-vehicle platforms are planned for the second half, aiming for early mass production[37](index=37&type=chunk) [Privacy On Demand Display Technology (POD)](index=15&type=section&id=Privacy%20On%20Demand%20Display%20Technology%20%28POD%29) Privacy On Demand Display Technology (POD) samples are being developed with Tier-1 clients in Europe, South Korea, and the US, with mass production expected to commence in 2026, representing another growth point for the in-vehicle market, and further improvements in POD development for better, thinner, and more flexible solutions are anticipated in Q4 2025 to maintain BOEVX's leadership in switchable privacy technology - Privacy On Demand Display Technology (POD) samples are being developed with Tier-1 clients in Europe, South Korea, and the US, with mass production expected to commence in 2026[38](index=38&type=chunk) - This value-added technology will be another growth point for the in-vehicle market, with further improvements in developing better, thinner, and more flexible POD anticipated in the fourth quarter of 2025[38](index=38&type=chunk) [Smart Cockpit Display System](index=15&type=section&id=Smart%20Cockpit%20Display%20System) The Group is advancing smart cockpit display system technology by enhancing existing product lines and exploring new solutions, participating in industry standard-setting, and developing a dual-axis parallel intelligent control swing screen that overcomes multi-motor high-precision collaborative control challenges, improving driver concentration and driving safety, thereby redefining human-screen interaction paradigms - The Group participated in the formulation of national standards such as "Technical Requirements and Test Methods for In-vehicle Display Terminals" led by the China Automotive Research Center[39](index=39&type=chunk) - A dual-axis parallel intelligent control swing screen was developed, overcoming the challenge of high-precision collaborative control for multiple motors, achieving multi-degree-of-freedom compound motion with dual dynamic coupling[39](index=39&type=chunk) - This dual-axis parallel intelligent control solution can increase driver concentration by **20%** and driving safety by **30%**[39](index=39&type=chunk) [Adaptive Far-field Headrest Display](index=16&type=section&id=Adaptive%20Far-field%20Headrest%20Display) Through independently developed eye-tracking algorithms, the Group achieves monocular measurement of viewing distance and angle, combined with stepless rotation of electric mechanisms, addressing the limitations of viewing distance and height for far-field screens, projecting a 3-meter distant 50-inch image from a minimal headrest volume, reducing ciliary muscle adjustment by over 90%, and providing an immersive cinema-grade experience - Through independently developed eye-tracking algorithms, it achieves monocular measurement of viewing distance and angle, with centimeter-level recognition accuracy[40](index=40&type=chunk) - It projects a **3-meter distant 50-inch** image from a minimal headrest volume, reducing ciliary muscle adjustment by over **90%**, leading to more relaxed viewing[40](index=40&type=chunk) - Equipped with rich interface options such as HDMI, USB3.0, Type-C, and wireless screen mirroring, it creates an ultimate comfortable and immersive cinema-grade experience[40](index=40&type=chunk) [OLED Under-Display Fingerprint Smart Steering Wheel 2.0](index=16&type=section&id=OLED%20Under-Display%20Fingerprint%20Smart%20Steering%20Wheel%202.0) The OLED Under-Display Fingerprint Smart Steering Wheel 2.0, a technological highlight, was first applied in the OLED health smart cockpit and debuted at SID 2025, featuring in-vehicle under-display fingerprint recognition, an ECG & HOD system for high-sensitivity early warnings, and memory interaction between different ID users' OLED under-display fingerprints and smart seats - First applied in the OLED health smart cockpit and made a stunning debut at SID 2025[41](index=41&type=chunk) - Achieves in-vehicle under-display fingerprint recognition, equipped with an ECG & HOD system for high-sensitivity early warnings[41](index=41&type=chunk) - Enables memory interaction between different ID users' OLED under-display fingerprints and smart seats[41](index=41&type=chunk) [AI In-vehicle Digital Amplifier Audio System](index=16&type=section&id=AI%20In-vehicle%20Digital%20Amplifier%20Audio%20System) The first self-developed acoustic product, leveraging AI to empower an immersive in-vehicle acoustic experience, pioneered in-vehicle original sound quality restoration technology, AIGC model deployment on constrained edge devices, and a multi-modal noise reduction technology architecture, significantly enhancing amplifier noise reduction capabilities and sound quality, with basic functional research and development initially completed and a plan to exhibit at BOE IPC in 2025 - The first self-developed acoustic product, leveraging AI to empower an immersive in-vehicle acoustic experience[42](index=42&type=chunk) - Pioneered in-vehicle original sound quality restoration technology, AIGC model deployment on constrained edge devices, and a multi-modal noise reduction technology architecture, significantly enhancing amplifier noise reduction capabilities and sound quality[42](index=42&type=chunk) - Basic functional research and development have been initially completed, with a plan to exhibit at BOE IPC in 2025[42](index=42&type=chunk) [Significant Events After June 30, 2025](index=17&type=section&id=Significant%20Events%20After%20June%2030%2C%202025) As of the date of this announcement, the Group has no significant events after June 30, 2025, that require disclosure - As of the date of this announcement, the Group has no significant events requiring disclosure[43](index=43&type=chunk) [Appreciation](index=17&type=section&id=Appreciation) The Chairman expresses gratitude to business partners, clients, management, employees, shareholders, investors, and business partners for their support, stating that the Group will continue to capitalize on automotive industry trends and strive to become a leading integrated smart cockpit display system solution provider - The Group achieved higher revenue growth and a recovery in profitability through relentless efforts[44](index=44&type=chunk) - The Group will continue to seize upcoming trends in the automotive industry and implement its strategy to become a leading integrated smart cockpit display system solution provider[44](index=44&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Asset Structure](index=18&type=section&id=Asset%20Structure) As of June 30, 2025, the Group's total assets reached HK$11.834 billion, primarily due to improved working capital, with cash resources increasing to HK$4.748 billion, inventory rising by approximately 4% to HK$1.854 billion, and trade receivables decreasing due to strict aging monitoring - As of June 30, 2025, the Group's total assets reached **HK$11.834 billion**, primarily due to improved working capital[46](index=46&type=chunk) - For the six months ended June 30, 2025, the Group's cash resources amounted to **HK$4.748 billion**, attributed to strict control over working capital[46](index=46&type=chunk) - Inventory at period-end increased by approximately **4%** to **HK$1.854 billion**, mainly for strategic capacity allocation[46](index=46&type=chunk) - Trade receivables decreased due to the implementation of stricter aging monitoring[46](index=46&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total equity was HK$4.717 billion, with a current ratio of 1.42, cash resources increasing to HK$4.748 billion (including HK$3.772 billion in cash and time deposits and HK$730 million in other financial assets), and bank loans rising to HK$434 million, resulting in a slight increase in the debt-to-asset ratio to 9.2%, reflecting additional borrowing for long-term growth - As of June 30, 2025, the Group's total equity was **HK$4.717 billion**[48](index=48&type=chunk) - The Group's current ratio was **1.42** as of June 30, 2025[48](index=48&type=chunk) Cash Resources Composition | Item | As of June 30, 2025 (million HKD) | As of December 31, 2024 (million HKD) | | :--- | :--- | :--- | | Cash resources | 4,748 | 4,122 | | Cash and time deposit balances | 3,772 | 3,544 | | Other financial assets | 730 | 390 | | Restricted bank deposits | 246 | 188 | - The Group's bank loans amounted to **HK$434 million**, of which **HK$176 million** were long-term loans, primarily used to facilitate capital expenditures[49](index=49&type=chunk) - The debt-to-asset ratio was approximately **9.2%**, a slight increase reflecting additional borrowing for long-term growth[49](index=49&type=chunk) - Inventory turnover days were **54 days**, and trade receivables turnover days were **63 days**, with the increase in receivables turnover days due to an expanded customer base from new businesses[50](index=50&type=chunk) [Cash Flow](index=19&type=section&id=Cash%20Flow) During the review period, net cash inflow from operating activities was HK$533 million, primarily driven by a decrease in trade and other receivables, while net cash outflow from investing activities was HK$469 million, mainly for the purchase of property, plant and equipment, time deposits, and other financial assets, and net cash inflow from financing activities was HK$33 million, primarily from increased net bank loan inflows - Net cash from operating activities reached **HK$533 million** (2024: HK$795 million)[51](index=51&type=chunk) - Net cash outflow used in investing activities reached **HK$469 million** (2024: HK$1.177 billion), primarily for the purchase of property, plant and equipment totaling **HK$84 million**, a net increase of **HK$40 million** in time deposits over three months, and a net increase of **HK$318 million** in other financial assets[51](index=51&type=chunk) - Net cash inflow from financing activities reached **HK$33 million** (2024: outflow of HK$29 million), mainly due to an increase in net bank loan inflows[52](index=52&type=chunk) [Capital Structure](index=19&type=section&id=Capital%20Structure) The Group's long-term capital combines shareholders' equity and liabilities, primarily comprising share capital, reserves, and bank loans, with no significant changes in capital structure during the period, bank loans increasing to HK$434 million, and cash resources totaling HK$4.748 billion, including HK$2.889 billion in cash and cash equivalents - The Group's long-term capital combines shareholders' equity and liabilities, primarily comprising