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% | ( ...

[Supplemental and Clarification Announcement](index=1&type=section&id=Supplemental%20and%20Clarification%20Announcement) [Background and Purpose of the Announcement](index=1&type=section&id=Background%20and%20Purpose%20of%20the%20Announcement) This announcement aims to supplement and clarify information regarding the 'Share Option Scheme' section within the Directors' Report of GHW International's 2024 annual report, published on March 31, 2025 - This announcement provides supplementary information and clarification for the annual report for the year ended December 31, 2024, which was published on March 31, 2025[3](index=3&type=chunk) [Details of Share Option Scheme Supplement and Clarification](index=1&type=section&id=Details%20of%20Share%20Option%20Scheme%20Supplement%20and%20Clarification) The announcement clarifies the total number of shares available for issue and grant under the Share Option Scheme, stating 100 million shares as of March 31, 2025, and correcting the number of shares available for grant as of December 31, 2024, to 100 million shares, representing approximately 9.91% of total issued shares Share Option Scheme Share Quantity Supplement and Clarification | Item | Date | Share Quantity (Corrected) | Percentage of Total Issued Shares | Originally Disclosed Quantity (if applicable) | | :--- | :--- | :--- | :--- | :--- | | **Total Shares Available for Issue** | March 31, 2025 | 100,000,000 | Approx. 9.91% | - | | **Total Shares Available for Grant** | December 31, 2024 | 100,000,000 | Approx. 9.91% | 100,950,000 | [Other Matters](index=2&type=section&id=Other%20Matters) The announcement confirms that, apart from the aforementioned supplements and clarifications, all other information in the annual report remains unchanged and does not affect its overall validity - The information contained in this supplementary and clarification announcement does not affect other information in the annual report, with the remainder of the annual report remaining unchanged[4](index=4&type=chunk) - The announcement was issued by Yin Yanbin, Chairman and CEO, on behalf of the Board in Hong Kong on August 20, 2025[5](index=5&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號： 8226） 截至二零二五年六月三十日止六個月 中期業績公佈 樹熊金融集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈，本公 司及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止六個月的未經審核 綜合業績。 本公佈列載本集團二零二五年中期報告全文，並符合香港聯合交易所有限公司（「聯 交所」）GEM證券上市規則（「GEM上市規則」）中有關中期業績初步公佈附載之資 料之要求。載有GEM上市規則規定資料之本公司二零二五年中期報告之印刷本將 於適當時候寄發予本公司股東。 本公司之中期業績公佈已登載於聯交所網站「www.hkexnews.hk」及本公司網站 「www.koala8226.com.hk」。 承董事會命 樹熊金融集團有限公司 主席 關加晴 香港，二零二五年八月二十日 1 於本公佈日期，董事會由六名董事（即執行董事辛懿錦女士及譚汐茵女 ...

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) Key Financial Performance Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 347.6 | 281.6 | +23.5% | | Gross Profit | 162.0 | 110.3 | +46.8% | | Gross Margin | 46.6% | 39.2% | +7.4 percentage points | | Net Profit | 3.6 | (445.8) | Turned Profitable | | Adjusted Net Profit (Non-IFRS) | 4.6 | (81.2) | Turned Profitable | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) During the reporting period, the company achieved significant revenue growth, substantial gross profit improvement, and successfully turned profitable, reversing the loss from the prior year, primarily driven by rapid AI business development and robust core business growth Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for H1 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 347,588 | 281,551 | +23.5% | | Cost of Sales | (185,601) | (171,237) | +8.4% | | Gross Profit | 161,987 | 110,314 | +46.8% | | Operating Loss | (2,259) | (138,636) | -98.4% | | Profit/(Loss) Before Tax | 3,670 | (445,602) | N/A (Turned Profitable) | | Profit/(Loss) for the Period | 3,647 | (445,802) | N/A (Turned Profitable) | | Profit/(Loss) Attributable to Owners of the Company | 3,717 | (445,505) | N/A (Turned Profitable) | | Basic and Diluted Earnings/(Loss) Per Share | 0.02 | (3.18) | N/A (Turned Profitable) | - Fair value changes of financial assets and liabilities measured at fair value: **RMB 302,992 thousand loss** in the prior year period turned into a **RMB 5,396 thousand gain** in the current period[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company saw