[Performance Highlights and Dividend Policy](index=1&type=section&id=Performance%20Highlights%20and%20Dividend%20Policy) [Performance Highlights](index=1&type=section&id=Performance%20Highlights) For the six months ended June 30, 2025, the Group achieved strong growth with turnover increasing by 9.2% to approximately RMB 4.658 billion, gross profit by 10.4% to approximately RMB 800 million, and profit attributable to equity holders of the Company significantly rising by 53.8% to approximately RMB 416 million, driving basic earnings per share up by 57.1% to RMB 0.11 Key Performance Indicators for H1 2025 | Indicator | H1 2025 | Year-on-Year Change | | :--- | :--- | :--- | | Turnover | Approx. **4,658.1 Million RMB** | ▲ 9.2% | | Gross Profit | Approx. **799.8 Million RMB** | ▲ 10.4% | | Profit Attributable to Equity Holders of the Company | Approx. **416.0 Million RMB** | ▲ 53.8% | | Basic Earnings Per Share | Approx. **0.11 RMB Yuan** | ▲ 57.1% | | Net Asset Per Share | Approx. **2.41 RMB Yuan** | ▲ 5.2% | [Interim Dividend](index=1&type=section&id=Interim%20Dividend) The Board recommends an interim dividend of RMB 0.01 per share (tax inclusive) for the six months ended June 30, 2025, compared to no dividend distributed in the prior corresponding period, reflecting enhanced profitability and commitment to shareholder returns - The Board recommends an interim dividend of **RMB 0.01 per share (tax inclusive)**, totaling approximately **RMB 36.85 million**, with no dividend declared for the same period last year[3](index=3&type=chunk) - The dividend distribution is subject to approval at an extraordinary general meeting and is planned for November 25, 2025, to shareholders on record as of November 11[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) During the reporting period, the Group's total operating revenue increased by 9.2% to RMB 4.658 billion, operating profit significantly grew by 36.0% to RMB 451 million, primarily driven by a substantial increase in investment income, and net profit attributable to owners of the parent company rose by 53.8% to RMB 416 million, with basic earnings per share increasing from RMB 0.07 to RMB 0.11 Key Items from Consolidated Income Statement (Unit: RMB Yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **4,658,076,541.58** | 4,265,890,940.36 | ▲ 9.2% | | **Operating Profit** | **451,447,300.24** | 332,056,505.13 | ▲ 36.0% | | **Total Profit** | **453,202,467.35** | 338,411,918.63 | ▲ 33.9% | | **Net Profit Attributable to Owners of the Parent Company** | **415,972,007.93** | 270,407,916.25 | ▲ 53.8% | | **Basic Earnings Per Share (RMB Yuan/share)** | **0.11** | 0.07 | ▲ 57.1% | - Investment income was a key driver of profit growth, increasing by **41.3%** from **RMB 282 million** in the prior period to **RMB 398 million**, primarily from investments in associates and joint ventures[7](index=7&type=chunk) [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets increased by 6.5% to RMB 18.833 billion, total liabilities increased by 9.7% to RMB 9.947 billion, and total equity attributable to owners of the parent company increased by 3.3% to RMB 8.372 billion, maintaining a stable asset-liability structure Key Items from Consolidated Balance Sheet (Unit: RMB Yuan) | Item | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **18,832,647,128.50** | 17,686,757,262.53 | ▲ 6.5% | | Total Current Assets | 12,297,185,193.02 | 11,314,638,741.05 | ▲ 8.7% | | **Total Liabilities** | **9,947,279,293.63** | 9,068,374,825.01 | ▲ 9.7% | | Total Current Liabilities | 8,795,065,919.78 | 7,422,677,256.86 | ▲ 18.5% | | **Total Equity Attributable to Owners of the Parent Company** | **8,372,117,091.17** | 8,101,862,288.65 | ▲ 3.3% | [Consolidated Cash Flow Statement](index=8&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was a net outflow of RMB 517 million, an increase from RMB 252 million outflow in the prior period, while net cash flow from investing activities turned positive with a net inflow of RMB 151 million, and net cash flow from financing activities also turned positive with a net inflow of RMB 66 million, with cash and cash equivalents at period-end totaling RMB 1.803 billion Summary of Consolidated Cash Flow Statement (Unit: RMB Yuan) | Item | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | **-516,663,588.73** | -251,757,496.73 | | Net Cash Flow from Investing Activities | **151,468,034.35** | -120,654,783.12 | | Net Cash Flow from Financing Activities | **65,998,281.00** | -431,685,424.36 | | **Net Increase in Cash and Cash Equivalents** | **-297,870,919.19** | -803,605,388.56 | | **Cash and Cash Equivalents at Period-End** | **1,803,247,577.77** | 1,378,084,325.25 | [Notes to the Financial Statements](index=10&type=section&id=Notes%20to%20the%20Financial%20Statements) [Company Overview and Basis of Preparation](index=10&type=section&id=Company%20Overview%20and%20Basis%20of%20Preparation) The Company, a joint stock limited company registered in the PRC, listed on the Hong Kong Stock Exchange in 2008, with Chongqing Machinery & Electronics Group as its parent and Chongqing Yufu Holding Group as its ultimate controlling company, primarily engages in the manufacturing, sales, and services of clean energy and high-end intelligent equipment, with financial statements prepared on a going concern basis in accordance with China Accounting Standards for Business Enterprises and Hong Kong Listing Rules - The Company's principal business segments are the manufacturing, sales, and services of clean energy equipment and high-end intelligent equipment[20](index=20&type=chunk) - Financial statements are prepared in accordance with China Accounting Standards for Business Enterprises and Hong Kong Listing Rules, on a going concern basis[22](index=22&type=chunk)[23](index=23&type=chunk) [Significant Accounting Policies and Estimates](index=11&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The Group adopts the calendar year as its accounting period, with a 12-month operating cycle and RMB as its functional currency, recognizing revenue when control of goods or services is transferred, either at a point in time or over a period, with no significant changes in accounting policies or estimates during the reporting period - Revenue is recognized when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied at a point in time or over a period[36](index=36&type=chunk)[38](index=38&type=chunk) - During the reporting period, there were no significant changes in accounting policies, significant changes in accounting estimates, or significant prior period accounting error adjustments[43](index=43&type=chunk) [Taxation](index=18&type=section&id=Taxation) The Group's main taxes include corporate income tax and value-added tax, with some subsidiaries enjoying preferential tax policies, such as the Western Development Policy and High-tech Enterprise status, applying a 15% preferential income tax rate compared to the standard 25% rate, based on their business location and nature - Several subsidiaries within the Group enjoy a **15%** preferential corporate income tax rate due to qualifying for the Western Development encouraged industries or being recognized as High-tech Enterprises[47](index=47&type=chunk)[48](index=48&type=chunk) [Notes to Key Items and Supplementary Information](index=21&type=section&id=Notes%20to%20Key%20Items%20and%20Supplementary%20Information) During the reporting period, revenue from principal activities was RMB 4.555 billion, a 9.1% year-on-year increase, non-recurring gains and losses totaled RMB 65.53 million, positively impacting net profit, and net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses was RMB 350 million, with a weighted average return on net assets of 4.25% Operating Revenue by Business Segment (Jan-Jun 2025) | Business Segment | Operating Revenue (RMB Yuan) | | :--- | :--- | | High-end Intelligent Equipment Business | **880,896,050.15** | | Clean Energy Equipment Business | **3,738,135,999.77** | | Industrial Services Business | **31,910,363.02** | | Head Office and Others | **7,134,128.64** | - Total non-recurring gains and losses for the reporting period amounted to **RMB 65.526 million**, primarily from government grants and asset disposal gains[60](index=60&type=chunk)[61](index=61&type=chunk) Return on Net Assets and Earnings Per Share | Profit for the Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB Yuan/share) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Parent Company | **5.05** | **0.11** | | Net Profit Attributable to Ordinary Shareholders of the Parent Company After Deducting Non-recurring Gains and Losses | **4.25** | **0.10** | [Management Discussion and Analysis](index=28&type=section&id=Management%20Discussion%20and%20Analysis) [Segment Business Performance](index=28&type=section&id=Segment%20Business%20Performance) The Group's business is divided into three segments: Clean Energy Equipment, the primary source of revenue and profit, saw revenue increase by 11.3% and segment results by 241.1%; High-end Intelligent Equipment revenue slightly increased by 1.1% but turned from profit to loss due to UK subsidiary performance and trade friction; Industrial Services revenue and results declined due to lower financial business interest rates Overview of Segment Performance (For the period ended June 30, Million RMB) | Business Segment | Revenue (2025) | Revenue (2024) | Segment Results (2025) | Segment Results (2024) | | :--- | :--- | :--- | :--- | :--- | | Clean Energy Equipment | **3,738.2** | 3,359.4 | **152.8** | 44.8 | | High-end Intelligent Equipment | **880.9** | 871.1 | **(37.7)** | 38.3 | | Industrial Services | **31.9** | 34.8 | **11.9** | 24.8 | [Clean Energy Equipment Business](index=29&type=section&id=Clean%20Energy%20Equipment%20Business) This segment performed strongly in the first half, with operating revenue increasing by 11.3% to RMB 3.738 billion and segment results surging by 241.1% to RMB 153 million, driven by strong market performance and order acquisition in wind power blades, industrial pumps, and wires and cables, alongside significant loss reduction in hydropower equipment, with stable growth expected in the second half through overseas market expansion and technological innovation - The Clean Energy Equipment segment's revenue grew by **11.3%**, and segment results increased by **241.1%**, primarily due to a significant reduction in losses from the hydropower equipment business[65](index=65&type=chunk)[66](index=66&type=chunk) - Joint venture Chongqing Cummins Engine Co., Ltd. achieved substantial performance growth, significantly contributing to the Group's investment income[68](index=68&type=chunk) [High-end Intelligent Equipment Business](index=30&type=section&id=High-end%20Intelligent%20Equipment%20Business) This segment's revenue slightly increased by 1.1% to RMB 881 million, but segment results turned from a profit of RMB 38.3 million in the prior period to a loss of RMB 37.7 million, mainly due to project delays and financial constraints at UK subsidiary PTG, coupled with the impact of overseas trade friction on intelligent manufacturing business, which high-end CNC machine tools growth could not offset - The High-end Intelligent Equipment segment turned from profit to loss, primarily due to increased losses from UK subsidiary PTG's business decline and the impact of overseas trade friction on the intelligent manufacturing business[69](index=69&type=chunk)[70](index=70&type=chunk) [Industrial Services Business](index=32&type=section&id=Industrial%20Services%20Business) Industrial Services revenue decreased to RMB 31.9 million in the first half, with segment results declining by 52.0% to RMB 11.9 million, mainly due to lower interest rates in the financial business, while the company continues to advance 'Digital Electromechanical' construction and treasury management systems to enhance efficiency and risk control - The Industrial Services segment's results decreased by **52.0%** year-on-year, primarily due to the impact of lower interest rates in the financial business[72](index=72&type=chunk) [Overall Financial Review](index=33&type=section&id=Overall%20Financial%20Review) The Group's total sales increased by 9.2% and gross profit by 10.4%, with operating profit significantly growing by 36.0%, mainly driven by improvements in the hydropower equipment business and a 41.3% increase in investment income, particularly from Chongqing Cummins' contribution, while significantly reduced finance costs and income tax expenses collectively led to a strong 53.8% growth in profit attributable to equity holders - Total operating revenue increased by **9.2%** to **RMB 4.658 billion**, and gross profit increased by **10.4%** to **RMB 800 million**[74](index=74&type=chunk)[75](index=75&type=chunk) - Operating profit increased by **36.0%**, primarily driven by operational improvements in the hydropower equipment business and growth in investment income[79](index=79&type=chunk) - Investment income increased by **41.3%** year-on-year, mainly benefiting from the performance growth of joint venture Chongqing Cummins[81](index=81&type=chunk) - Profit attributable to equity holders increased by **53.8%** to **RMB 416 million**, with earnings per share rising from **RMB 0.07** to **RMB 0.11**[83](index=83&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) At the end of the reporting period, the Group's cash and bank balances were approximately RMB 2.423 billion, total assets increased to RMB 18.833 billion, and total liabilities increased to RMB 9.947 billion, with the current ratio decreasing from 1.52:1 to 1.40:1 and the gearing ratio slightly decreasing from 20.3% to 19.3%, indicating a stable financial position, while total bank and other borrowings slightly decreased - Net cash outflow from operating activities was **RMB 517 million**, compared to an outflow of **RMB 252 million** in the prior period[85](index=85&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | **1.40 : 1** | 1.52 : 1 | | Gearing Ratio | **19.3%** | 20.3% | [Other Significant Information](index=37&type=section&id=Other%20Significant%20Information) [Significant Events](index=37&type=section&id=Significant%20Events) During the reporting period, the Company underwent several significant events, including an internal reorganization at the controlling shareholder level, resulting in Yufu Holding becoming the indirect controlling shareholder, the acquisition of 100% equity in Chongqing Panlian Transmission Technology Co., Ltd., the renewal of multiple continuing connected transaction agreements with the parent group, the completion of re-election for the Board of Directors and Supervisory Committee, and the deconsolidation of subsidiary Chongqing Smart Manufacturing Co., Ltd. - An internal reorganization at the controlling shareholder level resulted in Yufu Holding becoming the Company's indirect controlling shareholder[92](index=92&type=chunk) - The Company completed the acquisition of **100%** equity in Chongqing Panlian Transmission Technology Co., Ltd. and renewed multiple continuing connected transaction agreements with the parent company[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk) - Subsidiary Chongqing Smart Manufacturing Co., Ltd. is no longer consolidated, with no significant financial impact expected on the Group[102](index=102&type=chunk)[104](index=104&type=chunk) - The Company completed the re-election of its Seventh Board of Directors and Supervisory Committee[107](index=107&type=chunk)[108](index=108&type=chunk) [Capital Commitments, Expenditures, and Risk Management](index=42&type=section&id=Capital%20Commitments%2C%20Expenditures%2C%20and%20Risk%20Management) At the end of the reporting period, the Group's total capital commitments were approximately RMB 44.8 million, with total capital expenditures of approximately RMB 86 million during the period, primarily for plant expansion and technical equipment upgrades, and the Group manages financial resources through treasury policies and foreign exchange hedging systems to mitigate currency fluctuation risks mainly involving HKD, GBP, and USD - Total capital expenditures during the period were approximately **RMB 86 million**, an increase of over **100%** year-on-year, primarily for capacity enhancement and technological upgrades[113](index=113&type=chunk) - The Group manages financial and exchange rate risks through treasury policies and a foreign exchange hedging system[114](index=114&type=chunk)[115](index=115&type=chunk) [Staffing Situation](index=43&type=section&id=Staffing%20Situation) As of June 30, 2025, the Group had 6,188 employees, a decrease from 6,720 in the prior corresponding period, and continues to promote technical talent upgrading and improve its remuneration system - As of June 30, 2025, the Group had **6,188** employees, a year-on-year decrease of approximately **8%**[116](index=116&type=chunk) [Major Shareholders' Interests](index=44&type=section&id=Major%20Shareholders'%20Interests) As of June 30, 2025, the Company's major shareholders include controlling shareholder Chongqing Machinery & Electronics Holding (Group) Co., Ltd., holding approximately 54.74% of the Company's shares (domestic shares + H shares), and Chongqing SASAC is deemed to hold approximately 67.34% interest in the Company due to equity relationships Major Shareholders' Shareholding (Percentage of Total Issued Shares) | Shareholder Name | Shareholding Percentage (%) | | :--- | :--- | | Chongqing Machinery & Electronics Holding (Group) Co., Ltd. | **54.74%** | | Chongqing State-owned Assets Supervision and Administration Commission (Interests in controlled corporations) | **67.34%** | | Chongqing Construction Engineering Group Co., Ltd. | **6.30%** | | China CITIC Financial Asset Management Co., Ltd. | **5.32%** | [Corporate Governance](index=46&type=section&id=Corporate%20Governance) During the reporting period, the Company adopted and complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Hong Kong Listing Rules, adopted procedures for directors' securities transactions, and confirmed compliance by all directors, with no purchase, sale, or redemption of any of the Company's listed securities during the period - The Company complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors during the reporting period[122](index=122&type=chunk)[123](index=123&type=chunk) - During the period, the Group did not purchase, sell, or redeem any of the Company's listed securities, had no significant acquisitions or disposals, and no new significant litigations[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Key Financial Highlights](index=2&type=section&id=Key%20Financial%20Highlights) Smoore International reported RMB 6.013 billion revenue, up 18.3%, with gross profit increasing 16.6% to RMB 2.244 billion, while profit for the period decreased 28.0% to RMB 492 million due to higher expenses Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,013,290 | 5,083,554 | 18.3 | - | | Gross Profit | 2,243,850 | 1,923,951 | 16.6 | - | | Gross Margin | 37.3% | 37.8% | - | (0.5) | | Profit Before Tax | 698,735 | 811,555 | (13.9) | - | | Profit for the Period | 492,154 | 683,198 | (28.0) | - | | Total Comprehensive Income for the Period | 501,166 | 724,597 | (30.8) | - | | Adjusted Profit for the Period | 737,410 | 752,851 | (2.1) | - | | Adjusted Net Profit Margin | 12.3% | 14.8% | - | (2.5) | - Profit for the period decreased by **28.0%**, primarily due to significant increases in share-based payment expenses, market development costs, and legal and compliance service fees, which were not fully offset by revenue and gross profit growth[34](index=34&type=chunk) - Adjusted profit for the period excludes non-cash share-based payment expenses, which management believes provides a clearer reflection of operating performance[5](index=5&type=chunk)[6](index=6&type=chunk) [Key Financial Ratios](index=3&type=section&id=Key%20Financial%20Ratios) As of June 30, 2025, total assets slightly decreased, but total equity grew by 2.5%, with improved debt-to-asset and current ratios indicating a robust financial structure Key Financial Ratios as of June 30, 2025 | Metric | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | Change (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 27,331,803 | 27,654,378 | (1.2) | - | | Total Equity | 22,445,554 | 21,904,711 | 2.5 | - | | Cash and Cash Equivalents | 5,211,753 | 5,170,700 | 0.8 | - | | Debt-to-Asset Ratio | 17.9% | 20.8% | - | (2.9) | | Current Ratio | 336.7% | 320.3% | - | 16.4 | | Trade Receivables and Bills Turnover Days | 61.4天 | 61.5天 | (0.2) | - | | Inventory Turnover Days | 45.7天 | 41.8天 | 9.3 | - | | Trade Payables and Bills Turnover Days | 62.4天 | 65.2天 | (4.3) | - | [Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Principal Business](index=4&type=section&id=Principal%20Business) Smoore International, a global leader in atomization technology, operates ToB and self-owned brand businesses, offering R&D, design, manufacturing, and technical services for diverse atomization products - The Group primarily operates through two major segments, ToB business and self-owned brand business, offering diversified atomization technology solutions[8](index=8&type=chunk) - The ToB business covers R&D, design, manufacturing, and technical services for atomization products, Heat-Not-Burn (HNB) products, special-purpose atomization products, and atomization medical products[8](index=8&type=chunk) - The self-owned brand business primarily includes R&D, design, manufacturing, and sales of self-owned brand e-vapor products and atomization beauty products[8](index=8&type=chunk) [Business Review](index=6&type=section&id=Business%20Review) Stricter global e-vapor regulations in H1 2025 drove the Group's revenue up 18.3%, fueled by ToB and self-owned brand business recovery and strategic focus on compliant, innovative products - Global e-vapor product regulations are tightening, with the US FDA increasing enforcement and several European countries implementing bans on disposable atomization products, creating growth opportunities for compliant market participants[8](index=8&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) Revenue by Business Segment for H1 2025 | Business Segment | H1 2025 Revenue (RMB 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | ToB Business | 47.39 | 19.5 | | Self-owned Brand Business | 12.74 | 14.1 | | **Total Revenue** | **60.13** | **18.3** | - The Group drove sales growth by rapidly launching innovative and compliant new products and deepening cooperation with clients, offering marketing, branding, and channel operation services[9](index=9&type=chunk)[10](index=10&type=chunk) [Sales and Marketing](index=6&type=section&id=Sales%20and%20Marketing) Amid strict global regulations, the Group's sales and marketing focused on compliant products, with VAPORESSO strong in Europe and "Lanzhi" growing significantly in China, while ToB business faced mixed regional performance - The US FDA intensified enforcement against non-compliant e-vapor products, seizing nearly **2 million** unauthorized items, with multiple states passing or considering e-vapor registration bills[12](index=12&type=chunk) - The UK implemented a ban on disposable e-vapor product sales, creating significant market opportunities for compliant products[13](index=13&type=chunk) Revenue by Business Segment and Region for H1 2025 | Business Segment | Region | H1 2025 Revenue (RMB 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Self-owned Brand | Europe and Other | 10.69 | 15.1 | | Self-owned Brand | US | 1.74 | (6.7) | | Self-owned Brand | China (Atomization Beauty) | 0.31 | 2,595.2 | | ToB | Europe and Other | 27.34 | 38.0 | | ToB | US | 18.88 | 1.5 | | ToB | China | 1.17 | (6.1) | - Self-owned brand atomization beauty product "Lanzhi" saw revenue in mainland China increase by **2,595.2%** year-on-year, obtained Class II medical device certification, and has been adopted by multiple beauty institutions and public hospitals[15](index=15&type=chunk) [Research and Development](index=8&type=section&id=Research%20and%20Development) R&D expenses decreased 4.9% to RMB 723 million in H1 2025, shifting focus to HNB and atomization medical, with breakthroughs in HNB and new patent applications totaling 10,092 globally - R&D expenses decreased by **4.9%** year-on-year to **RMB 723 million**, with its proportion of revenue falling from **15.0%** to **12.0%**, primarily due to reduced investment in e-vapor products and the capitalization of eligible development costs[11](index=11&type=chunk)[19](index=19&type=chunk)[24](index=24&type=chunk)[46](index=46&type=chunk) - The R&D strategy focused on HNB products and atomization medical, successfully supporting a strategic client's launch of a high-end HNB product series in Japan, with plans to expand to more markets in H2 2025[19](index=19&type=chunk)[20](index=20&type=chunk)[27](index=27&type=chunk) - Atomization medical subsidiary Transpring established an inhaled product R&D center in Miami, Florida, and collaborated with CDMOs to build drug-device combination product manufacturing capabilities in the US[20](index=20&type=chunk)[21](index=21&type=chunk) R&D Expense Classification for H1 2025 | R&D Area | 2025 (RMB '000) | Proportion (%) | 2024 (RMB '000) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Electronic Nicotine Delivery Systems | 478,591 | 66.2 | 481,988 | 63.4 | (0.7) | | Atomization Medical and Atomization Beauty | 179,241 | 24.8 | 185,471 | 24.4 | (3.4) | | Special-Purpose Atomization Products and Solutions | 64,732 | 9.0 | 92,653 | 12.2 | (30.1) | | **Total** | **722,564** | **100.0** | **760,112** | **100.0** | **(4.9)** | - As of June 30, 2025, the Group had accumulated **10,092** patent applications globally, including **5,224** invention patents, with **839** new patent applications (including **464** invention patents) during the review period[23](index=23&type=chunk) [Production Operations](index=10&type=section&id=Production%20Operations) The Group's production system achieved excellent agility and improved capacity utilization through flexible operations, KPI implementation, and successful support for key HNB product launches - The production system continuously improved overall capacity utilization through flexible operational adjustments and strategic optimization of production layout, ensuring rapid market response and customer delivery[25](index=25&type=chunk) - A Key Performance Indicators (KPIs) system and an operational knowledge base were established to promote cross-factory knowledge sharing and experience integration, continuously improving operational efficiency[25](index=25&type=chunk) - The HNB business achieved breakthroughs, with the operations team effectively supporting the launch and delivery of key clients' HNB products and establishing a stringent product quality control system[25](index=25&type=chunk) [Future Prospects and Strategies](index=11&type=section&id=Future%20Prospects%20and%20Strategies) The Group will focus on "atomization technology," deepening its presence in e-vapor, HNB, and medical atomization, accelerating technology commercialization, and enhancing operations for sustainable growth and shareholder returns - The Group will continue to adhere to "atomization technology" as its core, deepening its presence in key areas such as e-vapor, HNB, special-purpose atomization products, atomization medical, and atomization beauty products[26](index=26&type=chunk) Market Size Forecast for Various Atomization Products (2024-2029) | Market | 2029 Market Size (USD) | 2024-2029 CAGR (%) | | :--- | :--- | :--- | | HNB Products | 66.86 billion | 10.1 | | E-vapor Products | 91.42 billion | 7.4 | | Special-Purpose Atomization Products | 3.44 billion | 17.2 | - The atomization medical market is projected to reach approximately **USD 93.28 billion** by 2030, with Transpring dedicated to developing generic drugs for asthma and COPD products and advancing drug-device combination product development[30](index=30&type=chunk) - China's beauty device retail market is expected to significantly expand to **RMB 25.1 billion to RMB 37.4 billion** by 2025, and the skincare market is projected to reach **RMB 701.1 billion** by 2028[31](index=31&type=chunk) - Future strategies include accelerating technology platform commercialization, prioritizing R&D for HNB and atomization medical solutions, launching competitive new products in the e-vapor sector, and deepening comprehensive one-stop cooperation with clients[31](index=31&type=chunk)[32](index=32&type=chunk) - Production and operations management will be strengthened, increasing automation, streamlining workflows, and promoting a "prevention-first" quality