[Announcement Overview](index=1&type=section&id=Announcement%20Overview) [Company Basic Information](index=1&type=section&id=Company%20Basic%20Information) This is the unaudited interim results announcement of TravelSky Technology Limited (Stock Code: 00696) for the six months ended June 30, 2025, prepared in accordance with China Accounting Standards for Business Enterprises - This announcement is the unaudited interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 3,894.5 million, with a net profit of RMB 1,448.8 million and basic earnings per share of RMB 0.49 Key Data from Consolidated Income Statement (For the six months ended June 30, 2025, RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 3,894,500 | 4,041,791 | | Total Operating Costs | 2,427,877 | 2,535,291 | | Operating Profit | 1,689,988 | 1,613,656 | | Profit Before Tax | 1,677,920 | 1,605,722 | | Net Profit | 1,448,783 | 1,376,815 | | Net Profit Attributable to Shareholders of the Parent Company | 1,447,651 | 1,367,221 | | Basic Earnings Per Share (RMB/Share) | 0.49 | 0.47 | | Diluted Earnings Per Share (RMB/Share) | 0.49 | 0.47 | - **Net profit attributable to shareholders of the parent company increased by 5.9%** year-on-year to RMB 1,447,651 thousand[3](index=3&type=chunk) [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets reached RMB 32,121.5 million, an increase of approximately 8.1% from the end of the previous year, with total liabilities at RMB 8,445.1 million Key Data from Consolidated Balance Sheet (As of June 30, 2025, RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 23,384,427 | 20,498,211 | | Total Non-current Assets | 8,737,037 | 9,196,434 | | Total Assets | 32,121,464 | 29,694,646 | | **Liabilities and Equity** | | | | Total Current Liabilities | 7,707,128 | 6,724,716 | | Total Non-current Liabilities | 737,944 | 72,944 | | Total Liabilities | 8,445,071 | 6,797,660 | | Total Equity | 23,676,393 | 22,896,986 | | Total Liabilities and Equity | 32,121,464 | 29,694,646 | - **Total assets increased by approximately 8.1%** compared to the end of the previous year[5](index=5&type=chunk)[6](index=6&type=chunk) - **Total current liabilities increased by 14.6%** year-on-year, while **total non-current liabilities surged by 911.7%**[7](index=7&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Basic Information of the Company](index=8&type=section&id=Basic%20Information%20of%20the%20Company) The company, incorporated in Beijing on October 18, 2000, provides IT services for the aviation industry, with its ultimate controlling entity being the State-owned Assets Supervision and Administration Commission of the State Council - The company was incorporated in Beijing on October 18, 2000, with a total issued share capital of 2,926,209,589 shares[9](index=9&type=chunk) - Principal activities include air passenger service processing, electronic travel distribution, airport passenger processing, air cargo data processing, and internet travel platform services[9](index=9&type=chunk) - The ultimate controlling entity is the State-owned Assets Supervision and Administration Commission of the State Council of the PRC[9](index=9&type=chunk) [Basis of Preparation of Financial Statements](index=8&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The interim results are prepared in accordance with China Accounting Standards for Business Enterprises on a going concern basis and comply with Hong Kong's disclosure requirements - The financial statements are prepared in accordance with the China Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC[11](index=11&type=chunk) - The statements comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Hong Kong Companies Ordinance[11](index=11&type=chunk) - The financial statements are prepared on a going concern basis[12](index=12&type=chunk) [Changes in Accounting Policies](index=9&type=section&id=Changes%20in%20Accounting%20Policies) There were no changes in accounting policies during the reporting period - There were no changes in accounting policies during the period[13](index=13&type=chunk) [Taxation](index=9&type=section&id=Taxation) The Group is subject to VAT, Urban Maintenance and Construction Tax, and Corporate Income Tax, enjoying a preferential rate of 15% as a "High and New Technology Enterprise" and a further reduced rate of 10% as a "Key Software Enterprise" Major Taxes and Tax Rates | Tax Type | Applicable Rate (%) | | :--- | :--- | | Value-added Tax (VAT) | 3.00–23.00 | | Urban Maintenance and Construction Tax | 5.00, 7.00 | | Corporate Income Tax | 8.25–25.00 | - The company is recognized as a "High and New Technology Enterprise" and is entitled to a **preferential Corporate Income Tax rate of 15%**, valid until 2025[15](index=15&type=chunk) - The company is recognized as a "Key Software Enterprise" and is entitled to a **further reduced preferential tax rate of 10%**, with the difference to be refunded subsequently[16](index=16&type=chunk) [Notes to Key Items in the Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Key%20Items%20in%20the%20Consolidated%20Financial%20Statements) This section details key financial statement items, including receivables, investments, payables, revenue composition, and earnings per share, providing comparative data against prior periods [Accounts Receivable](index=11&type=section&id=Accounts%20Receivable) As of June 30, 2025, total accounts receivable were RMB 5,331.2 million, with provisions for bad debts totaling RMB 930.1 million Aging Analysis of Accounts Receivable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year | 4,148,447 | 4,364,621 | | 1 to 2 years | 1,235,590 | 886,221 | | 2 to 3 years | 342,556 | 402,296 | | Over 3 years | 434,794 | 407,659 | | Subtotal | 6,261,288 | 6,060,796 | | Less: Provision for bad debts | 930,067 | 1,101,521 | | Total | 5,331,221 | 4,959,275 | Analysis of Accounts Receivable by Provision Method (As of period-end, RMB'000) | Category | Carrying Amount | Proportion (%) | Provision for Bad Debts | Provision Rate (%) | Book Value | | :--- | :--- | :--- | :--- | :--- | :--- | | Individually assessed | 871,967 | 13.93 | 589,703 | 67.63 | 282,264 | | Collectively assessed | 5,389,321 | 86.07 | 340,364 | 6.32 | 5,048,957 | | Total | 6,261,288 | 100.00 | 930,067 | | 5,331,221 | [Other Equity Instrument Investments](index=12&type=section&id=Other%20Equity%20Instrument%20Investments) The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million, designated as a financial asset at FVTOCI Details of Other Equity Instrument Investments (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | China Merchants Renhe Life Insurance Co, Ltd | 1,043,827 | 1,004,312 | | Total | 1,043,827 | 1,004,312 | - Holds a **13.26% equity interest** in China Merchants Renhe Life Insurance Co, Ltd, with a fair value of **RMB 1,043,827 thousand**[22](index=22&type=chunk) - The investment is designated as a financial asset at fair value through other comprehensive income (FVTOCI)[22](index=22&type=chunk) [Other Non-current Financial Assets](index=13&type=section&id=Other%20Non-current%20Financial%20Assets) The Group's investment in CMSC Equity Fund has a carrying amount of RMB 996.9 million, with a focus on the 5G and information communication industry chain Details of Other Non-current Financial Assets (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 996,867 | 1,017,412 | | Of which: Equity instrument investments | 996,867 | 1,017,412 | | Total | 996,867 | 1,017,412 | - This asset represents an investment in CMSC Equity Fund, with a paid-in capital of **RMB 852,175 thousand** and a carrying amount of **RMB 996,867 thousand**[23](index=23&type=chunk) - CMSC Equity Fund primarily invests in companies related to the 5G and information communication industry chain[23](index=23&type=chunk) [Accounts Payable](index=14&type=section&id=Accounts%20Payable) As of June 30, 2025, total accounts payable were RMB 2,209.3 million, a slight increase from the previous year-end, with balances aged within one year accounting for 60.5% Details of Accounts Payable (RMB'000) | Aging | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Within 1 year (inclusive) | 1,335,823 | 1,549,348 | | 1–2 years (inclusive) | 620,571 | 340,986 | | 2–3 years (inclusive) | 135,545 | 186,807 | | Over 3 years | 117,341 | 110,259 | | Total | 2,209,280 | 2,187,400 | [Contract Liabilities](index=14&type=section&id=Contract%20Liabilities) As of June 30, 2025, contract liabilities amounted to RMB 815.5 million, an increase of 26.3% from the previous year-end, primarily from system integration services Details of Contract Liabilities (RMB'000) | Item | Closing Balance | Prior Year-End Balance | | :--- | :--- | :--- | | Contracts for system integration services, etc | 815,475 | 645,608 | | Total | 815,475 | 645,608 | [Revenue and Cost of Sales](index=15&type=section&id=Revenue%20and%20Cost%20of%20Sales) For the six months ended June 30, 2025, the Group's revenue was RMB 3,894.5 million and cost of sales was RMB 1,606.5 million, with system integration service revenue declining significantly Revenue and Cost of Sales (RMB'000) | Item | Current Period Revenue | Current Period Cost | Prior Period Revenue | Prior Period Cost | | :--- | :--- | :--- | :--- | :--- | | Main business | 3,881,068 | 1,601,054 | 4,020,211 | 1,628,051 | | Other business | 13,431 | 5,472 | 21,581 | 6,072 | | Total | 3,894,500 | 1,606,526 | 4,041,791 | 1,634,123 | Breakdown of Revenue (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Aviation information technology services | 2,313,440 | 2,265,033 | | Settlement and clearing services | 312,470 | 277,972 | | System integration services | 418,355 | 679,849 | | Data network services | 189,533 | 216,410 | | Technical support and product revenue | 384,961 | 295,310 | | Other revenue | 275,742 | 307,218 | | Total | 3,894,500 | 4,041,791 | - **Revenue from system integration services decreased by 38.5% year-on-year**, mainly affected by the progress of project construction[25](index=25&type=chunk) [Investment Income](index=16&type=section&id=Investment%20Income) For the six months ended June 30, 2025, total investment income was RMB 28.7 million, a decrease from the prior period due to lower returns from trading financial assets Details of Investment Income (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income from long-term equity investments under the equity method | 11,043 | 2,121 | | Investment income from disposal of long-term equity investments | 115 | 7,673 | | Investment income from trading financial assets during the holding period | 8,859 | 29,540 | | Interest income from debt investments during the holding period | 8,697 | — | | Total | 28,714 | 39,335 | [Credit Impairment Losses](index=16&type=section&id=Credit%20Impairment%20Losses) For the six months ended June 30, 2025, credit impairment losses were RMB 176.5 million, a significant increase from the prior period mainly due to higher bad debt losses on accounts receivable Details of Credit Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Bad debt losses on notes receivable | 5,637 | 7,791 | | Bad debt losses on accounts receivable | 170,908 | 57,873 | | Total | 176,545 | 65,664 | [Asset Impairment Losses](index=17&type=section&id=Asset%20Impairment%20Losses) For the six months ended June 30, 2025, asset impairment losses amounted to RMB 2.1 million, primarily related to contract assets Details of Asset Impairment Losses (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Impairment losses on contract assets | 2,069 | –6,021 | | Total | 2,069 | –6,021 | [Earnings Per Share](index=17&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were RMB 0.49, an increase from RMB 0.47 in the prior period Earnings Per Share Calculation | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Profit (RMB'000) | 1,447,651 | 1,367,221 | | Number of shares ('000 shares) | 2,926,210 | 2,926,210 | | Earnings per share (basic and diluted) | 0.49 | 0.47 | [Dividend Distribution](index=17&type=section&id=Dividend%20Distribution) A final cash dividend of RMB 0.239 per share for 2024, totaling RMB 699.4 million, was approved and recorded as a distribution of retained earnings - The final cash dividend for 2024 was **RMB 0.239 per share** (tax inclusive), totaling **RMB 699,364 thousand**[28](index=28&type=chunk) - This dividend was recognized in shareholders' equity for the six months ended June 30, 2025, as a distribution of retained earnings[28](index=28&type=chunk) [Asset Disposal](index=18&type=section&id=Asset%20Disposal) For the six months ended June 30, 2025, the Group recorded a gain on asset disposal of RMB 2.7 million, mainly from the disposal of right-of-use assets - Gain on disposal of assets amounted to **RMB 2,734 thousand**[29](index=29&type=chunk) - This primarily includes a gain of RMB 2,770 thousand from the disposal of right-of-use assets (lease modification gain) and a loss of RMB 36 thousand from office and electronic equipment[29](index=29&type=chunk) [Supplementary Information to the Income Statement by Nature of Expense](index=18&type=section&id=Supplementary%20Information%20to%20the%20Income%20Statement%20by%20Nature%20of%20Expense) For the six months ended June 30, 2025, staff costs were RMB 968.2 million and depreciation and amortization were RMB 438.1 million, with system integration sales costs decreasing by 52.1% Expenses by Nature (RMB'000) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Staff costs | 968,206 | 937,785 | | Depreciation and amortization | 438,094 | 531,602 | | Cost of sales for integration business | 200,792 | 418,795 | | Technical support and maintenance fees | 285,498 | 286,074 | | Departure and distribution support fees | 307,218 | 303,275 | | Network usage fees | 42,631 | 44,190 | | Finance costs | –55,907 | –78,654 | | Other operating costs | 196,526 | 47,556 | | Total | 2,383,057 | 2,490,623 | - **Cost of sales for integration business decreased by 52.1%**, mainly affected by the progress of system integration projects[30](index=30&type=chunk) - **Depreciation and amortization decreased by 17.6%**, mainly because certain fixed assets and intangible assets were fully depreciated or amortized[30](index=30&type=chunk) [Business Review](index=19&type=section&id=Business%20Review) [Business Review for the First Half of 2025](index=19&type=section&id=Business%20Review%20for%20the%20First%20Half%20of%202025) In H1 2025, the Group capitalized on the civil aviation market recovery, advanced its core businesses, enhanced innovation, and strategically entered emerging industries like AI and the low-altitude economy - The civil aviation passenger market hit a new record high, with both domestic and international passenger volumes surpassing the same period in 2019[31](index=31&type=chunk) - The Electronic Travel Distribution (ETD) system processed approximately **370.7 million passengers** for domestic and foreign airlines, a **year-on-year increase of 5.3%**[32](index=32&type=chunk) - The settlement and clearing system handled approximately **628.4 million transactions**, up **3.7% year-on-year**, with settled revenue exceeding **RMB 35.61 billion**, a **20.0% increase**[34](index=34&type=chunk) - Actively participated in smart airport construction projects and promoted new-generation departure front-end systems, facial recognition travel platforms, and full-process baggage tracking systems[36](index=36&type=chunk) - Expanded value-added data center services, upgraded cargo terminal production systems, and developed applications for the "Aviation-Travel Chain" blockchain and digital RMB payments[37](index=37&type=chunk) - Ensured stable operation of mainframe and open platform systems with an availability rate exceeding **99.99%** and expanded data center resources[38](index=38&type=chunk) - Led research into AI applications for the civil aviation industry and actively developed the low-altitude economy sector, signing the first user for its collaborative platform[39](index=39&type=chunk) [Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) [Overview](index=23&type=section&id=Overview) In H1 2025, the Group's profit before tax grew 4.5% to RMB 1,677.9 million, and net profit attributable to shareholders rose 5.9% to RMB 1,447.7 million, driven by stable revenue growth and improved collections - **Profit before tax was RMB 1,677.9 million**, an increase of approximately **4.5%** compared to H1 2024[40](index=40&type=chunk) - **Net profit attributable to shareholders of the parent company was RMB 1,447.7 million**, an increase of approximately **5.9%** compared to H1 2024[40](index=40&type=chunk) - The profit growth was mainly attributable to stable revenue growth from aviation information technology services and improved collection of payments[40](index=40&type=chunk) [Total Revenue](index=23&type=section&id=Total%20Revenue) Total revenue for H1 2025 was RMB 3,894.5 million, a 3.6% decrease year-on-year, impacted by a significant 38.5% decline in system integration service revenue despite growth in other segments - **Total revenue was RMB 3,894.5 million**, a **year-on-year decrease of 3.6%**[41](index=41&type=chunk) Revenue Changes by Business Segment (RMB million) | Business Segment | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Aviation information technology services | 2,313.4 | 2,265.0 | +2.1% | | Settlement and clearing services | 312.5 | 278.0 | +12.4% | | System integration services | 418.4 | 679.8 | -38.5% | | Data network services | 189.5 | 216.4 | -12.4% | | Technical support and product revenue | 385.0 | 295.3 | +30.4% | | Other revenue | 275.7 | 307.2 | -10.2% | - The decrease in system integration service revenue was mainly affected by the progress of project construction[42](index=42&type=chunk) [Total Operating Costs](index=25&type=section&id=Total%20Operating%20Costs) Total operating costs for H1 2025 decreased by 4.2% to RMB 2,427.9 million, driven by a 52.1% reduction in integration business sales costs and a 17.6% drop in depreciation and amortization - **Total operating costs were RMB 2,427.9 million**, a **year-on-year decrease of 4.2%**[44](index=44&type=chunk) - **Credit impairment losses were RMB -176.5 million**, mainly due to improved payment collection from certain customers, resulting in a decrease in the provision for bad debts on accounts receivable[44](index=44&type=chunk) Changes in Major Cost Items | Cost Item | Change Rate | | :--- | :--- | | Staff costs | +3.2% | | Depreciation and amortization | -17.6% | | Cost of sales for integration business | -52.1% | | Technical support and maintenance fees | -0.2% | | Departure and distribution support fees | +1.3% | [Corporate Income Tax](index=26&type=section&id=Corporate%20Income%20Tax) The company accrued corporate income tax for H1 2025 at a preferential rate of 15% as a "High and New Technology Enterprise" and is eligible for a further reduced rate of 10% as a "Key Software Enterprise" - The company accrued corporate income tax for H1 2025 at a **preferential rate of 15%** due to its "High and New Technology Enterprise" status[46](index=46&type=chunk) - The company has been recognized as a "Key Software Enterprise" from 2006 to 2024, entitling it to a **10% preferential tax rate**, with the difference to be refunded subsequently[46](index=46&type=chunk) [Net Profit Attributable to Shareholders of the Parent Company](index=26&type=section&id=Net%20Profit%20Attributable%20to%20Shareholders%20of%20the%20Parent%20Company) Net profit attributable to shareholders of the parent company increased by RMB 80.4 million, from RMB 1,367.2 million in H1 2024 to RMB 1,447.7 million in H1 2025 - Net profit attributable to shareholders of the parent company **increased by RMB 80.4 million year-on-year** to **RMB 1,447.7 million**[48](index=48&type=chunk) [Liquidity and Capital Structure](index=27&type=section&id=Liquidity%20and%20Capital%20Structure) [Liquidity and Capital Structure](index=27&type=section&id=Liquidity%20and%20Capital%20Structure) In H1 2025, the Group generated a net cash inflow from operating activities of RMB 1,314.8 million, holding cash and cash equivalents of RMB 6,621.2 million against total borrowings of RMB 1,396.1 million - **Net cash inflow from operating activities was RMB 1,314.8 million**[49](index=49&type=chunk) - **Total borrowings amounted to RMB 1,396.1 million**, comprising short-term bank loans of RMB 924.6 million and entrusted loans of RMB 471.5 million[49](index=49&type=chunk) - **Cash and cash equivalents stood at RMB 6,621.2 million**, of which 95.3% was denominated in RMB[49](index=49&type=chunk) [Restricted Bank Deposits](index=27&type=section&id=Restricted%20Bank%20Deposits) As of June 30, 2025, restricted bank deposits totaled RMB 1,821.6 million, primarily consisting of provisions for customers' payments used as performance guarantees for settlement-related businesses - Restricted bank deposits amounted to **RMB 1,821.6 million**, of which **RMB 1,794.3 million** was provisions for customers' payments[50](index=50&type=chunk) - These funds are mainly held in designated accounts as performance guarantees for settlement-related businesses[50](index=50&type=chunk) [Entrusted Deposits and Irrecoverable Overdue Time Deposits](index=27&type=section&id=Entrusted%20Deposits%20and%20Irrecoverable%20Overdue%20Time%20Deposits) As of June 30, 2025, the Group had no entrusted deposits or irrecoverable overdue time deposits - The Group had no entrusted deposits or irrecoverable overdue time deposits[51](index=51&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The Group's foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies, with potential impacts from RMB exchange rate fluctuations - Foreign exchange risk arises from commercial transactions and assets and liabilities denominated in foreign currencies[52](index=52&type=chunk) - Fluctuations in the exchange rate of RMB against foreign currencies may affect operating results[52](index=52&type=chunk) [Investment in Financial Assets](index=27&type=section&id=Investment%20in%20Financial%20Assets) The Group prudently invests in principal-protected wealth management products with returns higher