香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Shanghai Haohai Biological Technology Co., Ltd.* 上海昊海生物科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6826） 截至2025年6月30日止六個月期間之中期業績公告 截至2025年6月30日止六個月期間之中期業績摘要 1 • 報告期內，本集團共錄得營業收入約人民幣1,292.64百萬元（2024年同期：約 人民幣1,397.11百萬元），較2024年同期減少約人民幣104.47百萬元，降幅約 為7.48%。 • 報告期內，本集團研發開支約人民幣98.40百萬元，較2024年同期下降約人民 幣27.00百萬元，下降約21.53%，本集團研發開支佔收入比重為7.61%（2024 年同期：8.98%）。 • 報告期內，本公司普通股權益持有人應佔利潤約為人民幣211.07百萬元（2024 年同期：約人民幣235.28百萬元），較2 ...

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。 LEPU SCIENTECH MEDICAL TECHNOLOGY (SHANGHAI) CO., LTD.* 樂普心泰醫療科技（上海）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：2291） 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計綜合財務業績， 連同截至2024年6月30日止六個月的比較數字如下。 本集團截至2025年6月30日止六個月的中期業績已由審計委員會及本集團獨立核 數師立信會計師事務所（特殊普通合夥）根據中國註冊會計師協會頒佈的中國註冊 會計師審閱準則第2101號「實體的獨立核數師對中期財務資料的審閱」審閱。 財務摘要 註： 本公告所載若干數額及百分比數字已約整。因此，若干表格合計一欄所列示的數字或與數字相 加計算所得總數略有出入。任何表格或圖表所示總數與所列數額總和之間的差異乃約整所致。 1 － ...

透 雲 生 物 科 技 集 團 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至2025年6月30日 止 六 個 月 的 未 經 審 核 綜 合 業 績， 連 同2024年 同 期 的 比 較 數 字 如 下： Touyun Biotech Group Limited 簡 明 綜 合 損 益 及 其 他 全 面 收 益 表 | | | | | | | | | | | | | | | | | | 截 | | 至6月30日 | | 止 | 六 | 個 | 月 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | | | | 2025年 | | | | | 2024年 | | | | | | | | ...

[Report Overview](index=1&type=section&id=Interim%20Results%20Announcement) This report provides an overview of the Group's business operations, financial performance, future strategies, and detailed financial statements for the interim period [Business Review](index=1&type=section&id=Business%20Review) The Group is committed to becoming an international clean energy ecosystem investment operator, primarily engaged in the development, investment, operation, and management of power stations and other clean energy projects, achieving significant growth in installed capacity and power generation while reducing financing costs [Diversification of Investment Locations and Portfolio](index=1&type=section&id=Diversification%20of%20Investment%20Locations%20and%20Portfolio) The Group expanded its grid-connected installed capacity and diversified its clean energy portfolio across various regions, primarily in China Changes in Grid-Connected Installed Capacity (As of June 30, 2025) | Type | June 30, 2025 (Units) | December 31, 2024 (Units) | | :--- | :--- | :--- | | Solar Power Stations | 187 | 166 | | Wind Power Stations | 39 | 38 | | Hydro Power Stations | 26 | 26 | | Energy Storage Power Stations | 3 | 3 | - Total grid-connected installed capacity increased from approximately **12,639 MW** as of December 31, 2024, to approximately **13,692 MW** as of June 30, 2025[4](index=4&type=chunk) - Except for a few projects in Australia and Vietnam, the Group's remaining power stations are located in **28 different provinces in China**[4](index=4&type=chunk) [Other Clean Energy Projects](index=2&type=section&id=Other%20Clean%20Energy%20Projects) The Group holds significant hydro power development rights and plans to diversify its clean energy portfolio further - Holds hydro power development rights with an estimated capacity of approximately **5 GW**, awaiting preliminary work approval[6](index=6&type=chunk) - Will focus on developing solar, wind, hydro power, and energy storage businesses in the short term, enhancing the diversity of its clean energy portfolio[6](index=6&type=chunk) [Power Generation](index=2&type=section&id=Power%20Generation) The Group achieved substantial growth in total power generation, driven by increased installed capacity across its subsidiary and associate power stations Total Power Generation and Growth (For the six months ended June 30) | Metric | 2025 (MWh) | 2024 (MWh) | Growth Rate | | :--- | :--- | :--- | :--- | | Total Power Generation by Subsidiaries | 11,514,751 | 7,590,356 | 51.7% | | Total Power Generation by Associates | 1,088,710 | 651,831 | 67.0% | | Total Group Power Generation | 12,603,461 | 8,242,187 | 52.9% | Overview of Subsidiary Power Stations (For the six months ended June 30) | Type | 2025 Installed Capacity (MW) | 2025 Power Generation (MWh) | 2024 Installed Capacity (MW) | 2024 Power Generation (MWh) | | :--- | :--- | :--- | :--- | :--- | | Solar | 7,958 | 4,863,871 | 6,391 | 4,220,057 | | Wind | 4,432 | 5,177,066 | 2,602 | 1,874,559 | | Hydro | 952 | 1,348,606 | 952 | 1,495,740 | | Energy Storage | 350 | 125,208 | 100 | – | - Energy storage power stations officially commenced production and operation in the second half of 2024, generating **125,208 MWh** of electricity during this period[9](index=9&type=chunk) [Financing Activities](index=5&type=section&id=Financing%20Activities) The Group successfully reduced its weighted average interest rate and secured significant funding through perpetual medium-term notes and investment contracts - The weighted