[Announcement Overview](index=1&type=section&id=%E5%85%AC%E5%91%8A%E6%A6%82%E8%A7%88) [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A7%81) The Group achieved significant growth in both revenue and net profit for the six months ended June 30, 2025, with revenue increasing by **17.6%** to **RMB 856.2** million and net profit by **19.2%** to **RMB 50.3** million year-on-year Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth Rate | |---|---|---|---| | Revenue | **856.2** | **728.0** | **17.6%** | | Net Profit | **50.3** | **42.2** | **19.2%** | [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) [Market Overview](index=2&type=section&id=%E5%B8%82%E5%A0%B4%E6%A6%82%E8%A7%80) The China in-plant logistics equipment industry is undergoing transformation and upgrading, driven by policy dividends and technological iteration, with national policies supporting reduced logistics costs and improved efficiency - The China in-plant logistics equipment industry is in a critical period of transformation and upgrading, benefiting from policy dividends and technological iteration[5](index=5&type=chunk) - National policies support reducing social logistics costs and improving logistics resource utilization efficiency, providing a solid foundation for industry development[5](index=5&type=chunk) [Group Overview](index=2&type=section&id=%E9%9B%86%E5%9C%98%E6%A6%82%E8%A7%80) The Group, as a leading in-plant logistics equipment solution provider in China, operates a 'One Body, Two Wings' integrated service system centered on subscription services, covering **48 key cities** nationwide and managing over **59,700 units** of equipment assets - The Group is a leading in-plant logistics equipment solution provider in China, with innovative in-plant logistics equipment subscription services at its core[6](index=6&type=chunk) - Established a 'One Body, Two Wings' integrated service system: in-plant logistics equipment subscription services and professional maintenance services as the main body, with equipment sales and spare parts sales as the link[6](index=6&type=chunk) - As of June **30**, **2025**, the service network covers **48 key cities** nationwide, with **89 standardized service outlets**, managing a total equipment asset scale of **over 59,700 units**[6](index=6&type=chunk) [Performance Review and Strategic Progress](index=3&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7%E8%88%87%E6%88%B0%E7%95%A5%E9%80%B2%E5%B1%95) In H1 **2025**, the company adhered to its 'stable growth, strong internal control, solid service, sound organization' strategy, achieving rapid business growth and significant net profit increase through strategic transformation, new business expansion, internationalization, and service system optimization - The company adheres to the 'stable growth, strong internal control, solid service, sound organization' business strategy, achieving steady development in business expansion, financial performance, and market share[8](index=8&type=chunk) - The development strategy is to 'build a globally leading high-dimensional sharing ecosystem platform for B2B industrial and logistics equipment', promoting asset-light model transformation and digital upgrading[8](index=8&type=chunk) [Strategic Transformation and Platform-based Development](index=3&type=section&id=%E6%88%B0%E7%95%A5%E8%BD%89%E5%9E%8B%E8%88%87%E5%B9%B3%E5%8F%B0%E5%8C%96%E7%99%BC%E5%B1%95) The company's 'in-plant logistics equipment management platform provider' strategy achieved breakthroughs, significantly boosting revenue and net profit through a 'platform + service' model with asset holders, with maintenance and repair revenue growing by **43%** and gross profit margin above **40%** - Breakthrough progress in the 'in-plant logistics equipment management platform provider' strategic upgrade, establishing 'asset entrusted operation' cooperation with asset holders through a 'platform + service' operating model[8](index=8&type=chunk) - Maintenance and repair services achieved **43% revenue growth**, with gross profit margin consistently maintained at a high level of **over 40%**[8](index=8&type=chunk) [Electric Loader Business and Category Expansion](index=4&type=section&id=%E9%9B%BB%E5%8B%95%E8%A3%9D%E8%BC%89%E6%A9%9F%E6%A5%AD%E5%8B%99%E8%88%87%E5%93%81%E9%A1%9E%E6%8B%93%E5%B1%95) The electric loader business maintained strong growth, managing a fleet of **316 units** with cumulative subscription service revenue exceeding **RMB 10** million and a gross profit margin of **60%**, with plans to expand into cleaning equipment in H2 - Electric loader business maintained strong growth, managing a fleet of **316 units**, with **7** directly operated professional service centers nationwide[9](index=9&type=chunk) Key Data for Electric Loader Business | Metric | Data | |---|---| | Cumulative Subscription Service Revenue | **over RMB 10 million** | | Gross Profit Margin | **60%** | - Plans to expand into new equipment category 'cleaning equipment' in H2, focusing on developing product lines such as intelligent industrial cleaning robots and high-pressure cleaning equipment[9](index=9&type=chunk) [International Expansion](index=4&type=section&id=%E5%9C%8B%E9%9A%9B%E5%8C%96%E4%BD%88%E5%B1%80) In H1, the Indonesian subsidiary was established with a localized team, receiving positive market feedback, while preparations for international outlets in Vietnam, Thailand, and Malaysia have begun to contribute revenue, profit, and brand influence - Completed the establishment of the Indonesian subsidiary in H1 and built a localized operation and service team, with positive feedback from the Indonesian market[10](index=10&type=chunk) - Preparations for international outlets in Vietnam, Thailand, and Malaysia have commenced and are gradually establishing local regional operation centers[10](index=10&type=chunk) [Service System and Industrial Chain Collaboration](index=4&type=section&id=%E6%9C%8D%E5%8B%99%E9%AB%94%E7%B3%BB%E8%88%87%E7%94%A2%E6%A5%AD%E9%8F%88%E5%8D%94%E5%90%8C) The company optimized asset operation management and enhanced customer response and satisfaction by establishing a Group 'Service Center' and a three-tier service system, while actively promoting industrial chain collaboration with upstream and downstream partners to consolidate equipment subscription business and expand product application scenarios - Established a Group 'Service Center', integrating resources from **89** service outlets nationwide and building a three-tier service system (headquarters, regional, local) to improve customer response speed[11](index=11&type=chunk) - Intelligent diagnostic systems and remote technical assistance continue to shorten average fault resolution time, maintaining high customer satisfaction and renewal rates[11](index=11&type=chunk) - Adopted a dual-driven strategy, focusing on downstream customer needs and strengthening business collaboration with end-users and peers to consolidate the core equipment subscription business[12](index=12&type=chunk) - Deepened strategic cooperation with upstream suppliers, enhancing product technology and enriching product categories based on independently developed asset operation management systems[12](index=12&type=chunk) [Outlook](index=5&type=section&id=%E5%B1%95%E6%9C%9B) In H2, the company will deepen its platform provider strategic transformation, based on 'strengthening network, expanding categories, and internationalization' as tactical foundations, implementing five operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to drive high-quality development - Core strategy for H2: deepen the platform provider strategic transformation, with 'strengthening network, expanding categories, and internationalization' as the tactical implementation foundation[13](index=13&type=chunk) - Implement five major operational guidelines: 'stable growth, strong internal control, solid service, sound organization, and safety assurance' to promote high-quality enterprise development[13](index=13&type=chunk) [Business Development and Technological Innovation](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E7%99%BC%E5%B1%95%E8%88%87%E6%8A%80%E8%A1%93%E5%89%B5%E6%96%B0) The company will continuously optimize product structure, expand new equipment categories, deepen scenario application innovation, and empower product service upgrades through digital technology, focusing on the deep integration of IoT, big data, and core businesses to build an intelligent operation management platform - Continuously optimize product structure, steadily advance the expansion of new equipment categories, and deepen scenario application innovation[14](index=14&type=chunk) - Focus on promoting the deep integration of new technologies such as IoT and big data with core businesses to build an intelligent operation management platform[14](index=14&type=chunk) [Service Enhancement and Customer Experience](index=6&type=section&id=%E6%9C%8D%E5%8B%99%E6%8F%90%E5%8D%87%E8%88%87%E5%AE%A2%E6%88%B6%E7%B6%93%E9%A9%97) The company will continue to focus on customer experience, re-engineer service processes with digital tools, create a standardized, professional, and intelligent new service model, and strengthen the service engineer team to improve service quality and response speed - Continuously focus on a customer experience-centric service system, re-engineering service processes through digital tools[14](index=14&type=chunk) - Create a standardized, professional, and intelligent new service model, with a key focus on strengthening the service engineer team[14](index=14&type=chunk) [Advancing Internationalization Strategy](index=6&type=section&id=%E5%9C%8B%E9%9A%9B%E5%8C%96%E6%88%B0%E7%95%A5%E6%8E%A8%E9%80%B2) The company will actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East, steadily advancing its international presence through localized operations and differentiated product strategies to enhance global service capabilities - Actively seize opportunities from the 'Belt and Road' initiative, focusing on expanding into emerging markets such as Southeast Asia and the Middle East[14](index=14&type=chunk) - Steadily advance international expansion through localized operations and differentiated product strategies, enhancing global service capabilities[14](index=14&type=chunk) [Safety Management](index=6&type=section&id=%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86) The company will actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establish and improve safety production responsibility systems, refine safety operating procedures and emergency plans, and deploy intelligent monitoring systems to ensure production safety - Actively respond to and implement the '2025 Key Points for Special Equipment Safety Supervision Work', establishing and improving safety production responsibility systems[15](index=15&type=chunk) - Deploy intelligent monitoring systems to achieve real-time monitoring and early warning of equipment operating status, ensuring foolproof production safety[15](index=15&type=chunk) [Details of Financial Performance](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E8%A9%B3%E6%83%85) [Revenue Analysis](index=7&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) The Group's revenue for H1 **2025** increased by **17.6%** year-on-year to **RMB 856.2** million, primarily due to comprehensive growth in in-plant logistics equipment subscription services, maintenance and repair services, and equipment and spare parts sales, with maintenance and repair services showing the largest increase of **43.0%** Revenue Breakdown by Business Segment | Business Segment | H1 2025 (RMB thousand) | % of Total | H1 2024 (RMB thousand) | % of Total | YoY Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | **438,807** | **51.2** | **379,749** | **52.2** | **15.6** | | Maintenance