assurance approach, while committing to corporate social responsibility and sustainable development[33](index=33&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) [Overall Financial Performance](index=14&type=section&id=Overall%20Financial%20Performance) In H1 2025, revenue grew 18.3% to RMB 6.013 billion, gross profit increased 16.6% to RMB 2.244 billion, but profit for the period fell 28.0% to RMB 492 million due to higher expenses Overall Financial Performance for H1 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Total Revenue | 6,013,290 | 5,083,554 | 18.3 | | Gross Profit | 2,243,850 | 1,923,951 | 16.6 | | Gross Margin | 37.3% | 37.8% | (0.5 percentage points) | | Profit for the Period | 492,154 | 683,198 | (28.0) | | Adjusted Profit for the Period | 737,410 | 752,851 | (2.1) | - The primary reasons for the decrease in profit for the period include: (i) a significant increase in share-based payment expenses; (ii) a substantial increase in market development costs for self-owned brand products; and (iii) a significant increase in legal and compliance service-related fees[34](index=34&type=chunk) [Revenue by Business Type](index=14&type=section&id=Revenue%20by%20Business%20Type) Total revenue grew 18.3% in H1 2025, with ToB business contributing 78.8% (up 19.5%) and self-owned brands 21.2% (up 14.1%), notably driven by strong ToB growth in Europe and atomization beauty in China Revenue by Business Type for H1 2025 | Business Type | 2025 (RMB '000) | Proportion (%) | 2024 (RMB '000) | Proportion (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Self-owned Brand Business | 1,274,306 | 21.2 | 1,116,743 | 22.0 | 14.1 | | ToB Business | 4,738,984 | 78.8 | 3,966,811 | 78.0 | 19.5 | | **Total** | **6,013,290** | **100.0** | **5,083,554** | **100.0** | **18.3** | Detailed Revenue by Business Segment and Region for H1 2025 | Business Segment | Region | 2025 (RMB '000) | Proportion of Total Revenue (%) | 2024 (RMB '000) | Proportion of Total Revenue (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Self-owned Brand | Europe and Other (E-vapor) | 1,069,339 | 17.8 | 928,687 | 18.3 | 15.1 | | Self-owned Brand | US (E-vapor) | 174,349 | 2.9 | 186,920 | 3.7 | (6.7) | | Self-owned Brand | China (Atomization Beauty) | 30,618 | 0.5 | 1,136 | 0.0 | 2,595.2 | | ToB | Europe and Other (E-vapor, HNB, Technical Services) | 2,733,787 | 45.4 | 1,981,193 | 39.0 | 38.0 | | ToB | US (E-vapor, Special-Purpose Atomization, Technical Services) | 1,887,768 | 31.4 | 1,860,614 | 36.6 | 1.5 | | ToB | China (E-vapor, Technical Services) | 117,429 | 2.0 | 125,004 | 2.4 | (6.1) | | **Total** | | **6,013,290** | **100.0** | **5,083,554** | **100.0** | **18.3** | [Gross Profit and Cost of Revenue](index=17&type=section&id=Gross%20Profit%20and%20Cost%20of%20Revenue) Gross profit increased 16.6% to RMB 2.244 billion in H1 2025, but gross margin slightly declined to 37.3%, with cost of revenue rising 19.3% due to increased labor and indirect costs - Gross profit increased by **16.6%** to **RMB 2,243,850 thousand**, with gross margin slightly decreasing by **0.5 percentage points** to **37.3%**[41](index=41&type=chunk) Cost of Revenue Composition for H1 2025 | Cost Item | 2025 (RMB '000) | Proportion of Revenue (%) | 2024 (RMB '000) | Proportion of Revenue (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Raw Material Costs | 2,845,798 | 47.3 | 2,428,773 | 47.8 | 17.2 | | Labor Costs | 433,682 | 7.2 | 341,758 | 6.7 | 26.9 | | Indirect Costs | 454,955 | 7.6 | 354,390 | 7.0 | 28.4 | | Taxes and Surcharges | 35,005 | 0.6 | 34,682 | 0.7 | 0.9 | | **Total** | **3,769,440** | **62.7** | **3,159,603** | **62.2** | **19.3** | - The proportion of raw material costs to revenue slightly decreased, primarily benefiting from the Group's continuous efforts to reduce product costs and enhance efficiency[42](index=42&type=chunk) [Selling and Distribution Expenses](index=18&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses rose 31.2% to RMB 491 million in H1 2025, increasing to 8.2% of revenue, mainly due to higher marketing investment in self-owned brands - Selling and distribution expenses increased by **31.2%** to **RMB 491,229 thousand**, with its proportion of revenue growing from **7.4%** to **8.2%**[43](index=43&type=chunk) - Staff salaries and benefits increased by **24.9%** to **RMB 185,664 thousand**, primarily due to increased remuneration for marketing personnel[43](index=43&type=chunk) - Market development costs increased by **123.2%** to **RMB 133,965 thousand**, primarily due to intensified promotion of e-vapor products and atomization beauty products[43](index=43&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) Administrative expenses surged 79.7% to RMB 610 million in H1 2025, reaching 10.1% of revenue, driven by increased share-based payment and legal compliance costs - Administrative expenses increased by **79.7%** to **RMB 609,548 thousand**, with its proportion of revenue growing from **6.7%** to **10.1%**[44](index=44&type=chunk) - Staff salaries and benefits increased by **76.2%** to **RMB 357,378 thousand**, primarily due to increased share-based payment expenses[45](index=45&type=chunk) - Professional fees increased by **819.6%** to **RMB 139,687 thousand**, primarily due to increased legal and compliance service-related fees[45](index=45&type=chunk) [Research and Development Expenses](index=20&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased 4.9% to RMB 723 million in H1 2025, falling to 12.0% of revenue, mainly due to reduced e-vapor product investment and capitalized development costs - R&D expenses decreased by **4.9%** to **RMB 722,564 thousand**, with its proportion of revenue falling from **15.0%** to **12.0%**[46](index=46&type=chunk) - R&D expenses for Electronic Nicotine Delivery Systems decreased by **0.7%**, for atomization medical and atomization beauty products by **3.4%**, and for special-purpose atomization products and solutions by **30.1%**[46](index=46&type=chunk) - The primary reasons for the decrease in R&D expenses were reduced investment in e-vapor products and the capitalization of eligible development costs[46](index=46&type=chunk) [Other Income and Expenses](index=21&type=section&id=Other%20Income%20and%20Expenses) Total other income decreased 9.3% to RMB 350 million in H1 2025, mainly due to lower bank interest and government grants, despite increased investment note interest Other Income and Expenses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Interest income from bank deposits | 235,658 | 322,425 | (26.9) | | Interest income from investment notes measured at amortized cost | 87,130 | — | Not applicable | | Government grants | 19,192 | 57,955 | (66.9) | | Other | 7,711 | 5,255 | 46.7 | | **Total** | **349,691** | **385,635** | **(9.3)** | [Other Gains and Losses](index=21&type=section&id=Other%20Gains%20and%20Losses) Total other losses surged 811.9% to RMB 55.177 million in H1 2025, primarily due to net foreign exchange losses and increased losses from asset disposals Other Gains and Losses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | | Net foreign exchange (loss) gain | (37,238) | 8,134 | Not applicable | | Loss arising from forward foreign exchange contracts/swap contracts | (482) | — | Not applicable | | Gain arising from short-term floating rate bank deposits | 5,524 | 1,118 | 394.1 | | Gain arising from debt instruments | 2,498 | — | Not applicable | | Gain on early termination of leases | 258 | 396 | (34.8) | | Loss on disposal/write-off of property, plant and equipment | (25,737) | (22,935) | 12.2 | | Other | — | 7,236 | Not applicable | | **Total** | **(55,177)** | **(6,051)** | **811.9** | [Finance Costs](index=22&type=section&id=Finance%20Costs) Finance costs decreased 26.4% to RMB 13.619 million in H1 2025, mainly due to lower interest expenses from lease liabilities and discounted bills receivable - Finance costs decreased by **26.4%** year-on-year to **RMB 13,619 thousand**[49](index=49&type=chunk) - Primarily from interest expenses on lease liabilities and interest expenses arising from discounted bills receivable[49](index=49&type=chunk) [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) Income tax expense increased 60.9% to RMB 207 million in H1 2025, driven by higher tax provisions for international expansion and first-time recognition of Pillar Two related taxes - Income tax expense increased by **60.9%** year-on-year to **RMB 206,581 thousand**[50](index=50&type=chunk) - The primary reason for the increase in income tax was increased tax provisions related to the Group's international business expansion[50](index=50&type=chunk) - First-time recognition of current income tax expenses of **RMB 76,218 thousand** related to Pillar Two rules[86](index=86&type=chunk) [Profit for the Period and Total Comprehensive Income](index=22&type=section&id=Profit%20for%20the%20Period%20and%20Total%20Comprehensive%20Income) Profit for the period decreased 28.0% to RMB 492 million, and total comprehensive income fell 30.8% to RMB 501 million in H1 2025, as expense growth outpaced revenue and gross profit - Profit for the period decreased by **28.0%** year-on-year to **RMB 492,154 thousand**[51](index=51&type=chunk) - Total comprehensive income for the period decreased by **30.8%** year-on-year to **RMB 501,166 thousand**[51](index=51&type=chunk) - The primary reason for the decline was insufficient growth in revenue and gross profit to offset the increase in expenses[51](index=51&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained strong liquidity with RMB 10.20 billion net current assets and a 336.7% current ratio, boasting a robust financial position with no borrowings or pledged assets - Net current assets were approximately **RMB 10,198,578 thousand**, and cash and cash equivalents were approximately **RMB 5,211,753 thousand**[52](index=52&type=chunk) - The current ratio was **336.7%**, an improvement from **320.3%** at the end of 2024[52](index=52&type=chunk) - The Group had no borrowings from banks or other financial institutions, its debt-to-asset ratio decreased to **21.8%**, and no assets were pledged, indicating a robust financial position[54](index=54&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) [Foreign Exchange Risk](index=23&type=section&id=Foreign%20Exchange%20Risk) With 70% of revenue in USD and 80% of expenses in RMB, the Group faces foreign exchange risk from USD-denominated assets, managed via settlements and forward contracts, with a 10% USD/RMB fluctuation impacting comprehensive income by RMB 1.146 billion - Approximately **70%** of the Group's revenue is settled in USD, and about **30%** in RMB; approximately **80%** of expenses are settled in RMB[57](index=57&type=chunk) - The primary foreign exchange risk arises from USD-denominated monetary assets and the net amount of trade receivables less trade payables[57](index=57&type=chunk) - If the USD to RMB exchange rate increases/decreases by **10%**, the Group's total comprehensive income will increase/decrease by approximately **RMB 1,145,717 thousand**[58](index=58&type=chunk) [Employment, Training and Development](index=24&type=section&id=Employment%2C%20Training%20and%20Development) As of June 30, 2025, the Group employed 23,183 individuals globally, offering comprehensive benefits and development programs, with total staff costs rising to 28.5% of revenue due to increased share-based payments - As of June 30, 2025, the Group had **20,978** employees in China and **2,205** in other countries and regions, totaling **23,183** employees[59](index=59&type=chunk) - The company offers comprehensive remuneration and benefits, and share incentive schemes, and has developed "Hongyi Program," "Zhenyu Program," and a "1 – 3 – 5 – 7 – 10" ten-year development path for fresh graduates[59](index=59&type=chunk)[60](index=60&type=chunk) - Total staff costs accounted for approximately **28.5%** of revenue, an increase from **25.6%** in the prior period, primarily due to a year-on-year increase in share-based payment expenses[60](index=60&type=chunk) [Capital Expenditure and Commitments](index=24&type=section&id=Capital%20Expenditure%20and%20Commitments) Total investment surged to RMB 785 million in H1 2025, mainly for headquarters, equipment, and capitalized R&D, while capital commitments decreased to RMB 474 million by June 30, 2025 - For the six months ended June 30, 2025, total investment in property, plant and equipment, and intangible assets was approximately **RMB 784,581 thousand**, a significant increase from **RMB 282,315 thousand** in the prior period[61](index=61&type=chunk) - The increase in capital expenditure was primarily due to the recognition of capital expenditure related to the headquarters building, equipment, and capitalized R&D expenditures[61](index=61&type=chunk) - As of June 30, 2025, capital commitments for contracted purchases of property, plant and equipment were approximately **RMB 474,461 thousand**, a decrease from **RMB 707,750 thousand** at the end of 2024[62](index=62&type=chunk) [Other Financial Disclosures](index=25&type=section&id=Other%20Financial%20Disclosures) The Group made no significant acquisitions, disposals, investments, or contingent liabilities during the review period, with future plans referencing past disclosures - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[63](index=63&type=chunk) - The Group had no significant investments or significant contingent liabilities[64](index=64&type=chunk)[65](index=65&type=chunk) - Future plans regarding significant investments or capital expenditures will refer to disclosures in the 2020 prospectus, 2021 placing announcement, and 2021 annual report[66](index=66&type=chunk) [Condensed Consolidated Financial Statements](index=26&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the Group's unaudited profit or loss and other comprehensive income for H1 2025, detailing revenue, gross profit, expenses, profit before tax, and earnings per share Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 6,013,290 | 5,083,554 | | Gross Profit | 2,243,850 | 1,923,951 | | Profit Before Tax | 698,735 | 811,555 | | Profit for the Period | 492,154 | 683,198 | | Total Comprehensive Income for the Period | 501,166 | 724,597 | | Basic Earnings Per Share (RMB cents) | 8.08 | 11.20 | | Diluted Earnings Per Share (RMB cents) | 7.96 | 11.11 | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's unaudited financial position as of June 30, 2025, showing a slight decrease in total assets but an increase in total equity and high net current assets Summary of Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | 12,824,214 | 10,807,950 | | Current Assets | 14,507,589 | 16,846,428 | | Current Liabilities | 4,309,011 | 5,259,365 | | Net Current Assets | 10,198,578 | 11,587,063 | | Total Assets Less Current Liabilities | 23,022,792 | 22,395,013 | | Non-current Liabilities | 577,238 | 490,302 | | Net Assets | 22,445,554 | 21,904,711 | | Total Equity | 22,445,554 | 21,904,711 | [Condensed Consolidated Statement of Cash Flows](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the Group's unaudited cash flows for H1 2025, detailing net cash from operating, investing, and financing activities, and the period-end cash and cash equivalents Summary of Condensed Consolidated Statement of Cash Flows | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 813,755 | 602,829 | | Net Cash from Investing Activities | 539,974 | 267,909 | | Net Cash (Used in) from Financing Activities | (1,298,904) | 332,125 | | Net Increase in Cash and Cash Equivalents | 54,825 | 1,202,863 | | Cash and Cash Equivalents at End of Period | 5,211,753 | 6,534,871 | [Notes to Condensed Consolidated Financial Statements](index=30&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=30&type=section&id=General%20Information) Smoore International, incorporated in the Cayman Islands and listed on HKEX, primarily operates ToB and self-owned brand businesses, with financial statements presented in RMB - The Company was incorporated in the Cayman Islands on July 22, 2019, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on July 10, 2020[73](index=73&type=chunk) - The Group's principal activities are ToB business (R&D, design, manufacturing, and technical services for atomization products, HNB products, special-purpose atomization products, and atomization medical products) and self-owned brand business (R&D, design, manufacturing, and sales of self-owned brand e-vapor products and atomization beauty products)[73](index=73&type=chunk) - The Group's condensed consolidated financial statements are presented in RMB[74](index=74&type=chunk) [Basis of Preparation and Significant Accounting Policies](index=30&type=section&id=Basis%20of%20Preparation%20and%20Significant%20Accounting%20Policies) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules, using historical cost, with new HKFRS revisions having no significant impact on financial position or performance - The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[75](index=75&type=chunk) - The financial statements are prepared on the historical cost basis, except for certain financial instruments which are measured at fair value[76](index=76&type=chunk) - The revisions to Hong Kong Financial Reporting Standards adopted for the first time in this interim period had no significant impact on the Group's financial position and performance[77](index=77&type=chunk) [Revenue and Segment Information](index=31&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily from ToB and self-owned brand businesses is mostly recognized at a point in time, with Hong Kong, UK, and US as key revenue sources Disaggregation of Revenue from Contracts with Customers for H1 2025 | Business Type | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | ToB Business | 4,738,984 | 3,966,811 | | Self-owned Brand Business | 1,274,306 | 1,116,743 | | **Total Revenue** | **6,013,290** | **5,083,554** | | Timing of Revenue Recognition | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | At a point in time | 5,847,159 | 5,037,242 | | Over time | 166,131 | 46,312 | | **Total Revenue** | **6,013,290** | **5,083,554** | - Revenue from the sale of goods is recognized when control of the goods is transferred (i.e., upon delivery), while revenue from technical services is recognized over time[79](index=79&type=chunk)[80](index=80&type=chunk) Revenue Disaggregated by Customer Location for H1 2025 | Region | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Hong Kong, China | 2,128,271 | 1,858,625 | | United Kingdom | 1,501,465 | 1,149,981 | | United States | 648,850 | 567,266 | | Mainland China | 417,262 | 364,777 | | Republic of Croatia | 222,905 | 92,588 | | France | 161,195 | 160,310 | | Malaysia | 124,464 | 2,023 | | Japan | 118,811 | 114,880 | | Canada | 101,353 | 81,652 | | Other | 588,714 | 691,452 | | **Total** | **6,013,290** | **5,083,554** | [Other Gains and Losses (Note)](index=33&type=section&id=Other%20Gains%20and%20Losses%20(Note)) This note details H1 2025 other gains and losses, totaling a RMB 55.177 million loss, significantly higher due to foreign exchange and asset disposal losses Details of Other Gains and Losses for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net foreign exchange (loss) gain | (37,238) | 8,134 | | Loss arising from forward foreign exchange contracts/swap contracts | (482) | — | | Gain arising from short-term floating rate bank deposits | 5,524 | 1,118 | | Gain arising from debt instruments | 2,498 | — | | Gain on early termination of leases | 258 | 396 | | Loss on disposal/write-off of property, plant and equipment | (25,737) | (22,935) | | Other | — | 7,236 | | **Total** | **(55,177)** | **(6,051)** | [Income Tax Expense (Note)](index=34&type=section&id=Income%20Tax%20Expense%20(Note)) This note details H1 2025 income tax expense, totaling RMB 207 million (up 60.9%), driven by increased taxes across regions and the first-time recognition of Pillar Two related current income tax Details of Income Tax Expense for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mainland China corporate income tax | 78,729 | 87,985 | | Hong Kong profits tax | 34,729 | 11,882 | | Other countries and regions | 94,963 | 1,588 | | Deferred tax | (1,840) | 26,902 | | **Total** | **206,581** | **128,357** | - Certain mainland China subsidiaries, as high-tech enterprises, enjoy a preferential corporate income tax rate of **15%**[85](index=85&type=chunk) - Current income tax expenses of **RMB 76,218 thousand** related to Pillar Two rules were recognized in this interim period, leading to an expected effective income tax rate higher than **15%**[86](index=86&type=chunk) [Profit for the Period (Note)](index=35&type=section&id=Profit%20for%20the%20Period%20(Note)) This note details expenses deducted for profit calculation, including depreciation, amortization, and inventory provisions, and specifies amounts capitalized as inventory, PPE, and intangible assets Items Deducted in Profit for the Period for H1 2025 | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Depreciation of right-of-use assets for buildings and land use rights | 87,229 | 88,819 | | Depreciation of property, plant and equipment other than right-of-use assets | 232,603 | 258,614 | | Amortization of intangible assets | 14,175 | 16,875 | | **Total** | **334,007** | **364,308** | | Less: Amounts capitalized as manufacturing costs of inventories and property, plant and equipment | (187,605) | (221,122) | | Amounts capitalized as intangible assets | (11,228) | — | | Inventory provision charged to cost of revenue | 3,466 | 17,993 | | Government grants | 19,192 | 57,955 | [Dividends (Note)](index=35&type=section&id=Dividends%20(Note)) This note discloses RMB 279 million in dividends for H1 2025, with the Board declaring an interim dividend of HKD 20 cents per share, a significant increase from the prior period - Dividends recognized as distributions for the period amounted to **RMB 279,308 thousand**[88](index=88&type=chunk)[89](index=89&type=chunk) - The Board resolved to pay an interim dividend of **HKD 20 cents** per share (H1 2024: **HKD 5 cents**), totaling approximately **HKD 1,238,220 thousand** to shareholders[89](index=89&type=chunk) [Earnings Per Share (Note)](index=36&type=section&id=Earnings%20Per%20Share%20(Note)) This note provides basic and diluted earnings per share calculations, with basic EPS at RMB 8.08 cents and diluted EPS at RMB 7.96 cents as of June 30, 2025 Earnings Per Share Calculation Data for H1 2025 | Metric | 2025 (RMB '000 / '000 shares) | 2024 (RMB '000 / '000 shares) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 492,154 | 683,198 | | Weighted average number of ordinary shares for the purpose of calculating earnings per share | 6,091,740 | 6,101,812 | | Effect of dilutive potential ordinary shares: share options/award shares | 93,359 | 50,173 | | **Basic Earnings Per Share (RMB cents)** | **8.08** | **11.20** | | **Diluted Earnings Per Share (RMB cents)** | **7.96** | **11.11** | [Trade and Other Receivables (Note)](index=36&type=section&id=Trade%20and%20Other%20Receivables%20(Note)) This note details trade and other receivables totaling RMB 2.015 billion as of June 30, 2025, with credit terms of 0-105 days and an aging analysis provided Trade and Other Receivables for H1 2025 | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables from contracts with customers | 2,053,186 | 2,103,221 | | Less: Provision for credit losses | (37,863) | (36,314) | | Bills receivable | — | 17,918 | | **Total** | **2,015,323** | **2,084,825** | - The Group grants credit periods of **0 to 105 days** to trade customers[91](index=91&type=chunk) Aging Analysis of Trade Receivables for H1 2025 | Aging | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 30 days | 492,339 | 764,436 | | 31 to 60 days | 637,280 | 550,894 | | 61 to 90 days | 479,201 | 477,720 | | Over 90 days | 406,503 | 273,857 | | **Total** | **2,015,323** | **2,066,907** | [Trade and Other Payables (Note)](index=37&type=section&id=Trade%20and%20Other%20Payables%20(Note)) This note details trade and other payables totaling RMB 1.242 billion as of June 30, 2025, with typical credit terms of 30-90 days and an aging analysis provided Trade and Other Payables for H1 2025 | Item | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 1,136,290 | 1,209,152 | | Bills payable | 105,567 | 160,424 | | **Total** | **1,241,857** | **1,369,576** | - The Group is typically granted credit periods of **30 to 90 days**[93](index=93&type=chunk) Aging Analysis of Trade Payables for H1 2025 | Aging | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 30 days | 389,907 | 730,256 | | 31 to 60 days | 500,169 | 284,727 | | 61 to 90 days | 182,233 | 158,228 | | Over 90 days | 63,981 | 35,941 | | **Total** | **1,136,290** | **1,209,152** | [Other Information](index=38&type=section&id=Other%20Information) [Corporate Governance](index=38&type=section&id=Corporate%20Governance) The Company adheres to good corporate governance, complying with Listing Rules, and despite the combined Chairman/CEO role, the Board believes existing checks and balances protect shareholder interests - The Company has complied with all code provisions and recommended best practices of the Corporate Governance Code in Appendix C1 of the Listing Rules (except for the roles of Board Chairman and Chief Executive Officer being held by Mr. Chen Zhiping)[95](index=95&type=chunk) - The Board believes that the current arrangement, where the roles of Chairman and Chief Executive Officer are held by the same person, is most appropriate for the overall interests of shareholders, as there are sufficient checks and balances within the Board, and directors have committed to fulfilling their fiduciary duties[95](index=95&type=chunk)[96](index=96&type=chunk) [Audit Committee](index=39&type=section&id=Audit%20Committee) The Audit Committee, chaired by Mr. Zhong Shan and composed of three independent non-executive directors, reviews the Group's financial practices, risk management, and internal controls - The Audit Committee comprises three independent non-executive directors, with Mr. Zhong Shan serving as Chairman, possessing expertise in accounting, auditing, and finance[97](index=97&type=chunk) - The Audit Committee's primary responsibilities include reviewing the Group's financial and accounting practices, risk management, and internal controls, and it has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[97](index=97&type=chunk) [Standard Code for Securities Transactions by Directors](index=39&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Listing Rules' Standard Code for Directors' Securities Transactions, with all directors confirming strict compliance during the review period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[98](index=98&type=chunk) - All directors have confirmed strict compliance with the requirements of the Standard Code for Securities Transactions for the six months ended June 30, 2025[98](index=98&type=chunk) [Interim Dividend and Closure of Register of Members](index=39&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board declared an interim dividend of HKD 20 cents per share for H1 2025, a significant increase, with share transfer registration suspended from September 9-11, 2025, to determine eligible shareholders - The Board resolved to declare an interim dividend of **HKD 20 cents** per share for the six months ended June 30, 2025 (H1 2024: **HKD 5 cents**)[99](index=99&type=chunk) - The interim dividend will be paid to shareholders whose names appear on the register of members on September 11, 2025, with payment expected on September 25, 2025[99](index=99&type=chunk) - The Company will suspend share transfer registration from September 9, 2025, to September 11, 2025, to determine shareholders entitled to the interim dividend[100](index=100&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=40&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor issued equity or sold treasury shares for cash during the review period - During the review period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including treasury shares)[101](index=101&type=chunk) - The Group did not issue any equity securities or sell treasury shares for cash during the review period (except for equity securities issued under share option schemes compliant with Chapter 17 of the Listing Rules)[101](index=101&type=chunk) [Review of Accounts](index=40&type=section&id=Review%20of%20Accounts) Deloitte Touche Tohmatsu, the independent auditor, reviewed the unaudited condensed consolidated interim financial information for H1 2025, adhering to HKSRE 2410 - The Company's independent auditor, Deloitte Touche Tohmatsu, has reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk) - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[102](index=102&type=chunk) [Events After the Reporting Period](index=40&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events requiring disclosure occurred after June 30, 2025 - There were no significant events after June 30, 2025, requiring disclosure by the Company[103](index=103&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=40&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on HKEX and the Company's website, with the full interim report to follow, containing all Listing Rules disclosures - This interim results announcement has been published on the HKEX website www.hkexnews.hk and the Company's website www.smooreholdings.com[104](index=104&type=chunk) - The interim report for the six months ended June 30, 2025, containing all information required to be disclosed by the Listing Rules, will be published on the HKEX and the Company's website in due course[104](index=104&type=chunk)