than bank deposit rates, including structured deposits, certificates of deposit, and equity funds - The Group's fund management strategy typically involves selecting principal-protected wealth management products with interest rates higher than bank deposits to maximize returns[53](index=53&type=chunk) [Trading Financial Assets](index=28&type=section&id=Trading%20Financial%20Assets) As of June 30, 2025, the Group held structured bank deposits totaling RMB 6,000 million with annual interest rates ranging from 0.45% to 2.30% - Held structured bank deposits totaling **RMB 6,000 million**, with annual interest rates of **0.45%–2.30%** and tenors of 92 to 186 days[54](index=54&type=chunk) [Financial Assets at Amortized Cost](index=28&type=section&id=Financial%20Assets%20at%20Amortized%20Cost) As of June 30, 2025, the Group held certificates of deposit totaling RMB 670 million and reverse repurchase agreements of RMB 1,000 million - Held certificates of deposit totaling **RMB 670 million**, with annual interest rates of **1.75%–3.10%** and tenors of 365 to 1,097 days[55](index=55&type=chunk) - Held reverse repurchase agreements of **RMB 1,000 million** with an annualized interest rate of **1.66%** and a tenor of 28 days[55](index=55&type=chunk) [Financial Assets at Fair Value through Other Comprehensive Income](index=28&type=section&id=Financial%20Assets%20at%20Fair%20Value%20through%20Other%20Comprehensive%20Income) The Group holds a 13.26% stake in China Merchants Renhe Life Insurance, with a fair value of RMB 1,043.8 million as of June 30, 2025 Investment in China Merchants Renhe Life Insurance (RMB'000) | Investment Name | Shareholding (%) | Fair Value as at June 30, 2025 | Fair Value as at Dec 31, 2024 | Gain for the six months ended June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | China Merchants Renhe Life | 13.26 | 1,043,827 | 1,004,312 | 39,515 | - China Merchants Renhe Life Insurance recorded a **profit of RMB 173.33 million** in H1 2025[57](index=57&type=chunk) - The insurer will continue to promote product transformation and strengthen asset-liability management around its strategic initiatives[59](index=59&type=chunk) [Financial Assets at Fair Value through Profit or Loss](index=30&type=section&id=Financial%20Assets%20at%20Fair%20Value%20through%20Profit%20or%20Loss) The Group has made a capital contribution of RMB 852.2 million to the CMSC Equity Fund, which invests in the 5G industry and information communication supply chain - A capital contribution of **RMB 852.2 million** has been made to the CMSC Equity Fund[60](index=60&type=chunk) - The CMSC Equity Fund primarily invests in companies related to 5G industry applications and the information communication industry chain[60](index=60&type=chunk) [Pledge of Assets](index=31&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledged assets - The Group had no pledged assets[61](index=61&type=chunk) [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - The Group had no material contingent liabilities[62](index=62&type=chunk) [Gearing Ratio](index=31&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was 26.3%, an increase from 22.9% at the end of 2024 - The gearing ratio was **26.3%** (December 31, 2024: 22.9%)[63](index=63&type=chunk) [Progress in Data Resource Capitalization](index=31&type=section&id=Progress%20in%20Data%20Resource%20Capitalization) During the period, the Group did not recognize any new data resources as intangible assets, with the existing balance reported at RMB 20.2 million - No new data resources were recognized as intangible assets during the period[64](index=64&type=chunk) - The financial statements report "Intangible assets – of which: data resources" at **RMB 20.2 million**[64](index=64&type=chunk) [Significant Investment or Financing Plans](index=31&type=section&id=Significant%20Investment%20or%20Financing%20Plans) The Group had no significant acquisitions, disposals, or investment plans as of June 30, 2025, with capital expenditure in H1 2025 totaling RMB 133.8 million - As of June 30, 2025, the Group had no significant acquisitions, disposals, or plans for major investments or capital asset purchases[65](index=65&type=chunk) - Total capital expenditure for H1 2025 was **RMB 133.8 million** (H1 2024: RMB 141.5 million)[65](index=65&type=chunk) - Capital expenditure commitments amounted to approximately **RMB 1,518.7 million**, mainly for operations, system maintenance, and R&D upgrades[65](index=65&type=chunk) [Employees](index=32&type=section&id=Employees) As of June 30, 2025, the Group had 6,740 employees, with staff costs for H1 2025 amounting to RMB 968.2 million, representing 39.9% of total operating costs - As of June 30, 2025, the Group had a total of **6,740 employees**[67](index=67&type=chunk) - Staff costs for H1 2025 were approximately **RMB 968.2 million**, accounting for about **39.9% of total operating costs**[67](index=67&type=chunk) - Total enterprise annuity expenses were approximately **RMB 47.3 million** (H1 2024: RMB 40.9 million)[67](index=67&type=chunk) [Subsequent Events](index=32&type=section&id=Subsequent%20Events) [Subsequent Events](index=32&type=section&id=Subsequent%20Events) In July and August 2025, the company received a tax refund of RMB 89.7 million related to its "Key Software Enterprise" status, with no other significant events to disclose - In July and August 2025, the company received a tax refund of **RMB 89.7 million** related to its "Key Software Enterprise" status[68](index=68&type=chunk) - There were no other significant events to disclose from June 30, 2025, to the date of this announcement[68](index=68&type=chunk) [Outlook and Dividend Policy](index=33&type=section&id=Outlook%20and%20Dividend%20Policy) [Outlook for the Second Half of 2025](index=33&type=section&id=Outlook%20for%20the%20Second%20Half%20of%202025) For H2 2025, the Group will focus on high-quality development, technology-led innovation, strengthening its industrial position, and accelerating its layout in strategic emerging industries - In H2, the focus will be on high-quality development, strengthening technology-led innovation, and enhancing industrial control capabilities[69](index=69&type=chunk) - The Group will accelerate its layout in strategic emerging industries, cultivate new quality productive forces, and consolidate its core business advantages[69](index=69&type=chunk) [Interim Dividend](index=33&type=section&id=Interim%20Dividend) The Board of Directors has recommended not to declare an interim dividend for the first half of 2025 - The Board of Directors recommended **no interim dividend** for the first half of 2025[70](index=70&type=chunk) [Purchase, Sale or Redemption of Securities](index=33&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Securities) The company and its subsidiaries did not purchase, sell, or redeem any of its listed securities during the first half of 2025 and held no treasury shares - In H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[71](index=71&type=chunk) - As of June 30, 2025, the company did not hold any treasury shares[71](index=71&type=chunk) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company adheres to high standards of corporate governance but has two deviations from the code provisions: the concurrent roles of Chairman and CEO and a delayed board election - The company has adopted the code provisions in the Corporate Governance Code and Corporate Governance Report in Appendix C1 to the Listing Rules[72](index=72&type=chunk) - **Deviation from code provision C.2.1**: The roles of Chairman and Chief Executive Officer are held by the same individual as a transitional arrangement[72](index=72&type=chunk) - **Deviation from code provision B.2.2**: The re-election of the Board of Directors has been postponed but will not affect normal operations[73](index=73&type=chunk) - Apart from the above deviations, the company fully complied with all other code provisions during H1 2025[73](index=73&type=chunk) [Audit and Risk Management Committee (Supervisory Committee)](index=35&type=section&id=Audit%20and%20Risk%20Management%20Committee%20(Supervisory%20Committee)) The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and discussed related matters - The Audit and Risk Management Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[75](index=75&type=chunk) - The committee discussed matters including internal control, risk management, and financial reporting[75](index=75&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) [Publication of Interim Results on the Internet](index=35&type=section&id=Publication%20of%20Interim%20Results%20on%20the%20Internet) This results announcement is available on the websites of Hong Kong Exchanges and Clearing Limited and the company - This results announcement is available on the website of Hong Kong Exchanges and Clearing Limited (www.hkexnews.hk) and the company's website (www.travelskyir.com)[76](index=76&type=chunk) [Board of Directors](index=35&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises one executive director, three non-executive directors, three independent non-executive directors, and one employee representative director - Executive Director: Mr. Huang Rongshun (Chairman)[78](index=78&type=chunk) - Non-executive Directors: Mr. Sun Yuquan, Mr. Qu Guangji, and Ms. He Xiaoqun[78](index=78&type=chunk) - Independent Non-executive Directors: Mr. Liu Zehong, Mr. Chan Wing Tak, and Mr. Xu Hongzhi[78](index=78&type=chunk) - Employee Representative Director: Ms. Liang Shuang[77](index=77&type=chunk)

Announcements and Disclaimers [HKEX and Stock Exchange Disclaimer](index=1&type=section&id=%E9%A6%99%E6%B8%AF%E4%BA%A4%E6%98%93%E6%89%80%E5%8F%8A%E8%81%AF%E4%BA%A4%E6%89%80%E5%85%8D%E8%B2%AC%E8%81%B2%E6%98%8E) The HKEX and the Stock Exchange disclaim responsibility for the announcement's content, accuracy, or completeness, and any losses incurred from reliance on it - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement[1](index=1&type=chunk) [Company Information and Announcement Purpose](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF%E5%8F%8A%E5%85%AC%E5%91%8A%E7%9B%AE%E7%9A%84) Jimu Group Limited (Stock Code: 8187) announces its unaudited consolidated financial results for the six months ended June 30, 2025, in compliance with GEM Listing Rules - Jimu Group Limited (Stock Code: **8187**) announces its unaudited consolidated financial results for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - This announcement complies with the relevant requirements for preliminary announcements of interim results under the GEM Listing Rules of The Stock Exchange of Hong Kong Limited[3](index=3&type=chunk) [GEM Market Characteristics and Risk Warning](index=2&type=section&id=GEM%E5%B8%82%E5%A0%B4%E7%89%B9%E8%89%B2%E5%8F%8A%E9%A2%A8%E9%9A%AA%E6%8F%90%E7%A4%BA) The GEM market, designed for SMEs, carries higher investment risks, potential for significant stock price volatility, and no guarantee of liquidity; the Board confirms report accuracy - The GEM market is positioned for small and medium-sized companies, carrying higher investment risks, potential for significant stock price volatility, and no guarantee of high liquidity[6](index=6&type=chunk) - The Directors confirm that the information contained in this report is accurate and complete in all material aspects, without any misleading or fraudulent content[6](index=6&type=chunk) Condensed Consolidated Financial Statements [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=%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 grew significantly by 167.8% to HKD 14,358 thousand, but loss for the period expanded to HKD 3,932 thousand, with basic loss per share of HKD 0.026 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,358 | 5,361 | 167.8% | | Cost of inventories sold | (8,852) | (3,059) | 189.4% | | Loss before tax | (3,932) | (3,410) | 15.3% | | Loss and total comprehensive expenses for the period | (3,932) | (3,410) | 15.3% | | Basic and diluted loss per share (HKD) | (0.026) | (0.031) | -16.1% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%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, total assets were HKD 20,640 thousand, and net assets were HKD 12,220 thousand, with net current assets decreasing from HKD 14,400 thousand to HKD 10,144 thousand Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 2,715 | 2,545 | 6.7% | | Current assets | 17,925 | 21,486 | -16.6% | | Current liabilities | 7,781 | 7,086 | 9.8% | | Net current assets | 10,144 | 14,400 | -29.5% | | Net assets | 12,220 | 16,152 | -24.3% | | Total equity | 12,220 | 16,152 | -24.3% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2025, total equity was HKD 12,220 thousand, a decrease of HKD 3,932 thousand from the beginning of the year, primarily due to the loss for the period Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (HKD thousand) | June 30, 2025 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Total equity | 16,152 | 12,220 | (3,932) | | Loss and total comprehensive expenses for the period | - | (3,932) | (3,932) | [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash from operating activities was HKD 6,864 thousand, with a net increase in cash and cash equivalents of HKD 5,743 thousand, bringing period-end bank balances and cash to HKD 10,782 thousand Condensed Consolidated Statement of Cash Flows | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | Change (HKD thousand) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | 6,864 | 5,345 | 1,519 | | Net cash used in investing activities | (400) | (964) | 564 | | Net cash used in financing activities | (721) | (4,771) | 4,050 | | Net increase/(decrease) in cash and cash equivalents | 5,743 | (390) | 6,133 | | Cash and cash equivalents at end of period | 10,782 | 1,092 | 9,690 | Notes to the Condensed Consolidated Financial Statements [General Information](index=7&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Jimu Group Limited is an investment holding company incorporated in the Cayman Islands, primarily engaged in trading footwear, apparel, and sports-related peripheral products, with shares listed on GEM - The Company is an investment holding company primarily engaged in the trading of footwear, apparel, and sports-related peripheral products[14](index=14&type=chunk) - The Company's shares are listed on the GEM of The Stock Exchange of Hong Kong Limited[13](index=13&type=chunk) [Basis of Preparation](index=7&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) These interim financial statements are prepared in accordance with HKAS 34 and Chapter 18 of the GEM Listing Rules, unaudited by external auditors but reviewed by the Audit Committee - The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and Chapter 18 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited[16](index=16&type=chunk) - The unaudited condensed consolidated financial statements have not been audited by the Company's auditor but have been reviewed by the Company's Audit Committee[17](index=17&type=chunk) [Principal Accounting Policies](index=8&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The accounting policies adopted for these interim financial statements are consistent with the prior year, and newly adopted HKFRSs have no significant impact on the Group's results or financial position - The accounting policies adopted in the preparation of the interim unaudited condensed consolidated financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024[18](index=18&type=chunk) - The adoption of new/revised HKFRSs has no significant impact on the Group's results and financial position for the current and prior periods[19](index=19&type=chunk) [Revenue](index=8&type=section&id=%E6%94%B6%E5%85%A5) For the six months ended June 30, 2025, the Group's entire revenue of HKD 14,358 thousand was derived from trading footwear, apparel, and sports-related peripheral products, representing significant growth year-on-year Revenue by Source | Revenue Source | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trading of footwear, apparel and sports-related peripheral products | 14,358 | 5,361 | [Segment Information](index=9&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates solely in one reportable and operating segment: footwear, apparel, and sports-related peripheral products, with all revenue primarily from Hong Kong and no longer from Canada - The Group has only one reportable and operating segment, which is the footwear, apparel, and sports-related peripheral products business[22](index=22&type=chunk) Revenue by Geographical Location | Region | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Hong Kong | 14,358 | 5,060 | | Canada | – | 301 | | **Total** | **14,358** | **5,361** | Non-current Assets by Geographical Location | Location of Non-current Assets | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Hong Kong | 2,478 | 2,308 | [Income Tax Expense](index=10&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) No Hong Kong profits tax provision was made for the six months ended June 30, 2025, and 2024, as the Group had no assessable profits during these periods - No provision for Hong Kong profits tax has been made in the unaudited condensed consolidated financial statements as the Group had no assessable profits for the six months ended June 30, 2025, and June 30, 2024[29](index=29&type=chunk) [Loss for the Period](index=11&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) The loss for the period was primarily influenced by the cost of inventories sold, employee costs (salaries, allowances, retirement benefits), and depreciation expenses (plant and equipment, right-of-use assets) Components of Loss for the Period | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Cost of inventories sold | 8,852 | 3,059 | | Total employee costs | 3,327 | 2,462 | | Total depreciation | 840 | 1,045 | | Expenses related to short-term leases | 730 | 115 | [Dividends](index=11&type=section&id=%E8%82%A1%E6%81%AF) The Company's directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed during the current interim period and prior interim period[32](index=32&type=chunk) [Loss Per Share](index=12&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, both basic and diluted loss per share were HKD 0.026, with diluted loss being the same due to the anti-dilutive nature of share options Loss Per Share Calculation | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | | :--- | :--- | :--- | | Loss for the purpose of calculating basic loss per share | (3,932) | (3,410) | | Weighted average number of ordinary shares for calculating basic loss per share (thousand shares) | 151,684 | 108,345 | - Basic and diluted loss per share for the six months ended June 30, 2025, and June 30, 2024, were the same because the exercise of share options would decrease the loss per share, thus having an anti-dilutive effect[34](index=34&type=chunk) [Movements in Property, Plant and Equipment and Right-of-Use Assets](index=13&type=section&id=%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E4%BB%A5%E5%8F%8A%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E8%AE%8A%E5%8B%95) For the six months ended June 30, 2025, the Group acquired approximately HKD 401 thousand in property, plant and equipment and HKD 609 thousand in right-of-use assets, incurring corresponding depreciation expenses Asset Movements | Asset Category | Acquisition Cost (HKD thousand) | Depreciation Expense (HKD thousand) | | :--- | :--- | :--- | | Property, plant and equipment (June 30, 2025) | 401 | 197 | | Property, plant and equipment (December 31, 2024) | 965 | - | | Right-of-use assets (June 30, 2025) | 609 | 643 | | Right-of-use assets (December 31, 2024) | 1,736 | - | [Inventories](index=13&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, merchandise inventories of footwear, apparel, and sports-related peripheral products for resale significantly decreased to HKD 6,004 thousand from HKD 13,163 thousand at December 31, 2024 Inventories | Inventory Category | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Merchandise of footwear, apparel and sports-related peripheral products for resale | 6,004 | 13,163 | -54.4% | [Trade Receivables](index=14&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) As of June 30, 2025, trade receivables (net of impairment losses) were zero, primarily due to an impairment provision of HKD 2,175 thousand for expected credit losses Trade Receivables | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 2,175 | 2,126 | | Less: Impairment loss under expected credit loss model | (2,175) | – | | **Net amount** | **–** | **2,126** | - The Group grants credit terms ranging from **30 to 60 days** to its customers for sales of footwear, apparel, and sports-related peripheral products[37](index=37&type=chunk) Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Over 90 days | – | 2,126 | [Other Receivables, Prepayments and Deposits](index=15&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%8C%89%E9%87%91) As of June 30, 2025, the total of other receivables, prepayments, and deposits was HKD 1,139 thousand, a slight decrease from HKD 1,158 thousand at December 31, 2024 Other Receivables, Prepayments and Deposits | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Other receivables (net of provision) | 401 | 383 | | Prepayments | 139 | 186 | | Lease deposits | 642 | 642 | | Other deposits | 194 | 184 | | Less: Lease deposits shown under non-current assets | (237) | (237) | | **Total** | **1,139** | **1,158** | [Trade Payables](index=15&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E8%B3%AC%E6%AC%BE) As of June 30, 2025, total trade payables increased to HKD 3,072 thousand from HKD 2,415 thousand at December 31, 2024, with credit terms ranging from 0 to 60 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | 0 to 30 days | 578 | 54 | | 31 to 60 days | 88 | – | | 61 to 90 days | 82 | – | | Over 90 days | 2,324 | 2,361 | | **Total** | **3,072** | **2,415** | - The credit period for purchases of goods ranges from **0 to 60 days**[40](index=40&type=chunk) [Other Payables and