share capital, reserves, and bank loans, with no significant changes in capital structure during the period[53](index=53&type=chunk) - As of June 30, 2025, bank loans increased to **HK$434 million**[53](index=53&type=chunk) - As of June 30, 2025, the Group's cash resources amounted to **HK$4.748 billion**, of which cash and cash equivalents were **HK$2.889 billion**[53](index=53&type=chunk) Cash and Cash Equivalents by Currency | Original Currency | As of June 30, 2025 (million HKD) | As of December 31, 2024 (million HKD) | | :--- | :--- | :--- | | RMB | 1,236 | 1,286 | | USD | 1,590 | 1,297 | | HKD | 9 | 13 | | Other currencies | 54 | 104 | | **Total** | **2,889** | **2,700** | [Foreign Exchange and Interest Rate Risk](index=19&type=section&id=Foreign%20Exchange%20and%20Interest%20Rate%20Risk) The Group's foreign exchange risk primarily arises from sales and purchases denominated in non-functional currencies, mainly USD, EUR, JPY, and RMB, which it primarily hedges through operations and monitors interest rate changes, with bank loans comprising both fixed and floating rates - The Group's foreign exchange risk primarily arises from sales and purchases denominated in currencies other than the functional currency of the relevant business, mainly USD, EUR, JPY, and RMB[55](index=55&type=chunk) - The Group primarily hedges foreign exchange risk through operations and does not use any financial instruments for hedging purposes[56](index=56&type=chunk) - As of June 30, 2025, the Group's bank loans comprised **HK$77 million** at fixed rates and **HK$357 million** at floating rates[56](index=56&type=chunk) [Financial Guarantees and Pledged Assets](index=20&type=section&id=Financial%20Guarantees%20and%20Pledged%20Assets) As of June 30, 2025, bank loans of HK$195 million were secured by certain land, buildings, plant, machinery, and equipment of a Group subsidiary to support its long-term development, with no other financial guarantees or pledged assets during the period - As of June 30, 2025, bank loans of **HK$195 million** were secured by certain land, buildings, plant, machinery, and equipment of a Group subsidiary[57](index=57&type=chunk) - Other than as disclosed above, the Group had no other financial guarantees or pledged assets during the period[57](index=57&type=chunk) [Commitments](index=20&type=section&id=Commitments) As of June 30, 2025, outstanding capital commitments not provided in the Group's financial statements amounted to approximately HK$214 million, primarily for the purchase of plant, machinery, tools, and equipment, to be funded by internal resources and/or external financing - As of June 30, 2025, outstanding capital commitments not provided in the Group's financial statements amounted to approximately **HK$214 million**[58](index=58&type=chunk) - These are primarily for the purchase of plant, machinery, tools, and equipment, to be funded by the Group's internal resources and/or external financing[58](index=58&type=chunk) [Other Investments](index=20&type=section&id=Other%20Investments) As of June 30, 2025, the Group held a diversified investment portfolio, including equity investments in securities related to the automotive industry, with the results of these investments appropriately reflected in the financial statements - As of June 30, 2025, the Group held a diversified investment portfolio, including equity investments in securities related to the automotive industry[59](index=59&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Company had no significant contingent liabilities - As of June 30, 2025, the Company had no significant contingent liabilities[60](index=60&type=chunk) [Operating Review](index=21&type=section&id=Operating%20Review) The Group's operating review is segmented by customer purchasing decision location, with China market revenue growing 21% to HK$4.448 billion, accounting for 67% of total revenue, driven by new energy vehicle policy support and supply chain optimization; European market revenue increased 9% to HK$1.209 billion; Americas market revenue decreased 17% to HK$325 million due to geopolitical and policy impacts; Japan market revenue decreased 34% to HK$413 million due to economic weakness and HEV dominance; and South Korea market revenue decreased 20% to HK$160 million, though government policies indicate future growth potential - The Group changed its presentation of geographical revenue information from "revenue by place of delivery" to "revenue by location of customer purchasing decision" starting from the preparation of the 2024 annual report[83](index=83&type=chunk) [China](index=21&type=section&id=China) The China market recorded revenue of HK$4.448 billion, an approximate 21% year-on-year increase, accounting for about 67% of the Group's total revenue, primarily from the automotive display business, driven by new energy vehicle policy support, supply chain optimization, improved quality management, and enhanced efficiency at the Chengdu factory, with the Group establishing strategic partnerships with leading enterprises and successfully increasing TFT and touchscreen display module revenue, while the system business also made significant progress - Revenue in China reached **HK$4.448 billion**, an increase of approximately **21%** compared to the same period in 2024, accounting for approximately **67%** of the Group's total revenue[61](index=61&type=chunk) - This was primarily from the automotive display business, benefiting from new energy vehicle policy support[61](index=61&type=chunk) - Through comprehensive optimization of supply chain, quality, production, and sales processes, the Group continuously gained customer trust, solidifying its leading position in the Chinese market[61](index=61&type=chunk) - Revenue from various TFT and touchscreen display modules was successfully increased, and in-vehicle displays were launched in collaboration with several automakers[62](index=62&type=chunk) - The system business made significant progress in China, boasting a more diversified and robust Tier-1 customer base[62](index=62&type=chunk) - The new TFT and touch panel factory in Chengdu enhanced production capacity and strengthened its workforce, technology, and quality systems[63](index=63&type=chunk) [Europe](index=22&type=section&id=Europe) The European market recorded revenue of HK$1.209 billion, an approximate 9% year-on-year increase, accounting for about 18% of the Group's total revenue, primarily due to the delivery of TFT display module orders secured from multiple automotive clients in previous years commencing in 2025, and successfully winning orders from several renowned European automakers, laying a foundation for sustained growth in the coming years - Revenue in Europe reached **HK$1.209 billion**, an increase of approximately **9%** compared to the same period in 2024, accounting for approximately **18%** of the Group's total revenue[64](index=64&type=chunk) - The growth was primarily due to the delivery of TFT display module orders secured from multiple automotive clients in previous years commencing in 2025[64](index=64&type=chunk) - The Group successfully won orders from several renowned European automakers, laying a foundation for sustained order supply in the coming years[64](index=64&type=chunk) [Americas](index=23&type=section&id=Americas) The Americas market recorded revenue of HK$325 million, an approximate 17% year-on-year decrease, accounting for about 5% of the Group's total revenue, primarily due to escalating geopolitical conflicts, slower-than-expected interest rate declines, and government cancellation of new energy vehicle incentives; the Group remains committed to capitalizing on new energy vehicle trends, promoting TFT display modules and semi-system products, and plans to increase local sales team headcount and explore overseas M&A to meet customer demand - Revenue in the Americas reached **HK$325 million**, accounting for approximately **5%** of the Group's total revenue, a decrease of approximately **17%** compared to last year[65](index=65&type=chunk) - The decrease was primarily affected by escalating geopolitical conflicts, slower-than-expected interest rate declines, and government cancellation of new energy vehicle incentives[65](index=65&type=chunk) - The Group remains committed to capitalizing on new energy vehicle trends, promoting products to existing and new customers, and participating in international consumer electronics shows[65](index=65&type=chunk) - Potential revenue growth in the US market is anticipated with customers launching new car models and increased demand for higher-priced semi-system products[65](index=65&type=chunk) - The Group plans to increase the headcount of its local sales team in Central and South America to enhance responsiveness to customer needs[66](index=66&type=chunk) [Japan](index=24&type=section&id=Japan) The Japan market recorded revenue of HK$413 million, an approximate 34% year-on-year decrease, accounting for about 6% of the Group's revenue, primarily due to inflation, weak economic growth, and traditional automakers' focus on hybrid vehicles leading to soft new energy vehicle demand; the Group has expanded its local sales and technical teams in the Nagoya office to enhance customer service capabilities, anticipating significant future revenue growth potential - Revenue in Japan reached **HK$413 million**, a decrease of approximately **34%** compared to last year, accounting for approximately **6%** of the Group's revenue[67](index=67&type=chunk) - The decrease was primarily due to inflation and weak economic growth, as well as traditional automakers' primary focus on hybrid vehicles, leading to soft demand for new energy vehicles[67](index=67&type=chunk) - The new office in Nagoya commenced operations in 2024, equipped with an expanded local sales force and technical team, with significant potential for revenue growth from Japanese customers anticipated[67](index=67&type=chunk)[68](index=68&type=chunk) [South Korea](index=24&type=section&id=South%20Korea) The South Korea market recorded revenue of HK$160 million, an approximate 20% year-on-year decrease, accounting for about 2% of the Group's revenue, primarily due to weak new energy vehicle demand; despite this, South Korea remains an important market, with the government setting a target to increase electric vehicle numbers to 2 million by 2030 and offering purchase subsidies and tax incentives, signaling an optimistic outlook for future new energy vehicle adoption - Revenue in South Korea reached **HK$160 million**, a