average annual interest rate for bank and other borrowings decreased from approximately **3.73%** as of December 31, 2024, to approximately **3.17%** for this period[11](index=11&type=chunk) - Completed the issuance of two tranches of perpetual medium-term notes, totaling **RMB 900 million** and **RMB 600 million**, with fixed distribution rates of **2.47%** and **2.38%**, respectively[11](index=11&type=chunk) - Secured funds of **RMB 1,500 million** (approximately **RMB 1,184 million** received) and **RMB 1,050 million** (approximately **RMB 442 million** received) through investment contracts with China Life Investment and Allianz Insurance, in the form of private placement perpetual medium-term notes, for working capital replenishment and loan repayment[12](index=12&type=chunk)[13](index=13&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) During this period, the Group's net profit slightly increased, while revenue and EBITDA significantly rose due to expanded installed capacity, with financing costs decreasing through debt structure optimization, but average electricity price declining due to a higher proportion of grid-parity projects, and accounts receivable and electricity price subsidy receivables substantially increasing, while the capital gearing ratio improved Key Financial Indicators (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Profit | 293 | 292 | 0.34% | | Revenue | 4,086 | 3,272 | 24.87% | | EBITDA | 3,276 | 2,686 | 21.97% | [Revenue and EBITDA](index=6&type=section&id=Revenue%20and%20EBITDA) Revenue and EBITDA saw significant growth driven by increased installed capacity, though average electricity prices declined due to grid-parity projects - Revenue and EBITDA growth primarily attributed to the expansion of grid-connected installed capacity from approximately **10,045 MW** to approximately **13,692 MW**, an increase of approximately **36.3%**[15](index=15&type=chunk) Average Electricity Price (Excluding VAT) | Metric | 2025 (RMB/kWh) | 2024 (RMB/kWh) | | :--- | :--- | :--- | | Average Electricity Price | 0.35 | 0.43 | - The decrease in average electricity price was mainly due to the continuous increase in grid-connected installed capacity of grid-parity solar and wind power projects, whose power generation accounted for a significantly higher proportion of total power generation, and these projects' electricity prices do not include subsidies[15](index=15&type=chunk) [Financing Costs](index=7&type=section&id=Financing%20Costs) Total financing costs decreased due to the refinancing of high-interest loans with lower-interest RMB loans Total Financing Costs (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Total Financing Costs | 1,099 | 1,105 | - The decrease in financing costs was primarily due to the gradual refinancing of certain high-interest loans with lower-interest RMB loans[16](index=16&type=chunk) [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) The Group's income tax expense is subject to China's statutory rate, with certain renewable energy projects benefiting from preferential tax reductions - The statutory corporate income tax rate in China is **25%**, with certain renewable energy projects enjoying preferential tax reductions[17](index=17&type=chunk) [Accounts Receivable, Bills, and Electricity Price Subsidy Receivables](index=7&type=section&id=Accounts%20Receivable%2C%20Bills%2C%20and%20Electricity%20Price%20Subsidy%20Receivables) Accounts receivable, bills, and electricity price subsidy receivables significantly increased, primarily due to central government subsidies for renewable energy projects Details of Accounts Receivable, Bills, and Electricity Price Subsidy Receivables | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Accounts Receivable and Bills | 881 | 590 | | Electricity Price Subsidy Receivables (China) | 9,645 | 7,465 | | Total | 10,526 | 8,055 | - Electricity price subsidy receivables primarily refer to central government subsidies for renewable energy projects, which will be settled according to government policies and the Ministry of Finance's payment model[18](index=18&type=chunk) [Bank and Other Borrowings](index=8&type=section&id=Bank%20and%20Other%20Borrowings) The Group's bank and other borrowings are diversified across currencies and maturities, with a significant portion denominated in RMB Maturity and Currency Mix of Bank and Other Borrowings (As of June 30, 2025) | Currency | Within One Year (RMB million) | Second Year (RMB million) | Three to Five Years (RMB million) | Six to Ten Years (RMB million) | After Ten Years (RMB million) | Total (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | RMB | 9,867 | 11,767 | 19,832 | 11,438 | 4,249 | 57,153 | | USD | 6,394 | 3,472 | – | – | – | 9,866 | | AUD | 1,890 | – | – | – | – | 1,890 | | HKD | 648 | – | – | – | – | 648 | | Total | 18,799 | 15,239 | 19,832 | 11,438 | 4,249 | 69,557 | [Key Performance Indicators](index=8&type=section&id=Key%20Performance%20Indicators) Key performance indicators show a decrease in EBITDA margin but improvements in debt-to-EBITDA ratio and interest coverage Changes in Key Performance Indicators (For the six months ended June 30) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | EBITDA Margin | 80% | 82% | Down 2% | | Debt to EBITDA Ratio | 19.5 | 22.7 | Down 3.2 | | Operating Cash Flow to Net Debt Ratio | 3.5% | 2.7% | Up 0.8% | | Interest Coverage Ratio | 2.98 | 2.61 | Up 0.37 | - The decrease in EBITDA margin was mainly due to the continuous expansion of power generation business and additional operating expenses[21](index=21&type=chunk) [Liquidity, Financial Resources, Capital Gearing Ratio, and Capital Structure](index=9&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20Capital%20Gearing%20Ratio%2C%20and%20Capital%20Structure) The Group's capital gearing ratio improved due to increased equity from perpetual medium-term note issuance, while managing financial risks with derivative instruments Capital Structure and Capital Gearing Ratio | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Net Debt | 63,848 | 62,978 | | Total Equity | 25,460 | 22,660 | | Total Capital | 89,308 | 85,638 | | Capital Gearing Ratio | 71.5% | 73.5% | - The decrease in capital gearing ratio was mainly due to the increase in equity resulting from the issuance of perpetual medium-term notes[25](index=25&type=chunk) - The Group holds derivative financial instruments (cross-currency swaps) to hedge against foreign exchange and interest rate fluctuation risks of bank borrowings[23](index=23&type=chunk) [Other Operating Information](index=11&type=section&id=Other%20Operating%20Information) The Group had no significant acquisitions or disposals during this period but continues to seek investment opportunities, with its electricity sales business highly dependent on major customers, and employee count slightly increased, while hedging exchange rate and interest rate risks through cross-currency swaps and planning to issue asset-backed commercial papers post-period end [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=11&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) The Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - No significant acquisitions or disposals occurred during this period[27](index=27&type=chunk) [Performance and Future Prospects of Significant Investments Held and Future Plans for Significant Investments or Capital Assets](index=11&type=section&id=Performance%20and%20Future%20Prospects%20of%20Significant%20Investments%20Held%20and%20Future%20Plans%20for%20Significant%20Investments%20or%20Capital%20Assets) The Group held no significant investments as of June 30, 2025, but actively seeks suitable opportunities to enhance future financial performance - As of June 30, 2025, the Group did not hold any significant investments[28](index=28&type=chunk) - Will actively seek suitable and promising investment opportunities to enhance future financial performance and profitability[28](index=28&type=chunk) [Significant Reliance on Major Customers](index=12&type=section&id=Significant%20Reliance%20on%20Major%20Customers) The Group's electricity sales business is heavily reliant on State Grid and Inner Mongolia Power, which account for a substantial portion of receivables - The primary customers for electricity sales business are subsidiaries of **State Grid** and **Inner Mongolia Power (Group) Co., Ltd.**[29](index=29&type=chunk) Proportion of Receivables from Major Customers (As of June 30, 2025) | Customer | Proportion of Total Accounts Receivable, Bills, and Electricity Price Subsidy Receivables | | :--- | :--- | | State Grid Subsidiaries | 74.5% | | Inner Mongolia Power Subsidiaries | 17.9% | [Pledge of Assets](index=12&type=section&id=Pledge%20of%20Assets) Approximately 30.5% of the Group's bank and other borrowings are secured by various assets, including power generation modules and equipment - Approximately **30.5%** of bank and other borrowings are secured by pledged power generation modules and equipment, guarantee deposits, electricity sales collection rights, and/or shares/equity of subsidiaries[30](index=30&type=chunk) [Employees and Remuneration Policy](index=12&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's full-time employee count slightly increased, with competitive remuneration and benefits provided Number of Full-time Employees and Employee Benefit Expenses | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 1,918 | 1,856 | | Employee Benefit Expenses (Excluding Share-based Payments) | RMB 279 million | RMB 251 million | [Exchange Rate Fluctuation Risk and Related Hedging](index=12&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging) The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in