Accruals](index=16&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E8%A8%88%E8%B2%BB%E7%94%A8) As of June 30, 2025, total other payables and accruals were HKD 3,681 thousand, a slight decrease from HKD 3,777 thousand at December 31, 2024 Other Payables and Accruals | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Accrued staff wages | 760 | 463 | | Accrued expenses | 343 | 960 | | Other taxes payable | 1,239 | 1,220 | | Other payables | 1,339 | 1,134 | | **Total** | **3,681** | **3,777** | [Share Capital](index=16&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the Company's issued and fully paid share capital remained at HKD 30,337 thousand, comprising 151,683,840 shares, consistent with the capital structure after the 2024 share placement Share Capital | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Authorized ordinary shares (HKD thousand) | 100,000 | 100,000 | | Issued and fully paid shares (HKD thousand) | 30,337 | 30,337 | | Number of issued shares (shares) | 151,683,840 | 151,683,840 | - The placing of **43,338,240 new shares** was completed on October 31, 2024, with net proceeds of approximately **HKD 10,200,000**, increasing share capital by **HKD 8,668,000** and share premium by approximately **HKD 1,580,000**[42](index=42&type=chunk) [Share Option Scheme](index=17&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company adopted a share option scheme in 2016 to reward eligible individuals; as of June 30, 2025, 807,886 share options remained unexercised at an exercise price of HKD 0.37 per share, with no cancellations or exercises during the period - The Company adopted a share option scheme (the "2016 Scheme") to grant share options to eligible persons as a reward for their contributions[43](index=43&type=chunk) Share Options Outstanding | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of share options outstanding at period/year-end | 807,886 | 807,886 | | Weighted average exercise price (HKD per share) | 0.37 | 0.37 | - No share options were cancelled or exercised during the six months ended June 30, 2025, and June 30, 2024[51](index=51&type=chunk) [Fair Value Measurement of Financial Instruments](index=19&type=section&id=%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F) The Directors believe that the carrying amounts of the Group's financial assets and liabilities recorded at amortized cost in the unaudited condensed consolidated financial statements approximate their fair values - The Directors are of the opinion that the carrying amounts of these financial assets and financial liabilities recorded at amortized cost in the unaudited condensed consolidated financial statements approximate their fair values[52](index=52&type=chunk) [Related Party Disclosures](index=19&type=section&id=%E9%97%9C%E8%81%AF%E6%96%B9%E6%8A%AB%E9%9C%B2) The Group's key management comprises all executive directors, whose remuneration is determined by the Remuneration Committee based on individual and Group performance, industry standards, and market conditions - The Group's key management comprises all executive directors of the Company, whose remuneration details are disclosed in Note 7[53](index=53&type=chunk) - The remuneration of executive directors is determined by the Company's Remuneration Committee based on individual performance, the Group's performance and profitability, industry remuneration standards, and prevailing market conditions[53](index=53&type=chunk) Management Discussion and Analysis [Business Review and Outlook](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) The Group primarily engages in footwear, apparel, and sports-related peripheral products, expanding retail through physical stores and wholesale, expecting positive revenue effects in H2 2025 from Hong Kong's event economy - The Group is engaged in the business of footwear, apparel, and sports-related peripheral products, continuously expanding its retail business through physical stores while strategically seeking wholesale opportunities[55](index=55&type=chunk)[56](index=56&type=chunk) - The Hong Kong government's development of a mega-event economy creates a positive environment for the sports trade industry, and the Group's business is expected to benefit from this trend, achieving positive revenue effects in the second half of 2025[56](index=56&type=chunk) [Footwear, Apparel and Sports-related Peripheral Products Business](index=20&type=section&id=%E9%9E%8B%E6%9C%8D%E5%8F%8A%E9%81%8B%E5%8B%95%E7%9B%B8%E9%97%9C%E9%80%B1%E9%82%8A%E7%94%A2%E5%93%81%E6%A5%AD%E5%8B%99) The Group's business involves sourcing, retail, and marketing of footwear, printed apparel, sportswear, and other sports-related peripheral products in Hong Kong, with significant revenue growth from a new wholesale contract - The Group is engaged in the sourcing, retail, and marketing of footwear, printed apparel, sportswear, and other sports-related peripheral products in Hong Kong[56](index=56&type=chunk) - In the first half of 2025, the Group successfully signed a wholesale contract with an independent distributor, significantly boosting the Group's revenue[56](index=56&type=chunk) [Financial Review](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's revenue significantly increased by 166.7% during the reporting period, mainly due to wholesale business expansion, but loss for the period widened due to higher employee benefits, new store openings, and impairment of trade receivables [Revenue](index=21&type=section&id=%E6%94%B6%E7%9B%8A) Revenue for the period saw a substantial increase, primarily driven by the expansion of the wholesale business Revenue | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,400 | 5,400 | 166.7% | - The increase in revenue was primarily due to the expansion of the wholesale business[59](index=59&type=chunk) [Cost of Inventories Sold](index=21&type=section&id=%E5%B7%B2%E5%94%AE%E5%AD%98%E8%B2%A8%E6%88%90%E6%9C%AC) The cost of inventories sold increased significantly in line with the substantial growth in revenue Cost of Inventories Sold | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 8,900 | 3,100 | 187.1% | [Employee Benefit Expenses](index=21&type=section&id=%E5%83%B1%E5%93%A1%E7%A6%8F%E5%88%A9%E9%96%8B%E6%94%AF) Employee benefit expenses increased due to the opening of more retail stores and the hiring of additional senior employees during the reporting period Employee Benefit Expenses | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Employee benefit expenses | 3,300 | 2,500 | 32.0% | - The increase in employee benefit expenses was due to the opening of more retail stores and the hiring of more senior employees during the reporting period[61](index=61&type=chunk) [Other Operating Expenses](index=21&type=section&id=%E5%85%B6%E4%BB%96%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Other operating expenses increased, primarily attributable to the opening of two additional stores during the reporting period Other Operating Expenses | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other operating expenses | 3,900 | 3,000 | 30.0% | - The increase in other operating expenses was due to the opening of two additional stores during the reporting period[62](index=62&type=chunk) [Finance Costs](index=22&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs decreased, mainly because no additional loan interest was incurred for the six months ended June 30, 2025 Finance Costs | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 98 | 182 | -46.2% | - The decrease in finance costs was mainly due to no further loan interest being incurred for the six months ended June 30, 2025[63](index=63&type=chunk) [Loss for the Period](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) The loss for the period increased due to higher employee benefits from wholesale expansion, increased operating expenses from new stores, and an impairment loss of approximately HKD 2,200 thousand on trade receivables Loss for the Period | Indicator | June 30, 2025 (HKD thousand) | June 30, 2024 (HKD thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the period | (3,900) | (3,400) | 14.7% | - The increase in loss was mainly due to increased employee benefit expenses from wholesale business expansion, increased other operating expenses from new store openings, and an impairment loss on trade receivables of approximately **HKD 2,200 thousand** recognized under the expected credit loss model[64](index=64&type=chunk) [Liquidity, Financial and Capital Structure](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Group's total borrowings were approximately HKD 1,700 thousand, with a gearing ratio of 8.3%, net current assets of HKD 10,100 thousand, and a current ratio of approximately 2.3 times, maintaining a prudent financial policy Liquidity, Financial and Capital Structure | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total borrowings | HKD 1,700 thousand | HKD 1,700 thousand | No change | | Gearing ratio | 8.3% | 7.1% | Increase of 1.2 percentage points | | Net current assets | HKD 10,100 thousand | HKD 14,400 thousand | Decrease of HKD 4,300 thousand | | Current ratio | 2.3 times | 3.0 times | Decrease of 0.7 times | - The Group's operations are primarily financed by revenue generated from its business operations, available bank balances and cash, and interest-bearing borrowings[66](index=66&type=chunk) [2024 Placing](index=24&type=section&id=2024%20Placing) The Company completed a placing of 43,338,240 new shares at HKD 0.25 per share on October 31, 2024, raising net proceeds of approximately HKD 10,200 thousand for loan repayment and business operations - The Company completed the placing of **43,338,240 new shares** at a placing price of **HKD 0.25 per share** on October 31, 2024[67](index=67&type=chunk) Use of Proceeds from 2024 Placing | Purpose | Net Proceeds (HKD thousand) | Utilized as of Dec 31, 2024 (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | Unutilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Repayment of loans | 2,700 | (2,700) | – | – | | Business operations | 7,500 | (3,346) | (4,154) | – | | **Total** | **10,200** | **(6,046)** | **(4,154)** | **–** | [2024 Subscription](index=24&type=section&id=2024%20Subscription) The Company's 2024 subscription agreement with China Mining United Holdings Group Limited was terminated on May 30, 2025, after multiple extensions, due to the subscriber needing more time to meet compliance requirements - The Company's 2024 subscription agreement with China Mining United Holdings Group Limited was terminated on **May 30, 2025**, after multiple extensions[69](index=69&type=chunk)[70](index=70&type=chunk) - The termination was due to the subscriber requiring more time to satisfy applicable compliance requirements[70](index=70&type=chunk) [Pledge of Assets](index=25&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had not pledged any assets to secure other borrowings - As of June 30, 2025, the Group had not pledged any assets to secure other borrowings of the Group[72](index=72&type=chunk) [Exchange Rate Risk](index=25&type=section&id=%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group's revenue, costs, and expenses are denominated in HKD and CAD, and management believes there is no significant foreign exchange risk, with no financial instruments used for hedging - The Group's revenue, costs, and expenses are denominated in **HKD** and **CAD**, and management believes there is no significant foreign exchange risk[73](index=73&type=chunk) - As of June 30, 2025, the Group did not use any financial instruments to hedge foreign exchange risk[73](index=73&type=chunk) [Future Plans for Material Investments and Capital Assets](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E4%B9%8B%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) As of the six months ended June 30, 2025, the Group currently has no other material investment plans - As of the six months ended June 30, 2025, the Group currently has no other material investment plans[74](index=74&type=chunk) [Contingent Liabilities](index=26&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[75](index=75&type=chunk) [Capital Commitments](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no material capital commitments - As of June 30, 2025, the Group had no material capital commitments[76](index=76&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%87%91%E6%94%BF%E7%AD%96) As of June 30, 2025, the total number of employees decreased to 22; the Group offers competitive remuneration, including internal promotion, share options, and performance bonuses, to attract and retain talent Employee Headcount | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total number of employees | 22 | 24 | Decrease of 2 employees | - The Group provides competitive remuneration packages to its employees, including internal promotion opportunities, share options, and performance bonuses, to attract, develop, and retain highly capable employees[77](index=77&type=chunk) [Material Investments Held](index=26&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) For the six months ended June 30, 2025, the Group held no material investments - For the six months ended June 30, 2025, the Group held no material investments[78](index=78&type=chunk) [Material Acquisitions or Disposals](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E6%88%96%E5%87%BA%E5%94%AE) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and associated companies - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and associated companies[79](index=79&type=chunk) [Compliance with Corporate Governance Code](index=26&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules, except for the vacant Chairman position; Mr. Zhou Yifeng was appointed CEO - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the GEM Listing Rules, except for the position of Chairman which has remained vacant[80](index=80&type=chunk)[81](index=81&type=chunk) - Mr. Zhou Yifeng was appointed as the Chief Executive Officer of the Company with effect from November 12, 2024[81](index=81&type=chunk) [Code of Conduct for Directors' Securities Transactions](index=27&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%9B%B8%E9%97%9C%E4%B9%8B%E6%93%8D%E5%AE%88%E5%AE%88%E5%89%87) The Group adopted the required dealing standards from the GEM Listing Rules as its code of conduct for directors' securities transactions, with all directors confirming compliance during the review period - The Group has adopted the required dealing standards set out in Rules 5.48 to 5.67 of the GEM Listing Rules as its code of conduct for directors' securities transactions in the Company's shares[83](index=83&type=chunk) - Following specific enquiry with all Directors, all Directors have confirmed that they have complied with the required dealing standards and the code of conduct for directors' securities transactions during the review period[83](index=83&type=chunk) [Interests in Competing Business](index=27&type=section&id=%E6%96%BC%E7%AB%B6%E7%88%AD%E6%A5%AD%E5%8B%99%E4%B9%8B%E6%AC%8A%E7%9B%8A) For the six months ended June 30, 2025, no Directors or their close associates engaged in any business that competed or might compete with the Group's business - For the six months ended June 30, 2025, none of the Directors or any of their respective close associates were engaged in any business that directly or indirectly competed or might compete with the business of the Group[84](index=84&type=chunk) [Share Option Scheme](index=27&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) The Company's share option scheme, effective May 30, 2016, for ten years, had total shares issuable under options and awards representing approximately 0.53% of the weighted average issued shares as of June 30, 2025 - The Share Option Scheme became effective on **May 30, 2016**, for a period of **ten years**[86](index=86&type=chunk) Share Option Scheme Summary | Item | January 1, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Total number of share options authorized for grant under the scheme (shares) | 1,592,114 | 1,592,114 | | Total number of shares issuable under options and awards as of period-end (shares) | 807,886 | 807,886 | | Percentage of weighted average issued shares | - | Approximately **0.53%** | [Use of Proceeds from Placing of New Shares under General Mandate in 2024](index=29&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E5%9B%9B%E5%B9%B4%E6%A0%B9%E6%93%9A%E7%89%B9%E5%88%A5%E6%8E%88%E6%AC%8A%E9%85%8D%E5%94%AE%E6%96%B0%E8%82%A1%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The net proceeds of approximately HKD 10,200 thousand from the 2024 placing were fully utilized for loan repayment (HKD 2,700 thousand) and business operations (HKD 7,500 thousand) - The net proceeds of approximately **HKD 10,200,000** from the 2024 placing were fully utilized for loan repayment and business operations[88](index=88&type=chunk)[90](index=90&type=chunk) Use of Proceeds from 2024 Placing | Purpose | Net Proceeds (HKD thousand) | Utilized as of Dec 31, 2024 (HKD thousand) | Utilized as of June 30, 2025 (HKD thousand) | Unutilized as of June 30, 2025 (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Repayment of loans | 2,700 | (2,700) | – | – | | Business operations | 7,500 | (3,346) | (4,154) | – | | **Total** | **10,200** | **(6,046)** | **(4,154)** | **–** | [Directors' and Chief Executive's Interests and/or Short Positions in the Shares, Underlying Shares and Debentures of the Company](index=30&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E2%95%B1%E6%88%96%E6%B7%A1%E5%80%89) As of June 30, 2025, Non-executive Director Mr. Cen Ziyang beneficially owned 6,750 ordinary shares, representing approximately 0.00% of the share capital, with no other directors or chief executives holding disclosable interests or short positions Directors' and Chief Executive's Interests | Director Name | Capacity | Number of Shares Held (Ordinary Shares) | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Cen Ziyang | Beneficial owner | 6,750 | 0.00% | [Substantial Shareholders' and Other Persons' Interests and/or Short Positions in the Shares and Underlying Shares of the Company](index=31&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E2%95%B1%E6%88%96%E6%B7%A1%E5%80%89) As of June 30, 2025, Qunying International Limited was a substantial shareholder, beneficially owning 26,464,939 Company shares, representing 17.45% of the issued share capital Substantial Shareholders' Interests | Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Qunying International Limited | Beneficial owner | 26,464,939 | 17.45% | [Purchase, Sale or Redemption of the Company's Listed Securities or Sale of Treasury Shares](index=31&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E6%88%96%E5%87%BA%E5%94%AE%E5%BA%AB%E5%AD%98%E8%82%A1%E4%BB%BD) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, the Company did not redeem any of its own listed securities, nor did the Company or any of its subsidiaries purchase or sell any of the Company's listed securities[93](index=93&type=chunk) - As of June 30, 2025, the Company held no treasury shares[94](index=94&type=chunk) Other Information [Disclosure of Changes in Directors' Information](index=32&type=section&id=%E6%8A%AB%E9%9C%B2%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) Changes in directors' information occurred from December 31, 2024, to the report date, as required by GEM Listing Rule 17.50A(1) - In accordance with Rule 17.50A(1) of the GEM Listing Rules, changes in directors' information from December 31, 2024, to the date of this report are set out below[95](index=95&type=chunk) [Audit Committee](index=32&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, confirming financial statements were prepared according to applicable accounting standards - The Audit Committee currently comprises three members (namely Mr. Choi Ho Yan (Chairman), Mr. Kung Wai Sze, and Mr. Yiu Yu Hong), all of whom are independent non-executive directors[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's interim results for the six months ended June 30, 2025, and is of the opinion that the unaudited condensed consolidated financial statements have been prepared in accordance with applicable accounting standards, the requirements under the GEM Listing Rules, and other applicable legal requirements[95](index=95&type=chunk) [Events After Reporting Period](index=32&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, Mr. Chan Ting Leut was appointed as a director of the Company's wholly-owned subsidiaries on January 17, 2025, and June 30, 2025 - On January 17, 2025, Mr. Chan Ting Leut was appointed as a director of Worldwide Allies Group Limited, Art Kingdom Limited, and Wealthy Creation Limited, all of which are wholly-owned subsidiaries of the Company[98](index=98&type=chunk) - On June 30, 2025, Mr. Chan Ting Leut was appointed as a director of Allied Bless Limited, a wholly-owned subsidiary of the Company[98](index=98&type=chunk) [Publication of Interim Results and Interim Report on the Stock Exchange and Company Website](index=33&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E5%8F%8A%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company's unaudited interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange and Company websites, with the interim report to be dispatched and published in due course - The Company's unaudited interim results announcement for the six months ended June 30, 2025, has been published on the Stock Exchange website www.hkexnews.hk and the Company's website www.jimugrouphk.com[99](index=99&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不會就本公告全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 CYBERNAUT INTERNATIONAL HOLDINGS COMPANY LIMITED 截至二零二四年十二月三十一日止年度年報 進一步補充公告 茲提述賽伯樂國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於 二零二五年六月二十日刊發之截至二零二四年十二月三十一日止年度之年報（「年 報」）。除另有指明外，本公告所用詞彙與年報界定者具相同涵義。 除年報所提供資料外，本公司董事（「董事」）會（「董事會」）謹此就年報「企業管治 報告」一節「風險管理及內部控制」分節及「綜合財務報表附註」一節附註2（過往年 度調整）提供進一步資料。 本公司內部控制系統中識別的不足 賽伯樂國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1020） 於二零二五年七月，本公司已聘請一名新專責財務總監，其將負責（其中包括）監 管本公司會計及財務職能以及審閱本集團的財務報表。此舉將彌補因缺乏專責財 務總監而導 ...

