香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容引致的任何 損失承擔任何責任。 （股份代號：00173） 守質創值 堅韌維優 截至二零二五年六月三十日止六個月之 中期業績公佈 中期業績摘要 K. Wah International Holdings Limited 嘉華國際集團有限公司（「 本公司 」）董事會 （「 董事會 」）欣然宣佈，本公司及其附屬公司（「 本集團 」）之未經審核中期業績如 下： | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 港幣千元 | 港幣千元 | | 營業額 | 3 | 1,052,049 | 1,213,010 | | 銷售成本 | | (686,046) | (528,930) | | 毛利 | | 366,003 | 684,080 | | 其他營運收入 | | 277,231 | 257,490 | | 其他淨收益 | | 27,184 | 73,946 | | 投資物業之公平值變動 ...

[Report Overview and Financial Highlights](index=1&type=section&id=Report%20Overview%20and%20Financial%20Highlights) This section summarizes Win Hanverky Holdings Limited's H1 2025 financial and operational highlights, noting narrowed losses from improved fashion retail despite production challenges [Company Information and Report Type](index=1&type=section&id=Company%20Information%20and%20Report%20Type) This section identifies the company and the nature of the interim financial report - Company name: Win Hanverky Holdings Limited, stock code: **3322**[2](index=2&type=chunk) - Report type: Interim Results Announcement for the six months ended June 30, 2025[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) This section presents a concise overview of the company's key financial performance indicators Financial Summary for the Six Months Ended June 30, 2025 (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,736,568 | 1,756,510 | –1.1% | | Gross Profit | 324,359 | 325,854 | –0.5% | | Gross Margin | 18.7% | 18.6% | +0.1 percentage points | | Operating Loss | (28,238) | (62,015) | –54.5% | | Loss for the Period | (56,055) | (85,710) | –34.6% | | Basic Loss Per Share (HK cents) | (3.4) | (6.3) | –46.0% | [Operational Summary](index=1&type=section&id=Operational%20Summary) This section highlights key operational performance drivers and their impact on the company's financial results - Revenue decreased by **1.1%**, primarily due to a decline in the manufacturing business, partially offset by increased revenue from the premium fashion retail business[4](index=4&type=chunk) - The premium fashion retail business recorded an operating profit of **HKD 6.9 million** (compared to an operating loss of HKD 52.2 million in the same period of 2024), successfully turning profitable due to the introduction of franchised stores and reduced selling and distribution costs (with no impairment losses)[4](index=4&type=chunk) - The sportswear manufacturing business recorded an operating loss of **HKD 17.6 million** (compared to an operating profit of HKD 1.4 million in the same period of 2024), mainly due to raw material issues at Southeast Asian production facilities handling major orders, leading to higher-than-expected production and transportation costs[4](index=4&type=chunk) - Operating loss significantly reduced to **HKD 28.2 million**, and loss for the period decreased to **HKD 56.1 million**, a substantial reduction from the prior year[3](index=3&type=chunk)[4](index=4&type=chunk) - Financial and liquidity positions remain robust, with cash and bank balances at **HKD 437.1 million** and the net debt-to-asset ratio decreasing to **7.1%**[4](index=4&type=chunk) - The Board of Directors decided not to recommend an interim dividend to conserve financial resources[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the consolidated income statement, comprehensive income, and financial position for H1 2025, showing narrowed losses, improved comprehensive income, increased cash, and higher borrowings [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) This statement details the company's revenues, costs, and resulting profit or loss for the period Key Data from Consolidated Income Statement (For the six months ended June 30) (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 1,736,568 | 1,756,510 | | Cost of Sales | (1,412,209) | (1,430,656) | | Gross Profit | 324,359 | 325,854 | | Selling and Distribution Costs | (161,055) | (187,428) | | General and Administrative Expenses | (188,033) | (203,944) | | Operating Loss | (28,238) | (62,015) | | Loss for the Period | (56,055) | (85,710) | | Basic Loss Per Share (HK cents) | (3.4) | (6.3) | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents the company's total comprehensive income, including items not recognized in profit or loss Key Data from Consolidated Statement of Comprehensive Income (For the six months ended June 30) (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Loss for the Period | (56,055) | (85,710) | | Exchange Differences on Translation | 22,259 | (26,295) | | Total Comprehensive Income for the Period | (34,032) | (110,324) | | Total Comprehensive Income for the Period Attributable to Equity Holders of the Company | (22,999) | (103,380) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at a specific point in time Key Data from Consolidated Statement of Financial Position (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 1,017,716 | 1,051,728 | | Current Assets | 1,683,839 | 1,645,908 | | Inventories | 765,181 | 716,368 | | Trade and Bills Receivables | 324,016 | 526,465 | | Cash and Bank Balances | 437,136 | 250,321 | | Current Liabilities | 1,274,618 | 1,205,273 | | Borrowings (Current) | 529,981 | 464,985 | | Non-current Liabilities | 115,810 | 147,204 | | Total Equity | 1,311,127 | 1,345,159 | [Notes to the Condensed Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Financial%20Information) This section details the basis of preparation, segment information, other income/expenses, finance costs, income tax, loss per share, dividend policy, and trade receivables/payables and borrowings [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) This section outlines the accounting standards and principles used in preparing the interim financial information - The condensed interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - Revisions to standards applicable to the current reporting period had no significant impact on the Group's results and financial position, and the Group has not applied new standards, amendments, or interpretations not yet effective[9](index=9&type=chunk) - The accounting policies applied are consistent with those adopted in the annual financial statements for the year ended December 31, 2024[9](index=9&type=chunk) [2. Segment Information](index=7&type=section&id=2.%20Segment%20Information) This section provides a breakdown of the company's financial performance and assets by its main business segments and geographical regions - The Group's principal business segments are manufacturing (sportswear manufacturing, high-performance outdoor apparel manufacturing) and premium fashion retail[10](index=10&type=chunk)[13](index=13&type=chunk) - Executive Directors assess business segment performance based on operating results, excluding net finance costs within each segment's results[11](index=11&type=chunk) Revenue by Product or Service Line (For the six months ended June 30) (HKD thousands) | Product/Service Line | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Sale of Goods | 1,732,370 | 1,743,005 | | Provision of Services | 4,198 | 13,505 | | **Total Revenue** | **1,736,568** | **1,756,510** | - The manufacturing segment primarily produces and sells sportswear and high-performance outdoor apparel on an original equipment manufacturing basis, while the premium fashion retail segment retails premium fashion products and holds distribution rights in various regions[13](index=13&type=chunk) H1 2025 Segment Results (HKD thousands) | Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Sportswear Manufacturing | 1,191,589 | (17,629) | | High-Performance Outdoor Apparel Manufacturing | 250,480 | (17,468) | | Premium Fashion Retail | 294,499 | 6,859 | | **Total** | **1,736,568** | **(28,238)** | H1 2024 Segment Results (HKD thousands) | Segment | Revenue | Operating Profit/(Loss) | | :--- | :--- | :--- | | Sportswear Manufacturing | 1,215,111 | 1,409 | | High-Performance Outdoor Apparel Manufacturing | 260,465 | (11,270) | | Premium Fashion Retail | 280,934 | (52,154) | | **Total** | **1,756,510** | **(62,015)** | Segment Assets and Liabilities (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | **Total Assets** | **2,701,555** | **2,697,636** | | **Total Liabilities** | **(1,390,428)** | **(1,352,477)** | Revenue by Geographical Region (For the six months ended June 30) (HKD thousands) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Europe | 650,657 | 688,353 | | Mainland China | 455,456 | 484,360 | | Other Asian Countries | 241,054 | 222,083 | | United States | 219,113 | 215,684 | | Hong Kong | 49,693 | 54,858 | | Canada | 13,821 | 9,082 | | Others | 106,774 | 82,090 | | **Total** | **1,736,568** | **1,756,510** | Non-current Assets by Geographical Region (HKD thousands) | Region | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 332,187 | 339,596 | | Mainland China | 238,330 | 241,876 | | Vietnam | 175,521 | 191,042 | | Cambodia | 127,888 | 130,295 | | Others | 17,278 | 19,848 | | **Total** | **891,204** | **922,657** | [3. Other (Expenses) / Income — Net](index=11&type=section&id=3.