香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 Bilibili Inc. 嗶哩嗶哩股份有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9626） 內幕消息 2025 年第二季度 未經審計的財務業績公告 嗶哩嗶哩股份有限公司（「嗶哩嗶哩」或「本公司」）欣然宣佈其根據美國證券交易委員會 （「美國證交會」）的適用規則刊發的截至2025年6月30日止第二季度未經審計財務業績（「第 二季度業績」）。 本公告隨附的附表一為本公司於2025年8月21日（美國東部時間）刊發的有關第二季度業 績的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 本公告載有前瞻性陳述。該等陳述乃根據1995年《美國私人證券訴訟改革法》中的「安全 港」條文作出。該等前瞻性陳述可從所用詞彙如「將」、「預期」、「預計」、「旨在」、「未 來」、「擬」、「計劃」、「相信」、「估計」、「有信心」、「潛在」、「繼續」或其他類似陳述加 以識別。其中，本公告內的展望和引 ...

[Interim Results Summary](index=1&type=section&id=Interim%20Results%20Summary) The company reported a 0.7% revenue increase to $775.1 million, with strong net cash and a 10.9% operating profit margin Interim Results Summary (USD '000) | Metric | H1 2025 | Change | | :--- | :--- | :--- | | Shipments | +3.8% | Growth | | Revenue | $775.1 million | +0.7% | | Net Cash Position | $291.3 million | Maintained Strong | | Operating Profit | $84.7 million | - | | Operating Profit Margin | 10.9% | - | | Reported Net Profit | $78.1 million | - | | Adjusted Net Profit | $77.9 million | - | | Interim Dividend | HK$0.52 per share | Payout Ratio over 70% | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's financial performance, position, and cash flows for the interim period, highlighting key changes and trends [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, revenue slightly increased by 0.7% to $775.1 million, but gross profit and operating profit declined, leading to a 14.7% decrease in profit for the period to $78.1 million, with basic EPS at 9.5 US cents Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (USD '000) | Metric (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 775,074 | 770,011 | +0.7% | | Cost of sales | (599,916) | (571,128) | +5.0% | | Gross profit | 175,158 | 198,883 | -11.9% | | Operating profit (before fair value changes of financial instruments) | 84,724 | 99,052 | -14.5% | | Profit before tax | 91,869 | 105,393 | -12.8% | | Profit for the period | 78,117 | 91,514 | -14.7% | | Profit for the period attributable to owners of the parent | 78,633 | 91,944 | -14.5% | | Basic earnings per share (US cents) | 9.5 | 11.5 | -17.4% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets less current liabilities were $1.126 billion, a slight decrease from December 31, 2024, with net current assets at $588.6 million and a current ratio of 2.8, indicating a stable but slightly declining financial position Interim Condensed Consolidated Statement of Financial Position (USD '000) | Metric (USD '000) | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 537,139 | 530,125 | +1.3% | | Total current assets | 916,307 | 893,241 | +2.6% | | Total current liabilities | 327,690 | 279,146 | +17.4% | | Net current assets | 588,617 | 614,095 | -4.1% | | Total assets less current liabilities | 1,125,756 | 1,144,220 | -1.6% | | Net assets | 1,095,977 | 1,117,539 | -1.9% | | Total equity | 1,095,977 | 1,117,539 | -1.9% | [Interim Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, net cash from operating activities significantly decreased by 96% to $3.9 million, primarily due to negative working capital changes, while cash used in investing and financing activities increased, resulting in lower period-end cash and cash equivalents Interim Condensed Consolidated Statement of Cash Flows (USD '000) | Metric (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | 3,906 | 99,178 | -96.1% | | Net cash flows used in investing activities | (25,264) | (15,689) | +61.1% | | Net cash flows used in financing activities | (48,931) | (42,809) | +14.3% | | Net decrease/(increase) in cash and cash equivalents | (70,289) | 40,680 | - | | Cash and cash equivalents at end of period | 350,786 | 334,585 | +4.8% | [Notes to the Interim Condensed Consolidated Financial Information](index=8&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanations and disclosures regarding the accounting policies, segment information, revenue, profit before tax, and other financial statement items [1. Basis of Preparation](index=8&type=section&id=1.%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKEX Listing Rules and HKAS 34, presented in USD using the historical cost convention - Financial information is prepared according to HKEX Listing Rules and HKAS 34, presented in USD, and uses the historical cost convention[10](index=10&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=8&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) Revised HKFRS accounting standards were adopted, with HKAS 21 (Amendment) on lack of exchangeability having no material impact as all currencies used by the Group are exchangeable - HKAS 21 (Amendment) regarding currency exchangeability has no impact on the Group's financial information, as all transaction currencies are exchangeable[11](index=11&type=chunk)[12](index=12&type=chunk) [3. Operating Segment Information](index=9&type=section&id=3.%20Operating%20Segment%20Information) The Group operates manufacturing (footwear and handbags) and retail & wholesale (self-developed brands) segments, with manufacturing being the primary revenue source, generating $774.4 million in external sales and $87.75 million in segment results for H1 2025 - The Group primarily operates two segments: manufacturing (footwear and handbags) and retail & wholesale (self-developed brands)[13](index=13&type=chunk)[15](index=15&type=chunk) Operating Segment Information (USD '000) | Metric (USD '000) | Manufacturing (H1 2025) | Retail & Wholesale (H1 2025) | Total (H1 2025) | Manufacturing (H1 2024) | Retail & Wholesale (H1 2024) | Total (H1 2024) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | External customer sales | 774,357 | 717 | 775,074 | 769,067 | 944 | 770,011 | | Segment results | 87,754 | (267) | 87,487 | 102,070 | (267) | 101,803 | | Segment assets (June 30, 2025) | 1,415,877 | 15,557 | 1,431,434 | - | - | - | | Segment assets (Dec 31, 2024) | 1,374,058 | 32,659 | 1,406,717 | - | - | - | [4. Revenue](index=12&type=section&id=4.%20Revenue) Total revenue for H1 2025 was $775.1 million, primarily from footwear and handbag sales, with North America as the largest market, followed by Europe and China, and all revenue recognized upon goods transfer Revenue by Product Type (USD '000) | Product Type (USD '000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales of footwear and handbags | 775,074 | 770,011 | Revenue by Geographical Market (USD '000) | Geographical Market (USD '000) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | North America | 377,120 | 360,241 | | Europe | 181,314 | 189,606 | | China | 119,990 | 128,634 | | Asia (excluding China) | 69,743 | 69,456 | | Others | 26,907 | 22,074 | [5. Profit Before Tax](index=14&type=section&id=5.%20Profit%20Before%20Tax) Profit before tax for H1 2025 was $91.87 million, a decrease from the prior year, influenced by increased cost of inventories sold, a shift from fair value gain to loss on financial assets, significantly reduced severance costs, and a foreign exchange gain Profit Before Tax (USD '000) | Metric (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 599,644 | 572,005 | +4.8% | | Depreciation of property, plant and equipment | 24,436 | 23,668 | +3.2% | | Net fair value gain/(loss) on financial assets | (219) | 1,369 | From loss to gain | | Severance payments and other related costs | 4 | 1,337 | -99.7% | | Net impairment loss on financial assets | 329 | 6,208 | -94.7% | | Exchange differences, net | (4,276) | 238 | From loss to gain | [6. Income Tax](index=14&type=section&id=6.%20Income%20Tax) Total income tax expense for H1 2025 was $13.75 million, a slight decrease year-on-year, with unchanged profit tax rates in China, Macau, and other regions, but increased current tax expenses in China and Macau and significantly reduced deferred tax expenses - China's profit tax rate is **25%**, Hong Kong's is **16.5%** (with a two-tiered system of **8.25%/16.5%** for some entities), and Macau's is **12%**[24](index=24&type=chunk)[25](index=25&type=chunk) Income Tax (USD '000) | Tax Type (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Current tax expense (China) | 7,342 | 5,899 | +24.5% | | Current tax expense (Macau) | 3,997 | 2,381 | +67.9% | | Current tax expense (Other regions) | 803 | 1,146 | -29.9% | | Deferred tax | 1,610 | 4,453 | -63.8% | | Total | 13,752 | 13,879 | -0.9% | [7. Dividends](index=15&type=section&id=7.%20Dividends) Total dividends declared and paid for H1 2025 significantly increased to $113.2 million, including a final dividend of HK$0.50 per share and a special dividend of HK$0.56 per share, with the Board declaring an interim dividend of HK$0.52 per share Dividends (USD '000) | Dividend Type (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Final dividend declared and paid (HK$0.50 per share) | 53,390 | 63,415 | -15.8% | | Special dividend declared and paid (HK$0.56 per share) | 59,796 | 0 | New | | Total | 113,186 | 63,415 | +78.5% | - The Board has declared an interim dividend of **HK$0.52 per ordinary share**, approximately **$55.708 million**[27](index=27&type=chunk) [8. Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=16&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For H1 2025, basic EPS was 9.5 US cents (74.3 HK cents) and diluted EPS was 9.3 US cents (73.1 HK cents), both decreasing year-on-year, calculated based on profit attributable to ordinary equity holders and weighted average ordinary shares Earnings Per Share Attributable to Ordinary Equity Holders of the Parent | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (USD '000) | 78,633 | 91,944 | -14.5% | | Basic earnings per share (US cents) | 9.5 | 11.5 | -17.4% | | Basic earnings per share (HK cents) | 74.3 | 89.6 | -17.1% | | Diluted earnings per share (US cents) | 9.3 | 11.2 | -16.9% | | Diluted earnings per share (HK cents) | 73.1 | 87.8 | -16.8% | | Weighted average number of ordinary shares used in calculating basic earnings per share | 830,294,950 | 802,144,522 | +3.5% | [9. Property, Plant and Equipment](index=17&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) In H1 2025, the Group's asset acquisition cost increased to $32.61 million, while asset disposals resulted in a net loss of $1.07 million, a shift from a gain in the prior year Property, Plant and Equipment (USD '000) | Metric (USD '000) | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of assets acquired | 32,607 | 27,434 | +18.9% | | Net book value of assets disposed | 1,244 | 94 | +1223.4% | | Net loss/(gain) on disposal | 1,073 (Loss) | (44) (Gain) | From gain to loss | [10. Trade Receivables](index=17&type=section&id=10.%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased by 29.3% to $305.2 million from December 31, 2024, with the majority aged within one month, and standard payment terms typically ranging from 30 to 90 days Trade Receivables Ageing (USD '000) | Ageing (USD '000) | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Within 1 month | 147,312 | 112,285 | +31.2% | | 1 to 2 months | 104,012 | 84,535 | +23.0% | | 2 to 3 months | 43,933 | 32,298 | +36.0% | | 3 to 6 months | 9,984 | 5,434 | +83.7% | | Total | 305,241 | 234,552 | +29.3% | - Total trade receivables include amounts due from associates of **$41.492 million** and an allowance for expected credit losses of **$40.27 million**[31](index=31&type=chunk) [11. Financial Assets at Fair Value Through Profit or Loss](index=18&type=section&id=11.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss totaled $2.587 million, primarily listed equity investments, with a recognized fair value gain of $0.212 million for the period, indicating improved investment performance from a prior year loss Financial Assets at Fair Value Through Profit or Loss (USD '000) | Asset Type (USD '000) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Listed equity investments | 2,575 | 2,363 | | Listed debt investments | 12 | 5 | | Total | 2,587 | 2,368 | - In H1 2025, listed equity investments recognized a fair value gain of **$0.212 million** (H1 2024: loss of **$1.364 million**)[32](index=32&type=chunk) [12. Trade Payables](index=18&type=section&id=12.