[Business Overview](index=1&type=section&id=Business%20Overview) The company achieved significant revenue growth, stable core product performance, and expanded its business scope with new commercialized products and clinical trial advancements [Business Highlights During the Reporting Period](index=1&type=section&id=Business%20Highlights%20During%20the%20Reporting%20Period) The company achieved significant revenue growth, stable core product performance, and expanded its business scope with new commercialized products and clinical trial advancements - The company's operating revenue reached **RMB 294.0 million**, a **75.4% year-on-year increase**, primarily driven by stable growth of core products and incremental contributions from Alcon-introduced products[4](index=4&type=chunk) - Zerviate® (0.24% Cetirizine Ophthalmic Solution) received NMPA approval for commercialization, currently the only FDA-approved anti-allergic ophthalmic drug for patients aged two years and above[4](index=4&type=chunk) - OT-703 (ILUVIEN®, Fluocinolone Acetonide Intravitreal Implant) was approved by CDE for inclusion in the Hainan Boao Lecheng International Medical Tourism Pilot Zone for real-world study, with patient enrollment initiated[4](index=4&type=chunk) - The Phase III clinical trial application for self-developed product OT-802 (Pilocarpine Hydrochloride) for presbyopia indication was approved by CDE, potentially filling a market gap for commercialized innovative drugs in China's presbyopia field[5](index=5&type=chunk) - During the reporting period, six of the company's products received production approval, and the local production of YUTIQ® entered the review and public announcement phase[5](index=5&type=chunk) [Financial Summary](index=2&type=section&id=Financial%20Summary) The Group's revenue significantly increased, but adjusted net loss slightly widened due to rising cost of sales, while bank balances and other financial assets remained high Key Financial Indicators Comparison (For the six months ended June 30) | Indicator | 2025 (RMB million) | 2024 (RMB million) | Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 294.0 | 167.6 | 75.4% increase | Significant growth in ophthalmic product sales and CDMO services, partially offset by reduced pharmaceutical product promotion service revenue | | Adjusted Net Loss | 108.0 | 100.8 | 7.2 increase | Cost of sales (including intangible asset amortization) increased slightly more than revenue growth | | Bank Balances and Other Financial Assets | 578.2 | N/A | N/A | As of June 30, 2025 | [Company Overview](index=3&type=section&id=Company%20Overview) Ocumension Therapeutics is a China-focused ophthalmic pharmaceutical platform dedicated to developing and commercializing first-in-class or best-in-class therapies [Company Positioning and Product Pipeline](index=3&type=section&id=Company%20Positioning%20and%20Product%20Pipeline) Ocumension Therapeutics is a China-focused ophthalmic pharmaceutical platform with a comprehensive ophthalmic drug pipeline covering anterior and posterior segment diseases - The company is positioned as a China ophthalmic pharmaceutical platform company, with a vision to provide world-class holistic drug solutions to meet China's ophthalmic medical needs[8](index=8&type=chunk) - A comprehensive ophthalmic drug pipeline has been established, with **34 drug assets**, including **21 products in commercialization**, **3 products in Phase III clinical trials**, and **2 products entering commercial registration**[8](index=8&type=chunk) - Core product YUTIQ® (0.18mg Fluocinolone Acetonide Intravitreal Implant) has been approved for commercialization in mainland China and included in the National Medical Insurance Catalog, while the innovative anti-allergic drug Zerviate® has also been approved for commercialization[8](index=8&type=chunk) Overview of Selected Ophthalmic Drug Pipeline | Pipeline Category | Product Name | Mechanism of Action | Indication | Clinical/Market Status | | :--- | :--- | :--- | :--- | :--- | | Uveitis, Retinal Diseases | OT-401 YUTIQ® | Fluocinolone Acetonide Intravitreal Implant | Chronic non-infectious uveitis affecting the posterior segment of the eye | Marketed | | Uveitis, Retinal Diseases | OT-702 Boyoujing® | Aflibercept Ophthalmic Solution | Wet age-related macular degeneration, diabetic macular edema | Marketed | | Refractive Correction | OT-802 | Pilocarpine Hydrochloride Ophthalmic Solution | Presbyopia | Phase III/RWE | | Keratoconjunctivitis | OT-1001 Zerviate® | Cetirizine Hydrochloride Ophthalmic Solution | Allergic conjunctivitis | Marketed | | Ophthalmic Surgery and Post-operative Inflammation | OT-502 Dexycu® | Dexamethasone Intracameral Suspension | Post-operative inflammation | Commercialization application submitted | [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) The company achieved significant revenue growth, optimized R&D investment, and expanded market coverage and brand influence during the reporting period [Business Review](index=4&type=section&id=Business%20Review) The company achieved significant revenue growth, optimized R&D investment, and expanded market coverage and brand influence during the reporting period - Operating revenue reached **RMB 294.0 million**, a **75.4% year-on-year increase**, enhancing product line depth and opening up market space[12](index=12&type=chunk) - R&D expenses amounted to **RMB 39.0 million**, a **33.6% year-on-year decrease**, with steady progress in the R&D pipeline[12](index=12&type=chunk) [R&D Performance](index=4&type=section&id=R%26D%20Performance) The company achieved significant clinical R&D progress with Zerviate® approval, OT-703 real-world study, and OT-802 entering Phase III, solidifying its leading position in innovative ophthalmic drugs - Zerviate® received NMPA approval for commercialization, currently the only FDA-approved anti-allergic ophthalmic drug for patients aged two years and above[13](index=13&type=chunk) - OT-703 was approved by CDE for inclusion in the Hainan Boao Lecheng International Medical Tourism Pilot Zone for real-world data application, with patient enrollment initiated[13](index=13&type=chunk) - The Phase III clinical trial application for self-developed product OT-802 (for presbyopia indication) was approved by CDE[13](index=13&type=chunk) - The company currently has **three products in Phase III clinical trials** and **two products in commercial registration**, ranking among the top innovative pharmaceutical companies in China for ophthalmic drugs in Phase III clinical and registration stages[13](index=13&type=chunk) [Progress of Key Candidate Drugs](index=5&type=section&id=Progress%20of%20Key%20Candidate%20Drugs) OT-703's real-world study has been approved and initiated patient enrollment, while OT-802's Phase III clinical trial application was approved, expected to start in early 2026, demonstrating the company's strategic focus in DME and presbyopia - The real-world study application for OT-703 (Fluocinolone Acetonide Intravitreal Implant) was approved by CDE in May 2025, with patient enrollment initiated in the Hainan Boao Lecheng International Medical Tourism Pilot Zone, and further patient enrollment expected in H2 2025[14](index=14&type=chunk)[15](index=15&type=chunk) - The Phase III clinical trial application for OT-802 (Pilocarpine Hydrochloride Ophthalmic Solution) was approved by CDE in June 2025, with Phase III clinical trials expected to commence in early 2026[15](index=15&type=chunk)[16](index=16&type=chunk) [Commercialization Performance](index=5&type=section&id=Commercialization%20Performance) The company successfully integrated Alcon-introduced products, actively expanded hospital coverage and market promotion, achieving rapid sales growth and establishing a nationwide commercial network - The acquired and licensed Alcon product portfolio has been integrated into the company's commercialization landscape, accelerating hospital coverage expansion and promoting market access for new products like Zerviate®[17](index=17&type=chunk) - Total revenue reached **RMB 294.0 million**, a **75.4% year-on-year increase**, primarily from commercialized products[17](index=17&type=chunk) - The company has achieved coverage of **21,535 hospitals nationwide**, including **2,799 tertiary hospitals**, with a commercial team of over **290 people**, completing nationwide commercial network coverage[17](index=17&type=chunk) [Production Performance](index=5&type=section&id=Production%20Performance) Six products received production approval, commercial batch production is proceeding orderly, and YUTIQ®'s local production entered the review and public announcement phase, demonstrating commitment to providing quality ophthalmic drugs - Six products have received production approval, with commercial batch production proceeding as planned[18](index=18&type=chunk) - The local production of YUTIQ® has entered the review and public announcement phase[18](index=18&type=chunk) [Future Development and Outlook](index=6&type=section&id=Future%20Development%20and%20Outlook) The company aims to accelerate new product R&D and commercialization, optimize production, promote core products, and expand international and online channels to achieve its vision as a leader in ophthalmology [Development Goals for H2 2025](index=6&type=section&id=Development%20Goals%20for%20H2%202025) The company aims to accelerate new product R&D and commercialization, optimize production, promote core products, and expand international and online channels to achieve its vision as a leader in ophthalmology - Accelerate new product R&D and commercialization: Increase investment to ensure at least one NDA approval and maintain a continuous rhythm of new product launches[19](index=19&type=chunk) - Optimize production and supply chain management: Focus on commercial batch production at the Suzhou factory, ensuring stable supply and product quality, and improving production efficiency and cost reduction[19](index=19&type=chunk) - Promote core product YUTIQ®: Intensify promotion efforts, expand coverage, and increase market penetration[19](index=19&type=chunk) - Strengthen marketing and promotion for other drugs: Increase marketing and promotion for Xelpros®, Xelpros Plus®, Betimol®, Emadine®, and AzaSite®, consolidating leadership in niche markets[19](index=19&type=chunk) - Expand international vision: Actively explore international markets, seek cooperation opportunities with overseas partners, and expand international business through out-licensing innovative products[20](index=20&type=chunk) - Continuous innovation and technological leadership: Continuously invest in R&D, exploring new therapeutic areas and methods[20](index=20&type=chunk) - Expand online OTC channels: Improve online OTC channels to provide end-users with a more convenient and efficient purchasing experience[21](index=21&type=chunk) [Management Discussion and Analysis - Financial Performance](index=8&type=section&id=Management%20Discussion%20and%20Analysis%20-%20Financial%20Performance) The company's revenue significantly increased, but adjusted net loss slightly widened due to rising cost of sales, while bank balances and other financial assets remained high [Revenue](index=8&type=section&id=Revenue) The Group's revenue significantly increased, driven by strong ophthalmic product sales and CDMO services, partially offset by a change in promotion service revenue Revenue Components (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales of ophthalmic products | 284,680 | 150,013 | 89.8% increase | | Pharmaceutical product promotion services | 568 | 11,859 | 95.2% decrease | | Sales-based royalty income | 2,108 | 2,291 | 8.0% decrease | | CDMO services | 6,677 | 3,460 | 93.0% increase | | **Total Revenue** | **294,033** | **167,623** | **75.4% increase** | - Revenue growth was primarily due to a significant increase in sales of ophthalmic products (including Xelpros®, AzaSite®, and products under the Alcon transaction) and CDMO services[22](index=22&type=chunk) - The decrease in pharmaceutical product promotion service revenue was due to a change in revenue recognition resulting from a business model shift for Xelpros® and Xelpros Plus®[22](index=22&type=chunk) [Cost of Sales](index=8&type=section&id=Cost%20of%20Sales) Cost of sales significantly increased, primarily due to higher ophthalmic product sales, Alcon transaction-related license amortization costs, and a business model shift - Cost of sales increased from **RMB 68.4 million** in the same period of 2024 to **RMB 188.4 million** in 2025[24](index=24&type=chunk) - The increase was due to higher costs of sales of ophthalmic products, increased amortization costs for licenses related to the Alcon transaction, and a business model shift for Xelpros® and Xelpros Plus® from promotion services to direct sales[24](index=24&type=chunk) [Gross Profit](index=9&type=section&id=Gross%20Profit) Despite the increase in cost of sales, gross profit still achieved a slight increase, consistent with overall revenue growth - Gross profit increased by **6.5%** from **RMB 99.2 million** in the same period of 2024 to **RMB 105.6 million** in 2025[25](index=25&type=chunk) [Other Income](index=9&type=section&id=Other%20Income) Other income primarily consists of bank interest and government grants, which significantly decreased this period due to reduced bank deposits and lower interest rates - Other income decreased by approximately **RMB 10.3 million** from **RMB 15.4 million** in the same period of 2024 to **RMB 5.1 million** in 2025[26](index=26&type=chunk) - This was primarily due to reduced bank deposits and lower deposit interest rates[26](index=26&type=chunk) [Other Losses](index=9&type=section&id=Other%20Losses) Other losses slightly increased, mainly due to higher net foreign exchange losses resulting from currency fluctuations - Other losses increased from **RMB 0.3 million** in the same period of 2024 to **RMB 0.7 million** in 2025[27](index=27&type=chunk) - This was primarily due to increased net foreign exchange losses from currency fluctuations, partially offset by an increase in the fair value of other financial assets[27](index=27&type=chunk) [Selling and Marketing Expenses](index=9&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses slightly increased, primarily reflected in the growth of salaries and benefits, and marketing and promotion fees Selling and Marketing Expenses Components (For the six months ended June 30) | Component | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Salaries and benefits | 64,440 | 52,360 | 23.1% increase | | Share-based payments | 8,159 | 18,347 | 55.6% decrease | | Marketing and promotion | 31,945 | 22,528 | 41.8% increase | | Others | 12,460 | 16,678 | 25.3% decrease | | **Total Selling and Marketing Expenses** | **117,004** | **109,913** | **6.4% increase** | - Total selling and marketing expenses slightly increased from **RMB 109.9 million** in the same period of 2024 to **RMB 117.0 million** in 2025[28](index=28&type=chunk) [Research and Development Expenses](index=10&type=section&id=Research%20and%20Development%20Expenses) R&D expenses significantly decreased, primarily due to lower share-based payments and third-party contractor costs R&D Expenses Components (For the six months ended June 30) | Component | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Third-party contractor costs | 11,875 | 19,656 | 39.6% decrease | | Staff costs | 19,188 | 27,709 | 30.7% decrease | | Depreciation and amortization | 4,949 | 5,423 | 8.7% decrease | | Others | 2,974 | 5,917 | 49.7% decrease | | **Total R&D Expenses** | **38,986** | **58,705** | **33.6% decrease** | - R&D expenses decreased by **33.6%** from **RMB 58.7 million** in the same period of 2024 to **RMB 39.0 million** in 2025[30](index=30&type=chunk) - The decrease was primarily due to a **RMB 8.5 million** reduction in share-based payments to R&D personnel and a **RMB 7.8 million** reduction in third-party contractor costs[30](index=30&type=chunk) [Administrative Expenses](index=10&type=section&id=Administrative%20Expenses) Administrative expenses decreased, primarily due to a reduction in share-based payments for administrative personnel - Administrative expenses decreased by **RMB 6.5 million** from **RMB 91.1 million** in the same period of 2024 to **RMB 84.6 million** in 2025[32](index=32&type=chunk) - This was primarily due to a reduction in share-based payments to administrative personnel[32](index=32&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) Income tax expense remained relatively stable during the reporting period - Income tax expense remained relatively stable at **RMB 0.3 million** in both 2025 and the same period of 2024[33](index=33&type=chunk) [Loss for the Period](index=10&type=section&id=Loss%20for%20the%20Period) Loss for the period decreased year-on-year, driven by increased gross profit and reduced R&D and administrative expenses, partially offset by higher selling and marketing expenses - Loss for the period decreased by **RMB 19.0 million** from **RMB 151.3 million** in the same period of 2024 to **RMB 132.3 million** in 2025[34](index=34&type=chunk) - The decrease in loss was primarily due to a **RMB 6.4 million** increase in gross profit, a **RMB 19.7 million** decrease in R&D expenses, and a **RMB 6.5 million** decrease in administrative expenses[34](index=34&type=chunk) - This was partially offset by a **RMB 7.1 million** increase in selling and marketing expenses compared to the same period of 2024[34](index=34&type=chunk) [Non-IFRS Measures](index=11&type=section&id=Non-IFRS%20Measures) The company uses non-IFRS adjusted net loss to exclude non-cash items, providing a clearer operational assessment for investors, with adjusted net loss slightly widening this period Non-IFRS Adjusted Net Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (132,320) | (151,341) | | Add: Share-based payments | 24,320 | 50,572 | | **Non-IFRS Adjusted Net Loss for the Period** | **(108,000)** | **(100,769)** | Condensed Consolidated Statement of Financial Position Data (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total current assets | 817,686 | 978,795 | | Total non-current assets | 3,079,244 | 2,995,009 | | Total assets | 3,896,930 | 3,973,804 | | Total current liabilities | 154,667 | 155,001 | | Total non-current liabilities | 89,156 | 45,186 | | Total liabilities | 243,823 | 200,187 | | Net assets | 3,653,107 | 3,773,617 | [Financial Position and Liquidity](index=12&type=section&id=Financial%20Position%20and%20Liquidity) The company maintains a healthy financial position, primarily funded by equity and product sales, with sufficient cash to support operations and R&D [Trade Receivables](index=12&type=section&id=Trade%20Receivables) The increase in trade receivables is largely consistent with revenue growth, with most balances less than one year old - The company provides an average credit period of **30 to 90 days** to its trade customers[36](index=36&type=chunk) - As of June 30, 2025, the increase in trade receivables was largely consistent with revenue growth[38](index=38&type=chunk) [Trade Payables](index=12&type=section&id=Trade%20Payables) Most trade payables have an aging period of less than one year - Most trade payables have an aging period of less than one year[39](index=39&type=chunk) [Working Capital and Funding Sources](index=12&type=section&id=Working%20Capital%20and%20Funding%20Sources) The company primarily obtains working capital from equity financing and product sales, maintaining adequate cash for operations and R&D activities - Cash is primarily used for daily operations, selling and marketing, drug clinical trial R&D, and maintenance and upgrades of production equipment at the Suzhou factory[40](index=40&type=chunk) - Cash is primarily obtained through equity financing, sales of ophthalmic products, pharmaceutical product promotion services, royalty income, and CDMO services[40](index=40&type=chunk) - As of June 30, 2025, cash and cash equivalents amounted to **RMB 458.1 million** (December 31, 2024: RMB 769.2 million)[40](index=40&type=chunk) [Borrowings](index=12&type=section&id=Borrowings) Borrowings increased, with new loan agreements entered into with banks at interest rates ranging from 0.35% to 0.76% below the one-year loan prime rate - As of June 30, 2025, loans recorded amounted to **RMB 49.0 million** (December 31, 2024: RMB 16.5 million)[41](index=41&type=chunk) - During the reporting period, new loan agreements were entered into with banks, with interest rates ranging from **0.35% to 0.76% below the one-year loan prime rate**[41](index=41&type=chunk) [Capital Commitments](index=12&type=section&id=Capital%20Commitments) The company's capital commitments for property, plant, and equipment decreased - As of June 30, 2025, contractual capital commitments for the acquisition of property, plant, and equipment amounted to **RMB 4.2 million** (December 31, 2024: RMB 5.0 million)[42](index=42&type=chunk) [Contingent Liabilities](index=12&type=section&id=Contingent%20Liabilities) As of the end of the reporting period, the company had no significant contingent liabilities - As of June 30, 2025, the company had no significant contingent liabilities, guarantees, or litigation[43](index=43&type=chunk) [Pledge of Assets](index=13&type=section&id=Pledge%20of%20Assets) As of