%20Other%20(Expenses)%20%2F%20Income%20—%20Net) This section details the various non-operating income and expenses that impact the company's overall financial results Other (Expenses) / Income — Net (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Exchange (Losses) / Gains | (5,520) | 2,510 | | Government Subsidies | 636 | 1,095 | | Rental Income | 1,255 | 783 | | Loss on Disposal of Property, Plant and Equipment and Lease Modifications — Net | (357) | (7) | | Others | 477 | (878) | | **Total** | **(3,509)** | **3,503** | [4. Finance Costs — Net](index=12&type=section&id=4.%20Finance%20Costs%20—%20Net) This section outlines the company's financing income and expenses, including interest on borrowings and lease liabilities Finance Costs — Net (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Finance Income | 763 | 972 | | Interest on Bank Borrowings | (12,764) | (15,031) | | Interest on Lease Liabilities | (6,534) | (8,168) | | **Finance Costs — Net** | **(18,535)** | **(22,227)** | [5. Income Tax](index=12&type=section&id=5.%20Income%20Tax) This section details the current and deferred income tax expenses and applicable tax rates Income Tax Expense (HKD thousands) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current Tax | 3,396 | 614 | | Deferred Tax | 5,451 | 1,412 | | **Total** | **8,847** | **2,026** | - The corporate income tax rate in Mainland China is **25%**, and the Hong Kong profits tax rate is **16.5%**[22](index=22&type=chunk) [6. Loss Per Share](index=13&type=section&id=6.%20Loss%20Per%20Share) This section presents the basic and diluted loss per share calculations for the period Loss Per Share (HK cents) | Indicator | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Loss Per Share | (3.4) | (6.3) | | Diluted Loss Per Share | (3.4) | (6.3) | - Basic loss per share is calculated based on the consolidated loss attributable to equity holders of the Company for the period and the weighted average number of **1,284,400,000** ordinary shares in issue[23](index=23&type=chunk) [7. Dividends](index=13&type=section&id=7.%20Dividends) This section states the Board's decision regarding interim dividend payments - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[24](index=24&type=chunk) [8. Trade and Bills Receivables](index=13&type=section&id=8.%20Trade%20and%20Bills%20Receivables) This section provides details on the company's trade and bills receivables, including their aging analysis Trade and Bills Receivables (HKD thousands) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade Receivables | 331,370 | 538,755 | | Bills Receivables | 5,993 | 3,957 | | Less: Loss Allowance for Trade Receivables | (13,347) | (16,247) | | **Total** | **324,016** | **526,465** | Aging Analysis of Trade and Bills Receivables (HKD thousands) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 90 days | 317,446 | 516,824 | | 91 to 180 days | 8,225 | 11,172 | | 181 to 365 days | 3,405 | 3,870 | | Over 365 days | 8,287 | 10,846 | | **Total** | **337,363** | **542,712** | - The Group generally grants credit terms of up to **90 days** to customers, with most sales made on an open account basis[25](index=25&type=chunk) [9. Trade Payables](index=14&type=section&id=9.%20Trade%20Payables) This section presents the aging analysis of the company's trade payables Aging Analysis of Trade Payables (HKD thousands) | Aging | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | 0 to 90 days | 290,036 | 255,461 | | 91 to 180 days | 3,701 | 19,729 | | 181 to 365 days | 1,373 | 998 | | Over 365 days | 2,572 | 2,749 | | **Total** | **297,682** | **278,937** | [10. Borrowings](index=14&type=section&id=10.%20Borrowings) This section details the company's borrowings, including their maturity profiles Borrowings Maturity Profile (HKD thousands) | Maturity Time | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 461,981 | 394,485 | | After one year but within two years | 5,000 | 5,000 | | After two years but within five years | 15,000 | 15,000 | | After five years | 48,000 | 50,500 | | **Total** | **529,981** | **464,985** | - The Group's borrowings are accounted for at amortized cost, with interest-bearing bank borrowings repayable within one year or on demand[27](index=27&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's analysis of H1 performance, noting improved profitability from fashion retail and cost control despite production challenges, with a cautious outlook [Overall Financial and Operational Performance](index=15&type=section&id=Overall%20Financial%20and%20Operational%20Performance) This section summarizes the Group's overall financial and operational results for the period, highlighting key drivers and outcomes - The Group's revenue was **HKD 1,736.6 million**, a **1.1%** year-on-year decrease, primarily due to a decline in manufacturing revenue, partially offset by an increase in premium fashion retail revenue[28](index=28&type=chunk) - The premium fashion retail business recorded an operating profit of **HKD 6.9 million**, a significant improvement from an operating loss of HKD 52.2 million in the prior year, mainly attributed to the introduction of franchised stores and reduced selling and distribution costs (with no impairment losses)[28](index=28&type=chunk) - The sportswear manufacturing business recorded an operating loss of **HKD 17.6 million**, primarily due to raw material issues at Southeast Asian production facilities handling certain major orders, leading to higher-than-expected production and transportation costs[29](index=29&type=chunk) - Overall operating loss significantly decreased to **HKD 28.2 million**, and loss for the period reduced to **HKD 56.1 million**[29](index=29&type=chunk) - The Board of Directors does not recommend an interim dividend to conserve financial resources for challenges[29](index=29&type=chunk) [Business Segment Review](index=16&type=section&id=Business%20Segment%20Review) This section provides a detailed review of the performance of each of the Group's business segments - The operating environment in H1 2025 was complex and volatile, with the Group facing economic and industry-specific challenges[30](index=30&type=chunk) Sportswear Manufacturing Business Performance (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,191,600 | 1,215,100 | -1.9% | | Operating Profit/(Loss) | (17,600) | 1,400 | N/A | - The operating loss in the sportswear manufacturing business was mainly due to raw material issues at Southeast Asian production facilities handling certain major orders, resulting in higher-than-expected production and transportation costs[32](index=32&type=chunk) High-Performance Outdoor Apparel Manufacturing Business Performance (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 250,500 | 260,500 | -3.8% | | Operating Profit/(Loss) | (17,500) | (11,300) | N/A | - The decline in revenue for the high-performance outdoor apparel manufacturing business was due to the Group's strategic adjustments to reduce reliance on outsourced garment manufacturers while gradually increasing internal production capacity[33](index=33&type=chunk) Premium Fashion Retail Business Performance (HKD thousands) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 294,500 | 280,900 | +4.8% | | Operating Profit/(Loss) | 6,900 | (52,200) | N/A | - The premium fashion retail business successfully turned profitable primarily due to the introduction of franchised stores for rapidly growing brands in addition to directly operated stores, and