decrease of approximately **20%** compared to the same period last year, accounting for approximately **2%** of the Group's revenue[69](index=69&type=chunk) - The decrease in revenue was primarily due to weak demand for new energy vehicles[69](index=69&type=chunk) - The South Korean government has set a target to increase the number of electric vehicles to **2 million** by 2030 and plans to accelerate the construction of charging stations, offering purchase subsidies and tax incentives[69](index=69&type=chunk) [Consolidated Financial Statements](index=25&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=25&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's revenue was HK$6.671 billion, operating profit was HK$201 million, and profit before tax was HK$196 million, with profit for the period at HK$170 million, of which HK$180 million was attributable to shareholders, and basic earnings per share at 22.9 HK cents Consolidated Income Statement Summary (For the 6 months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Revenue | 6,670,596 | 6,157,319 | | Other operating income, net | 168,557 | 94,770 | | Operating profit | 201,253 | 193,651 | | Finance costs | (5,567) | (8,540) | | Profit before tax | 195,686 | 185,111 | | Income tax | (26,140) | (9,734) | | Profit for the period | 169,546 | 175,377 | | Profit attributable to shareholders | 180,476 | 172,100 | | Basic earnings per share | 22.9 HK cents | 21.9 HK cents | | Diluted earnings per share | 22.8 HK cents | 21.8 HK cents | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, profit for the period was HK$170 million, with other comprehensive income primarily including a net change in exchange reserves from overseas currency translation adjustments of HK$75.7 million, resulting in a total comprehensive income for the period of HK$245 million, of which HK$255 million was attributable to shareholders Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (For the 6 months ended June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the period | 169,546 | 175,377 | | Overseas currency translation adjustment: net change in exchange reserves | 75,745 | (23,776) | | Total comprehensive income for the period | 245,291 | 151,601 | | Total comprehensive income attributable to shareholders | 255,274 | 148,324 | | Total comprehensive income attributable to non-controlling interests | (9,983) | 3,277 | [Consolidated Statement of Financial Position](index=27&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets were HK$2.221 billion, total current assets were HK$9.613 billion, and total current liabilities were HK$6.754 billion, resulting in net assets of HK$4.717 billion, of which HK$4.662 billion was attributable to shareholders Consolidated Statement of Financial Position Summary (As of June 30) | Indicator | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 2,220,727 | 2,269,640 | | Current assets | 9,612,893 | 9,195,302 | | **Liabilities** | | | | Current liabilities | 6,753,785 | 6,499,601 | | Non-current liabilities | 362,723 | 364,846 | | **Equity** | | | | Net assets | 4,717,112 | 4,600,495 | | Equity attributable to shareholders | 4,661,886 | 4,535,286 | | Non-controlling interests | 55,226 | 65,209 | | Total equity | 4,717,112 | 4,600,495 | [Notes to the Financial Statements](index=29&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information](index=29&type=section&id=General%20Information) The Company is incorporated in Bermuda, listed on the Hong Kong Stock Exchange, with its ultimate controlling party being BOE Technology Group Co., Ltd., primarily engaged in investment holding, and the Group mainly operates in the automotive and industrial display businesses, possessing monochrome display manufacturing capacity and TFT module assembly capacity - The Company is incorporated in Bermuda, with its shares listed on The Stock Exchange of Hong Kong Limited[74](index=74&type=chunk) - The Group's ultimate controlling party is BOE Technology Group Co., Ltd., incorporated in the People's Republic of China[74](index=74&type=chunk) - The Group is primarily engaged in the automotive and industrial display businesses, possessing monochrome display manufacturing capacity and TFT module assembly capacity[75](index=75&type=chunk) [Independent Review](index=29&type=section&id=Independent%20Review) This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 and by the Company's Audit Committee - This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[76](index=76&type=chunk) - This interim financial report has been reviewed by the Company's Audit Committee[76](index=76&type=chunk) [Basis of Preparation](index=30&type=section&id=Basis%20of%20Preparation) This interim financial report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants, approved for issue on August 25, 2025, with accounting policies consistent with the 2024 annual financial statements, except for necessary changes to reflect accounting policy updates - This interim financial report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants[77](index=77&type=chunk) - The accounting policies adopted in the preparation of this interim financial report are consistent with those applied in the preparation of the 2024 annual financial statements[77](index=77&type=chunk) [Changes in Accounting Policies and Their Application](index=30&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Their%20Application) The Group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" issued by the Hong Kong Institute of Certified Public Accountants to this interim financial report, which had no significant impact, and has not early adopted any new standards or interpretations not yet effective - The Group has applied the amendments to Hong Kong Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability" issued by the Hong Kong Institute of Certified Public Accountants to this interim financial report, but it had no significant impact on this interim financial report[78](index=78&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for this accounting period[79](index=79&type=chunk) [Revenue and Segment Reporting](index=30&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's primary business is the design, manufacture, and sale of liquid crystal displays and related products, classified as a single operating segment; to enhance reporting clarity, the presentation of geographical revenue information has been changed from "revenue by place of delivery" to "revenue by location of customer purchasing decision," with comparative figures for the prior reporting period restated, and the China region accounts for the highest proportion of revenue, reaching 67% - The Group's primary business is the design, manufacture, and sale of liquid crystal displays and related products, constituting the sole reportable segment[80](index=80&type=chunk)[81](index=81&type=chunk) - To enhance the clarity of reported figures, the Group changed its presentation of geographical revenue information from "revenue by place of delivery" to "revenue by location of customer purchasing decision" starting from the preparation of the 2024 annual report[83](index=83&type=chunk) [Operating Segment Results](index=30&type=section&id=Operating%20Segment%20Results) The Group manages its business as a single unit, thus the design, manufacture, and sale of liquid crystal displays and related products constitute the sole reportable segment, with all revenue and operating profit derived from this business segment, and the Board of Directors, as the chief operating decision-maker, reviews internal reports to assess performance and allocate resources - The Group manages its business as a single unit; therefore, the design, manufacture, and sale of liquid crystal displays and related products constitute the sole reportable segment[81](index=81&type=chunk) - The chief operating decision-maker is the Board of Directors, which reviews the Group's internal reports to assess performance and allocate resources[81](index=81&type=chunk) [Geographical Information](index=31&type=section&id=Geographical%20Information) The Group has changed the presentation of geographical revenue information from "revenue by place of delivery" to "revenue by location of customer purchasing decision" to better reflect customer relationships and market influence, restating comparative figures for the prior reporting period, with the China region contributing the majority of the Group's revenue and designated non-current assets - To enhance the clarity of reported figures, the Group changed its presentation of geographical revenue information from "revenue by place of delivery" to "revenue by location of customer purchasing decision" starting from the preparation of the 2024 annual report[83](index=83&type=chunk) - The China region contributed the majority of the Group's revenue (**HK$4.448 billion** in 2025) and designated non-current assets (**HK$2.068 billion** in 2025)[84](index=84&type=chunk)[85](index=85&type=chunk) The Group's Revenue from External Customers (by location of customer purchasing decision) | Region | 2025 (thousand HKD) | 2024 (thousand HKD) (Restated) | | :--- | :--- | :--- | | China | 4,448,176 | 3,687,551 | | Europe | 1,208,630 | 1,105,916 | | Americas | 325,251 | 391,682 | | Japan | 412,530 | 622,591 | | South Korea | 159,576 | 198,655 | | Other | 116,433 | 150,924 | | **Consolidated Revenue** | **6,670,596** | **6,157,319** | The Group's Designated Non-Current Assets (by physical location of assets) | Region | As of June 30, 2025 (thousand HKD) | As of December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | China | 2,068,373 | 2,074,262 | | Other | 13,891 | 15,551 | | **Total** | **2,082,264** | **2,089,813** | [Other Operating Income, Net](index=32&type=section&id=Other%20Operating%20Income%2C%20Net) For the six months ended June 30, 2025, other operating income, net, was HK$169 million, a significant increase from HK$94.8 million in the prior year, primarily driven by government subsidies (HK$59.66 million), net gains from current other financial assets measured at fair value through profit or loss (HK$31.84 million), and proceeds from the sale of financial assets at fair value through profit or loss (HK$5.75 million) Other Operating Income, Net (For the 6 months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Government subsidies | 59,658 | 16,328 | | Interest income from financial assets measured at amortized cost | 52,005 | 58,067 | | Net gains from current other financial assets measured at fair value through profit or loss | 31,835 | 1,833 | | Net