[Interim Performance Summary](index=1&type=section&id=Interim%20Performance%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) The company experienced significant other income growth but a substantial increase in loss and total comprehensive expense due to fair value losses on other financial liabilities, expanding loss per share Financial Performance Highlights (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 13,036 | 6,526 | 99.8 | | Net other gains and losses | (51,045) | 19,836 | (357.3) | | Administrative expenses | (19,643) | (23,048) | (14.8) | | Research and development expenses | (67,449) | (91,118) | (26.0) | | Finance costs | (3,350) | (3,851) | (13.0) | | Other expenses | (579) | (901) | (35.7) | | Loss before tax | (129,030) | (92,556) | 39.4 | | Loss and total comprehensive expense for the period | (129,032) | (92,556) | 39.4 | | Loss attributable to owners of the Company | (129,103) | (92,515) | 39.5 | | Basic and diluted loss per share | (0.25) | (0.18) | - | Financial Position Highlights (RMB thousands) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 448,136 | 476,548 | (6.0) | | Current assets | 40,763 | 87,494 | (53.4) | | Current liabilities | (496,539) | (430,206) | 15.4 | | Net current liabilities | (455,776) | (342,712) | 33.0 | | Non-current liabilities | (137,845) | (150,289) | (8.3) | | Net liabilities | (145,485) | (16,453) | 784.2 | [Company Overview](index=2&type=section&id=Company%20Overview) [Overview](index=2&type=section&id=Overview) Yongtai Biological Pharmaceutical Co Ltd is a leading T-cell immunotherapy biopharmaceutical company in China, with nearly 18 years of R&D and commercialization experience - The company is a leading cell immunotherapy biopharmaceutical company in China, focusing on T-cell immunotherapy R&D and commercialization for nearly **18 years**[5](index=5&type=chunk) - The conditional NDA for the core pipeline product EAL® is currently under review by the CDE of NMPA[6](index=6&type=chunk) - The product pipeline covers non-genetically modified and genetically modified products, with key pipeline products including EAL®, 6B11, CAR-T cell series, and TCR-T cell series[6](index=6&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=3&type=section&id=Business%20Review) The Group advanced multiple cell immunotherapy pipeline products' clinical trials, including EAL®'s NDA review, 6B11-OCIK Injection's Phase I completion, and CAR-T-19 Injection's Phase II enrollment and breakthrough therapy designation, while also developing R&D and production centers with stringent quality assurance - The conditional NDA for the core candidate product EAL® is under review by the CDE of NMPA and was included in China's priority review and approval list in March 2025[6](index=6&type=chunk)[11](index=11&type=chunk) - CAR-T-19 Injection completed Phase II clinical trial enrollment for **52 target patients** and received breakthrough therapy designation from the CDE, which will accelerate clinical development[14](index=14&type=chunk)[15](index=15&type=chunk) - The Group plans to build R&D and production centers in Beijing, Shaoxing, and Shanghai to support pipeline product clinical R&D and future commercialization needs, with an estimated annual production capacity exceeding **200,000 batches**[21](index=21&type=chunk)[22](index=22&type=chunk) [R&D of Pipeline Products](index=3&type=section&id=R%26D%20of%20Pipeline%20Products) The Group's pipeline covers non-genetically modified products (e.g., EAL®, 6B11) and genetically modified products (e.g., CAR-T, TCR-T series), targeting various solid tumors, hematological malignancies, and post-transplant infections, with several products in clinical trial stages Pipeline Products Overview | Product Category | Product Code | Therapeutic Area | Indication | Clinical Stage | | :--- | :--- | :--- | :--- | :--- | | Non-genetically modified products | EAL® | Solid tumors | Post-operative hepatocellular carcinoma, post-operative gastric cancer | NDA under review | | Non-genetically modified products | 6B11 | Platinum-resistant ovarian cancer (OC) | Platinum-resistant ovarian cancer (OC) | Phase I enrollment completed | | Genetically modified products | CAR-T-19 | Hematological malignancies | Relapsed/refractory B-cell acute lymphoblastic leukemia (r/r B-ALL) in patients under 25 | Phase II enrollment completed | | Genetically modified products | Dinolunsa Injection | Hematological malignancies | Relapsed or refractory diffuse large B-cell lymphoma | Phase I enrollment completed | | Genetically modified products | YT003 | Post-transplant infection | CMV infection after hematopoietic stem cell transplantation | Preclinical research | | Genetically modified products | YT007 | Solid tumors | Clear cell renal cell carcinoma (ccRCC) | Preclinical research largely completed | - The company cautions that its pipeline products, including core pipeline products, may not ultimately be successfully developed and commercialized[9](index=9&type=chunk) [EAL®](index=4&type=section&id=EAL%C2%AE) EAL®, a broad-spectrum anti-tumor cell immunotherapy product, has over a decade of clinical application experience in cancer treatment, completed Phase II enrollment for 430 patients, received CDE approval for conditional NDA submission, and was granted priority review in China, with NDA currently under review - EAL® is a broad-spectrum anti-tumor cell immunotherapy product with over **ten years** of clinical application experience in cancer treatment[10](index=10&type=chunk) - Enrollment for **430 target patients** in the Phase II clinical trial has been completed[11](index=11&type=chunk) - The CDE has approved the submission of EAL®'s conditional approval application, included it in China's priority review and approval list, and the NDA is currently under review[11](index=11&type=chunk) [6B11-OCIK Injection](index=4&type=section&id=6B11-OCIK%20Injection) 6B11-OCIK Injection, an autologous cytotoxic T lymphocyte injection for ovarian cancer, has completed Phase I enrollment for six target subjects, with preliminary analysis and interim results underway, and Phase II clinical trials planned for an opportune time - 6B11-OCIK Injection is an autologous cytotoxic T lymphocyte injection for ovarian cancer, utilizing 6B11 to induce specific anti-ovarian cancer immune responses[12](index=12&type=chunk) - Enrollment for **six target subjects** in the Phase I clinical trial has been completed, with preliminary analysis and interim results currently underway[12](index=12&type=chunk) - The Group plans to initiate Phase II clinical trials at an appropriate time based on business arrangements[12](index=12&type=chunk) [CAR-T Cell Product Pipeline](index=4&type=section&id=CAR-T%20Cell%20Product%20Pipeline) The CAR-T cell product pipeline, centered on the CAR-T-19 series, includes CAR-T-19 Injection, which received breakthrough therapy designation and completed Phase II enrollment for 52 patients, while Dinolunsa Injection and aT19 Injection aim to address CAR-T treatment durability and recurrence issues, with Dinolunsa completing Phase I enrollment and aT19 receiving Phase I IND approval - CAR-T-19 Injection is indicated for B-ALL patients under **25 years old** and has been granted breakthrough therapy designation by the CDE, which will accelerate its clinical development[14](index=14&type=chunk) - Enrollment for **52 target patients** in the CAR-T-19 Injection Phase II clinical trial has been completed[15](index=15&type=chunk) - Dinolunsa Injection and aT19 Injection aim to address the challenges of insufficient durability, suboptimal efficacy, and tumor recurrence in CAR-T cell therapy; Dinolunsa has received implied clinical approval and completed Phase I enrollment, while aT19 has received Phase I IND approval[16](index=16&type=chunk)[18](index=18&type=chunk) [TCR-T Cell Product Pipeline](index=6&type=section&id=TCR-T%20Cell%20Product%20Pipeline) The Group's TCR-T cell product pipeline focuses on tumor antigen-specific T cell adoptive immunotherapy, having established a single-cell sequencing platform, with multiple TCR-T pipeline products in preclinical research for clear cell renal cell carcinoma, CMV, and EBV infections, including TCR-T-CMV Injection completing preclinical communication and YT007 Injection largely completing preclinical research - TCR-T cell therapy is an immunotherapy based on tumor antigen-specific T cell adoptive transfer, and the Group has established a technology platform centered on single-cell sequencing[19](index=19&type=chunk) - Multiple TCR-T cell pipeline products are currently undergoing preclinical research, targeting clear cell renal cell carcinoma, CMV, and EBV viral infections[19](index=19&type=chunk) - TCR-T-CMV Injection for refractory CMV infection after hematopoietic stem cell transplantation completed preclinical communication in April 2025, and YT007 Injection for advanced clear cell renal cell carcinoma has largely completed preclinical research[19](index=19&type=chunk)[20](index=20&type=chunk) [Group Facilities](index=7&type=section&id=Group%20Facilities) The Group operates an R&D and production center in Beijing spanning approximately 27,604 square meters and plans to establish new R&D and production centers in North China (Beijing) and East China (Shaoxing, Shanghai) to expand EAL®'s distribution radius, accelerate clinical trials, and meet future commercialization needs, with a total estimated investment of RMB 2.2 billion - The Group's R&D and production center in Beijing, China, covers approximately **27,604 square meters**, supporting preclinical and clinical R&D, as well as early-stage production needs for pipeline products[21](index=21&type=chunk) - Plans include investing approximately **RMB 1.2 billion** in North China (Beijing) to build an R&D and industrialization base, with an estimated annual production capacity exceeding **200,000 batches**[21](index=21&type=chunk) - The Group plans to establish an EAL® R&D and production center in East China (Shaoxing, Shanghai), with an expected total investment of approximately **RMB 1 billion**, and construction of the Shaoxing production center has commenced[21](index=21&type=chunk)[22](index=22&type=chunk) [Quality Assurance](index=8&type=section&id=Quality%20Assurance) The Group has developed quality management documents in accordance with GMP standards, covering the entire production process to ensure product compliance with relevant laws, regulations, and GMP requirements, with EAL® production standardized and quality issues recorded for senior management review, supported by a 43-member quality department reporting directly to the CEO - The Group has developed quality management documents in accordance with GMP, covering production process procedures, product quality standards, equipment and facility operating procedures, to ensure full compliance with relevant laws, regulations, and GMP requirements[23](index=23&type=chunk) - EAL® production has been standardized, and comprehensive production process standards have been established to ensure consistent product quality[23](index=23&type=chunk) - The quality department comprises **43 employees** who report directly to the Chief Executive Officer, with two sub-teams for quality assurance and quality control[24](index=24&type=chunk) [Future and Outlook](index=8&type=section&id=Future%20and%20Outlook) The Group plans to accelerate EAL®'s commercialization, advance post-listing preparations, continue investing in preclinical research for CAR-T and TCR-T pipelines, enhance its technology platform to enrich the product pipeline, develop viral vector production and CDMO services, and expand strategic collaborations and explore M&A opportunities based on organic growth - Plans include fully advancing EAL®'s post-listing commercialization preparations, encompassing government affairs, hospital access, marketing, medical, and sales-related work[25](index=25&type=chunk) - The Group will continue to invest in preclinical research for CAR-T and TCR-T cell product pipelines, particularly for treating viral infections such as CMV[26](index=26&type=chunk) - The company is committed to enhancing its technology platform, establishing a TCR gene database targeting tumor neoantigens, and developing GMP-compliant viral vector production and CDMO services[27](index=27&type=chunk)[28](index=28&type=chunk) - Building on organic growth, the Group plans to expand strategic collaborations, seek sales, technology transfer, and strategic partnerships for existing and pipeline products, and explore M&A opportunities[29](index=29&type=chunk) [Financial Information](index=10&type=section&id=Financial%20Information) [Financial Review](index=10&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the Group reported a loss before tax of RMB 129.0 million, a 39.4% increase year-on-year, driven by a 99.8% rise in other income due to government grants but offset by a swing from gain to loss in net other gains and losses due to fair value losses on financial liabilities, while administrative and R&D expenses decreased, finance costs reduced, and income tax expense remained minimal due to a 15% preferential tax rate for high-tech subsidiaries in China Financial Performance Summary (RMB thousands) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other income | 13,036 | 6,526 | 99.8 | | Net other gains and losses | (51,045) | 19,836 | (357.3) | | Administrative expenses | (19,643) | (23,048) | (14.8) | | Research and development expenses | (67,449) | (91,118) | (26.0) | | Finance costs | (3,350) | (3,851) | (13.0) | | Loss before tax | (129,030) | (92,556) | 39.4 | | Loss and total comprehensive expense for the period | (129,032) | (92,556) | 39.4 | - Other income increased by **99.8%** to **RMB 13.0 million**, primarily due to increased government grants for subscription funds incentives[32](index=32&type=chunk) - Net other gains and losses swung from a gain of **RMB 19.8 million** to a loss of **RMB 51.0 million**, mainly due to fair value losses on other financial liabilities[34](index=34&type=chunk) - Research and development expenses decreased by **26.0%** to **RMB 67.4 million**, primarily due to lower contract costs, staff costs, and R&D project material costs[36](index=36&type=chunk) - Beijing Yongtai and Yongtai Ruike, as high-tech enterprises, enjoyed a preferential corporate income tax rate of **15%** during the reporting period[41](index=41&type=chunk)[73](index=73&type=chunk) [Liquidity and Capital Resources](index=13&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's bank balances and cash decreased from RMB 47.0 million at the end of 2024 to RMB 21.1 million as of June 30, 2025, primarily due to daily operating expenses, with lease liabilities of approximately RMB 111.7 million and no other significant outstanding debt or contingent liabilities, though convertible bonds are secured by asset and share mortgages - Bank balances and cash decreased from **RMB 47.0 million** as of December 31, 2024, to **RMB 21.1 million** as of June 30, 2025, primarily due to daily operating expenses[42](index=42&type=chunk) - As of June 30, 2025, lease liabilities were approximately **RMB 111.7 million**, secured by lease deposits and unsecured[43](index=43&type=chunk) - Convertible bonds are secured by land use rights, other pledged assets (including certain equipment and financial assets at fair value through profit or loss), and shares held by Tan Zheng Ltd and Tan Yue Yue Ltd[44](index=44&type=chunk) [Share Capital Structure](index=14&type=section&id=Share%20Capital%20Structure) The Company's shares were listed on the Main Board of the Stock Exchange on July 10, 2020, with 100,000,000 shares issued through a global offering; as of June 30, 2025, total issued share capital was USD 514,584, divided into 514,584,000 shares, reflecting a significant increase in net liabilities and a deteriorating debt-to-equity ratio - Shares were listed on the Main Board of the Stock Exchange on July 10, 2020, with **100,000,000 shares** issued through a global offering[46](index=46&type=chunk) - As of June 30, 2025, the Company's total issued share capital was **USD 514,584**, divided into **514,584,000 shares**[46](index=46&type=chunk) Debt-to-Equity Ratio | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Debt | 129.0% | 89.1% | | Equity | -29.0% | 10.9% | [Issuance of Convertible Bonds under Specific Mandate](index=14&type=section&id=Issuance%20of%20Convertible%20Bonds%20under%20Specific%20Mandate) In February 2023, the Company issued convertible bonds with a principal amount of RMB 300.0 million to Tasly for pipeline operations, R&D, and product commercialization; as of June 30, 2025, all proceeds were fully utilized, primarily for EAL® clinical trials and new R&D and production center construction, with the bonds transferred to an independent third party on July 15, 2025 - On February 20, 2023, the Company issued convertible bonds with a total principal amount of **RMB 300.0 million** to Tasly, with an initial conversion price of **RMB 4.38 per share**[47](index=47&type=chunk) - The issuance of convertible bonds aimed to raise funds for pipeline operations, R&D, and product commercialization, as well as to enhance working capital and financial position[48](index=48&type=chunk) Use of Proceeds from Convertible Bonds (RMB millions) | Use of Proceeds | Allocated Amount (RMB millions) | Amount Utilized as of June 30, 2025 (RMB millions) | | :--- | :--- | :--- | | EAL® clinical trials | 102.3 | 102.3 | | Construction costs for new R&D and production centers | 197.7 | 197.7 | | **Total** | **300.0** | **300.0** | - As of June 27, 2025, all preconditions for the transfer of the convertible bonds were met, and the transfer was completed on July 15, 2025[50](index=50&type=chunk) [Foreign Exchange](index=16&type=section&id=Foreign%20Exchange) The Group primarily operates in China, facing foreign exchange risk from Renminbi fluctuations against other currencies, mainly Hong Kong Dollars, and manages this risk by closely monitoring and minimizing net foreign exchange positions, without engaging in any currency hedging transactions during the reporting period - The Group primarily operates in China and faces foreign exchange risk arising from various currency exposures, mainly from Hong Kong Dollars[51](index=51&type=chunk) - The Group seeks to limit its foreign exchange risk exposure by closely monitoring and minimizing net foreign exchange positions[51](index=51&type=chunk) - During the reporting period, the Group did not enter into any currency hedging transactions[51](index=51&type=chunk) [Selected Financial Ratios](index=17&type=section&id=Selected%20Financial%20Ratios) The Group's current and quick ratios significantly decreased from the end of 2024 to June 30, 2025, primarily due to a reduction in financial assets at fair value through profit or loss and an increase in other financial liabilities, while the debt-to-asset ratio changed from zero at the end of 2024 to 0.14 as of June 30, 2025, reflecting increased liabilities Key Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 0.08 | 0.20 | | Quick Ratio | 0.07 | 0.19 | | Debt-to-Asset Ratio | 0.14 | – | - The decrease in current and quick ratios was primarily due to a reduction in financial assets at fair value through profit or loss from **RMB 10.5 million** to zero, and an increase in other financial liabilities from **RMB 268.1 million** to **RMB 318.6 million**[54](index=54&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, and the corresponding period in 2024, detailing the Group's revenue, various expenses, loss before tax, income tax expense, and total comprehensive expense for the period, disaggregated by owners of the Company and non-controlling interests - For the six months ended June 30, 2025, the loss for the period attributable to owners of the Company was **RMB 129,103 thousand**, an increase from **RMB 92,515 thousand** in the corresponding period of 2024[55](index=55&type=chunk) - Both basic and diluted loss per share were **RMB (0.25)**, higher than **RMB (0.18)** in the corresponding period of 2024[55](index=55&type=chunk) [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides the condensed consolidated statement of financial position as of June 30, 2025, and December 31, 2024, detailing the Group's non-current assets, current assets, current liabilities, non-current liabilities, net liabilities, and capital and reserves, reflecting a trend of deteriorating liquidity and increasing liabilities - As of June 30, 2025, the Group recorded net current liabilities of **RMB 455,776 thousand**, a significant increase from **RMB 342,712 thousand** as of December 31, 2024[56](index=56&type=chunk) - As of June 30, 2025, the Group's net liabilities were **RMB 145,485 thousand**, compared to **RMB 16,453 thousand** as of December 31, 2024, indicating a significant deterioration in its liability position[57](index=57&type=chunk) - The deficit attributable to owners of the Company significantly expanded to **RMB 142,399 thousand** as of June 30, 2025, from **RMB 13,296 thousand** as of December 31, 2024[57](index=57&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering the company's general information, basis of preparation (including going concern assessment and related uncertainties), accounting policies, segment information, composition of various income and expenses, loss per share calculation, prepayments, financial assets, payables, government grants, other financial liabilities (convertible bonds), and specific disclosures on other borrowings - For the six months ended June 30, 2025, the Group incurred a loss of **RMB 129,032,000** and net cash outflows from operating activities of **RMB 45,169,000**, along with net current liabilities of **RMB 455,776,000** and net liabilities of **RMB 145,485,000**, raising significant doubts about its ability to continue as a going concern[61](index=61&type=chunk) - The company has formulated several plans to improve liquidity, including equity financing, convertible bond extension, additional financial support from shareholders, management payment schedules, bank borrowings, and government subsidies, but the success of these plans remains subject to significant uncertainties[61](index=61&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) - The fair value of convertible bonds within other financial liabilities changed from **RMB 268,097 thousand** as of January 1, 2025, to **RMB 318,590 thousand** as of June 30, 2025, resulting in a fair value change loss of **RMB 50,493 thousand**[88](index=88&type=chunk) [General Information](index=21&type=section&id=General%20Information) Yongtai Biological Pharmaceutical Co Ltd, incorporated in the Cayman Islands, had its ordinary shares listed on the Main Board of the Stock Exchange of Hong Kong since July 10, 2020, with its principal business being investment holding and its subsidiaries primarily engaged in the R&D, manufacturing, and commercialization of cancer cell immunotherapy products in China, and the condensed consolidated financial statements are presented in Renminbi - The Company was incorporated in the Cayman Islands on April 11, 2018, and its ordinary shares have been listed on the Main Board of the Stock Exchange of Hong Kong since July 10, 2020[58](index=58&type=chunk) - The principal business is investment holding, with subsidiaries primarily engaged in the research and development, manufacturing, and commercialization of cancer cell immunotherapy products in China[58](index=58&type=chunk) [Basis of Preparation](index=21&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with IAS 34 and the Listing Rules, but the company faces significant going concern uncertainties due to losses, net operating cash outflows, net current liabilities, and net liabilities; while management has developed plans (e.g., equity financing, bond extension, shareholder support, payment management, bank borrowings, government subsidies) to improve liquidity, the success of these plans is highly uncertain, though directors deem the going concern assumption appropriate - The Group incurred a loss of **RMB 129,032,000** and net cash outflows from operating activities of **RMB 45,169,000** for the six months ended June 30, 2025[61](index=61&type=chunk) - As of that date, the Group had net current liabilities of **RMB 455,776,000**, net liabilities of **RMB 145,485,000**, and bank balances and cash of **RMB 21,053,000**, raising significant doubts about its ability to continue as a going concern[61](index=61&type=chunk) - The company has formulated several plans and measures to improve liquidity, including equity financing, convertible bond extension, additional financial support from shareholders, management payment schedules, bank borrowings, and government subsidies, but their success remains subject to significant uncertainties[61](index=61&type=chunk)[62](index=62&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk) [Accounting Policies](index=22&type=section&id=Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value, with accounting policies and calculation methods applied in this interim period consistent with the 2024 annual consolidated financial statements, and the application of IFRS amendments having no significant impact on financial position or performance - The condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments measured at fair value at the end of the reporting period[64](index=64&type=chunk) - The accounting policies and methods of computation applied in this interim period are consistent with those presented in the Group's annual consolidated financial statements for the year ended December 31, 2024[64](index=64&type=chunk) - The application of amendments to IFRS accounting standards had no significant impact on the Group's financial position and performance during this period and prior periods[67](index=67&type=chunk) [Segment Information](index=23&type=section&id=Segment%20Information) The Group operates as a single operating and reportable segment, thus no further segment analysis is presented; all non-current assets are located in China, and no revenue was recorded during the reporting period - The Group has only one operating and reportable segment, and no further analysis of this single segment is presented[68](index=68&type=chunk) - The Group did not record any revenue for the six months ended June 30, 2025[69](index=69&type=chunk) - All of the Group's non-current assets (excluding financial instruments) are located in China, amounting to **RMB 445,028,000** as of June 30, 2025[69](index=69&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) The Group's other income increased by **99.8%** from approximately RMB 6.5 million in the corresponding period of 2024 to RMB 13.0 million in 2025, primarily due to a significant increase in government grants for subscription funds incentives Other Income (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Income from providing cell cryopreservation services | 365 | 355 | | Income from providing technical services | 610 | 832 | | Interest income from bank balances and deposits | 283 | 381 | | Interest income from lease deposits | 99 | 97 | | Rental income from leased land | – | 229 | | Government grants - subscription funds incentives | 6,770 | – | | Government grants - machinery | 4,691 | 4,128 | | Government grants - R&D activities | 46 | 428 | | Government grants - others | 172 | 76 | | **Total** | **13,036** | **6,526** | - Government grants for subscription funds incentives increased from zero in 2024 to **RMB 6,770 thousand** in 2025, being the primary reason for the growth in other income[70](index=70&type=chunk) [Net Other Gains and