reduced selling and distribution costs (with no recurrence of the HKD 20.1 million impairment loss from the prior year)[34](index=34&type=chunk) - As of June 30, 2025, the total number of directly operated stores decreased to **95** (June 30, 2024: 110)[35](index=35&type=chunk) [Business Outlook](index=17&type=section&id=Business%20Outlook) This section discusses the Group's expectations and strategies for its business segments in the upcoming period - The economic and political landscape in H2 2025 is expected to remain complex and unpredictable, and the Group will continue to manage its business operations flexibly and prudently in this ever-changing environment[36](index=36&type=chunk)[37](index=37&type=chunk) - The sportswear manufacturing business has a stable outlook, benefiting from global focus on health and fitness and active sports participation, and will focus on identifying new clients and expanding its customer base[38](index=38&type=chunk)[39](index=39&type=chunk) - The high-performance outdoor apparel manufacturing business is expected to maintain its momentum in the second half through strategic adjustments and a strong strategic partnership with an integrated sportswear enterprise group[40](index=40&type=chunk) - The premium fashion retail market faces challenges from evolving consumption patterns, with a difficult recovery path anticipated; the Group will expand its footprint and drive revenue growth through a direct-to-consumer plus franchise model, while strictly controlling costs and closing unprofitable stores[41](index=41&type=chunk) [Financial Position and Liquidity](index=19&type=section&id=Financial%20Position%20and%20Liquidity) This section assesses the company's financial health, cash flow, and ability to meet its short-term and long-term obligations - The Group's financial and liquidity positions remain robust, and it will continue to actively monitor the situation, implement strict cost control measures, and focus on cash flow management[42](index=42&type=chunk) Key Data on Financial Position and Liquidity (HKD thousands) | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 437,100 | 250,300 | | Net Borrowings | 92,800 | 214,700 | | Available Undrawn Bank Facilities | 728,200 | 713,900 | | Net Debt-to-Asset Ratio | 7.1% | 16.0% | - The Group anticipates stable cash inflows from operating activities, along with sufficient cash and bank balances and readily available bank financing facilities, providing ample liquidity and financial resources to meet operating costs and financial obligations due in the next twelve months[42](index=42&type=chunk) [Foreign Currency Risk](index=19&type=section&id=Foreign%20Currency%20Risk) This section discusses the Group's exposure to foreign currency fluctuations and its management strategies - The Group considers foreign exchange risk for USD transactions and USD cash balances to be minimal due to the Hong Kong Dollar's peg to the US Dollar[43](index=43&type=chunk) - Approximately **70.7%** of revenue and **79.1%** of purchases are denominated in US Dollars[43](index=43&type=chunk) - Approximately **54.6%** of cash and bank balances are denominated in US Dollars, and approximately **45.7%** of bank borrowings are denominated in Hong Kong Dollars[43](index=43&type=chunk) - The Group continuously monitors foreign currency risk closely to ensure net exposure is at an acceptable level and may use appropriate financial instruments to mitigate foreign currency risk[43](index=43&type=chunk) [Other Disclosures](index=20&type=section&id=Other%20Disclosures) This section covers other important disclosures including employees, asset charges, contingent liabilities, directors' securities transactions, corporate governance, and financial review [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) This section details the Group's employee numbers and its remuneration and benefits policies - As of June 30, 2025, the Group had approximately **17,000** employees, consistent with December 31, 2024[44](index=44&type=chunk) - Employee remuneration is determined based on individual performance, work experience, and prevailing market conditions, with retirement benefits, insurance, medical allowances, and share option schemes provided[44](index=44&type=chunk) [Charges on the Group's Assets](index=20&type=section&id=Charges%20on%20the%20Group's%20Assets) This section discloses any assets of the Group that have been pledged as security for borrowings - As of June 30, 2025, the Group had no pledged bank deposits (December 31, 2024: HKD 1.2 million pledged)[45](index=45&type=chunk) - Land and properties with a total carrying amount of **HKD 80.5 million** (December 31, 2024: HKD 82.0 million) have been pledged to several banks for certain of the Group's banking facilities[45](index=45&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) This section confirms the absence of any significant contingent liabilities or legal proceedings - As of June 30, 2025, the Group had no significant contingent liabilities or material litigation or arbitration[46](index=46&type=chunk) [Standard Code for Securities Transactions by Directors](index=20&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) This section confirms the company's adoption and directors' compliance with the standard code for securities transactions - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[47](index=47&type=chunk) - All Directors confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[47](index=47&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) This section confirms no transactions involving the company's listed securities by the company or its subsidiaries - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025[48](index=48&type=chunk) - As of June 30, 2025, the Company and its subsidiaries did not hold any treasury shares[48](index=48&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) This section confirms the company's adherence to corporate governance principles and code provisions - The Company has applied the principles and complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[50](index=50&type=chunk) [Review of Financial Information](index=21&type=section&id=Review%20of%20Financial%20Information) This section confirms the review of the interim financial information by the audit committee and external auditors - The Audit Committee, in conjunction with the Company's management, discussed and reviewed the unaudited condensed interim financial information for the six months ended June 30, 2025, and recommended it for Board approval[51](index=51&type=chunk) - The Company's auditor, PricewaterhouseCoopers, has reviewed the financial information in accordance with Hong Kong Standard on Review Engagements 2410[51](index=51&type=chunk) [Publication of Interim Results and Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This section provides information on where the interim results announcement and report are published - This results announcement has been published on the website of Hong Kong Exchanges and Clearing Limited (http://www.hkexnews.hk) and the Company's website (http://www.winhanverky.com)[52](index=52&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites later[52](index=52&type=chunk) [Board of Directors](index=21&type=section&id=Board%20of%20Directors) This section lists the composition of the company's Board of Directors - The Board of Directors comprises Executive Directors Mr. Li Kwok Tung (Chairman), Mr. Lai Ching Ping, Mr. Li Kwok Leung, and Mr. Wong Chi Keung[53](index=53&type=chunk)[54](index=54&type=chunk) - The Board of Directors comprises Independent Non-executive Directors Mr. Kwan Kai Cheong, Mr. Ma Ka Chun, and Ms. Chan Kit Fan[53](index=53&type=chunk)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 The interim results set out in this an ...

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。 （於開曼群島註冊成立的有限公司） （股份代號：1044） http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 「追求健康，你我一起成長」 | 財務摘要 | | | | | --- | --- | --- | --- | | 二零二五年六月三十日止六個月之中期業績 | | | | | | 未經審核 | | | | 二零二五年 | | 二零二四年 | 變幅 | | 人民幣千元 | | 人民幣千元 | % | | 收入 | 11,808,232 | 11,835,893 | (0.2)% | | 毛利率 | 32.3% | 33.3% | | | 經營利潤 | 1,757,339 | 1,895,891 | (7.3)% | | 公司權益持有人應佔利潤 | 1,372,894 | 1,408,992 | (2.6)% | | 每股收 ...