exchange gains | 9,244 | 13,513 | | Proceeds from sale of financial assets at fair value through profit or loss | 5,751 | - | | Net gains on disposal of property, plant and equipment | 1,455 | 353 | | Other income | 8,609 | 4,652 | | **Total** | **168,557** | **94,770** | - Government subsidies include **HK$2.831 million** for R&D and other subsidies for high-tech manufacturing, **HK$11.963 million** for amortization of government grants for equipment purchases, **HK$43.762 million** for production-related incentives, and **HK$1.102 million** for employee retention incentives[86](index=86&type=chunk) [Profit Before Tax](index=33&type=section&id=Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was net of finance costs of HK$5.57 million (primarily HK$4.82 million in bank loan interest) and other operating expenses of HK$362 million, with a significant increase in expected credit losses for trade receivables to HK$44.65 million and sales, marketing, commission, and quality assurance expenses at HK$63.63 million Profit Before Tax Deductions (For the 6 months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **(a) Finance costs** | | | | Interest on lease liabilities | 743 | 655 | | Bank loan interest | 4,824 | 7,885 | | **Total** | **5,567** | **8,540** | | **(b) Other items** | | | | Cost of inventories | 6,100,343 | 5,454,644 | | **(c) Other operating expenses** | | | | Amortization of intangible assets | 2,412 | 1,929 | | Auditor's remuneration | 2,202 | 2,108 | | Bank charges | 5,392 | 2,800 | | Property management fees | 4,481 | 4,227 | | Factory consumables, cleaning and security service fees | 24,162 | 17,774 | | Freight charges | 49,376 | 47,641 | | Insurance expenses | 3,937 | 2,868 | | Legal and professional fees | 6,716 | 4,164 | | Office expenses | 6,014 | 6,670 | | Other taxes, surcharges and duties | 18,414 | 15,594 | | Expected credit losses for trade receivables | 44,646 | 4,719 | | Repair and maintenance | 15,910 | 22,674 | | Sales, marketing, commission and quality assurance expenses | 63,626 | 52,289 | | Subcontracting fees | 32,989 | 28,264 | | Trademark license fees | 12,353 | 13,294 | | Travel and entertainment expenses | 18,802 | 14,883 | | Utilities expenses | 41,104 | 42,428 | | Miscellaneous expenses | 9,216 | 9,714 | | **Total** | **361,752** | **294,040** | - Expected credit losses for trade receivables significantly increased to **HK$44.646 million** (2024: HK$4.719 million)[87](index=87&type=chunk) [Income Tax in Consolidated Income Statement](index=34&type=section&id=Income%20Tax%20in%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, total income tax was HK$26.14 million, with Hong Kong profits tax calculated at 16.5%, China income tax at a standard rate of 25%, but certain subsidiaries (e.g., Varitronix Heyuan, Ruihe, Varitronix Huizhou, Chengdu Automotive) enjoying a preferential tax rate of 15% due to high-tech enterprise status or Western Development policy, and Pillar Two income tax of HK$5.5 million recognized for the first time in this period Income Tax in Consolidated Income Statement (For the 6 months ended June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Current tax – Hong Kong profits tax | 9,262 | 15,441 | | Pillar Two income tax | 5,500 | - | | Current tax – China income tax | 10,779 | 28,103 | | Current tax – Jurisdictions outside Hong Kong and China | 729 | (3,173) | | Deferred tax | (130) | (30,637) | | **Total** | **26,140** | **9,734** | - Hong Kong profits tax is calculated at a rate of **16.5%**, and the standard corporate income tax rate for Chinese enterprises is **25%**[88](index=88&type=chunk) - Varitronix Heyuan, Ruihe, Varitronix Huizhou, and Chengdu Automotive are eligible for a reduced income tax rate of **15%**[89](index=89&type=chunk) - Effective January 1, 2025, the Group's profits in the Hong Kong Special Administrative Region and certain other jurisdictions are subject to Pillar Two income tax, with **HK$5.5 million** recognized in this period[90](index=90&type=chunk) [Dividends](index=35&type=section&id=Dividends) The Board of Directors resolved not to recommend an interim dividend for the six months ended June 30, 2025, while the final dividend of HK$134 million (17.0 HK cents per share) for the previous financial year was approved and recognized as dividends payable in this interim period - The Board of Directors resolved not to recommend an interim dividend for the six months ended June 30, 2025[91](index=91&type=chunk) Dividends Payable to Shareholders Approved | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Final dividend for the previous financial year of 17.0 HK cents per share (2024: 19.0 HK cents) | 134,095 | 149,660 | - The final dividend was recognized as dividends payable in the consolidated statement of financial position as of June 30, 2025[93](index=93&type=chunk) [Earnings Per Share](index=36&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share were 22.9 HK cents and diluted earnings per share were 22.8 HK cents, calculated based on the consolidated profit attributable to shareholders of HK$180 million and the weighted average number of shares outstanding during the period - Basic earnings per share are calculated based on the consolidated profit attributable to ordinary shareholders of the Company of **HK$180 million** for the period and the weighted average of **788 million** ordinary shares outstanding during the interim period, amounting to **22.9 HK cents**[94](index=94&type=chunk) - Diluted earnings per share are calculated based on the consolidated profit attributable to ordinary shareholders of the Company of **HK$180 million** for the period and the weighted average of **790 million** ordinary shares, amounting to **22.8 HK cents**[95](index=95&type=chunk) [Trade and Other Receivables, Deposits and Prepayments and Other Contract Costs](index=36&type=section&id=Trade%20and%20Other%20Receivables%2C%20Deposits%20and%20Prepayments%20and%20Other%20Contract%20Costs) As of June 30, 2025, total trade and bills receivables amounted to HK$2.601 billion, net of a loss allowance of HK$101 million, with the majority (HK$1.711 billion) due within 60 days from the invoice date, and trade and bills receivables generally due within 60 to 90 days after the invoice date Aging Analysis of Trade and Bills Receivables (Net of loss allowance) | Aging | As of June 30, 2025 (thousand HKD) | As of December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 60 days from invoice date | 1,711,256 | 2,140,687 | | 61 to 90 days after invoice date | 451,995 | 435,973 | | 91 to 120 days after invoice date | 304,539 | 183,870 | | Over 120 days but less than 12 months after invoice date | 133,114 | 135,036 | | **Total** | **2,600,904** | **2,895,566** | - Loss allowance was **HK$101 million** (December 31, 2024: HK$54.955 million)[96](index=96&type=chunk) - Trade and bills receivables are generally due within **60 to 90 days** after the invoice date[96](index=96&type=chunk) [Other Financial Assets](index=37&type=section&id=Other%20Financial%20Assets) As of June 30, 2025, non-current other financial assets were HK$1.73 million (primarily unlisted equity securities outside Hong Kong), and current other financial assets were HK$785 million (primarily structured deposit products issued by financial institutions outside Hong Kong) Other Financial Assets (As of June 30) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | **Non-current portion** | | | | Financial assets measured at fair value through profit or loss - Unlisted equity securities outside Hong Kong | 1,726 | 1,700 | | **Current portion** | | | | Financial assets measured at fair value through profit or loss - Listed equity securities within Hong Kong | 54,935 | - | | Financial assets measured at fair value through profit or loss - Issued by financial institutions outside Hong Kong | 729,623 | 389,759 | | **Total** | **786,284** | **429,945** | - The balance of current other financial assets as of June 30, 2025, represents investments in structured deposit products with guaranteed principal and floating returns[97](index=97&type=chunk) [Trade and Other Payables](index=37&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and bills payables amounted to HK$5.430 billion, with the majority (HK$4.700 billion) due within 60 days from the supplier's invoice date Aging Analysis of Trade and Bills Payables (As of reporting date) | Aging | As of June 30, 2025 (thousand HKD) | As of December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 60 days from supplier's invoice date | 4,700,365 | 4,386,214 | | 61 to 120 days after supplier's invoice date | 586,483 | 477,513 | | Over 120 days but less than 12 months after supplier's invoice date | 110,541 | 297,842 | | Over 12 months after supplier's invoice date | 32,549 | 205,657 | | **Total** | **5,429,938** | **5,367,226** | [Commitments](index=38&type=section&id=Commitments) As of June 30, 2025, contracted but unfulfilled capital commitments not provided in the financial information amounted to approximately HK$214 million, primarily for the purchase of plant, machinery, tools, and equipment - As of the reporting date, contracted but unfulfilled capital commitments not provided in the financial information amounted to approximately **HK$214 million**[99](index=99&type=chunk) - These are primarily for the purchase of plant, machinery, tools, and equipment[58](index=58&type=chunk) [Other Information](index=38&type=section&id=Other%20Information) [Interim Dividend](index=38&type=section&id=Interim%20Dividend) The Group's dividend policy remains unchanged, and the Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Group's dividend policy remains unchanged[100](index=100&type=chunk) - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[100](index=100&type=chunk) [Employees](index=39&type=section&id=Employees) As of June 30, 2025, the Group employed a total of 7,562 staff globally, with the majority located in China, and adopts a performance-based remuneration policy, offering training and development programs to attract, motivate, and retain talented employees - As of June 30, 2025, the Group employed a total of **7,562 staff** globally, with **7,365** based in China[101](index=101&type=chunk) - The Group adopts a performance-based remuneration policy, where salary reviews and performance bonuses are determined by work performance[101](index=101&type=chunk) - Various training and development programs are provided to attract, motivate, and retain talented employees[101](index=101&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the