Losses](index=24&type=section&id=Net%20Other%20Gains%20and%20Losses) The Group recorded a net other loss of RMB 51.0 million for the six months ended June 30, 2025, a swing from a gain of RMB 19.8 million in the corresponding period of 2024, primarily due to fair value losses on other financial liabilities, with the 2024 period also including a loss on termination of an intangible asset and impairment loss on prepayments Net Other Gains and Losses (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value gains on financial assets at fair value through profit or loss | 65 | 3,323 | | Fair value (losses) gains on other financial liabilities | (50,493) | 41,048 | | Loss on termination of an intangible asset | – | (19,316) | | Impairment loss on prepayments to a supplier | – | (5,183) | | Exchange (losses) gains, net | (32) | 11 | | Gains (losses) on disposal of property, plant and equipment | 11 | (41) | | Others | (596) | (6) | | **Total** | **(51,045)** | **19,836** | - The fair value of other financial liabilities swung from a gain of **RMB 41,048 thousand** in 2024 to a loss of **RMB 50,493 thousand** in 2025, which was the main reason for the net loss[71](index=71&type=chunk) - The corresponding period in 2024 recorded a loss on termination of an intangible asset of **RMB 19,316 thousand** and an impairment loss on prepayments made to T-Cure of **RMB 5,183 thousand**[71](index=71&type=chunk) [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense) The Group's income tax expense for the six months ended June 30, 2025, was RMB 2 thousand, with Chinese subsidiaries Beijing Yongtai and Yongtai Ruike benefiting from a 15% preferential corporate income tax rate as high-tech enterprises, while the Hong Kong subsidiary had no tax provision due to no estimated taxable profits; the Group holds substantial unused tax losses but has not recognized deferred tax assets due to unpredictable future profit streams Income Tax Expense (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current China corporate income tax | 2 | – | - Beijing Yongtai and Yongtai Ruike, as high-tech enterprises, enjoy a reduced corporate income tax rate of **15%**[73](index=73&type=chunk) - As of June 30, 2025, the Group's estimated unused tax losses were approximately **RMB 2,051,015,000**, but no deferred tax assets were recognized[74](index=74&type=chunk) [Loss for the Period](index=25&type=section&id=Loss%20for%20the%20Period) This section details the composition of the loss for the period for the six months ended June 30, 2025, and the corresponding period in 2024, including staff costs, depreciation of property, plant and equipment, amortization of intangible assets, and raw materials and subcontracting costs included in R&D expenses Loss for the Period Components (RMB thousands) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total staff costs | 25,996 | 36,641 | | Depreciation of property, plant and equipment | 27,638 | 29,067 | | Amortization of intangible assets | 1,273 | 1,311 | | Cost of raw materials and other consumables included in R&D expenses | 2,925 | 9,829 | | Subcontracting costs included in R&D expenses | 15,430 | 25,664 | - Total staff costs decreased from **RMB 36,641 thousand** in 2024 to **RMB 25,996 thousand** in 2025[75](index=75&type=chunk) - Costs of raw materials and other consumables, as well as subcontracting costs included in R&D expenses, both significantly decreased[75](index=75&type=chunk) [Dividends](index=25&type=section&id=Dividends) The Company's directors have decided not to declare any dividends for the interim period ended June 30, 2025 - No dividends were paid, declared, or proposed during the period[76](index=76&type=chunk) - The directors have decided not to pay any dividends for the interim period[76](index=76&type=chunk) [Loss Per Share](index=26&type=section&id=Loss%20Per%20Share) The calculation of basic and diluted loss per share attributable to owners of the Company is based on the loss for the period and the number of shares outstanding; no dilutive effect was included as the inclusion of share options and convertible bond conversions would result in a reduction in loss per share Loss Per Share (RMB thousands, except per share amount) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company | (129,103) | (92,515) | | Number of shares (thousands) | 514,584 | 514,584 | | Basic and diluted loss per share (RMB) | (0.25) | (0.18) | - For the purpose of calculating diluted loss per share, the conversion of share options and unexercised convertible bonds was not included, as their inclusion would result in a reduction in loss per share[78](index=78&type=chunk) [Prepayments, Deposits and Other Receivables](index=26&type=section&id=Prepayments,%20Deposits%20and%20Other%20Receivables) The Group's total prepayments, deposits, and other receivables decreased from RMB 23,708 thousand as of December 31, 2024, to RMB 19,060 thousand as of June 30, 2025, primarily comprising prepayments to suppliers and service providers, recoverable VAT, and lease deposits Prepayments, Deposits and Other Receivables (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Prepayments to suppliers and service providers | 8,782 | 13,411 | | Recoverable VAT | 2,958 | 3,939 | | Prepayments for acquisition of property, plant and equipment | 1,035 | 1,029 | | Advances to employees | 1,539 | 706 | | Lease deposits | 3,474 | 3,375 | | Other deposits | 1,126 | 1,140 | | Others | 146 | 108 | | **Total** | **19,060** | **23,708** | - Prepayments to suppliers and service providers decreased from **RMB 13,411 thousand** to **RMB 8,782 thousand**[79](index=79&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=27&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's financial assets at fair value through profit or loss were zero as of June 30, 2025, a significant decrease from RMB 10,536 thousand as of December 31, 2024, mainly due to the write-off of investments in certificates of deposit and the fair value of investments in Tasly Fund and Shaoxing Fund approaching zero due to target companies ceasing clinical research or convertible bonds being overdue Financial Assets at Fair Value Through Profit or Loss (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Investment in Tasly Fund | – | – | | Investment in Shaoxing Fund | – | – | | Investment in certificates of deposit | – | 10,536 | | **Total** | **–** | **10,536** | - Investment in certificates of deposit was reduced to zero as of June 30, 2025, from **RMB 10,536 thousand** as of December 31, 2024[80](index=80&type=chunk) - The investment in Tasly Fund had its fair value approach zero due to the target company ceasing clinical research; the investment in Shaoxing Fund also had a fair value of zero due to overdue convertible bonds and the target company's poor financial condition[81](index=81&type=chunk)[82](index=82&type=chunk) [Trade and Other Payables](index=28&type=section&id=Trade%20and%20Other%20Payables) The Group's total trade and other payables decreased from RMB 131,925 thousand as of December 31, 2024, to RMB 126,205 thousand as of June 30, 2025, with trade payables increasing while payables for property, plant and equipment acquisition and accrued salaries and other allowances decreased Trade and Other Payables (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade payables | 40,354 | 33,609 | | Payables for acquisition of property, plant and equipment | 66,383 | 74,932 | | Accrued salaries and other allowances | 4,175 | 8,797 | | Payables for acquisition of intangible assets | 1,995 | 1,947 | | Payables for service expenses | 12,824 | 12,207 | | Others | 474 | 433 | | **Total** | **126,205** | **131,925** | - Trade payables increased from **RMB 33,609 thousand** to **RMB 40,354 thousand**, with trade payables aged over **3 years** amounting to **RMB 4,731 thousand**[83](index=83&type=chunk) - Payables for acquisition of property, plant and equipment decreased from **RMB 74,932 thousand** to **RMB 66,383 thousand**[83](index=83&type=chunk) [Deferred Government Grants](index=28&type=section&id=Deferred%20Government%20Grants) The Group's total deferred government grants decreased from RMB 60,507 thousand as of December 31, 2024, to RMB 55,770 thousand as of June 30, 2025, primarily due to the release of grants related to machinery and R&D activities Deferred Government Grants (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Current | – | 46 | | Non-current | 55,770 | 60,461 | | **Total** | **55,770** | **60,507** | Movement in Deferred Government Grants (RMB'000) | Item | Machinery (RMB'000) | R&D Activities (RMB'000) | Total (RMB'000) | | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 60,461 | 46 | 60,507 | | Release of deferred government grants | (4,691) | (46) | (4,737) | | As at June 30, 2025 | 55,770 | – | 55,770 | [Other Financial Liabilities](index=29&type=section&id=Other%20Financial%20Liabilities) The Group's other financial liabilities primarily consist of convertible bonds, whose fair value increased from RMB 268,097 thousand as of January 1, 2025, to RMB 318,590 thousand as of June 30, 2025, resulting in a fair value change loss of RMB 50,493 thousand; these bonds are secured by assets and were transferred after the reporting period Other Financial Liabilities (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Convertible bonds | 318,590 | 268,097 | - The convertible bonds were issued in February 2023 with a principal of **RMB 300 million**, an annual interest rate of **6%**, maturing within **3 years**, and an initial conversion price of **RMB 4.38 per share**[87](index=87&type=chunk) - The convertible bonds are secured by certain property, plant and equipment, and financial assets at fair value through profit or loss of the Group, along with ordinary shares of the Company provided by Mr Tan Zheng and his close relatives[87](index=87&type=chunk) - The fair value of the convertible bonds was valued by an independent valuer using a binomial model, with a bond maturity of **0.64 years**, volatility of **97.27%**, and the Company's share price of **RMB 2.56** as of June 30, 2025[89](index=89&type=chunk) [Other Borrowings](index=30&type=section&id=Other%20Borrowings) The Group incurred new other borrowings of RMB 20,038 thousand during the reporting period, including RMB 10 million from Ms Wei, a family member of Mr Tan Zheng, and RMB 10 million from an indirect shareholder of Tasly; these loans bear interest at an annual rate of 4.5% and are due one year after their respective receipt dates or upon completion of equity financing, whichever is earlier Other Borrowings (RMB'000) | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Other borrowings | 20,038 | – | - The Group borrowed **RMB 10 million** from Ms Wei, a family member of Mr Tan Zheng, on June 9, 2025, and **RMB 10 million** from an indirect shareholder of Tasly on June 20, 2025[92](index=92&type=chunk) - These loans bear interest at an annual rate of **4.5%** and are due one year after their respective receipt dates or upon the completion date of equity financing, whichever is earlier[92](index=92&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) [Interim Dividends](index=31&type=section&id=Interim%20Dividends) The Company neither paid, declared, nor proposed any interim dividends during the reporting period - No dividends were paid, declared, or proposed during the reporting period[93](index=93&type=chunk) [Use of Net Proceeds from Listing and Over-allotment Option](index=31&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing%20and%20Over-allotment%20Option) The Company's net proceeds from the global offering and over-allotment option totaled approximately HKD 1,127.8 million, with approximately HKD 1,124.8 million utilized as of June 30, 2025, primarily for EAL® clinical trials and commercialization, CAR-T-19 and TCR-T series clinical trials, expanded EAL® R&D for other clinical indications, other pipeline product development, and working capital; the remaining proceeds are expected to be depleted by the end of 2025 - The net proceeds from the global offering and over-allotment option were approximately **HKD 1,127.8 million**[95](index=95&type=chunk) - As of June 30, 2025, the Company had utilized total proceeds of approximately **HKD 1,124.8 million**[95](index=95&type=chunk) Use of Net Proceeds (HKD millions) | Use of Proceeds | Allocation Percentage (%) | Amount Utilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | | Investment in EAL® clinical trials and commercialization | 34.2 | 385.6 | | R&D expenses for expanding EAL®'s other clinical indications | 18.9 | 212.5 | | Investment in CAR-T-19 and TCR-T series clinical trials | 33.2 | 374.5 | | Development of other pipeline products and construction of new R&D/production centers | 8.7 | 95.8 | | Working capital and other general corporate purposes | 5.0 | 56.4 | | **Total** | **100.0** | **1,124.8** | - The Company expects the net proceeds to be fully utilized by the end of 2025[97](index=97&type=chunk) [Material Investments, Acquisitions and Disposals](index=32&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals) As of the date of this announcement, the Group held no material investments and had no future plans regarding material investments or capital assets - As of the date of this announcement, the Group held no material investments, nor did it have any future plans regarding material investments or capital assets[98](index=98&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 173 employees in China, with total remuneration of approximately RMB 26.0 million, a decrease from the prior year; the company maintains an evaluation system for salary increases, bonuses, and promotions, provides training programs, and contributes to social insurance and housing provident funds for employees - As of June 30, 2025, the Group had **173 employees** in China[99](index=99&type=chunk) Employee Headcount by Function | Function | Number of Employees | | :--- | :--- | | General Management and Administration | 18 | | Research and Development | 13 | | Senior Management | 5 | | Production, Purification, Equipment, Safety and Supply Chain | 78 | | Quality | 43 | | Clinical Support and Business Development | 16 | | **Total** | **173** | - For the six months ended June 30, 2025, the Group's total employee remuneration was approximately **RMB 26.0 million**, a decrease from approximately **RMB 36.6 million** in the corresponding period of 2024[99](index=99&type=chunk) [Financing and Treasury Policy](index=33&type=section&id=Financing%20and%20Treasury%20Policy) The Group adopts a sound and conservative financing and treasury policy aimed at maintaining optimal financial health, minimizing financial costs, and mitigating risks, with cash and cash equivalents held in financial institutions with low credit risk, and financing needs regularly reviewed to support operations, R&D, and future expansion - The Group adopts a stable and conservative financing and treasury policy, aiming to maintain an optimal financial position, the most economical finance costs, and the lowest financial risks[103](index=103&type=chunk) - Cash and cash equivalents are typically held in financial institutions that the Group considers to have low credit risk[103](index=103&type=chunk) - The Group regularly reviews its financing needs to maintain sufficient financial resources to support its business operations and R&D, future investments, and expansion plans[103](index=103&type=chunk) [Share Option Schemes](index=33&type=section&id=Share%20Option%20Schemes) The Company has both a Pre-IPO Share Option Scheme and a Post-IPO Share Option Scheme to reward and incentivize participants; as of June 30, 2025, 35,930,000 share options remained unexercised under the Pre-IPO scheme, representing approximately 6.98% of total issued shares, while no options have been granted under the Post-IPO scheme since its adoption - The Company adopted the Pre-IPO Share Option Scheme on December 31, 2019, and the Post-IPO Share Option Scheme on June 6, 2020[104](index=104&type=chunk) - As of June 30, 2025, **35,930,000 share options** remained unexercised under the Pre-IPO Share Option Scheme, representing approximately **6.98%** of the total issued shares[105](index=105&type=chunk)[109](index=109&type=chunk) - No share options have been granted, exercised, cancelled, or lapsed under the Post-IPO Share Option Scheme from the listing date up to the date of this announcement[110](index=110&type=chunk) [Pre-IPO Share Option Scheme](index=34&type=section&id=Pre-IPO%20Share%20Option%20Scheme) As of June 30, 2025, 35,930,000 share options remained unexercised under the Pre-IPO Share Option Scheme, primarily granted to Mr Tan Zheng (Chairman and Executive Director), Ms Wang Yu (resigned Executive Director), and other employees, with an exercise price of HKD 5.5 per share Unexercised Share Options under Pre-IPO Scheme | Name of Grantee | Number of Unexercised Share Options as at June 30, 2025 | | :--- | :--- | | Tan Zheng (Chairman and Executive Director) | 5,000,000 | | Wang Yu (Executive Director, CEO and CTO, resigned) | 23,450,000 | | Employees (Total) | 7,480,000 | | **Total** | **35,930,000** | - All unexercised share options were granted on December 31, 2019, with an exercise period from December 31, 2019, to December 30, 2026, and an exercise price of **HKD 5.5 per share**[107](index=107&type=chunk) [Post-IPO Share Option Scheme](index=35&type=section&id=Post-IPO%20Share%20Option%20Scheme) The Post-IPO Share Option Scheme became effective from its adoption date for a maximum period of 10 years, and as of the date of this announcement, no share options have been granted, exercised, cancelled, or lapsed under this scheme - The Post-IPO Share Option Scheme became effective from its adoption date for a maximum period of **10 years**[110](index=110&type=chunk) - No share options have been granted, exercised, cancelled, or lapsed under the Post-IPO Share Option Scheme from the listing date up to the date of this announcement[110](index=110&type=chunk) [Compliance with Corporate Governance Code](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group is committed to maintaining high standards of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules; the Board believes the Company has complied with all applicable code provisions throughout the six months ended June 30, 2025 - The Group is committed to maintaining a high level of corporate governance and has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[112](index=112&type=chunk) - The Board believes that the Company has complied with all applicable code provisions of the Corporate Governance Code throughout the six months ended June 30, 2025[112](index=112&type=chunk) [Compliance with Model Code for Securities Transactions](index=36&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules to regulate securities transactions by directors and relevant employees; all directors confirmed compliance with the Model Code during the reporting period, and the company is unaware of any breaches by relevant employees - The Company has adopted the Model Code set out in Appendix C3 of the Listing Rules to regulate all transactions in the Company's securities by directors and relevant employees[113](index=113&type=chunk) - All directors have confirmed their compliance with the applicable standards set out in the Model Code for the six months ended June 30, 2025[113](index=113&type=chunk) [Directors' Interests in Contracts](index=36&type=section&id=Directors'%20Interests%20in%20Contracts) During the reporting period and up to the date of this announcement, no director held any direct or indirect material interest in any contract entered into by the Company, its subsidiaries, or fellow subsidiaries that was significant to the Group's business - During the reporting period and up to the date of this announcement, no director held any direct or indirect material interest in any contract entered into by the Company, its subsidiaries, or fellow subsidiaries that was significant to the Group's business[114](index=114&type=chunk) [Purchase, Sale and Redemption of Listed Securities](index=36&type=section&id=Purchase,%20Sale%20and%20Redemption%20of%20Listed%20Securities) As of June 30, 2025, the Company held no treasury shares, and neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the reporting period - As of June 30, 2025, the Company held no treasury shares[115](index=115&type=chunk) - 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 shares[115](index=115&type=chunk) [Audit Committee and Review of Financial Report](index=36&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Report) The Company's Audit Committee reviewed the unaudited consolidated interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting principles and adequate disclosure; the interim results were reviewed by the auditor in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee comprises three members, including two independent non-executive directors (Mr Wu Zhijie as Chairman) and one non-executive director[116](index=116&type=chunk) - The Audit Committee reviewed the Company's unaudited consolidated interim results for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles, standards, and requirements, as well as adequate disclosure[117](index=117&type=chunk) - The interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by the auditor in accordance with Hong Kong Standard on Review Engagements 2410[117](index=117&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=37&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Financial%20Statements) The independent auditor issued a disclaimer of conclusion on the Group's condensed consolidated financial statements for the six months ended June 30, 2025, primarily due to significant going concern uncertainties and the auditor's inability to obtain sufficient appropriate evidence to evaluate management's material assumptions in cash flow forecasts and the success probability of the company's liquidity improvement plans - The independent auditor issued a disclaimer of conclusion on the condensed consolidated financial statements[123](index=123&type=chunk) - The basis for the disclaimer of conclusion is the significant uncertainty regarding the Group's ability to continue as a going concern, including losses for the period, net cash outflows from operating activities, net current liabilities, and net liabilities[118](index=118&type=chunk) - The auditor was unable to obtain sufficient appropriate evidence to evaluate the relevant material assumptions and estimates in management's cash flow forecasts, as well as the probability of success of the Group's plans and measures (such as equity financing, bond extension, shareholder support, etc)[119](index=119&type=chunk)[120](index=120&type=chunk) [Changes in Directors](index=38&type=section&id=Changes%20in%20Directors) During the reporting period, the Company's Board of Directors underwent several changes, including the appointments of Ms Yu Xiaohui, Mr Yang Xin, and Mr Liu Rui as non-executive directors, and Mr Zhang Guoguang as an independent non-executive director; concurrently, Mr Tao Ran resigned as a non-executive director, and Dr Wang Yu resigned as an executive director, CEO, and CTO - Ms Yu Xiaohui was appointed as a non-executive director and a member of the Audit Committee, effective April 25, 2025[124](index=124&type=chunk) - Dr Wang Yu resigned as an executive director and the Group's Chief Executive Officer and Chief Technology Officer, effective June 25, 2025[124](index=124&type=chunk) - Mr Yang Xin and Mr Liu Rui were appointed as non-executive directors, and Mr Zhang Guoguang was appointed as an independent non-executive director, all effective June 26, 2025[124](index=124&type=chunk) [Changes in Directors' Information](index=39&type=section&id=Changes%20in%20Directors'%20Information) Except for the disclosed changes in directors, no changes in directors' biographical details requiring disclosure under Rule 13.51B(1) of the Listing Rules occurred from the publication date of the Group's 2024 annual report up to August 20, 2025 - Except as disclosed, no changes in directors' biographical details requiring disclosure under Rule 13.51B(1) of the Listing Rules occurred from the publication date of the Group's 2024 annual report up to August 20, 2025[126](index=126&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=39&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) Excluding the share option schemes, neither the Company nor its subsidiaries entered into any arrangements during or at the end of the reporting period that would enable directors to benefit from acquiring shares or debentures of the Company or any other body corporate, and no director, their spouse, or children under 18 were granted or exercised any rights to subscribe for equity or debt securities of the Company or any other body corporate - Except for the Pre-IPO Share Option Scheme and the Post-IPO Share Option Scheme, neither the Company nor its subsidiaries entered into any arrangements during or at the end of the reporting period that would enable directors to benefit from acquiring shares or debentures of the Company or any other body corporate[127](index=127&type=chunk) - No director, their spouse, or children under **18 years old** were granted any rights to subscribe for equity or debt securities of the Company or any other body corporate, nor had they exercised any such rights[127](index=127&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=39&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This interim results announcement has been published on the Stock Exchange and the Company's websites, and the Company's interim report for the six months ended June 30, 2025, will be made available to shareholders and published in due course; the company encourages shareholders to view company communications online for environmental support - This interim results announcement is published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.eaal.net)[128](index=128&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be made available to shareholders and published on the Stock Exchange and the Company's websites, respectively, in due course[128](index=128&type=chunk) - The Company encourages shareholders to view the Company's corporate communications via the Stock Exchange and the Company's websites instead of receiving printed copies[129](index=129&type=chunk) [Events After Reporting Period](index=39&type=section&id=Events%20After%20Reporting%20Period) Except as disclosed, to the best of the Company's knowledge, no significant events affecting the Group have occurred after the end of the reporting period up to the date of this announcement - Except as disclosed, to the best of the Company's knowledge, no significant events affecting the Group have occurred after the end of the reporting period up to the date of this announcement[130](index=130&type=chunk) [Definitions and Glossary of Technical Terms](index=40&type=section&id=Definitions%20and%20Glossary%20of%20Technical%20Terms) [Glossary](index=40&type=section&id=Glossary) This section defines key terms and technical vocabulary used in the report, covering product codes (e.g., 6B11, EAL®), company entities (e.g., Beijing Yongtai, Yongtai Ruike), therapeutic technologies (e.g., CAR-T cells, TCR-T cells), regulatory bodies (e.g., CDE), and financial and legal terms, to aid reader comprehension - Provides key product codes used in the report, such as "6B11" referring to ovarian cancer-related antibodies, and "EAL®" referring to the core multi-target cell immunotherapy pipeline product[5](index=5&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - Explains cell immunotherapy-related technical terms, such as "CAR-T cell" referring to Chimeric Antigen Receptor T-cell, and "TCR" referring to T-cell receptor[131](index=131&type=chunk)[132](index=132&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - Defines regulatory and financial terms, such as "CDE" referring to the Center for Drug Evaluation of the NMPA, "GMP" referring to Good Manufacturing Practice, and "Convertible Bonds" referring to the secured convertible bonds issued by the Company[131](index=131&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CAPITAL ENVIRONMENT HOLDINGS LIMITED 首創環境控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：03989） 截至2025年6月30日止六個月的未經審核中期業績公告 首創環境控股有限公司（「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」）於截至2025年6月30日止六個月的未經審核中期合併業績連同 2024年相應期間之比較數字如下： 中期簡明合併損益表 截至2025年6月30日止六個月 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | | 未經審核 | 未經審核 | | 收益 | 5 | 1,875,929 | 1,786,721 | | 銷售成本 | | (1,169,922) | (1,136,244) | | 毛利 | | 70 ...