[Report Highlights](index=1&type=section&id=%E8%A6%81%E9%BB%9E) The group achieved stable growth in operating revenue and net profit in H1 2025, with an optimized market structure and strong growth in application, content, and other services Key Financial Metrics | Metric | H1 2025 (RMB millions) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 76,939 | 3.4% | | Net Profit | 2,129 | 0.2% | | Gross Profit Margin | 10.3% | -0.6 percentage points | | Net Profit Margin | 2.8% | -0.1 percentage points | - Combined revenue from domestic non-telecom operator enterprise market and overseas market exceeded half for the first time, indicating **optimized market structure**[2](index=2&type=chunk) - Application, content, and other services have been the core drivers of revenue growth for consecutive years, benefiting from **deepening AI applications** and **accelerated digital transformation**[2](index=2&type=chunk) [Chairman's Statement](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E5%A0%B1%E5%91%8A%E6%9B%B8) This statement provides an overview of the Group's H1 2025 performance, strategic initiatives, and future outlook, emphasizing growth, innovation, and sustainability [Business Performance Overview](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE%E7%A9%A9%E4%B8%AD%E6%9C%89%E9%80%B2%EF%BC%8C%E6%94%B6%E5%85%A5%E5%88%A9%E6%BD%A4%E5%AF%A6%E7%8F%BE%E9%9B%99%E5%A2%9E%E9%95%B7) This chapter details the Group's overall operating performance in H1 2025, including double-digit growth in revenue and profit, and the steady development of its three business segments and three client markets. Despite facing pressure from declining capital expenditure from traditional clients, the Group achieved optimized revenue structure and rapid growth in emerging markets through diversified strategies and capability advantages [Financial Performance](index=2&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) This section details financial performance, including key metrics like operating revenue, net profit, and margins Financial Performance Metrics | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Growth/Decrease | | :--- | :--- | :--- | :--- | | Operating Revenue | 76,939 | 74,412 | +3.4% | | Service Revenue | 74,981 | N/A | +2.9% | | Operating Gross Profit | 7,888 | 8,116 | -2.8% | | Net Profit | 2,129 | 2,125 | +0.2% | | Gross Profit Margin | 10.3% | 10.9% | -0.6 percentage points | | Net Profit Margin | 2.8% | 2.9% | -0.1 percentage points | | Return on Equity (ROE) | 9.3% (annualized) | N/A | N/A | | Basic Earnings Per Share | 0.307 RMB | 0.307 RMB | 0% | [Business Segment Development](index=3&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%8A%E6%8F%A1%E6%95%B8%E6%99%BA%E6%A9%9F%E9%81%87%EF%BC%8C%E4%B8%89%E5%A4%A7%E6%A5%AD%E5%8B%99%E6%9D%BF%E5%A1%8A%E5%85%A8%E9%9D%A2%E5%A2%9E%E9%95%B7) This section details business segment development, highlighting revenue contributions and growth drivers across different service areas Revenue by Business Segment | Business Segment | H1 2025 Revenue (RMB millions) | YoY Growth | Share of Operating Revenue | | :--- | :--- | :--- | :--- | | Telecom Infrastructure Services | 38,272 | 1.6% | 49.7% | | Business Process Outsourcing Services | 22,383 | 1.0% | 29.1% | | Application, Content and Other Services | 16,284 | 11.7% | 21.2% | - **Application, content, and other services** revenue maintained rapid growth, serving as the core driver for revenue growth for consecutive years, benefiting from **deepening AI application scenarios** and **accelerated digital transformation** across various industries[6](index=6&type=chunk) [Client Market Performance](index=3&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%99%BC%E6%8F%AE%E8%83%BD%E5%8A%9B%E5%84%AA%E5%8B%A2%EF%BC%8C%E4%B8%89%E5%A4%A7%E5%AE%A2%E6%88%B6%E5%B8%82%E5%A0%B4%E7%A9%A9%E5%81%A5%E7%99%BC%E5%B1%95) This section details client market performance, analyzing revenue trends and strategic initiatives across domestic telecom, non-telecom, and overseas markets Revenue by Client Market | Client Market | H1 2025 Revenue (RMB millions) | YoY Growth/Decrease | | :--- | :--- | :--- | | Domestic Telecom Operator Market | 38,203 | -4.6% | | Domestic Non-Telecom Operator Enterprise Market | 36,585 | +12.9% | | Overseas Market | 2,151 | +8.7% | - Domestic telecom operator market stabilized traditional business and expanded strategic emerging businesses through a "CAPEX+OPEX+Smart Application" strategy to counter declining capital expenditure challenges[7](index=7&type=chunk) - Domestic non-telecom operator enterprise market achieved double-digit growth by seizing opportunities in computing power infrastructure construction, leveraging "Consultant+Employee+Housekeeper" service models and "Platform+Software+Service" capabilities[9](index=9&type=chunk) - Overseas market showed good development by integrating into the "Belt and Road" initiative, expanding into **high-value projects** and new sectors like industrial digitalization and new energy services[9](index=9&type=chunk) [Strategic Emerging Business Development](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B7%9F%E7%84%A6%E9%87%8D%E9%BB%9E%E8%A1%8C%E6%A5%AD%EF%BC%8C%E6%88%B0%E7%95%A5%E6%96%B0%E8%88%88%E6%A5%AD%E5%8B%99%E5%8B%95%E8%83%BD%E5%BC%B7%E5%8B%81) In H1, the Group continued to deeply cultivate strategic emerging industries such as digital infrastructure, green and low-carbon, smart cities, and emergency security, focusing on key sectors. Strategic new businesses maintained rapid growth, with new contract value accounting for over **40%**, injecting new momentum into the enterprise's high-quality development [Digital Infrastructure Sector](index=5&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%95%B8%E5%AD%97%E5%9F%BA%E5%BB%BA%E9%A0%98%E5%9F%9F) This section details digital infrastructure sector initiatives, focusing on seizing AI-driven computing power opportunities and undertaking major construction projects - Seizing the computing power market opportunities driven by **AI technological transformation** and promoting the evolution and upgrade of new information infrastructure[12](index=12&type=chunk) - Undertaking the construction of intelligent computing centers, data center renovations, cloud platforms, and 5G+ projects in multiple locations domestically and internationally, deeply serving government, internet, finance, energy, and other industry clients[12](index=12&type=chunk) - In H1, new contract value in this sector maintained **rapid growth**[12](index=12&type=chunk) [Green and Low-Carbon Sector](index=5&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%B6%A0%E8%89%B2%E4%BD%8E%E7%A2%B3%E9%A0%98%E5%9F%9F) This section details green and low-carbon sector efforts, adopting a dual-driven model of green energy and energy-saving technologies to create benchmark projects - Adopting a "green energy + energy-saving technology" dual-driven model to create benchmark projects such as low-carbon intelligent computing centers, 5G green base stations, green and low-carbon industrial parks, and virtual power plant platforms[13](index=13&type=chunk) - Participating in the compilation of the first national standard for green data center evaluation, 'Green Data Center Evaluation', enhancing industry influence[13](index=13&type=chunk) [Smart City Sector](index=6&type=section&id=%E6%99%BA%E6%85%A7%E5%9F%8E%E5%B8%82%E9%A0%98%E5%9F%9F) This section details smart city sector initiatives, leveraging full-chain service capabilities and integrating digital technologies to build new urban paradigms - Seizing opportunities in new urban infrastructure construction and leveraging full-chain service capabilities including "planning + design + implementation + delivery + operation"[14](index=14&type=chunk) - Deeply integrating digital technologies such as **AI**, **IoT**, and **big data** to create a new paradigm for livable, resilient, and smart cities[14](index=14&type=chunk) - In H1, new contract values in digital government, smart education, smart water conservancy, smart cultural tourism, smart healthcare, and enterprise digital transformation all achieved **rapid growth**[14](index=14&type=chunk) [Emergency and Security Sector](index=6&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E6%87%89%E6%80%A5%E5%AE%89%E5%85%A8%E9%A0%98%E5%9F%9F) This section details emergency and security sector advancements, utilizing large AI models to empower intelligent emergency management and developing independently controllable cybersecurity products - Leveraging large **AI models** to empower clients in key sectors such as mining, chemical, water conservancy, and fire safety to achieve intelligent transformation of emergency management[15](index=15&type=chunk) - Developing multiple independently controllable cybersecurity products, undertaking major national cybersecurity projects, and providing **integrated security services**[15](index=15&type=chunk) [Technological