period ended June 30, 2025, the trustee of the share award scheme purchased 1.106 million shares for a total consideration of approximately HK$5.576 million, and the Board granted 3.339 million award shares to selected participants under the scheme, with no other purchases, sales, or redemptions of any listed securities by the Company or its subsidiaries - The trustee of the share award scheme purchased **1.106 million shares** on the Stock Exchange in the first half of 2025, for a total consideration of approximately **HK$5.576 million**[102](index=102&type=chunk) - The Board granted a total of **3.339 million award shares** to certain selected participants under the share award scheme[102](index=102&type=chunk) - Other than the above, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period ended June 30, 2025[104](index=104&type=chunk) [Corporate Governance](index=40&type=section&id=Corporate%20Governance) The Directors believe that the Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the period ended June 30, 2025, except for one independent non-executive Director who was unable to attend the Annual General Meeting due to other business arrangements - The Directors believe that the Company has complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the period ended June 30, 2025[106](index=106&type=chunk) - Mr. Zhu Hehua, an independent non-executive Director, was unable to attend the Company's Annual General Meeting held on June 25, 2025, due to other business arrangements[107](index=107&type=chunk) [Standard Code for Securities Transactions by Directors](index=40&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Direct

1. 穩定收入增長及利潤提升 根據金界控股有限公司（「本公司」，連同其附屬公司稱為「本集團」）於該期間 的未經審核綜合財務報表，有關半年度財務表現的分析如下： 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。 NAGACORP LTD. 金界控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3918） 截至二零二五年六月三十日止六個月 中期業績公告 截至二零二五年六月三十日止六個月（「該期間」或「二零二五年上半年」）未經審 核簡明綜合中期業績摘要： 1 ‧ 博 彩 總 收 入（「博彩總收入 」）較 去 年 同 期283,400,000美元增長17.2%至 332,300,000美元 ‧ 中場博彩總收入較去年同期192,000,000美元增長20.9%至232,100,000美 元 ‧ 貴賓市場博彩總收入較去年同期91,400,000美元增長9.6%至100,200,000美 元 ‧ 中場分部毛利率（扣除博彩稅）為89.1%，佔博彩總收入69. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 KEEN OCEAN INTERNATIONAL HOLDING LIMITED 僑洋國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8070） 截至2025年6月30日止六個月之 中期業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交 所上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在 風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣 之證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量 的市場。 本公告的資料乃遵照《香港聯合交易所有限公司GEM證券上市規則》（「GEM上市 規則」）而刊載，旨在提供有關僑洋國際控股有限公司（「本公司」或「我們」）及其附 屬公司（統稱「本集團」）的資料；本公司董事（ ...

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。 截至2025年6月30日止六個月 （以人民幣列示） | | | 截至2025年 | 截至2024年 | | --- | --- | --- | --- | | | | 6月30日止 | 6月30日止 | | | | 六個月 | 六個月 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審計） | （未經審計） | | 收入 | 4 | 41,371 | 46,119 | | 銷售成本 | | (24,827) | (31,362) | | 毛利 | | 16,544 | 14,757 | | 投資物業估值（虧損）╱收益 | | (2,166) | 1,048 | | 其他收入淨額 | 5 | 3,620 | 7,836 | | 其他應收款項減值虧損 | | (513) | (1,341) | | 銷售開支 | | (3,970) | (3,724) | | 行政開支 | | (13 ...

[Interim Results Summary](index=1&type=section&id=%E6%A6%82%E8%A6%81) This section presents a high-level overview of the Group's financial performance and key operational highlights for the six months ended June 30, 2025 [Results for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B3%E4%BA%8C%E9%9B%B6%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E6%A5%AD%E7%B8%BE) Soft International Limited achieved RMB 8.507 billion in revenue, a 7.3% year-on-year increase, with profit attributable to owners growing by 10.4% and basic earnings per share by 15.6% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Company | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - The Board **does not recommend** an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides a detailed analysis of the Group's operational performance, financial results, and strategic initiatives during the reporting period [Key Operating Data](index=2&type=section&id=%E4%B8%BB%E8%A6%81%E9%81%8B%E7%87%9F%E8%B3%87%E6%96%99) The Group's business returned to growth in the first half of 2025, with revenue, service revenue, profit for the period, and basic earnings per share all increasing year-on-year - The Group's business returned to growth, with revenue increasing by **7.3%** year-on-year and service revenue by **7.8%**[4](index=4&type=chunk) - Profit for the period and profit attributable to owners of the Group both increased by **10.4%** year-on-year[4](index=4&type=chunk) - Basic earnings per share increased by **15.6%** year-on-year[4](index=4&type=chunk) | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | [Overall Review](index=3&type=section&id=%E7%B8%BD%E9%AB%94%E6%A6%82%E8%BF%B0) The company is advancing its full-scenario AI strategy, achieving a 130% revenue surge in AI business, and making significant progress in KaihongOS, R1-AgentDIM, and cloud computing - The company is steadfastly advancing its full-scenario AI strategy, focusing on "1+3" core tracks, with cloud intelligence and computing power as the foundation, synergizing three major business segments: Harmony AIoT and Digital Twin, Intelligent Agent and Model Factory Services, and ERP Consulting Implementation and Digital Transformation Services[6](index=6&type=chunk) - Full-scenario AI business achieved revenue of **RMB 656 million**, a year-on-year surge of **130%**, becoming the core engine driving the company's performance growth[6](index=6&type=chunk) - KaihongOS, the world's first open-source HarmonyOS system meeting microsecond-level hard real-time requirements, obtained Level 4 security certification from the Ministry of Public Security and, in collaboration with DeepKaihong, released the world's first distributed heterogeneous multi-machine collaborative robot operating system, M-Robots OS[7](index=7&type=chunk) - The R1-AgentDIM Platform and R1-DMP Data Management Platform were launched, with over **300 AI assistant projects** implemented across manufacturing, healthcare, finance, and energy sectors, and more than **50 large model collaboration projects** with Huawei[8](index=8&type=chunk) - The company continues to lead the Huawei Cloud ecosystem, maintaining the top position in business scale and ecosystem share, building a complete service system of "cloud sales - cloud services - AI enablement," and actively participating in computing center construction, helping clients improve AI inference efficiency by **15%**[10](index=10&type=chunk) - Since its listing in 2003, revenue has achieved a compound annual growth rate of **24.6%**, and service revenue a compound annual growth rate of **30.8%**[11](index=11&type=chunk) [Customers](index=6&type=section&id=%E5%AE%A2%E6%88%B6) The Group serves a global customer base, with significant achievements in Greater China, Asia Pacific, and the Middle East, and a high concentration of service revenue from top clients - Customers are located globally, with significant achievements in Greater China, Asia Pacific, and the Middle East[13](index=13&type=chunk) - The company has long-standing relationships with numerous renowned domestic and international large enterprise clients, including Huawei, HSBC, Honor, Tencent, Alibaba, Ping An, China Mobile, China Telecom, Bank of Communications, China National Petroleum Corporation, CNOOC, and State Grid[13](index=13&type=chunk) | Indicator | 2025 H1 | | :--- | :--- | | Top 5 Customers' Service Revenue Share | 57.3% | | Top 10 Customers' Service Revenue Share | 65.0% | | Number of Major Customers with Service Revenue > RMB 6 million | 191 | [Markets](index=6&type=section&id=%E5%B8%82%E5%A0%B4) The Group focuses on industry-specific AI solutions based on HarmonyOS, expanding domestically in developed regions and internationally in Asia Pacific and the Middle East - The company focuses on industries such as power, finance, government, transportation, public utilities, and enterprise manufacturing, creating industry-specific scenario solutions based on the HarmonyOS ecosystem and AI technology[14](index=14&type=chunk) - The domestic market strategy emphasizes economically developed regions like the Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei, as well as central and western hub regions, deeply cultivating key cities[14](index=14&type=chunk) - The overseas market uses Hong Kong as a strategic hub, driven by a "technology export + ecosystem localization" dual-wheel model, to build a global service system covering the Asia Pacific and Middle East regions, with progress in projects like the Kai Tak Sports Park in Hong Kong and NEOM in Saudi Arabia[14](index=14&type=chunk) [Human Resources](index=7&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group's total headcount increased by 7.7% to 75,249 employees by June 30, 2025, driven by business recovery and rapid expansion of full-scenario AI operations | Indicator | June 30, 2025 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total Employees | 75,249 persons | 69,898 persons | 7.7% | - Employee growth primarily stemmed from increased demand for human resource support due to the steady recovery of cornerstone businesses and the rapid expansion of full-scenario AI businesses, which led to a surge in demand for specialized talent[15](index=15&type=chunk) [Operating Results](index=8&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) This section details the Group's operating results for the first half of 2025, highlighting revenue, gross profit, expenses, and profit performance, driven by full-scenario AI business and efficiency improvements | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Profit Before Tax | 348,946 | 295,834 | 18.0% | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (cents) | 12.64 | 10.93 | 15.6% | | Adjusted Profit | 277,093 | 247,534 | 11.9% | [Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) In the first half of 2025, total revenue grew by 7.3% to RMB 8.507 billion, with service revenue up 7.8%, and full-scenario AI business revenue surging by 130% to RMB 656 million | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 8,506,642 | 7,926,183 | 7.3% | | Service Revenue | 8,248,232 | 7,647,920 | 7.8% | | Full-Scenario AI Business Revenue | 656,000 | 285,217 (estimated) | 130% | - Full-scenario AI business emerged as a new growth engine, achieving revenue of approximately **RMB 656 million**, a significant year-on-year increase of **130%**[19](index=19&type=chunk) [Gross