and Repair Services | **122,368** | **14.3** | **85,590** | **11.8** | **43.0** | | In-plant Logistics Equipment and Spare Parts Sales | **295,058** | **34.5** | **262,707** | **36.0** | **12.3** | | Total | **856,233** | **100.0** | **728,046** | **100.0** | **17.6** | - Revenue from in-plant logistics equipment subscription services increased by **15.6%**, primarily due to business expansion, improved operational capabilities, and growth in the electric loader business[16](index=16&type=chunk) - Revenue from maintenance and repair services increased by **43.0%**, mainly driven by the implementation of the 'platform + service' operating model, optimization of the service system, and the acquisition of Lifton (Shanghai) to expand the service network[18](index=18&type=chunk) - Revenue from in-plant logistics equipment and spare parts sales increased by **12.3%**, primarily due to domestic and international market expansion, the addition of the Lifton high-end brand, and the supplement of IoT and new energy innovation businesses[18](index=18&type=chunk) [Cost of Sales and Gross Profit](index=8&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E8%88%87%E6%AF%9B%E5%88%A9) Cost of sales for H1 **2025** increased by **16.5%** year-on-year to **RMB 592.5** million, consistent with revenue growth, while gross profit increased by **20.1%** to **RMB 263.8** million, with gross profit margin rising from **30.2%** to **30.8%**, driven by improved maintenance and repair service margins, electric loader contributions, and Lifton (Shanghai) integration Cost of Sales | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | |---|---|---|---| | Cost of Sales | **592,477** | **508,464** | **16.5** | Gross Profit and Gross Profit Margin by Revenue Segment | Business Segment | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | YoY Gross Profit Change (%) | |---|---|---|---|---|---| | In-plant Logistics Equipment Subscription Services | **139,149** | **31.7** | **123,119** | **32.4** | **13.0** | | Maintenance and Repair Services | **52,645** | **43.0** | **35,669** | **41.7** | **47.6** | | In-plant Logistics Equipment and Spare Parts Sales | **71,962** | **24.4** | **60,794** | **23.1** | **18.4** | | Total | **263,756** | **30.8** | **219,582** | **30.2** | **20.1** | - The increase in gross profit margin was primarily driven by significantly improved gross profit margin in maintenance and repair services, outstanding contribution from the electric loader business (gross profit margin as high as **60%**), and successful integration of the Lifton (Shanghai) high-end brand[19](index=19&type=chunk) [Expense Analysis](index=9&type=section&id=%E8%B2%BB%E7%94%A8%E5%88%86%E6%9E%90) In H1 **2025**, selling and distribution expenses, administrative expenses, and finance costs all increased, mainly due to expanded business volume, integration of Lifton (Shanghai), and higher bank loan interest, while other income and gains slightly decreased due to reduced government subsidies [Selling and Distribution Expenses](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) Selling and distribution expenses increased by **21.9%** year-on-year to **RMB 55.9** million, primarily due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department Selling and Distribution Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Selling and Distribution Expenses | **55.9** | **45.8** | **21.9** | - The increase in expenses was mainly due to increased business volume and the integration of Lifton (Shanghai), leading to higher rental and personnel costs for the marketing department[20](index=20&type=chunk) [Administrative Expenses](index=10&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) Administrative expenses increased by **22.6%** year-on-year to **RMB 106.2** million, primarily due to increased management employee headcount resulting from business expansion and the inclusion of Lifton (Shanghai) into the Group's operations Administrative Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Administrative Expenses | **106.2** | **86.7** | **22.6** | - The increase in expenses was mainly due to business expansion and the inclusion of Lifton (Shanghai) into the Group's operations, leading to an increase in the number of management employees[21](index=21&type=chunk) [Other Income and Expenses](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E8%B2%BB%E7%94%A8) Other income and gains decreased by **6.8%** year-on-year to **RMB 8.9** million, mainly due to reduced government subsidies, while other expenses increased by **14.8%** to **RMB 1.1** million, primarily due to higher operating costs for idle facilities at the Hefei base Other Income and Gains | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Income and Gains | **8.9** | **9.5** | **-6.8** | - The decrease in other income and gains was mainly due to a reduction in related government subsidies[22](index=22&type=chunk) Other Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Other Expenses | **1.1** | **1.0** | **14.8** | - The increase in other expenses was mainly due to higher operating costs for idle facilities at the Hefei base[23](index=23&type=chunk) [Finance Costs](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs increased by **6.5%** year-on-year to **RMB 53.3** million, primarily due to increased interest on bank loans and financing borrowings supporting business development Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | |---|---|---|---| | Finance Costs | **53.3** | **50.1** | **6.5** | - The increase in finance costs was mainly due to increased interest on bank loans and financing borrowings supporting business development[24](index=24&type=chunk) [Income Tax and Profit for the Period](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%88%87%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4) Income tax expense for H1 **2025** was approximately **RMB 3.9** million, with an effective tax rate of about **7.2%**, an increase from the prior period, mainly due to higher taxable profit, resulting in a **19.2%** year-on-year increase in profit for the period to **RMB 50.3** million Income Tax Expense and Effective Tax Rate | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Income Tax Expense | **3.9** | **1.4** | | Effective Tax Rate | **7.2%** | **3.1%** | - The main reason for the change in income tax expense and effective tax rate was an increase in taxable profit[25](index=25&type=chunk) Profit for the Period | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | |---|---|---|---| | Profit for the Period | **50.3** | **42.2** | **19.2** | [Earnings Per Share](index=23&type=section&id=%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For the six months ended June **30**, **2025**, basic and diluted earnings per share attributable to ordinary equity holders of the Company increased to **RMB 0.14** from **RMB 0.12** in the prior period Earnings Per Share | Metric | H1 2025 | H1 2024 | |---|---|---| | Basic and Diluted Earnings Per Share | RMB **0.14** | RMB **0.12** | - The weighted average number of ordinary shares outstanding used to calculate basic earnings per share was **348,022,816 shares**, consistent with the prior period[60](index=60&type=chunk) [Financial Position and Liquidity](index=11&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E6%B5%81%E5%8B%95%E6%80%A7) [Liquidity and Capital Structure](index=11&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June **30**, **2025**, the Group's current assets slightly increased by **0.4%** to **RMB 897.2** million, current liabilities increased by **0.8%** to **RMB 1,406.6** million, resulting in a net current liability of approximately **RMB 509.4** million, with the current ratio maintained at **0.64**; cash and cash equivalents were **RMB 167.6** million, and total bank facilities and other borrowings increased to **RMB 5,611.3** million Liquidity Overview | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Current Assets | **897.2** | **893.5** | **0.4** | | Current Liabilities | **1,406.6** | **1,394.9** | **0.8** | | Net Current Liabilities | (**509.4**) | (**501.4**) | - | | Current Ratio | **0.64** | **0.64** | **0.0** | | Cash and Cash Equivalents | **167.6** | **205.4** | **-18.4** | | Total Bank Facilities and Other Borrowings | **5,611.3** | **4,614.2** | **21.6** | - H shares were listed on the Stock Exchange from May **15**, **2025**, with no other changes in the company's share capital structure[28](index=28&type=chunk) - The company adopts a prudent financial management approach, aiming to maintain sufficient cash and credit lines, and meet working capital needs through funds generated from operations and a combination of equity and debt[29](index=29&type=chunk) [Pledged Assets and Exchange Rate Risk](index=12&type=section&id=%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC%E8%88%87%E5%BD%99%E7%8E%87%E9%A2%A8%E9%9A%AA) As of June **30**, **2025**, the Group's pledged assets amounted to approximately **RMB 459.5** million as collateral for bank borrowings, a **4.2%** decrease from the end of **2024**; the Group's business is primarily settled in RMB, with some overseas transactions in USD, and currently no foreign exchange contracts or hedging transactions are in place, but exchange rate risk is regularly monitored Pledged Assets | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | |---|---|---|---| | Pledged Assets | **459.5** | **479.9** | **-4.2** | - The Group's business is primarily conducted in China, with most transactions settled in RMB, and some overseas transactions settled in USD[32](index=32&type=chunk) - As of June **30**, **2025**, the Group had not entered into any foreign exchange contracts or hedging transactions for the exchange rate fluctuation risk of RMB against USD, but regularly monitors foreign exchange risk[32](index=32&type=chunk) [Use of Proceeds from Global Offering](index=13&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) Net proceeds from the global offering were approximately **HKD 116.3** million, with an unutilized balance of **RMB 41.7** million as of June **30**, **2025**; funds are primarily used for enhancing service capabilities, expanding supply chain infrastructure, improving technological capabilities, and strategic acquisitions, expected to be fully utilized by the end of **2025** Use of Net Proceeds from Global Offering | Use | Approx. % of Total | Net Proceeds from Global Offering (HKD million) | Amount Utilized (RMB million) | Unutilized Net Proceeds (RMB million) | Expected Timeline | |---|---|---|---|---|---| | Enhance service capabilities, customer coverage, and expand categories | **45.0** | **52.3** | **26.2** | **21.9** | Before end of **2025** | | Expand and upgrade supply chain infrastructure | **20.0** | **23.3** | **11.7** | **9.7** | Before end of **2025** | | Enhance technological capabilities and infrastructure | **15.0** | **17.4** | **8.8** | **7.2** | Before end of **2025** | | Strategic acquisitions | **10.0** | **11.6** | **7.8** | **2.9** | Before end of **2025** | | General working capital and corporate purposes | **10.0** | **11.6** | **10.7** | — | Before end of **2025** | | Total | **100.0** | **116.3** | **65.2** | **41.7** | | - The Board will continuously evaluate the use of proceeds and may change or revise them based on market conditions[33](index=33&type=chunk) [Trade Receivables and Bills Receivable](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June **30**, **2025**, trade receivables and bills receivable totaled **RMB 453.4** million, an increase from the end of **2024**, with the largest portion aged within three months; trade payables and bills payable totaled **RMB 360.3** million, a decrease from the end of **2024**, with the largest portion also aged within three months