Innovation and New Quality Productive Forces](index=7&type=section&id=%E4%B8%89%E3%80%81%20%E5%BC%B7%E5%8C%96%E7%A7%91%E6%8A%80%E5%89%B5%E6%96%B0%E9%A9%85%E5%8B%95%EF%BC%8C%E5%8A%A0%E5%BF%AB%E5%9F%B9%E8%82%B2%E6%96%B0%E8%B3%AA%E7%94%A2%E7%94%9F%E5%8A%9B) In H1, the Group strengthened its technology innovation drive, targeted cutting-edge fields, concentrated R&D efforts, built differentiated core competitiveness, deepened industrial cooperation, and accelerated the cultivation of new quality productive forces [Leading with Technological Innovation](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%A0%85%E6%8C%81%E7%A7%91%E6%8A%80%E5%89%B5%E6%96%B0%E5%BC%95%E9%A0%98%EF%BC%8C%E5%BB%BA%E8%A8%AD%E7%A7%91%E6%8A%80%E5%9E%8B%E4%BC%81%E6%A5%AD) This section details leading with technological innovation, forming a product innovation library for emerging technologies and accumulating significant intellectual property - Forming a product innovation library of nearly a hundred products for emerging technologies such as **AI**, **security**, and **low-carbon solutions**[17](index=17&type=chunk) - Accumulated over **4,100 authorized patents**, over **10,900 software copyrights**, and participated in **48 national standards**[17](index=17&type=chunk) [AI Business Layout](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E4%BD%88%E5%B1%80%E4%BA%BA%E5%B7%A5%E6%99%BA%E8%83%BD%E6%A5%AD%E5%8B%99%EF%BC%8C%E5%A1%91%E9%80%A0%E6%A0%B8%E5%BF%83%E7%AB%B6%E7%88%AD%E5%8A%9B) This section details AI business layout, implementing the 'AI+' initiative across integrated innovation, scenario cultivation, and ecosystem collaboration - Fully implementing the "**AI+**" initiative, strategically deploying **AI business** from three aspects: integrated innovation, deep scenario cultivation, and ecosystem collaboration[18](index=18&type=chunk) - Possessing an **AI delivery team of over 1,400 people**, providing customized services such as intelligent computing infrastructure construction and operation, data governance, and scenario-based application R&D[18](index=18&type=chunk) - In H1, new contract value in the **AI sector** exceeded **RMB 1.3 billion**, covering over **200 clients**[18](index=18&type=chunk) [Scientific and Technological Innovation System Reform](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E6%8E%A8%E9%80%B2%E7%A7%91%E5%89%B5%E9%AB%94%E7%B3%BB%E6%94%B9%E9%9D%A9%EF%BC%8C%E6%BF%80%E6%B4%BB%E7%99%BC%E5%B1%95%E6%96%B0%E5%8B%95%E8%83%BD) This section details scientific and technological innovation system reform, optimizing R&D mechanisms, tackling cutting-edge technologies, and enhancing talent development - Optimizing R&D intensive operation and promotion mechanisms and achievement transformation mechanisms to improve the efficiency of R&D resource utilization[19](index=19&type=chunk) - Intensifying efforts to tackle cutting-edge technology areas with urgent customer needs and huge market potential, creating industry-leading flagship products[19](index=19&type=chunk) - Improving mechanisms for cultivating, introducing, and selecting scientific and technological innovation experts, and adopting multi-dimensional incentive methods to stimulate innovation and development vitality[19](index=19&type=chunk) [Corporate Social Responsibility and Governance](index=8&type=section&id=%E5%9B%9B%E3%80%81%20%E8%B9%9B%E8%A1%8C%E7%92%B0%E5%A2%83%E8%88%87%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB%EF%BC%8C%E4%BF%9D%E6%8C%81%E8%89%AF%E5%A5%BD%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Group actively fulfills its corporate mission, implements green development concepts, steadily advances the 'Dual Carbon' strategy, and promotes social green transformation through energy conservation, emission reduction, and green services. Concurrently, the Group adheres to a people-centric approach, actively participates in disaster relief, major event support, and rural revitalization, while continuously enhancing corporate governance capabilities, improving risk and internal control management systems, and receiving multiple corporate governance awards from the capital market [Environmental and Social Responsibility](index=8&type=section&id=%E7%92%B0%E5%A2%83%E8%88%87%E7%A4%BE%E6%9C%83%E8%B2%AC%E4%BB%BB) This section details environmental and social responsibility, implementing the 'Dual Carbon' strategy and actively participating in disaster relief and community support - Implementing the national "**Dual Carbon**" strategy, steadily advancing green and low-carbon development plans, and building a green ecosystem through energy conservation, emission reduction, and green services[20](index=20&type=chunk) - Completed construction and communication support tasks related to disaster relief, major events, and rural revitalization, becoming a solid support for **emergency rescue** and **livelihood security**[21](index=21&type=chunk) [Corporate Governance](index=9&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) This section details corporate governance, continuously enhancing governance capabilities, improving risk management, and receiving multiple capital market awards - Continuously enhancing corporate governance capabilities, improving risk and internal control management systems, and strengthening corporate development momentum and security guarantees[22](index=22&type=chunk) - Awarded 'Most Respected Company', 'Best CFO', 'Best Investor Relations Company', 'Best ESG', and 'Best Company Board' in the Extel "**2025 Asia's Best Management Team**" rankings[22](index=22&type=chunk) - Awarded 'Asia Sustainable Development Award', 'Asia's Best CFO', and 'Best Investor Relations Company' in the "**15th Asian Excellence Award**" by Corporate Governance Asia[22](index=22&type=chunk) [Future Outlook and Strategy](index=10&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E8%88%87%E6%88%B0%E7%95%A5) The Group will firmly position itself as a "new-generation integrated smart service provider", fully embrace AI, deepen reforms, and develop new quality productive forces. By advancing the "AI+" initiative, empowering corporate governance, and strengthening service capabilities, the Group aims to build a distinctive technology-driven enterprise with AI at its core, driving comprehensive smart services, and actively expanding into emerging markets to achieve high-quality development and high-level security - Firmly positioning as a "**new-generation integrated smart service provider**", fully embracing **AI**, further deepening comprehensive reforms, and developing **new quality productive forces** tailored to local conditions[23](index=23&type=chunk) - Deeply advancing the "**AI+**" initiative, internally empowering corporate governance, externally strengthening service capabilities, and building a distinctive technology-driven enterprise with **AI** at its core, driving comprehensive smart services[23](index=23&type=chunk) - Actively expanding into emerging markets, focusing on **intelligent computing centers**, **smart operations and maintenance**, **new energy**, and other fields, continuously innovating business models, and creating industry-leading products[23](index=23&type=chunk) [Group Performance](index=11&type=section&id=%E9%9B%86%E5%9C%98%E6%A5%AD%E7%B8%BE) This section presents the Group's core consolidated financial statements for H1 2025, including income, comprehensive income, and financial position, providing an overview of key financial data [Consolidated Financial Statements](index=11&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's core consolidated financial statements for H1 2025, including income, comprehensive income, and financial position, providing an overview of key financial data [Consolidated Income Statement](index=11&type=section&id=%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) This statement provides a detailed breakdown of the Group's revenues, costs, and profits for H1 2025 Consolidated Income Statement | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Revenue | 76,939,251 | 74,411,953 | | Operating Costs | (69,051,641) | (66,296,374) | | Gross Profit | 7,887,610 | 8,115,579 | | Other Income | 839,173 | 879,847 | | Selling, General and Administrative Expenses | (6,181,999) | (6,541,835) | | Finance Costs | (43,911) | (59,026) | | Profit Before Tax | 2,440,726 | 2,405,105 | | Income Tax | (234,123) | (207,155) | | Profit for the Period | 2,206,603 | 2,197,950 | | Profit Attributable to Equity Holders of the Company | 2,128,715 | 2,124,984 | | Basic Earnings Per Share (RMB) | 0.307 | 0.307 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=12&type=section&id=%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the Group's profit for the period and other comprehensive income components for H1 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 2,206,603 | 2,197,950 | | Equity instruments measured at fair value through other comprehensive income: Net change in fair value reserve | 394,782 | 501,997 | | Exchange differences on translation of financial statements of subsidiaries outside Mainland China | 16,089 | (14,030) | | Total Comprehensive Income for the Period | 2,617,474 | 2,685,917 | | Total comprehensive income attributable to equity holders of the Company | 2,539,573 | 2,612,916 | [Consolidated Statement of Financial Position](index=13&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement outlines the Group's assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 35,007,293 | 31,944,591 | +9.6% | | Total Current Assets | 103,240,919 | 104,672,985 | -1.4% | | Total Assets | 138,248,212 | 136,617,576 | +1.19% | | Total Current Liabilities | 88,449,062 | 87,954,679 | +0.56% | | Total Non-current Liabilities | 2,149,252 | 2,049,745 | +4.85% | | Total Liabilities | 90,598,314 | 90,004,424 | +0.66% | | Equity Attributable to Equity Holders of the Company | 46,460,941 | 45,435,871 | +2.26% | | Total Equity | 47,649,898 | 46,613,152 | +2.22% | - Term deposits with financial institutions for over one year increased significantly from **RMB 12,170,901 thousand** at the end of 2024 to **RMB 15,163,324 thousand** as of June 30, 2025[30](index=30&type=chunk) - The **asset-liability ratio** slightly decreased from **65.88%** at the end of 2024 to **65.54%** as of June 30, 2025[30](index=30&type=chunk)[31](index=31&type=chunk)[64](index=64&type=chunk) [Notes to the Financial Statements](index=15&type=section&id=%E9%99%84%E8%A8%BB) This section provides detailed notes to the consolidated financial statements, covering the basis of preparation, changes in accounting policies, segment reporting, and the specific composition and changes of various revenues, costs, expenses, assets, and liabilities, offering essential background information for understanding the financial data [Basis of Preparation](index=15&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section details the basis of preparation for the interim financial information, adhering to International Accounting Standard 34 and HKEX Listing Rules - Interim financial information is prepared in accordance with **International Accounting Standard 34 'Interim Financial Reporting'** and complies with the disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[32](index=32&type=chunk) [Changes in Accounting Policies](index=15&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E6%9B%B4) This section details changes in accounting policies, noting the first-time application of revised IAS 21 with no material impact on interim financial information - The first-time application of the revised **International Accounting Standard 21 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability'** had no material impact on the interim financial information[33](index=33&type=chunk) [Segment Reporting](index=15&type=section&id=3.%20%E5%88%86%E9%83%A8%E5%A0%B1%E5%91%8A) This section details segment reporting, indicating the Group primarily operates in one business segment providing integrated smart solutions - The Group primarily operates in one business segment, providing **integrated smart solutions** for the informatization and digitalization sectors[35](index=35&type=chunk) [Details of Operating Revenue](index=16&type=section&id=4.%20%E7%B6%93%E7%87%9F%E6%94%B6%E5%85%A5) This section details operating revenue, providing a breakdown by business nature and highlighting contributions from major clients and overseas markets Operating Revenue by Business Nature | Business Nature | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Telecom Infrastructure Services | 38,272,609 | 37,666,188 | | Business Process Outsourcing Services | 22,382,937 | 22,162,474 | | Application, Content and Other Services | 16,283,705 | 14,583,291 | | **Total Operating Revenue** | **76,939,251** | **74,411,953** | - Revenue contributions from China Telecom Group and China Mobile Group decreased from **36.4%** and **9.4%** to **33.6%** and **8.3%** respectively[37](index=37&type=chunk) - **Operating revenue** from regions outside Mainland China was **RMB 2,151 million**, representing a **YoY increase of 8.7%**[37](index=37&type=chunk) [Details of Operating Costs](index=17&type=section&id=5.%20%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC) This section details operating costs, presenting a breakdown by cost item and explaining changes in direct staff costs and material costs Operating Cost Breakdown | Cost Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Subcontracting Costs | 42,932,050 | 41,233,277 | | Material Costs | 13,341,575 | 12,336,999 | | Direct Staff Costs | 3,707,393 | 3,807,665 | | **Total Operating Costs** | **69,051,641** | **66,296,374** | - **Direct staff costs** decreased by **2.6%**, reflecting the Group's **effective control over total employment** and **optimization of its employment structure**[38](index=38&type=chunk) - **Material costs** increased by **8.1%**, primarily due to the Group's optimized business model and proactive engagement in large projects under the **general contracting model**[38](index=38&type=chunk) [Details of Other Income](index=17&type=section&id=6.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) This section details other income, providing a breakdown of various income streams for H1 2025 and H1 2024 Other Income Breakdown | Other Income Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income | 270,299 | 325,641 | | Dividend Income | 211,712 | 191,435 | | Management Fee Income | 166,948 | 165,747 | | Government Grants | 93,034 | 87,807 | | Additional Deduction for Input VAT | 2,750 | 29,241 | | **Total Other Income** | **839,173** | **879,847** | [Details of Finance Costs](index=17&type=section&id=7.%20%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) This section details finance costs, presenting a breakdown of interest expenses on bank loans and lease liabilities for H1 2025 and H1 2024 Finance Cost Breakdown | Finance Cost Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 20,419 | 31,503 | | Interest on Lease Liabilities | 23,492 | 27,523 | | **Total Finance Costs** | **43,911** | **59,026** | [Details of Profit Before Tax](index=18&type=section&id=8.%20%E9%99%A4%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4) This section details profit before tax, outlining key components such as staff costs, amortization, depreciation, and impairment losses Profit Before Tax Components | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Staff Costs | 7,987,519 | 8,417,643 | | Amortization | 99,633 | 98,587 | | Depreciation | 709,824 | 729,391 | | Impairment Losses on Inventories and Reversals, Net | 27,729 | 18,604 | | Impairment Losses on Trade and Other Receivables, Contract Assets and Others, and Reversals, Net | 161,577 | 118,914 | - Selling and marketing expenses, administrative expenses, research and development costs, and other expenses either decreased or remained stable[41](index=41&type=chunk) [Details of Income Tax](index=19&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85) This section details income tax, presenting the calculation of income tax expense and highlighting tax concessions and R&D deductions Income Tax Calculation | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit Before Tax | 2,440,726 | 2,405,105 | | Expected Income Tax Expense at Statutory Tax Rate of 25% | 610,182 | 601,276 | | Tax Concessions and Tax Rate Differences for Subsidiaries' Profits | (128,031) | (100,644) | | Additional Deduction for R&D Expenses | (239,848) | (292,495) | | **Income Tax** | **234,123** | **207,155** | - Subsidiaries qualified as high-tech enterprises, those in the Western Development region, and small-profit enterprises are eligible for preferential income tax rates of **15%**, **15%**, and **20%** respectively[44](index=44&type=chunk) - Certain R&D costs are eligible for an **additional 100% deduction**[44](index=44&type=chunk) [Earnings Per Share](index=20&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) This section details earnings per share, presenting basic earnings per share and noting the absence of dilutive ordinary shares Earnings Per Share Details | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB thousands) | 2,128,715 | 2,124,984 | | Number of Ordinary Shares Issued (thousand shares) | 6,926,018 | 6,926,018 | | **Basic Earnings Per Share (RMB)** | **0.307** | **0.307** | - As there were no potentially dilutive ordinary shares issued during either period, diluted earnings per share are the same as basic earnings per share[46](index=46&type=chunk) [Other Comprehensive Income](index=20&type=section&id=11.