Profit](index=9&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit increased by 2.4% to RMB 1.875 billion, though the overall gross profit margin decreased by 1.1% to 22.0% due to client price reductions, partially offset by AI business growth | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 1,874,898 | 1,831,400 | 2.4% | | Overall Gross Profit Margin | 22.0% | 23.1% | -1.1% | | Gross Profit as % of Service Revenue | 22.7% | 23.9% | -1.2% | - The decline in gross profit margin was primarily due to price reductions from some of the Group's major clients, but the increase in the proportion of full-scenario AI business and the application of AI programming tools in projects effectively drove a quarter-on-quarter gross profit margin rebound of **0.8%** (compared to 21.2% in 2024 H2)[20](index=20&type=chunk) - Future efforts will focus on continuously increasing the proportion of full-scenario AI products and services business and improving delivery efficiency (through AI tool application) to enhance the overall gross profit margin[20](index=20&type=chunk) [Operating Expenses](index=10&type=section&id=%E7%B6%93%E7%87%9F%E8%B2%BB%E7%94%A8) Sales and distribution costs slightly increased by 0.1%, while administrative expenses grew by 0.5%, with both expense ratios decreasing due to optimized resource allocation and AI tool applications | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Sales and Distribution Costs | 426,462 | 425,950 | 0.1% | | Sales and Distribution Costs as % of Revenue | 5.0% | 5.4% | -0.4% | | Administrative Expenses | 1,118,980 | 1,113,278 | 0.5% | | Administrative Expenses as % of Revenue | 13.2% | 14.0% | -0.8% | - The company developed an AI sales assistant through the R1-AgentDIM platform, enhancing sales personnel efficiency and controlling the need for additional sales staff despite revenue growth[21](index=21&type=chunk) - By strengthening budget management and applying self-developed AI tools for recruitment and operations, the company significantly improved the management efficiency of its recruitment and operations departments, reducing the administrative expense ratio[21](index=21&type=chunk) [Other Income](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income increased by 3.5% to RMB 97.907 million, primarily driven by higher government grants, despite a reduction in interest income | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 97,907 | 94,577 | 3.5% | - The increase was primarily due to a year-on-year increase in government grants, partially offset by a decrease in interest income[22](index=22&type=chunk) [Other Gains or Losses](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%88%96%E8%99%A7%E6%90%8D) Other gains decreased by 18.2% to RMB 85.785 million, mainly due to the absence of investment gains from the disposal of equity interests recorded in the prior year | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Gains or Losses | 85,785 | 104,890 | -18.2% | - The decrease was primarily due to the recognition of investment gains from the disposal of equity interests in certain associate companies in 2024, with no similar transactions occurring in the current reporting period[23](index=23&type=chunk) [Finance Costs and Income Tax](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8%E5%92%8C%E6%89%80%E5%BE%97%E7%A8%85) Finance costs decreased by 38.6% to RMB 61.329 million, while income tax expense surged by 223.6% to RMB 33.915 million, with the effective tax rate rising to 9.7% | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | 61,329 | 99,837 | -38.6% | | Income Tax Expense | 33,915 | 10,481 | 223.6% | | Effective Tax Rate | 9.7% | 3.5% | +6.2% | - The decrease in finance costs was mainly due to reduced interest expenses on syndicated loans and a one-off expense incurred in the first half of 2024 from early repayment of syndicated loans[24](index=24&type=chunk) - The increase in income tax was primarily due to the prior year's corporate income tax reconciliation and the recognition of deferred income tax expense from fair value changes of financial assets measured at fair value[24](index=24&type=chunk) [Other Non-Cash Expenses](index=11&type=section&id=%E5%85%B6%E4%BB%96%E9%9D%9E%E7%8F%BE%E9%87%91%E9%96%8B%E6%94%AF) Other expenses increased by 17.3% to RMB 52.363 million, and impairment losses under expected credit loss model rose by 23.0% to RMB 19.017 million, both maintaining similar proportions to revenue | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Other Expenses | 52,363 | 44,638 | 17.3% | | Impairment Losses under Expected Credit Loss Model | 19,017 | 15,455 | 23.0% | - The proportion of other expenses and impairment losses under the expected credit loss model to revenue remained consistent with the prior year[25](index=25&type=chunk) [Liquidity, Financial and Capital Resources](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's available cash balance was RMB 2.937 billion, with net current assets of RMB 7.471 billion and a current ratio of 2.3, while the net gearing ratio turned positive at 12.8% | Indicator | 2025 H1 (RMB thousand) | 2024 Year-end (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Available Cash Balance | 2,936,842 | 4,747,142 | Decrease | | Net Current Assets | 7,470,686 | 6,687,092 | Increase | | Current Ratio | 2.3 | 2.1 | +0.2 | | Total Borrowings | 4,436,629 | 4,416,097 | Slight Increase | | Net Gearing Ratio | 12.8% | Negative | Turned Positive | [Profit for the Period and Earnings Per Share](index=12&type=section&id=%E6%9C%AC%E6%9C%9F%E6%BA%A2%E5%88%A9%E5%92%8C%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Profit for the period increased by 10.4% to RMB 315.031 million, with profit attributable to owners also up 10.4%, and basic earnings per share growing by 15.6% to RMB 0.1264 | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the Period | 315,031 | 285,353 | 10.4% | | Profit Attributable to Owners of the Group | 315,563 | 285,720 | 10.4% | | Basic EPS (RMB cents) | 12.64 | 10.93 | 15.6% | - Profit growth was primarily attributable to the initial success of the Group's AI transformation in enhancing quality and efficiency during the reporting period[27](index=27&type=chunk) - The increase in basic earnings per share was due to the company's focus on shareholder returns through share repurchases and cancellations[27](index=27&type=chunk) [Adjusted Profit](index=13&type=section&id=%E7%B6%93%E8%AA%BF%E6%95%B4%E6%BA%A2%E5%88%A9) Adjusted profit increased by 11.9% to RMB 277.093 million, with the adjusted profit margin rising by 0.2% to 3.3%, reflecting enhanced profitability from strategic initiatives | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Adjusted Profit | 277,093 | 247,534 | 11.9% | | Adjusted Profit Margin (as % of Revenue) | 3.3% | 3.1% | +0.2% | | Adjusted Profit Margin (as % of Service Revenue) | 3.4% | 3.2% | +0.2% | - The company achieved a significant improvement in profitability through proactive strategic planning, precise implementation, and a series of initiatives to enhance quality and efficiency[28](index=28&type=chunk) [Fundraising Activities](index=14&type=section&id=%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The Group undertook no new fundraising activities during the period, with approximately HKD 394 million from the 2021 placement allocated for HarmonyOS and OpenHarmony development expected to be utilized by December 31, 2025 - The Group did not undertake any fundraising activities during the current year or the prior year[29](index=29&type=chunk) | Net Proceeds Allocation (HKD) | Intended Use of Proceeds | Actual Use of Proceeds | Balance as of June 30, 2025 (HKD) | Expected Utilization Time | | :--- | :--- | :--- | :--- | :--- | | Approx. 788 million | R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | Approx. HKD 788 million used for R&D of full-stack cloud intelligent products and solutions, and investments/M&A related to the company's core business | — | — | | Approx. 788 million | Building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million used for building HarmonyOS, OpenHarmony software and hardware products and solutions, R&D of full-stack technology for atomic services, and investments/M&A around the HarmonyOS and OpenHarmony industry ecosystem | Approx. HKD 394 million | Before December 31, 2025 | | Approx. 394 million | General working capital of the company | Approx. HKD 394 million used for general working capital of the company | — | — | [Interim Financial Statements](index=15&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This section presents the unaudited interim financial statements, including the comprehensive income statement, statement of financial position, statement of changes in equity, and cash flow statement [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of comprehensive income shows year-on-year growth in revenue, gross profit, profit for the period, and EPS, with exchange differences turning from loss to gain | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 8,506,642 | 7,926,183 | | Cost of Sales and Services | (6,631,744) | (6,094,783) | | Gross Profit | 1,874,898 | 1,831,400 | | Other Income | 97,907 | 94,577 | | Other Gains or Losses | 85,785 | 104,890 | | Sales and Distribution Costs | (426,462) | (425,950) | | Other Expenses | (52,363) | (44,638) | | Administrative Expenses | (1,118,980) | (1,113,278) | | Finance Costs | (61,329) | (99,837) | | Profit Before Tax | 348,946 | 295,834 | | Income Tax Expense | (33,915) | (10,481) | | Profit for the Period | 315,031 | 285,353 | | Exchange Differences Arising from Translation of Foreign Operations | 9,056 | (2,420) | | Total Comprehensive Income for the Period | 324,087 | 282,933 | | Basic EPS (cents) | 12.64 | 10.93 | | Diluted EPS (cents) | 12.05 | 10.56 | [Unaudited Condensed Consolidated Statement of Financial Position](index=17&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of financial position indicates a slight decrease in non-current assets, changes in current assets and liabilities, and an increase in net current assets and total equity | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 1,409,375 | 1,341,755 | | Intangible Assets | 382,518 | 377,431 | | Goodwill | 843,654 | 843,654 | | Fixed Deposits | 760,000 | 1,384,000 | | **Current Assets** | | | | Trade and Other Receivables | 7,968,818 | 6,458,917 | | Contract Assets | 2,174,950 | 2,292,057 | | Bank Balances and Cash | 1,290,856 | 3,130,989 | | **Current Liabilities** | | | | Trade and Other Payables | 1,845,267 | 1,976,013 | | Borrowings | 3,599,918 | 3,640,752 | | Net Current Assets | 7,470,686 | 6,687,092 | | **Total Equity** | 11,733,041 | 11,438,494 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=19&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of changes in equity outlines movements in equity for the six months ended June 30, 2025, including profit for the period, other comprehensive income, and share-based payments | Equity Item | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 123,434 | 133,029 | | Share Premium | 4,296,705 | 5,474,719 | | Treasury Shares | (864,400) | (1,114,363) | | Accumulated Profits | 7,589,312 | 6,743,079 | | Total Equity Attributable to Owners of the Company | 11,711,054 | 11,742,461 | | Non-Controlling Interests | 21,987 | 24,299 | | Total Equity | 11,733,041 | 11,766,760 | | Profit for the Period | 315,031 | 285,353 | | Other Comprehensive Income for the Period | 9,056 | (2,420) | | Equity-Settled Share-Based Payment Expenses Recognized | 92,656 | 107,861 | | Dividends Paid to Ordinary Shareholders | (122,196) | (190,683) | [Unaudited Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The unaudited consolidated statement of cash flows shows increased cash used in operating activities, decreased cash used in investing activities, and reduced cash generated from financing activities, leading to a net decrease in cash and cash equivalents | Cash Flow Category | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (990,209) | (686,433) | | Net Cash Used in Investing Activities | (653,449) | (910,800) | | Net Cash Generated from Financing Activities | (191,291) | (332,717) | | Net Decrease in Cash and Cash Equivalents | (1,834,949) | (1,929,950) | | Cash and Cash Equivalents at End of Period | 1,290,856 | 1,841,571 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=21&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes and explanations supporting the unaudited condensed consolidated financial statements, covering general information, accounting policies, and specific financial items [1. General Information](index=21&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Soft International Limited, incorporated in Cayman Islands in 2000 and listed on HKEX, primarily provides IT solution, outsourcing, and training services, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on February 16, 2000, listed on the GEM Board of The Stock Exchange of Hong Kong Limited on June 20, 2003, and transferred to the Main Board on December 29, 2008[37](index=37&type=chunk) - The principal activities of the Group are the development and provision of information technology solution services, information technology outsourcing services, and training services[38](index=38&type=chunk) - The consolidated financial statements are presented in RMB[38](index=38&type=chunk) [2. Basis of Presentation](index=21&type=section&id=2.%20%E5%91%88%E5%A0%B1%E5%9F%BA%E6%BA%96) The unaudited condensed consolidated financial statements are prepared in accordance with HKAS 34 'Interim Financial Reporting' and applicable HKEX Listing Rules disclosure requirements - The condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[39](index=39&type=chunk) [3. Principal Accounting Policies](index=21&type=section&id=3.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, consistent with 2024 policies, with no significant impact from new HKAS adoption in 2025 - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[40](index=40&type=chunk) - The adoption of the amendment to HKAS 21 "Lack of Exchangeability" had no significant impact on the Group's unaudited condensed consolidated financial statements[41](index=41&type=chunk) [4. Revenue and Segment Information](index=22&type=section&id=4.%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's revenue primarily derives from services and product sales, with a single operating segment due to the integrated assessment of business performance under the full-scenario AI strategy | Nature of Goods and Services | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Project-based Development Services | 914,902 | 1,125,174 | | Outsourcing Services | 7,238,584 | 6,418,172 | | Other Services | 94,746 | 104,574 | | Sales of Software and Hardware Products | 258,410 | 278,263 | | Total Revenue | 8,506,642 | 7,926,183 | - The Group has only one operating segment and is not required to provide any segment information, as it has reshaped its organizational structure and evaluates business performance as an integrated business[43](index=43&type=chunk) [5. Finance Costs](index=23&type=section&id=5.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) The Group's finance costs for the first half of 2025 totaled RMB 61.329 million, primarily comprising interest on borrowings and lease liabilities, showing a decrease from the prior year | Finance Cost Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Interest on Borrowings | 58,420 | 96,377 | | Interest on Lease Liabilities | 2,910 | 3,460 | | Total | 61,329 | 99,837 | [6. Taxation](index=23&type=section&id=6.%20%E7%A8%85%E9%A0%85) The Group's tax expense for the first half of 2025 was RMB 33.915 million, mainly including PRC corporate income tax, other taxes, and deferred tax, representing a significant increase year-on-year | Tax Expense Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | PRC Corporate Income Tax | 21,450 | 8,281 | | Others | 3,495 | 2,200 | | Deferred Tax | 8,970 | – | | Total | 33,915 | 10,481 | [7. Dividends](index=23&type=section&id=7.%20%E8%82%A1%E6%81%AF) The company declared a final dividend of HKD 0.0533 per ordinary share for 2024, but the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Company declared a final dividend of **HKD 0.0533 per ordinary share** for the year ended December 31, 2024, payable on June 23, 2025, from the share premium account[45](index=45&type=chunk) - The Board resolved **not to declare** an interim dividend for the six months ended June 30, 2025[46](index=46&type=chunk) [8. Earnings Per Share](index=24&type=section&id=8.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This note provides data for calculating basic and diluted earnings per share attributable to ordinary equity holders, with basic EPS at RMB 0.1264 and diluted EPS at RMB 0.1205 for the first half of 2025 | Indicator | 2025 H1 (RMB thousand/Number of Shares) | 2024 H1 (RMB thousand/Number of Shares) | | :--- | :--- | :--- | | Profit for Calculating Basic and Diluted EPS | 315,563 | 285,720 | | Weighted Average Number of Ordinary Shares for Basic EPS | 2,497,482,058 | 2,614,104,739 | | Potentially Dilutive Ordinary Shares (Share Award Scheme) | 120,893,564 | 92,010,310 | | Weighted Average Number of Ordinary Shares for Diluted EPS | 2,618,375,622 | 2,706,115,049 | [9. Trade and Other Receivables](index=24&type=section&id=9.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other receivables amounted to RMB 7.971 billion, with trade receivables (net of allowance) at RMB 7.131 billion, and credit terms ranging from 30 to 180 days | Receivables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of allowance) | 7,130,716 | 5,998,723 | | Advances to Suppliers | 488,169 | 205,284 | | Deposits, Prepayments and Other Receivables (net of allowance) | 352,343 | 260,494 | | Total | 7,971,228 | 6,464,501 | | Trade Receivables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 4,726,848 | 4,243,934 | | Between 91 and 180 days | 813,408 | 711,423 | | Between 181 and 365 days | 1,026,989 | 647,626 | | Between 1 and 2 years | 563,471 | 395,740 | | Total | 7,130,716 | 5,998,723 | - The Group's credit period ranges from **30 to 180 days**, and it assesses the credit quality of potential customers and determines credit limits for each customer[49](index=49&type=chunk) [10. Trade and Other Payables](index=25&type=section&id=10.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade and other payables were RMB 1.845 billion, with an average credit period of 90 days for purchases, and the Group maintains financial risk management policies | Payables Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 802,186 | 930,191 | | Other Payables | 1,043,081 | 1,045,822 | | Total | 1,845,267 | 1,976,013 | | Trade Payables Aging Analysis | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 174,710 | 520,624 | | Between 91 and 180 days | 96,424 | 111,743 | | Between 181 and 365 days | 315,028 | 126,724 | | Between 1 and 2 years | 84,020 | 77,046 | | Over 2 years | 132,004 | 94,054 | | Total | 802,186 | 930,191 | - The average credit period for purchases of goods is **90 days**, and the Group has established financial risk management policies to ensure sufficient working capital to settle debts as they fall due[50](index=50&type=chunk) [11. Borrowings](index=26&type=section&id=11.%20%E5%80%9F%E8%B2%B8) As of June 30, 2025, total borrowings amounted to RMB 4.437 billion, comprising unsecured and secured bank loans, subject to financial covenants which the Group has complied with | Borrowing Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured Bank Loans | 3,924,616 | 3,979,365 | | Secured Bank Loans | 512,013 | 436,732 | | Total Borrowings | 4,436,629 | 4,416,097 | | Repayable within One Year | 3,599,918 | 3,640,752 | | Amount Classified as Non-Current Liabilities | 836,711 | 775,345 | - The Group is subject to financial covenants to maintain consolidated tangible net worth of **not less than RMB 3.8 billion** and other ratio requirements, which the Group has complied with during the reporting period[54](index=54&type=chunk) - Floating rate borrowings bear interest at rates published by the People's Bank of China, with an average annual interest rate of **1.40%** (2024: 1.89%), while fixed rate borrowings bear interest at annual rates ranging from **1.15% to 2.60%**[54](index=54&type=chunk) [12. Share Capital](index=27&type=section&id=12.%20%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's authorized share capital was HKD 200 million, with issued and fully paid share capital of 2,732,079,358 shares, valued at RMB 123.434 million, reduced due to share cancellations | Share Capital Item | Number of Shares | Par Value (HKD) | Amount in Financial Statements (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized Share Capital | 4,000,000,000 | 200,000,000 | - | | Issued and Fully Paid as at January 1, 2024 | 2,943,299,358 | 147,164,969 | 133,029 | | Shares Cancelled | (133,546,000) | (6,677,300) | (6,057) | | Issued and Fully Paid as at June 30, 2025 | 2,732,079,358 | 136,603,969 | 123,434 | [13. Capital Commitments](index=28&type=section&id=13.