%20Trade%20Payables) As of June 30, 2025, total trade payables slightly decreased to $91.995 million from December 31, 2024, with the largest portion aged within one month Trade Payables Ageing (USD '000) | Ageing (USD '000) | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Within 1 month | 75,026 | 75,166 | -0.2% | | 1 to 2 months | 10,072 | 8,296 | +21.4% | | Over 2 months | 6,897 | 11,642 | -40.8% | | Total | 91,995 | 95,104 | -3.2% | - Trade payables include amounts due to a joint venture of **$37.487 million**, repayable within **90 days**[33](index=33&type=chunk) [Chairman's Statement](index=19&type=section&id=Chairman%27s%20Statement) The Chairman highlights strong demand in sports and high-end fashion, challenges in H1 2025 profitability due to high base effect and operational inefficiencies, plans for capacity expansion and handbag business growth, and an upgraded MSCI ESG rating - Despite macroeconomic uncertainties, demand in sports and high-end fashion categories remains strong, with non-customer-dedicated manufacturing facilities operating near full capacity[34](index=34&type=chunk) - H1 2025 profitability faced challenges primarily due to a high base effect from early shipments before the Paris Olympics in H1 2024 and initial operational efficiency issues during capacity ramp-up in Indonesia and the Philippines[34](index=34&type=chunk) - The company plans to expand total capacity by an additional **20 million pairs** starting from 2025 and aims to develop the handbag and accessories manufacturing business into a significant long-term growth driver, having acquired a handbag factory in Vietnam[35](index=35&type=chunk) - The Board declared an interim dividend of **HK$0.52 per share** and will continue its excess cash return program, distributing an additional **$60 million** annually in FY2025 and FY2026[36](index=36&type=chunk) - MSCI ESG rating was upgraded from "A" to "**AA**", marking the second consecutive year of upgrade[36](index=36&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's business strategies, performance, financial health, and future outlook, including operational highlights, cash returns to shareholders, and liquidity [Business Strategies](index=20&type=section&id=Business%20Strategies) Stella International is renowned for its superior product design, craftsmanship, quality, and flexible production capabilities across diverse manufacturing bases, adopting a customer-centric model to offer integrated solutions including handbag and accessories manufacturing - The company is known for its excellent product design, craftsmanship, quality, and flexibility, with manufacturing bases across Vietnam, China, Indonesia, the Philippines, and Bangladesh[38](index=38&type=chunk) - Adopting a customer-centric business model, the company provides high-quality product development and customized manufacturing solutions, integrating handbag and accessories manufacturing to offer comprehensive solutions[38](index=38&type=chunk) [Three-Year Plan (2023-2025)](index=21&type=section&id=Three-Year%20Plan%20(2023-2025)) The company is implementing its 2023-2025 three-year plan focused on business growth and margin improvement, targeting a **10% operating profit margin** and low double-digit post-tax profit CAGR, through category portfolio enhancement, production expansion, management optimization, and cost efficiency - The plan targets achieving a **10% operating profit margin** and a low double-digit compound annual growth rate for post-tax profit[44](index=44&type=chunk) - Strategies include deepening cooperation with major global sports brands, expanding luxury and high-end fashion brands, and introducing fast-growing sports and fashion footwear brands[42](index=42&type=chunk) - Production capacity expansion involves increasing output at the new Solo, Indonesia footwear factory, collaborating with major brands to build dedicated sports footwear factories in Indonesia, and enhancing Bangladesh capacity[42](index=42&type=chunk) - Management efficiency optimization includes organizational restructuring, centralizing client management and factory operations, consolidating R&D teams, and linking management incentives to operational targets[42](index=42&type=chunk) - Enhancing cost efficiency and improving working capital involves strengthening the client portfolio to mitigate risks, improving inventory and cash flow management, and reinforcing cost control across all departments[45](index=45&type=chunk) [Business Review](index=22&type=section&id=Business%20Review) In H1 2025, revenue slightly increased by 0.7% to $775.1 million, driven by a 3.8% rise in shipments, primarily from the sports category, but gross profit and net profit declined due to a high base effect and efficiency issues in new Indonesian and Philippine capacities Business Review | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 775.1 million USD | 770.0 million USD | +0.7% | | Shipments | 27.5 million pairs | 26.5 million pairs | +3.8% | | Average Selling Price | 27.4 USD/pair | 28.3 USD/pair | -3.2% | | Gross Profit | 175.2 million USD | 198.9 million USD | -11.9% | | Gross Profit Margin | 22.6% | 25.8% | -3.2 percentage points | | Operating Profit | 84.7 million USD | 99.1 million USD | -14.5% | | Operating Profit Margin | 10.9% | 12.9% | -2.0 percentage points | | Net Profit | 78.1 million USD | 91.5 million USD | -14.7% | | Adjusted Net Profit | 77.9 million USD | 92.9 million USD | -16.2% | | Adjusted Net Profit Margin | 10.1% | 12.1% | -2.0 percentage points | - Sports category sales grew by **8.2%**, accounting for **48.5%** of total manufacturing revenue; fashion and luxury categories combined saw a **3.5%** revenue decrease; casual category revenue declined by **9.2%**[46](index=46&type=chunk) - The decline in gross profit margin was primarily due to a high base effect from early shipments in the prior year and efficiency issues during the ramp-up of new capacities in Indonesia and the Philippines, leading to some production shifting to Vietnam and increasing costs[47](index=47&type=chunk) [Strong Net Cash Position](index=24&type=section&id=Strong%20Net%20Cash%20Position) As of June 30, 2025, the company maintained a strong net cash position of $291.3 million, despite dividend payouts and additional cash returns, with a net gearing ratio of **-26.6%** Strong Net Cash Position | Metric | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Cash Position | 291.3 million USD | 326.1 million USD | -10.8% | | Net Gearing Ratio | -26.6% | -29.6% | Improvement | [Industry Recognition and Awards](index=25&type=section&id=Industry%20Recognition%20and%20Awards) The company's sustainability efforts continue to be recognized, with its MSCI ESG rating upgraded from "A" to "**AA**" in July 2025, marking the second consecutive year of improvement - MSCI ESG rating was upgraded from "A" to "**AA**", marking the second consecutive year of upgrade, reflecting the company's efforts in sustainability and transparency practices[53](index=53&type=chunk) [Outlook](index=25&type=section&id=Outlook) Full-year 2025 shipments are projected for moderate growth, though H2 profitability remains constrained by the pace of efficiency improvements in Indonesian and Philippine manufacturing facilities, with plans to add **20 million pairs** of capacity and develop the handbag and accessories business as a core growth driver - Full-year 2025 shipments are expected to grow moderately, but H2 profitability will be limited by the pace of efficiency improvements in Indonesian and Philippine manufacturing facilities[54](index=54&type=chunk) - Plans include adding an additional **20 million pairs** of total capacity starting from 2025, achieved by increasing capacity at the new Solo, Indonesia factory, launching a second manufacturing facility in Bangladesh, and accelerating the construction of a dedicated factory in Indonesia for the largest sports client[55](index=55&type=chunk) - The company is firmly committed to making the handbag and accessories manufacturing business a core growth driver, having acquired a small handbag and accessories factory in Vietnam to enhance quality and efficiency[55](index=55&type=chunk) - The company is confident in achieving the Three-Year Plan (2023-2025) targets of a **10% operating profit margin** and a low double-digit compound annual growth rate for post-tax profit[54](index=54&type=chunk) [Cash Returns to Shareholders](index=26&type=section&id=Cash%20Returns%20to%20Shareholders) The Board declared an interim dividend of **HK$0.52 per ordinary share**, maintaining a payout ratio of approximately **70%**, and committed to an additional annual cash return of up to **$60 million** to shareholders in 2025 and 2026 through share repurchases and special dividends - The Board declared an interim dividend of **HK$0.52 per ordinary share**, maintaining a payout ratio of approximately **70%**[57](index=57&type=chunk) - The company committed to an additional annual cash return of up to **$60 million** to shareholders in 2025 and 2026 through share repurchases and special dividends, beyond regular dividends[57](index=57&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=26&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2025, cash and cash equivalents increased by 4.8% to $350.8 million, but net cash from operating activities significantly decreased to $3.9 million due to working capital changes, while the current ratio of 2.8 indicates a sound financial position, with bank borrowings rising to $59.5 million and a net cash position of $291.3 million Liquidity, Financial Resources and Capital Structure | Metric | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | Change (vs June 30, 2024) | | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 350.8 million USD | 423.5 million USD | 334.6 million USD | +4.8% | | Net cash inflow from operating activities | 3.9 million USD | - | 99.2 million USD | -96.1% | | Changes in working capital | -106.3 million USD | - | -27.0 million USD | - | | Trade receivables | 305.2 million USD | 234.6 million USD | 304.4 million USD | +0.3% | | Current assets | 916.3 million USD | 893.2 million USD | - | +2.6% (vs 2024/12/31) | | Current liabilities | 327.7 million USD | 279.1 million USD | - | +17.4% (vs 2024/12/31) | | Current ratio | 2.8 | 3.2 | - | -12.5% (vs 2024/12/31) | | Bank borrowings | 59.5 million USD | 5.9 million USD | - | +908.5% (vs 2024/12/31) | | Net cash position | 291.3 million USD | 417.6 million USD | 326.1 million USD | -10.8% (vs June 30, 2024) | | Net Gearing Ratio | -26.6% | - | -29.6% | Improvement | - The significant decrease in net cash inflow from operating activities was primarily due to negative working capital changes, including increased inventories and a lower base of trade receivables[59](index=59&type=chunk) - Foreign exchange risk primarily relates to fluctuations in RMB and HKD against USD[63](index=63&type=chunk) - As of June 30, 2025, pledged assets were valued at **$10.8 million**, with no contingent liabilities[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Acquisitions and Disposals](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals) There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period; however, post-period, the company acquired a small handbag and accessories factory in Vietnam in July 2025 to support business growth - No significant acquisitions or disposals occurred during the reporting period[67](index=67&type=chunk) - Subsequent to the reporting period, in July 2025, the company completed the acquisition of a small handbag and accessories factory in Vietnam to support the growth of its handbag and accessories manufacturing business[67](index=67&type=chunk) [Material Investments](index=28&type=section&id=Material%20Investments) As of June 30, 2025, the Group held no material investments representing 5% or more of its total assets - As of June 30, 2025, the Group held no material investments representing **5% or more** of its total assets[68](index=68&type=chunk) [Future Plans for Material Investments or Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Directors confirm that, apart from ordinary course of business, the Group currently has no plans for any material investments or acquisitions of capital assets - Apart from ordinary business operations, the Group currently has no plans for any material investments or acquisitions of capital assets[69](index=69&type=chunk) [Major Customers and Suppliers](index=28&type=section&id=Major%20Customers%20and%20Suppliers) The company considers customers and suppliers as core stakeholders, recognizing their success as integral to its growth, consistently ranking in the top 10% of supplier evaluations, and fostering strategic relationships for continuous improvement in craftsmanship, innovation, and efficiency - The company views customers and suppliers as core stakeholders, emphasizing that their success is inseparable from the company's growth[70](index=70&type=chunk) - The company consistently ranks in the **top 10%** in supplier evaluations and is committed to building strategic relationships with long-term partners to continuously improve craftsmanship, innovation, and efficiency[70](index=70&type=chunk) [Employees](index=28&type=section&id=Employees) As of June 30, 2025, the Group had approximately **43,400** direct employees and a total workforce of about **65,000**, fostering a culture of care, sharing, and learning through leadership programs, share option schemes, and share award schemes to attract, train, and retain talent Employees | Metric | June 30, 2025 | Dec 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Direct employees | Approx. 