%20%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A) This section details other comprehensive income, outlining components such as fair value changes of equity instruments and exchange differences Other Comprehensive Income Components | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Changes of Equity Instruments Measured at Fair Value Through Other Comprehensive Income Recognized in the Period | 526,396 | 670,820 | | Net Deferred Tax Recognized in Other Comprehensive Income | (131,614) | (168,823) | | Exchange Differences on Translation of Financial Statements | 16,089 | (14,030) | | **Other Comprehensive Income for the Period** | **410,871** | **487,967** | [Dividend Policy](index=20&type=section&id=12.%20%E8%82%A1%E6%81%AF) This section details dividend policy, stating the Board's resolution not to declare an interim dividend and providing information on final dividends - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[48](index=48&type=chunk) Dividend Information | Dividend Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Final Dividend (per share) Pertaining to Previous Financial Year, Approved in Current Period | 0.2187 RMB | 0.2174 RMB | | **Total Final Dividend** | **1,514,720** | **1,505,716** | [Trade and Bills Receivables](index=21&type=section&id=13.%20%E6%87%89%E6%94%B6%E5%B8%B3%E6%AC%BE%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%EF%BC%8C%E6%B7%A8%E9%A1%8D) This section details trade and bills receivables, presenting their net amount and aging profile as of June 30, 2025 Trade and Bills Receivables, Net | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills Receivable | 869,866 | 1,410,736 | | Trade Receivables | 31,479,179 | 26,509,784 | | Provision for Credit Losses | (2,760,843) | (2,624,315) | | **Net Amount** | **29,588,202** | **25,296,205** | - Over **78%** of **trade and bills receivables** (net of provision for credit losses) have an aging profile of less than one year[51](index=51&type=chunk) [Contract Assets](index=22&type=section&id=14.%20%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%EF%BC%8C%E6%B7%A8%E9%A1%8D) This section details contract assets, presenting their net amount by business type and explaining their nature as unbilled conditional receivables Contract Assets, Net | Business Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Telecom Infrastructure Services | 36,472,255 | 32,552,493 | | Business Process Outsourcing Services | 1,610,953 | 1,469,655 | | Application, Content and Other Services | 5,015,331 | 4,271,528 | | Provision for Credit Losses | (538,668) | (525,867) | | **Net Amount** | **42,559,871** | **37,767,809** | - **Contract assets** represent unbilled amounts receivable for construction, design, and other services, where the right to receive payment is conditional[52](index=52&type=chunk) [Trade and Bills Payables](index=23&type=section&id=15.%20%E6%87%89%E4%BB%98%E5%B8%B3%E6%AC%BE%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) This section details trade and bills payables, presenting their total amount and aging profile as of June 30, 2025 Trade and Bills Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 62,688,302 | 59,837,140 | | Bills Payable | 4,889,247 | 6,057,749 | | **Total** | **67,577,549** | **65,894,889** | - Over **96%** of **trade and bills payables** have an aging profile of less than one year[53](index=53&type=chunk) [Contract Liabilities](index=23&type=section&id=16.%20%E5%90%88%E5%90%8C%E8%B2%A0%E5%82%B5) This section details contract liabilities, presenting their total amount by business type and explaining their nature as customer prepayments Contract Liabilities | Business Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Telecom Infrastructure Services | 4,951,610 | 6,700,059 | | Other Services | 2,195,968 | 2,489,991 | | **Total** | **7,147,578** | **9,190,050** | - **Contract liabilities** represent customer prepayments received by the Group before fulfilling performance obligations, recognized until the completion of related contractual obligations[54](index=54&type=chunk) [Financial Performance Analysis](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) This section provides a detailed analysis of the Group's financial performance in H1 2025, covering operating revenue, costs, gross profit, expenses, net profit, cash flow, and balance sheet [Operating Revenue Analysis](index=24&type=section&id=%E7%B6%93%E7%87%9F%E6%94%B6%E5%85%A5) The Group's **operating revenue** increased by **3.4%** YoY in H1 2025, with **service revenue** growing by **2.9%**. Revenue growth was primarily driven by the advancement of the Digital China strategy, opportunities in computing network construction, and deepening AI application scenarios, leading to rapid growth in application, content, and other services revenue [Revenue Analysis by Business Segment](index=24&type=section&id=%E6%8C%89%E6%A5%AD%E5%8B%99%E6%94%B6%E5%85%A5) This section details revenue by business segment, highlighting contributions and growth drivers across different service areas Revenue by Business Segment | Business Segment | H1 2025 Revenue (RMB millions) | YoY Growth | | :--- | :--- | :--- | | Telecom Infrastructure Services | 38,272 | 1.6% | | Business Process Outsourcing Services | 22,383 | 1.0% | | Application, Content and Other Services | 16,284 | 11.7% | - **Application, content, and other services** revenue maintained rapid growth, serving as the core driver for revenue growth for consecutive years, benefiting from **deepening AI application scenarios** and **accelerated digital transformation** across various industries[56](index=56&type=chunk) [Revenue Analysis by Market Segment](index=25&type=section&id=%E6%8C%89%E5%B8%82%E5%A0%B4%E6%94%B6%E5%85%A5) This section details revenue by market segment, analyzing trends and strategic initiatives across domestic telecom, non-telecom, and overseas markets Revenue by Client Market | Client Market | H1 2025 Revenue (RMB millions) | YoY Growth/Decrease | | :--- | :--- | :--- | | Domestic Telecom Operator Market | 38,203 | -4.6% | | Domestic Non-Telecom Operator Enterprise Market | 36,585 | +12.9% | | Overseas Market | 2,151 | +8.7% | - Revenue from the domestic non-telecom operator enterprise market achieved **rapid growth**, attributed to the Group's **integrated service capabilities** and focus on **strategic emerging industries**[58](index=58&type=chunk) - Overseas market **operating revenue** showed **stable growth** by integrating into the "Belt and Road" initiative, expanding into **high-value projects** and **new sectors**[58](index=58&type=chunk) [Operating Cost Analysis](index=26&type=section&id=%E7%B6%93%E7%87%9F%E6%88%90%E6%9C%AC) The Group's **operating costs** increased by **4.2%** YoY in H1 2025. **Direct staff costs** decreased by **2.6%**, **subcontracting costs** increased by **4.1%**, and **material costs** increased by **8.1%**. Changes in cost structure reflect the Group's strategic adjustments in employment optimization, subcontracting management, and the general contracting model Operating Cost Breakdown | Cost Item | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Growth/Decrease | | :--- | :--- | :--- | :--- | | Operating Costs | 69,051 | 66,296 | +4.2% | | Direct Staff Costs | 3,707 | 3,808 | -2.6% | | Subcontracting Costs | 42,932 | 41,233 | +4.1% | | Material Costs | 13,341 | 12,337 | +8.1% | - The increase in **material costs** is primarily due to the Group's optimized business model, actively undertaking large projects under the **general contracting model**[59](index=59&type=chunk) [Gross Profit Analysis](index=26&type=section&id=%E6%AF%9B%E5%88%A9%E6%BD%A4) The Group's **gross profit** decreased by **2.8%** YoY to **RMB 7,888 million** in H1 2025, with **gross profit margin** declining by **0.6 percentage points** to **10.3%**, primarily due to factors such as decreased client capital expenditure. The Group is working to improve gross profit margin by increasing the proportion of high-value businesses, optimizing R&D mechanisms, and strengthening cost control Gross Profit and Margin | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Decrease | | :--- | :--- | :--- | :--- | | Gross Profit | 7,888 | 8,116 | -2.8% | | Gross Profit Margin | 10.3% | 10.9% | -0.6 percentage points | - The decline in **gross profit margin** was mainly influenced by factors such as **decreased capital expenditure from clients**[60](index=60&type=chunk) - The Group aims to improve **gross profit margin** by selecting **high-margin projects**, increasing the proportion of **high-value businesses**, optimizing R&D mechanisms, and strengthening project management and cost control[60](index=60&type=chunk) [Selling, General and Administrative Expenses Analysis](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E3%80%81%E4%B8%80%E8%88%AC%E5%8F%8A%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) The Group's **selling, general, and administrative expenses** decreased by **5.5%** YoY to **RMB 6,182 million** in H1 2025, with its share of **operating revenue** decreasing by **0.8 percentage points** to **8.0%**, reflecting the Group's effective cost control and precise investment in R&D resources Selling, General and Administrative