the end of the reporting period, the company had no pledge of assets - As of June 30, 2025, the company had no pledge of assets[44](index=44&type=chunk) [Gearing Ratio](index=13&type=section&id=Gearing%20Ratio) The company is in a net cash position, rendering the gearing ratio inapplicable - As of June 30, 2025, the company was in a net cash position, thus the gearing ratio is not applicable[45](index=45&type=chunk) [Material Investments, Acquisitions and Disposals](index=13&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) During the reporting period, the company had no other material investments, acquisitions, or disposals - The company had no other material investments, significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the six months ended June 30, 2025[46](index=46&type=chunk) [Future Plans for Material Investments or Capital Assets](index=13&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the announcement date, the company has no specific future plans for material capital expenditures, investments, or capital assets - As of the date of this announcement, the company has no specific future plans for material capital expenditures, investments, or capital assets[47](index=47&type=chunk) [Foreign Exchange](index=13&type=section&id=Foreign%20Exchange) The company faces foreign currency risk and has implemented foreign currency hedging measures under its treasury policy, continuously monitoring and managing foreign exchange risk - The company faces foreign currency risk as certain bank balances and cash, trade and other receivables, and trade and other payables are denominated in foreign currencies[48](index=48&type=chunk) - The Group currently implements foreign currency hedging measures under its funding and treasury policy and will closely monitor foreign exchange exposure, considering more detailed measures to hedge significant foreign currency exposure[48](index=48&type=chunk) [Employees and Remuneration](index=13&type=section&id=Employees%20and%20Remuneration) The company's employee count increased, total remuneration costs remained stable, with comprehensive training and performance-based compensation, including share incentive plans [Number of Employees and Remuneration Policy](index=13&type=section&id=Number%20of%20Employees%20and%20Remuneration%20Policy) The company's employee count increased, total remuneration costs remained stable, with comprehensive training and performance-based compensation, including share incentive plans - As of June 30, 2025, the company had **505 employees** (June 30, 2024: 477 employees)[49](index=49&type=chunk) - For the six months ended June 30, 2025, total remuneration costs (including share-based payments) amounted to **RMB 150.3 million** (June 30, 2024: RMB 149.9 million)[49](index=49&type=chunk) Employee Functional Distribution (As of June 30, 2025) | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Commercial | 291 | 57.6% | | R&D | 55 | 10.9% | | Manufacturing | 126 | 25.0% | | Management and Administration | 33 | 6.5% | | **Total** | **505** | **100%** | - The company provides formal and comprehensive company-level and department-level training, and regularly reviews and determines employee remuneration and benefits based on employee performance, qualifications, responsibilities, and market salary levels of comparable companies[50](index=50&type=chunk) - The company has adopted ESOP, RSU plans, the 2021 Share Option Scheme, the 2021 Share Award Scheme, and the 2024 Share Award Scheme to provide incentives to employees[51](index=51&type=chunk) [Condensed Consolidated Financial Statements](index=15&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The company's revenue significantly increased, but cost of sales also rose, leading to a slight increase in gross profit. Reduced R&D and administrative expenses offset some selling and marketing expense growth, narrowing the loss for the period [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue significantly increased, but higher cost of sales led to a modest gross profit rise. Reduced R&D and administrative expenses helped narrow the loss for the period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 294,033 | 167,623 | | Cost of sales | (188,386) | (68,421) | | Gross profit | 105,647 | 99,202 | | Other income | 5,116 | 15,443 | | Other gains and losses | (727) | (267) | | Selling and marketing expenses | (117,004) | (109,913) | | Research and development expenses | (38,986) | (58,705) | | Administrative expenses | (84,573) | (91,087) | | Finance costs | (824) | (1,827) | | Loss before tax | (132,028) | (151,076) | | Income tax expense | (292) | (265) | | **Loss for the period** | **(132,320)** | **(151,341)** | | Total comprehensive expense for the period | (131,152) | (199,662) | | Loss per share (RMB) | (0.17) | (0.23) | [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets slightly decreased, with reduced current assets but increased non-current assets. Total liabilities rose, leading to a slight decrease in net assets Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, plant and equipment | 426,802 | 435,016 | | Right-of-use assets | 41,602 | 16,514 | | Intangible assets | 2,493,946 | 2,438,120 | | **Current Assets** | | | | Inventories | 66,415 | 45,518 | | Trade and other receivables | 173,000 | 164,072 | | Bank balances and cash | 458,062 | 769,205 | | **Current Liabilities** | | | | Trade and other payables | 129,084 | 141,334 | | Borrowings | 10,443 | 2,056 | | **Non-current Liabilities** | | | | Borrowings | 38,526 | 14,491 | | **Net Assets** | **3,653,107** | **3,773,617** | [Notes to the Condensed Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, applying consistent accounting policies, with no significant impact from new IFRS amendments [Basis of Preparation and Accounting Policies](index=17&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared under IAS 34 and HKEX Listing Rules, applying consistent accounting policies, with no significant impact from new IFRS amendments - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[54](index=54&type=chunk) - The accounting policies and methods of computation are consistent with those used in the annual consolidated financial statements for 2024, except for additional changes resulting from the application of amendments to IFRS accounting standards[55](index=55&type=chunk) - The application of amendments to IFRS accounting standards during this interim period has not had a significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures contained in these condensed consolidated financial statements[56](index=56&type=chunk) [Revenue and Segment Information](index=17&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from ophthalmic product sales, promotion services, sales-based royalties, and CDMO services, with all external customer revenue originating from China Revenue Source Analysis (For the six months ended June 30) | Type of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of ophthalmic products | 284,680 | 150,013 | | Pharmaceutical product promotion services | 568 | 11,859 | | Sales-based royalty income | 2,108 | 2,291 | | Contract development and manufacturing (CDMO) services | 6,677 | 3,460 | | **Total** | **294,033** | **167,623** | - Revenue from sales of ophthalmic products is recognized when control of the goods is transferred, and revenue from pharmaceutical product promotion services is recognized when the obligation to arrange for the sale and/or delivery of pharmaceutical products under the service contract is fulfilled[59](index=59&type=chunk)[60](index=60&type=chunk) - Sales-based royalty income is recognized based on the gross margin of each sale when the customer completes the sale; CDMO service revenue is recognized when products are delivered to the customer[61](index=61&type=chunk)[62](index=62&type=chunk) - All external customer revenue of **RMB 292,771,000** (2024: RMB 165,456,000) originated from China, and all non-current assets are located in China[64](index=64&type=chunk) [Other Income and Other Gains and Losses](index=19&type=section&id=Other%20Income%20and%20Other%20Gains%20and%20Losses) Other income decreased due to lower bank interest and government grants, while other losses increased mainly from higher net foreign exchange losses Other Income and Other Gains and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Other Income** | | | | Bank interest income | 4,040 | 14,285 | | Government grants | 472 | 574 | | Others | 604 | 584 | | **Subtotal** | **5,116** | **15,443** | | **Other Gains and Losses** | | | | Net exchange (losses) gains | (1,967) | 725 | | Fair value changes of financial assets at fair value through profit or loss | 1,242 | (213) | | **Subtotal** | **(727)** | **(267)** | - Other income decreased primarily due to reduced bank deposits and lower deposit interest rates[26](index=26&type=chunk) - Increased net exchange losses led to an increase in other losses[27](index=27&type=chunk)[65](index=65&type=chunk) [Income Tax Expense](index=20&type=section&id=Income%20Tax%20Expense) Income tax expense remained stable, primarily involving Hong Kong and mainland China profits tax, with rates determined by local regulations Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax – Hong Kong | 104 | 108 | | Current tax – China | 249 | 245 | | Over-provision in prior years | (61) | (88) | | **Total** | **292** | **265** | - Hong Kong current tax is calculated under the two-tiered profits tax regime, and China subsidiaries are taxed at a rate of **25%**[67](index=67&type=chunk) [Trade Receivables](index=20&type=section&id=Trade%20Receivables) The aging analysis of trade receivables shows that most receivables are within 90 days, reflecting a healthy collection cycle Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 150,029 | 125,470 | | 91 to 180 days | – | 218 | | Over 180 days | 1,111 | – | | **Total** | **151,140** | **125,688** | [Bank Balances and Cash](index=21&type=section&id=Bank%20Balances%20and%20Cash) Total bank balances and cash decreased, primarily due to a reduction in time deposits Bank Balances and Cash (As of June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Cash at bank | 380,110 | 255,118 | | Time deposits | 77,952 | 514,087 | | **Total** | **458,062** | **769,205** | [Trade Payables](index=21&type=section&id=Trade%20Payables) The aging analysis of trade payables shows that most payments are within 30 days, reflecting the company's relatively fast payment cycle Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 9,735 | 30,888 | | 31 to 60 days | 1,626 | 2,798 | | Over 60 days | 375 | 733 | | **Total** | **11,736** | **34,419** | - The Group's average credit period for purchases of goods/services is **60 days**[71](index=71&type=chunk) [Borrowings](index=22&type=section&id=Borrowings) Total borrowings increased, with most having repayment terms exceeding one year, indicating a change in the company's financing structure Borrowings Repayment Date Analysis (As of June 30) | Repayment Term | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 10,443 | 2,056 | | Over one year but not exceeding two years | 17,541 | 4,112 | | Over two years | 20,985 | 10,379 | | **Total** | **48,969** | **16,547** | - Borrowings bear interest at rates ranging from **0.35% to 0.76% below the one-year loan prime rate** and are guaranteed by Group entities[73](index=73&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Board decided not to declare any dividends for the six months ended June 30, 2025 - No dividends were paid, declared, or proposed for the six months ended June 30, 2025 and 2024[74](index=74&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers post-reporting period events, dividend policy, corporate governance, securities trading compliance, and the utilization of proceeds from listings and placings [Events After the Reporting Period](index=23&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after June 30, 2025, up to the announcement date, that would materially impact the Group - No events that would cause a material impact on the Group occurred after June 30, 2025, and immediately before the date of this announcement[75](index=75&type=chunk) [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board does not recommend 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[76](index=76&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group is committed to maintaining high corporate governance standards and believes it has complied with all applicable code provisions of the Corporate Governance Code - The company has complied with all applicable code provisions of the Corporate Governance Code during the six months ended June 30, 2025[77](index=77&type=chunk) [Compliance with the Model Code for Securities Transactions](index=23&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The company has adopted guidelines no less stringent than the Model Code and confirms that all directors and relevant employees complied with the code during the reporting period - Following specific inquiries by the company, all directors and relevant employees have confirmed their compliance with the Model Code during the six months ended June 30, 2025[78](index=78&type=chunk) [Use of Proceeds from Listing](index=24&type=section&id=Use%20of%20Proceeds%20from%20Listing) Net proceeds from the listing were primarily used for R&D of core products and other candidates, commercialization, team expansion, and working capital. As of June 30, 2025, most funds were utilized as planned, with remaining funds to be used per the expected timetable Use of Proceeds from Listing (As of June 30, 2025) | Purpose | Intended Net Proceeds (HKD million) | Utilized as of June 30, 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | Expected Timetable for Unutilized Funds | | :--- | :--- | :--- | :--- | :--- | | R&D personnel costs and ongoing R&D for OT-401 | 197.57 | 103.90 | 93.67 | Before end of 2025 | | Milestone payments for OT-401 | 49.39 | 33.90 | 15.49 | –(1) | | Commercialization of OT-401 | 246.96 | 246.96 | – | – | | Ongoing R&D for other candidate drugs | 562.42 | 562.42 | – | – | | Milestone payments for other licensed-in candidate drugs | 96.15 | 73.68 | 22.47 | Before end of 2027(2) | | Further expansion of sales and marketing team | 164.64 | 164.64 | – | – | | Acquisition of 100% equity in Suzhou Xiaxiang | 164.64 | 164.64 | – | – | | Working capital and general corporate purposes | 164.64 | 164.64 | – | – | | **Total** | **1,646.41** | **1,514.78** | **131.63** | | - As of June 30, 2025, all unutilized net proceeds were held by the company and deposited as short-term deposits in licensed banks or recognized financial institutions[80](index=80&type=chunk) [Use of Proceeds from Placing](index=25&type=section&id=Use%20of%20Proceeds%20from%20Placing) Net proceeds from placing were primarily used for commercial team expansion, international multi-center clinical trials, specific product R&D, and Suzhou factory construction. As of June 30, 2025, most funds were utilized as planned, with remaining funds to be used per the expected timetable Use of Proceeds from Placing and Subscription (As of June 30, 2025) | Purpose | Intended Net Proceeds (HKD million) | Utilized as of June 30, 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | Expected Timetable for Unutilized Funds | | :--- | :--- | :--- | :--- | :--- | | Expansion of commercial team | 234.51 | 157.31 | 77.20 | Before end of 2025 | | International multi-center clinical trials | 273.60 | 254.23 | 19.37 | –(1) | | OT-702 (Eylea biosimilar) | 99.66 | 99.66 | – | – | | OT-301 (NCX-470) | 50.03 | 50.03 | – | – | | OT-101 (Low-dose Atropine) | 43.78 | 43.78 | – | – | | OT-1001 (ZERVIATE®) | 30.10 | 10.73 | 19.37 | –(1) | | OT-202 (TKI) | 50.03 | 50.03 | – | – | | Construction and development of new production facilities at Suzhou factory | 195.43 | 195.43 | – | – | | Other general corporate purposes | 78.17 | 78.17 | – | – | | **Total** | **781.71** | **685.14** | **96.57** | | - As of June 30, 2025, all unutilized net proceeds from the subscription have been deposited in bank accounts maintained by the Group[82](index=82&type=chunk) [Purchases, Sales or Redemptions of the Company's Listed Securities](index=26&type=section&id=Purchases,%20Sales%20or%20Redemptions%20of%20the%20Company's%20Listed%20Securities) During the reporting period, the company repurchased **3,863,500 shares** for a total consideration of **HKD 17,697,268** to enhance long-term shareholder value. Repurchased shares are held in treasury for potential financing, share incentive plans, and other purposes consistent with the company's articles of association Share Repurchase Details (During the Reporting Period) | Month | Number of Shares Purchased | Highest Price Paid (HKD) | Lowest Price Paid (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 534,000 | 4.63 | 3.71 | 2,174,693 | | February 2025 | 745,500 | 4.61 | 3.97 | 3,155,375 | | April 2025 | 2,174,000 | 5.42 | 4.09 | 10,217,680 | | May 2025 | 410,000 | 5.41 | 5.17 | 2,149,520 | | **Total** | **3,863,500** | | | **17,697,268** | - As of the date of this announcement, the **3,863,500 repurchased shares** have not yet been cancelled[83](index=83&type=chunk) - The company intends to use the treasury shares for potential financing, awards to eligible participants under share incentive schemes, and/or for other purposes consistent with the company's articles of association, the Listing Rules, and any other applicable laws, rules, and regulations[83](index=83&type=chunk) [Review of Unaudited Interim Results and Interim Report](index=26&type=section&id=Review%20of%20Unaudited%20Interim%20Results%20and%20Interim%20Report) The Group's unaudited condensed consolidated interim financial statements have been reviewed by independent auditor Deloitte Touche Tohmatsu and the Audit Committee, confirming compliance with applicable accounting standards, laws, and regulations - The Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been reviewed by independent auditor Deloitte Touche Tohmatsu[84](index=84&type=chunk) - The Audit Committee believes that the Group's unaudited interim results comply with applicable accounting standards, laws, and regulations, and that appropriate disclosures have been made by the company[84](index=84&type=chunk) [Publication of 2025 Condensed Consolidated Interim Results and Interim Report](index=27&type=section&id=Publication%20of%202025%20Condensed%20Consolidated%20Interim%20Results%20and%20Interim%20Report) This announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published on relevant websites in due course - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.ocumension.com)[85](index=85&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the HKEX and the company's respective websites in due course[85](index=85&type=chunk) [Acknowledgement](index=27&type=section&id=Acknowledgement) The Board extends its sincere gratitude to the Group's shareholders, management, employees, business partners, and customers - The Board hereby expresses its sincere gratitude to the Group's shareholders, management, employees, business partners, and customers for their support and contributions to the Group[86](index=86&type=chunk) [Definitions and Acronyms](index=27&type=section&id=Definitions%20and%20Acronyms) This section defines key terms and acronyms used in the report, covering company, regulatory bodies, products, diseases, and financial reporting standards for clarity [Common Terms and Acronyms](index=27&type=section&id=Common%20Terms%20and%20Acronyms) This section defines key terms and acronyms used in the report, covering company, regulatory bodies, products, diseases, and financial reporting standards for clarity - This section includes definitions for key institutions, business models, and regulatory terms such as "Alcon", "CDE", "CDMO", "FDA", "IFRS", and "NMPA"[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[93](index=93&type=chunk) - It also includes explanations for product and disease-related terms such as "core products", "chronic NIU-PS", "AMD", and "wAMD"[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk)[93](index=93&type=chunk)