43,400 | Approx. 42,600 | +1.9% | | Total workforce | Approx. 65,000 | - | - | - The company is committed to attracting, training, and retaining talent, fostering a culture of care, sharing, and learning through "Leadership Programs," share option schemes, and share award schemes[72](index=72&type=chunk) [Events After Reporting Period](index=29&type=section&id=Events%20After%20Reporting%20Period) No events with a material impact on the Group have occurred from the end of the reporting period up to the date of this announcement - No events with a material impact on the Group have occurred after the reporting period[73](index=73&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers the Audit Committee's review, interim dividend declaration, corporate governance practices, and publication details of the interim results announcement and report [Review of Accounts by Audit Committee](index=29&type=section&id=Review%20of%20Accounts%20by%20Audit%20Committee) The Audit Committee has reviewed the Group's unaudited interim results and accounting policies, discussing risk management and internal controls with management, with no disagreements - The Audit Committee has reviewed the interim results and accounting policies, and discussed risk management and internal controls with management, with no disagreements[74](index=74&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board resolved to declare an interim dividend of **HK$0.52 per ordinary share** for the six months ended June 30, 2025, payable on September 19, 2025, with share transfer registration suspended from September 5 to September 9, 2025 - The Board resolved to declare an interim dividend of **HK$0.52 per ordinary share**[75](index=75&type=chunk) - The dividend will be paid on **September 19, 2025**, with share transfer registration suspended from **September 5 to September 9, 2025**[75](index=75&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The company is committed to high standards of corporate governance, complying with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules, advocating an integrated corporate and business governance model, and adopting a standard code for directors' securities transactions - The company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[76](index=76&type=chunk) - The company advocates an integrated model of corporate governance and business governance, and has adopted a standard code for directors' securities transactions[77](index=77&type=chunk)[78](index=78&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[79](index=79&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX and the company's websites, with the Group's interim report for the six months ended June 30, 2025, to be published on the respective websites in due course - The interim results announcement has been published on the HKEX and the company's websites, and the interim report will be published in due course[80](index=80&type=chunk)

謹此提述常達控股有限公司（「本公司」）於2025年3月31日刊發截至2024年12月31日止年 度之年度報告（「2024年年報」）。除另有界定者外，本公告所用詞彙具2024年年報所界定 的相同涵義。 誠如2024年年報所示，截至2024年12月31日止年度，本公司於聯交所以總代價416,400港 元（未扣開支）購回合共10,410,000股股份（「股份購回」），所有購回股份隨後均作為庫存 股份保存。本公司謹此補充，本公司擬不時根據市況及本集團的資本管理需要，決定是 否及何時註銷或以市價出售該等購回的庫存股份，或遵照上市規則、本公司組織章程大 綱及細則以及開曼群島的適用法律，出售該等庫存股份作其他用途。 上述資料並不影響2024年年報所披露的資料，除本公告所披露者外，2024年年報的所有 其他資料維持不變。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就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。 CIRTEK HOLDINGS LIMITED 常達控股有限公司 （於開曼群島註冊成立之有限公司） ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section summarizes the company's key financial performance and financial position [Key Financial Data](index=1&type=section&id=1.1%20Key%20Financial%20Data) For the six months ended June 30, 2025, revenue grew 10.0% to RMB178.9 million, loss narrowed 99.5% to RMB2.9 million, and adjusted net loss decreased 97.5%, nearing breakeven Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Revenue | 178,914 | 162,670 | 10.0% | | Gross Profit | 106,296 | 105,306 | 0.9% | | Loss for the Period | (2,898) | (578,756) | (99.5%) | | Adjusted Net Loss (Non-GAAP) | (1,408) | (55,855) | (97.5%) | [Performance Review and Strategic Outlook](index=2&type=section&id=Performance%20Review%20and%20Strategic%20Outlook) This section reviews the company's operational performance, business segment results, and strategic outlook [Overall Performance Overview](index=2&type=section&id=2.1%20Overall%20Performance%20Overview) In H1 2025, the company achieved robust performance growth with 10.0% revenue increase and significantly improved profitability - For the six months ended June 30, 2025, the Group's revenue was **RMB178.9 million**, representing a **10.0% year-on-year increase**[8](index=8&type=chunk) [Business Segment Performance](index=2&type=section&id=2.2%20Business%20Segment%20Performance) AI software revenue decreased 21.7% due to cost control, while AI smart hardware revenue surged 64.8% from strategic investments and new products Revenue Change by Business Segment | Business Segment | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | AI Software Solutions | 80,640 | 103,025 | (21.7%) | | Smart Devices and Other Accessories | 98,274 | 59,645 | 64.8% | [AI Software Solutions](index=2&type=section&id=2.2.1%20AI%20Software%20Solutions) AI software revenue decreased 21.7% year-on-year, driven by proactive control of market spending and customer acquisition costs to maintain profitability - AI software business revenue was **RMB80.6 million**, representing a **21.7% year-on-year decrease**[8](index=8&type=chunk) - The company actively controlled its market spending strategy and customer acquisition costs to address intensifying global industry competition and rising customer acquisition costs[8](index=8&type=chunk) [Smart Devices and Other Accessories](index=2&type=section&id=2.2.2%20Smart%20Devices%20and%20Other%20Accessories) AI smart hardware revenue grew 64.8% to RMB98.3 million, driven by strategic market investments and 'TicNote' brand promotion, despite short-term gross margin fluctuations - AI smart hardware business revenue was **RMB98.3 million**, representing a **64.8% year-on-year increase**[9](index=9&type=chunk) - In the first half of the year, the company increased strategic market investments and brand promotion for its new product "TicNote", while simultaneously optimizing its category inventory structure[9](index=9&type=chunk) [Profitability Improvement](index=3&type=section&id=2.3%20Profitability%20Improvement) Loss significantly narrowed by 99.5%, and adjusted net loss decreased 97.5% nearing breakeven, driven by the absence of fair value changes in preference shares and 'AI-driven organization' transformation - Loss for the period was **RMB2.9 million**, a **99.5% year-on-year decrease**, primarily due to the absence of fair value changes in contingently redeemable preference and ordinary shares in H1 2025[11](index=11&type=chunk) - Adjusted net loss (non-GAAP measure) was **RMB1.4 million**, a **97.5% year-on-year decrease**, approaching breakeven[11](index=11&type=chunk) - Profitability improvement was attributed to actively promoting an "AI-driven organization" transformation, deeply integrating AI Agents into core business processes and operational management systems to build "AI-native workflows"[11](index=11&type=chunk) [Product Innovation and Ecosystem Development](index=3&type=section&id=2.4%20Product%20Innovation%20and%20Ecosystem%20Development) The company launched 'TicNote', the world's first Agentic AI hardware-software product, achieving sales breakthroughs and building an Agentic AI ecosystem centered on 'Shadow AI' - In April 2025, the company launched "TicNote", the world's first Agentic AI hardware-software integrated product, featuring the built-in AI Agent software "Shadow AI" which offers "AI recording with memory + proactive insights + proactive analysis + companion creation" functions[12](index=12&type=chunk)[14](index=14&type=chunk) - TicNote quickly gained attention after its overseas debut and domestic launch, with global sales exceeding **10,000 units**, ranking among the top sellers in relevant e-commerce categories[15](index=15&type=chunk) - Starting with TicNote, the company is building an Agentic AI ecosystem centered on "Shadow AI" and expanding into new product categories such as the TicSports treadmill series, TicNote Watch smartwatches, and TicNote Pods smart earphones[15](index=15&type=chunk) [AI-driven Organizational Transformation](index=4&type=section&id=2.5%20AI-driven%20Organizational%20Transformation) The company integrated AI Agents into internal business processes, creating 'AI-native workflows' that significantly boosted per capita output efficiency by 80% - The company deeply integrated AI Agents into core business processes and operational management systems, building efficient, flexible, and self-evolving "AI-native workflows"[16](index=16&type=chunk) - During the reporting period, per capita revenue was approximately **RMB978 thousand**, an **80% increase** compared to RMB542 thousand in the same period of 2024[16](index=16&type=chunk) [Strategic Direction and Future Outlook](index=5&type=section&id=2.6%20Strategic%20Direction%20and%20Future%20Outlook) The company maintains its hardware-software integration strategy and full-stack AI capabilities, evolving its business model to 'service+platform' and increasing AI Agent R&D in H2 - The company consistently adheres to its hardware-software integration strategy and the accumulation of full-stack AI capabilities, ranging from smartwatches to the general large model "Sequence Monkey" and AIGC matrix[17](index=17&type=chunk) - The company is driving the evolution of its business model from "product sales" to "service + platform" and expanding into To SMB and To PC businesses[17](index=17&type=chunk) - Looking ahead to H2 2025, the Group will continue to increase R&D investment in core AI Agent technologies, expanding Agentic AI product forms and scenario boundaries[18](index=18&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, liquidity, and human resources [Financial Performance Review](index=6&type=section&id=3.1%20Financial%20Performance%20Review) This section details the company's H1 2025 financial performance, covering revenue, costs, gross profit, expenses, and adjusted net loss, with explanations for key changes [Revenue Analysis](index=6&type=section&id=3.1.1%20Revenue%20Analysis) Total revenue grew 10.0%, with AI software solutions revenue decreasing 21.7% due to cost control, and smart devices revenue increasing 64.8% from strategic investments and inventory optimization Revenue Breakdown by Major Product or Service Line | Product or Service Line | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | AI