RMB, HKD, and USD, leading to exchange rate fluctuation risk upon conversion - The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in **RMB, HKD, and USD**, and exchange rate fluctuation risk mainly arises when converting to the presentation currency[32](index=32&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no other significant contingent liabilities - As of June 30, 2025, the Group had no other significant contingent liabilities[33](index=33&type=chunk) [Significant Events After the Statement of Financial Position Date](index=13&type=section&id=Significant%20Events%20After%20the%20Statement%20of%20Financial%20Position%20Date) Post-period end, Jingneng Development plans to issue asset-backed commercial papers totaling approximately RMB 2,000 million through a trust contract - Jingneng Development entered into a trust contract with Industrial Bank International Trust, planning to issue asset-backed commercial papers with a total scale of approximately **RMB 2,000 million**[95](index=95&type=chunk) [Future Outlook](index=13&type=section&id=Future%20Outlook) As 2025 marks the final year of the '14th Five-Year Plan', the Company will align with the national 'dual carbon' strategy, shifting from a heavy asset-holding model to a hybrid asset operation development approach, focusing on low-cost project development and diversified business expansion, strengthening comprehensive cost control and risk resilience, and building a clean energy industrial ecosystem that is 'green-centric, multi-energy complementary, and intelligently coordinated' - Strategic Development: Shifting from a heavy asset-holding development approach to a hybrid asset operation development approach, prioritizing comprehensive project development costs and regional consumption capacity, and exploring light asset development and operation models[35](index=35&type=chunk) - Business Expansion: Deepening efforts in diversified business segments such as hydro power (Yunnan and Tibet), gas turbines (focusing on industrial parks with high heat loads or regions with high peak power demand), integrated energy (transitioning to light assets), and green hydrogen (tracking policy and technological advancements)[36](index=36&type=chunk) - Operational Management: Focusing on quality improvement and efficiency enhancement, implementing comprehensive cost control, post-project evaluation, improving regional benchmarking rankings, seizing opportunities in electricity spot trading, introducing equity financing, and continuously promoting overall management improvement[36](index=36&type=chunk) [Financial Statements](index=15&type=section&id=Financial%20Statements) This section includes the Group's unaudited condensed consolidated income statement, statement of comprehensive income, and statement of financial position for the six months ended June 30, 2025, reflecting operating results, financial performance, and asset and liability status for the period, showing growth in revenue and total comprehensive income, and changes in the asset and liability structure [Condensed Consolidated Interim Income Statement](index=15&type=section&id=Condensed%20Consolidated%20Interim%20Income%20Statement) The condensed consolidated interim income statement shows increased revenue, EBITDA, and profit for the period, with higher profit attributable to equity holders Summary of Condensed Consolidated Interim Income Statement (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Revenue | 4,086 | 3,272 | | EBITDA | 3,276 | 2,686 | | Profit Before Income Tax | 448 | 434 | | Profit for the Period | 293 | 292 | | Profit for the Period Attributable to Equity Holders of the Company | 173 | 33 | | Non-controlling Interests | 120 | 259 | | Basic and Diluted Earnings Per Share (RMB cents) | 7.87 | 1.48 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=17&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) The condensed consolidated interim statement of comprehensive income reflects profit for the period and other comprehensive income items, including currency translation differences Summary of Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Profit for the Period | 293 | 292 | | Currency Translation Differences | 195 | (134) | | Total Comprehensive Income for the Period | 488 | 158 | | Total Comprehensive Income for the Period Attributable to Equity Holders of the Company | 368 | (101) | | Non-controlling Interests | 120 | 259 | [Condensed Consolidated Interim Statement of Financial Position](index=18&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) The condensed consolidated interim statement of financial position shows an increase in total assets and equity, with changes in non-current and current liabilities Summary of Condensed Consolidated Interim Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Non-current Assets | 86,046 | 85,867 | | Total