Company Profile [Company Overview](index=3&type=section&id=Company%20Overview) Sinopec is one of China's largest integrated energy and chemical companies, with a broad business scope including oil and gas exploration, refining, sales, hydrogen energy, and new energy - Sinopec is one of China's largest integrated energy and chemical companies, with extensive operations in oil and gas exploration, refining, sales, hydrogen energy, and new energy[6](index=6&type=chunk) - The company's H-shares were listed on the Hong Kong Stock Exchange on October 18, 2000, and A-shares on the Shanghai Stock Exchange on August 8, 2001[6](index=6&type=chunk) Company Basic Information | Indicator | Content | | :--- | :--- | | Legal Name | China Petroleum & Chemical Corporation | | Chinese Abbreviation | Sinopec | | English Name | China Petroleum & Chemical Corporation | | English Abbreviation | Sinopec Corp. | | Registered, Office, and Contact Address | 22 Chaoyangmen North Street, Chaoyang District, Beijing, China | | Postal Code | 100728 | | Phone | 86-10-59960028 | | Fax | 86-10-59960386 | | Website | http://www.sinopec.com | | Email | ir@sinopec.com | | A-share Listing Place/Abbreviation/Code | Shanghai Stock Exchange/Sinopec/600028 | | H-share Listing Place/Abbreviation/Code | The Stock Exchange of Hong Kong Limited/Sinopec/00386 | [Definitions](index=3&type=section&id=Definitions) This section defines common terms used in the report, ensuring clear understanding of key terminology and conversion ratios for oil and gas production - The report defines key terms such as "Sinopec", "the Company", and "Sinopec Group Company"[7](index=7&type=chunk) - Conversion ratios for domestic and overseas crude oil and natural gas production are specified, for example, 1 ton of domestic crude oil is approximately 7.1 barrels, and 1 cubic meter of natural gas equals 35.31 cubic feet[7](index=7&type=chunk) Key Financial Data and Indicators [Financial Data and Indicators Prepared Under PRC GAAP](index=5&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20PRC%20GAAP) In H1 2025, under PRC GAAP, revenue decreased by 10.6% and net profit attributable to parent company shareholders decreased by 39.8%, mainly due to falling crude oil prices and a sluggish chemical market H1 2025 Key Accounting Data (PRC GAAP) | Item | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,052 | 1,576,131 | (10.6) | | Total Profit | 28,767 | 50,868 | (43.4) | | Net Profit Attributable to Parent Company Shareholders | 21,483 | 35,703 | (39.8) | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | 21,215 | 35,582 | (40.4) | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 44.4 | | Equity Attributable to Parent Company Shareholders (2025/6/30 vs 2024/12/31) | 827,449 | 819,922 | 0.9 | | Total Assets (2025/6/30 vs 2024/12/31) | 2,144,939 | 2,084,771 | 2.9 | H1 2025 Key Financial Indicators (PRC GAAP) | Item | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.177 | 0.296 | (40.2) | | Diluted Earnings Per Share | 0.177 | 0.296 | (40.2) | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses | 0.175 | 0.295 | (40.7) | | Weighted Average Return on Net Assets (%) | 2.61 | 4.37 | (1.76) percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 2.58 | 4.36 | (1.78) percentage points | H1 2025 Non-Recurring Gains and Losses | Item | Amount (RMB millions) | | :--- | :--- | | Net gain from disposal of non-current assets | (557) | | Donation expenses | 42 | | Government subsidies | (453) | | Gains from holding and disposing of various investments | (71) | | Net amount of other non-recurring income and expenses | 330 | | Subtotal | (709) | | Corresponding tax adjustments | 256 | | Total | (453) | | Non-recurring gains and losses affecting net profit attributable to parent company shareholders | (268) | | Non-recurring gains and losses affecting net profit attributable to minority shareholders | (185) | - Accounts receivable increased by **46.0%**, mainly due to increased overseas trade operations[13](index=13&type=chunk) - Investment in other equity instruments increased by **1,064.2%**, primarily due to strategic investment in CATL equity[13](index=13&type=chunk) - Bonds payable increased by **125.2%**, mainly due to the issuance of medium-term notes and technology innovation bonds during the period[13](index=13&type=chunk) - Financial expenses increased by **34.3%**, mainly due to increased net exchange losses on foreign currency loans and decreased interest income from lower deposit rates[14](index=14&type=chunk) - Asset impairment losses increased by **35.5%**, primarily due to increased impairment losses on some petroleum and chemical products and trading crude oil caused by falling crude oil prices[14](index=14&type=chunk) - Cash paid for dividends, profits, or interest increased by **384.0%**, mainly due to differences in dividend payment timing[14](index=14&type=chunk) [Financial Data and Indicators Prepared Under IFRS](index=8&type=section&id=Financial%20Data%20and%20Indicators%20Prepared%20Under%20IFRS) In H1 2025, under IFRS, operating profit decreased by 34.5%, profit attributable to company shareholders decreased by 35.9%, and basic earnings per share decreased by 36.2% H1 2025 Key Accounting Data (IFRS) | Item | 2025 (RMB millions) | 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Profit | 33,423 | 51,021 | (34.5) | | Profit Attributable to Company Shareholders | 23,752 | 37,079 | (35.9) | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 44.4 | | Equity Attributable to Company Shareholders (2025/6/30 vs 2024/12/31) | 824,565 | 815,815 | 1.1 | | Total Assets (2025/6/30 vs 2024/12/31) | 2,142,807 | 2,081,440 | 2.9 | H1 2025 Key Financial Indicators (IFRS) | Item | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.196 | 0.307 | (36.2) | | Diluted Earnings Per Share | 0.196 | 0.307 | (36.2) | | Return on Capital Employed (%) | 2.82 | 4.30 | (1.48) percentage points | Chairman's Statement [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) Chairman Hou Qijun reviewed Sinopec's 25-year achievements, highlighting its integrated energy and chemical strengths, and outlined future strategies focusing on innovation, value, transformation, resource security, market expansion, and open cooperation, while announcing an interim cash dividend of RMB 0.088 per share - The company overcame challenges such as significant declines in international crude oil prices and low chemical market margins in the first half, maintaining stable production and operations, but with a substantial year-on-year decrease in profitability[18](index=18&type=chunk) - The Board of Directors decided to distribute an interim cash dividend of **RMB 0.088 per share**, in line with the upper limit specified in the Articles of Association[18](index=18&type=chunk) - The company will fully and accurately implement new development concepts, adhere to specialized development, market-oriented operations, integrated coordination, and digital intelligence empowerment, promoting the extension of the industrial and value chains towards high-end segments[19](index=19&type=chunk) - Future focus will be on innovation-driven development, increasing reform of the scientific and technological system and mechanisms, and deploying new technologies such as new energy batteries, synthetic biology, and AI applications[19](index=19&type=chunk) - Emphasis will be placed on transformation and upgrading, promoting high-end, intelligent, and green development of existing businesses, fostering new productive forces, and building a "second growth curve"[21](index=21&type=chunk) - Greater attention will be given to resource security, increasing oil and gas exploration and development, and expanding the new energy industry to form a "three-pillar" structure of oil, gas, and new energy[22](index=22&type=chunk) - Focus will also be on market expansion, building an integrated energy service provider for "oil, gas, hydrogen, electricity, and services", expanding the natural gas sales network, and improving the Easy Joy integrated service ecosystem[22](index=22&type=chunk) - The company will prioritize open cooperation, promoting "group overseas expansion" across the entire industry chain, deepening strategic cooperation with international companies, and enhancing international operational capabilities[23](index=23&type=chunk) Operating Performance Review and Outlook [Operating Performance Review](index=11&type=section&id=Operating%20Performance%20Review) In H1 2025, China's economy grew steadily, with GDP up 5.3%, while domestic natural gas demand increased 2.1%, refined oil demand decreased 3.6%, and major chemical product demand grew 10.1%, amidst volatile international crude oil prices - In H1 2025, China's GDP increased by **5.3%** year-on-year[25](index=25&type=chunk) - Domestic natural gas demand increased by **2.1%** year-on-year, refined oil demand decreased by **3.6%** year-on-year (gasoline down 4.6%, diesel down 4.3%), and demand for major chemical products increased by **10.1%** year-on-year[25](index=25&type=chunk) - International crude oil prices fluctuated downwards, with the average spot price of Platts Brent crude oil at **US$71.7/barrel**, a year-on-year decrease of **14.7%**[25](index=25&type=chunk) [Production and Operations](index=11&type=section&id=Production%20and%20Operations) In H1 2025, the company actively responded to market changes across all production and operation segments, achieving a 2.0% increase in oil and gas equivalent production and a 5.1% rise in natural gas output Exploration and Production Operating Performance | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Oil and Gas Equivalent Production (million boe) | 262.81 | 257.66 | 2.0 | | Crude Oil Production (million barrels) | 140.04 | 140.53 | (0.3) | | China | 126.73 | 126.49 | 0.2 | | Overseas | 13.31 | 14.04 | (5.2) | | Natural Gas Production (billion cubic feet) | 736.28 | 700.57 | 5.1 | Refining Operating Performance (million tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Crude Oil Processed | 119.97 | 126.69 | (5.3) | | Gasoline, Diesel, Kerosene Production | 71.40 | 77.30 | (7.6) | | Gasoline | 30.79 | 32.34 | (4.8) | | Diesel | 24.27 | 29.31 | (17.2) | | Kerosene | 16.33 | 15.65 | 4.3 | | Chemical Light Oil Production | 22.06 | 19.79 | 11.5 | Marketing and Distribution Operating Performance (million tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Refined Oil Sales | 112.14 | 119.01 | (5.8) | | Domestic Total Refined Oil Sales | 87.05 | 90.14 | (3.4) | | Retail Sales | 54.53 | 56.96 | (4.3) | | Direct Sales and Distribution | 32.52 | 33.18 | (2.0) | - The total number of Sinopec branded service stations increased to **31,015**, and convenience stores to **28,689**, both showing slight growth[33](index=33&type=chunk) Major Chemical Product Production (thousand tons) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ethylene | 7,563 | 6,496 | 16.4 | | Synthetic Resins | 11,041 | 9,784 | 12.8 | | Synthetic Fiber Monomers and Polymers | 5,437 | 4,598 | 18.2 | | Synthetic Fibers | 601 | 633 | (5.1) | | Synthetic Rubber | 804 | 678 | 18.6 | [Safety and Health](index=13&type=section&id=Safety%20and%20Health) The company continuously improved its HSE management system, launched a safety production campaign, and enhanced employee HSE awareness, maintaining overall safe and clean production - Continuously improved the HSE management system and launched the Safety Production Remediation Action 2025, maintaining overall safe and clean production[38](index=38&type=chunk) - Strengthened prevention and control of occupational diseases at the source, focusing on the occupational, physical, and mental health of domestic and overseas employees[38](index=38&type=chunk) [Technological Innovation](index=13&type=section&id=Technological%20Innovation) The company made significant progress in key core technology breakthroughs, including enhanced oil recovery, intelligent drilling software, needle coke applications, POE industrial demonstration units, and seawater hydrogen production - Breakthroughs achieved in heterogeneous composite flooding technology for significantly enhanced oil recovery, and an independent Geodrill intelligent drilling software system was developed[39](index=39&type=chunk) - Needle coke products successfully applied in large-diameter graphite electrodes, and proprietary POE industrial demonstration unit and 400,000 tons/year acrylonitrile unit successfully started up[39](index=39&type=chunk) - Seawater hydrogen production industrial pilot plant completed performance and stability tests, and the Changcheng large model was launched[39](index=39&type=chunk) [Capital Expenditures](index=14&type=section&id=Capital%20Expenditures) In H1 2025, the company's capital expenditures totaled RMB 43.8 billion, primarily allocated to exploration and production, refining, marketing and distribution, and chemical segments H1 2025 Capital Expenditures by Segment | Segment | Capital Expenditures (RMB billions) | Main Uses | | :--- | :--- | :--- | | Exploration and Production | 27.6 | Oil and gas capacity building, storage and transportation facilities | | Refining | 5.5 | Refining transformation and upgrading, technological renovation | | Marketing and Distribution | 2.8 | Integrated energy station network, non-fuel business | | Chemicals | 7.3 | Ethylene, aromatics projects | | Headquarters and Others | 0.5 | Scientific research and development, digitalization | | **Total** | **43.8** | | [Business Outlook](index=14&type=section&id=Business%20Outlook) For H2 2025, China's economy is expected to continue its recovery, with sustained growth in natural gas and chemical product demand, while refined oil demand faces alternative energy impacts and international crude oil prices remain uncertain - In H2 2025, China's economy is expected to continue its recovery, with domestic natural gas and chemical product demand maintaining growth, while refined oil demand will be affected by alternative energy sources[41](index=41&type=chunk) - The company will reduce its full-year capital expenditure plan by approximately **5%**[43](index=43&type=chunk) H2 2025 Key Production and Operation Plans | Segment | Planned Indicator | Value | | :--- | :--- | :--- | | Exploration and Production | Crude Oil Production | 141 million barrels | | | Natural Gas Production | 714.5 billion cubic feet | | Refining | Crude Oil Processed | 130 million tons | | Marketing and Distribution | Domestic Refined Oil Sales | 89.8 million tons | | Chemicals | Ethylene Production | 7.85 million tons | Management Discussion and Analysis [Consolidated Operating Results](index=15&type=section&id=Consolidated%20Operating%20Results) In H1 2025, consolidated operating revenue decreased by 10.6% to RMB 1,409.1 billion, and operating profit decreased by 34.5% to RMB 33.4 billion, primarily due to volatile crude oil prices, declining domestic refined oil demand, and low chemical margins H1 2025 Consolidated Income Statement Key Items (IFRS) | Item | 2025 (RMB millions) | 2024 (RMB millions) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,409,052 | 1,576,131 | (10.6) | | Revenue from Principal Operations | 1,380,387 | 1,545,920 | (10.7) | | Operating Expenses | (1,375,629) | (1,525,110) | (9.8) | | Operating Profit | 33,423 | 51,021 | (34.5) | | Net Finance Costs | (8,426) | (6,275) | 34.3 | | Investment Income and Share of Profits/(Losses) of Associates and Joint Ventures | 6,120 | 7,576 | (19.2) | | Profit Before Tax | 31,117 | 52,322 | (40.5) | | Income Tax Expense | (5,207) | (9,931) | (47.6) | | Profit for the Period | 25,910 | 42,391 | (38.9) | | Attributable to Company Shareholders | 23,752 | 37,079 | (35.9) | | Attributable to Non-Controlling Interests | 2,158 | 5,312 | (59.4) | - Revenue from principal operations decreased by **10.7%** year-on-year, mainly due to lower prices of petroleum and chemical products and decreased sales volumes of refined oil products[47](index=47&type=chunk) H1 2025 Sales Volume and Average Realized Price of Major External Sales Products | Product | 2025 Sales Volume (thousand tons/million cubic meters) | 2024 Sales Volume (thousand tons/million cubic meters) | Sales Volume Change Rate (%) | 2025 Average Realized Price (RMB/ton/thousand cubic meters) | 2024 Average Realized Price (RMB/ton/thousand cubic meters) | Price Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Crude Oil | 3,867 | 4,254 | (9.1) | 3,563 | 3,981 | (10.5) | | Natural Gas | 31,666 | 31,406 | 0.8 | 2,362 | 2,398 | (1.5) | | Gasoline | 44,306 | 46,597 | (4.9) | 8,462 | 9,043 | (6.4) | | Diesel | 36,057 | 38,647 | (6.7) | 6,433 | 7,009 | (8.2) | | Kerosene | 12,261 | 13,376 | (8.3) | 5,071 | 5,805 | (12.6) | | Basic Chemical Raw Materials | 18,811 | 17,940 | 4.9 | 5,147 | 6,126 | (16.0) | | Synthetic Fiber Monomers and Polymers | 4,031 | 3,377 | 19.4 | 5,262 | 5,926 | (11.2) | | Synthetic Resins | 8,815 | 8,074 | 9.2 | 7,277 | 7,454 | (2.4) | | Synthetic Fibers | 610 | 631 | (3.3) | 7,189 | 7,723 | (6.9) | | Synthetic Rubber | 768 | 669 | 14.8 | 11,734 | 11,721 | 0.1 | - Purchases of crude oil, products, operating supplies, and expenses decreased by **10.8%** year-on-year, accounting for **81.3%** of total operating expenses, mainly due to lower crude oil and refined oil procurement costs[51](index=51&type=chunk) - Exploration expenses increased by **24.3%** year-on-year, mainly due to the company's increased efforts in shale oil and ultra-deep oil and gas exploration[51](index=51&type=chunk) - Taxes other than income tax decreased by **7.0%** year-on-year, mainly due to a **RMB 6.3 billion** reduction in consumption tax from lower refined oil production and a **RMB 2.6 billion** reduction in special oil gains levy and resource tax due to falling oil prices[51](index=51&type=chunk) - Other net income increased by **235.1%** year-on-year, mainly due to increased gains from commodity derivative hedging activities[51](index=51&type=chunk) [Operating Results by Business Segment](index=18&type=section&id=Operating%20Results%20by%20Business%20Segment) In H1 2025, operating results across all business segments were significantly impacted by market conditions, with exploration and production, refining, and marketing and distribution segments experiencing profit declines, and the chemical segment incurring a loss H1 2025 Operating Revenue, Expenses, and Profit by Business Segment (IFRS) | Segment | Operating Revenue (RMB millions) | Operating Expenses (RMB millions) | Operating Profit (RMB millions) | Operating Revenue Change Rate (%) | Operating Expenses Change Rate (%) | Operating Profit Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 121,018 | 23,638 | (5.9) | (2.9) | (18.9) | | Refining | 658,324 | 654,789 | 3,535 | (12.2) | (11.8) | (50.4) | | Marketing and Distribution | 752,587 | 744,628 | 7,959 | (12.8) | (12.3) | (45.7) | | Chemicals | 241,938 | 246,162 | (4,224) | (6.0) | (5.5) | — | | Headquarters and Others | 662,975 | 661,330 | 1,645 | (16.8) | (16.5) | (61.8) | - The cash operating cost for oil and gas in the Exploration and Production segment was **RMB 718.0/ton**, a year-on-year decrease of **4.7%**[61](index=61&type=chunk) - The average cost of crude oil and feedstock processed by the Refining segment was **RMB 4,077/ton**, a year-on-year decrease of **10.1%**; refining margin was **RMB 315/ton**, a year-on-year decrease of **0.3%**[65](index=65&type=chunk) - Non-fuel business profit in the Marketing and Distribution segment was **RMB 3.09 billion**, a year-on-year increase of **17.0%**, with convenience store merchandise and service profit at **RMB 2.93 billion** and charging service fees at **RMB 0.5 billion**[71](index=71&type=chunk) - The Chemicals segment incurred an operating loss of **RMB 4.2 billion**, an increase of **RMB 1.1 billion** in loss year-on-year, mainly due to concentrated capacity release, declining profitability of aromatics and other products, and scheduled plant maintenance[75](index=75&type=chunk) [Assets, Liabilities, Equity, and Cash Flows](index=22&type=section&id=Assets,%20Liabilities,%20Equity,%20and%20Cash%20Flows) As of June 30, 2025, total assets increased by RMB 61.4 billion to RMB 2,142.8 billion, total liabilities increased by RMB 52.0 billion to RMB 1,161.3 billion, and net cash inflow from operating activities increased by RMB 18.7 billion to RMB 61.0 billion June 30, 2025 Assets, Liabilities, and Equity (RMB millions) | Item | June 30, 2025 | December 31, 2024 | Change Amount | | :--- | :--- | :--- | :--- | | Total Assets | 2,142,807 | 2,081,440 | 61,367 | | Current Assets | 572,910 | 524,515 | 48,395 | | Non-Current Assets | 1,569,897 | 1,556,925 | 12,972 | | Total Liabilities | 1,161,294 | 1,109,293 | 52,001 | | Current Liabilities | 703,751 | 673,237 | 30,514 | | Non-Current Liabilities | 457,543 | 436,056 | 21,487 | | Equity Attributable to Company Shareholders | 824,565 | 815,815 | 8,750 | | Total Equity | 981,513 | 972,147 | 9,366 | - Current assets increased by **RMB 48.4 billion**, mainly due to a **RMB 20.4 billion** increase in accounts receivable from increased overseas business operations, and a **RMB 16.7 billion** increase in cash and cash equivalents and time deposits[79](index=79&type=chunk) - Current liabilities increased by **RMB 30.5 billion**, mainly due to the company's issuance of ultra-short-term financing bonds and reclassification of some long-term borrowings due within one year, with short-term borrowings increasing by **RMB 34.8 billion**[80](index=80&type=chunk) H1 2025 Consolidated Cash Flow Statement Key Items (RMB millions) | Item | 2025 | 2024 | Change Amount | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 61,016 | 42,269 | 18,747 | | Net Cash Flow Used in Investing Activities | (59,968) | (79,004) | 19,036 | | Net Cash Flow from Financing Activities | 15,095 | 36,862 | (21,767) | | Net Increase in Cash and Cash Equivalents | 16,143 | 127 | 16,016 | - Research and development expenditures in H1 2025 totaled **RMB 8.2 billion**, including **RMB 6.2 billion** in expenses and **RMB 2.0 billion** in investments[86](index=86&type=chunk) - Environmental protection expenditures in H1 2025 totaled **RMB 6.9 billion**[86](index=86&type=chunk) Items Related to Fair Value Measurement (RMB millions) | Item | Beginning Balance | Ending Balance | Fair Value Change Gain/Loss for the Period | | :--- | :--- | :--- | :--- | | Financial assets held for trading | 4 | 3 | (1) | | Derivative financial instruments and cash flow hedges | (858) | (3,723) | 4,580 | | Receivables financing | 2,613 | 7,678 | – | | Investments in other