Software Solutions | 80,640 | 103,025 | (21.7%) | | Smart Devices and Other Accessories | 98,274 | 59,645 | 64.8% | | **Total Revenue** | **178,914** | **162,670** | **10.0%** | - The decrease in AI software revenue was primarily due to the company's proactive control of market spending and customer acquisition costs for its AIGC software business, guided by profitability and long-term sustainable development[19](index=19&type=chunk) - The increase in AI hardware revenue was mainly due to the company's increased strategic market investments and simultaneous optimization of its category inventory structure[19](index=19&type=chunk) [Cost of Sales and Gross Profit](index=6&type=section&id=3.1.2%20Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales increased due to higher smart device revenue proportion. Gross profit slightly increased 0.9%, but gross margin decreased from 64.7% to 59.4%, also impacted by smart device revenue share - The increase in cost of sales was primarily due to the increased revenue contribution from smart devices and other accessories[20](index=20&type=chunk) Gross Profit and Gross Margin Change | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Gross Profit | 106,296 | 105,306 | 0.9% | | Gross Margin | 59.4% | 64.7% | (5.3%) | - The decrease in gross margin was primarily due to the increased revenue contribution from smart devices and other accessories[21](index=21&type=chunk) [Other Income and Net Loss](index=7&type=section&id=3.1.3%20Other%20Income%20and%20Net%20Loss) Other income and net loss increased by RMB13.23 million in H1 2025, mainly due to the absence of prior year's financial asset fair value losses and exchange losses, and increased bank interest income - Other income and net loss for H1 2025 increased by **RMB13.23 million** compared to the same period last year[22](index=22&type=chunk) - Key reasons include the absence of fair value losses on financial assets measured at fair value through profit or loss (which occurred in the prior period), exchange gains in the current period due to the appreciation of the British Pound (compared to exchange losses in the prior period), and a year-on-year increase in bank wealth management and interest income[22](index=22&type=chunk) [Operating Expenses](index=7&type=section&id=3.1.4%20Operating%20Expenses) Overall operating expenses decreased, with significant reductions in R&D, selling and marketing, and administrative expenses, driven by 'AI-driven organization' efficiency, revenue mix, and reduced listing expenses [R&D Expenses](index=7&type=section&id=3.1.4.1%20R%26D%20Expenses) R&D expenses decreased 31.9% to RMB38.0 million, primarily due to 'AI-driven organization' transformation, integrating AI Agents to boost R&D efficiency and reduce salary expenses R&D Expenses Change | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Total R&D Expenses | 38,045 | 55,814 | (31.9%) | | Salaries | 21,400 | 46,400 | (53.9%) | | Direct Inputs (Cloud services and data fees, etc.) | 12,400 | 5,900 | 110.2% | - This was attributed to the Group's active promotion of an "AI-driven organization" transformation, deeply integrating AI Agents into core business processes and operational management systems, building efficient, flexible, and self-evolving "AI-native workflows" which significantly enhanced R&D efficiency[23](index=23&type=chunk) [Selling and Marketing Expenses](index=7&type=section&id=3.1.4.2%20Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased 24.5% to RMB68.9 million, primarily due to revenue mix differences and reduced AIGC software solution service fees Selling and Marketing Expenses Change | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 68,879 | 91,291 | (24.5%) | - The decrease was mainly due to differences in revenue structure and reduced service fees for AIGC software solutions[24](index=24&type=chunk) [Administrative Expenses](index=7&type=section&id=3.1.4.3%20Administrative%20Expenses) Administrative expenses significantly decreased 76.6% to RMB13.1 million, primarily due to the absence of listing expenses in 2025 and reduced salary-related expenditures Administrative Expenses Change | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change % | | :--- | :--- | :--- | :--- | | Administrative Expenses | 13,087 | 55,881 | (76.6%) | - The decrease was mainly due to the absence of listing expenses in 2025, following the completion of the global offering in H1 2024, and reduced salary-related expenditures[25](index=25&type=chunk) [Non-GAAP Measure: Adjusted Net Loss](index=8&type=section&id=3.1.5%20Non-GAAP%20Measure%3A%20Adjusted%20Net%20Loss) Adjusted net loss (non-GAAP) was RMB1.4 million, a significant 97.5% decrease, reflecting core operating performance by adjusting for non-cash or one-off items - Adjusted net loss (non-GAAP measure) is defined as loss for the period from continuing operations, adjusted for fair value changes in contingently redeemable preference and ordinary shares, share-based payments, and listing expenses[26](index=26&type=chunk) Reconciliation of Non-GAAP Financial Measure | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (2,898) | (578,756) | | Fair value changes in contingently redeemable preference and ordinary shares | — | 480,455 | | Share-based payments | 1,490 | 13,487 | | Listing expenses | — | 28,959 | | **Adjusted Net Loss (Non-GAAP Measure)** | **(1,408)** | **(55,855)** | - There were no fair value changes in contingently redeemable preference and ordinary shares in H1 2025, as they were automatically converted to equity upon the completion of the listing in 2024[26](index=26&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=3.2%20Liquidity%20and%20Financial%20Resources) The company maintains a healthy liquidity position with significantly increased cash and cash equivalents, a decreased gearing ratio, and a stable current ratio [Cash and Cash Equivalents](index=9&type=section&id=3.2.1%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents significantly increased to approximately RMB254.0 million from RMB156.5 million at December 31, 2024 Cash and Cash Equivalents | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 254,000 | 156,500 | [Financial Assets](index=9&type=section&id=3.2.2%20Financial%20Assets) The company disposed of wealth management products measured at fair value through profit or loss, and financial assets at fair value through OCI decreased due to maturity of certificates of deposit - As of December 31, 2024, financial assets measured at fair value through profit or loss (wealth management products) had a fair value of **RMB65.3 million**, which were disposed of during the current reporting period[30](index=30&type=chunk) - The balance of financial assets measured at fair value through other comprehensive income decreased compared to the end of 2024, primarily due to the maturity of certificates of deposit held at the end of the prior year[30](index=30&type=chunk) [Capital Structure and Bank Borrowings](index=10&type=section&id=3.2.3%20Capital%20Structure%20and%20Bank%20Borrowings) The company's capital structure is funded by various sources, with outstanding bank borrowings increasing to RMB41.0 million, all unsecured, fixed-rate, and repayable within one year - The Group funds its working capital, capital expenditures, and other liquidity needs through a combination of its cash and cash equivalents, cash flows from operations, bank financing, and net proceeds from the Company's initial public offering[31](index=31&type=chunk) Bank Borrowings | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Outstanding Bank Borrowings | 41,000 | 20,000 | [Gearing Ratio and Net Current Assets](index=10&type=section&id=3.2.4%20Gearing%20Ratio%20and%20Net%20Current%20Assets) As of June 30, 2025, the gearing ratio decreased to 36.3%, net current assets were RMB268.5 million, and the current ratio was 2.6, indicating reduced financial leverage and ample liquidity Gearing Ratio and Current Ratio | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio (Total Liabilities / Total Assets) | 36.3% | 42.1% | | Net Current Assets (RMB million) | 268.5 | 309.6 | | Current Ratio (Current Assets divided by Current Liabilities) | 2.6 | 2.5 | [Contingent Liabilities](index=10&type=section&id=3.2.5%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[35](index=35&type=chunk) [Human Resources](index=10&type=section&id=3.3%20Human%20Resources) As of June 30, 2025, the Group had 183 full-time employees and total staff costs of RMB41.9 million, with remuneration based on performance and experience, offering comprehensive training and benefits Human Resources Overview | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 183 | 222 | | Total Staff Costs (for the six months ended June 30, 2025) | RMB41.9 million | - | - The remuneration policy is formulated based on employee performance and experience, aligning with salary trends in Mainland China and Hong Kong, and includes benefits such as annual bonuses, insurance, medical coverage, and share options[37](index=37&type=chunk) - The Group has integrated a comprehensive employee training approach, including new employee onboarding, core competency development, strengthening internal training teams, and key talent development programs[38](index=38&type=chunk) [Financial Risk Management](index=11&type=section&id=3.4%20Financial%20Risk%20Management) The Group faces credit, liquidity, interest rate, and currency risks in its daily operations and has established corresponding financial risk management policies - The Group faces credit, liquidity, interest rate, and currency risks in the ordinary course of its business[39](index=39&type=chunk) [Credit Risk](index=12&type=section&id=3.4.1%20Credit%20Risk) Credit risk primarily arises from trade and other receivables, but is considered low due to high credit-rated counterparties for cash and bills receivable - Credit risk primarily arises from trade and other receivables[41](index=41&type=chunk) - Credit risk is considered low because counterparties for cash and cash equivalents and bills receivable are banks and financial institutions with high credit ratings[41](index=41&type=chunk) [Liquidity Risk](index=12&type=section&id=3.4.2%20Liquidity%20Risk) The Group manages liquidity risk by regularly monitoring needs, maintaining sufficient cash reserves and marketable securities, and securing committed credit facilities from major financial institutions - The Group's policy is to regularly monitor its liquidity requirements and compliance with loan covenants, ensuring it maintains sufficient cash reserves and readily marketable securities, and has adequate committed credit facilities from major financial institutions to meet its short-term and long-term liquidity needs[42](index=42&type=chunk) [Interest Rate Risk](index=12&type=section&id=3.4.3%20Interest%20Rate%20Risk) Interest rate risk primarily stems from bank borrowings, whose fair value or future cash flows may fluctuate due to market interest rate changes - The Group's interest rate risk primarily arises from bank borrowings[43](index=43&type=chunk) [Currency Risk](index=12&type=section&id=3.4.4%20Currency%20Risk) Currency risk primarily arises from foreign currency-denominated receivables, payables, and cash balances, involving USD, EUR, TWD, GBP, HKD, SGD, and AUD, with no derivative hedging during the period - The Group's currency risk primarily arises from sales and purchases denominated in foreign currencies (i.e., currencies other than the functional currency of the operations involved in the transaction) that generate receivables, payables, and cash balances[44](index=44&type=chunk) - The currencies giving rise to such risk are mainly USD, EUR, TWD, GBP, HKD, SGD, and AUD[44](index=44&type=chunk) - For the six months ended June 30, 2025, the Group did not purchase any derivative instruments for hedging purposes[44](index=44&type=chunk) [Other Information](index=13&type=section&id=Other%20Information) This section covers interim dividends, corporate governance, dealings in listed securities, and subsequent events [Interim Dividend](index=13&type=section&id=4.1%20Interim%20Dividend) The