Current Assets | 19,581 | 16,602 | | Total Assets | 105,627 | 102,469 | | Total Equity | 25,460 | 22,660 | | Total Non-current Liabilities | 53,652 | 50,833 | | Total Current Liabilities | 26,515 | 28,976 | | Total Liabilities | 80,167 | 79,809 | - Perpetual medium-term notes increased from **RMB 10,777 million** as of December 31, 2024, to **RMB 13,322 million** as of June 30, 2025, a significant factor in the growth of total equity[47](index=47&type=chunk) [Notes to the Financial Statements](index=20&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) This section provides detailed notes to the condensed consolidated interim financial information, covering key information such as basis of preparation, changes in accounting policies, significant estimates, financial risk management, segment information, financing costs, income tax, accounts receivable, share capital, perpetual medium-term notes, bank borrowings, acquisitions, and post-balance sheet events, with a particular emphasis on significant uncertainties regarding going concern and mitigation measures [General Information](index=20&type=section&id=1%20General%20Information) The Company is primarily engaged in the development, investment, operation, and management of power stations and clean energy projects, with Beijing Energy Investment Group (Hong Kong) Co., Ltd. as its direct controlling shareholder - The Company is primarily engaged in the development, investment, operation, and management of power stations and other clean energy projects[48](index=48&type=chunk) - Beijing Energy Investment Group (Hong Kong) Co., Ltd. is the Company's direct controlling shareholder, holding approximately **32.14%** of the issued share capital[48](index=48&type=chunk) [Basis of Preparation](index=20&type=section&id=2%20Basis%20of%20Preparation) This section outlines the basis for preparing the financial statements, including considerations for going concern, changes in accounting policies, significant estimates, and financial risk management [Going Concern](index=20&type=section&id=2.1%20Going%20Concern) Despite current liabilities exceeding current assets and significant borrowings maturing, the Board has implemented measures to ensure the Group's ability to continue as a going concern - Current liabilities exceeded current assets by approximately **RMB 6,934 million**, with approximately **RMB 18,784 million** of borrowings maturing within the next 12 months, indicating significant uncertainty[51](index=51&type=chunk) - The Board has adopted several measures, including issuing perpetual medium-term notes, obtaining long-term borrowings, financial support from Jingneng Group, and operating cash inflows from existing power stations, to ensure going concern[52](index=52&type=chunk) [Changes in Accounting Policies and Disclosures](index=22&type=section&id=2.2%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The adoption of HKAS 21 (Amendment) 'Lack of Exchangeability' had no significant impact on the Group's financial position or performance - The adoption of HKAS 21 (Amendment) 'Lack of Exchangeability' had no significant impact on the Group's financial position and performance[55](index=55&type=chunk) [Significant Accounting Estimates and Assumptions](index=23&type=section&id=2.3%20Significant%20Accounting%20Estimates%20and%20Assumptions) Significant judgments, estimates, and assumptions made by management in preparing the financial information are consistent with those applied in the prior year's consolidated financial statements - Significant judgments, estimates, and assumptions made by management in preparing the financial information are consistent with those applied in the prior year's consolidated financial statements[57](index=57&type=chunk) [Financial Risk Management](index=23&type=section&id=2.4%20Financial%20Risk%20Management) The Group manages market risks, credit risks, and liquidity risks, utilizing cross-currency swaps to mitigate foreign exchange and interest rate fluctuations - The Group faces market risks (foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk[58](index=58&type=chunk) - Cross-currency swaps are used to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings to reduce foreign exchange risk and cash flow interest rate risk[59](index=59&type=chunk) [Revenue and Segment Information](index=24&type=section&id=3%20Revenue%20and%20Segment%20Information) This section provides a breakdown of the Group's revenue and segment performance by business and geographical location, along with information on major customer contributions [Business Segments](index=25&type=section&id=3(a)%20Business%20Segments) The Group's business segments include solar, wind, and hydro power generation, with varying revenue and segment performance contributions Business Segment Revenue and Results (For the six months ended June 30) | Business