equity instruments | 416 | 4,843 | – | | Total | 2,175 | 8,801 | 4,579 | - Strategic investment in CATL equity, with an ending book value of **RMB 4.424 billion** and investment gain/loss for the period of **RMB 854 million**[89](index=89&type=chunk) [Analysis of Financial Statements Prepared Under PRC GAAP](index=25&type=section&id=Analysis%20of%20Financial%20Statements%20Prepared%20Under%20PRC%20GAAP) In H1 2025, under PRC GAAP, consolidated operating profit decreased by 43.5% to RMB 29.1 billion, and net profit attributable to parent company shareholders decreased by 39.8% to RMB 21.5 billion, with refining gross margin being the lowest at 1.5% H1 2025 Operating Revenue and Operating Profit/(Loss) by Business Segment (PRC GAAP) | Segment | Operating Revenue (RMB millions) | Operating Profit/(Loss) (RMB millions) | | :--- | :--- | :--- | | Exploration and Production | 144,656 | 21,267 | | Refining | 658,324 | 2,597 | | Marketing and Distribution | 752,587 | 7,170 | | Chemicals | 241,938 | (4,518) | | Headquarters and Others | 662,975 | (3,213) | | Consolidated Operating Revenue | 1,409,052 | | | Consolidated Operating Profit | | 29,094 | | Net Profit Attributable to Parent Company Shareholders | | 21,483 | - Consolidated operating profit decreased by **43.5%** year-on-year, and net profit attributable to parent company shareholders decreased by **39.8%** year-on-year, mainly due to inventory losses from continuously falling crude oil and product prices, as well as declining domestic gasoline and diesel sales volumes and price spreads[92](index=92&type=chunk)[93](index=93&type=chunk) June 30, 2025 Financial Data (PRC GAAP) | Item | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change Amount (RMB millions) | | :--- | :--- | :--- | :--- | | Total Assets | 2,144,939 | 2,084,771 | 60,168 | | Non-Current Liabilities | 456,756 | 435,241 | 21,515 | | Shareholders' Equity | 984,432 | 976,293 | 8,139 | - The increase in total assets was mainly due to a **RMB 20.4 billion** increase in accounts receivable, a **RMB 16.7 billion** increase in monetary funds, and a **RMB 13.1 billion** increase in external equity investments[95](index=95&type=chunk) - The increase in non-current liabilities was mainly due to the issuance of medium-term notes and technology innovation bonds, leading to an increase in low-cost bond financing[95](index=95&type=chunk) H1 2025 Gross Profit Margin by Principal Business Segment (PRC GAAP) | Segment | Operating Revenue (RMB millions) | Operating Costs (RMB millions) | Gross Profit Margin (%) | YoY Operating Revenue Change (%) | YoY Operating Costs Change (%) | YoY Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Exploration and Production | 144,656 | 102,055 | 23.8 | (5.9) | (1.4) | (1.7) | | Refining | 658,324 | 535,484 | 1.5 | (12.2) | (13.3) | (0.2) | | Marketing and Distribution | 752,587 | 712,628 | 5.1 | (12.8) | (12.6) | (0.3) | | Chemicals | 241,938 | 238,373 | 1.1 | (6.0) | (5.5) | (0.5) | | Headquarters and Others | 662,975 | 656,511 | 1.0 | (16.8) | (16.1) | (0.7) | | Total | 1,409,052 | 1,192,753 | 6.6 | (10.6) | (10.2) | (0.8) | [Reasons and Impact of Changes in Accounting Policies, Estimates, and Methods](index=26&type=section&id=Reasons%20and%20Impact%20of%20Changes%20in%20Accounting%20Policies,%20Estimates,%20and%20Methods) This section refers to Note 2 of the financial statements prepared under International Financial Reporting Standards for details on changes in the company's accounting policies, estimates, and methods - Details on changes in the company's accounting policies, accounting estimates, and accounting methods can be found in Note 2 to the financial statements prepared under International Financial Reporting Standards[98](index=98&type=chunk) Corporate Governance, Environment, and Society [Improvements in Corporate Governance](index=27&type=section&id=Improvements%20in%20Corporate%20Governance) The company continuously improved its corporate governance, complied with regulations, and emphasized shareholder returns, internal control, risk management, information disclosure, and ESG management - The company complies with its Articles of Association and domestic and overseas securities regulatory requirements, improving corporate governance and continuously enhancing the quality of listed companies[99](index=99&type=chunk) - The Board of Directors and its specialized committees diligently reviewed and decided on matters, with independent directors actively conducting special research and providing advice[99](index=99&type=chunk) - The company values shareholder returns, strengthens market value management, formulated and issued the "Sinopec Market Value Management Measures", and continued to implement share repurchases[99](index=99&type=chunk) - Continuously improved ESG management, solidly carried out the Safety Production Remediation Action, deepened systematic environmental protection governance, and steadily advanced carbon peaking actions[99](index=99&type=chunk) [Directors, Supervisors, and Other Senior Management](index=27&type=section&id=Directors,%20Supervisors,%20and%20Other%20Senior%20Management) During the reporting period, several directors, supervisors, and senior management resigned due to work adjustments or age, while new non-executive directors were elected - Mr. Zhang Shaofeng, Mr. Yu Baocai, Mr. Ma Yongsheng, Mr. Tan Wenfang, and Mr. Zhang Chunsheng resigned from their positions due to work adjustments or age[100](index=100&type=chunk)[101](index=101&type=chunk) - Mr. Hou Qijun was elected as a non-executive director and chairman of Sinopec, and Mr. Cai Yong was elected as a non-executive director of Sinopec[101](index=101&type=chunk) - As of June 30, 2025, the company's directors, supervisors, and other senior management and their associates did not hold any disclosable interests or short positions in shares, related shares, or debentures[102](index=102&type=chunk) [Dividend Distribution](index=27&type=section&id=Dividend%20Distribution) The company distributed a final cash dividend of RMB 0.14 per share for 2024 and approved an interim dividend of RMB 0.088 per share for H1 2025, payable by September 25, 2025 - The 2024 final cash dividend of **RMB 0.14/share** (tax inclusive) was distributed on or before June 27, 2025[103](index=103&type=chunk) - The total cash dividend distributed for the full year 2024 was **RMB 0.286/share** (tax inclusive)[103](index=103&type=chunk) - The H1 2025 dividend distribution plan is a dividend of **RMB 0.088/share** (tax inclusive), to be paid on or before September 25, 2025[104](index=104&type=chunk) - Dividends for H-share shareholders will be paid in Hong Kong Dollars, with the exchange rate based on the average benchmark exchange rate of RMB to HKD published by the People's Bank of China in the week prior to the dividend declaration date (i.e., HKD 1 to RMB 0.909564)[105](index=105&type=chunk) - The company is obligated to withhold and pay 10% corporate income tax for non-resident enterprise H-share shareholders, and varying rates of individual income tax for individual H-share shareholders[106](index=106&type=chunk) [Employee Information](index=28&type=section&id=Employee%20Information) As of June 30, 2025, the company had 348,654 employees, with major subsidiaries Sinopec Sales Co. and China International United Petroleum & Chemicals Co. Ltd. employing 116,005 and 621 staff, respectively - As of June 30, 2025, the company had **348,654** employees[107](index=107&type=chunk) - Major subsidiaries Sinopec Sales Co. Ltd. had **116,005** employees, and China International United Petroleum & Chemicals Co. Ltd. had **621** employees[107](index=107&type=chunk) [Compensation Policy](index=28&type=section&id=Compensation%20Policy) The company has established a compensation system based on job value, performance contribution, and capability enhancement, continuously improving employee performance evaluation and incentive mechanisms - The company has established a compensation distribution system based on job value, performance contribution, and capability enhancement[108](index=108&type=chunk) - Continuously improved employee performance evaluation and incentive and restraint mechanisms[108](index=108&type=chunk) [Training Overview](index=28&type=section&id=Training%20Overview) During the reporting period, the company strengthened training management, improved its high-quality training system, and conducted over 29 million hours of online training - In the first half, the headquarters trained **1,700** key talents, focusing on management personnel, expert talents, skilled talents, and international talents[109](index=109&type=chunk) - Deepened the application of Sinopec Online Academy to enhance the intelligence and precision of training, with over **29 million** online training hours in the first half[110](index=110&type=chunk) [Implementation of Share Incentive Scheme](index=29&type=section&id=Implementation%20of%20Share%20Incentive%20Scheme) The company did not implement any share incentive scheme during the reporting period - The company did not implement any share incentive scheme during the reporting period[111](index=111&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) During the reporting period, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules - During the reporting period, Sinopec complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Hong Kong Listing Rules[112](index=112&type=chunk) [Review of Interim Report](index=29&type=section&id=Review%20of%20Interim%20Report) The Audit Committee of Sinopec's Board of Directors has reviewed and confirmed this report - The Audit Committee of Sinopec's Board of Directors has reviewed and confirmed this report[113](index=113&type=chunk) [Work on Ecological Protection, Pollution Prevention, and Environmental Responsibility](index=29&type=section&id=Work%20on%20Ecological%20Protection,%20Pollution%20Prevention,%20and%20Environmental%20Responsibility) The company deepened systematic environmental protection governance, advanced its Green Enterprise Action Plan, and initiated a "Waste-Free Group" three-year action, achieving stable COD emissions and reduced SO2 emissions - Deepened systematic environmental protection governance, fully promoted the second phase of the Green Enterprise Action Plan, and launched the "Waste-Free Group" three-year action[114](index=114&type=chunk) - COD emissions in discharged wastewater remained largely flat year-on-year, sulfur dioxide emissions decreased by **2%** year-on-year, and solid waste proper disposal rate reached **100%**[114](index=114&type=chunk) [Measures and Effects of Carbon Emission Reduction](index=29&type=section&id=Measures%20and%20Effects%20of%20Carbon%20Emission%20Reduction) The company actively and steadily advanced its "dual carbon" actions, reducing greenhouse gas emissions by 1.456 million tons of CO2 equivalent through energy saving and consumption reduction, and recovering 550 million cubic meters of methane - Reduced greenhouse gas emissions by **1.456 million tons of CO2 equivalent** through energy saving and consumption reduction[115](index=115&type=chunk) - Recovered and utilized **0.961 million tons of CO2**, with **0.398 million tons** injected for enhanced oil recovery[115](index=115&type=chunk) - Recovered **550 million cubic meters of methane**, equivalent to reducing greenhouse gas emissions by **8.25 million tons of CO2 equivalent**[115](index=115&type=chunk) [Number and Names of Enterprises Included in the List of Legally Disclosed Environmental Information, and Inquiry Index for Environmental Information Disclosure Reports](index=29&type=section&id=Number%20and%20Names%20of%20Enterprises%20Included%20in%20the%20List%20of%20Legally%20Disclosed%20Environmental%20Information,%20and%20Inquiry%20Index%20for%20Environmental%20Information%20Disclosure%20Reports) As of June 30, 2025, Sinopec and its major subsidiaries had 12 entities on the list of legally disclosed environmental information enterprises, with their environmental data disclosed through official systems - As of June 30, 2025, Sinopec and its important subsidiaries had **12** entities included in the list of enterprises legally required to disclose environmental information[117](index=117&type=chunk) - These enterprises have legally disclosed environmental information through the enterprise environmental information legal disclosure system established by environmental protection authorities[116](index=116&type=chunk) [Company's Work on Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=30&type=section&id=Company's%20Work%20on%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) During the reporting period, the company actively promoted new achievements in rural revitalization, deepening educational and industrial assistance, and completing consumer assistance totaling RMB 830 million - Deepened educational assistance, with **82** enterprises partnering with **72** schools, promoting projects such as "Academicians in Classroom", "Sinopec Accompanying Study", and "Chunlei Gas Station"[118](index=118&type=chunk) - Implemented industrial assistance, building demonstration industrial projects such as Dongxiang Quinoa and Yuexi Cuilan tea[118](index=118&type=chunk) - Completed consumer assistance totaling **RMB 830 million**[118](index=118&type=chunk) Significant Matters [Major Construction Projects](index=31&type=section&id=Major%20Construction%20Projects) The company continued to advance several major construction projects in H1, including shale oil, LNG, refining upgrades, and ethylene projects, with significant investments aimed at enhancing capacity and new material production - Shengli Shale Oil project completed **174** new wells, added **1.145 million tons/year** of new capacity, with cumulative investment of **RMB 15.4 billion**[119](index=119&type=chunk) - Longkou LNG project Phase I has a designed processing capacity of **6 million tons/year**, with cumulative investment of **RMB 5.9 billion**[120](index=120&type=chunk) - Maoming Refining Transformation and Upgrading and Ethylene Quality Improvement project accumulated investment of **RMB 9.3 billion**, including a 3 million tons/year catalytic cracking unit and 1 million tons/year ethylene plant[121](index=121&type=chunk) - Zhenhai 1.5 million tons/year Ethylene and Downstream High-end New Materials Industrial Cluster project accumulated investment of **RMB 4.4 billion**[122](index=122&type=chunk) - Henan Refining & Chemical 1 million tons/year Ethylene project accumulated investment of **RMB 2.6 billion**[123](index=123&type=chunk) [Analysis of Core Competencies](index=31&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies stem from its integrated upstream, midstream, and downstream position as a large energy and chemical company, possessing strong overall scale, risk resistance, and sustained profitability - The company is China's largest supplier of refined oil and petrochemical products, a major oil and gas producer, the world's largest refining company, and the second-largest chemical company, with the second-largest number of service stations globally[124](index=124&type=chunk) - Its integrated business structure generates strong synergies, helping to improve resource utilization efficiency and providing strong risk resistance and sustained profitability[124](index=124&type=chunk) - Possesses market-proximate geographical advantages, a professional talent team, refined management capabilities, and world-leading technological strength, with overall technology reaching advanced international levels[126](index=126&type=chunk) - Formulated a future-oriented green transformation and development strategy, accelerating the development of new energy with a focus on hydrogen energy and high-end chemical materials, aiming to build a world-leading clean energy chemical company[127](index=127&type=chunk) [Continuing Connected Transactions During the Reporting Period](index=32&type=section&id=Continuing%20Connected%20Transactions%20During%20the%20Reporting%20Period) During the reporting period, the company engaged in a series of continuing connected transactions with Sinopec Group Company, including mutual supply, leasing, intellectual property licensing, and financial services, all within approved limits - During the reporting period, the company entered into a series of continuing connected transaction agreements with Sinopec Group Company, including mutual supply agreements, land use right lease contracts, property lease contracts, intellectual property licensing contracts, security fund documents, and financial service agreements[128](index=128&type=chunk) H1 2025 Continuing Connected Transaction Amounts | Transaction Type | Amount (RMB billions) | | :--- | :--- | | Total Purchase Amount | 110.165 | | Of which: Procurement of products and services | 103.464 | | Payment of property rent | 0.607 | | Payment of land rent | 5.591 | | Interest expense | 0.503 | | Total Sales Amount | 67.163 | | Of which: Sales of goods | 65.805 | | Agency commission income | 0.033 | | Interest income | 1.325 | - All continuing connected transaction amounts did not exceed the limits approved by the shareholders' meeting and the Board of Directors[129](index=129&type=chunk) [Connected Debts and Credits](index=33&type=section&id=Connected%20Debts%20and%20Credits) As of the end of the reporting period, the company had connected debts and credits with Sinopec Group Company and its associates, primarily due to loans and other receivables/payables, with no significant adverse impact on operations or financial position H1 2025 Connected Debts and Credits (RMB millions) | Related Party | Relationship | Ending Balance of Funds Provided to Related Parties | Ending Balance of Funds Provided by Related Parties to the Company | | :--- | :--- | :--- | :--- | | Sinopec Group | Parent company and its subsidiaries | 18,960 | 16,877 | | Other Related Parties | Associates and joint ventures | 4,019 | 8,421 | | Total | | 22,979 | 25,298 | - The connected debts and credits arose from loans and other receivables and payables[137](index=137&type=chunk) - The connected debts and credits had no significant adverse impact on the company's operating results and financial position[137](index=137&type=chunk) [Daily Connected Transactions with China Oil & Gas Piping Network Corporation During the Reporting Period](index=33&type=section&id=Daily%20Connected%20Transactions%20with%20China%20Oil%20%26%20Gas%20Piping%20Network%20Corporation%20During%20the%20Reporting%20Period) In H1 2025, the company's daily connected transactions with China Oil & Gas Piping Network Corporation for refined oil pipeline transportation services amounted to RMB 2.484 billion, within the approved annual limit - From January 1 to June 30, 2025, the actual amount of daily connected transactions with China Oil & Gas Piping Network Corporation for refined oil pipeline transportation services was **RMB 2.484 billion**[132](index=132&type=chunk) - This transaction amount complied with the 2025 annual limit approved by the Board of Directors[132](index=132&type=chunk) [Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore Establish Joint Venture](index=33&type=section&id=Sinopec,%20Fujian%20Refining%20%26%20Petrochemical,%20and%20Aramco%20Singapore%20Establish%20Joint%20Venture) Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a joint venture agreement on April 28, 2025, to establish a new company with an estimated registered capital of RMB 28.8009 billion, with Sinopec and Fujian Refining & Petrochemical holding 25% and 50% equity respectively, and Aramco Singapore holding 25% - Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore signed a joint venture agreement on April 28, 2025, to jointly establish a joint venture company[133](index=133&type=chunk) - The registered capital of the joint venture company is estimated to be **RMB 28,800,906,667**, with Sinopec, Fujian Refining & Petrochemical, and Aramco Singapore holding **25%**, **50%**, and **25%** equity respectively[133](index=133&type=chunk) - Sinopec will provide corresponding financial support for Fujian Refining & Petrochemical's capital contribution obligations under the joint venture agreement, based on its **50%** equity interest in Fujian Refining & Petrochemical[133](index=133&type=chunk) - Sinopec and Fujian Refining & Petrochemical were granted a call option to acquire Aramco Singapore's equity in the joint venture, and Aramco Singapore was granted a put option to sell its equity in the joint venture[133](index=133&type=chunk) [Sinopec's Issuance of A-Shares to Specific Subscribers](index=33&type=section&id=Sinopec's%20Issuance%20of%20A-Shares%20to%20Specific%20Subscribers) In 2024, the company completed the issuance of 2,390,438,247 A-shares to Sinopec Group Company, raising RMB 12 billion, with 25% of the funds invested in projects as of the reporting period end - In 2024, the company completed the issuance of **2,390,438,247 A-shares** to Sinopec Group Company, raising a total of **RMB 12 billion**[134](index=134&type=chunk)[135](index=135&type=chunk) Overall Use of Raised Funds (RMB millions) | Source of Raised Funds | Total Raised Funds | Net Raised Funds After Issuance Expenses | Total Committed Investment in Prospectus | Cumulative Investment as of End of Reporting Period | Cumulative Investment Progress (%) | Amount