Board does not recommend paying any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: RMB nil)[45](index=45&type=chunk) [Corporate Governance](index=13&type=section&id=4.2%20Corporate%20Governance) The company is committed to high corporate governance standards and has adopted a corporate governance code. Despite the Chairman and CEO roles being combined, the Board believes this benefits business and management without compromising power balance - The Company has adopted the Corporate Governance Code as its own corporate governance code and complied with all applicable code provisions during the reporting period, except for the non-segregation of the roles of Chairman and Chief Executive Officer[46](index=46&type=chunk) - Dr. Li Zhifei currently serves as both the Chairman and Chief Executive Officer of the Company, and the Board believes this arrangement benefits the Group's business prospects and management, ensuring consistent leadership for the Group[46](index=46&type=chunk) [Dealings in Listed Securities](index=13&type=section&id=4.3%20Dealings%20in%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period[47](index=47&type=chunk) - As of June 30, 2025, the Company held no treasury shares[47](index=47&type=chunk) [Subsequent Events and Review](index=14&type=section&id=4.4%20Subsequent%20Events%20and%20Review) As of the announcement date, no significant events after June 30, 2025, materially impacted the Group's operations and financial performance. These interim results are unaudited but reviewed by the Audit Committee - As of June 30, 2025, and up to the date of this announcement, no significant events have occurred that would materially impact the Group's operations and financial performance[49](index=49&type=chunk) - The Group's unaudited consolidated results for the six months ended June 30, 2025, have not been reviewed by external auditors but have been reviewed by the Company's Audit Committee[50](index=50&type=chunk) [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated statement of profit or loss and other comprehensive income, and consolidated statement of financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=5.1%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents revenue, cost of sales, gross profit, expenses, and loss for the six months ended June 30, 2025, reflecting a significant improvement in profitability Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 178,914 | 162,670 | | Cost of Sales | (72,618) | (57,364) | | Gross Profit | 106,296 | 105,306 | | Other income and net loss | 12,531 | (694) | | R&D Expenses | (38,045) | (55,814) | | Selling and Marketing Expenses | (68,879) | (91,291) | | Administrative Expenses | (13,087) | (55,881) | | Loss from Operations | (1,837) | (98,119) | | Loss Before Tax | (2,898) | (578,745) | | Loss for the Period | (2,898) | (578,756) | | Total Comprehensive Income for the Period Attributable to Equity Holders of the Company | (7,177) | (584,384) | | Loss Per Share (Basic and Diluted) | (0.00) | (0.55) | [Consolidated Statement of Financial Position](index=17&type=section&id=5.2%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents assets, liabilities, and equity as of June 30, 2025, showing increased non-current assets, decreased total current assets but increased cash, reduced current liabilities, and stable net assets Summary of Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 29,358 | 2,607 | | Right-of-use Assets | 5,894 | 7,885 | | Intangible Assets | 5,678 | 5,199 | | **Current Assets** | | | | Inventories | 68,090 | 66,874 | | Trade Receivables | 44,791 | 48,292 | | Prepayments, Deposits and Other Receivables | 35,110 | 48,821 | | Financial Assets at Fair Value Through Profit or Loss | — | 65,319 | | Financial Assets at Fair Value Through Other Comprehensive Income | 28,930 | 122,400 | | Cash and Cash Equivalents | 253,956 | 156,535 | | **Current Liabilities** | | | | Trade Payables | 20,232 | 33,659 | | Other Payables and Accrued Expenses | 38,730 | 67,719 | | Bank Borrowings | 40,971 | 20,000 | | **Net Assets** | **301,227** | **304,298** | [Notes to the Unaudited Interim Financial Report](index=19&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes and disclosures supporting the unaudited interim financial statements, covering accounting policies, revenue, expenses, and asset/liability details [Basis of Preparation and Accounting Policies](index=19&type=section&id=6.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, using the same accounting policies as 2024 annual financial statements, with no significant changes except for IAS 21 (Revised) - This interim financial report has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with International Accounting Standard 34 "Interim Financial Reporting" issued by the International Accounting Standards Board[57](index=57&type=chunk) - Except for the changes in accounting policies expected to be reflected in the 2024 annual financial statements, the interim financial report has been prepared in accordance with the same accounting policies adopted in the 2024 annual financial statements[57](index=57&type=chunk) - The application of IAS 21 (Revised) "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability" had no significant impact on the preparation or presentation of the Group's results and financial position for the current period[59](index=59&type=chunk) [Revenue and Segment Reporting](index=20&type=section&id=6.2%20Revenue%20and%20Segment%20Reporting) This section details revenue segmentation by major product/service lines, timing of recognition, and customer geographical location, showing AI software solutions and smart devices as key business segments [Revenue Breakdown](index=20&type=section&id=6.2.1%20Revenue%20Breakdown) Revenue is segmented by AI software solutions and smart devices, further broken down by revenue recognition timing (at a point in time or over time), reflecting the revenue composition of each business segment Revenue Breakdown from Contracts with Customers by Major Product or Service Line | Product or Service Line | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | AI Software Solutions | 80,640 | 103,025 | | Smart Devices and Other Accessories | 98,274 | 59,645 | | **Total** | **178,914** | **162,670** | Revenue Breakdown by Timing of Revenue Recognition (for the six months ended June 30, 2025) | Timing of Revenue Recognition | AI Software Solutions (RMB '000) | Smart Devices and Other Accessories (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | | At a point in time | 29,356 | 98,274 | 127,630 | | Over time | 51,284 | — | 51,284 | | **Total** | **80,640** | **98,274** | **178,914** | [Geographical Information](index=23&type=section&id=6.2.2%20Geographical%20Information) Customer revenue sources are distributed across Mainland China, Germany, the UK, and other regions, with Mainland China revenue decreasing while other regions showed significant growth Geographical Location of Revenue from External Customers | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China | 76,373 | 91,935 | | Germany | 18,775 | 9,848 | | United Kingdom | 17,901 | 12,297 | | Other Countries or Regions | 65,865 | 48,590 | | **Total** | **178,914** | **162,670** | [Breakdown of Loss Before Tax](index=23&type=section&id=6.3%20Breakdown%20of%20Loss%20Before%20Tax) This section provides a detailed breakdown of loss before tax, including finance costs, staff costs, and other operating-related items, explaining specific amounts and changes [Finance Costs](index=23&type=section&id=6.3.1%20Finance%20Costs) Finance costs increased from RMB171 thousand in 2024 to RMB1,061 thousand in 2025, primarily due to increased interest on bank borrowings and lease liabilities Finance Costs Change | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on bank borrowings | 925 | 71 | | Interest on lease liabilities | 136 | 100 | | **Total** | **1,061** | **171** | [Staff Costs](index=24&type=section&id=6.3.2%20Staff%20Costs) Total staff costs decreased from RMB80,989 thousand in 2024 to RMB41,929 thousand in 2025, primarily due to reduced salaries and equity-settled share-based payment expenses Staff Costs Change | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 40,439 | 67,502 | | Equity-settled share-based payment expenses | 1,490 | 13,487 | | **Total** | **41,929** | **80,989** | [Other Items](index=24&type=section&id=6.3.3%20Other%20Items) Other items include depreciation, intangible asset amortization, trade receivables impairment loss, listing expenses, and warranty provisions. H1 2025 had no listing expenses, and trade receivables impairment loss increased Other Items Change | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation expenses — Property, plant and equipment | 690 | 721 | | Depreciation expenses — Right-of-use assets | 1,991 | 3,217 | | Amortization cost of intangible assets | 1,725 | 1,579 | | Impairment loss / (reversal of impairment loss) — Trade receivables | 653 | (255) | | Listing expenses | — | 28,959 | | Warranty (decrease) / increase | (628) | 61 | [Income Tax](index=24&type=section&id=6.4%20Income%20Tax) The Group's income tax provision was zero in H1 2025, compared to RMB11 thousand in 2024. Mainland China subsidiaries enjoy a 15% preferential tax rate and R&D cost deductions, while other regions pay local tax rates Income Tax Provision | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current tax — Provision for the period | — | 11 | - Mainland China subsidiaries qualified as high-tech enterprises enjoy a **15% preferential tax rate** and an additional tax deduction allowance calculated at **100% of eligible R&D costs**[76](index=76&type=chunk) - The Company is incorporated in the Cayman Islands and is exempt from taxation under Cayman Islands tax law. Hong Kong profits tax is calculated at **16.5%**, with a two-tiered tax rate applicable to some companies. US and Taiwan subsidiaries are subject to corporate income tax at maximum rates of **24.53%** and **20%**, respectively[79](index=79&type=chunk) [Loss Per Share](index=26&type=section&id=6.5%20Loss%20Per%20Share) This section calculates basic and diluted loss per share, and adjusted basic and diluted loss per share. H1 2025 basic and diluted loss per share was RMB(0.00), a significant improvement from RMB(0.55) in 2024 [Basic and Diluted Loss Per Share](index=26&type=section&id=6.5.1%20Basic%20and%20Diluted%20Loss%20Per%20Share) Basic and diluted loss per share is calculated based on loss attributable to ordinary equity holders and weighted average ordinary shares outstanding. H1 2025 loss per share was RMB(0.00), significantly lower than the prior year Loss Per Share (Basic and Diluted) | Metric | 2025 (RMB Yuan) | 2024 (RMB Yuan) | | :--- | :--- | :--- | | Loss Per Share (Basic and Diluted) | (0.00) | (0.55) | Weighted Average Number of Ordinary Shares | Item | 2025 (thousand shares) | 2024 (thousand shares) | | :--- | :--- | :--- | | Ordinary shares outstanding at January 1 | 1,521,381 | 626,458 | | Effect of conversion of contingently redeemable preference shares to ordinary shares | — | 397,555 | | Effect of ordinary shares issued under initial public offering and over-allotment option | — | 33,538 | | Effect of options exercised | 14,946 | — | | **Weighted average number of ordinary shares at June 30** | **1,536,327** | **1,057,551** | - Contingently redeemable preference shares, options, and award shares were not included in the calculation of diluted loss per share because their inclusion would have an anti-dilutive effect[81](index=81&type=chunk) [Adjusted Basic and Diluted Loss Per Share](index=27&type=section&id=6.5.2%20Adjusted%20Basic%20and%20Diluted%20Loss%20Per%20Share) 2024 adjusted basic and diluted loss per share was RMB(0.30), adjusted for fair value changes in contingently redeemable ordinary shares to more clearly reflect core operating performance Adjusted Loss Attributable to Ordinary Equity Holders of the Company | Item | 2024 (RMB '000) | | :--- | :--- | | Loss attributable to ordinary equity holders of the Company | (578,756) | | Fair value changes in contingently redeemable ordinary shares | 260,074 | | **Adjusted