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。 ALLEGRO CULTURE LIMITED 律齊文化有限公司 （於開曼群島註冊成立並於百慕達繼續經營之有限公司） （股份代號：550） (1)截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈； 及 (2)繼續暫停買賣 財務摘要 董 事 會 議 決 不 宣 派 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 任 何 中 期 股 息。 – 1 – • 截至二零二五年六月三十日止六個月的收益約為21.8百 萬 港 元，較 二 零 二四年同期增加57.6%。 • 截至二零二五年六月三十日止六個月的毛利約為6.3百 萬 港 元，較 二 零 二四年同期減少41.7%。截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 毛 利 率 約 為29.1%。 • 截至二零二五年六月三十日止六個 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，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。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 截至二零二五年六月三十日止六個月的中期業績公告 財務概要 截至二零二五年六月三十日止六個月： 中期股息 • 董事會議決就截至二零二五年六月三十日止六個月不宣派任何中期股息。 業績概要 復銳醫療科技有限公司*（「本公司」或「復銳醫療科技」）董事會（「董事會」）欣然宣佈本公 司及其附屬公司（統稱「本集團」或「我們」）截至二零二五年六月三十日止六個月（「報告 期」）之未經審核綜合業績連同二零二四年同期的比較數字。該業績乃根據國際財務報告 準則（「國際財務報告準則」）編製。 – 1 – • 收益為165.5百萬美元，較截至二零二四年六月三十日止六個月收益減少1.9%。 • 亞太區收益為65.8百萬美元，較二零二四年同期增長9.9百萬美元，增幅為17.6%。 • 注射填 ...

[Annual Report Supplemental Announcement](index=1&type=section&id=Annual%20Report%20Supplemental%20Announcement) This supplemental announcement clarifies the share option scheme's validity, details board composition, and reaffirms the accuracy of the 2024 annual report [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This announcement by Tianping Daohe Holdings Limited supplements the company's 2024 annual report, issued under GEM Listing Rule 23.09(9) - This announcement supplements the company's 2024 annual report, made in accordance with GEM Listing Rule 23.09(9) of The Stock Exchange of Hong Kong Limited[2](index=2&type=chunk) [Supplementary Information on Share Option Scheme Validity](index=1&type=section&id=Supplementary%20Information%20on%20Share%20Option%20Scheme%20Validity) The board clarifies the share option scheme adopted on May 16, 2018, is valid for 10 years, expiring May 15, 2028 Share Option Scheme Details | Metric | Details | | :--- | :--- | | Share Option Scheme Adoption Date | May 16, 2018 | | Scheme Validity Period | 10 years | | Expected Expiry Date | May 15, 2028 (close of business) | [Board Composition](index=2&type=section&id=Board%20Composition) As of this announcement, the board comprises six executive, one non-executive, and four independent non-executive directors - Executive Directors include: Mr. Huang Xiaodi, Mr. Li Huaguo, Mr. Chen Xicheng, Mr. Yan Jinghui, Mr. Dong Kejia, and Mr. Shen Yuehua[6](index=6&type=chunk) - The Non-Executive Director is: Mr. Lian Mingcheng[6](index=6&type=chunk) - Independent Non-Executive Directors include: Ms. Xu Shuang, Mr. Ma Lin, Mr. Tan Zezi, and Ms. Qiu Yandan[6](index=6&type=chunk) [Other Information and Declarations](index=1&type=section&id=Other%20Information%20and%20Declarations) All other information in the 2024 annual report remains unchanged, with the board assuming full responsibility for this announcement's accuracy - All other information contained in the 2024 annual report remains unchanged, except for the supplementary details on the share option scheme[3](index=3&type=chunk) - The Board jointly and severally accepts full responsibility for the information in this announcement, confirming its accuracy, completeness, and absence of misleading or fraudulent content[7](index=7&type=chunk) - This announcement will be published on the HKEXnews website (https://www.hkexnews.hk) and the company's website (www.dowway-exh.com) for at least seven consecutive days from its publication date[8](index=8&type=chunk)

[Announcements and Company Information](index=1&type=section&id=Announcements%20and%20Company%20Information) This section provides official announcements and details about the company's profile and board of directors [Announcement Statement](index=1&type=section&id=Announcement%20Statement) GDS Holdings Limited released its unaudited Q2 2025 financial results and interim report, highlighting its dual-class share structure and potential risks - The company released its unaudited Q2 2025 financial results announcement and interim report[2](index=2&type=chunk)[3](index=3&type=chunk) - The company operates under a dual-class share structure, alerting investors to potential risks[1](index=1&type=chunk) [Company Profile and Board of Directors](index=1&type=section&id=Company%20Profile%20and%20Board%20of%20Directors) GDS Holdings Limited, registered in the Cayman Islands and operating in Hong Kong, lists its board members as of August 20, 2025 - The company, GDS Holdings Limited, is registered in the Cayman Islands, operates in Hong Kong, and has stock code 9698[2](index=2&type=chunk) - As of August 20, 2025, the Board of Directors includes Chairman Mr. William Wei Huang, Vice Chairman Mr. Sio Tat Hiang, and several other directors and independent directors[3](index=3&type=chunk) [Q2 2025 Performance Overview](index=3&type=section&id=Q2%202025%20Performance%20Overview) This section summarizes GDS Holdings' financial and operational performance for the second quarter of 2025, including management's insights [Q2 2025 Financial Highlights](index=3&type=section&id=Q2%202025%20Financial%20Highlights) In Q2 2025, GDS Holdings reported a 12.4% year-over-year net revenue increase, a significant reduction in net loss, and an 11.2% rise in adjusted EBITDA Q2 2025 Financial Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Net Revenue | 2,900.3 | 2,579.6 | 12.4% | | Net Loss | 70.6 | 231.8 | Decreased 70% | | Net Loss Margin | 2.4% | 9.0% | Decreased 6.6 percentage points | | Adjusted EBITDA | 1,371.8 | 1,233.2 | 11.2% | | Adjusted EBITDA Margin | 47.3% | 47.8% | Decreased 0.5 percentage points | [Q2 2025 Operational Highlights](index=3&type=section&id=Q2%202025%20Operational%20Highlights) As of June 30, 2025, GDS Holdings saw an 8.1% year-over-year increase in total committed and pre-committed area and a 14.1% rise in utilized area Q2 2025 Operational Metrics | Metric | June 30, 2025 (sqm) | June 30, 2024 (sqm) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Committed and Pre-committed Area | 663,959 | 614,094 | 8.1% | | Utilized Area | 479,186 | 419,976 | 14.1% | | Area in Service | 618,060 | 580,165 | 6.5% | | Utilization Rate | 77.5% | 72.4% | Increased 5.1 percentage points | [Management Commentary](index=3&type=section&id=Management%20Commentary) CEO William Huang highlighted robust operational and financial performance and the successful C-REIT IPO, while CFO Dan Newman noted revenue and adjusted EBITDA growth and USD 676 million in financing - CEO Mr. William Wei Huang stated that the company's rigorous execution drove solid performance and successfully completed the C-REIT IPO on the Shanghai Stock Exchange, preparing for new AI-driven business opportunities[9](index=9&type=chunk)[11](index=11&type=chunk) - CFO Mr. Dan Newman noted a 12.4% and 11.2% year-over-year increase in revenue and adjusted EBITDA, respectively, and raised **USD 676.5 million** through convertible preferred notes and equity financing, with the C-REIT platform enhancing financing flexibility[11](index=11&type=chunk) [Q2 2025 Financial Results for Continuing Operations](index=4&type=section&id=Q2%202025%20Financial%20Results%20for%20Continuing%20Operations) This section details GDS Holdings' financial performance for continuing operations in Q2 2025, covering revenue, costs, profitability, other income/expenses, net loss, and adjusted EBITDA [Revenue and Costs](index=4&type=section&id=Revenue%20and%20Costs) Q2 2025 net revenue grew 12.4% year-over-year to RMB 2,900.3 million due to data center expansion, with cost of revenue increasing 9.8% to RMB 2,211.4 million Revenue and Cost Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Net Revenue | 2,900.3 | 2,579.6 | 12.4% | | Cost of Revenue | 2,211.4 | 2,013.9 | 9.8% | [Profitability Metrics](index=4&type=section&id=Profitability%20Metrics) Q2 2025 gross profit increased 21.8% to RMB 688.9 million, with gross margin rising to 23.8%, while adjusted gross profit grew 14.0% to RMB 1,509.5 million, reaching an adjusted gross margin of 52.0% Profitability Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Gross Profit | 688.9 | 565.7 | 21.8% | | Gross Margin | 23.8% | 21.9% | Increased 1.9 percentage points | | Adjusted Gross Profit | 1,509.5 | 1,324.3 | 14.0% | | Adjusted Gross Margin | 52.0% | 51.3% | Increased 0.7 percentage points | [Other Income and Expenses](index=5&type=section&id=Other%20Income%20and%20Expenses) Q2 2025 sales and marketing expenses rose 47.9% to RMB 28.5 million, general and administrative expenses increased 46.6% to RMB 113.0 million, while net interest expense decreased 10.1% to RMB 405.0 million Other Income and Expenses Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Sales and Marketing Expenses (excluding share-based compensation) | 28.5 | 19.3 | Increased 47.9% | | General and Administrative Expenses (excluding share-based compensation, depreciation, amortization, etc.) | 113.0 | 77.1 | Increased 46.6% | | Research and Development Costs | 8.8 | 10.9 | Decreased 19.3% | | Net Interest Expense | 405.0 | 450.3 | Decreased 10.1% | | Foreign Currency Exchange Gain | 1.4 | 3.4 | Decreased 58.8% | | Other Income, Net | 9.2 | 7.2 | Increased 27.8% | | Income Tax Expense | 64.9 | 59.9 | Increased 8.3% | | Share of Results of Equity Method Investments | (25.9) | 0 | First-time Loss | [Net Loss and Earnings Per Share](index=5&type=section&id=Net%20Loss%20and%20Earnings%20Per%20Share) Q2 2025 net loss significantly narrowed to RMB 70.6 million from RMB 231.8 million year-over-year, with basic loss per ADS decreasing to RMB 0.46 Net Loss and EPS Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Loss | 70.6 | 231.8 | Decreased 70% | | Basic Loss Per Ordinary Share | 0.06 | 0.16 | Decreased 62.5% | | Basic Loss Per ADS | 0.46 | 1.30 | Decreased 64.6% | [Adjusted EBITDA](index=6&type=section&id=Adjusted%20EBITDA) Q2 2025 adjusted EBITDA increased 11.2% year-over-year to RMB 1,371.8 million, with the adjusted EBITDA margin slightly decreasing to 47.3% Adjusted EBITDA Summary | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Growth | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 1,371.8 | 1,233.2 | 11.2% | | Adjusted EBITDA Margin | 47.3% | 47.8% | Decreased 0.5 percentage points | [Liquidity and Operational Performance](index=6&type=section&id=Liquidity%20and%20Operational%20Performance) This section reviews GDS Holdings' liquidity position, including cash reserves and debt, alongside key sales and data center operational metrics [Liquidity](index=6&type=section&id=Liquidity) As of June 30, 2025, the company held RMB 13,123.8 million in cash, with total short-term debt at RMB 4,493.1 million and long-term debt at RMB 41,942.2 million, having secured RMB 4,451.0 million in new debt financing and USD 676.5 million from convertible notes and equity Liquidity Position | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Cash | 13,123.8 | 7,867.6 | | Total Short-term Debt | 4,493.1 | 4,977.8 | | Total Long-term Debt | 41,942.2 | 38,084.3 | - In Q2 2025, the company secured **RMB 4,451.0 million** in new debt financing and refinancing credit[18](index=18&type=chunk) - The company raised net cash proceeds of approximately **USD 534.9 million** from new convertible preferred notes and **USD 141.6 million** from new equity issuance, totaling **USD 676.5 million**[18](index=18&type=chunk) [Sales and Data Center Resources](index=7&type=section&id=Sales%20and%20Data%20Center%20Resources) At the end of Q2 2025, total committed and pre-committed area grew 8.1% year-over-year to 663,959 sqm, with area in service increasing 6.5% to 618,060 sqm, and committed rate for area in service at 91.5% Data Center Area Metrics | Metric | End of Q2 2025 (sqm) | End of Q2 2024 (sqm) | End of Q1 2025 (sqm) | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Committed and Pre-committed Area | 663,959 | 614,094 | 649,561 | 8.1% | 2.2% | | Area in Service | 618,060 | 580,165 | 610,685 | 6.5% | 1.2% | | Area Under Construction | 132,235 | 117,861 | 132,208 | 12.2% | Flat | Data Center Commitment Rates | Metric | End of Q2 2025 | End of Q2 2024 | End of Q1 2025 | | :--- | :--- | :--- | :--- | | Committed Rate for Area in Service | 91.5% | 92.3% | 90.9% | | Pre-committed Rate for Area Under Construction | 74.7% | 66.9% | 71.6% | - In Q2 2025, net increase in total committed area was **14,398 sqm**, primarily due to **8,343 sqm** of churn[19](index=19&type=chunk) [Move-in Status](index=7&type=section&id=Move-in%20Status) At the end of Q2 2025, utilized area increased 14.1% year-over-year to 479,186 sqm, with the utilization rate for area in service rising to 77.5% Utilized Area Metrics | Metric | End of Q2 2025 (sqm) | End of Q2 2024 (sqm) | End of Q1 2025 (sqm) | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | :--- | :--- | | Utilized Area | 479,186 | 419,976 | 462,423 | 14.1% | 3.6% | Utilization Rate for Area in Service | Metric | End of Q2 2025 | End of Q2 2024 | End of Q1 2025 | | :--- | :--- | :--- | :--- | | Utilization Rate for Area in Service | 77.5% | 72.4% | 75.7% | - In Q2 2025, net increase in utilized area was **16,763 sqm**, primarily due to **5,685 sqm** of churn[21](index=21&type=chunk) [Recent Developments and Business Outlook](index=8&type=section&id=Recent%20Developments%20and%20Business%20Outlook) This section covers the successful C-REIT IPO and the company's updated full-year 2025 guidance, reflecting strategic financial adjustments [C-REIT Initial Public Offering and Listing](index=8&type=section&id=C-REIT%20Initial%20Public%20Offering%20and%20Listing) GDS Holdings successfully completed the IPO and listing of its China REIT (C-REIT) on the Shanghai Stock Exchange, raising RMB 2.4 billion, with GDS subscribing to 20% and receiving RMB 2.073 billion in net proceeds - GDS Holdings successfully completed the IPO and listing of its C-REIT on the Shanghai Stock Exchange[23](index=23&type=chunk) - The C-REIT issued **800 million** units at an offering price of **RMB 3.00** per unit, raising a total of **RMB 2.4 billion**[23](index=23&type=chunk) - GDS Holdings subscribed to **20%** of the C-REIT units and is entitled to receive net cash proceeds of approximately **RMB 2.073 billion** after income tax[23](index=23&type=chunk)[24](index=24&type=chunk) - The C-REIT commenced trading on the Shanghai Stock Exchange on August 8, 2025, under fund code 508060[25](index=25&type=chunk) C-REIT Valuation Metrics | Metric | Amount | | :--- | :--- | | Implied EV/EBITDA (based on 2026 forecast EBITDA of RMB 141.8 million) | 16.9x | | Implied Dividend Yield Per Unit (based on 2026 forecast distributable cash flow of RMB 124.8 million) | 5.2% | [Full-Year 2025 Guidance](index=9&type=section&id=Full-Year%202025%20Guidance) The company maintains its 2025 total revenue and adjusted EBITDA guidance, while total capital expenditure is revised down to approximately RMB 2,700 million due to C-REIT proceeds Full-Year 2025 Guidance Summary | Metric | Full-Year 2025 Guidance (RMB million) | Change | | :--- | :--- | :--- | | Total Revenue | 11,290 - 11,590 | Unchanged | | Adjusted EBITDA | 5,190 - 5,390 | Unchanged | | Total Capital Expenditure (Investing Cash Flow) | approx. 2,700 | Revised down from approx. 4,300 | - The capital expenditure reduction is primarily due to net cash proceeds of approximately **RMB 1,600 million** reinvested from the C-REIT transaction[26](index=26&type=chunk) [Supplementary Information](index=9&type=section&id=Supplementary%20Information) This section provides details on the upcoming conference call, non-GAAP disclosures, exchange rate information, preliminary financial data statement, company overview, safe harbor statement, and investor contacts [Conference Call](index=9&type=section&id=Conference%20Call) Management will host a conference call on August 20, 2025, at 8:00 AM EDT to discuss financial results and address investor and analyst questions - The conference call will be held on August 20, 2025, at 8:00 AM U.S. Eastern Time[28](index=28&type=chunk) - A live webcast and replay of the conference call will be available on the company's investor relations website[29](index=29&type=chunk) [Non-GAAP Disclosure](index=10&type=section&id=Non-GAAP%20Disclosure) The company uses non-GAAP financial measures like adjusted EBITDA and adjusted gross profit to assess operational performance, acknowledging their limitations and supplementary nature to GAAP metrics - The company uses non-GAAP metrics such as adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, and adjusted gross margin to evaluate operating performance[30](index=30&type=chunk) - Non-GAAP metrics exclude items related to capital structure, asset-based expenses, non-cash expenditures, and other income and expenses not reflective of operating performance[30](index=30&type=chunk) - The company believes gross profit does not accurately reflect core operating performance due to high upfront depreciation and amortization costs for new data centers[31](index=31&type=chunk) - Non-GAAP metrics are not defined by U.S. GAAP, have limitations, and should not be considered in isolation or as a substitute for GAAP measures[31](index=31&type=chunk)[32](index=32&type=chunk) [Exchange Rate Information](index=11&type=section&id=Exchange%20Rate%20Information) For reader convenience, RMB amounts in the announcement are converted to USD using the Federal Reserve H.10 statistical release noon buying rate of RMB 7.1636 to USD 1.00, effective June 30, 2025 - RMB to USD exchange rate is converted at **RMB 7.1636 to USD 1.00**, based on the Federal Reserve H.10 statistical release effective June 30, 2025[34](index=34&type=chunk) [Preliminary Unaudited Financial Information Statement](index=11&type=section&id=Preliminary%20Unaudited%20Financial%20Information%20Statement) The unaudited financial information contained in the announcement is preliminary and may be subject to adjustments during the year-end audit, potentially leading to material differences - The unaudited financial information in this announcement is preliminary and may be adjusted during the year-end audit, potentially resulting in material differences[35](index=35&type=chunk) [Company Overview](index=12&type=section&id=Company%20Overview) GDS Holdings Limited is a leading high-performance data center developer and operator in mainland China, offering colocation and value-added services to a diverse client base, and holds a 35.6% minority interest in DayOne Data Centers Limited - GDS Holdings is a leading developer and operator of high-performance data centers in mainland China[36](index=36&type=chunk) - The company provides colocation and a range of value-added services, including managed hybrid cloud services, managed network services, and resale of public cloud services[36](index=36&type=chunk) - Key client segments include hyperscale cloud service providers, large internet companies, financial institutions, and telecommunications carriers[36](index=36&type=chunk) - The company holds a **35.6%** minority interest in DayOne Data Centers Limited, which develops and operates data centers in international markets[36](index=36&type=chunk) [Safe Harbor Statement](index=12&type=section&id=Safe%20Harbor%20Statement) The announcement contains forward-looking statements subject to inherent risks and uncertainties that could cause actual results to differ materially, with no obligation to update unless required by law - The announcement contains forward-looking statements subject to inherent risks and uncertainties[37](index=37&type=chunk) - Numerous factors could cause actual results to differ materially from forward-looking statements, including business growth, market demand, changes in the regulatory environment, and industry competition[37](index=37&type=chunk)[38](index=38&type=chunk) - The company undertakes no obligation to update any forward-looking statements unless required by applicable law[38](index=38&type=chunk) [Investor and Media Contacts](index=13&type=section&id=Investor%20and%20Media%20Contacts) Contact information for GDS Holdings Limited and Piacente Financial Communications is provided for