Aging Analysis of Trade Receivables and Bills Receivable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within **3** months | **338,179** | **290,156** | | **4** to **6** months | **76,238** | **65,312** | | **6** to **12** months | **20,138** | **17,415** | | Over **1** year | **18,890** | **16,343** | | Total | **453,445** | **389,226** | Aging Analysis of Trade Payables and Bills Payable | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Within **3** months | **324,351** | **350,176** | | **3** months to **1** year | **30,345** | **33,003** | | Over **1** year | **5,585** | **6,088** | | Total | **360,281** | **389,267** | [Corporate Operations and Governance](index=14&type=section&id=%E4%BC%81%E6%A5%AD%E9%81%8B%E7%87%9F%E8%88%87%E6%B2%BB%E7%90%86) [Employee Information](index=14&type=section&id=%E5%83%B1%E5%93%A1%E6%83%85%E6%B3%81) As of June **30**, **2025**, the Group's full-time employees increased to **2,098**, with total employee benefit expenses of **RMB 155.4** million; the company is committed to providing equal employment opportunities, maintaining employee diversity, and offering diverse training programs Number of Employees | Metric | June 30, 2025 | June 30, 2024 | |---|---|---| | Full-time Employees | **2,098** | **1,800** | Total Employee Benefit Expenses | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | |---|---|---| | Total Employee Benefit Expenses | **155.4** | **122.8** | - The company is committed to providing equal employment opportunities and maintaining employee diversity, offering diverse training programs covering corporate culture, internal systems, professional knowledge, and leadership skills[35](index=35&type=chunk)[36](index=36&type=chunk) [Significant Investments and Post-Balance Sheet Events](index=14&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%88%87%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Board is unaware of any significant investments or events during the six months ended June **30**, **2025**, or subsequent to the reporting period, that could materially impact the Group's operations and financial performance - The Board is unaware of any significant investments and events that could materially impact the Group's operations and financial performance for the six months ended June **30**, **2025**[37](index=37&type=chunk) - The Group is unaware of any significant events subsequent to the reporting period that could materially impact its operations and financial performance[38](index=38&type=chunk) [Corporate Governance Practices](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AF%A6%E8%B8%90) The company is committed to high standards of corporate governance, has adopted the Corporate Governance Code in Appendix C1 of the Listing Rules, and complied with all principles and applicable code provisions during the reporting period, with directors and supervisors also adhering to the Model Code for Securities Transactions - The Company has adopted the code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code[63](index=63&type=chunk) - During the reporting period, the Company has complied with all principles and applicable code provisions of the Corporate Governance Code[64](index=64&type=chunk) - Directors and supervisors confirm compliance with the required standards regarding securities transactions as set out in the Model Code in Appendix C3 to the Listing Rules during the reporting period[65](index=65&type=chunk) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[66](index=66&type=chunk) - From the reporting period to the date of this announcement, the Directors are unaware of any pending or threatened material litigation or claims against the Group[67](index=67&type=chunk) [Audit Committee Report](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%A0%B1%E5%91%8A) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June **30**, **2025**, and the disclosures in this announcement, deeming the financial information prepared in compliance with applicable accounting practices and regulatory requirements - The Audit Committee comprises three independent non-executive Directors, with Mr Du Lizhu as the chairman[68](index=68&type=chunk) - The Audit Committee has reviewed and considered the Group's unaudited condensed consolidated interim financial information for the six months ended June **30**, **2025**, and the disclosures in this announcement, with no disagreements[69](index=69&type=chunk) - The Audit Committee believes that the financial information has been prepared in accordance with applicable accounting practices and policies, the requirements of the Listing Rules, and any other applicable legal requirements, with adequate disclosures[69](index=69&type=chunk) [Dividend Policy](index=27&type=section&id=%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96) The Board does not recommend the payment of an interim dividend for the six months ended June **30**, **2025** - The Board does not recommend the payment of an interim dividend for the six months ended June **30**, **2025**[71](index=71&type=chunk) [Supplemental Information for 2024 Annual Report](index=27&type=section&id=2024%E5%B9%B4%E5%B9%B4%E5%A0%B1%E8%A3%9C%E5%85%85%E8%B3%87%E6%96%99) Independent non-executive directors conducted an annual review of potential conflicts of interest between the Group and its controlling shareholder, confirming no conflicts were found - Independent non-executive directors conducted an annual review of whether there were any conflicts of interest between the Group and its controlling shareholder[73](index=73&type=chunk) - At the Audit Committee meeting on March **19**, **2025**, all independent non-executive directors confirmed that no conflicts of interest were found[73](index=73&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=15&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) This statement presents the Group's unaudited consolidated profit or loss and other comprehensive income for the six months ended June **30**, **2025**, showing year-on-year growth in revenue, gross profit, and profit for the period Summary of Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Revenue | **856,233** | **728,046** | | Gross Profit | **263,756** | **219,582** | | Profit Before Tax | **54,210** | **43,554** | | Profit for the Period | **50,289** | **42,198** | | Basic and Diluted Earnings Per Share | RMB **0.14** | RMB **0.12** | [Condensed Consolidated Interim Statement of Financial Position](index=16&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) This statement presents the Group's unaudited consolidated financial position as of June **30**, **2025**, showing increases in both non-current assets and current liabilities, leading to an expanded net current liability, but with continued growth in net assets Summary of Condensed Consolidated Interim Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | |---|---|---| | Total Non-current Assets | **3,064,412** | **2,887,759** | | Total Current Assets | **897,218** | **893,477** | | Total Current Liabilities | **1,406,644** | **1,394,912** | | Net Current Liabilities | (**509,426**) | (**501,435**) | | Net Assets | **1,218,842** | **1,178,750** | [Notes to the Financial Statements](index=18&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation and Accounting Policies](index=18&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated interim financial information is prepared in accordance with HKAS **34** and consistent with the accounting policies used in the **2024** annual consolidated financial statements, except for the first-time adoption of amended HKFRS **21** (Lack of Exchangeability), which had no significant impact on the Group - The condensed consolidated interim financial information is prepared in accordance with HKAS **34** and is consistent with those adopted in the **2024** annual consolidated financial statements[42](index=42&type=chunk)[44](index=44&type=chunk) - The first-time adoption of amended HKFRS **21** (Lack of Exchangeability) had no impact on the condensed consolidated interim financial information, as the currency used for the Group's transactions is convertible[45](index=45&type=chunk) - The Directors believe that the Group will have sufficient working capital for the next twelve months, and the preparation of financial information on a going concern basis is appropriate[43](index=43&type=chunk) [Operating Segment Information](index=19&type=section&id=%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group has only one reportable operating segment, and management reviews financial performance on an overall basis, thus no further information on operating segments is presented - The Group does not categorize business units based on its services and products, and has only one reportable operating segment[46](index=46&type=chunk) - The information reported to the Directors for resource allocation and performance assessment does not include financial information for unrelated operating segments, therefore no further information on operating segments is presented[46](index=46&type=chunk) [Income Tax](index=22&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Group member companies pay income tax based on the profits in their registered and operating jurisdictions; the Company is recognized as a 'High-tech Enterprise' enjoying a **15%** preferential tax rate, while other subsidiaries enjoy **5%** to **10%** preferential tax rates based on 'Small and Micro Enterprise' qualifications - The Company is recognized as a 'High-tech Enterprise', enjoying a **15% preferential income tax rate** from **2022** to **2024**, and is currently reapplying for this qualification[53](index=53&type=chunk) - Except for specific subsidiaries, other subsidiaries of the Group in China are recognized as 'Small and Micro Enterprises', enjoying **preferential income tax rates of 5% to 10%**[53](index=53&type=chunk) Income Tax Expense Details | Category | 2025 (RMB thousand) | 2024 (RMB thousand) | |---|---|---| | Current | **5,736** | **1,079** | | Deferred | (**1,815**) | **277** | | Total | **3,921** | **1,356** | [Definitions](index=28&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used in this announcement to ensure readers' accurate understanding of the report content

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份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA EVERBRIGHT ENVIRONMENT GROUP LIMITED 中國光大環境（集團）有限公司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：257） 摘要 中期業績 中國光大環境（集團）有限公司（「本公司」或「光大環境」）董事（「董事」）會（「董事會」） 謹此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之 未經審核中期業績。中期財務業績雖未經審核，惟已由畢馬威會計師事務所（「畢馬威」） 按照香港會計師公會頒佈之《香港審閱工作準則》第2410號「獨立核數師對中期財務信 息的審閱」進行了審閱。畢馬威就中期財務資料之審閱而出具之報告載於即將刊發之中 期報告內。 1 • 收益為港幣14,303,933,000元（二零二四年：港幣15,612,133,000元），較去年同期 減少8% • 除 利 息、稅 項、折 舊 及 攤 銷 前 盈 利 為 ...

HSBC Holdings plc 滙豐控股有限公司 2025年中期業績報告 HSBC_Interim_2025_Cover.indd 3 30/07/2025 11:01 HSBC Holdings plc 滙豐控股有限公司 8 Canada Square London E14 5HQ United Kingdom 電話：+44 (0)20 7991 8888 www.hsbc.com 滙豐控股有限公司 2025 年中期業績報告 E03420133 HSBC IR2025 TC Cover.indd 1 4/8/2025 17:04:31 開拓全球機遇 我們的抱負是成為全球最受信賴、 始終以客為本的銀⾏。 這個新抱負將幫助我們聚焦策略增⻑， 創造具吸引⼒的股東回報。 Ñ 更多詳情請參閱第3⾴「集團⾏政總裁致股東之函件」。 ⽬錄 概覽 1 摘要 3 集團⾏政總裁致股東之函件 5 財務概覽 10 環境、社會及管治概覽 11 業務分部 16 風險概覽 中期管理報告 簡明綜合中期財務報表 76 致滙豐控股有限公司之獨立審閱報告 77 簡明綜合中期財務報表 84 簡明綜合中期財務報表附註 補充資料 103 股東參考資 ...

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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 中 國 電 力 國 際 發 展 有 限 公 司 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 在 香 港 註 冊 成 立 的 有 限 責 任 公 司 （股份代號：2380） 二零二五年中期業績公告 中 國 電 力 國 際 發 展 有 限 公 司（「本公司」）董 事 局（「董事局」）欣 然 公 佈，本 公 司 及 其 附 屬 公 司（統 稱「本集團」或「我 們」）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。 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 變 動 | | | 人民幣千元 | 人民幣千元 | % | | 收 入 | 23 ...

[CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=1&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=1&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, revenue decreased by 12.7% to HK$1,937,026 thousand, but profit for the period significantly increased to HK$35,812 thousand due to cost control and efficiency, with profit attributable to owners turning from loss to HK$30,670 thousand, and basic earnings per share notably improved Key Data from Condensed Consolidated Statement of Profit or Loss | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 1,937,026 | 2,219,366 | | Cost of Sales | (1,709,585) | (1,974,552) | | Gross Profit | 227,441 | 244,814 | | Other Income | 40,621 | 36,068 | | Other Gains and Losses | 9,288 | 2,787 | | Distribution and Selling Expenses | (28,904) | (53,494) | | Administrative Expenses | (192,268) | (197,065) | | Finance Costs | (5,235) | (8,014) | | Share of Profit of an Associate | 478 | 737 | | Profit Before Income Tax Expense | 51,421 | 25,833 | | Income Tax Expense | (15,609) | (21,590) | | Profit for the Period | 35,812 | 4,243 | | Profit/(Loss) for the Period Attributable to Owners of the Company | 30,670 | (9,906) | | Profit for the Period Attributable to Non-controlling Interests | 5,142 | 14,149 | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | Key Data from Condensed Consolidated Statement of Other Comprehensive Income | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Exchange Differences Arising from Translation of Overseas Operations | 10,851 | (3,237) | | Other Comprehensive Income/(Expense) for the Period | 10,851 | (3,237) | | Total Comprehensive Income for the Period | 46,663 | 1,006 | | Total Comprehensive Income/(Expense) for the Period Attributable to Owners of the Company | 38,632 | (12,498) | | Total Comprehensive Income for the Period Attributable to Non-controlling Interests | 8,031 | 13,504 | [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, total assets slightly decreased, with minor reductions in both non-current and current assets; total current and non-current liabilities also slightly decreased, while net assets remained stable, with equity attributable to owners at HK$3,208,845 thousand Key Data from Condensed Consolidated Statement of Financial Position | Metric | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Investment Properties | 54,413 | 56,692 | | Property, Plant and Equipment | 1,146,441 | 1,175,999 | | Right-of-use Assets | 200,317 | 191,575 | | Other Intangible Assets | 28,239 | 29,766 | | Interests in an Associate | 26,496 | 26,018 | | Deferred Tax Assets | 37,590 | 38,227 | | **Current Assets** | | | | Inventories | 873,994 | 784,735 | | Trade and Bills Receivables | 806,542 | 802,069 | | Prepayments, Deposits and Other Receivables | 155,781 | 210,366 | | Short-term Bank Deposits | 362,164 | 380,973 | | Bank Balances and Cash | 889,371 | 914,502 | | **Current Liabilities** | | | | Trade and Bills Payables | 601,806 | 562,544 | | Other Payables and Accruals | 240,899 | 268,491 | | Bank Borrowings - Due within One Year | 25,039 | 48,795 | | **Non-current Liabilities** | | | | Deferred Income - Non-current Portion | 65,035 | 67,556 | | Lease Liabilities - Non-current Portion | 118,736 | 111,522 | | Deferred Tax Liabilities | 6,346 | 6,778 | | **Equity** | | | | Share Capital | 889,810 | 889,810 | | Reserves | 2,319,035 | 2,347,779 | | Equity Attributable to Owners of the Company | 3,208,845 | 3,237,589 | | Non-controlling Interests | 226,215 | 218,184 | | Total Equity | 3,435,060 | 3,455,773 | [NOTES](index=5&type=section&id=NOTES) [1. GENERAL INFORMATION](index=5&type=section&id=1.%20GENERAL%20INFORMATION) The company is a Hong Kong-incorporated listed entity, whose 2024 annual consolidated financial statements were submitted under the Companies Ordinance with an unqualified auditor's report - The company has submitted its statutory annual consolidated financial statements for the year ended December 31, 2024, to the Registrar of Companies, with an unqualified independent auditor's report[9](index=9&type=chunk)[10](index=10&type=chunk)[13](index=13&type=chunk) [2. BASIS OF PREPARATION](index=5&type=section&id=2.%20BASIS%20OF%20PREPARATION) The interim condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34 Interim Financial Reporting - The interim condensed consolidated financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34[11](index=11&type=chunk)[14](index=14&type=chunk) [3. ACCOUNTING POLICIES](index=5&type=section&id=3.%20ACCOUNTING%20POLICIES) The interim condensed consolidated financial statements are prepared on a historical cost basis, applying the same accounting policies as the 2024 annual consolidated financial statements, with new and unapplied HKFRS amendments not expected to have a significant impact on financial performance - The Group has first applied amendments to HKFRS accounting standards issued by the HKICPA and effective January 1, 2025, which have not had a significant impact on financial performance and position[16](index=16&type=chunk)[17](index=17&type=chunk)[20](index=20&type=chunk) - The Directors anticipate that the application of new and revised HKFRS accounting standards will not have a significant impact on the Group's financial performance and position[19](index=19&type=chunk)[22](index=22&type=chunk) [4. SEASONALITY OF OPERATIONS](index=7&type=section&id=4.%20SEASONALITY%20OF%20OPERATIONS) Due to the seasonal nature of dyed fabric and yarn production and sales, first-half revenue and operating profit are typically lower than the second half, mainly affected by reduced supply during peak Chinese holidays - First-half revenue and operating profit are typically lower than the second half, mainly due to reduced supply of dyed fabrics and yarns during peak Chinese holidays[24](index=24&type=chunk)[29](index=29&type=chunk) [5. SIGNIFICANT EVENTS AND TRANSACTIONS](index=7&type=section&id=5.%20SIGNIFICANT%20EVENTS%20AND%20TRANSACTIONS) For the six months ended June 30, 2024, the Group decided to cease fabric dyeing and finishing production at Jiangyin Fuhui Textile Co., Ltd., retaining only its weaving capacity - The Group decided to cease fabric dyeing and finishing production at Jiangyin Fuhui Textile Co., Ltd., retaining only its weaving capacity[25](index=25&type=chunk)[30](index=30&type=chunk) [6. REVENUE AND SEGMENT INFORMATION](index=7&type=section&id=6.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The Group segments operations by customer location, including Hong Kong, China, Taiwan, Korea, Sri Lanka, Americas, Europe, and other regions; total external sales for H1 2025 were HK$1,937,026 thousand, with China and Sri Lanka as main revenue sources, and manufacturing and sales of dyed fabrics and yarns as the primary product revenue Revenue and Segment Profit by Geographical Region for the six months ended June 30, 2025 | Region | External Sales (HK$ thousand) | Segment Profit (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 243,307 | 17,344 | | China | 700,113 | 67,634 | | Taiwan | 65,095 | 7,216 | | Korea | 99,750 | 10,962 | | Sri Lanka | 386,176 | 13,264 | | Americas | 16,481 | 1,813 | | Europe | 41,438 | 3,250 | | Other Regions | 384,666 | 37,836 | | **Total** | **1,937,026** | **159,319** | Revenue by Product for the six months ended June 30, 2025 | Product | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Manufacturing and Sales of Dyed Fabrics and Yarns | 1,690,012 | 1,893,885 | | Manufacturing and Sales of Garments | 247,014 | 325,481 | | **Total** | **1,937,026** | **2,219,366** | [7. FINANCE COSTS](index=9&type=section&id=7.%20FINANCE%20COSTS) For the six months ended June 30, 2025, total finance costs decreased to HK$5,235 thousand from HK$8,014 thousand in the prior period, primarily from bank borrowings and lease liabilities Breakdown of Finance Costs | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Borrowings | 1,934 | 4,935 | | Lease Liabilities | 3,301 | 3,079 | | **Total** | **5,235** | **8,014** | [8. Income Tax Expense](index=10&type=section&id=8.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense was HK$15,609 thousand, a decrease from HK$21,590 thousand in the prior period, primarily from China, Hong Kong, and other jurisdictions, calculated based on local tax rates Breakdown of Income Tax Expense | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Current Tax** | | | | Hong Kong | 842 | 824 | | China | 8,283 | 12,246 | | Other Jurisdictions | 6,369 | 9,185 | | **(Over-provision)/Under-provision in Prior Years** | | | | China | 288 | (1,153) | | Other Jurisdictions | (342) | 1,798 | | **Deferred Tax** | | | | Hong Kong | 2,039 | (3,184) | | China | (226) | 1,298 | | Other Jurisdictions | (1,644) | 576 | | **Total** | **15,609** | **21,590** | - Under Hong Kong's two-tiered profits tax regime, eligible subsidiaries are taxed at **8.25%** for the first **HK$2,000,000** of assessable profits and **16.5%** thereafter; Chinese subsidiaries are taxed at **25%**, and Sri Lankan subsidiaries at **30%**[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [9. OTHER REVENUE, OTHER GAINS AND LOSSES/PROFIT FOR THE PERIOD](index=11&type=section&id=9.%20OTHER%20REVENUE%2C%20OTHER%20GAINS%20AND%20LOSSES%2FPROFIT%20FOR%20THE%20PERIOD) For the six months ended June 30, 2025, other revenue increased to HK$40,621 thousand, mainly from interest and miscellaneous income, while net other gains and losses were HK$9,288 thousand, primarily due to increased net exchange gains; profit for the period was net of various depreciation, amortization, and employee costs Analysis of Other Revenue | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of Deferred Income | 2,747 | 2,599 | | Compensation Income | 4,141 | 5,600 | | Government Grants | 877 | 538 | | Interest Income | 13,763 | 14,843 | | Net Rental Income from Investment Properties | 4,206 | 3,826 | | Others | 14,887 | 8,662 | | **Total** | **40,621** | **36,068** | Analysis of Other Gains and Losses | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Exchange Gains | 16,945 | 4,387 | | Gain on Disposal/Write-off of Property, Plant and Equipment | 1,070 | 3,131 | | Net Reversal of Impairment Loss Provision for Trade and Bills Receivables | (8,727) | (4,731) | | **Total** | **9,288** | **2,787** | Deductions from Profit for the Period | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of Other Intangible Assets | 1,526 | – | | Depreciation of Investment Properties | 2,494 | 2,549 | | Depreciation of Property, Plant and Equipment | 75,363 | 78,572 | | Impairment of Property, Plant and Equipment | – | 10,767 | | Depreciation of Right-of-use Assets | 17,657 | 13,971 | | Employee Costs (including Directors' Emoluments) | 327,178 | 342,171 | [10. DIVIDENDS](index=13&type=section&id=10.%20DIVIDENDS) For the six months ended June 30, 2025, the Board did not propose an interim dividend; the 2024 final and special dividends totaling HK$67,376 thousand were approved by shareholders Dividends Approved and Recognized as Distributions | Item | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | 2024 Final and Special Dividends | 67,376 | 36,751 | - The Board of Directors did not propose an interim dividend for the six months ended June 30, 2025[51](index=51&type=chunk)[53](index=53&type=chunk) [11. EARNINGS/(LOSS) PER SHARE](index=14&type=section&id=11.%20EARNINGS%2F%28LOSS%29%20PER%20SHARE) For the six months ended June 30, 2025, basic earnings per share were 2.5 HK cents, a significant improvement from a loss of 0.8 HK cents per share in the prior period; diluted earnings per share were the same as basic earnings per share due to no potentially dilutive ordinary shares Earnings/(Loss) Per Share Calculation Data | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Company | 30,670 | (9,906) | | Weighted Average Number of Ordinary Shares | 1,225,026,960 | 1,225,026,960 | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | - Diluted earnings/(loss) per share are equal to basic earnings/(loss) per share, as there were no potentially dilutive ordinary shares issued by the company for the periods ended June 30, 2025, and June 30, 2024[57](index=57&type=chunk)[59](index=59&type=chunk) [12. MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT](index=15&type=section&id=12.%20MOVEMENTS%20IN%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group invested HK$60,720 thousand in property, plant and equipment to expand and upgrade production facilities; management reviewed the recoverable amounts of related assets and found no impairment losses - For the six months ended June 30, 2025, the Group's expenditure on property, plant and equipment was **HK$60,720 thousand**, used for expanding and upgrading production facilities[60](index=60&type=chunk)[63](index=63&type=chunk) - Management reviewed the recoverable amounts of related property, plant and equipment and right-of-use assets under cash-generating units and found no impairment losses (impairment loss of HK$10,767 thousand was recognized on June 30, 2024)[61](index=61&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [13. MOVEMENTS IN RIGHT-OF-USE ASSETS AND LEASE LIABILITIES](index=16&type=section&id=13.