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, capital expenditures contracted but not provided for totaled RMB 381.020 million, primarily for property, plant, and equipment construction, with further commitments for investments in entities | Capital Commitment Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of Property, Plant and Equipment | 5,237 | 17,058 | | Construction of Property, Plant and Equipment | 375,783 | 438,150 | | Total Capital Expenditure Contracted but Not Provided For | 381,020 | 455,208 | | Commitments for Further Capital Contributions to Investment Entities | 248,008 | 269,767 | [14. Related Party Transactions](index=29&type=section&id=14.%20%E9%97%9C%E9%80%A3%E4%BA%BA%E5%A3%AB%E4%BA%A4%E6%98%93) The Group engaged in IT outsourcing, IT solution, and other service transactions with related parties during the first half of 2025, which the directors consider to be on normal commercial terms | Type of Transaction | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | IT Outsourcing Services Provided by the Group | 19,589 | 4,604 | | IT Solution Services Provided by the Group | 2,712 | 2,388 | | Other Services Provided by the Group | 424 | 1,801 | - The Directors believe that the above transactions were conducted on **normal commercial terms** in the ordinary course of the Company's business[56](index=56&type=chunk) [15. Employees and Other Information](index=29&type=section&id=15.%20%E5%83%B1%E5%93%A1%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) Employee remuneration for the first half of 2025 was approximately RMB 7.011 billion, including directors' emoluments, with intangible asset amortization and depreciation expenses also reported | Item | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Employee Remuneration | 7,010,805 | 6,526,599 | | Directors' Emoluments (included in Employee Remuneration) | 18,437 | 22,389 | | Amortization Expense of Intangible Assets | 52,363 | 44,638 | | Depreciation | 101,796 | 130,436 | [Corporate Governance and Other Information](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the company's corporate governance practices, directors' securities transactions, share interests, share incentive schemes, and major shareholders [Code on Corporate Governance Practices](index=30&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%AE%88%E5%89%87) The company generally complied with the Corporate Governance Code, with deviations noted regarding independent non-executive directors' attendance at AGM and the combined roles of Chairman and CEO - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules, with two deviations noted[58](index=58&type=chunk) - Three independent non-executive directors and two non-executive directors were **unable to attend** the Annual General Meeting held on May 20, 2025, deviating from Code Provision C.1.6[58](index=58&type=chunk) - Dr. Chen Yuhong holds both the roles of Chairman and Chief Executive Officer, deviating from Code Provision C.2.1, an arrangement the Board believes is **beneficial to the Group's business prospects**[59](index=59&type=chunk) [Directors' Securities Transactions](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E4%B9%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) The company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed full compliance for the year ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[60](index=60&type=chunk) - All Directors confirmed their **full compliance** with the required standards set out in the Model Code for Securities Transactions by Directors for the year ended June 30, 2025[60](index=60&type=chunk) [Directors' Interests in Shares](index=31&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E7%9B%8A) As of June 30, 2025, several directors held long positions in the company's shares, including Dr. Chen Yuhong, Dr. He Ning, Dr. Tang Zhenming, Dr. Zhang Yaqin, and Mr. Yang Debin, partly from vested share awards | Name | Capacity | Number of Issued Ordinary Shares Held | Approximate Percentage of Total Issued Share Capital | | :--- | :--- | :--- | :--- | | Chen Yuhong | Beneficial owner, interest through controlled corporation, founder of discretionary trust and beneficiary of trust | 315,488,861 | 11.55% | | He Ning | Beneficial owner and beneficiary of trust | 6,000,000 | 0.22% | | Tang Zhenming | Beneficial owner and beneficiary of trust | 24,891,765 | 0.91% | | Zhang Yaqin | Beneficial owner | 250,000 | 0.01% | | Yang Debin | Beneficial owner and beneficiary of trust | 1,000,000 | 0.04% | - Dr. Chen Yuhong had **1,650,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) - Dr. Tang Zhenming had **576,000 awarded shares** vested and transferred in April 2025 during the reporting period[65](index=65&type=chunk) [Share Incentive Scheme](index=33&type=section&id=%E8%82%A1%E4%BB%BD%E6%BF%80%E5%8B%B5%E8%A8%88%E5%88%83) The company's 2018 Share Award Scheme aims to recognize employee contributions and retain talent, with 27.008 million and 142.380 million awarded shares from 2020 and 2023 respectively remaining unvested as of June 30, 2025 - The Share Award Scheme aims to recognize employees' contributions and provide incentives for them to remain with the Group for its continued operation and development, as well as to attract suitable personnel to drive the Group's further growth[66](index=66&type=chunk) - As of June 30, 2025, **27,008,000 awarded shares** granted on June 1, 2020, remained unvested, representing **0.99%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **142,380,000 awarded shares** granted on August 30, 2023, remained unvested, representing **5.21%** of the Company's issued share capital[67](index=67&type=chunk) - As of June 30, 2025, **230,662,326 shares** of the Company were held by the independent trustee of the Share Award Scheme, representing **8.44%** of the Company's issued ordinary shares[70](index=70&type=chunk) [Directors' Rights to Acquire Shares](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%94%B6%E8%B3%BC%E8%82%A1%E4%BB%BD%E4%B9%8B%E6%AC%8A%E5%88%A9) For the six months ended June 30, 2025, no directors were granted any options to subscribe for company shares, nor did any directors possess any rights to acquire company shares, other than those disclosed - For the six months ended June 30, 2025, **no options** to subscribe for shares of the Company were granted to any Directors, other than those disclosed above[71](index=71&type=chunk) - As of June 30, 2025, **no Directors possessed any rights** to subscribe for shares of the Company, other than those disclosed above[71](index=71&type=chunk) [Required Standard of Securities Transactions by Directors](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E8%A6%8F%E5%AE%9A%E6%A8%99%E6%BA%96) The company adopted a code of conduct for directors' securities transactions no less exacting than the Model Code, and all directors confirmed compliance for the year ended June 30, 2025 - The Company has adopted a code of conduct for directors' securities transactions with terms **no less exacting** than the required standard of dealings set out in the Model Code for Securities Transactions by Directors[72](index=72&type=chunk) - Following specific enquiries of all Directors, the Directors have **complied** with the required standard of dealings and the code of conduct for directors' securities transactions for the year ended June 30, 2025[72](index=72&type=chunk) [Major Shareholders](index=36&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) As of June 30, 2025, major shareholders (excluding directors or chief executives) included Bank of Communications Trustee Limited holding 9.20% and UBS Group AG holding 5.09% of the company's shares | Name | Nature of Interest | Approximate Number of Shares | Approximate Percentage of Total Ordinary Share Capital | | :--- | :--- | :--- | :--- | | Bank of Communications Trustee Limited | Trust | 251,368,914 | 9.20% | | UBS Group AG | Interest in controlled corporation | 138,992,423 | 5.09% | - Bank of Communications Trustee Limited holds shares as the **trustee of the Share Award Scheme**[76](index=76&type=chunk) - UBS Group AG is deemed to be interested in the Company's shares held by its wholly-owned subsidiaries[76](index=76&type=chunk) [Competing Interests](index=36&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) As of June 30, 2025, no directors, management shareholders, or their associates had any interests in businesses competing or potentially competing with the Group's operations - As of June 30, 2025, **none of the Directors**, management shareholders, or their respective associates had any interests in any business that competes or is likely to compete with the Group's business[75](index=75&type=chunk) [Audit Committee](index=37&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, established in 2003 and comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, and found them compliant with accounting standards and Listing Rules - The primary responsibilities of the Audit Committee are to **review and supervise** the Group's financial reporting process and internal control systems[77](index=77&type=chunk) - The Audit Committee comprises three independent non-executive directors: Professor Mo Lai Lan (Chairperson), Dr. Lai Kwun Wing, and Mr. Yang Debin, JP[77](index=77&type=chunk) - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is of the opinion that they were prepared in accordance with applicable accounting standards and in compliance with the Listing Rules and statutory requirements, with **adequate disclosures** made[77](index=77&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities**[78](index=78&type=chunk) [Sufficiency of Public Float](index=37&type=section&id=%E5%85%85%E8%B6%B3%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) Based on publicly available information and directors' knowledge, the company maintained a sufficient public float throughout the six months ended June 30, 2025 - The Company maintained a **sufficient public float** throughout the six months ended June 30, 2025, based on information publicly available and within the knowledge of the Directors[79](index=79&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Maoyan Entertainment 貓眼娛樂 （於開曼群島註冊成立的有限公司） （股份代號：1896） 截 至2025年6月30日止六個月的中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的未經審核綜合業績。該等 業績已經由審核委員會連同本公司管理層及核數師審閱。 表現摘要 | | 截 至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 同比變動 | | | 人民幣百萬元 | 人民幣百萬元 | % | | | （未經審核） | （未經審核） | | | 收 益 | 2,472.2 | 2,170.9 | 13.9 | | 毛 利 | 936.5 | 1,156.2 | (19.0) | | 經營溢利 | 261.1 | 406.9 | (35.8) | | 期內溢利 | 178.5 | 284.8 | (3 ...