investor and media inquiries - Investors and media can contact Laura Chen at GDS Holdings Limited or Ross Warner and Brandi Piacente at Piacente Financial Communications[39](index=39&type=chunk)[40](index=40&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=15&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including the balance sheet, income statement, comprehensive income statement, and cash flow statement [Balance Sheet](index=15&type=section&id=Balance%20Sheet) As of June 30, 2025, total assets increased to RMB 79,199,055 thousand, driven by a significant rise in cash, while total liabilities grew to RMB 53,607,981 thousand, primarily due to an increase in non-current convertible bonds payable Consolidated Balance Sheet Summary | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 79,199,055 | 73,648,628 | Increased 7.5% | | Cash | 13,123,751 | 7,867,659 | Increased 66.8% | | Property and Equipment, Net | 39,483,401 | 40,204,133 | Decreased 1.8% | | Total Liabilities | 53,607,981 | 49,979,995 | Increased 7.3% | | Convertible Bonds Payable, Non-current | 12,344,675 | 8,576,583 | Increased 43.9% | | Total Shareholders' Equity | 24,515,047 | 22,587,977 | Increased 8.5% | [Income Statement](index=16&type=section&id=Income%20Statement) For the three months ended June 30, 2025, total net revenue was RMB 2,900,288 thousand, gross profit was RMB 688,926 thousand, and net loss from continuing operations was RMB 70,584 thousand Consolidated Income Statement Summary | Metric | Q2 2025 (RMB thousands) | Q2 2024 (RMB thousands) | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Total Net Revenue | 2,900,288 | 2,579,594 | 5,623,446 | 5,011,828 | | Gross Profit | 688,926 | 565,726 | 1,333,751 | 1,086,929 | | Net (Loss) Income from Continuing Operations | (70,584) | (172,845) | 693,490 | (445,357) | | Net (Loss) Income Attributable to Ordinary Shareholders of GDS Holdings Limited | (85,921) | (239,218) | 663,645 | (598,503) | | Basic Loss Per Ordinary Share (Q2) | (0.06) | (0.16) | | | | Basic Earnings Per Ordinary Share (H1) | | | 0.44 | (0.41) | [Statement of Comprehensive (Loss) Income](index=18&type=section&id=Statement%20of%20Comprehensive%20(Loss)%20Income) For the three months ended June 30, 2025, net loss was RMB 70,584 thousand, with comprehensive income totaling RMB 64,045 thousand, and comprehensive income attributable to GDS Holdings Limited shareholders at RMB 61,902 thousand Consolidated Statement of Comprehensive (Loss) Income Summary | Metric | Q2 2025 (RMB thousands) | Q2 2024 (RMB thousands) | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Net (Loss) Income | (70,584) | (231,768) | 693,490 | (576,699) | | Comprehensive (Loss) Income | 64,045 | (248,102) | 841,159 | (649,058) | | Comprehensive (Loss) Income Attributable to Shareholders of GDS Holdings Limited | 61,902 | (244,877) | 837,855 | (645,930) | [Cash Flow Statement](index=19&type=section&id=Cash%20Flow%20Statement) For the three months ended June 30, 2025, net cash provided by operating activities was RMB 865,123 thousand, net cash used in investing activities was RMB 364,526 thousand, and net cash provided by financing activities was RMB 5,144,746 thousand, increasing cash and restricted cash to RMB 13,321,389 thousand at period-end Consolidated Cash Flow Statement Summary | Metric | Q2 2025 (RMB thousands) | Q2 2024 (RMB thousands) | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | 865,123 | 492,517 | 1,645,195 | 367,545 | | Net Cash Used in Investing Activities | (364,526) | (491,929) | (1,733,939) | (2,496,311) | | Net Cash Provided by Financing Activities | 5,144,746 | 2,255,305 | 5,419,778 | 4,286,549 | | Cash and Restricted Cash at End of Period | 13,321,389 | 10,096,689 | 13,321,389 | 10,096,689 | [GAAP to IFRS Reconciliation](index=20&type=section&id=GAAP%20to%20IFRS%20Reconciliation) This section provides a reconciliation of GDS Holdings' unaudited condensed consolidated financial information between U.S. GAAP and IFRS, with limited assurance by KPMG [Reconciliation Overview](index=22&type=section&id=Reconciliation%20Overview) GDS Holdings' unaudited interim condensed consolidated financial information is prepared under U.S. GAAP, with a reconciliation provided for significant differences with IFRS, subject to limited assurance by KPMG - The company's financial information is prepared under U.S. GAAP, and a reconciliation with IFRS is provided[56](index=56&type=chunk)[57](index=57&type=chunk) - KPMG conducted limited assurance work on the reconciliation table but did not express an audit opinion or review conclusion[58](index=58&type=chunk)[60](index=60&type=chunk) [Consolidated Income Statement Reconciliation](index=24&type=section&id=Consolidated%20Income%20Statement%20Reconciliation) This report reconciles consolidated income statement data between U.S. GAAP and IFRS for the six months ended June 30, 2024 and 2025, illustrating the impact of leases, convertible bonds, redeemable preferred shares, and long-lived asset impairment on net loss - The income statement reconciliation shows that for H1 2025, net (loss) income from continuing operations was **(RMB 140,747 thousand)** under IFRS, compared to **RMB 693,490 thousand** under U.S. GAAP[64](index=64&type=chunk) - Items such as leases, convertible bonds, redeemable preferred shares, and impairment of long-lived assets are primary drivers of differences between U.S. GAAP and IFRS income statement data[62](index=62&type=chunk)[64](index=64&type=chunk) [Consolidated Balance Sheet Reconciliation](index=26&type=section&id=Consolidated%20Balance%20Sheet%20Reconciliation) This report reconciles consolidated balance sheet data between U.S. GAAP and IFRS as of December 31, 2024, and June 30, 2025, detailing the impact of leases, convertible bonds, redeemable preferred shares, long-lived asset impairment, deconsolidation of subsidiaries, and assets held for sale on assets, liabilities, and equity - The balance sheet reconciliation shows that as of June 30, 2025, total assets were **RMB 77,898,794 thousand** under IFRS, compared to **RMB 79,199,055 thousand** under U.S. GAAP[68](index=68&type=chunk) - Differences in lease accounting treatment lead to significant adjustments for operating lease right-of-use assets and liabilities[66](index=66&type=chunk)[68](index=68&type=chunk) - Differences in classification and measurement of convertible bonds and redeemable preferred shares under U.S. GAAP and IFRS significantly impact liabilities and equity[66](index=66&type=chunk)[68](index=68&type=chunk) [Reconciliation Notes](index=28&type=section&id=Reconciliation%20Notes) This section details the accounting treatment differences between U.S. GAAP and IFRS for leases, convertible bonds, redeemable preferred shares, long-lived asset impairment, deconsolidation of subsidiaries, assets held for sale, and equity method investments [Leases](index=28&type=section&id=Leases) U.S. GAAP uses a dual-classification model for leases, while IFRS classifies all leases as finance leases, leading to "front-loaded" expenses - U.S. GAAP adopts a dual-classification for lessees (finance and operating leases), with operating lease costs recognized on a straight-line basis[69](index=69&type=chunk) - IFRS classifies all leases as finance leases, with right-of-use assets amortized and lease liability interest recognized using the effective interest method, typically resulting in "front-loaded" expenses[69](index=69&type=chunk) [Convertible Bonds Due 2029 and 2030](index=28&type=section&id=Convertible%20Bonds%20Due%202029%20and%202030) U.S. GAAP classifies these convertible bonds as liabilities measured at amortized cost, whereas IFRS separates them into liability and equity components - U.S. GAAP classifies convertible bonds due 2029 and 2030 as liabilities measured at amortized cost[69](index=69&type=chunk) - IFRS classifies them into liability and equity components, with the liability component measured at the present value of a similar non-convertible bond and the equity component as the residual value, with the liability component subsequently measured at amortized cost[69](index=69&type=chunk) [Convertible Bonds Due 2032](index=28&type=section&id=Convertible%20Bonds%20Due%202032) U.S. GAAP classifies convertible bonds due 2032 as liabilities at amortized cost, while IFRS separates them into derivative and non-derivative liability components - U.S. GAAP classifies convertible bonds due 2032 as liabilities measured at amortized cost[69](index=69&type=chunk) - IFRS classifies them into derivative and non-derivative liability components, with the derivative component measured at fair value with changes recognized in profit or loss, and the non-derivative liability component measured at amortized cost[70](index=70&type=chunk) [Company's Redeemable Preferred Shares](index=29&type=section&id=Company's%20Redeemable%20Preferred%20Shares) U.S. GAAP classifies the company's redeemable preferred shares as mezzanine equity, adjusted to redemption value, while IFRS separates them into derivative, non-derivative liability, and equity components - U.S. GAAP classifies the company's redeemable preferred shares as mezzanine equity, adjusted to redemption value using the effective interest method[72](index=72&type=chunk) - IFRS classifies them into derivative, non-derivative liability, and equity components, with each component measured using different methods[72](index=72&type=chunk) [DayOne Data Centers Limited's Redeemable Preferred Shares](index=29&type=section&id=DayOne%20Data%20Centers%20Limited's%20Redeemable%20Preferred%20Shares) U.S. GAAP classifies DayOne's Series A preferred shares as mezzanine equity, while IFRS separates them into liability and equity components, with differences reflected in deconsolidation gains - U.S. GAAP classifies DayOne's Series A preferred shares as mezzanine equity, initially measured at fair value[72](index=72&type=chunk) - IFRS separates them into liability and equity components, with the liability component measured at redemption value and the equity component as the residual amount[73](index=73&type=chunk) - Upon deconsolidation of DayOne, the difference between the U.S. GAAP mezzanine equity carrying amount and IFRS liability is reflected in the gain on deconsolidation of subsidiaries[73](index=73&type=chunk) [Other Redeemable Non-Controlling Interests](index=30&type=section&id=Other%20Redeemable%20Non-Controlling%20Interests) U.S. GAAP classifies redeemable non-controlling interests as mezzanine equity, while IFRS presents them as liabilities measured at fair value with changes recognized in profit or loss - U.S. GAAP classifies redeemable non-controlling interests as mezzanine equity, with subsequent measurement depending on the likelihood of redemption[75](index=75&type=chunk) - IFRS presents them as liabilities measured at fair value, with changes in fair value recognized in profit or loss[75](index=75&type=chunk) [Impairment of Long-Lived Assets](index=30&type=section&id=Impairment%20of%20Long-Lived%20Assets) U.S. GAAP uses a two-step approach for impairment and prohibits reversals, whereas IFRS uses a one-step approach and allows reversals under specific conditions - U.S. GAAP employs a two-step approach to measure and recognize impairment losses for long-lived assets, prohibiting subsequent reversals[75](index=75&type=chunk) - IFRS uses a one-step approach and permits reversals of impairment losses under specific circumstances[76](index=76&type=chunk) [Deconsolidation of Subsidiaries](index=30&type=section&id=Deconsolidation%20of%20Subsidiaries) Both U.S. GAAP and IFRS allocate goodwill based on relative fair value during restructuring or sale, with differences in goodwill balances and reporting unit fair values leading to allocation discrepancies - Both U.S. GAAP and IFRS allocate goodwill based on relative fair value during business restructuring or sale[76](index=76&type=chunk) - Differences in goodwill balances and the relative fair value of reporting units lead to discrepancies in goodwill allocation and gains on deconsolidation of subsidiaries[76](index=76&type=chunk) [Assets Held for Sale](index=31&type=section&id=Assets%20Held%20for%20Sale) Both U.S. GAAP and IFRS classify non-current assets and disposal groups as held for sale if specific criteria are met, with differences in goodwill allocation impacting asset balances - Both U.S. GAAP and IFRS classify non-current assets and disposal groups as held for sale if specific criteria are met[78](index=78&type=chunk) - Differences in goodwill balances and the relative fair value of reporting units lead to discrepancies in goodwill allocation and assets held for sale balances[78](index=78&type=chunk) [Equity Method Investments](index=31&type=section&id=Equity%20Method%20Investments) Both U.S. GAAP and IFRS use the equity method for investments with significant influence but no control, with performance differences arising from varying accounting treatments for leases and long-lived asset impairment - Both U.S. GAAP and IFRS apply the equity method for investments with significant influence but no control[78](index=78&type=chunk) - Differences in investee performance result from varying accounting treatments for transactions like leases and long-lived asset impairment under the two sets of standards[78](index=78&type=chunk) [Dual-Class Share Structure](index=32&type=section&id=Dual-Class%20Share%20Structure) GDS Holdings operates with a dual-class share structure, granting Mr. William Wei Huang enhanced voting rights and board nomination power, which may terminate under specific conditions - The company operates under a dual-class share structure, with share capital comprising Class A and Class B ordinary shares[80](index=80&type=chunk) - Class B ordinary shares carry **20 votes per share** on certain matters, with Mr. William Wei Huang as the beneficiary[80](index=80&type=chunk) - Class B ordinary shares are automatically convertible into Class A ordinary shares under specific circumstances (e.g., if Mr. Huang's shareholding falls below a minimum threshold or due to changes in PRC law), leading to the termination of the dual-class share structure[81](index=81&type=chunk)[82](index=82&type=chunk) - Mr. Huang has the right to nominate five directors, including himself, as long as he holds at least the minimum shareholding percentage of **2.75%**[82](index=82&type=chunk)[84](index=84&type=chunk)

```python import urllib.parse import re def generate_report_outline(outline_data): """ Generates a clear and professionally structured report outline in Markdown format based on the provided outline content. """ markdown_output = [] --- Translation Maps --- Map for chapter/section titles title_translation_map = { "公司信息与免责声明": "Company Information and Disclaimer", "公司概览": "Company Overview", "GEM市场特色与免责声明": "GEM Market Characteristics and Disclaimer", "简明综合财务报表": "Condensed Consolidated Financial Statements", "简明综合损益及其他全面收益表": "Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income", "简明综合财务状况报表": "Condensed Consolidated Statement of Financial Position", "简明综合权益变动表": "Condensed Consolidated Statement of Changes in Equity", "简明综合现金流量表": "Condensed Consolidated Statement of Cash Flows", "简明综合财务报表附注": "Notes to the Condensed Consolidated Financial Statements", "一般资料与会计政策": "General Information and Accounting Policies", "经营分部信息": "Operating Segment Information", "分部收益及业绩": "Segment Revenue and Results", "分部资产及负债": "Segment Assets and Liabilities", "财务费用": "Finance Costs", "除税前溢利/(亏损)": "Profit/(Loss) Before Tax", "所得税开支/(抵免)": "Income Tax Expense/(Credit)", "每股盈利/(亏损)": "Earnings/(Loss) Per Share", "股息": "Dividends", "应收贷款及利息": "Loans and Interest Receivables", "应收账款": "Trade Receivables", "应付账款": "Trade Payables", "股本": "Share Capital", "资本承担": "Capital Commitments", "关连方交易": "Related Party Transactions", "管理层讨论与分析": "Management Discussion and Analysis", "业务回顾": "Business Review", "证券经纪业务": "Securities Brokerage Business", "放债业务": "Money Lending Business", "证券投资业务": "Securities Investment Business", "物業投資業務": "Property Investment Business", "财务回顾": "Financial Review", "展望": "Outlook", "流动资金、财务资源及资本结构": "Liquidity, Financial Resources and Capital Structure", "重大收购及出售事项": "Material Acquisitions and Disposals", "僱員及薪酬政策": "Employees and Remuneration Policy", "资产抵押": "Pledge of Assets", "或然负债": "Contingent Liabilities", "外匯風險": "Foreign Exchange Risk", "其他信息": "Other Information", "董事及主要行政人員於股份、相關股份及債券之權益及淡倉": "Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures", "主要股東於股份及相關股份之權益及淡倉": "Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares", "購股權": "Share Options", "董事購買股份或債券之權利": "Directors' Rights to Acquire Shares or Debentures", "董事於競爭業務之權益": "Directors' Interests in Competing Business", "購買、出售或贖回本公司之上市證券": "Purchase, Sale or Redemption of the Company's Listed Securities", "董事進行證券交易之行為守則": "Code of Conduct for Securities Transactions by Directors", "企業管治常規及程序": "Corporate Governance Practices and Procedures", "董事資料變更": "Changes in Directors' Information", "審核委員會": "Audit Committee", "董事會組成及報告刊發": "Board Composition and Report Publication" } Map for table titles table_title_map = { "简明综合损益及其他全面收益表关键数据": "Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income", "简明综合财务状况报表关键数据": "Key Data from Condensed Consolidated Statement of Financial Position", "简明综合权益变动表关键数据": "Key Data from Condensed Consolidated Statement of Changes in Equity", "简明综合现金流量表关键数据": "Key Data from Condensed Consolidated Statement of Cash Flows", "分部收益及溢利/(亏损)对比": "Segment Revenue and Profit/(Loss) Comparison", "分部资产及负债对比": "Segment Assets and Liabilities Comparison", "财务费用明细": "Finance Costs Details", "除税前溢利/(亏损)影响因素": "Factors Affecting Profit/(Loss) Before Tax", "所得税开支/(抵免)": "Income Tax Expense/(Credit)", "每股盈利/(亏损)数据": "Earnings/(Loss) Per Share Data", "应收贷款及利息明细": "Loans and Interest Receivables Details", "应收账款明细": "Trade Receivables Details", "应付账款明细": "Trade Payables Details", "股本结构": "Share Capital Structure", "证券经纪业务收益细分": "Securities Brokerage Business Revenue Breakdown", "放债业务贷款细分": "Money Lending Business Loan Breakdown", "财务表现对比": "Financial Performance Comparison", "流动资金及债务情况": "Liquidity and Debt Situation", "僱員及薪酬数据": "Employees and Remuneration Data", "主要股东持股情况": "Substantial Shareholder Holdings" } Map for summary translations (to ensure conciseness and specific phrasing) summary_translation_map = { "本报告为树熊金融集团有限公司（股份代号：8226）于开曼群岛注册成立的有限公司的2025年中期报告。": "This report is the 2025 interim report for Koala Financial Group Limited (Stock Code: 8226), a company incorporated in the Cayman Islands", "本章节阐述了香港联交所GEM市场的特点，强调其为中小型公司提供上市平台，但伴随较高投资风险和市场波动性。同时，明确了香港交易及结算所有限公司和联交所对本报告内容的免责声明，并重申了公司董事对报告准确性、完整性及无误导性的共同及个别责任。": "This section outlines the characteristics of the HKEX GEM market, highlighting its role as a listing platform for SMEs with higher investment risks and market volatility, alongside disclaimers from HKEX and the Stock Exchange, and reaffirmation of Directors' responsibility for report accuracy", "截至2025年6月30日止六个月，本集团实现总收益11,712千港元，同比增长4.87%。期内溢利及全面收益总额为6,794千港元，较去年同期的亏损19,367千港元显著改善，主要得益于证券投资的已变现及未变现收益转亏为盈。": "The Group's total revenue increased, achieving a profit of **HKD 6,794 thousand**, a significant turnaround from the prior year's loss, driven by investment gains", "截至2025年6月30日，本集团总资产减流动负债为381,847千港元，较2024年12月31日的375,236千港元有所增长。流动资产净值增加至323,875千港元，主要得益于按公允价值计入损益之金融资产的增长。": "As of June 30, 2025, the Group's total assets less current liabilities increased to **HKD 381,847 thousand**, with net current assets rising to **HKD 323,875 thousand**, primarily due to growth in financial assets at fair value through profit or loss", "截至2025年6月30日止六个月，本公司拥有人应占总权益从2025年1月1日的371,487千港元增至378,281千港元，主要由于期内录得溢利6,794千港元。": "For the six months ended June 30, 2025, total equity attributable to owners increased from **HKD 371,487 thousand** to **HKD 378,281 thousand**, mainly due to the **HKD 6,794 thousand** profit recorded during the period", "截至2025年6月30日止六个月，本集团现金及现金等值项目减少净额为4,508千港元，较去年同期25,850千港元的减少显著收窄。经营活动所用现金净额大幅减少，显示经营效率有所改善。": "For the six months ended June 30, 2025, the Group's net decrease in cash and cash equivalents significantly narrowed to **HKD 4,508 thousand**, with a substantial reduction in net cash used in operating activities, indicating improved operational efficiency", "本集团主要从事投资控股业务，其主要附属公司业务涵盖证券投资、金融服务、投资物业租赁、放债及资产管理。简明综合财务报表根据香港会计准则第34号及GEM上市规则编制，采用历史成本基准，并已采纳新订/经修订香港财务报告准则，但无重大影响。": "The Group primarily engages in investment holding, with subsidiaries covering securities investment, financial services, property leasing, money lending, and asset management, preparing financial statements under HKAS 34 and GEM Listing Rules, adopting new HFRSs with no material impact", "本集团的经营分部包括证券投资、提供金融服务、租賃投資物業、放債業務和提供資產管理服務。截至2025年6月30日止六个月，提供金融服务和放债业务是主要的收益来源，且证券投资分部已从亏损转为盈利。": "The Group's operating segments include securities investment, financial services, property leasing, money lending, and asset management, with financial services and money lending as primary revenue sources, and securities investment turning profitable", "截至2025年6月30日止六个月，提供金融服务分部收益最高，达7,789千港元，同比增长12.56%。证券投资分部业绩由亏损7,351千港元转为溢利2,564千港元，是集团整体盈利改善的主要驱动力。": "For the six months ended June 30, 2025, the financial services segment achieved the highest revenue of **HKD 7,789 thousand**, while the securities investment segment turned from a loss of **HKD 7,351 thousand** to a profit of **HKD 2,564 thousand**, driving overall Group profitability improvement", "截至2025年6月30日，本集团分部资产总额为365,741千港元，较2024年12月31日增长约4%。提供金融服务分部资产占比最大，证券投资分部资产显著增长。": "As of June 30, 2025, the Group's total segment assets increased by approximately **4%** to **HKD 365,741 thousand**, with financial services holding the largest share and securities investment assets growing significantly", "截至2025年6月30日止六个月，本集团财务费用为80千港元，较去年同期的130千港元有所下降，主要由于租賃負債利息减少。": "For the six months ended June 30, 2025, the Group's finance costs decreased to **HKD 80 thousand** from **HKD 130 thousand** in the prior year, primarily due to reduced interest on lease liabilities", "截至2025年6月30日止六个月，本集团实现除税前溢利7,640千港元，而去年同期为亏损23,194千港元，主要得益于减值亏损的大幅减少。": "For the six months ended June 30, 2025, the Group achieved a profit before tax of **HKD 7,640 thousand**, a significant turnaround from the prior year's loss of **HKD 23,194 thousand**, mainly due to a substantial reduction in impairment losses", "截至2025年6月30日止六个月，本集团录得香港利得税开支846千港元，而去年同期为抵免3,827千港元。税率根据香港利得税两级制计算。": "For the six months ended June 30, 2025, the Group recorded Hong Kong profits tax expense of **HKD 846 thousand**, compared to a credit of **HKD 3,827 thousand** in the prior year, with tax rates calculated under the two-tiered regime", "截至2025年6月30日止六个月，本集团每股基本盈利为1.63港仙，较去年同期每股亏损4.44港仙显著改善。由于无潜在摊薄普通股，每股摊薄盈利与基本盈利相同。": "For the six months ended June 30, 2025, the Group's basic earnings per share significantly improved to **1.63 HK cents** from a loss of **4.44 HK cents** in the prior year, with diluted earnings per share being the same due to no potential dilutive ordinary shares", "董事会不建议派付截至2025年6月30日止六个月的中期股息，与去年同期保持一致。": "The Board does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior year", "截至2025年6月30日，应收贷款及利息总额为63,082千港元，较2024年12月31日的63,259千港元略有下降。亏损拨备有所减少。": "As of June 30, 2025, total loans and interest receivables slightly decreased to **HKD 63,082 thousand**, with a reduction in loss allowance, indicating improved credit quality", "截至2025年6月30日，应收账款总额为129,866千港元，较2024年12月31日的135,695千港元有所下降。主要由结算所、经纪及现金客户以及保证金客户的应收账款组成，且均无逾期或减值。": "As of June 30, 2025, total trade receivables decreased to **HKD 129,866 thousand**, primarily comprising amounts from clearing houses, brokers, cash clients, and margin clients, all of which were neither overdue nor impaired", "截至2025年6月30日，应付账款主要为应付结算所、经纪及现金客户的账款，总额为21,791千港元，较2024年12月31日的21,332千港元略有增加。所有应付账款均已于期后结清。": "As of June 30, 2025, total trade payables, mainly to clearing houses, brokers, and cash clients, slightly increased to **HKD 21,791 thousand**, with all amounts settled subsequent to the period-end", "截至2025年6月30日，本公司法定股本为1,000,000千股，金额200,000千港元。已发行及缴足股本为417,504千股，金额83,501千港元，与2024年12月31日保持不变。": "As of June 30, 2025, the Company's authorized share capital was **1,000,000 thousand shares** (**HKD 200,000 thousand**), with issued and fully paid share capital of **417,504 thousand shares** (**HKD 83,501 thousand**), unchanged from December 31, 2024", "截至2025年6月30日及2024年12月31日，本集团均无任何重大资本承担。": "The Group had no material capital commitments as of June 30, 2025, and December 31, 2024", "截至2025年6月30日止六个月，本集团未与关连方进行任何交易。": "The Group did not engage in any related party transactions for the six months ended June 30, 2025", "本集团业务主要由证券经纪、放债、证券投资及物业投资四大分部组成。期内，证券经纪业务收益增长，放债业务收益略降但无呆坏账，证券投资业务实现公允价值收益，物业投资业务租金收入稳定。": "The Group's business comprises securities brokerage, money lending, securities investment, and property investment, with brokerage revenue growth, stable money lending with no bad debts, fair value gains in securities investment, and stable property rental income", "本集团通过树熊证券有限公司开展证券经纪业务，提供经纪服务、保证金及短期首次公开招股融资以及配售及包销服务。期内，该分部收益约7,800千港元，同比增长13%，占集团总收益的66.5%。": "The Group's securities brokerage business, operated via Koala Securities Limited, provides brokerage, margin, IPO financing, and placing/underwriting services, generating approximately **HKD 7,800 thousand** in revenue, a **13%** increase, accounting for **66.5%** of total Group revenue", "本集团通过杰诚财务有限公司开展放债业务，提供个人贷款和企业贷款。期内，贷款利息收入约3,700千港元，同比下降7.5%，占集团总收益的31.3%。报告期内未录得呆坏账。": "The Group's money lending business, operated via Jiecheng Finance Limited, provides personal and corporate loans, with interest income of approximately **HKD 3,700 thousand**, a **7.5%** decrease, representing **31.3%** of total Group revenue, with no bad debts recorded", "本集团从事短期上市证券投资，旨在为可动用资金创造额外回报。期内，录得上市股股权投资公允价值变动收益约2,500千港元，扭转了去年同期亏损约4,200千港元的局面。": "The Group engages in short-term listed securities investment for additional returns, recording fair value gains of approximately **HKD 2,500 thousand** from listed equity investments, reversing a prior year loss of approximately **HKD 4,200 thousand**", "本集团在香港收购商业物业进行投资，以获取经常性租金收入。期内租金收入约300千港元，与去年同期持平，占集团总收益的2.2%。董事会正积极物色更多商业、零售及工业物业以多元化投资组合。": "The Group invests in Hong Kong commercial properties for recurring rental income, which remained stable at approximately **HKD 300 thousand**, representing **2.2%** of total Group revenue, with the Board actively seeking to diversify its property portfolio to include retail and industrial properties", "截至2025年6月30日止六个月，本集团收益轻微增加至11,700千港元，主要受保證金融資业务利息收入上升驱动。集团成功扭转去年同期的净亏损，实现净溢利6,800千港元，主要得益于证券投资公允价值变动及已变现收益转亏为盈，以及减值亏损的大幅减少。": "For the six months ended June 30, 2025, the Group's revenue slightly increased to **HKD 11,700 thousand**, driven by margin financing, achieving a net profit of **HKD 6,800 thousand**, a turnaround from prior year's net loss, primarily due to securities investment gains and reduced impairment losses", "董事会计划继续发展现有业务，积极探索新业务领域和投资机会。同时，将严格控制风险、强化内部管理、整合资源并制定谨慎的投资策略，以期为股东带来更佳回报。": "The Board plans to continue developing existing businesses, actively exploring new areas and investment opportunities, while strictly controlling risks, strengthening internal management, integrating resources, and formulating prudent investment strategies for enhanced shareholder returns", "截至2025年6月30日，本集团现金及银行结余为76,400千港元，略低于2024年12月31日的80,900千港元。总债务减少，负债资产比率降至0.7%，显示财务结构稳健。": "As of June 30, 2025, the Group's cash and bank balances were **HKD 76,400 thousand**, slightly lower than December 31, 2024, with total debt decreasing and the debt-to-asset ratio falling to **0.7%**, indicating a robust financial structure", "截至2025年6月30日止六个月期间，本集团并无任何须根据GEM上市规则披露的重大收购或出售事项。": "The Group had no material acquisitions or disposals requiring disclosure under the GEM Listing Rules for the six months ended June 30, 2025", "截至2025年6月30日，本集团有18名僱员，员工成本约3,700千港元，较去年同期有所增加。集团致力于提供具竞争力的薪酬待遇，并根据员工表现、学历、经验及市场状况进行调整，同时提供酌情花红、购股权及持续培训。": "As of June 30, 2025, the Group had **18 employees** with staff costs of approximately **HKD 3,700 thousand**, an increase from the prior year, offering competitive remuneration based on performance, qualifications, experience, and market conditions, along with discretionary bonuses, share options, and continuous training", "截至2025年6月30日及2024年12月31日，本集团并无任何重大资产抵押。": "The Group had no material pledge of assets as of June 30, 2025, and December 31, 2024", "截至2025年6月30日及2024年12月31日，本集团并无任何重大或然负债。": "The Group had no material contingent liabilities as of June 30, 2025, and December 31, 2024", "本集团交易主要以港元计值，董事会认为本集团不面临任何外汇风险。": "The Group's transactions are primarily denominated in HKD, and the Board believes the Group does not face any foreign exchange risk", "截至2025年6月30日，各董事或本公司主要行政人员于本公司或其任何相联法团的任何股份或债券中概无拥有权益或淡仓。": "As of June 30, 2025, no Director or chief executive had any interests or short positions in the shares or debentures of the Company or any associated corporation", "截至2025年6月30日，黄嘉文女士为本公司的主要股东，持有79,600,089股普通股份，占已发行股本的19.07%。除此以外，无其他人士知会本公司持有重大权益或淡仓。": "As of June 30, 2025, Ms. Wong Ka Man was a substantial shareholder, holding **79,600,089 ordinary shares**, representing **19.07%** of the issued share capital, with no other significant interests or short positions notified to the Company", "截至2025年6月30日及2024年12月31日，本集团概无购股权计划。": "The Group had no share option scheme as of June 30, 2025, and December 31, 2024", "本公司在期内任何时间概无授权任何董事或主要行政人员或其各自配偶或未满18岁子女通过收购本公司股份或债券获利，亦无行使相关权利。本公司或其附属公司亦无订立任何安排，致使董事通过收购股份或债券拥有该等权利或利益。": "The Company did not authorize any Director or chief executive or their associates to profit from acquiring Company shares or debentures, nor were any such rights exercised, and no arrangements were made for Directors to hold such rights or interests", "本公司董事或管理层股东概无于与本集团业务构成或可能构成竞争的业务中拥有任何权益。": "No Director or controlling shareholder had any interests in businesses that compete or are likely to compete with the Group's business", "本公司及其任何附属公司概无于期内购买、出售或赎回本公司的任何上市证券。": "Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period", "本公司已采纳一套不逊于GEM上市规则要求的董事证券交易操守守则。经查询，所有董事在报告期内均已遵守该守则。": "The Company adopted a code of conduct for Directors' securities transactions, no less exacting than GEM Listing Rules, and all Directors complied with it during the reporting period", "本公司在截至2025年6月30日止六个月期间内，一直遵守GEM上市规则附录C1所载的企业管治常規守则。": "The Company complied with the Corporate Governance Code in Appendix C1 to the GEM Listing Rules throughout the six months ended June 30, 2025", "自2024年年报日期后，本公司未获悉任何须根据GEM上市规则第17.50A(1)条披露的董事资料变动。": "No changes in Directors' information requiring disclosure under GEM Listing Rule 17.50A(1) have been notified since the 2024 annual report date", "本公司审核委员会由独立非执行董事组成，已审阅本集团截至2025年6月30日止六个月的未经审核业绩，并认为财务报表符合适用会计准则并已作出适当披露。": "The Audit Committee, comprising independent non-executive Directors, reviewed the Group's unaudited results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards and proper disclosure", "截至报告日期，董事会由六名董事组成，包括两名执行董事、一名非执行董事及三名独立非执行董事。本报告将刊载于香港交易所网站及本公司网站。": "As of the report date, the Board comprises six Directors: two executive, one non-executive, and three independent non-executive Directors, with this report published on the HKEX and Company websites" } --- Helper Functions --- def translate_title(title_cn): return title_translation_map.get(title_cn, title_cn) def translate_summary(summary_cn): translated = summary_translation_map.get(summary_cn, summary_cn) Apply bolding for numbers and units translated = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*千港元', r'**HKD \1 thousand**', translated) translated = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*百万港元', r'**HKD \1 million**', translated) translated = re.sub(r'(\d+\.\d+|\d+)\s*港仙', r'**\1 HK cents**', translated) translated = re.sub(r'(\d+\.\d+|\d+)%', r'**\1%**', translated) translated = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*千股', r'**\1 thousand shares**', translated) translated = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*股', r'**\1 shares**', translated) return translated.rstrip('。') Remove trailing Chinese period def translate_insight(text_cn): Specific replacements for insight content text_en = text_cn.replace("公司名称：", "Company Name: ") text_en = text_en.replace("股份代号：", "Stock Code: ") text_en = text_en.replace("报告类型：", "Report Type: ") text_en = text_en.replace("GEM市场定位为中小型公司提供上市平台，投资风险较高，市场波动性可能较大，且不保证高流通量。", "The GEM market positions itself as a listing platform for small and medium-sized companies, entailing higher investment risks, potential market volatility, and no guarantee of high liquidity") text_en = text_en.replace("香港交易及结算所有限公司及联交所对本报告内容概不负责，不发表任何声明，亦不承担任何损失责任。", "Hong Kong Exchanges and Clearing Limited and the Stock Exchange bear no responsibility for the contents of this report, 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 report") text_en = text_en.replace("公司董事共同及个别对本报告内容的准确性、完整性、无误导或欺诈成分负全责。", "The Company's Directors collectively and individually accept full responsibility for the accuracy, completeness, and absence of misleading or fraudulent content in this report") text_en = text_en.replace("总收益主要由实际利率法下的利息收入贡献，", "Total revenue was primarily contributed by interest income under the effective interest method, amounting to ") text_en = text_en.replace("行政开支保持稳定，", "Administrative expenses remained stable at ") text_en = text_en.replace("按公允价值计入损益之金融资产从", "Financial assets at fair value through profit or loss increased from ") text_en = text_en.replace("增至", " to ") text_en = text_en.replace("应收贷款及利息（流动部分）从", "Loans and interest receivables (current portion) increased from ") text_en = text_en.replace("而应收账款略有下降。", ", while trade receivables slightly decreased") text_en = text_en.replace("期内溢利及全面收益总额为", "Profit and total comprehensive income for the period was ") text_en = text_en.replace("，扭转了2024年同期亏损", ", reversing a loss of ") text_en = text_en.replace("的局面。", " in the same period of 2024") text_en = text_en.replace("期末银行结余及现金（普通账户及现金）为", "Cash and cash equivalents at period-end (general accounts and cash) amounted to ") text_en = text_en.replace("，略低于去年同期的", ", slightly lower than ") text_en = text_en.replace("本公司主要从事投资控股业务，主要附属公司业务包括证券投资、金融服务、租賃投資物業、放債業務及資產管理服務。", "The Company primarily engages in investment holding, with its main subsidiaries involved in securities investment, financial services, property investment leasing, money lending, and asset management services") text_en = text_en.replace("简明综合财务报表以港元呈列，根据香港会计师公会颁布的香港会计准则第34号及联交所GEM证券上市规则编制。", "The condensed consolidated financial statements are presented in HKD and prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules") text_en = text_en.replace("本集团已采纳本会计期间生效的新订/经修订香港财务报告准则，但对财务报表无重大影响。", "The Group has adopted new/revised Hong Kong Financial Reporting Standards effective for the current accounting period, with no significant impact on the financial statements") text_en = text_en.replace("管理层独立监察各经营分部业绩，以作出资源分配及表现评估决策。", "Management independently monitors the performance of each operating segment for resource allocation and performance assessment decisions") text_en = text_en.replace("提供金融服务分部收益占比最高，达", "The financial services segment contributed the highest revenue, accounting for ") text_en = text_en.replace("（2024年：", " (2024: ") text_en = text_en.replace("）。", ")") text_en = text_en.replace("放债业务分部收益略有下降，但溢利有所增长。", "Revenue from the money lending business segment slightly decreased, but its profit increased") text_en = text_en.replace("租賃負債利息同比下降", "Interest on lease liabilities decreased by ") text_en = text_en.replace("，从", ", from ") text_en = text_en.replace("降至", " to ") text_en = text_en.replace("2025年上半年未录得应收贷款及利息的减值亏损，以及保证金客户应收账款的减值亏损，而2024年同期这两项合计达", "No impairment losses on loans and interest receivables or trade receivables from margin clients were recorded in the first half of 2025, compared to a combined total of ") text_en = text_en.replace("香港利得税两级制规定，首2百万港元应课税溢利按8.25%税率，超过部分按16.5%税率缴纳。", "Under the Hong Kong Profits Tax two-tiered rates regime, the first **HKD 2 million** of assessable profits is taxed at 8.25%, and the remainder at 16.5%") text_en = text_en.replace("普通股加权平均数保持不变，为", "The weighted average number of ordinary shares remained unchanged at ") text_en = text_en.replace("董事不建议派付2025年上半年中期股息（2024年：无）。", "The Directors do not recommend the payment of an interim dividend for the first half of 2025 (2024: nil)") text_en = text_en.replace("亏损拨备从", "Loss allowance decreased from ") text_en = text_en.replace("减少至", " to ") text_en = text_en.replace("，表明信贷质量有所改善。", ", indicating an improvement in credit quality") text_en = text_en.replace("应收结算所、经纪及现金客户账款以及应收保证金客户账款均无逾期及无减值。", "Trade receivables from clearing houses, brokers, and cash clients, as well as from margin clients, were neither overdue nor impaired") text_en = text_en.replace("应付结算所、经纪及现金客户账款的结算期限为交易日期后的两天，且于期后已结清。", "Trade payables to clearing houses, brokers, and cash clients have a settlement period of two days after the transaction date and were settled subsequent to the period-end") text_en = text_en.replace("股本结构在报告期内未发生变动。", "The share capital structure remained unchanged during the reporting period") text_en = text_en.replace("本集团在报告期内无重大资本承担。", "The Group had no material capital commitments during the reporting period") text_en = text_en.replace("报告期内，本集团未进行任何关连方交易。", "The Group did not engage in any related party transactions during the reporting period") text_en = text_en.replace("保證金融資收益是证券经纪业务的主要增长点，同比增长", "Margin financing income was the primary growth driver for the securities brokerage business, increasing by ") text_en = text_en.replace("配售及包销收益同比增长", "Placing and underwriting income increased by ") text_en = text_en.replace("放债业务的贷款利息收入从2024年的", "Loan interest income from the money lending business decreased from **HKD ") text_en = text_en.replace("下降至2025年的", " thousand** in 2024 to **HKD ") text_en = text_en.replace("期内放债业务未录得任何呆坏账，应收贷款及利息保持稳定。", "No bad debts were recorded in the money lending business during the period, and loans and interest receivables remained stable") text_en = text_en.replace("本集团持有公允价值约", "The Group held a portfolio of listed equity investments with a fair value of approximately **HKD ") text_en = text_en.replace("（2024年12月31日：", " thousand** (December 31, 2024: **HKD ") text_en = text_en.replace("）的上市股股权投资组合。", " thousand**)") text_en = text_en.replace("上市股股权投资公允价值变动由亏损", "Fair value changes in listed equity investments turned from a loss of **HKD ") text_en = text_en.replace("转为收益", " thousand** to a gain of **HKD ") text_en = text_en.replace("期内租金收入约", "Rental income for the period was approximately **HKD ") text_en = text_en.replace("，与去年同期持平。", " thousand**, consistent with the prior year") text_en = text_en.replace("董事会正积极在香港物色合适的商业物业，并寻求将覆盖范围扩大至零售及工业物业。", "The Board is actively seeking suitable commercial properties in Hong Kong and aims to expand its coverage to retail and industrial properties") text_en = text_en.replace("本集团业务主要由证券经纪业务、放债业务、证券投资业务及物业投资业务四大经营分部组成。", "The Group's business primarily comprises four operating segments: securities brokerage, money lending, securities investment, and property investment") text_en = text_en.replace("收益增加主要由于保證金融資业务的利息收入上升。", "The increase in revenue was primarily due to higher interest income from margin financing activities") text_en = text_en.replace("2025年上半年未录得保证金客户应收账款的减值亏损，而2024年同期为", "No impairment losses on trade receivables from margin clients were recorded in the first half of 2025, compared to **HKD ") text_en = text_en.replace("董事会将继续发展现有业务，积极探索新的业务领域及寻求合适的投资机会。", "The Board will continue to develop existing businesses, actively explore new business areas, and seek suitable investment opportunities") text_en = text_en.replace("集团将严格控制风险、强化内部管理、整合主导性资源及制定谨慎的投资策略。", "The Group will strictly control risks, strengthen internal management, integrate leading resources, and formulate prudent investment strategies") text_en = text_en.replace("总债务（包括其他借贷和租賃負債）从2024年12月31日的", "Total debt (including other borrowings and lease liabilities) decreased from **HKD ") text_en = text_en.replace("降至2025年6月30日的", " thousand** as of December 31, 2024, to **HKD ") text_en = text_en.replace("已发行股份数量保持不变，为", "The number of issued shares remained unchanged at **") text_en = text_en.replace("股。", " shares**") text_en = text_en.replace("报告期内，本集团无重大收购或出售事项。", "The Group had no material acquisitions or disposals during the reporting period") text_en = text_en.replace("员工人数略有减少，但员工成本有所增加。", "Employee headcount slightly decreased, but staff costs increased") text_en = text_en.replace("薪酬政策基于员工表现、学历、经验及劳动力市场状况，并提供酌情花红、购股权及持续培训。", "Remuneration policy is based on employee performance, qualifications, experience, and labor market conditions, offering discretionary bonuses, share options, and continuous training") text_en = text_en.replace("本集团在报告期内无重大资产抵押。", "The Group had no material pledge of assets during the reporting period") text_en = text_en.replace("本集团在报告期内无重大或然负债。", "The Group had no material contingent liabilities during the reporting period") text_en = text_en.replace("本集团交易主要以港元计值，董事会不认为存在外汇风险。", "The Group's transactions are primarily denominated in HKD, and the Board does not believe there is any foreign exchange risk") text_en = text_en.replace("截至2025年6月30日，董事或主要行政人员于本公司或相联法团的股份或债券中无权益或淡仓。", "As of June 30, 2025, no Director or chief executive had any interests or short positions in the shares or debentures of the Company or any associated corporation") text_en = text_en.replace("除黄嘉文女士外，无其他人士知会本公司持有已发行股本的任何其他权益或淡仓。", "Other than Ms. Wong Ka Man, no other person had informed the Company of any other interests or short positions in the issued share capital") text_en = text_en.replace("本集团在报告期内无购股权计划。", "The Group had no share option scheme during the reporting period") text_en = text_en.replace("本公司未授权董事或主要行政人员及其关联方通过收购股份或债券获利，也无相关权利行使。", "The Company did not authorize any Director or chief executive or their respective spouses or children under 18 to profit from acquiring the Company's shares or debentures, nor were any such rights exercised") text_en = text_en.replace("董事或管理层股东无与本集团业务构成竞争的权益。", "No Director or controlling shareholder had any interests in businesses that compete or are likely to compete with the Group's business") text_en = text_en.replace("本公司及其附属公司在报告期内未购买、出售或赎回本公司上市证券。", "Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period") text_en = text_en.replace("本公司已采纳董事证券交易操守守则，且所有董事在报告期内均已遵守。", "The Company has adopted a code of conduct for securities transactions by Directors, and all Directors have complied with it during the reporting period") text_en = text_en.replace("本公司在报告期内一直遵守GEM上市规则附录C1的企业管治常規守则。", "The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the GEM Listing Rules throughout the six months ended June 30, 2025") text_en = text_en.replace("自2024年年报日期后，无须披露的董事资料变动。", "No changes in Directors' information requiring disclosure under Rule 17.50A(1) of the GEM Listing Rules have been notified since the date of the 2024 annual report") text_en = text_en.replace("审核委员会由独立非执行董事组成，负责审阅及监察财务报告程序及内部监控制度。", "The Audit Committee, composed of independent non-executive Directors, is responsible for reviewing and monitoring the financial reporting process and internal control systems") text_en = text_en.replace("审核委员会已审阅本期未经审核业绩，认为财务报表符合适用会计准则并已适当披露。", "The Audit Committee has reviewed the unaudited results for the current period and believes the financial statements comply with applicable accounting standards and are appropriately disclosed") text_en = text_en.replace("董事会由六名董事组成：辛懿锦女士、谭汐茵女士（执行董事），关加晴女士（非执行董事），洪祖星先生、吴华良先生、汤显森先生（独立非执行董事）。", "The Board comprises six Directors: Ms. Xin Yijin, Ms. Tan Xiyin (Executive Directors), Ms. Guan Jiaqing (Non-executive Director), Mr. Hong Zuxing, Mr. Wu Hualiang, and Mr. Tang Xiansen (Independent Non-executive Directors)") text_en = text_en.replace("本报告将刊载于香港交易所网站（www.hkexnews.hk）及本公司网站（www.koala8226.com.hk）。", "This report will be published on the HKEX website (www.hkexnews.hk) and the Company's website (www.koala8226.com.hk)") Apply bolding for numbers and units text_en = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*千港元', r'**HKD \1 thousand**', text_en) text_en = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*百万港元', r'**HKD \1 million**', text_en) text_en = re.sub(r'(\d+\.\d+|\d+)\s*港仙', r'**\1 HK cents**', text_en) text_en = re.sub(r'(\d+\.\d+|\d+)%', r'**\1%**', text_en) text_en = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*千股', r'**\1 thousand shares**', text_en) text_en = re.sub(r'(\d{1,3}(?:,\d{3})*|\d+)\s*股', r'**\1 shares**', text_en) Specific bolding for names/codes text_en = text_en.replace("Koala Financial Group Limited", "**Koala Financial Group Limited**") text_en = text_en.replace("8226", "**8226**") text_en = text_en.replace("2025年中期报告", "**2025 Interim Report**") return text_en.rstrip('。') Remove trailing Chinese period def translate_table_content(content_cn): lines = content_cn.strip().split('\n') header_line = lines[0] separator_line = lines[1] data_lines = lines[2:] Translate headers and add units header_items = [h.strip() for h in header_line.split('|') if h.strip()] translated_header_items = [] Map for common headers and units header_unit_map = { "指标": ("Metric", None), "项目": ("Item", None), "2025年": ("2025", "(thousand HKD)"), "2024年": ("2024", "(thousand HKD)"), "2025年6月30日": ("June 30, 2025", "(thousand HKD)"), "2024年12月31日": ("December 31, 2024", "(thousand HKD)"), "同比变化 (%)": ("YoY Change", "(%)"), "变化 (%)": ("Change", "(%)"), "同比变化": ("YoY Change", None), "分部": ("Segment", None), "2025年收益": ("2025 Revenue", "(thousand HKD)"), "2024年收益": ("2024 Revenue", "(thousand HKD)"), "2025年溢利/(亏损)": ("2025 Profit/(Loss)", "(thousand HKD)"), "2024年溢利/(亏损)": ("2024 Profit/(Loss)", "(thousand HKD)"), "2025年6月30日资产": ("June 30, 2025 Assets", "(thousand HKD)"), "2024年12月31日资产": ("December 31, 2024 Assets", "(thousand HKD)"), "2025年6月30日负债": ("June 30, 2025 Liabilities", "(thousand HKD)"), "2024年12月31日负债": ("December 31, 2024 Liabilities", "(thousand HKD)"), "溢利/(亏损)": ("Profit/(Loss)", "(thousand HKD)"), "普通股加权平均数": ("Weighted Average Ordinary Shares", "(thousand shares)"), "每股基本盈利/(亏损)": ("Basic Earnings/(Loss) Per Share", "(HK cents)"), "上市股本证券抵押贷款": ("Loans secured by listed equity securities", "(thousand HKD)"), "个人担保贷款": ("Personal guaranteed loans", "(thousand HKD)"), "无抵押贷款": ("Unsecured loans", "(thousand HKD)"), "小计": ("Subtotal", "(thousand HKD)"), "减：亏损拨备": ("Less: Loss allowance", "(thousand HKD)"), "总额": ("Total", "(thousand HKD)"), "结算所、经纪及现金客户": ("Clearing houses, brokers and cash clients", "(thousand HKD)"), "保证金客户": ("Margin clients", "(thousand HKD)"), "应付结算所、经纪及现金客户之账款": ("Trade payables to clearing houses, brokers and cash clients", "(thousand HKD)"), "股份数目": ("Number of Shares", "(thousand shares)"), "金额": ("Amount", "(thousand HKD)"), "法定股本": ("Authorised share capital", None), "已发行及缴足股本": ("Issued and fully paid share capital", None), "贷款类型": ("Loan Type", None), "2025年未偿还本金": ("2025 Outstanding Principal", "(million HKD)"), Specific unit "2024年未偿还本金": ("2024 Outstanding Principal", "(million HKD)"), Specific unit "2025年利率范围": ("2025 Interest Rate Range", "(Annual Interest Rate)"), "2024年利率范围": ("2024 Interest Rate Range", "(Annual Interest Rate)"), "经纪服务收益": ("Brokerage service income", "(thousand HKD)"), "保证金融资收益": ("Margin financing income", "(thousand HKD)"), "配售及包销收益": ("Placing and underwriting income", "(thousand HKD)"), "现金及银行结余": ("Cash and bank balances", "(thousand HKD)"), "其他借贷": ("Other borrowings", "(thousand HKD)"), "租賃負債": ("Lease liabilities", "(thousand HKD)"), "负债资产比率": ("Debt-to-asset ratio", None), "僱員人数": ("Number of Employees", None), "员工成本": ("Staff Costs", "(thousand HKD)"), "姓名": ("Name", None), "身份": ("Capacity", None), "所持普通股份数": ("Number of Ordinary Shares Held", "(shares)"), "占已发行股本百分比": ("Percentage of Issued Share Capital", None) } for h_cn in header_items: translated_h, unit = header_unit_map.get(h_cn, (h_cn, None)) if unit: translated_header_items.append(f"{translated_h} {unit}") else: translated_header_items.append(translated_h) Reconstruct header line translated_header_line = '| ' + ' | '.join(translated_header_items) + ' |' Process data rows translated_data_rows = [] for row_cn in data_lines: row_items = [item.strip() for item in row_cn.split('|')] translated_row_items = [] for i, item_cn in enumerate(row_items): if not item_cn: Empty string from split translated_row_items.append('') continue Specific translations for row content if item_cn == "改善": translated_row_items.append("Improved") elif item_cn == "稳定": translated_row_items.append("Stable") elif item_cn == "显著改善": translated_row_items.append("Significant Improvement") elif item_cn == "显著减少": translated_row_items.append("Significant Decrease") elif item_cn == "略有下降": translated_row_items.append("Slight Decrease") elif item_cn == "略有增加": translated_row_items.append("Slight Increase") elif item_cn == "亏损": translated_row_items.append("Loss") elif item_cn == "溢利": translated_row_items.append("Profit") elif item_cn == "总计": translated_row_items.append("**Total**") elif item_cn == "分部总额": translated_row_items.append("**Segment Total**") elif item_cn == "法定股本": translated_row_items.append("Authorised share capital") elif item_cn == "已发行及缴足股本": translated_row_items.append("Issued and fully paid share capital") elif item_cn == "个人贷款": translated_row_items.append("Personal loans") elif item_cn == "企业贷款": translated_row_items.append("Corporate loans") elif item_cn == "黄嘉文女士": translated_row_items.append("Ms. Wong Ka Man") elif item_cn == "實益擁有人": translated_row_items.append("Beneficial Owner") else: translated_row_items.append(item_cn) Keep numbers/percentages as is translated_data_rows.append('|'.join(translated_row_items)) return "\n".join([translated_header_line, separator_line] + translated_data_rows) def format_key_points(key_points): kp_output = [] for kp in key_points: if kp["type"] == "insight": translated_content = translate_insight(kp["content"]) references = "".join([f"[{c}](index={c}&type=chunk)" for c in kp["chunk_num"]]) kp_output.append(f"- {translated_content}{references}") elif kp["type"] == "table": translated_title = table_title_map.get(kp["title"], kp["title"]) kp_output.append(f" {translated_title}") kp_output.append(translate_table_content(kp["content"])) return "\n".join(kp_output) def process_item(item): level = item["level"] title_cn = item["title"] item_id_cn = item["item_id"] item_id is the same as title in this outline start_page = item["start_page"] summary_cn = item["summary"] key_points = item.get("key_points", []) children = item.get("children", []) Translate title and item_id for the link title_en = translate_title(title_cn) item_id_en = translate_title(item_id_cn) Use translated item_id for URL encoding Generate page-jump link encoded_item_id = urllib.parse.quote(item_id_en) link = f"[{title_en}](index={start_page}&type=section&id={encoded_item_id})" Add heading markdown_output.append(f"{'' * level} {link}") Add summary if available if summary_cn: summary_en = translate_summary(summary_cn) markdown_output.append(summary_en) Add key points if key_points: kp_formatted = format_key_points(key_points) if kp_formatted: Only add if there's content markdown_output.append(kp_formatted) Process children recursively for child in children: process_item(child) Start processing the top-level items for item in outline_data: process_item(item) return "\n\n".join(markdown_output) Provided outline content outline = [ {"level": 1, "title": "公司信息与免责声明", "item_id": "公司信息与免责声明", "summary": None, "children": [{"level": 2, "title": "公司概览", "item_id": "公司概览", "summary": "本报告为树熊金融集团有限公司（股份代号：8226）于开曼群岛注册成立的有限公司的2025年中期报告。", "children": [], "end_page": 1, "key_points": [{"type": "insight", "content": "公司名称：树熊金融集团有限公司 (Koala Financial Group Limited)。", "chunk_num": [1]}, {"type": "insight", "content": "股份代号：8226。", "chunk_num": [1]}, {"type": "insight", "content": "报告类型：2025年中期报告。", "chunk_num": [1]}], "start_page": 1}, {"level": 2, "title": "GEM市场特色与免责声明", "item_id": "GEM市场特色与免责声明", "summary": "本章节阐述了香港联交所GEM市场的特点，强调其为中小型公司提供上市平台，但伴随较高投资风险和市场波动性。同时，明确了香港交易及结算所有限公司和联交所对本报告内容的免责声明，并重申了公司董事对报告准确性、完整性及无误导性的共同及个别责任。", "children": [], "end_page": 2, "key_points": [{"type": "insight", "content": "GEM市场定位为中小型公司提供上市平台，投资风险较高，市场波动性可能较大，且不保证高流通量。", "chunk_num": [2]}, {"type": "insight", "content": "香港交易及结算所有限公司及联交所对本报告内容概不负责，不发表任何声明，亦不承担任何损失责任。", "chunk_num": [2]}, {"type": "insight", "content": "公司董事共同及个别对本报告内容的准确性、完整性、无误导或欺诈成分负全责。", "chunk_num": [2]}], "start_page": 2}], "end_page": 2, "start_page": 1}, {"level": 1, "title": "简明综合财务报表", "item_id": "简明综合财务报表", "summary": None, "children": [{"level": 2, "title": "简明综合损益及其他全面收益表", "item_id": "简明综合损益及其他全面收益表", "summary": "截至2025年6月30日止六个月，本集团实现总收益11,712千港元，同比增长4.87%。期内溢利及全面收益总额为6,794千港元，较去年同期的亏损19,367千港元显著改善，主要得益于证券投资的已变现及未变现收益转亏为盈。", "children": [], "end_page": 4, "key_points": [{"type": "table", "title": "简明综合损益及其他全面收益表关键数据", "content": "| 指标 | 2025年 (千港元) | 2024年 (千港元) | 同比变化 (%) |\n| :--- | :--- | :--- | :--- |\n| 总收益 | 11,712 | 11,168 | 4.87% |\n| 毛利 | 11,148 | 10,673 | 4.45% |\n| 出售上市证券之已变现收益/(亏损) | 53 | (3,166) | 显著改善 |\n| 上市证券之未变现收益/(亏损) | 2,511 | (4,185) | 显著改善 |\n| 其他收入、收益及亏损净额 | 563 | (19,860) | 显著改善 |\n| 除税前溢利/(亏损) | 7,640 | (23,194) | 显著改善 |\n| 期内溢利/(亏损)及全面收益/(开支)总额 | 6,794 | (19,367) | 显著改善 |\n| 每股基本及摊薄盈利/(亏损) (港仙) | 1.63 | (4.44) | 显著改善 |", "chunk_num": [3, 5]}, {"type": "insight", "content": "总收益主要由实际利率法下的利息收入贡献，2025年为10,652千港元，2024年为10,205千港元。", "chunk_num": [3]}, {"type": "insight", "content": "行政开支保持稳定，2025年为6,555千港元，2024年为6,526千港元。", "chunk_num": [3]}], "start_page": 3}, {"level": 2, "title": "简明综合财务状况报表", "item_id": "简明综合财务状况报表", "summary": "截至2025年6月30日，本集团总资产减流动负债为381,847千港元，较2024年12月31日的375,236千港元有所增长。流动资产净值增加至323,875千港元，主要得益于按公允价值计入损益之金融资产的增长。", "children": [], "end_page": 6, "key_points": [{"type": "table", "title": "简明综合财务状况报表关键数据", "content": "| 指标 | 2025年6月30日 (千港元) | 2024年12月31日 (千港元) | 变化 (%) |\n| :--- | :--- | :--- | :--- |\n| 非流动资产 | 57,972 | 63,579 | -8.74% |\n| 流动资产 | 354,992 | 342,653 | 3.59% |\n| 流动负债 | 31,117 | 30,996 | 0.39% |\n| 流动资产净值 | 323,875 | 311,657 | 3.92% |\n| 净资产 | 378,281 | 371,487 | 1.83% |\n| 总权益 | 378,281 | 371,487 | 1.83% |", "chunk_num": [6, 7]}, {"type": "insight", "content": "按公允价值计入损益之金融资产从2024年12月31日的53,751千港元增至2025年6月30日的67,488千港元。", "chunk_num": [6]}, {"type": "insight", "content": "应收贷款及利息（流动部分）从53,139千港元增至57,413千港元，而应收账款略有下降。", "chunk_num": [6]}], "start_page": 5}, {"level": 2, "title": "简明综合权益变动表", "item_id": "简明综合权益变动表", "summary": "截至2025年6月30日止六个月，本公司拥有人应占总权益从2025年1月1日的371,487千港元增至378,281千港元，主要由于期内录得溢利6,794千港元。", "children": [], "end_page": 7, "key_points": [{"type": "table", "title": "简明综合权益变动表关键数据", "content": "| 指标 | 2025年6月30日 (千港元) | 2025年1月1日 (千港元) | 2024年6月30日 (千港元) |\n| :--- | :--- | :--- | :--- |\n| 股本 | 83,501 | 83,501 | 83,501 |\n| 股份溢价 | 679,147 | 679,147 | 679,147 |\n| 累积亏损 | (384,367) | (391,161) | (389,735) |\n| 本公司拥有人应占小计 | 378,281 | 371,487 | 372,913 |\n| 非控股权益 | – | – | 3,902 |\n| 总计 | 378,281 | 371,487 | 376,815 |", "chunk_num": [8]}, {"type": "insight", "content": "期内溢利及全面收益总额为6,794千港元，扭转了2024年同期亏损18,552千港元的局面。", "chunk_num": [8]}], "start_page": 7}, {"level": 2, "title": "简明综合现金流量表", "item_id": "简明综合现金流量表", "summary": "截至2025年6月30日止六个月，本集团现金及现金等值项目减少净额为4,508千港元，较去年同期25,850千港元的减少显著收窄。经营活动所用现金净额大幅减少，显示经营效率有所改善。", "children": [], "end_page": 8, "key_points": [{"type": "table", "title": "简明综合现金流量表关键数据", "content": "| 指标 | 2025年 (千港元) | 2024年 (千港元) | 同比变化 |\n| :--- | :--- | :--- | :--- |\n| 经营活动所用之现金净额 | (4,232) | (24,106) | 改善 |\n| 投资活动产生之现金净额 | 975 | 973 | 稳定 |\n| 融资活动所用之现金净额 | (1,251) | (2,717) | 改善 |\n| 现金及现金等值项目减少净额 | (4,508) | (25,850) | 改善 |\n| 於期末之现金及现金等值项目 | 76,351 | 79,578 | 略有下降 |", "chunk_num": [10]}, {"type": "insight", "content": "期末银行结余及现金（普通账户及现金）为76,351千港元，略低于去年同期的79,578千港元。", "chunk_num": [10]}], "start_page": 8}], "end_page": 8, "start_page": 3}, {"level": 1, "title": "简明综合财务报表附注", "item_id": "简明综合财务报表附注", "summary": None, "children": [{"level": 2, "title": "一般资料与会计政策", "item_id": "一般资料与会计政策", "summary": "本集团主要从事投资控股业务，其主要附属公司业务涵盖证券投资、金融服务、投资物业租赁、放债及资产管理。简明综合财务报表根据香港会计准则第34号及GEM上市规则编制，采用历史成本基准，并已采纳新订/经修订香港财务报告准则，但无重大影响。", "children": [], "end_page": 10, "key_points": [{"type": "insight", "content": "本公司主要从事投资控股业务，主要附属公司业务包括证券投资、金融服务、租賃投資物業、放債業務及資產管理服務。", "chunk_num": [12, 14]}, {"type": "insight", "content": "简明综合财务报表以港元呈列，根据香港会计师公会颁布的香港会计准则第34号及联交所GEM证券上市规则编制。", "chunk_num": [13]}, {"type": "insight", "content": "本集团已采纳本会计期间生效的新订/经修订香港财务报告准则，但对财务报表无重大影响。", "chunk_num": [15]}], "start_page": 9}, {"level": 2, "title": "经营分部信息", "item_id": "经营分部信息", "summary": "本集团的经营分部包括证券投资、提供金融服务、租賃投資物業、放債業務和提供資產管理服務。截至2025年6月30日止六个月，提供金融服务和放债业务是主要的收益来源，且证券投资分部已从亏损转为盈利。", "children": [{"level": 3, "title": "分部收益及业绩", "item_id": "分部收益及业绩", "summary": "截至2025年6月30日止六个月，提供金融服务分部收益最高，达7,789千港元，同比增长12.56%。证券投资分部业绩由亏损7,351千港元转为溢利2,564千港元，是集团整体盈利改善的主要驱动力。", "children": [], "end_page": 11, "key_points": [{"type": "table", "title": "分部收益及溢利/(亏损)对比", "content": "| 分部 | 2025年收益 (千港元) | 2024年收益 (千港元) | 2025年溢利/(亏损) (千港元) | 2024年溢利/(亏损) (千港元) |\n| :--- | :--- | :--- | :--- | :--- |\n| 证券投资 | – | – | 2,564 | (7,351) |\n| 提供金融服务 | 7,789 | 6,920 | 4,588 | (14,792) |\n| 租賃投資物業 | 252 | 252 | 216 | 218 |\n| 放債業務 | 3,671 | 3,996 | 2,863 | 2,563 |\n| 提供資產管理服務 | – | – | (121) | (360) |\n| **总计** | **11,712** | **11,168** | **10,110** | **(19,722)** |", "chunk_num": [20]}, {"type": "insight", "content": "提供金融服务分部收益占比最高，达66.5%（2024年：64.8%）。", "chunk_num": [20, 47]}, {"type": "insight", "content": "放债业务分部收益略有下降，但溢利有所增长。", "chunk_num": [20]}], "start_page": 11}, {"level": 3, "title": "分部资产及负债", "item_id": "分部资产及负债", "summary": "截至2025年6月30日，本集团分部资产总额为365,741千港元，较2024年12月31日增长约4%。提供金融服务分部资产占比最大，证券投资分部资产显著增长。", "children": [], "end_page": 12, "key_points": [{"type": "table", "title": "分部资产及负债对比", "content": "| 分部 | 2025年6月30日资产 (千港元) | 2024年12月31日资产 (千港元) | 2025年6月30日负债 (千港元) | 2024年12月31日负债 (千港元) |\n| :--- | :--- | :--- | :--- | :--- |\n| 证券投资 | 66,520 | 52,836 | – | – |\n| 提供金融服务 | 212,893 | 210,487 | 25,335 | 21,598 |\n| 租賃投資物業 | 12,244 | 12,207 | 44 | – |\n| 放債業務 | 73,554 | 75,385 | 423 | – |\n| 提供資產管理服務 | 530 | 651 | – | – |\n| **分部总额** | **365,741** | **351,566** | **25,802** | **21,598** |", "chunk_num": [24]}, {"type": "insight", "content": "证券投资分部资产增长25.89%，从52,836千港元增至66,520千港元。", "chunk_num": [24]}, {"type": "insight", "content": "提供金融服务分部负债显著增加，从21,598千港元增至25,335千港元。", "chunk_num": [24]}], "start_page": 12}], "end_page": 12, "key_points": [{"type": "insight", "content": "管理层独立监察各经营分部业绩，以作出资源分配及表现评估决策。", "chunk_num": [17]}], "start_page": 10}, {"level": 2, "title": "财务费用", "item_id": "财务费用", "summary": "截至2025年6月30日止六个月，本集团财务费用为80千港元，较去年同期的130千港元有所下降，主要由于租賃負債利息减少。", "children": [], "end_page": 13, "key_points": [{"type": "table", "title": "财务费用明细", "content": "| 项目 | 2025年 (千港元) | 2024年 (千港元) |\n| :--- | :--- | :--- |\n| 租賃負債利息 | 47 | 98 |\n| 借貸利息 | 33 | 32 |\n| **总计** | **80** | **130** |", "chunk_num": [25]}, {"type": "insight", "content": "租賃負債利息同比下降52.04%，从98千港元降至47千港元。", "chunk_num": [25]}], "start_page": 13}, {"level": 2, "title": "除税前溢利/(亏损)", "item_id": "除税前溢利/(亏损)", "summary": "截至2025年6月30日止六个月，本集团实现除税前溢利7,640千港元，而去年同期为亏损23,194千港元，主要得益于减值亏损的大幅减少。", "children": [], "end_page": 13, "key_points": [{"type": "table", "title": "除税前溢利/(亏损)影响因素", "content": "| 项目 | 2025年 (千港元) | 2024年 (千港元) |\n| :--- | :--- | :--- |\n| 物业、厂房及设备之折旧 | 218 | 218 |\n| 使用权资产折旧 | 935 | 935 |\n| 应收贷款及利息之减值亏损净额 | – | 1,094 |\n| 保证金客户产生的应收账款之减值亏损 | – | 19,754 |", "chunk_num": [26]}, {"type": "insight", "content": "2025年上半年未录得应收贷款及利息的减值亏损，以及保证金客户应收账款的减值亏损，而2024年同期这两项合计达20,848千港元。", "chunk_num": [26]}], "start_page": 13}, {"level": 2, "title": "所得税开支/(抵免)", "item_id": "所得税开支/(抵免)", "summary": "截至2025年6月30日止六个月，本集团录得香港利得税开支846千港元，而去年同期为抵免3,827千港元。税率根据香港利得税两级制计算。", "children": [], "end_page": 14, "key_points": [{"type": "table", "title": "所得税开支/(

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國成立的股份有限公司） Jujiang Construction Group Co., Ltd. 巨匠建設集團股份有限公司 （股份代號：1459） 截至2025年6月30日止 六個月之中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | 截至6月30日止六個月 | | | | | 變幅 | 2025 | 2024 | | | （未經審核） | | （未經審核） | | | 人民幣千元 | 人民幣千元 | | % | | 收入 | 2,335,282 | 3,833,658 | (39.1) | | 毛利 | 96,255 | 155,935 | (38.3) | | 毛利率 | 4.12% | 4.07% | 0.05 | | 期內利潤 | 4,307 | 16,849 | (74.4) | | 純利率 | 0.18% | 0.44% | ( ...