%20MOVEMENTS%20IN%20RIGHT-OF-USE%20ASSETS%20AND%20LEASE%20LIABILITIES) As of June 30, 2025, the carrying value of right-of-use assets was HK$200,317 thousand and lease liabilities was HK$145,553 thousand; during the period, right-of-use assets and lease liabilities increased by HK$33,294 thousand due to new lease agreements and decreased by HK$6,333 thousand due to lease term modifications - As of June 30, 2025, the carrying values of right-of-use assets for leased land and buildings, equipment, and machinery were **HK$200,020 thousand**, **HK$297 thousand**, and zero, respectively[65](index=65&type=chunk)[71](index=71&type=chunk) - For the six months ended June 30, 2025, the Group recognized an increase in right-of-use assets of **HK$33,294 thousand** due to new lease agreements[66](index=66&type=chunk)[71](index=71&type=chunk) - For the six months ended June 30, 2025, lease liabilities decreased by **HK$6,333 thousand** due to lease term modifications, with right-of-use assets adjusted by the same amount[69](index=69&type=chunk)[72](index=72&type=chunk) [14. INVENTORIES](index=16&type=section&id=14.%20INVENTORIES) As of June 30, 2025, total inventories amounted to HK$873,994 thousand, an increase from December 31, 2024, primarily comprising raw materials, work-in-progress, and finished goods Breakdown of Inventories | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Spare Parts | 22,716 | 24,879 | | Raw Materials | 292,910 | 217,545 | | Work-in-progress | 314,297 | 307,211 | | Finished Goods | 244,071 | 235,100 | | **Total** | **873,994** | **784,735** | [15. TRADE AND BILLS RECEIVABLES/PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES](index=17&type=section&id=15.%20TRADE%20AND%20BILLS%20RECEIVABLES%2FPREPAYMENTS%2C%20DEPOSITS%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, net trade and bills receivables were HK$806,542 thousand, with a primary credit period of 30 to 60 days; other receivables included recoverable VAT, prepayments, and deposits, with land expropriation compensation received on January 2, 2025 Aging Analysis of Trade and Bills Receivables | Aging | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 410,857 | 338,956 | | 1 to 2 months | 191,444 | 254,840 | | 2 to 3 months | 132,118 | 103,191 | | Over 3 months | 121,286 | 145,273 | | Less: Provision for Expected Credit Losses | (49,163) | (40,191) | | **Total** | **806,542** | **802,069** | - As of June 30, 2025, other receivables included recoverable VAT of **HK$9,653 thousand**, prepayments, deposits, and other receivables of **HK$146,128 thousand**; land expropriation compensation of **HK$96,791 thousand** was received on January 2, 2025[78](index=78&type=chunk)[79](index=79&type=chunk)[81](index=81&type=chunk) [16. TRADE AND BILLS PAYABLES](index=18&type=section&id=16.%20TRADE%20AND%20BILLS%20PAYABLES) As of June 30, 2025, total trade and bills payables amounted to HK$601,806 thousand, an increase from December 31, 2024, primarily comprising trade payables and bills payables Breakdown of Trade and Bills Payables | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade Payables | 500,187 | 494,187 | | Bills Payables | 101,619 | 68,357 | | **Total** | **601,806** | **562,544** | Aging Analysis of Trade and Bills Payables | Aging | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 1 month | 399,385 | 346,916 | | 1 to 2 months | 101,675 | 122,921 | | 2 to 3 months | 43,619 | 40,917 | | Over 3 months | 57,127 | 51,790 | | **Total** | **601,806** | **562,544** | [17. OTHER PAYABLES AND ACCRUALS](index=19&type=section&id=17.%20OTHER%20PAYABLES%20AND%20ACCRUALS) As of June 30, 2025, total other payables and accruals amounted to HK$240,899 thousand, a decrease from December 31, 2024 Breakdown of Other Payables and Accruals | Item | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Other Payables | 149,823 | 155,281 | | Accruals | 91,076 | 113,210 | | **Total** | **240,899** | **268,491** | [18. BANK BORROWINGS](index=20&type=section&id=18.%20BANK%20BORROWINGS) For the six months ended June 30, 2025, the Group obtained new bank borrowings of HK$76,672 thousand and repaid HK$100,433 thousand, primarily for working capital; bank borrowings were mainly floating and fixed-rate, with an average effective annual interest rate of 3.67%, all unsecured and compliant with covenants - For the six months ended June 30, 2025, the Group obtained new bank borrowings of **HK$76,672 thousand** and repaid **HK$100,433 thousand**, primarily for working capital[88](index=88&type=chunk)[93](index=93&type=chunk) - The Group's bank borrowings are mainly floating and fixed-rate, with an average effective annual interest rate of **3.67%** (December 31, 2024: 6.24%)[89](index=89&type=chunk)[93](index=93&type=chunk) - For the six months ended June 30, 2025, and the year ended December 31, 2024, the Group complied with all covenant ratios[90](index=90&type=chunk)[91](index=91&type=chunk)[94](index=94&type=chunk) [19. SHARE CAPITAL](index=20&type=section&id=19.%20SHARE%20CAPITAL) As of June 30, 2025, the company had 1,225,026,960 issued and fully paid ordinary shares, with share capital of HK$889,810 thousand, and ordinary shares have no par value Breakdown of Share Capital | Item | As of June 30, 2025 (Number of Shares) | As of June 30, 2025 (HK$ thousand) | As of December 31, 2024 (Number of Shares) | As of December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Ordinary Shares, Issued and Fully Paid | 1,225,026,960 | 889,810 | 1,225,026,960 | 889,810 | - In accordance with Section 135 of the Hong Kong Companies Ordinance (Cap. 622), the company's ordinary shares have no par value[96](index=96&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=21&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [BUSINESS REVIEW](index=21&type=section&id=BUSINESS%20REVIEW) In H1 2025, despite geopolitical tensions, global economic downturn, and trade uncertainties, the Group significantly improved operating efficiency through enhanced customer management, reduced procurement costs, strengthened cost control, and lean management; revenue decreased by 12.7%, but profit attributable to owners turned from loss to profit, and pre-tax profit grew by 99.1% - In H1 2025, geopolitical tensions, increased global economic downside risks, rising trade uncertainties, and accelerated relocation of the international textile and apparel supply chain from China intensified[97](index=97&type=chunk)[100](index=100&type=chunk) - The Group implemented a series of strategies and measures, including strengthening customer management, reducing procurement costs, enhancing cost control, promoting lean and total quality management, and deepening internal operational management reforms[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) Key Financial Performance Improvements in H1 2025 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,937,026 | 2,219,366 | -12.7% | | Profit/(Loss) Attributable to Owners of the Company | 30,670 | (9,906) | Turned from loss to profit | | Profit Before Tax | 51,421 | 25,833 | +99.1% | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | +412.5% | | Gross Profit Margin | 11.7% | 11.0% | +0.7% | | Finance Costs | 5,235 | 8,014 | -34.7% | | Cost of Sales | 1,709,585 | 1,974,552 | -13.4% | [PRODUCTION AND SALES OF DYED FABRICS AND YARNS](index=23&type=section&id=Production%20and%20Sales%20of%20Dyed%20Fabrics%20and%20Yarns) Manufacturing and sales of dyed fabrics and yarns is the Group's core business, contributing approximately HK$1,690,012 thousand in revenue in H1 2025, accounting for 87.2% of total revenue - The Group's core business, manufacturing and sales of dyed fabrics and yarns, generated approximately **HK$1,690,012 thousand** in revenue, accounting for **87.2%** of the Group's total revenue[112](index=112&type=chunk)[116](index=116&type=chunk) [PRODUCTION AND SALES OF GARMENTS](index=23&type=section&id=Production%20and%20Sales%20of%20Garments) In H1 2025, revenue from manufacturing and sales of garments was approximately HK$247,014 thousand, accounting for 12.8% of the Group's total revenue - In H1 2025, revenue from manufacturing and sales of garments was approximately **HK$247,014 thousand**, accounting for **12.8%** of the Group's total revenue[113](index=113&type=chunk)[117](index=117&type=chunk) [DIVIDEND](index=23&type=section&id=Dividend) The Board decided not to declare an interim dividend for the six months ended June 30, 2025; given the Group's strong cash flow and expected H2 profit, a final dividend for the twelve months ended December 31, 2025, is anticipated, maintaining the payout ratio where possible - The Board of Directors decided and announced not to declare any interim dividend for the six months ended June 30, 2025[114](index=114&type=chunk)[118](index=118&type=chunk) - After reviewing the Group's strong cash flow as of June 30, 2025, and anticipating a high probability of profit in H2 2025, it is expected that a final dividend for the twelve months ended December 31, 2025, will be declared, maintaining the payout ratio as much as possible[114](index=114&type=chunk)[118](index=118&type=chunk) [AWARDS AND CERTIFICATIONS](index=24&type=section&id=Awards%20and%20Certifications) In H1 2025, the Group and its subsidiaries received multiple awards and certifications, including Global Recycled Standard, Organic Content Standard, Global Organic Textile Standard, US Cotton Trust Protocol membership, Oeko-Tex Standard 100, Higg Index FEM self-assessment, and ISO environmental and energy management certifications, demonstrating commitment to sustainability and quality - The Group and its subsidiaries obtained multiple international certifications in H1 2025, including Global Recycled Standard (GRS 4.0), Organic Content Standard (OCS 3.0), Global Organic Textile Standard (GOTS 6.0/7.0), and US Cotton Trust Protocol membership certificate[120](index=120&type=chunk)[121](index=121&type=chunk) - Awards and certifications also included Oeko-Tex Standard 100 certificate, Higg Facility Environmental Module self-assessment certificate, Dongguan City Clean Production Enterprise Award, Dongguan City "Zero-Waste Factory" plaque, and ISO14001 Environmental Management System certification, among others[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [OUTLOOK](index=28&type=section&id=OUTLOOK) [INDUSTRY OUTLOOK AND STRATEGIES](index=28&type=section&id=Industry%20Outlook%20and%20Strategies) Looking ahead, the macroeconomic and textile and apparel industry outlook remains challenging, with global supply chains rapidly restructuring; despite significant operational challenges, the Group is cautiously optimistic for H2, continuing to drive development through technological innovation, market expansion, internationalization, accelerated production technology upgrades, strengthened lean management, improved product quality, and strict cost control - The macroeconomic and textile and apparel industry outlook is not optimistic, with persistent global economic growth uncertainties and accelerating restructuring of the global textile and apparel supply chain[125](index=125&type=chunk)[128](index=128&type=chunk) - The Group maintains a relatively cautious optimistic outlook for H2 performance, continuing to drive enterprise development through technological innovation, market expansion, increased operating scale, systematic promotion of international operations, accelerated progress in informatization, automation, intelligentization, and green production technology upgrades, strengthened lean management, improved product quality, streamlined organizational structure, and strict control of costs and expenses[125](index=125&type=chunk)[128](index=128&type=chunk) [OUR APPRECIATION](index=28&type=section&id=OUR%20APPRECIATION) The Group extends sincere gratitude to all shareholders, customers, business partners, suppliers, and employees for their continued support and contributions amidst increasing economic uncertainty - The Group extends its gratitude to all shareholders, customers, business partners, and suppliers for their continued support amidst increasing economic uncertainty[127](index=127&type=chunk)[130](index=130&type=chunk) - The Group also appreciates the dedication, commitment, and contributions of all employees to its success[127](index=127&type=chunk)[130](index=130&type=chunk) [FINANCIAL REVIEW](index=29&type=section&id=FINANCIAL%20REVIEW) [KEY OPERATING AND FINANCIAL INDICATORS](index=29&type=section&id=Key%20Operating%20and%20Financial%20Indicators) The Group's key operating and financial indicators for H1 2025 show significant profitability improvement