Segment | 2025 Revenue (RMB million) | 2025 Segment Results (RMB million) | 2024 Revenue (RMB million) | 2024 Segment Results (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Generation Business | 2,161 | 1,115 | 2,168 | 1,273 | | Wind Power Generation Business | 1,529 | 660 | 747 | 339 | | Hydro Power Generation Business | 330 | 130 | 357 | 150 | | Others | 66 | (359) | – | (267) | | Total | 4,086 | 1,546 | 3,272 | 1,495 | [Geographical Segments](index=27&type=section&id=3(b)%20Geographical%20Segments) The Group's revenue and non-current assets are primarily concentrated in China, with smaller contributions from Australia and Vietnam Revenue by Geographical Segment (For the six months ended June 30) | Region | 2025 Revenue (RMB million) | 2024 Revenue (RMB million) | | :--- | :--- | :--- | | China | 3,918 | 3,123 | | Australia | 146 | 130 | | Vietnam | 22 | 19 | | Total | 4,086 | 3,272 | Non-current Assets by Geographical Segment (As of June 30) | Region | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | China | 75,166 | 75,048 | | Australia | 7,321 | 6,841 | | Vietnam | 469 | 505 | | Hong Kong | 3 | 4 | | Total | 82,959 | 82,398 | [Information on Major Customers](index=28&type=section&id=3(c)%20Information%20on%20Major%20Customers) The Group's revenue is significantly contributed by a few major customers, with Customer A being the largest contributor Revenue Contribution from Major Customers (For the six months ended June 30) | Customer | 2025 Revenue (RMB million) | 2024 Revenue (RMB million) | | :--- | :--- | :--- | | Customer A | 2,833 | 2,165 | | Customer B | 513 | 388 | | Customer C | 315 | 336 | - Customer C's contribution to the Group's total revenue for the six months ended June 30, 2025, did not exceed **10%**[68](index=68&type=chunk) [Financing Costs](index=28&type=section&id=4%20Financing%20Costs) This section details the components of financing costs, including interest expenses on bank borrowings, loan financing fees, and lease liabilities Details of Financing Costs (For the six months ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 1,046 | 1,060 | | Loan Financing Fees for Bank and Other Borrowings | 20 | 19 | | Interest Expense on Lease Liabilities | 31 | 24 | | Interest Expense on Restoration Provisions | 2 | 2 | | Total | 1,099 | 1,105 | [Income Tax Expense](index=28&type=section&id=5%20Income%20Tax%20Expense) Income tax expense is based on China's statutory corporate income tax rate, with certain renewable energy projects enjoying preferential tax treatments - The statutory corporate income tax rate in China is **25%**, and certain subsidiaries involved in renewable energy projects have received preferential tax reductions[71](index=71&type=chunk) [Earnings Per Share Attributable to Equity Holders of the Company](index=29&type=section&id=Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) This section presents the basic and diluted earnings per share, reflecting the profit attributable to equity holders of the Company [Basic](index=29&type=section&id=6(a)%20Basic) Basic earnings per share are calculated based on the profit attributable to equity holders and the weighted average number of ordinary shares outstanding Basic Earnings Per Share | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic Earnings Per Share | 7.87 | 1.48 | - The weighted average number of ordinary shares for the six months ended June 30, 2024, has been adjusted for the effect of the share consolidation effective November 1, 2024[74](index=74&type=chunk) [Diluted](index=30&type=section&id=6(b)%20Diluted) Diluted earnings per share are presented, with no assumed exercise of share options as their exercise price exceeded the average market price Diluted Earnings Per Share | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Diluted Earnings Per Share | 7.87 | 1.48 | - The exercise of share options was not assumed in calculating diluted earnings per share, as their exercise price was higher than the average market price of the shares[76](index=76&type=chunk) [Dividends](index=30&type=section&id=7%20Dividends) This section outlines the final dividends declared for previous years, noting that no interim dividends were paid or declared for the current period Final Dividend Distribution (For the six months ended June 30) | Dividend Year | Dividend Per Ordinary Share | Total Amount (RMB million) | | :--- | :--- | :--- | | 2024 Final Dividend | 1.00 HK cents (approx. RMB 0.90 cents) | 193 | | 2023 Final Dividend | 1.00 HK cents (approx. RMB 0.90 cents) | 196 | - During this period, the Company did not pay or declare any interim dividends[78](index=78&type=chunk) [Accounts Receivable, Bills, and Electricity Price Subsidy Receivables](index=31&type=section&id=Accounts%20Receivable%2C%20Bills%2C%20and%20Electricity%20Price%20Subsidy%20Receivables) This section provides an aging analysis of