Loss attributable to ordinary equity holders of the Company** | **(318,682)** | - The 2024 adjusted basic and diluted loss per share (excluding fair value changes in contingently redeemable ordinary shares) was **RMB(0.30)**[82](index=82&type=chunk) [Details of Assets and Liabilities](index=28&type=section&id=6.6%20Details%20of%20Assets%20and%20Liabilities) This section provides detailed information and aging analysis for inventories, trade receivables, prepayments, cash, trade payables, other payables, bank borrowings, and contingently redeemable preference and ordinary shares [Inventories](index=28&type=section&id=6.6.1%20Inventories) As of June 30, 2025, net inventories were RMB68,090 thousand, a slight increase from December 31, 2024, with inventory write-downs decreasing Inventory Composition | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Finished goods | 85,187 | 91,115 | | Raw materials | 3,867 | 4,121 | | Less: Inventory write-downs | (20,964) | (28,362) | | **Net** | **68,090** | **66,874** | [Trade Receivables](index=28&type=section&id=6.6.2%20Trade%20Receivables) Net trade receivables were RMB44,791 thousand, a decrease from the end of 2024, primarily comprising amounts due within 90 days, as trade receivables are generally due within 90 days of invoice date Net Trade Receivables | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Amounts due from third parties | 57,312 | 60,184 | | Less: Loss allowance | (12,521) | (11,892) | | **Net Trade Receivables** | **44,791** | **48,292** | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 42,377 | 47,796 | | 90 to 360 days | 2,414 | 496 | | **Total** | **44,791** | **48,292** | [Prepayments, Deposits and Other Receivables](index=29&type=section&id=6.6.3%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) Net prepayments, deposits, and other receivables were RMB35,110 thousand, a decrease from the end of 2024, primarily due to reduced deductible input VAT and refundable VAT on export sales Composition of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Prepayments | 11,752 | 11,139 | | Deductible input VAT | 10,084 | 14,312 | | Refundable VAT on export sales | 6,604 | 14,258 | | Deposits | 3,090 | 3,333 | | Amounts due from related parties | 3,471 | 4,971 | | Others | 163 | 862 | | Less: Loss allowance | (54) | (54) | | **Total** | **35,110** | **48,821** | [Cash and Cash Equivalents](index=30&type=section&id=6.6.4%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents were RMB253,956 thousand, a significant increase from the end of 2024, primarily comprising bank balances and highly liquid investments with original maturities of three months or less Composition of Cash and Cash Equivalents | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank balances | 64,253 | 19,936 | | Time deposits and highly liquid investments with original maturities of three months or less | 189,703 | 136,599 | | **Total** | **253,956** | **156,535** | [Trade Payables](index=30&type=section&id=6.6.5%20Trade%20Payables) Total trade payables were RMB20,232 thousand, a decrease from the end of 2024, primarily comprising trade payables to third parties, with all amounts expected to be settled within one year or on demand Composition of Trade Payables | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables to related parties | 2,830 | — | | Trade payables to third parties | 17,402 | 33,659 | | **Total** | **20,232** | **33,659** | - All trade payables are expected to be settled within one year or on demand[87](index=87&type=chunk) [Other Payables and Accrued Expenses](index=31&type=section&id=6.6.6%20Other%20Payables%20and%20Accrued%20Expenses) Total other payables and accrued expenses were RMB38,730 thousand, a significant decrease from the end of 2024, primarily due to reduced payables for R&D expenses, financial liabilities at amortized cost, and salaries and benefits payable Composition of Other Payables and Accrued Expenses | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Service fees payable | 2,920 | 2,010 | | Advertising fees payable | 2,213 | 2,262 | | Payables for R&D expenses | 1,959 | 19,192 | | Others | 282 | 1,176 | | Financial liabilities measured at amortized cost | 7,374 | 24,640 | | Salaries and benefits payable | 3,732 | 12,635 | | Other taxes payable | 27,624 | 30,444 | | **Total** | **38,730** | **67,719** | [Bank Borrowings](index=31&type=section&id=6.6.7%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings were RMB40,971 thousand, all unsecured, fixed-rate, and repayable within one year - As of June 30, 2025, bank borrowings were unsecured and repayable within one year[89](index=89&type=chunk) - The Group's bank borrowings totaled **RMB40,971,000**, comprising **RMB20,971,000** at an annual interest rate of **1.95%** and **RMB20,000,000** at an annual interest rate of **1.80%**[89](index=89&type=chunk) [Contingently Redeemable Preference Shares and Ordinary Shares](index=32&type=section&id=6.6.8%20Contingently%20Redeemable%20Preference%20Shares%20and%20Ordinary%20Shares) As of June 30, 2025, the carrying value of contingently redeemable preference and ordinary shares was zero, as they automatically converted to equity, share premium, and capital reserves upon listing - On the date of the Company's listing on the Stock Exchange, the Company's contractual obligation to repurchase ordinary and preference shares terminated[90](index=90&type=chunk) - The carrying amount of the financial liabilities arising from the Company's contingent redemption obligation was reclassified to equity, share premium, and capital reserves within equity[90](index=90&type=chunk) [Dividends](index=32&type=section&id=6.7%20Dividends) The company's directors do not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Company's directors do not recommend the payment of an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: RMB nil)[91](index=91&type=chunk) [Definitions](index=33&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report

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。 SINOPEC KANTONS HOLDINGS LIMITED （中石化冠德控股有限公司）* （於百慕達註冊成立之有限公司） （股份代號：934） 中期業績公告 中石化冠德控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司（合稱 「本集團」）截至二零二五年六月三十日止六個月（「報告期」）的未經審核中期業績。本公告之財務數據 （連同二零二四年同期比較數字）均摘自經畢馬威會計師事務所及本公司審核委員會（「審核委員會」）審 閱的二零二五年未經審核中期財務報告。 * 僅供識別 1 合併損益表 3 合併財務狀況表 於二零二五年六月三十日 | | | 於 | 於 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 十二月三十一日 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 BOC AVIATION LIMITED 中銀航空租賃有限公司 * （於新加坡共和國註冊成立的有限公司） 股份代號：2588 截至2025年6月30日止六個月的 中期業績公告 財務摘要 我們截至2025年6月30日止六個月的財務摘要如下： 在本公告中使用但未定義的詞彙詳見第31至32頁。 由於四捨五入，本公告中數字的加總可能不完全等同於所提供的總數，百分比可能不準確反映絕對 數字。 * 僅供識別 – 1 – • 經營收入及其他收入總額為12.42億美元，較去年的11.74億美元增長6% • 稅後淨利潤為3.42億美元，較2024年上半年的4.60億美元減少26%，後者包括 有關滯俄飛機的非經常性撥回1.75億美元 • 每股收益為0.49美元 • 董事會宣派中期股息每股0.1476美元，2024年上半年為每股0.1988美元 • 截至2025年6月30日，資產總額從2024年12月31日增至256億美元，淨 ...

[Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit and basic EPS decreased despite revenue growth, primarily due to reduced impairment loss reversals and increased administrative and R&D expenses Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,804,434 | 2,619,532 | +7.06% | | Cost of sales | (2,672,046) | (2,509,663) | +6.47% | | Gross profit | 132,388 | 109,869 | +20.49% | | Other income | 27,264 | 26,748 | +1.93% | | Net impairment losses | (166) | 49,117 | -100.34% | | Other gains and losses | (1,809) | (588) | +207.65% | | Selling and distribution expenses | (14,257) | (16,559) | -13.90% | | Administrative expenses | (89,856) | (81,803) | +9.84% | | Finance costs | (19,774) | (27,714) | -28.65% | | Profit before tax | 17,747 | 23,811 | -25.47% | | Income tax expense | (1,254) | (1,686) | -25.62% | | Profit for the period | 16,493 | 22,125 | -25.49% | | Basic earnings per share (RMB) | 0.013 | 0.017 | -23.53% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased while net assets slightly increased, with net current assets turning positive due to reduced trade and other receivables and controlled current liabilities Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 2,122,531 | 2,248,001 | -5.60% | | Current assets | 2,930,417 | 3,229,708 | -9.26% | | **Total assets** | **5,052,948** | **5,477,709** | **-7.76%** | | **Liabilities** | | | | | Current liabilities | 2,919,842 | 3,293,002 | -11.33% | | Non-current liabilities | 362,423 | 430,553 | -15.82% | | **Net assets** | **1,770,683** | **1,754,154** | **+0.94%** | | Net current assets/(liabilities) | 10,575 | (63,294) | Turned positive | | Bank balances and cash | 92,457 | 85,570 | +8.05% | | Trade and other receivables | 2,110,207 | 2,528,579 | -16.54% | | Trade and other payables | 611,642 | 566,350 | +7.99% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific changes in assets and liabilities, providing supplementary information for understanding the Group's financial position and operating results [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, presented in RMB - Financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules[8](index=8&type=chunk) - All financial data are presented in RMB[9](index=9&type=chunk) [2. Principal Accounting Policies](index=5&type=section&id=2.%20Principal%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new HKAS 21 (Revised) having no significant impact, and future standards not expected to cause material effects - Financial statements are prepared on a historical cost basis, with certain financial instruments measured at fair value[10](index=10&type=chunk) - The adoption of HKAS 21 (Revised) "Lack of Exchangeability" has no significant impact on the financial statements[11](index=11&type=chunk) - Newly issued and amended HKFRSs not yet effective are not expected to have a significant impact on the financial statements[12](index=12&type=chunk) [3. Revenue and Segment Information](index=5&type=section&id=3.%20Revenue%20and%20Segment%20Information) Group revenue primarily from gasoline and diesel engines and engine components, with all external customer revenue from China, and operating results reviewed by product type [3.1 Segment Revenue and Segment Results](index=6&type=section&id=3.1%20Segment%20Revenue%20and%20Segment%20Results) Gasoline engine segment revenue and results grew significantly, diesel engine segment turned profitable, while engine components revenue and results declined due to changing customer demand Segment Revenue and Results Analysis | Segment | June 30, 2025 Revenue (RMB '000) | June 30, 2024 Revenue (RMB '000) | Revenue YoY Change (%) | June 30, 2025 Results (RMB '000) | June 30, 2024 Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Gasoline Engines | 2,389,029 | 2,174,521 | +9.86% | 74,051 | 30,439 | | Diesel Engines | 53,832 | 46,652 | +15.39% | 5,929 | (2,150) | | Engine Components | 361,573 | 398,359 | -9.23% | 52,408 | 81,580 | | **Total Segment and Consolidated** | **2,804,434** | **2,619,532** | **+7.06%** | **132,388** | **109,869** | - No inter-segment sales occurred during the period[14](index=14&type=chunk) [3.2 Segment Assets and Liabilities](index=7&type=section&id=3.2%20Segment%20Assets%20and%20Liabilities) Total assets and liabilities by reportable operating segment are not presented as the Board reviews them on a consolidated basis - Detailed financial information on segment assets and liabilities is not presented[17](index=17&type=chunk) [3.3 Geographical Information](index=7&type=section&id=3.3%20Geographical%20Information) The Group's majority operations and non-current assets are located in China, where all external customer revenue is generated - The Group's principal operations and non-current assets are located in China[18](index=18&type=chunk) - All external customer revenue is generated from China[18](index=18&type=chunk) [4. Other Income](index=7&type=section&id=4.