despite decreased revenue, with better gross profit and EBITDA margins; asset efficiency saw slight increases in inventory and receivables turnover days Income Statement Items (HK$ thousand) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 1,937,026 | 2,219,366 | | Gross Profit | 227,441 | 244,814 | | EBITDA | 148,556 | 125,557 | | Profit for the Period | 35,812 | 4,243 | | Profit/(Loss) Attributable to Owners of the Company | 30,670 | (9,906) | | Basic Earnings/(Loss) Per Share (HK cents) | 2.5 | (0.8) | Profitability Ratios (%) | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Gross Profit Margin | 11.7% | 11.0% | | EBITDA Margin | 7.7% | 5.7% | | Distribution and Selling Expenses to Revenue Ratio | 1.5% | 2.4% | | Administrative Expenses to Revenue Ratio | 9.9% | 8.9% | | Finance Costs to Revenue Ratio | 0.3% | 0.4% | Asset Efficiency and Ratios | Metric | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Inventory Turnover Days | 93 | 79 | | Trade and Bills Receivables Turnover Days | 75 | 73 | | Trade and Bills Payables Turnover Days | 64 | 62 | | Current Ratio | 3.2 | 3.2 | | Net Debt/EBITDA Ratio (Annualized) | (8.3) | (4.6) | | Total Liabilities/Equity Attributable to Owners of the Company | 0.4 | 0.4 | [REVENUE](index=30&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately HK$1,937,026 thousand, a 12.7% decrease from the prior period, with manufacturing and sales of dyed fabrics and yarns accounting for 87.2% and garments for 12.8% of total revenue - The Group's revenue for the six months ended June 30, 2025, was approximately **HK$1,937,026 thousand**, a **12.7% decrease** from the prior period[137](index=137&type=chunk)[139](index=139&type=chunk)[143](index=143&type=chunk) Revenue by Business Segment | Business Segment | H1 2025 Contribution | | :--- | :--- | | Manufacturing and Sales of Dyed Fabrics and Yarns | 87.2% | | Manufacturing and Sales of Garments | 12.8% | [COST OF SALES AND GROSS PROFIT](index=30&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) For the six months ended June 30, 2025, the Group's cost of sales was approximately HK$1,709,585 thousand, with an overall gross profit margin of 11.7%, an improvement from 11.0% in the prior period, mainly due to a greater decrease in production costs than in revenue - The Group's overall cost of sales for the six months ended June 30, 2025, was approximately **HK$1,709,585 thousand**, with an overall gross profit margin of **11.7%** (H1 2024: 11.0%)[142](index=142&type=chunk)[146](index=146&type=chunk) - The improvement in gross profit margin was primarily due to a greater decrease in production costs than in revenue[143](index=143&type=chunk)[146](index=146&type=chunk) [DISTRIBUTION AND SELLING EXPENSES](index=30&type=section&id=Distribution%20and%20Selling%20Expenses) For the six months ended June 30, 2025, the Group's distribution and selling expenses were approximately HK$28,904 thousand, accounting for 1.5% of total revenue, a decrease from 2.4% in the prior period Distribution and Selling Expenses | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Distribution and Selling Expenses | 28,904 | 53,494 | | Percentage of Revenue | 1.5% | 2.4% | [ADMINISTRATIVE EXPENSES](index=31&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, the Group's administrative expenses were approximately HK$192,268 thousand, accounting for 9.9% of total revenue, a slight increase from 8.9% in the prior period Administrative Expenses | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Administrative Expenses | 192,268 | 197,065 | | Percentage of Revenue | 9.9% | 8.9% | [EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (EBITDA)](index=31&type=section&id=Earnings%20before%20Interest%2C%20Tax%2C%20Depreciation%20and%20Amortisation%20%28EBITDA%29) For the six months ended June 30, 2025, the Group's EBITDA was approximately HK$148,556 thousand, with an EBITDA margin of 7.7%, an increase from 5.7% in the prior period EBITDA | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | EBITDA | 148,556 | 125,557 | | EBITDA Margin | 7.7% | 5.7% | [FINANCE COSTS](index=31&type=section&id=Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs were approximately HK$5,235 thousand, accounting for 0.3% of total revenue, a decrease from 0.4% in the prior period Finance Costs | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Finance Costs | 5,235 | 8,014 | | Percentage of Revenue | 0.3% | 0.4% | [CAPITAL EXPENDITURE](index=31&type=section&id=Capital%20Expenditure) In H1 2025, the Group invested approximately HK$60,720 thousand in property, plant and equipment; capital commitments primarily for purchasing property, plant and equipment amounted to approximately HK$36,504 thousand - During the review period, the Group invested approximately **HK$60,720 thousand** to increase property, plant and equipment[151](index=151&type=chunk)[156](index=156&type=chunk) - As of June 30, 2025, the Group's contracted capital commitments for the purchase of property, plant and equipment amounted to approximately **HK$36,504 thousand**[151](index=151&type=chunk)[156](index=156&type=chunk) [INCOME TAX EXPENSE](index=31&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's income tax expense was approximately HK$15,609 thousand, a decrease from the prior period Income Tax Expense | Metric | For the six months ended June 30, 2025 (HK$ thousand) | For the six months ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Income Tax Expense | 15,609 | 21,590 | [LIQUIDITY AND FINANCIAL RESOURCES](index=32&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's net assets were approximately HK$3,435,060 thousand; funding needs are met primarily through operating cash flow and bank borrowings; bank balances and cash totaled HK$1,251,535 thousand, mainly denominated in HKD, USD, and RMB; the Group complied with all major bank financial covenants Key Financial Position Data of the Group (HK$ thousand) | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 1,495,112 | 1,518,322 | | Current Assets | 3,090,409 | 3,096,296 | | Total Assets | 4,585,521 | 4,614,618 | | Current Liabilities | 960,344 | 972,989 | | Non-current Liabilities | 190,117 | 185,856 | | Total Liabilities | 1,150,461 | 1,158,845 | | Net Assets | 3,435,060 | 3,455,773 | - As of June 30, 2025, the Group's bank balances and cash (including short-term bank deposits) totaled **HK$1,251,535 thousand**, primarily denominated in HKD, USD, and RMB[160](index=160&type=chunk)[161](index=161&type=chunk) Key Financial Covenant Ratios | Metric | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Consolidated Net Tangible Assets | 3,094,598千港元 | 3,118,670千港元 | | Consolidated Total Bank Liabilities to Consolidated Net Tangible Assets Ratio | 0.0 | 0.0 | | Consolidated EBITDA to Consolidated Interest Expense Ratio | 28.4 | 20.9 | | Consolidated Current Assets to Consolidated Current Liabilities Ratio | 3.2 | 3.2 | | Consolidated Capital Expenditure | 60,720千港元 | 174,737千港元 | [RISK MANAGEMENT](index=33&type=section&id=Risk%20Management) The Group adheres to stringent and prudent risk management policies, closely monitoring foreign exchange (HKD, USD, RMB) and interest rate risks; bank borrowings are primarily floating and fixed-rate, with an average effective annual interest rate of 3.67%, and appropriate measures will continue to be taken to mitigate risks - The Group's sales and raw material purchases are primarily denominated in HKD, USD, and RMB, with main production bases in China, thus involving foreign exchange risk arising from RMB[164](index=164&type=chunk)[167](index=167&type=chunk) - The Group's bank borrowings are denominated in HKD and RMB, with interest primarily calculated at floating and fixed rates; during the review period, the average effective annual interest rate for the Group's bank borrowings was **3.67%** (December 31, 2024: 6.24% per annum)[165](index=165&type=chunk)[167](index=167&type=chunk) [OTHER CORPORATE INFORMATION](index=34&type=section&id=OTHER%20CORPORATE%20INFORMATION) [EMPLOYEES AND REMUNERATION POLICIES](index=34&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the Group had approximately 5,600 full-time employees; remuneration policies are based on employee performance and regional salary trends, with regular training and education subsidies provided - As of June 30, 2025, the Group had approximately **5,600** full-time employees (June 30, 2024: approximately 5,700 employees)[168](index=168&type=chunk)[174](index=174&type=chunk) - The Group's remuneration policy is formulated and regularly reviewed based on individual employee performance and regional salary trends, providing regular training courses and subsidies for further education programs to employees[168](index=168&type=chunk)[169](index=169&type=chunk)[174](index=174&type=chunk) [PURCHASE, SALE AND REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=34&type=section&id=PURCHASE%2C%20SALE%20AND%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) In H1 2025, neither the company nor its subsidiaries engaged in any redemption, purchase, or sale activities of its listed securities - In H1 2025, the company did not redeem its listed securities, nor did the company or its subsidiaries purchase or sell such securities[170](index=170&type=chunk)[175](index=175&type=chunk) [CORPORATE GOVERNANCE CODE](index=34&type=section&id=CORPORATE%20GOVERNANCE%20CODE) The company has complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, except for code provision C.2.1 where the Chairman and CEO roles are held by the same person; the Board believes this arrangement allows for more efficient overall strategy planning, with power balance ensured by experienced Board members - The company has applied and consistently complied with the principles, all mandatory disclosure requirements, and code provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules, except for code provision C.2.1[171](index=171&type=chunk)[176](index=176&type=chunk) - Since April 1, 2023, Mr. Liu Xianfu, the Chairman and Executive Director, has also served as the company's Chief Executive Officer, which deviates from the requirements of code provision C.2.1[171](index=171&type=chunk)[176](index=176&type=chunk) - The Board believes that having the same individual serve as both Chairman and Chief Executive Officer allows the Group to plan overall strategies and achieve budget targets more efficiently, with the balance of power fully ensured by the Board[171](index=171&type=chunk)[172](index=172&type=chunk)[176](index=176&type=chunk) [MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS](index=35&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix 10 of the Listing Rules, and all directors confirmed compliance during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules, and all directors have confirmed their compliance with the required standards of the Model Code during the period[178](index=178&type=chunk)[181](index=181&type=chunk) [AUDIT COMMITTEE'S REVIEW](index=35&type=section&id=AUDIT%20COMMITTEE%27S%20REVIEW) The company's Audit Committee has reviewed the Group's unaudited consolidated interim results for H1 2025 and this interim report, responsible for reviewing and monitoring financial reporting, risk management, and internal control systems - The Audit Committee, comprising one non-executive director and two independent non-executive directors, has reviewed the Group's unaudited consolidated interim results for H1 2025 and this 2025 Interim Report[179](index=179&type=chunk)[182](index=182&type=chunk) [PUBLICATION OF 2025 INTERIM RESULTS ANNOUNCEMENT AND INTERIM REPORT](index=35&type=section&id=PUBLICATION%20OF%202025%20INTERIM%20RESULTS%20ANNOUNCEMENT%20AND%20INTERIM%20REPORT) This results announcement has been published on the company's and HKEX websites; the 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on relevant websites in due course - This results announcement has been published on the company's website (www.fshl.com) and the HKEX website (www.hkexnews.hk)[180](index=180&type=chunk)[183](index=183&type=chunk) - The company's 2025 Interim Report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the company's and HKEX websites in the format required by the Listing Rules in due course[180](index=180&type=chunk)[183](index=183&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佈的內容概不負責， 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佈全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China CBM Group Company Limited 中 國 煤 層 氣 集 團 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 並 於 百 慕 達 存 續 之 有 限 公司 ） （股份代號：8270） 截至二零二五年六月三十日止六個月 中期業績公佈 中國煤層氣集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈本集團截至二零二五年六月三十日止六個月的未經審核中 期業績。本公佈列載本公司二零二五年中期報告全文，乃符合香港聯合交易所有 限公司GEM證券上市規則（「GEM上市規則」）中有關全年業績初步公告附載之相 關資料要求。 承董事會命 中國煤層氣集團有限公司 主席 王忠勝 中國，二零二五年八月二十一日 於本公佈日期，執行董事為王忠勝先生、常建先生、陳毅凱先生、王琛先生及梁 志豪先生，非執行董事為李斯亮女士，以及獨立非執行董事為劉振邦先生、徐願 ...