an increase in non-current assets and current liabilities, a slight decrease in current assets, but maintained robust net current assets and total equity, indicating a healthy financial structure Key Data from Condensed Consolidated Statement of Financial Position as of June 30, 2025 | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 317,553 | 270,426 | +17.4% | | Current Assets | 901,617 | 945,505 | -4.6% | | Current Liabilities | 273,532 | 279,697 | -2.2% | | Net Current Assets | 628,085 | 665,808 | -5.6% | | Total Equity | 939,520 | 934,970 | +0.5% | - Trade and other receivables, deposits and prepayments significantly increased from **RMB 87,183 thousand** as of December 31, 2024, to **RMB 193,061 thousand**[8](index=8&type=chunk) - Cash and cash equivalents decreased from **RMB 443,899 thousand** as of December 31, 2024, to **RMB 340,124 thousand**[8](index=8&type=chunk) [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) [1. General Information and Basis of Preparation](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Baiwang Co., Ltd. was incorporated in Beijing, China in 2015, primarily engaging in AI business, cloud-based and on-premise tax digitalization solutions, and data-driven analytical services, with condensed consolidated financial statements presented in RMB and prepared under IAS 34 and HKEX Listing Rules - The company was established on **May 4, 2015**, and registered in Beijing, China[10](index=10&type=chunk) - Its principal businesses include AI business, cloud-based and on-premise tax digitalization solutions, and data-driven analytical services[10](index=10&type=chunk) - Financial statements are presented in **RMB** and comply with **IAS 34** and the **HKEX Listing Rules**[11](index=11&type=chunk) [2. Significant Accounting Policies](index=6&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with accounting policies consistent with the prior year, except for the application of revised IFRS accounting standards, which had no material impact on financial position or performance - Financial statements are prepared on a historical cost basis, with some financial instruments measured at fair value[12](index=12&type=chunk) - Accounting policies are consistent with the annual consolidated financial statements for the year ended December 31, 2024[12](index=12&type=chunk) - The newly revised IFRS accounting standards applied in the current period had no material impact on the Group's financial position or performance[13](index=13&type=chunk) [3. Revenue](index=7&type=section&id=3.%20%E6%94%B6%E7%9B%8A) In H1 2025, the company's revenue primarily originated from China, with total revenue increasing by **23.5%** to **RMB 347.6 million**; AI business contributed **RMB 60.9 million**, both cloud-based and on-premise tax digitalization solutions in core business achieved growth, while data-driven analytical services revenue declined Revenue by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | AI Business | 60,860 | – | N/A | | - Golden Shield Transaction Management Intelligent Agent | 59,964 | – | N/A | | - Wise Realm Financial Business Intelligent Agent | 896 | – | N/A | | Core Business | 285,214 | 281,267 | +1.4% | | - Cloud-based Tax Digitalization Solutions | 111,169 | 95,575 | +16.3% | | - On-premise Tax Digitalization Solutions | 81,663 | 42,286 | +93.1% | | - Data-driven Analytical Services | 92,382 | 143,406 | -35.6% | | Others | 1,514 | 284 | +433.1% | | **Total Revenue** | **347,588** | **281,551** | **+23.5%** | Revenue Recognition Timing (RMB thousand) | Revenue Recognition Timing | 2025 | 2024 | | :--- | :--- | :--- | | Over time | 184,007 | 188,512 | | At a point in time | 163,581 | 93,039 | | **Total** | **347,588** | **281,551** | [4. Cost of Sales and Expenses](index=8&type=section&id=4.%20%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF) In H1 2025, cost of sales increased by **8.4%** to **RMB 185.6 million**, mainly due to new AI business cost of sales; R&D, distribution, and selling expenses significantly decreased due to reduced share-based payments and improved operational efficiency, while administrative expenses increased due to talent structure upgrades Cost of Sales and Expenses Details (RMB thousand) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 194,058 | 212,069 | -8.5% | | