香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 DONGFENG MOTOR GROUP COMPANY LIMITED* 東風汽車集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：489） 二零二五中期業績公告 東 風 汽 車 集 團 股 份 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（「本集團」或「東風汽車集團」）截 至 二 零 二 五 年 六月三十日止六個月的未經審計綜合業績及二零二四年同期的比較數字。 二零二五年中期財務資料已由本公司審計與風險管理委員會審閱以及 由 本 公 司 核 數 師，安 永 會 計 師 事 務 所 按 照 香 港 會 計 師 公 會 頒 佈 的《香 港 審 閱 準 則》第2410號–「由 實 體 的 獨 立 核 數 師 執 行 中 期 財 務 資 料 審 閱 ...

[Announcement Summary](index=1&type=section&id=%E5%85%AC%E5%91%8A%E6%91%98%E8%A6%81) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The Group's financial results for the six months ended June 30, 2025, show a 23.2% year-on-year increase in revenue, but a decline in gross profit, profit for the period, and adjusted net profit, with the Board resolving to declare an interim dividend of 3.5 HK cents per share Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 918.7 | 745.4 | 23.2% | | Gross Profit | 94.4 | 117.3 | -19.5% | | Profit for the Period | 19.3 | 29.9 | -35.6% | | Adjusted Net Profit | 22.2 | 56.6 | -60.8% | | Basic Earnings Per Share | RMB 0.04 | RMB 0.08 | -50.0% | | Diluted Earnings Per Share | RMB 0.04 | RMB 0.08 | -50.0% | - The Board resolved to declare an interim dividend of **3.5 HK cents per ordinary share** for the six months ended June 30, 2025[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's consolidated statement of profit or loss for the six months ended June 30, 2025, shows a 23.2% revenue growth, but a 19.5% decrease in gross profit and a 35.6% year-on-year reduction in profit for the period, driven by a significant 31.2% increase in cost of sales and a 360.6% surge in finance costs Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 918,661 | 745,396 | 23.2% | | Cost of Sales | (824,306) | (628,142) | 31.2% | | Gross Profit | 94,355 | 117,254 | -19.5% | | Other Income and Gains | 14,328 | 6,504 | 120.3% | | Finance Costs | (26,570) | (5,769) | 360.6% | | Profit for the Period | 19,303 | 29,958 | -35.6% | | Total Comprehensive Income for the Period | 18,831 | 29,719 | -36.6% | | Basic Earnings Per Share | RMB 0.04 | RMB 0.08 | -50.0% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's total non-current and current assets increased, alongside significant rises in current and non-current liabilities, particularly lease liabilities, while total equity slightly decreased, maintaining a healthy current ratio of 1.5 Interim Condensed Consolidated Statement of Financial Position as of June 30, 2025 | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,202,644 | 1,053,100 | 14.2% | | Total Current Assets | 732,219 | 652,226 | 12.3% | | Total Current Liabilities | 499,440 | 423,874 | 17.8% | | Total Non-current Liabilities | 847,759 | 685,241 | 23.7% | | Total Equity | 587,664 | 596,211 | -1.4% | | Net Current Assets | 232,779 | 228,352 | 1.9% | - As of June 30, 2025, the Group's current ratio was **1.5**, consistent with December 31, 2024[73](index=73&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) These interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024, presented in RMB - The interim condensed consolidated financial statements are prepared in accordance with **HKAS 34** and presented in **RMB**[11](index=11&type=chunk) [Changes in Accounting Policies and Disclosures](index=6&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) The accounting policies adopted for these interim condensed consolidated financial information are consistent with the prior year, except for the initial adoption of revised HKFRSs, with the amendments to HKAS 21 having no impact on the Group - Accounting policies are consistent with the 2024 annual consolidated financial statements, except for the initial adoption of revised **HKFRSs**[12](index=12&type=chunk) - Amendments to **HKAS 21** (Lack of Exchangeability) had no impact on the interim condensed consolidated financial information[13](index=13&type=chunk) [Operating Segment Information](index=6&type=section&id=Operating%20Segment%20Information) The Group primarily provides first-mile international freight and last-mile fulfillment services, with no separate operating segment information presented as the chief operating decision-maker reviews overall financial performance, and revenue and non-current assets are mainly concentrated in the US market - The Group primarily provides **first-mile international freight services** and **last-mile fulfillment services**, including overseas warehousing, value-added services, and delivery for cross-border e-commerce participants in mainland China[14](index=14&type=chunk) - No further information on operating segments is presented as the directors review the Group's overall financial performance[15](index=15&type=chunk) [Geographical Information](index=7&type=section&id=Geographical%20Information) The Group's revenue from external customers is primarily from the US, with significant growth also seen in Canada, the UK, Germany, and Australia, while revenue from China decreased, and non-current assets are also mainly concentrated in the US Revenue from External Customers (by Location of Services Provided) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | China | 68,414 | 115,560 | -40.8% | | United States | 647,178 | 516,775 | 25.2% | | Canada | 65,573 | 38,361 | 70.9% | | United Kingdom | 39,516 | 31,635 | 24.9% | | Germany | 81,069 | 37,275 | 117.5% | | Australia | 16,911 | 5,790 | 192.1% | | **Total** | **918,661** | **745,396** | **23.2%** | Non-current Assets (by Location of Assets) | Region | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | China | 107,085 | 180,588 | -40.7% | | United States | 748,389 | 642,284 | 16.5% | | United Kingdom | 85,425 | 20,296 | 320.9% | | Canada | 5,391 | 3,439 | 56.8% | | Germany | 97,141 | 92,189 | 5.4% | | Indonesia | 51,258 | 21,550 | 137.9% | | Australia | 226 | 258 | -12.5% | | **Total** | **1,094,915** | **960,604** | **14.0%** | [Information about Major Customers](index=8&type=section&id=Information%20about%20Major%20Customers) For the six months ended June 30, 2025, no single external customer contributed 10.8% or more to the Group's total revenue, indicating a diversified customer base - For the six months ended June 30, 2025, no revenue from transactions with a single external customer contributed **10.8% or more** to the Group's total revenue[18](index=18&type=chunk) [Revenue, Other Income and Gains](index=9&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) The Group's total revenue increased by 23.2% year-on-year, primarily driven by strong growth in last-mile fulfillment services revenue, while other income and gains also significantly increased, mainly due to gains from loss of control over a subsidiary and credit card rebates - Revenue from contracts with customers increased by **23.2%** to **RMB 918,661 thousand**[20](index=20&type=chunk) - Other income and gains increased by **120.3%** year-on-year to **RMB 14,328 thousand**, primarily from gains on loss of control over a subsidiary (**RMB 7,714 thousand**) and credit card rebates (**RMB 2,065 thousand**)[23](index=23&type=chunk) [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) Last-mile fulfillment services revenue grew by 35.0% year-on-year, accounting for 92.6% of total revenue and becoming the primary revenue source, while first-mile international freight services revenue decreased by 40.8% Revenue Breakdown (by Service Type) | Service Type | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 68,414 | 115,560 | -40.8% | | Last-mile Fulfillment Services | 850,247 | 629,836 | 35.0% | | **Total** | **918,661** | **745,396** | **23.2%** | [Other Income and Gains Analysis](index=10&type=section&id=Other%20Income%20and%20Gains%20Analysis) Other income and gains significantly increased, primarily contributed by gains from loss of control over a subsidiary (RMB 7,714 thousand) and credit card rebates (RMB 2,065 thousand) Details of Other Income and Gains | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest Income | 1,175 | 2,416 | -51.3% | | Net Exchange Gain | 238 | 2,089 | -88.6% | | Rebates from Credit Cards | 2,065 | 342 | 503.8% | | Gain on Loss of Control over a Subsidiary | 7,714 | — | N/A | | **Total** | **14,328** | **6,504** | **120.3%** | [Finance Costs](index=10&type=section&id=Finance%20Costs) The Group's finance costs surged by 360.6% year-on-year to RMB 26,570 thousand, primarily due to a substantial increase in interest expenses on lease liabilities Details of Finance Costs | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Interest Expense on Borrowings | 2,733 | 1,075 | 154.2% | | Interest Expense on Lease Liabilities | 23,837 | 4,694 | 407.8% | | **Total** | **26,570** | **5,769** | **360.6%** | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) The Group's income tax expense significantly decreased by 94.0% to RMB 411 thousand, mainly due to deferred tax reversal, as the Group operates in multiple jurisdictions including Hong Kong, mainland China, the US, UK, Canada, Germany, and Australia, enjoying certain tax incentives - The Group pays income tax in multiple jurisdictions, including Hong Kong, mainland China, the US, UK, Canada, Germany, and Australia, with varying tax rates[26](index=26&type=chunk)[27](index=27&type=chunk)[29](index=29&type=chunk) - Some Chinese subsidiaries enjoy a **15% corporate income tax preferential rate** as high-tech enterprises or within the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone[28](index=28&type=chunk) [Total Income Tax Expense](index=12&type=section&id=Total%20Income%20Tax%20Expense) Total tax expense for the period significantly decreased, primarily due to a deferred tax reversal from a loss position Details of Total Income Tax Expense | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Current Tax | 8,350 | 7,120 | 17.3% | | Deferred Tax | (7,939) | (254) | -3025.6% | | **Total Tax Expense for the Period** | **411** | **6,866** | **-94.0%** | [Dividends](index=12&type=section&id=%E8%82%A1%E6%81%AF) The Board recommended declaring an interim dividend of 3.5 HK cents per ordinary share for the six months ended June 30, 2025, totaling HKD 15,500,000 - The Board recommended declaring an interim dividend of **3.5 HK cents per ordinary share**, totaling **HKD 15,500,000** (approximately **RMB 14,246,000**)[31](index=31&type=chunk) [Earnings Per Share Attributable to Owners of the Parent](index=13&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) The Group's basic and diluted earnings per share for the six months ended June 30, 2025, were RMB 0.04, a 50% decrease from the prior year, mainly due to reduced profit for the period despite an increase in the weighted average number of ordinary shares outstanding - Basic and diluted earnings per share were both **RMB 0.04** (2024: **RMB 0.08**)[8](index=8&type=chunk)[33](index=33&type=chunk) - The weighted average number of ordinary shares outstanding was **440,569,439** (2024: **360,114,033**)[32](index=32&type=chunk)[35](index=35&type=chunk) [Leases](index=14&type=section&id=Leases) The Group recognized significant additional right-of-use assets and new lease liabilities during the period, primarily for warehouses and offices, leading to a substantial increase in interest expenses on lease liabilities - Total cost of additional right-of-use assets recognized during the period was **RMB 188,628 thousand** (2024: **RMB 108,057 thousand**)[36](index=36&type=chunk) - New lease liabilities of **RMB 188,628 thousand** were recognized during the period (2024: **RMB 108,057 thousand**)[37](index=37&type=chunk) - Interest expenses on lease liabilities increased to **RMB 23,837 thousand** (2024: **RMB 4,694 thousand**)[37](index=37&type=chunk) [Trade Receivables](index=15&type=section&id=Trade%20Receivables) The Group's net trade receivables decreased to RMB 167,819 thousand, with the vast majority (99.5%) due within 3 months, reflecting strict credit risk management and no significant concentration risk Trade Receivables (Net of Impairment) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 179,500 | 214,163 | | Impairment | (11,681) | (16,797) | | **Net Amount** | **167,819** | **197,366** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 167,012 | 194,002 | | 3 to 6 months | 491 | 2,840 | | Over 6 months | 316 | 524 | | **Total** | **167,819** | **197,366** | - Impairment reversal for trade receivables was **RMB 4,377 thousand** during the period[40](index=40&type=chunk) [Trade Payables](index=16&type=section&id=Trade%20Payables) The Group's trade payables decreased to RMB 118,169 thousand, with the vast majority (99.5%) due within 1 year, and these payables are unsecured, interest-free, and typically settled within 30 to 60 days Trade Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 118,169 | 148,261 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 117,534 | 147,491 | | 1 to 2 years | 383 | 282 | | 2 to 3 years | 218 | 1 | | Over 3 years | 34 | 487 | | **Total** | **118,169** | **148,261** | [Treasury Shares](index=17&type=section&id=Treasury%20Shares) The Company purchased 6,313,000 of its shares on the Hong Kong Stock Exchange for a total consideration of HKD 17,413,000 (approximately RMB 16,043,000) for future share-based payment schemes - The Company purchased **6,313,000 shares** as treasury shares for a total consideration of approximately **RMB 16,043,000**, intended for future share-based payment schemes[41](index=41&type=chunk) [Loss of Control over a Subsidiary](index=17&type=section&id=Loss%20of%20Control%20over%20a%20Subsidiary) The Group lost control over PT Flexlogis and its subsidiary PT SAMANEA LOGISTICS PROPERTY due to Beijing Liqian Technology Co., Ltd.'s RMB 83,800,000 capital injection for a 51.16% equity stake in PT Flexlogis, making them a joint venture of the Group and recognizing a gain of RMB 7,714 thousand - Beijing Liqian Technology Co., Ltd. invested **RMB 83,800,000** to acquire a **51.16% equity stake** in PT Flexlogis[42](index=42&type=chunk) - PT Flexlogis and its subsidiary PT SAMANEA LOGISTICS PROPERTY became a **joint venture** of the Group[42](index=42&type=chunk) - A gain of **RMB 7,714 thousand** was recognized from the loss of control over the subsidiary[43](index=43&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=19&type=section&id=Business%20Review) As a leading AI logistics technology service group, the Group upgraded its strategic goal to AI-driven in H1 2025, focusing on long-term growth, achieving robust business performance with 23.2% revenue growth, significant increases in core customer numbers and SaaS service revenue, and continuous expansion of its overseas warehouse network and partnerships with e-commerce platforms and technology partners - In February 2025, the Group officially upgraded its long-term strategic goal to become a 'global leading **Artificial Intelligence (AI) logistics technology service group**,' committed to driving the transformation of the cross-border e-commerce logistics industry through AI and large model technologies[47](index=47&type=chunk) - During the period, **5 new self-operated overseas warehouses** were expanded, increasing total area by approximately **110,000 square meters**, with a total of **61 overseas warehouses** contracted as of June 30, 2025[50](index=50&type=chunk) - The number of core customers increased to **109** (73 in the same period of 2024), with core customer sales growing by **17.8%** to **RMB 774,561 thousand**; SaaS service revenue increased to **RMB 1,167 thousand** (2024: **RMB 168 thousand**)[50](index=50&type=chunk) - Achieved comprehensive cooperation with **Huawei Cloud Computing Technology Co., Ltd.** to jointly explore advanced technologies like AI and big data, fully integrated **DeepSeek**, and successfully became a global service case for **Amazon Web Services**[53](index=53&type=chunk)[54](index=54&type=chunk) [Business Outlook and Future Strategies](index=24&type=section&id=Business%20Outlook%20and%20Future%20Strategies) Despite global trade uncertainties, the cross-border e-commerce industry is rapidly growing, highlighting the increasing importance of overseas warehouses, and the Group will leverage its competitive advantages to strengthen supply chain solutions, increase IT and SaaS platform investments, optimize customer structure, and actively seek strategic collaborations and M&A opportunities, fully embracing AI technology for sustainable high-quality growth - In H1 2025, China's cross-border e-commerce import and export volume was approximately **RMB 1.32 trillion**, a year-on-year increase of **5.7%**[56](index=56&type=chunk) - The cancellation of de minimis exemptions for small parcels in the US and Europe will significantly increase tariff costs and customs clearance times, further highlighting the advantage of overseas warehouses for bulk entry through pre-positioned inventory[56](index=56&type=chunk)[57](index=57&type=chunk) - The Group's competitive advantages include continuous investment in **technology and system R&D**, strong **global network organization capabilities**, ability to provide highly specialized and customized **AI logistics technology services**, a high-quality and stable **customer structure**, an expanding **overseas warehouse network**, and deepening cooperation with major e-commerce platforms[60](index=60&type=chunk) - Future strategies include strengthening **supply chain solution capabilities**, increasing investment in **IT infrastructure and SaaS platform development**, optimizing **customer structure**, seeking **strategic partners and quality M&A targets**, and fully embracing **AI and large model technologies**[61](index=61&type=chunk)[62](index=62&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) The Group's financial review indicates revenue growth primarily driven by last-mile fulfillment services, but a significant increase in cost of sales, particularly warehouse operating and labor costs, led to a substantial decline in gross profit and gross margin, with first-mile gross margin slightly improving due to lower sea freight prices, while last-mile gross margin decreased due to the profitability cycle of new overseas warehouses and rising costs - Total revenue increased by **23.2%** year-on-year to **RMB 918,661 thousand**, with last-mile fulfillment services revenue growing by **35.0%**[63](index=63&type=chunk) - Cost of sales increased by **31.2%** year-on-year to **RMB 824,306 thousand**, primarily impacted by a **48.5%** increase in last-mile fulfillment services cost of sales[67](index=67&type=chunk) - Gross profit decreased by **19.5%** year-on-year to **RMB 94,355 thousand**, with the overall gross margin declining from **15.7%** to **10.3%**[70](index=70&type=chunk) - The primary reasons for the decline in last-mile gross margin include the time required for newly leased overseas warehouses to become profitable, as well as continuous increases in overseas order prices, overseas warehouse labor costs, and rental costs[71](index=71&type=chunk) [Revenue](index=27&type=section&id=Revenue) The Group's revenue growth was primarily driven by the strong performance of last-mile fulfillment services, while first-mile international freight services revenue decreased due to reduced sea freight container volume and the termination of air freight small parcel direct mail business - Last-mile fulfillment services revenue increased by **35.0%** year-on-year to **RMB 850,247 thousand**, primarily benefiting from an increase in last-mile order volume[63](index=63&type=chunk) - First-mile international freight services revenue decreased by **40.8%** year-on-year to **RMB 68,414 thousand**, mainly affected by reduced sea freight container volume and lower international shipping rates, with the air freight small parcel direct mail business having been terminated[63](index=63&type=chunk) [By Service Category](index=28&type=section&id=By%20Service%20Category) The proportion of last-mile fulfillment services in total revenue increased from 84.5% to 92.6%, while that of first-mile international freight services decreased from 15.5% to 7.4% Revenue (by Service Category) | Service Category | 2025 (RMB thousand) | Proportion (%) | 2024 (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 68,414 | 7.4 | 115,560 | 15.5 | | Last-mile Fulfillment Services | 850,247 | 92.6 | 629,836 | 84.5 | | **Total** | **918,661** | **100.0** | **745,396** | **100.0** | Service Volume (by Service Category) | Service Category | 2025 Sea Freight Volume (TEUs) | 2025 Last-Mile Orders (million) | 2024 Sea Freight Volume (TEUs) | 2024 Air Freight Volume (tons) | 2024 Last-Mile Orders (million) | | :--- | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 2,509 | Not Applicable | 2,956 | 336 | Not Applicable | | Last-mile Fulfillment Services | Not Applicable | 6.5 | Not Applicable | Not Applicable | 3.8 | [By Country](index=28&type=section&id=By%20Country) Revenue from the United States, Canada, and Germany significantly increased, reflecting the Group's continued investment in overseas warehouses and increased sales channel efforts in these regions Revenue (by Country) | Country | 2025 (RMB thousand) | Proportion (%) | 2024 (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | :--- | | United States | 703,782 | 76.6 | 622,375 | 83.5 | | Canada | 69,896 | 7.6 | 40,621 | 5.4 | | United Kingdom | 44,163 | 4.8 | 36,267 | 4.9 | | Germany | 83,260 | 9.1 | 40,135 | 5.4 | | Australia | 17,560 | 1.9 | 5,998 | 0.8 | | **Total** | **918,661** | **100.0** | **745,396** | **100.0** | [Cost of Sales](index=29&type=section&id=Cost%20of%20Sales) The Group's cost of sales increased by 31.2% year-on-year, primarily driven by a substantial 48.5% increase in last-mile fulfillment services cost of sales, with warehouse operating costs and labor costs being the main growth factors - Cost of sales increased by **31.2%** year-on-year to **RMB 824,306 thousand**[67](index=67&type=chunk) - Cost of sales for last-mile fulfillment services increased by **48.5%** to **RMB 759,017 thousand**[67](index=67&type=chunk) [By Service Category](index=29&type=section&id=By%20Service%20Category) The proportion of last-mile fulfillment services in total cost of sales increased from 81.4% to 92.1%, consistent with the change in revenue structure Cost of Sales (by Service Category) | Service Category | 2025 (RMB thousand) | Proportion (%) | 2024 (RMB thousand) | Proportion (%) | | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 65,289 | 7.9 | 116,877 | 18.6 | | Last-mile Fulfillment Services | 759,017 | 92.1 | 511,265 | 81.4 | | **Total** | **824,306** | **100.0** | **628,142** | **100.0** | [By Cost Element](index=29&type=section&id=By%20Cost%20Element) Warehouse operating costs and labor costs increased by 84.9% and 56.5% respectively, serving as the primary drivers of cost of sales growth, reflecting increased overseas warehouse expansion and personnel investment Cost of Sales (by Cost Element) | Cost Element | 2025 (RMB thousand) | Proportion (%) | 2024 (RMB thousand) | Proportion (%) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Costs | 520,650 | 63.2 | 450,402 | 71.7 | 15.6% | | Warehouse Operating Costs | 168,105 | 20.3 | 90,925 | 14.4 | 84.9% | | Labor Costs | 135,303 | 16.4 | 86,442 | 13.8 | 56.5% | | Share-based Payment Expenses | 248 | 0.1 | 373 | 0.1 | -33.5% | | **Total** | **824,306** | **100.0** | **628,142** | **100.0** | **31.2%** | [Gross Profit and Gross Margin](index=30&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit decreased by 19.5%, with the overall gross margin falling to 10.3%; last-mile gross margin declined due to the profitability cycle of new overseas warehouses and rising costs, while first-mile gross margin slightly improved due to lower sea freight prices Gross Profit and Gross Margin (by Service Category) | Service Category | 2025 Gross Profit (RMB thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | First-mile International Freight Services | 3,125 | 4.6% | (1,317) | (1.1%) | | Last-mile Fulfillment Services | 91,230 | 10.7% | 118,571 | 18.8% | | **Total** | **94,355** | **10.3%** | **117,254** | **15.7%** | - The primary reasons for the decline in last-mile gross margin include the time required for newly leased overseas warehouses to become profitable, as well as continuous increases in overseas order prices, overseas warehouse labor costs, and rental costs[71](index=71&type=chunk) - First-mile gross margin slightly increased, primarily due to the continuous decline in first-mile sea freight prices since the second quarter[70](index=70&type=chunk) [Financial Position](index=31&type=section&id=Financial%20Position) The Group maintains a prudent financial policy with a healthy debt-to-asset ratio of 34% and a current ratio of 1.5; despite a slight decrease in total equity, the Board believes the Group has sufficient working capital for operations and future development - The Group's total debt (borrowings and lease liabilities) was **RMB 1,119,650 thousand**, with a debt-to-asset ratio of **34%**[73](index=73&type=chunk) - Total equity decreased from **RMB 596,211 thousand** as of December 31, 2024, to **RMB 587,664 thousand** as of June 30, 2025[73](index=73&type=chunk) - The current ratio was **1.5**, with cash and bank balances of **RMB 301,131 thousand**, and the Board considers working capital to be sufficient[73](index=73&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of the end of the relevant period, the Group had no significant contingent liabilities - As of the end of the relevant period, the Group had no significant contingent liabilities[75](index=75&type=chunk) [Human Resources](index=32&type=section&id=Human%20Resources) The Group has 397 employees with total staff costs of RMB 170,436 thousand, operating a performance-based remuneration system and various share incentive schemes to motivate employees - The Group has **397 employees**, with total staff costs of **RMB 170,436 thousand**[76](index=76&type=chunk) - The Company has adopted various share option schemes and share award schemes to incentivize eligible participants who contribute to the Group[76](index=76&type=chunk) [Other Information](index=32&type=section&id=Other%20Information) The Group undertook several strategic investments and transactions during the period, including new overseas warehouse leases, short-term financial investments, plans to establish two funds for cross-border e-commerce and AI logistics, a gain recognized from the loss of control over PT Flexlogis due to equity changes, and a connected transaction to acquire an Indonesian logistics real estate company - During the period, **5 new overseas warehouses** were leased, increasing total area by approximately **110,000 square meters**, located in the US, Canada, and the UK respectively[77](index=77&type=chunk) - Held short-term financial investments of approximately **RMB 49,278 thousand**, primarily money market funds and guaranteed structured notes, with **unrealized investment losses of approximately RMB 3,230 thousand** and **realized investment gains of approximately RMB 719 thousand** recognized during the period[78](index=78&type=chunk) - Plans to establish two funds with a total size of **RMB 200 million**, with the Group proposing to subscribe for no more than **RMB 100 million**, primarily investing in cross-border e-commerce innovation industries, overseas warehousing facilities, and AI technology fields[81](index=81&type=chunk) - Due to capital injection by Beijing Liqian Technology Co., Ltd., the Company lost control over PT Flexlogis Investment Indonesia, making it a joint venture, and recognized a gain of **RMB 7,714 thousand**[83](index=83&type=chunk)[84](index=84&type=chunk) - Acquired all issued shares of PT Samanea Logistics Property, a company specializing in Indonesian logistics real estate investment and property management, through a connected transaction for a total consideration of approximately **RMB 6,179,146**[86](index=86&type=chunk)[87](index=87&type=chunk) [Corporate Governance and Others](index=35&type=section&id=Corporate%20Governance%20and%20Others) [Audit Committee](index=35&type=section&id=Audit%20Committee) The Company's Audit Committee has reviewed the Group's accounting policies and the unaudited condensed consolidated financial statements, which were also reviewed by independent auditor Ernst & Young - The Audit Committee has reviewed the Group's accounting policies and the unaudited condensed consolidated financial statements[91](index=91&type=chunk) - The condensed consolidated financial statements have been reviewed by **Ernst & Young** in accordance with Hong Kong Standard on Review Engagements 2410[91](index=91&type=chunk) [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) The Group is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the relevant period - The Group is committed to maintaining high standards of corporate governance and has complied with all applicable code provisions of the Corporate Governance Code[93](index=93&type=chunk) [Standard Code for Securities Transactions by Directors](index=36&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with it during the relevant period - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with it[94](index=94&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Except for the trustee of the share award scheme purchasing 6,313,000 shares of the Company, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the relevant period - Except for the trustee of the share award scheme purchasing **6,313,000 shares** of the Company, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities[95](index=95&type=chunk) [Changes in Board Composition](index=37&type=section&id=Changes%20in%20Board%20Composition) No changes in the Company's Board composition requiring disclosure under Rule 13.51B(1) of the Listing Rules occurred during the relevant period - During the relevant period, there were no changes in the Company's directors' information requiring disclosure under Rule 13.51B(1) of the Listing Rules[96](index=96&type=chunk) [Use of Proceeds from Global Offering](index=37&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering were approximately HKD 161.3 million, of which HKD 117.9 million had been utilized as of June 30, 2025, primarily for enhancing the global logistics network Use of Proceeds from Global Offering and Utilization | Purpose | Expected Utilization (%) | Expected Amount (HKD million) | Amount Utilized as of June 30, 2025 (HKD million) | Balance (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Enhance Global Logistics Network | 62% | 100.0 | 91.4 | 8.6 | | Improve Smart Systems | 16% | 25.8 | 6.3 | 19.5 | | Attract New Customers and Maintain Relationships | 16% | 25.8 | 10.5 | 15.3 | | General Working Capital | 6% | 9.7 | 9.7 | — | | **Total** | **100%** | **161.3** | **117.9** | **43.4** | [Interim Dividend](index=38&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of 3.5 HK cents per share for the six months ended June 30, 2025, expected to be distributed on or about October 31, 2025 - The Board resolved to declare an interim dividend of **3.5 HK cents per share** for the six months ended June 30, 2025[98](index=98&type=chunk) - The distribution to shareholders entitled to the dividend is expected on or about **Friday, October 31, 2025**[98](index=98&type=chunk) [Closure of Register of Members](index=38&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the Company's register of members will be closed from October 3, 2025, to October 7, 2025 - The Company's register of members will be closed from **Friday, October 3, 2025, to Tuesday, October 7, 2025**[99](index=99&type=chunk) - To qualify for the interim dividend, all share transfer documents must be lodged for registration no later than **4:30 p.m. on Thursday, October 2, 2025**[99](index=99&type=chunk) [Events After the Reporting Period](index=38&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the reporting period and up to the date of this announcement - No significant events occurred after the reporting period and up to the date of this announcement[100](index=100&type=chunk) [Publication of Results Announcement and Interim Report](index=38&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This announcement has been published on the HKEX and Company websites, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement is published on the HKEX website (www.hkex.com.hk) and the Company's website (www.edayun.com)[101](index=101&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course[101](index=101&type=chunk) [Appendix](index=39&type=section&id=Appendix) [Definitions](index=39&type=section&id=Definitions) This section provides definitions for key terms used in the announcement to ensure readers have a clear understanding of the report's content - Provides definitions for key terms used in the announcement, such as 'Board,' 'B2C,' 'China,' 'Company,' and 'Current Ratio'[105](index=105&type=chunk) [Forward-Looking Statements](index=40&type=section&id=Forward-Looking%20Statements) This announcement contains forward-looking statements based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management, which are not historical facts - The announcement contains forward-looking statements, including but not limited to statements regarding revenue and profit[107](index=107&type=chunk) - Forward-looking statements are based on the current beliefs, assumptions, expectations, estimates, and projections of the Company's directors and management regarding its business, industry, and markets in which it operates, and are not historical facts[107](index=107&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。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1772） 截 至2025年6月30日止六個月之中期業績公告 及 建議修訂公司章程 江 西 贛 鋒 鋰 業 集 團 股 份 有 限 公 司（「本公司」或「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」）之 簡 明 綜 合 未 經 審 計 中 期 業 績。 – 1 – 財務資料 中 期簡明綜合損益表 截 至2025年6月30日止六個月 | | 附 註 | 2025年 | 2024年 | | --- | --- | --- | --- | | | | （未 經 審 計） | （未 經 審 計） | | | | 人民幣千元 | 人民幣千元 | | 收 益 | 4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不對因本公佈全部或任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何 責任。 DAWNRAYS PHARMACEUTICAL（HOLDINGS）LIMITED 東瑞製葯（控股）有限公司* （在開曼群島註冊成立的有限公司） （股份代號：2348） 截至二零二五年六月三十日止六個月之中期業績公佈 截至二零二五年六月三十日止六個月之中期業績 東瑞製葯（控股）有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此提呈本公司及其 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（「本期間」）之未經審核綜合中期 業績，連同二零二四年同期的比較數字。此等中期業績已經由本公司的審核委員會審閱。 財務摘要 | | 截至六月三十日止六個月 | | | | --- | --- | --- | --- | | 未經審核 | 二零二五年 | 二零二四年 | 變動 | | 收入（人民幣千元） | 630,424 | 577,447 | 9.2% | | 毛利（人民幣千元） | 313,978 ...

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。 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SMIT HOLDINGS LIMITED 國 微 控 股 有 限 公 司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SEEC MEDIA GROUP LIMITED 財訊傳媒集團有限公司 （於開曼群島註冊成立並於百慕達存續的有限公司） （股份代號：205） 有關截至二零二四年十二月三十一日止年度年報的補充公告 茲提述財訊傳媒集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）於二 零二五年四月三十日刊發截至二零二四年十二月三十一日止年度之年報（「二零 二四年年報」）。除另有說明外，本公告所用詞彙與二零二四年年報所界定者具有 相同涵義。 除年報所披露的資料外，本公司擬向股東及公眾提供有關二零二四年年報的額外 資料如下。 購股權計劃 本公司於二零二一年六月三十日採納的購股權計劃於10年期間內有效及生效。購 股權計劃的剩餘年期為6年。 於本公告日期，董事會由執行董事李亮先生、李煒先生、李振先生及周洪濤先生以 及獨立非執行董事羅智鴻先生、方穎女士及郭輝先生組成。 於年報日期，根據購股權計劃可供發行的股份總數為118,854 ...

（於開曼群島註冊成立之有限公司） （股份代號：8188） 截至二零二五年六月三十日止六個月中期業績公佈 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。 香港交易及結算所有限公司及聯交所對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈之全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公佈（駿傑集團控股有限公司（「本公司」）各董事（「董事」）共同及個別對此負全責） 乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）的規定而提供有關本公司 的資料。董事經作出一切合理查詢後確認，就彼等所深知及確信，本公佈所載資 料在各重要方面均屬準確及完整，且無誤導或欺詐成分；及並無遺漏任何事項致 使本公佈或其所載任 ...

（股份代號：1631） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）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。 REF Holdings Limited （於開曼群島註冊成立的有限公司） 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 中 期 業 績 REF Holdings Limited（「本 公 司」）董 事 會（分 別 為「董 事」及「董 事 會」）宣 布，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 業 績 連 同 相 關 比 較 數 字 如 下： 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 截 至 二 零 二 五 年 ...

GUDOU HOLDINGS LIMITED 古 兜 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：8308） 截至二零二五年六月三十日止六個月 中期業績公佈 香港聯合交易所有限公司GEM之特色 GEM之定位，乃為相比起其他在香港聯交所上市之公司帶有較高投資風險之中小型公司 提供一個上市之市場。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周 詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於香港聯交所主板買 賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及香港聯交所對本公佈之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公佈之資料乃遵照GEM上市規則而刊載，旨在提供有關本公司之資料；董事願就本公 佈之資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所深知 及確信，本公佈所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 否 1.5 本公司負責人唐福生先生、主管會計工作負責人聶豔紅女士及會計機構負 責人（會計主管人員）劉濤先生聲明：保證中期報告中財務報告的真實、準 確、完整。 1 1.1 天津創業環保集團股份有限公司（「本公司」）董事會（「董事會」）、董事（「董 事」）及高級管理人員保證2025年中期報告（「中期報告」）內容的真實性、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶 的法律責任。 1.2 本公司截至2025年6月30日止六個月的中期財務報告未經審計。 1.3 是否存在被控股股東及其他關聯方非經營性佔用資金情況？ §2 本公司基本情況 （股份代號 ： 1065） （於中華人民共和國註冊成立之股份有限公司） 截至2025年6月30日止六個月中期業績公告 §1 重要提示 否 1.4 是否存在違反規定決策程序對外提供擔保的情況？ 單位：元 幣種：人民幣 本報告期 | 比上年 | 同期 | ...