[Company Information and Report Statement](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E6%8A%A5%E5%91%8A%E5%A3%B0%E6%98%8E) [Report Statement and Company Profile](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E8%81%B2%E6%98%8E%E8%88%87%E5%85%AC%E5%8F%B8%E6%A6%82%E6%B3%81) This announcement presents the unaudited interim results of Shengyuan Holdings Limited, an investment holding company, for the six months ended June 30, 2025 - This interim results announcement covers the unaudited consolidated results for the six months ended June 30, 2025, and has been reviewed by the external auditor and the Audit Committee[3](index=3&type=chunk)[4](index=4&type=chunk) - Shengyuan Holdings Limited is an investment holding company whose subsidiaries are principally engaged in securities brokerage and financial services, asset management, proprietary trading, and trading business[8](index=8&type=chunk) [Condensed Interim Consolidated Financial Information](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%E8%B3%87%E6%96%99) [Condensed Interim 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) For the six months ended June 30, 2025, revenue decreased by 16% to HKD 12,098 thousand, and profit for the period fell sharply to HKD 5,332 thousand Key Data from the Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Revenue | 12,098 | 14,410 | | Other gains and losses | 1,172 | 17,476 | | Profit before income tax | 6,984 | 30,384 | | Profit for the period | 5,332 | 29,803 | | Basic earnings per share (HK cents) | 0.60 | 3.38 | | Diluted earnings per share (HK cents) | 0.60 | 3.38 | - **Profit for the period decreased significantly by 82.1% year-over-year**, primarily due to a reduction in other gains and losses from HKD 17,476 thousand to HKD 1,172 thousand[5](index=5&type=chunk) [Condensed Interim Consolidated Statement of Financial Position](index=3&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 company's total assets less current liabilities increased to HKD 122,064 thousand, driven by a rise in net current assets Key Data from the Condensed Interim Consolidated Statement of Financial Position | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Non-current assets | 2,622 | 3,414 | | Current assets | 139,371 | 143,332 | | Current liabilities | 19,929 | 29,162 | | Net current assets | 119,442 | 114,170 | | Total assets less current liabilities | 122,064 | 117,584 | | Net assets | 121,919 | 116,586 | | Total equity | 121,919 | 116,586 | - **Trade and other receivables, deposits and prepayments increased significantly** from HKD 5,995 thousand as of December 31, 2024, to HKD 28,773 thousand as of June 30, 2025[6](index=6&type=chunk) - **Trade and other payables and accrued expenses decreased** from HKD 24,827 thousand as of December 31, 2024, to HKD 13,793 thousand as of June 30, 2025[6](index=6&type=chunk) [Notes to the Condensed Interim Consolidated Financial Information](index=5&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%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes detail the Group's accounting policies, segment information, and breakdowns of financial statement items, providing deeper context for the financial data [Accounting Policies and Basis of Preparation](index=5&type=section&id=2.%20%E6%8E%A1%E7%B4%8D%E6%96%B0%E8%A8%82%E6%88%96%E7%B6%93%E4%BF%AE%E8%A8%82%E9%A6%99%E6%B8%AF%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87) The Group has applied new and revised HKFRSs effective from January 1, 2025, with no material impact on the interim condensed consolidated financial information - The Group has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2025, with **no material impact** on the interim financial information[9](index=9&type=chunk) - The interim condensed consolidated financial information is prepared in accordance with HKAS 34 issued by the HKICPA and is consistent with the accounting policies of the previous annual financial statements[10](index=10&type=chunk) [Segment Information](index=6&type=section&id=4.%20%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operating segments include securities brokerage, asset management, and proprietary trading, with all external revenue from the first two segments - The Group's operating segments include securities brokerage and financial services, asset management services, and proprietary trading and trading business, with each segment managed independently[11](index=11&type=chunk)[12](index=12&type=chunk) - For the first half of 2025, total reportable segment results were **HKD 12,375 thousand**, a significant decrease from HKD 35,640 thousand in the same period of 2024[16](index=16&type=chunk)[17](index=17&type=chunk) Reportable Segment Revenue (For the six months ended June 30, 2025) | Segment | Revenue (HKD in thousands) | | :--- | :--- | | Securities brokerage and financial services | 7,427 | | Asset management services | 4,671 | | Proprietary trading | – | | Trading business | – | | **Total** | **12,098** | Reportable Segment Results (For the six months ended June 30, 2025) | Segment | Results (HKD in thousands) | | :--- | :--- | | Securities brokerage and financial services | 6,202 | | Asset management services | 4,098 | | Proprietary trading | 2,078 | | Trading business | (3) | | **Total** | **12,375** | [Revenue](index=9&type=section&id=5.%20%E6%94%B6%E7%9B%8A) Revenue from contracts with customers totaled HKD 12,098 thousand, primarily from corporate finance and fund management, with a notable drop in brokerage income - **Securities and futures brokerage income decreased sharply** from HKD 1,157 thousand in the prior period to HKD 164 thousand in the first half of 2025[17](index=17&type=chunk) - **Custody fee income decreased** from HKD 2,165 thousand in the prior period to HKD 1,180 thousand in the first half of 2025[17](index=17&type=chunk) Breakdown of Revenue from Contracts with Customers | Revenue Source | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Securities and futures brokerage | 164 | 1,157 | | Corporate finance services income | 6,000 | 6,480 | | Consultancy fee income | 83 | 127 | | Custody fee | 1,180 | 2,165 | | Fund and portfolio management | 4,671 | 4,309 | | **Total** | **12,098** | **14,238** | [Other Gains and Losses](index=10&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%A7%E6%90%8D) Other gains and losses were HKD 1,172 thousand, a steep decline from HKD 17,476 thousand in the prior year, which included a large one-off gain - The first half of 2024 included a **one-off gain of HKD 17,326 thousand** from the disposal of debt investments related to the Atta Note and Kin Wo Note, with no such gain in 2025[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) Breakdown of Other Gains and Losses | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Net gain on disposal of debt investments at FVTPL | – | 17,326 | | Fair value change of investments held for trading | 1,155 | 15 | | Net foreign exchange gain | 17 | 135 | | **Total** | **1,172** | **17,476** | [Other Income](index=11&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for the period was HKD 1,569 thousand, mainly from interest and dividend income, remaining stable compared to the prior year Breakdown of Other Income | Revenue Source | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Bank and other interest income | 1,087 | 1,048 | | Dividend income | 482 | 451 | | Sundry income | – | 161 | | **Total** | **1,569** | **1,660** | [Profit Before Income Tax and Income Tax Expense](index=12&type=section&id=8.%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax was HKD 6,984 thousand, with major expenses including staff costs and auditor's remuneration, and an income tax expense of HKD 1,652 thousand - Hong Kong Profits Tax is calculated under a two-tiered system, with a rate of **8.25% on the first HKD 2 million** of profits and **16.5% on the remainder**[24](index=24&type=chunk) Items Deducted from Profit Before Income Tax | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Finance costs | 68 | 114 | | Auditor's remuneration | 200 | 340 | | Staff costs | 3,852 | 4,284 | Income Tax Expense | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Current tax - Hong Kong Profits Tax | 1,652 | 581 | [Dividends and Earnings Per Share](index=12&type=section&id=10.%20%E8%82%A1%E6%81%AF) The company did not declare any dividends for the period, and basic earnings per share fell to 0.60 HK cents due to lower profit - The company **did not propose or declare any dividends** for the six months ended June 30, 2025, and June 30, 2024[26](index=26&type=chunk) - **Basic earnings per share was 0.60 HK cents** (H1 2024: 3.38 HK cents), calculated based on a profit of HKD 5,332 thousand and 881,970,541 weighted average ordinary shares[28](index=28&type=chunk) - There were **no dilutive potential ordinary shares** during the period, so diluted earnings per share was the same as basic earnings per share[28](index=28&type=chunk) [Property, Plant and Equipment and Leases](index=13&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) The Group did not acquire or dispose of any property, plant and equipment, while the carrying values of right-of-use assets and lease liabilities decreased - The Group **did not purchase or dispose of any property, plant and equipment** during the six months ended June 30, 2025[29](index=29&type=chunk) Lease-Related Assets and Liabilities | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Carrying amount of right-of-use assets | 1,730 | 2,471 | | Carrying amount of lease liabilities | 1,827 | 2,631 | Lease-Related Expenses | Item | June 30, 2025 (HKD in thousands) | June 30, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Depreciation expense of right-of-use assets | 741 | 741 | | Interest on lease liabilities | 68 | 114 | | Expense relating to short-term leases | 68 | 71 | [Trade and Other Receivables, Deposits and Prepayments](index=14&type=section&id=14.%20%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other receivables increased sharply to HKD 29,283 thousand, driven by a significant rise in prepayments and receivables from corporate finance services - **Prepayments increased substantially** from HKD 615 thousand as of December 31, 2024, to HKD 19,134 thousand as of June 30, 2025[33](index=33&type=chunk) - **Trade receivables from corporate finance services increased** from HKD 200 thousand as of December 31, 2024, to HKD 3,283 thousand as of June 30, 2025[34](index=34&type=chunk) Breakdown of Trade and Other Receivables | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trade receivables | 21,256 | 18,161 | | Less: Allowance for impairment loss recognised | (13,518) | (13,492) | | Prepayments | 19,134 | 615 | | Other receivables and deposits | 1,901 | 711 | | **Total** | **29,283** | **6,505** | [Investments Held for Trading](index=16&type=section&id=15.%20%E6%8C%81%E4%BD%9C%E8%B2%B7%E8%B3%A3%E7%94%A8%E9%80%94%E6%8A%95%E8%B3%87) As of June 30, 2025, investments held for trading consisted of listed equity securities valued at HKD 15,155 thousand, a slight increase from year-end 2024 Investments Held for Trading | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Listed equity securities | 15,155 | 14,000 | [Trade and Other Payables and Accrued Expenses](index=17&type=section&id=16.%20%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) Total trade and other payables decreased significantly to HKD 13,793 thousand, primarily due to a reduction in payables from securities and futures trading - **Trade payables from securities and futures contract trading (cash clients) decreased** from HKD 20,029 thousand as of December 31, 2024, to HKD 10,400 thousand as of June 30, 2025[36](index=36&type=chunk) Breakdown of Trade and Other Payables | Item | June 30, 2025 (HKD in thousands) | December 31, 2024 (HKD in thousands) | | :--- | :--- | :--- | | Trade payables from securities and futures contract trading | 12,709 | 22,336 | | Other payables | 144 | 793 | | Accrued expenses | 940 | 1,698 | | **Total** | **13,793** | **24,827** | [Share Capital](index=18&type=section&id=17.%20%E8%82%A1%E6%9C%AC) The company's share capital structure remained unchanged, with an issued and fully paid capital of HKD 88,197 thousand as of June 30, 2025 - All issued shares rank pari passu in all respects, including rights to dividends, voting, and return of capital[37](index=37&type=chunk) Share Capital Structure | Item | Number of Ordinary Shares | Nominal Value (HKD in thousands) | | :--- | :--- | :--- | | Authorised share capital | 6,000,000,000 | 600,000 | | Issued and fully paid share capital | 881,970,541 | 88,197 | [Events After the Reporting Period](index=18&type=section&id=18.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no significant events after the reporting period up to the date of the interim financial information's publication - There were **no significant events** relating to the Group after June 30, 2025, and up to the date of publication of the interim condensed consolidated financial information[38](index=38&type=chunk) [Business and Financial Review](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) [Financial Summary](index=19&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) The Group's fee and commission income was approximately HKD 12.1 million, a 14.8% decrease, while profit for the period fell sharply to HKD 5.3 million - **Fee and commission income was approximately HKD 12.1 million**, a decrease of 14.8% year-over-year, mainly due to reduced income from securities brokerage and general custody services[40](index=40&type=chunk) - **Profit for the period was approximately HKD 5.3 million**, compared to HKD 29.8 million in the prior period, with the decrease mainly due to the absence of a one-off gain from the disposal of debt instruments in 2024[40](index=40&type=chunk) - **Basic and diluted earnings per share were both approximately 0.6 HK cents**, compared to 3.38 HK cents in the prior period[40](index=40&type=chunk) [Business Segment Operations](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F) The Group provides securities brokerage, financial services, and asset management through its subsidiaries, with varied performance across segments during the period [Securities Brokerage and Financial Services](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%AD%89%E5%88%B8%E7%B6%93%E7%B4%80%E5%8F%8A%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8B%99) Shengyuan Securities provides brokerage and financing services, with its client trust bank balances decreasing by 43.0% to HKD 12.7 million due to client withdrawals - Shengyuan Securities is licensed for Type 1 (dealing in securities), Type 2 (dealing in futures contracts), and Type 4 (advising on securities) regulated activities[41](index=41&type=chunk) - Shengyuan Capital is licensed for Type 6 (advising on corporate finance) regulated activities, providing corporate advisory services[42](index=42&type=chunk) - **Client trust bank balances at Shengyuan Securities were approximately HKD 12.7 million**, a 43.0% decrease from HKD 22.3 million as of December 31, 2024, mainly due to client fund withdrawals[42](index=42&type=chunk) [Asset Management Services](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%B3%87%E7%94%A2%E7%AE%A1%E7%90%86) Shengyuan Asset Management's assets under management decreased sharply to HKD 0.15 million following the termination of an overseas fund in July 2024 - Shengyuan Asset Management is licensed for Type 4 (advising on securities) and Type 9 (asset management) regulated activities[43](index=43&type=chunk) - **Total assets under management decreased sharply** from HKD 658.9 million as of June 30, 2024, to HKD 0.15 million as of June 30, 2025[44](index=44&type=chunk) - The decrease in AUM was primarily due to the **termination of an overseas fund in July 2024**[45](index=45&type=chunk) [Proprietary Trading](index=21&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E4%B9%8B%E7%B6%93%E7%87%9F%EF%BC%8D%E8%87%AA%E7%87%9F%E8%B2%B7%E8%B3%A3) The proprietary trading business, focused on the Hong Kong market, recorded a significantly lower profit of approximately HKD 2.1 million compared to the prior year - The proprietary trading business primarily invests in listed shares, corporate bonds, and private funds in the Hong Kong market[46](index=46&type=chunk) - **Proprietary trading profit was approximately HKD 2.1 million**, a significant decrease from HKD 19.7 million in the same period last year[46](index=46&type=chunk) [Prospects and Future Plans](index=21&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A6%8F%E5%8A%83) The Group maintains a cautiously optimistic outlook, focusing on enhancing its fund management platform, expanding services, and exploring fintech opportunities - The Group maintains a **cautiously optimistic outlook** for the second half of 2025 and beyond, continuing to follow a prudent strategy and monitor macroeconomic developments[47](index=47&type=chunk) - It will leverage Hong Kong's position as a financial hub in the Greater Bay Area to **strengthen cross-border cooperation** and expand its securities brokerage, asset management, and corporate finance services[47](index=47&type=chunk) - The management team is committed to enhancing the fund management platform, expanding discretionary account services, and actively researching fintech areas such as **Web 3.0, stablecoins, and virtual currencies**[48](index=48&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group's cash and cash equivalents stood at approximately HKD 25.8 million, with no borrowing debt and operations funded by internal cash flow - **Cash and cash equivalents were approximately HKD 25.8 million**, a decrease of about HKD 18.2 million from December 31, 2024[50](index=50&type=chunk) - **Net current assets stood at HKD 119.4 million**, with current assets of approximately HKD 139.4 million and current liabilities of approximately HKD 19.9 million[51](index=51&type=chunk) - The Group has **no borrowings or other debt**, making the gearing ratio not applicable, and funds its operations through internally generated cash flow[51](index=51&type=chunk) [Other Financial and Operational Information](index=23&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%A1%E5%8B%99%E5%8F%8A%E9%81%8B%E7%87%9F%E4%BF%A1%E6%81%AF) The Group's transactions are mainly in HKD, USD, and RMB, with 19 employees, and no significant contingent liabilities or pledged assets - The Group's transactions are mainly denominated in HKD, USD, and RMB, and it **does not have a foreign currency hedging policy**, but management monitors exchange rate fluctuations[52](index=52&type=chunk) - The Group's capital structure, comprising issued share capital and reserves, remained unchanged during the period[53](index=53&type=chunk)[54](index=54&type=chunk) - As of June 30, 2025, the Group had **no significant contingent liabilities or pledged assets**[55](index=55&type=chunk)[57](index=57&type=chunk) - The Group employed **19 employees**, maintained competitive remuneration policies, and provided regular training, but granted no share options during the period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - Neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities during the six months ended June 30, 2025[61](index=61&type=chunk) [Corporate Governance and Other Information](index=24&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) [Review of Interim Report](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A%E4%B9%8B%E5%AF%A9%E9%96%B1) The interim report for the period has been reviewed by Beijing Xinghua in accordance with Hong Kong Standard on Review Engagements 2410 - This interim report has been reviewed by **Beijing Xinghua** in accordance with Hong Kong Standard on Review Engagements 2410[62](index=62&type=chunk) - The interim report will be published on the websites of the company and the Stock Exchange and dispatched to shareholders in due course[62](index=62&type=chunk) [Audit Committee](index=25&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three non-executive directors with relevant financial expertise, has reviewed the Group's accounting principles and interim results - The Audit Committee is composed of Ms. Huang Qin (Chairlady), Mr. Zhang Jinfan, and Mr. Huang Shuanggang, all of whom are non-executive directors with appropriate professional qualifications and financial experience[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's accounting principles and practices, discussed internal control and financial reporting matters, and reviewed the interim results and unaudited financial statements for the period[63](index=63&type=chunk) [Corporate Governance](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company has complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the reporting period - The company is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[64](index=64&type=chunk) [Model Code for Securities Transactions by Directors](index=25&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%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code for securities transactions by directors and confirmed all directors' compliance during the period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for securities transactions by directors[65](index=65&type=chunk) - Following specific enquiry, all directors have confirmed their compliance with the required standards set out in the Model Code during the reporting period[65](index=65&type=chunk) [Board of Directors](index=25&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) As of the announcement date, the Board of Directors consists of two executive, one non-executive, and three independent non-executive directors - The Board of Directors comprises executive directors Mr. Zhou Quan and Mr. Zhao Yun, non-executive director Mr. Huang Shuanggang, and independent non-executive directors Mr. Zhang Jinfan, Ms. Huang Qin, and Mr. Kwok Yiu Lai[66](index=66&type=chunk)[68](index=68&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，概不會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。 （於百慕達註冊成立之有限公司） （股份代號：230） 截至二零二五年六月三十日止六個月之中期業績公告 未經審核中期業績 五礦地產有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司（「本集 團」）截至二零二五年六月三十日止六個月之未經審核中期業績，連同二零二四年同期之 比較數字。 中期簡明綜合損益表 中期簡明綜合財務狀況表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收入 | 4 | 1,976,005 | 5,023,251 | | 銷售成本 | | (1,752,319) | (4,648,058) | | 毛利 | | 223,686 | 375,193 | | ...

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。 ZONQING Environmental Limited 中庆環境股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1855） 截至二零二五年六月三十日止六個月之 未經審核中期業績公告 中庆環境股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月（「二零二五年上半 年」）之未經審核中期業績，連同截至二零二四年六月三十日止六個月（「二零二四 年上半年」）之比較數字。 1 綜合損益表 截至二零二五年六月三十日止六個月－未經審核 （以人民幣（「人民幣」）計值） | | | 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 | | 收益 | 3 | 761,932 | 775,648 | | 銷售成本 ...

鍋圈食品 ( 上海 ) 股份有限公司 INTERIM REPORT （於中華人民共和國註冊成立的股份有限公司） Stock Code 股份代號 : 2517 中期報告 2025 INTERIM REPORT GUOQUAN FOOD (SHANGHAI) CO., LTD. CONTENTS 目錄 page | | | 頁次 | | --- | --- | --- | | Corporate Profile | 公司介紹 | 2 | | Corporate Information | 公司資料 | 4 | | Definitions | 釋義 | 7 | | Business Review and Outlook | 業務回顧及展望 | 12 | | Management Discussion and Analysis | 管理層討論及分析 | 21 | | Corporate Governance and Other Information | 企業管治及其他資料 | 32 | | Independent Review Report | 獨立審閱報告 | 42 | | Interim Condensed C ...