Expenses | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Decrease | | :--- | :--- | :--- | :--- | | Selling, General and Administrative Expenses | 6,182 | 6,542 | -5.5% | | Percentage of Operating Revenue | 8.0% | 8.8% | -0.8 percentage points | - The Group actively controls **selling, general, and administrative expenses**, strictly implements quality and efficiency improvement measures, and precisely invests in R&D capabilities related to **AI and digital infrastructure**[61](index=61&type=chunk) [Profit Attributable to Equity Holders of the Company Analysis](index=27&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%B1%E6%87%89%E4%BD%94%E5%88%A9%E6%BD%A4) The Group's **profit attributable to equity holders of the Company** was **RMB 2,129 million** in H1 2025, representing a **YoY increase of 0.2%**, maintaining stable growth Profit Attributable to Equity Holders of the Company | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Growth | | :--- | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company | 2,129 | 2,125 | +0.2% | [Cash Flow Analysis](index=27&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81) The Group's **net cash outflow** was **RMB 8,073 million** in H1 2025, an improvement compared to **RMB 9,123 million** in the same period last year. The Group will continue to strengthen working capital management to maintain a healthy cash flow level Net Cash Flow | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow | -8,073 | -9,123 | Outflow decreased by 1,050 | - The Group consistently prioritizes working capital management and will continue to strengthen related efforts to maintain a **healthy cash flow level**[63](index=63&type=chunk) [Assets and Liabilities Analysis](index=27&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group's total assets and total liabilities both increased, but the asset-liability ratio slightly decreased to **65.5%**, indicating a stable financial position Assets, Liabilities and Ratios | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 138,248 | 136,618 | +1,630 | | Total Liabilities | 90,598 | 90,004 | +594 | | Asset-Liability Ratio | 65.5% | 65.88% | -0.38 percentage points | [Corporate Governance and Other Disclosures](index=28&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E8%88%87%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2) This section outlines the Group's adherence to corporate governance principles, compliance with regulatory codes, and other relevant disclosures for H1 2025 [Audit Committee](index=28&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee has reviewed the Group's accounting principles and practices with management and discussed matters related to risk management, internal control, and financial reporting, including the **H1 2025 interim results** - The **Audit Committee** has reviewed the Group's accounting principles and practices with management and discussed matters related to risk management, internal control, and financial reporting, including the **H1 2025 interim results**[65](index=65&type=chunk) [Compliance with Corporate Governance Code](index=28&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Board confirms that for the six months ended June 30, 2025, the Company has complied with all code provisions set out in Appendix C1 'Corporate Governance Code' of the Listing Rules - The Board confirms that for the six months ended June 30, 2025, the Company has complied with all code provisions set out in **Appendix C1 'Corporate Governance Code'** of the Listing Rules[66](index=66&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=28&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%88%99%E5%89%87) Following specific inquiries by the Company, each Director and Supervisor confirmed compliance with the 'Model Code for Securities Transactions by Directors of Listed Issuers' as set out in Appendix C3 of the Listing Rules for dealings in the Company's securities during the six months ended June 30, 2025 - Each Director and Supervisor confirmed that for the six months ended June 30, 2025, they have complied with the **'Model Code for Securities Transactions by Directors of Listed Issuers'** as set out in Appendix C3 of the Listing Rules regarding dealings in the Company's securities[67](index=67&type=chunk) [Compliance with Appendix D2 of Listing Rules](index=28&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E9%99%84%E9%8C%84D2) Except for publicly announced disclosures, the Company confirms that there have been no material changes to the existing company information regarding matters listed in paragraph 32 of Appendix D2 of the Listing Rules compared to the information disclosed in the 2024 Annual Report - The Company confirms that there have been no material changes to the existing company information regarding matters listed in **paragraph 32 of Appendix D2 of the Listing Rules** compared to the information disclosed in the 2024 Annual Report[68](index=68&type=chunk) [Dealings in Listed Securities](index=29&type=section&id=%E8%B3%BC%E5%9B%9E%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For 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 - For 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[69](index=69&type=chunk) [Interim Report Publication](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The interim report for the six months ended June 30, 2025, will be published later on the HKEXnews website and the Company's website, and dispatched to shareholders who request it - The interim report will be published later on the **HKEXnews website (www.hkexnews.hk)** and the **Company's website (www.chinaccs.com.hk)**[70](index=70&type=chunk) [Forward-Looking Statements](index=29&type=section&id=%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%B3%E8%BF%B0) The report reminds readers that forward-looking statements are subject to various risks, uncertainties, and assumptions, including changes in macroeconomic environment, natural disasters, industry growth, regulatory changes, and execution of business strategies, and actual results may differ materially, with no commitment from the Company to update these statements - **Forward-looking statements** are subject to various risks, uncertainties, and assumptions, including changes in macroeconomic environment, natural disasters, industry growth, regulatory changes, and execution of business strategies[71](index=71&type=chunk) - The Company's actual results may differ materially from those described in **forward-looking statements**, and the Company undertakes no obligation to update these statements[71](index=71&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2018） 截至2025年6月30日止六個月之中期業績公佈 瑞聲科技控股有限公司（「瑞聲科技」或「本公司」）董事（「董事」）會（「董事會」）欣然 公佈，本公司及其附屬公司（統稱為「本集團」）截至2025年6月30日止六個月（「2025年上半 年」）之未經審核中期業績連同2024年同期（「2024年上半年」）之比較數字。 該等未經審核簡明綜合財務報表已由本公司核數師德勤•關黃陳方會計師行及本公司審核及風險 委員會審閱，並經董事會於2025年8月21日批准。 2025年中期業績摘要（未經審核）： | （人民幣百萬元） | 2025年上半年 | 2024年上半年 | 按年 % | | --- | --- | --- | --- | | 收入 | 13,318 | 11,247 | +18.4% | | 毛利 | 2,754 | 2,418 | +13.9% | | ...

東亞銀行有限公司 （ 1918 年在香港註冊成立之有限公司） （股份代號：23） 2025年度中期業績公告 中期業績 本行董事會欣然宣布本集團截至2025年6月30日止6個月未經審核的業績（附註1(a)）。 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。 The Bank of East Asia, Limited | 綜合收益表 | | 截至30/6/2025 | 截至30/6/2024 | | --- | --- | --- | --- | | | | 止6個月 | 止6個月 | | | 附註 | 港幣百萬元 | 港幣百萬元 | | 利息收入 | 3 | 16,897 | 20,379 | | 按有效利率方法計算的利息收入 | | 16,085 | 18,930 | | 相關利息收入 | | 812 | 1,449 | | 利息支出 | 4 | (9,553) | (12,151) | | 淨利息收入 | | 7,344 | 8,228 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （根據公司條例在香港註冊成立的有限責任公司） （股份代號：836） 2025年中期業績公佈 經營業績概要 華潤電力控股有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（「本集團」）截至2025年6月30日止六個月的未經審核財務業績。 2025年上半年，本集團錄得本公司擁有人應佔利潤78.72億港元，較2024年上半 年本公司擁有人應佔利潤93.63億港元減少14.91億港元或15.9%。每股基本盈利為 1.52港元。董事會宣派2025年中期股息每股0.356港元。 2025年上半年，本公司擁有人應佔核心業務利潤82.78億港元，較2024年上半年 82.71億港元增加0.07億港元或0.1%。 可再生能源業務除所得稅前核心利潤為71.48億港元，較2024年上半年66.57億港 元增加4.91億港元或7.4%；受稅負影響，可再生能源業務本公司擁有人應佔核心 業務利潤為56.37 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ASCENTAGE PHARMA GROUP INTERNATIONAL 亞盛醫藥集團 （在開曼群島註冊成立的有限公司） （股份代號：6855） 截至2025年6月30日止六個月未經審核中期業績公告 董事會欣然宣佈亞盛醫藥集團截至2025年6月30日止六個月的未經審核綜合業 績，連同截至2024年6月30日止六個月的比較數字。 財務摘要 截至2025年6月30日止六個月，收益為人民幣233.7百萬元（32.6百萬美元）， 較截至2024年6月30日止六個月減少人民幣590.0百萬元（80.7百萬美元）或 71.6%，主要是由於截至2024年6月30日止六個月產生的人民幣678.4百萬元 （95.3百萬美元）的知識產權收益導致。耐立克® （奧雷巴替尼）在中國的產品銷售 較截至2024年6月30日止六個月的人民幣112.9百萬元（15.5百萬美元），增加人 民幣104.5百萬元（14.9百萬美元）或93%至 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 聯 交 所 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Grace Wine Holdings Limited 怡園酒業控股有限公司 （於開曼群島註冊成立的有限公 司） （股份代號：8146） 截至二零二五年六月三十日止六個月 中期業績 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）GEM的特色 GEM的 定 位，乃 為 較 其 他 於 聯 交 所 上 市 的 公 司 可 能 帶 有 更 高 投 資 風 險 的 中 小 型 公 司 提 供 一 個 上 市 市 場。有 意 投 資 者 應 了 解 投 資 於 該 等 公 司 的 潛 在 風 險，並 應 經 過 審 慎 周 詳 考 慮 後 方 作 出 投 資 決 定。 鑒於在GEM上 市 的 公 司 一 般 為 中 小 型 公 司，於GEM買賣的證券 ...