%20Other%20Income) Other income slightly increased, driven by significant growth in bad debts recovered and compensation income, offsetting reduced government grants and recoverable VAT Other Income Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank interest income | 1,125 | 966 | | Bad debts recovered | 5,412 | – | | Additional recoverable VAT granted by local tax bureau | 4,034 | 6,379 | | Compensation income | 5,700 | – | | Government grants | 3,883 | 11,226 | | Imputed interest income from loan to a shareholder | 558 | 535 | | Rental income under operating leases | 4,349 | 4,560 | | Utility income | 2,203 | 3,082 | | **Total** | **27,264** | **26,748** | - Other income increased slightly by **1.93%** year-on-year[47](index=47&type=chunk) [5. Net Impairment Losses / Reversals of Impairment Losses](index=7&type=section&id=5.%20Net%20Impairment%20Losses%20%2F%20Reversals%20of%20Impairment%20Losses) Net impairment losses were recognized this period, a stark contrast to last year's large reversals, primarily impacting trade and other receivables and amounts due from related companies Net Impairment Losses | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade and other receivables | (166) | 11,779 | | Amounts due from related companies | – | 37,338 | | **Total** | **(166)** | **49,117** | - Impairment loss reversals significantly decreased, turning from a reversal of approximately **RMB 49.12 million** in the first half of 2024 to an impairment loss of approximately **RMB 0.20 million** recognized in the first half of 2025[48](index=48&type=chunk) [6. Other Gains and Losses](index=7&type=section&id=6.%20Other%20Gains%20and%20Losses) This period recorded a larger loss in other gains and losses, mainly due to increased losses from the disposal of property, plant, and equipment Other Gains and Losses Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Net foreign exchange gains | 7 | – | | Gains on disposal of other materials | 2,418 | 2,120 | | Losses on disposal of property, plant and equipment | (3,577) | (1,308) | | Net losses from receivables measured at fair value through other comprehensive income | (657) | (1,400) | | **Total** | **(1,809)** | **(588)** | - Other gains and losses increased from a loss of **RMB 0.59 million** in the first half of 2024 to a loss of **RMB 1.81 million** in the first half of 2025, primarily due to losses on disposal of fixed assets[48](index=48&type=chunk) [7. Profit Before Tax](index=8&type=section&id=7.%20Profit%20Before%20Tax) Profit before tax decreased by 25.47%, influenced by reduced impairment reversals and increased administrative and R&D expenses, while employee benefits and depreciation remained stable Profit Before Tax Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Total staff costs | 66,044 | 62,663 | | Total depreciation and amortisation | 131,851 | 130,908 | | **Profit before tax** | **17,747** | **23,811** | - Profit before tax decreased by **25.47%**, mainly due to reduced impairment reversals and increased administrative and R&D expenses[49](index=49&type=chunk) [8. Income Tax Expense](index=8&type=section&id=8.%20Income%20Tax%20Expense) Income tax expense decreased by 26.04%, mainly due to reduced deferred tax credits from increased intangible asset amortization, with some subsidiaries enjoying preferential tax rates Income Tax Expense Components | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | PRC corporate income tax – current tax | 1,977 | 662 | | PRC corporate income tax – deferred tax | (723) | 1,024 | | **Total** | **1,254** | **1,686** | - Mianyang Xinchen is eligible for a reduced corporate income tax rate of **15%** from 2021 to 2030[22](index=22&type=chunk) - Xinchen Power Machinery (Shenyang) Co., Ltd., as a high-tech enterprise, enjoys a preferential corporate income tax rate of **15%**[23](index=23&type=chunk) [9. Dividends](index=9&type=section&id=9.%20Dividends) The Company neither paid nor declared any dividends for the periods ended June 30, 2025 and 2024, with no proposed dividends since the reporting period end - The Company did not pay or declare any interim dividends during the reporting period[25](index=25&type=chunk)[66](index=66&type=chunk) [10. Earnings Per Share](index=9&type=section&id=10.%20Earnings%20Per%20Share) Basic earnings per share decreased due to lower profit for the period, with no diluted earnings per share presented as there were no potential dilutive ordinary shares Basis for Earnings Per Share Calculation | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB '000) | 16,493 | 22,125 | | Weighted average number of ordinary shares | 1,282,211,794 | 1,282,211,794 | | **Basic earnings per share (RMB)** | **0.013** | **0.017** | - Diluted earnings per share are not presented due to the absence of potential dilutive ordinary shares[26](index=26&type=chunk) [11. Movements in Property, Plant and Equipment and Intangible Assets](index=9&type=section&id=11.%20Movements%20in%20Property%2C%20Plant%20and%20Equipment%20and%20Intangible%20Assets) The Group invested in property, plant and equipment to enhance capacity and capitalized R&D costs for new engine technologies, while disposals of assets led to increased losses - Acquisitions of property, plant and equipment amounted to approximately **RMB 689 thousand** (2024: RMB 984 thousand) for capacity enhancement[27](index=27&type=chunk) - Losses on disposal of certain plant and equipment amounted to approximately **RMB 3,577 thousand** (2024: RMB 1,308 thousand)[27](index=27&type=chunk) - Additions to construction in progress amounted to approximately **RMB 11,799 thousand** (2024: RMB 14,211 thousand), primarily for expanding production facilities and capacity[27](index=27&type=chunk) - Development costs for new automobile engine technology knowledge of approximately **RMB 9,592 thousand** (2024: RMB 8,841 thousand) were capitalized to expand the range of gasoline and diesel engine products[28](index=28&type=chunk) [12. Trade and Other Receivables](index=10&type=section&id=12.%20Trade%20and%20Other%20Receivables) Total trade and other receivables significantly decreased, with a reduction in trade receivables due within one month, while credit loss provisions remained stable Trade and Other Receivables Components | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables, net | 1,890,844 | 2,354,559 | | Bills receivable | 176,886 | 122,114 | | Prepayments for raw materials and engine components | 32,930 | 29,820 | | Other receivables | 9,547 | 22,086 | | **Total** | **2,110,207** | **2,528,579** | Ageing Analysis of Trade Receivables (Net of Expected Credit Loss Provision) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 month | 1,780,334 | 2,297,558 | | Over 1 month but within 2 months | 100,842 | 38,965 | | Over 2 months but within 3 months | 5,693 | 5,055 | | Over 3 months but within 6 months | 2,693 | 12,235 | | Over 6 months but within 1 year | 587 | 104 | | Over 1 year | 695 | 642 | | **Total** | **1,890,844** | **2,354,559** | - The provision for expected credit losses on trade receivables was **RMB 294,573 thousand** as of June 30, 2025, largely consistent with **RMB 294,407 thousand** as of December 31, 2024[30](index=30&type=chunk) [13. Amounts Due from Related Companies](index=12&type=section&id=13.%20Amounts%20Due%20from%20Related%20Companies) Amounts due from related companies significantly increased, primarily from Wuliangye Group for trade-related items, with expected credit loss provisions remaining unchanged Analysis of Amounts Due from Related Companies | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-trade related | 648 | 26 | | Trade related | 51,661 | 22,369 | | **Total** | **52,309** | **22,395** | - Trade-related amounts due from Mianyang Xinhua Internal Combustion Engine (Wuliangye Group) increased from zero at the end of 2024 to **RMB 39,015 thousand** as of June 30, 2025[32](index=32&type=chunk) - The provision for expected credit losses on amounts due from related companies was **RMB 267,211 thousand** as of June 30, 2025, consistent with December 31, 2024[32](index=32&type=chunk)[34](index=34&type=chunk) [14. Trade and Other Payables](index=13&type=section&id=14.%20Trade%20and%20Other%20Payables) Total trade and other payables increased, mainly due to growth in trade payables and bills payable, with customer advances (contract liabilities) also rising Trade and Other Payables Components | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 282,617 | 246,313 | | Bills payable | 254,773 | 242,557 | | Accrued construction costs | 9,029 | 7,688 | | Accrued salaries and welfare | 13,940 | 21,992 | | Customer advances (contract liabilities) | 18,445 | 12,999 | | Warranty provision | 13,671 | 12,307 | | Retention money | 10,594 | 10,552 | | Provision for operating expenses | 5,003 | 4,500 | | Other payables | 3,570 | 7,442 | | **Total** | **611,642** | **566,350** | - The credit period for trade payables and bills payable is generally within **3 months** and **3 to 6 months**, respectively[37](index=37&type=chunk) - Customer advances represent contract liabilities, with the opening balance fully recognized as revenue from goods sold[36](index=36&type=chunk) [15. Amounts Due to Related Companies](index=14&type=section&id=15.%20Amounts%20Due%20to%20Related%20Companies) Total amounts due to related companies increased, driven by a significant rise in trade-related payables to Jinbei (Shenyang) Automobile Co., Ltd. under Brilliance China Group, while Wuliangye Group's trade payables decreased Analysis of Amounts Due to Related Companies | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Brilliance Group trade related | 30,008 | 7,309 | | Wuliangye Group trade related | 28,077 | 38,487 | | Brilliance China Group non-trade related | 1,083 | 1,616 | | **Total** | **59,778** | **48,022** | - Trade-related amounts due to Jinbei (Shenyang) Automobile Co., Ltd. increased from zero at the end of 2024 to **RMB 21,859 thousand** as of June 30, 2025[39](index=39&type=chunk) - Trade-related amounts are interest-free, unsecured, with a credit period of **3 to 6 months**; non-trade related amounts are interest-free, unsecured, and repayable on demand[41](index=41&type=chunk)[42](index=42&type=chunk) [16. Lease Liabilities](index=16&type=section&id=16.%20Lease%20Liabilities) Total lease liabilities decreased, with reductions in amounts due within one year and between two to five years Lease Liabilities Maturity Analysis | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Due within 1 year | 148,582 | 152,270 | | Due in 2nd to 5th year | 203,204 | 275,681 | | **Total minimum lease payments** | **351,786** | **427,951** | | Future finance charges on lease liabilities | (19,455) | (28,009) | | **Present value of lease liabilities** | **332,331** | **399,942** | [17. Share Capital](index=17&type=section&id=17.%20Share%20Capital) The Company's authorized and issued and fully paid share capital remained unchanged during the reporting period - Authorized share capital is **8,000,000,000 shares** with a par value of **HKD 0.01** each[44](index=44&type=chunk) - Issued and fully paid share capital is **1,282,211,794 shares**, presented as **RMB 10,457 thousand** in the condensed consolidated statement of financial position[44](index=44&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's operating results, liquidity, and future strategies, including growth in range-extended gasoline engines, challenges in engine components, and exploration of low-altitude economy and in-house range extender R&D [Business Review](index=18&type=section&id=Business%20Review) First-half revenue growth was driven by range-extended gasoline engines, but engine component revenue declined, with improved gross margin offset by reduced impairment reversals and increased administrative expenses, leading to lower profit - Unaudited total revenue was approximately **RMB 2,804,440 thousand**, a year-on-year increase of approximately **7.06%**, primarily due to increased transaction volume of range-extended gasoline engines[45](index=45&type=chunk) - Engine sales increased by approximately **12.38%** to approximately **236,000 units**, mainly driven by range-extended gasoline engines[45](index=45&type=chunk) - Revenue from the engine components segment decreased by approximately **9.23%**, mainly due to customer demand shifting from traditional engine models to pure electric models[46](index=46&type=chunk) - Gross profit margin increased from approximately **4.19%** in the first half of 2024 to approximately **4.72%** in the first half of 2025, mainly due to higher sales of traditional gasoline and diesel engines with slightly higher gross margins[47](index=47&type=chunk) - Profit for the period decreased by approximately **25.49%** to **RMB 16,490 thousand**, primarily due to reduced impairment reversals and increased administrative and R&D expenses[49](index=49&type=chunk)[50](index=50&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) Bank balances and cash increased, as did pledged/restricted bank deposits, with the debt-to-equity ratio decreasing and the gearing ratio slightly rising due to increased bank borrowings Liquidity and Financial Resources Key Data | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank balances and cash | 92,457 | 85,570 | | Pledged/restricted bank deposits | 122,258 | 101,422 | | Trade and other payables | 585,060 | 566,350 | | Borrowings due within one year | 484,336 | 446,153 | | Borrowings due after one year | 157,500 | 156,751 | [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) The Group pledged land use rights, buildings, plant and machinery, and bank deposits to secure credit facilities and other borrowings - Land use rights, buildings, plant and machinery with a total value of approximately **RMB 392,510 thousand** (2024 year-end: RMB 290,890 thousand) were pledged to banks[52](index=52&type=chunk) - Bank deposits of approximately **RMB 115,780 thousand** (2024 year-end: RMB 100,590 thousand) were pledged to banks[52](index=52&type=chunk) - No trade receivables were pledged to obtain general bank financing[52](index=52&type=chunk) [Gearing Ratio](index=20&type=section&id=Gearing%20Ratio) The debt-to-equity ratio decreased due to reduced amounts payable to an associate, while the gearing ratio slightly increased due to higher total bank borrowings - The debt-to-equity ratio was approximately **1.85** (2024 year-end: 2.12), with the decrease mainly due to reduced amounts payable to an associate[53](index=53&type=chunk) - The gearing ratio was approximately **36.25%** (2023 year-end: 34.37%), with the slight increase mainly due to higher total bank borrowings during the period[53](index=53&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) The Group has contingent liabilities related to endorsed and discounted bills receivable, but default risk is considered very low as bills are issued and guaranteed by reputable PRC banks - The Group endorsed and discounted certain bills receivable to settle trade and other payables or raise cash[54](index=54&type=chunk) - The default risk is very low as the bills are issued and guaranteed by reputable banks in the PRC[54](index=54&type=chunk) [Capital Commitments](index=21&type=section&id=Capital%20Commitments) The Group's capital commitments remained stable, primarily for acquiring property, plant and equipment, capital injection into an associate, and developing new engines - Total capital commitments amounted to approximately **RMB 125,490 thousand** (2024 year-end: RMB 125,490 thousand)[55](index=55&type=chunk) - Contracted capital commitments of approximately **RMB 90,030 thousand** (2024 year-end: RMB 90,060 thousand) were mainly related to capital expenditures for acquiring property, plant and equipment, capital injection into an associate, and developing new engines[55](index=55&type=chunk) [Foreign Exchange Risk](index=21&type=section&id=Foreign%20Exchange%20Risk) The Group faces foreign currency translation risk as some assets and liabilities are denominated in USD and HKD, and will continue to monitor and potentially hedge this risk - The Group's functional currency is RMB, but some assets and liabilities are denominated in USD and HKD, exposing it to foreign currency translation risk[56](index=56&type=chunk) - The Group will continue to monitor foreign exchange risk and may consider hedging when necessary[57](index=57&type=chunk) [Employees and Remuneration Policies](index=21&type=section&id=Employees%20and%20Remuneration%20Policies) Both employee headcount and costs increased, with the Group committed to competitive remuneration based on performance and industry practices - As of June 30, 2025, the Group employed approximately **1,004 employees** (2024: 935 employees)[58](index=58&type=chunk) - Employee costs for the six months ended June 30, 2025, were approximately **RMB 66,040 thousand** (2024: RMB 62,660 thousand)[58](index=58&type=chunk) - Employee remuneration is determined based on performance and is in line with industry practices and market conditions[58](index=58&type=chunk) [Outlook](index=21&type=section&id=Outlook) China's economy and automotive market show positive growth, especially in NEVs and passenger vehicles, with the Group expecting continued growth in range-extended gasoline engines, exploring new NEV component business, low-altitude economy, and in-house range extender R&D - China's GDP grew by **5.3%** in real terms in the first half of 2025, with significant contributions from the automotive manufacturing industry[59](index=59&type=chunk) - Passenger vehicle sales increased by **13.0%** year-on-year, and New Energy Vehicle (NEV) sales rose by **40.3%** year-on-year, accounting for approximately **44.3%** of total sales[60](index=60&type=chunk) - Range-extended electric vehicles (EREVs) continue to be favored in the NEV market, and the Group's joint venture with Li Auto will continue to provide high-quality and stable supply of range-extended gasoline engines[61](index=61&type=chunk) - Engine component business sales declined, and the Group is exploring other new customers and new NEV component businesses[62](index=62&type=chunk) - China's full-year automobile sales for 2025 are projected to grow by **5.0%** year-on-year to **34.04 million units**, primarily driven by NEVs and passenger vehicles[64](index=64&type=chunk) - The Company is exploring new investment opportunities to expand its product portfolio and diversify revenue sources, including the application of range extenders in intercity pure electric light logistics vehicles[64](index=64&type=chunk) - A research team has been established to focus on the low-altitude economy, exploring business transformation potential, and has developed its own new range extender, expected to reduce reliance on third-party technology in the future[65](index=65&type=chunk) [Other Information](index=23&type=section&id=Other%20Information) This section covers corporate governance, including interim dividend policy, trading of listed securities, compliance with corporate governance code, financial statement review, and Board composition [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend[66](index=66&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=Purchase%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor its subsidiaries engaged in the purchase, sale, or redemption of listed securities during the reporting period[67](index=67&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025 - The Company has complied with all code provisions of the Corporate Governance Code[68](index=68&type=chunk) [Review of Financial Statements](index=24&type=section&id=Review%20of%20Financial%20Statements) The Audit Committee, with management, reviewed the Group's accounting principles, audit, internal controls, and financial reporting, including these interim financial statements - The Audit Committee has reviewed the Group's accounting principles, audit, internal controls, and financial reporting matters[69](index=69&type=chunk) - The Audit Committee members include Mr. Chi Kwok Wa (Chairman), Mr. Wang Jun, and Ms. Dong Yan, all of whom are independent non-executive directors[69](index=69&type=chunk) [Board of Directors](index=24&type=section&id=Board%20of%20Directors) The Company's Board of Directors comprises two executive directors, one non-executive director, and three independent non-executive directors - The Board of Directors includes two executive directors: Mr. Zhang Wei (Chairman) and Mr. Deng Han (Chief Executive Officer)[70](index=70&type=chunk) - The Board of Directors includes one non-executive director: Mr. Yang Ming[70](index=70&type=chunk) - The Board of Directors includes three independent non-executive directors: Mr. Chi Kwok Wa, Mr. Wang Jun, and Ms. Dong Yan[70](index=70&type=chunk)

[Supplemental Announcement to 2024 Annual Report](index=1&type=section&id=Supplemental%20Announcement%20to%202024%20Annual%20Report) [Announcement Background](index=1&type=section&id=Announcement%20Background) This announcement supplements the 2024 annual report of China Life Group Limited (Stock Code: 8296) regarding share placement proceeds utilization for the fiscal year ended December 31, 2024 - This announcement supplements the "Share Placement" section of China Life Group Limited's (Stock Code: 8296) 2024 annual report[3](index=3&type=chunk) - The announcement provides additional details on the use of net proceeds for the fiscal year ended December 31, 2024, as per GEM Rule 18.32(8)[5](index=5&type=chunk) [Use of Proceeds from Share Placement](index=1&type=section&id=Use%20of%20Proceeds%20from%20Share%20Placement) This section details the net proceeds from the share placement, their original intended use, and actual utilization for general working capital as of December 31, 2024 [Net Proceeds and Original Intended Use](index=1&type=section&id=Net%20Proceeds%20and%20Original%20Intended%20Use) Net proceeds of approximately **HKD 5.7 million** (RMB 5.347 million) from the share placement were intended for general working capital to ensure liquidity - The share placement generated net proceeds of approximately **HKD 5.7 million** (equivalent to approximately **RMB 5.347 million**)[4](index=4&type=chunk) - These net proceeds were designated to supplement general working capital, ensuring adequate liquidity for the Group's operations in Hong Kong[4](index=4&type=chunk) [Details of Fund Utilization as of December 31, 2024](index=2&type=section&id=Details%20of%20Fund%20Utilization%20as%20of%20December%2031%2C%202024) As of December 31, 2024, all **RMB 5.347 million** net proceeds were fully utilized for general working capital, with no unutilized balance Details of Share Placement Proceeds Utilization for the Year Ended December 31, 2024 | Allocated Use of Proceeds | Percentage | Amount Utilized (RMB '000) | Unutilized Balance (RMB '000) | | :------------------------ | :--------- | :------------------------- | :---------------------------- | | General Working Capital | 100.0% | 5,347 | - | - The Board confirms that this supplementary information does not alter any other data in the 2024 annual report, which remains unchanged[5](index=5&type=chunk) [Board Statements and Confirmation](index=2&type=section&id=Board%20Statements%20and%20Confirmation) The Board confirms the announcement's accuracy, completeness, and compliance with GEM Listing Rules, with no misleading or omitted material information - The Board confirms that all information in this announcement is accurate, complete, not misleading or fraudulent, and omits no material facts[6](index=6&type=chunk) - This announcement is published in compliance with GEM Listing Rules and will be available on the Stock Exchange and company websites for seven days from publication[6](index=6&type=chunk)

MINISO Group Holding Limited 名創優品集團控股有限公司 （於開曼群島註冊成立的有限責任公司） 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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （股份代號：9896） 截至2025年6月30日止六個月的中期業績公告 名創優品集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本 公司及其附屬公司（「本集團」）截至2025年6月30日止六個月（「報告期」）的中期綜 合業績連同2024年同期的比較數字。該等中期業績已由董事會審計委員會（「審計 委員會」）審閱。 於本公告中，「我們」、「我們的」及「名創優品」指本公司及本集團（除文義另有所 指）。 財務表現摘要 | | 截至6月30日止六個月 | | 同比 （「同比」） | | --- | --- | --- | --- | | | 2024年 | 2025年 | 變動(%) | | | | （人民幣（「人民幣」）千元， | | | | | 百分比及每股數據除外） ...

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。 – 1 – 業務回顧及展望 業績回顧 Beijing Fourth Paradigm Technology Co., Ltd. 北京第四範式智能技術股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6682） 截 至2025年6月30日止六個月之 中期業績公告 董 事 會 謹 此 宣 佈，本 集 團 截 至2025年6月30日 止 六 個 月 的 未 經 審 計 合 併 業 績。 該等中期業績乃根據國際會計準則第34號「中 期 財 務 報 告」編 製，且 已 由 本 公 司 核 數 師 及 審 計 委 員 會 審 閱。 | 財務摘要 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 截 ...