Invested During Reporting Period | Percentage of Amount Invested During Reporting Period (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific subscribers | 12,000 | 11,987 | 11,987 | 3,049 | 25 | 1,182 | 10 | Details of Projects Funded by Raised Capital (RMB millions) | Project Name | Planned Investment Amount from Raised Funds | Cumulative Investment Amount from Raised Funds as of End of Reporting Period | Cumulative Investment Progress (%) | Date Project is Expected to Reach Usable State | | :--- | :--- | :--- | :--- | :--- | | Tianjin LNG Project Phase III Stage I | 4,500 | 281 | 6 | 2027 | | Yanshan Branch Hydrogen Purification Facility Improvement Project | 187 | 143 | 76 | 2024 | | Maoming Branch Refining Transformation and Upgrading and Ethylene Quality Improvement Project | 4,800 | 1,261 | 26 | 2027 | | Maoming Branch 50,000 tons/year Polyolefin Elastomer (POE) Industrial Pilot Plant Project | 900 | 836 | 93 | 2025 | | Sino-Kuwait (Guangdong) Petrochemical Co., Ltd. No. 2 EVA Project | 1,600 | 528 | 33 | 2026 | | Total | 11,987 | 3,049 | 25 | | - During the reporting period, there were no changes or terminations of projects funded by raised capital[140](index=140&type=chunk) - During the reporting period, the company did not use idle raised funds to temporarily supplement working capital or for cash management or investment in related products[141](index=141&type=chunk) [Implementation of the Company's 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan](index=35&type=section&id=Implementation%20of%20the%20Company's%20'Quality%20Improvement,%20Efficiency%20Enhancement,%20and%20High%20Returns'%20Action%20Plan) The company formulated an action plan for 2024 and a three-year dividend return plan (2024-2026), maintaining dividend continuity and stability, and continuing share repurchases to prioritize investor returns - The company formulated the 2024 "Quality Improvement, Efficiency Enhancement, and High Returns" action plan and a three-year (2024-2026) shareholder dividend return plan[142](index=142&type=chunk) - In H1 2025, the company maintained dividend continuity and stability, and continued to implement share repurchases, focusing on investor returns[142](index=142&type=chunk) [Major Litigation and Arbitration Matters](index=35&type=section&id=Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters - During the reporting period, the company had no major litigation or arbitration matters[143](index=143&type=chunk) [Statement on the Integrity of the Company, its Controlling Shareholder, and Actual Controller](index=35&type=section&id=Statement%20on%20the%20Integrity%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, the company and its controlling shareholder had no unfulfilled obligations from effective legal documents or large overdue debts - During the reporting period, the company and its controlling shareholder had no unfulfilled obligations determined by effective legal documents or large overdue debts[144](index=144&type=chunk) [Major Contracts and Their Performance](index=35&type=section&id=Major%20Contracts%20and%20Their%20Performance) During the reporting period, the company had no major contracts that should have been disclosed but were not - During the reporting period, the company had no major contracts that should have been disclosed but were not[145](index=145&type=chunk) [Major Equity Investments](index=35&type=section&id=Major%20Equity%20Investments) During the reporting period, the company did not undertake any major equity investment matters - During the reporting period, the company did not undertake any major equity investment matters[146](index=146&type=chunk) [Major Asset and Equity Disposals](index=35&type=section&id=Major%20Asset%20and%20Equity%20Disposals) During the reporting period, the company did not undertake any major asset and equity disposal matters - During the reporting period, the company did not undertake any major asset and equity disposal matters[147](index=147&type=chunk) [Business with Finance Company and Shengjun Company](index=36&type=section&id=Business%20with%20Finance%20Company%20and%20Shengjun%20Company) The company conducts deposit, loan, and credit businesses with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd., with total deposits of RMB 81.72 billion and loans of RMB 30.257 billion as of June 30, 2025 H1 2025 Deposit Business (RMB millions) | Related Party | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Finance Company | Total not exceeding RMB 90 billion | Demand: 0.25%-1.05% Time: 0.60%-7.40% | 7,722 | 14,945 | | Shengjun Company | Total not exceeding RMB 90 billion | Demand: 0%-4.10% Time: 0.15%-5.50% | 58,711 | 66,775 | H1 2025 Loan Business (RMB millions) | Related Party | Loan Limit | Loan Interest Rate Range | Beginning Balance | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Shengjun Company | 118,078 | 1.67%-5.42% | 2,669 | 2,759 | | Finance Company | 56,347 | 2.35%-4.20% | 25,309 | 27,498 | H1 2025 Credit Business or Other Financial Business (RMB millions) | Related Party | Business Type | Ending Balance | Actual Amount Incurred | | :--- | :--- | :--- | :--- | | Finance Company | Issuance of acceptance bills | 19,258 | 19,840 | | | Bill discounting | — | 4,128 | - The company formulated the "Sinopec Risk Disposal Plan for Financial Business with Sinopec Finance Co., Ltd. and Sinopec Shengjun International Investment Co., Ltd.", to ensure fund safety[152](index=152&type=chunk) [Major Guarantee Contracts and Their Performance](index=38&type=section&id=Major%20Guarantee%20Contracts%20and%20Their%20Performance) As of June 30, 2025, the company's total external guarantees amounted to RMB 3.962 billion (excluding guarantees to controlled subsidiaries), and guarantees to controlled subsidiaries totaled RMB 3.579 billion, with the total guarantee amount representing 0.9% of net assets June 30, 2025 Company Total Guarantee Amount (RMB millions) | Item | Amount | | :--- | :--- | | Total external guarantees by the company (A) | 3,962 | | Total guarantees to controlled subsidiaries by the company (B) | 3,579 | | Total guarantee amount (A+B) | 7,541 | | Percentage of total guarantee amount to company's net assets (%) | 0.9 | | Of which: Debt guarantees provided to guaranteed parties with asset-liability ratio exceeding 70% (D) | 3,962 | | Total of the above three guarantee amounts (C+D+E) | 3,962 | - On June 17, 2025, the company signed a "Financing Guarantee Agreement" with China Construction Bank (Asia) Corporation Limited to provide joint and several liability guarantees for the relevant financing arrangements of the Kazakhstan Gas Chemical Project Company; as of the end of the reporting period, the project company had not yet incurred actual financing[156](index=156&type=chunk) [Performance of Major Commitments by Related Parties](index=39&type=section&id=Performance%20of%20Major%20Commitments%20by%20Related%20Parties) The company and Sinopec Group Company strictly fulfilled various commitments during the reporting period, including those related to IPO, other commitments, and share lock-up commitments for refinancing Performance of Major Commitments by Related Parties | Commitment Background | Commitment Type | Committing Party | Summary of Commitment Content | Performance Period | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to initial public offering | Initial Public Offering | Sinopec Group Company | Comply with connected transaction agreements; resolve legality issues of land and property ownership certificates within a time limit; implement "Restructuring Agreement"; intellectual property licensing; avoid horizontal competition; waive business competition and conflicts of interest with Sinopec | — | Yes | | Other commitments | Other | Sinopec Group Company | Grant Sinopec a ten-year option to require Sinopec Group Company to sell overseas oil and gas assets invested after the date of this commitment letter | Within 10 years from the date Sinopec Group Company obtains relevant rights and interests | Yes | | Commitments related to refinancing | Share Lock-up | Sinopec Group Company | Not to transfer the A-shares subscribed in this issuance within 36 months from the completion date of this issuance | 36 months from the completion date of this issuance | Yes | - As of the disclosure date of this report, the company has no unfulfilled performance commitments, unfulfilled asset injection or asset integration commitments, nor any profit forecasts for assets or projects[158](index=158&type=chunk) [Structured Entities Controlled by the Company](index=39&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no controlled structured entities - None[159](index=159&type=chunk) [Share Repurchases, Sales, and Redemptions](index=40&type=section&id=Share%20Repurchases,%20Sales,%20and%20Redemptions) The company was authorized to repurchase up to 10% of its issued A-shares or H-shares on June 28, 2024, and has repurchased and canceled 36,180,000 H-shares during the reporting period - The company was authorized to repurchase up to **10%** of its issued A-shares or H-shares, respectively[160](index=160&type=chunk) - During the reporting period, the company cumulatively repurchased **36,180,000 H-shares**, accounting for approximately **0.03%** of the company's total issued share capital as of June 30, 2025[160](index=160&type=chunk) - The total amount paid was **HKD 149,221,546**, and the repurchased H-shares that had not yet been canceled were canceled on June 3, 2025[160](index=160&type=chunk) March 2025 H-Share Repurchase Information | Repurchase Month | Number of Shares Repurchased | Highest Price Per Share (HKD/share) | Lowest Price Per Share (HKD/share) | Total Price (HKD) | | :--- | :--- | :--- | :--- | :--- | | March 2025 | 36,180,000 | 4.17 | 4.09 | 149,221,546 | - Controlled subsidiary Sinopec Shanghai Petrochemical Company Limited also implemented H-share repurchases[162](index=162&type=chunk) [Information on Major Subsidiaries or Associates](index=40&type=section&id=Information%20on%20Major%20Subsidiaries%20or%20Associates) During the reporting period, Sinopec Sales Co., Ltd. and China International United Petroleum & Chemicals Co., Ltd. were major subsidiaries, with their net profits or investment income significantly impacting the company's net profit H1 2025 Major Subsidiaries Information (RMB millions) | Company Name | Company Type | Registered Capital | Equity Held (%) | Total Assets | Net Assets | Net Profit | Operating Revenue | Operating Profit | Principal Business | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sinopec Sales Co., Ltd. | Controlled Subsidiary | 28,403 | 70 | 546,868 | 265,254 | 6,942 | 750,908 | 8,441 | Refined oil sales | | China International United Petroleum & Chemicals Co., Ltd. | Wholly-owned Subsidiary | 5,000 | 100 | 225,040 | 72,052 | 5,547 | 659,327 | 6,554 | Crude oil and petrochemical product trading | [Risk Factors](index=41&type=section&id=Risk%20Factors) The company faces multiple operational risks, including macroeconomic changes, industry cyclical fluctuations, policy and regulatory shifts, environmental regulations, oil and gas resource uncertainties, crude oil procurement price volatility, production and natural disaster risks, investment risks, overseas business expansion, exchange rate fluctuations, and cybersecurity risks - Macroeconomic changes risk: Global economic growth momentum is insufficient, increasing uncertainty, potentially affected by carbon tariffs, trade protectionism, geopolitical factors, and international oil price changes[165](index=165&type=chunk) - Industry cyclical changes risk: A significant portion of the company's revenue comes from refined oil and petrochemical products, and its business is cyclical, easily affected by macroeconomic conditions, policies, supply and demand, and price factors[165](index=165&type=chunk) - Macroeconomic policy and government regulation risk: The Chinese government is gradually relaxing industry access and strengthening regulation; policy changes such as opening up crude oil import rights, tightening refined oil export quotas, natural gas price reforms, support for new energy industries, and reforms in resource and environmental taxes may affect the company's operations[166](index=166&type=chunk) - Risk of changes in environmental regulations: Stricter environmental regulations may increase the company's environmental protection expenditures[167](index=167&type=chunk) - Crude oil procurement risk: Most of the crude oil required by the company needs to be purchased externally, and significant fluctuations in crude oil prices and localized supply disruptions may pose risks[168](index=168&type=chunk) - Overseas business expansion and operation risk: Overseas operations are affected by local laws and regulations, geopolitical factors, economic uncertainties, sanctions, unstable fiscal and tax policies, and other factors[170](index=170&type=chunk) - Exchange rate risk: Fluctuations in the RMB exchange rate will impact the revenue of the upstream segment and the profitability of the refining segment[170](index=170&type=chunk) - Cybersecurity risk: Cyberattacks may lead to production interruptions, data loss, damage to personnel, property, environment, and reputation, requiring continuous increased investment in security[171](index=171&type=chunk) Share Changes and Shareholder Information [Statement of Changes in Shares](index=43&type=section&id=Statement%20of%20Changes%20in%20Shares) As of June 30, 2025, the company's total shares decreased by 36,318,000 to 121,245,237,698 shares, primarily due to the cancellation of H-shares, with no change in restricted shares Statement of Changes in Shares | Item | Number Before Change | Percentage Before Change (%) | Change in Number | Number After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 2,390,438,247 | 1.97 | — | 2,390,438,247 | 1.97 | | II. Unrestricted Tradable Shares | 118,891,117,451 | 98.03 | (36,318,000) | 118,854,799,451 | 98.03 | | Of which: Overseas listed foreign shares | 24,049,292,600 | 19.83 | (36,318,000) | 24,012,974,600 | 19.81 | | III. Total Shares | 121,281,555,698 | 100 | (36,318,000) | 121,245,237,698 | 100 | - During the reporting period, Sinopec canceled **36,318,000 H-shares**[172](index=172&type=chunk) - Share repurchases increased basic earnings per share and net assets per share attributable to ordinary shareholders in the most recent year and period[173](index=173&type=chunk) [Number of Shareholders and Shareholding Information](index=44&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) As of June 30, 2025, the company had 456,099 shareholders, meeting Hong Kong Listing Rules' minimum public float, with Sinopec Group Company as the largest shareholder holding 68.53% - As of June 30, 2025, the company had a total of **456,099** shareholders, including **450,892** domestic A-share shareholders and **5,207** overseas H-share shareholders[174](index=174&type=chunk) - Sinopec's minimum public float complied with the requirements of the Hong Kong Listing Rules[174](index=174&type=chunk) June 30, 2025 Top Ten Shareholders' Shareholding Information | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Petrochemical Group Co., Ltd. | 83,090,545,996 | 68.53 | State-owned shares | | HKSCC Nominees Limited | 23,874,861,206 | 19.69 | H-shares | | China Securities Finance Corporation Limited | 2,325,374,407 | 1.92 | A-shares | | China National Petroleum Corporation | 2,165,749,530 | 1.79 | A-shares | | Hong Kong Securities Clearing Company Limited | 883,084,973 | 0.73 | A-shares | - As of June 30, 2025, Sinopec Group Company and its wholly-owned subsidiaries cumulatively increased their holdings of Sinopec A-shares by **28,486,900 shares** and H-shares by **302,004,000 shares**[176](index=176&type=chunk) June 30, 2025 H-Share Shareholder Information Disclosed Under the Securities and Futures Ordinance | Shareholder Name | Capacity in which Shares are Held | Number of Shares in which Interests are Held (shares) | Approximate Percentage of Sinopec's Interests (H-shares) (%) | | :--- | :--- | :--- | :--- | | BlackRock, Inc. | Interests of a corporation controlled by a substantial shareholder | 1,666,916,417(L) | 6.94(L) | | Shengjun Company | Beneficial owner | 1,344,668,000(L) | 5.60(L) | [Changes in Controlling Shareholder and Actual Controller](index=45&type=section&id=Changes%20in%20Controlling%20Shareholder%20and%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder and actual controller - During the reporting period, there were no changes in Sinopec's controlling shareholder and actual controller[182](index=182&type=chunk) Bond-Related Information [Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=46&type=section&id=Non-Financial%20Enterprise%20Debt%20Financing%20Instruments%20in%20the%20Interbank%20Bond%20Market) The company issued multiple tranches of medium-term notes, technology innovation bonds, and ultra-short-term financing bonds in the interbank market, with all proceeds used as specified and timely interest payments made Overview of Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market | Bond Abbreviation | Code | Issue Date | Maturity Date | Issue Size (RMB billions) | Bond Balance (RMB billions) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 21 Sinopec MTN001 | 102101386 | 2021/7/23 | 2026/7/27 | 5.0 | 5.0 | 3.2 | | 24 Sinopec MTN001 | 102483276 | 2024/7/30 | 2034/7/31 | 3.5 | 3.5 | 2.24 | | 24 Sinopec MTN002 | 102483277 | 2024/7/30 | 2034/7/31 | 3.5 | 3.5 | 2.24 | | 24 Sinopec MTN003 | 102485444 | 2024/12/16 | 2026/12/17 | 6.0 | 6.0 | 1.7 | | 24 Sinopec MTN004 | 102485443 | 2024/12/16 | 2027/12/17 | 4.0 | 4.0 | 1.75 | | 25 Sinopec MTN001 | 102580205 | 2025/1/13 | 2030/1/14 | 12.0 | 12.0 | 1.75 | | 25 Sinopec MTN002 | 102580206 | 2025/1/13 | 2035/1/14 | 10.0 | 10.0 | 1.96 | | 25 Sinopec MTN003 | 102580639 | 2025/2/18 | 2045/2/19 | 5.0 | 5.0 | 2 | | 25 Sinopec SCP001 (Tech Innovation Bond) | 012581163 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec SCP002 (Tech Innovation Bond) | 012581165 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec SCP003 (Tech Innovation Bond) | 012581167 | 2025/5/19 | 2025/11/18 | 5.0 | 5.0 | 1.5 | | 25 Sinopec MTN004 (Tech Innovation Bond) | 102582100 | 2025/5/20 | 2028/5/21 | 5.0 | 5.0 | 1.62 | | 25 Sinopec SCP004 | 012581715 | 2025/7/18 | 2025/12/16 | 6.0 | 6.0 | 1.45 | - All bond proceeds have been used as specified in the prospectus[184](index=184&type=chunk) - The bonds are unsecured, the debt repayment plan remains unchanged, and the bond trustee has fulfilled its responsibilities as required by regulations[184](index=184&type=chunk) [Company's Accounting Data and Financial Indicators as of the End of the Reporting Period (PRC GAAP)](index=47&type=section&id=Company's%20Accounting%20Data%20and%20Financial%20Indicators%20as%20of%20the%20End%20of%20the%20Reporting%20Period%20(PRC%20GAAP)) As of the reporting period end, the company's current and quick ratios increased, while the asset-liability ratio

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立的股份有限公司） （證券代號：00386） 2025年半年度業績公告 中國石油化工股份有限公司（「中國石化」或「本公司」）董事會謹此宣佈中國石 化及其附屬公司截至2025年6月30日止六個月之未經審計業績。本公告列載中 國石化2025年半年度報告全文，並符合香港聯合交易所有限公司證券上市規則 中有關中期業績初步公告附載資料之要求。中國石化2025年半年度報告全文 同時刊載於香港聯合交易所有限公司網站( www.hkexnews.hk )及中國石化網站 ( www.sinopec.com/listco /)。 發佈業績公告 本業績公告的中英文版本可在中國石化網站(www.sinopec.com/listco /)及香港聯合 交易所有限公司網站(www.hkexnews.hk)查閱。在對中英文版本理解上發生歧義 時，以中文為準。 承董事會命 中國石油化工股份有限公司 黃文生 副總裁、 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）對 本 公 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。 Wing Fung Group Asia Limited 榮豐集團亞洲有限公司 榮豐集團亞洲有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董事」） 會（「董事會」）謹 此 公 佈 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。本公佈列載本公司二零二五年中期報告（「二零二五年中期報告」）全文， 並符合聯交所GEM證 券 上 市 規 則（「GEM上市規則」）中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 的 相 關 規 定。本 公 司 二 零 二 五 年 中 期 報 告 印 刷 本 將 於 二 零 二 五 年 八 月 寄 發 予 選 擇 收 取 印 刷 本 的 本 公 司 股 東。本 公 司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Kingland Group Holdings Limited 景聯集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1751） 截至二零二五年六月三十日止六個月 之中期業績公告 財務摘要 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月，本 集 團 的 經 營 業 績 如 下： – 1 – • 收益約為31.7百 萬 港 元（二 零 二 四 年：約60.2百 萬 港 元），較 去 年 同 期 減 少 約47.3%； • 淨虧損約為4.6百 萬 港 元，而 去 年 同 期 為 純 利 約9.8百 萬 港 元； • 根據普通股加權平均數計算的每股基本及攤薄虧損約為1.92港 仙（二 零 二 四 年：每 股 盈 利 約4.05港 仙）； • 董 事 不 建 議 就 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部 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。 Futong Technology Development Holdings Limited 富 通 科 技 發 展 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：465） 未經審核中期業績公佈 截至二零二五年六月三十日止六個月期間 富通科技發展控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈截至 二零二五年六月三十日止六個月期間（「本期間」）本公司及其附屬公司（統稱「本集 團」）的未經審核簡明綜合財務業績。此等簡明綜合中期財務資料並未經審核，但已 由本公司核數師及審核委員會審閱。 – 1 – | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 六月三十日 人民幣千元 | 十二月三十一日 人民幣千元 | | | | （未經審核） | （經審核） | | 資產及負債 | | ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市的公司通常為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報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。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關靖洋集團控股有限公司（「本公司」）及 其附屬公司（統稱「本集團」）的資料。本公司之董事（「董事」）願共同及個別就本報告負全責，並在作出一切合理查 詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完備，且並無誤導或欺詐成分；亦無遺 漏其他事項，以致本報告所載任何陳述或本報告產生誤導。 本報告以環保紙印刷 目錄 公司資料 3 管理層討論及分 ...