accounts receivable, bills, and electricity price subsidy receivables, primarily related to central government subsidies for renewable energy projects Aging Analysis of Accounts Receivable and Electricity Price Subsidy Receivables (By Invoice Date) | Aging | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Unbilled | 10,460 | 8,002 | | Within One Year | 61 | 45 | | One to Two Years | 3 | 1 | | Two to Three Years | 2 | – | | Over Three Years | – | 4 | | Total | 10,526 | 8,052 | - Electricity price subsidy receivables primarily refer to central government subsidies for renewable energy projects, and management considers the impairment provision to be adequate[79](index=79&type=chunk)[80](index=80&type=chunk) [Share Capital](index=32&type=section&id=9%20Share%20Capital) This section details the Company's authorized and issued share capital, including the impact of a share consolidation effective November 1, 2024 Authorized and Issued Share Capital (As of June 30) | Metric | Number of Shares (million shares) | Amount (RMB million) | | :--- | :--- | :--- | | Authorized Share Capital (HKD 1.00 par value per share) | 3,000 | 2,525 | | Issued and Fully Paid Share Capital (HKD 1.00 par value per share) | 2,234 | 1,915 | - The share consolidation effective November 1, 2024, combined every **10 shares** with a par value of **HKD 0.10** into **1 share** with a par value of **HKD 1.00**[86](index=86&type=chunk) [Perpetual Medium-Term Notes](index=33&type=section&id=10%20Perpetual%20Medium-Term%20Notes) This section outlines the changes in perpetual medium-term notes, including new issuances and distributions to noteholders, significantly contributing to equity growth Changes in Perpetual Medium-Term Notes (As of June 30) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | As at January 1 | 10,777 | 3,494 | | Issuance of Perpetual Medium-Term Notes | 2,550 | 7,300 | | Profit Attributable to Perpetual Medium-Term Note Holders | 87 | 145 | | Distributions to Perpetual Medium-Term Note Holders | (87) | (145) | | As at End of Period | 13,322 | 10,777 | - Two tranches of perpetual medium-term notes were issued during this period, with a total principal of **RMB 1,500 million** and distribution rates of **2.47%** and **2.38%**, respectively[85](index=85&type=chunk) - Private placement perpetual medium-term notes secured a total of **RMB 1,050 million** at a fixed distribution rate of **3.30%** per annum[87](index=87&type=chunk) [Bank and Other Borrowings](index=34&type=section&id=11%20Bank%20and%20Other%20Borrowings) This section provides a breakdown of bank and other borrowings into non-current and current portions, along with their weighted average interest rate and maturity Total Bank and Other Borrowings | Type | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Non-current | 50,758 | 47,936 | | Current | 18,784 | 20,646 | | Total | 69,542 | 68,582 | - Weighted average annual interest rate of approximately **3.17%** (December 31, 2024: approximately **3.73%**), with a weighted average maturity of approximately **5.45 years** (December 31, 2024: approximately **5.67 years**)[90](index=90&type=chunk) [Convertible Bonds](index=35&type=section&id=12%20Convertible%20Bonds) The three-year convertible bonds were fully redeemed during the six months ended June 30, 2024 - The three-year convertible bonds were fully redeemed during the six months ended June 30, 2024[91](index=91&type=chunk) [Acquisition of Subsidiaries](index=35&type=section&id=13%20Acquisition%20of%20Subsidiaries) No business combinations or asset acquisitions occurred during the current period - No business combinations or asset acquisitions occurred during this period[93](index=93&type=chunk)[94](index=94&type=chunk) [Events After the Statement of Financial Position Date](index=35&type=section&id=14%20Events%20After%20the%20Statement%20of%20Financial%20Position%20Date) Post-period end, Jingneng Development plans to issue asset-backed commercial papers totaling approximately RMB 2,000 million through a trust contract - Jingneng Development entered into a trust contract with Industrial Bank International Trust, planning to issue asset-backed commercial papers with a total scale of approximately **RMB 2,000 million**[95](index=95&type=chunk) [Comparative Figures](index=35&type=section&id=15%20Comparative%20Figures) Certain comparative figures have been restated to conform to the presentation for the current period - Certain comparative figures have been restated to conform to the presentation for this period[96](index=96&type=chunk) [Other Information](index=36&type=section&id=Other%20Information) This section covers the purchase, sale, or redemption of the Company's listed securities, compliance with the Corporate Governance Code, adherence to the Model Code for Securities Transactions by Directors, and the composition of the Audit Committee and declaration of interim dividends, demonstrating the Company's commitment to maintaining high standards of corporate governance [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period, with 34.5 million treasury shares held - During this period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[97](index=97&type=chunk) - As of June 30, 2025, the Company held **34,500,000 treasury shares**[97](index=97&type=chunk) [Compliance with the Corporate Governance Code](index=36&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) The Company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules during the period - The Company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules during this period[98](index=98&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=36&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All Directors confirmed their compliance with the required standards of the Model Code and their own code for securities transactions during the period - All Directors confirmed their continuous compliance with the required standards set out in the Model Code and their own code during this period[99](index=99&type=chunk) [Audit Committee](index=36&type=section&id=Audit%20Committee) The Audit Committee, comprising Mr. Liu Jingwei (Chairman), Mr. Zhu Jianbiao, and Mr. Liu Guoxi, reviewed the Group's unaudited condensed consolidated interim results - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for this period[100](index=100&type=chunk) - The Audit Committee comprises Mr. Liu Jingwei (Chairman), Mr. Zhu Jianbiao (Independent Non-executive Director), and Mr. Liu Guoxi (Non-executive Director)[100](index=100&type=chunk) [Interim Dividends](index=36&type=section&id=Interim%20Dividends) The Board did not declare any interim dividends for the current period - The Board did not declare any interim dividends for this period[101](index=101&type=chunk) [Acknowledgements](index=37&type=section&id=Acknowledgements) The Board extends its sincere gratitude to all stakeholders for their contributions to the Group during the period - The Board extends its sincere gratitude to all stakeholders for their contributions to the Group during this period[102](index=102&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 截至2025年6月30日止六個月的 中期業績公告 九毛九國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公 司及其附屬公司（統稱「本集團」）截至2025年6月30日止六個月的未經審核綜合業 績，連同截至2024年6月30日止六個月的比較數字。 主要財務亮點 截至6月30日止六個月 | | 2025年 | 2024年 | | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | | | （未經審核） | （未經審核） | | 收入 | 2,753,436 | 3,064,227 | | 店舖層面經營利潤(1) | 310,464 | 392,862 | | 除稅前溢利 | 77,866 | 87,9 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 截至2025年6月30日止六個月之未經審計業績公告 萬科企業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司截至2025年6月30 日止六個月之未經審計業績。本公告列載本公司2025年中期報告全文，並符合香港聯合交易所有限 公司（「香港聯交所」）證券上市規則中有關中期業績初步公告附載資料之相關要求。 本公司2025年中期報告預計將於2025年9月載於香港聯交所網站(www.hkexnews.hk)及本公司網站 (www.vanke.com)，其印刷版本將按本公司股東需求寄發予股東。 本業績公告的中英文版本可在香港聯交所網站(www.hkexnews.hk)及本公司網站(www.vanke.com)查 閱，在對中英文版本理解上發生歧義時，除財務報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 於報告期，我們於推進我們的商業化、產品管線及業務運營方面取得重大進展： 商業化 － 本集團截至2025年6月30日止六個月的產品銷售及研發服務收益為人民幣 1,092.0百萬元，較去年同期的人民幣739.7百萬元增長47.6%，主要由本公 司自身免疫類商業化產品泰它西普（RC18，商品名：泰愛®）及抗腫瘤類商 業化產品維迪西妥單抗（RC48，商品名：愛地希®）的強勁銷售增長帶動。 1 產品管線 RemeGen Co., Ltd.* 榮 昌 生 物 製 藥（ 煙 台 ）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：9995） 截至2025年6月30日止六個月 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簡明合併中期業 績，連同2024年同期的比較數字。 業務摘要 泰它西普（RC18，商品名：泰愛®） 維迪西妥單抗（RC48，商品名：愛地希® ...

交 易 及 結 算 所 及 聯 交 所 對 本 文 件 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文件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。 VODATEL NETWORKS HOLDINGS LIMITED 愛達利網絡控股有限公司* （在 百 慕 大 註 冊 成 立 的 有 限 公 司） 股份代號：八○三三 六個月期間業務及財務摘要 – 1 – 中期業績 董 事 會 欣 然 提 呈 本 集 團 六 個 月 期 間 的 未 經 審 核 綜 合 業 績 如 下： 中期簡明綜合損益表 | | | | | | | | | | | | | | | | | 未經審核 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | | | | | 截 至 | | | | | | | | | | | | | ...

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之任何損失承擔任何責任。 NEXION TECHNOLOGIES LIMITED （於開曼群島註冊成立的有限公司） （股份代號：8420） 截至二零二五年六月三十日止六個月之中期業績公告 Nexion Technologies Limited（「本公司」）董事會欣然宣佈本公司及其附屬公司截 至二零二五年六月三十日止六個月之未經審核簡明綜合財務業績。本公告載有 本公司二零二五年中期業績報告（「中期業績報告」）全文，符合聯交所GEM 證券 上市規則（「GEM 上市規則」）有關中期業績初步公告隨附資料之相關規定。中 期業績報告的印刷版本將於適當時候寄發予本公司股東，並刊登於聯交所網站 www.hkexnews.hk及本公司網站http://nexion.com.hk供閱覽。 承董事會命 Nexion Technologies Limited 主席兼執行董事 Kenneth Vun 馬來西亞，二零二五年八月二十二日 於本公告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2381） 截至二零二五年六月三十日 止六個月的中期業績公告 未經審核中期業績 蜆壳電業有限公司（「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」）截至二零二五年六月三十日止六個月之未經審核簡明綜合中期業績，連同截至 二零二四年六月三十日止六個月之未經審核比較數字及截至二零二四年十二月三十一日止 上一個經審核財政年度年末的若干比較數字。本集團截至二零二五年六月三十日止六個月 的簡明綜合全面收益表及本集團於二零二五年六月三十日的簡明綜合財務狀況表連同經選 定說明附註均未經審核，惟已經本公司審核委員會審閱。 1 未經審核簡明綜合全面收益表 截至二零二五年六月三十日止六個月 | | | 截至 | 截至 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | ...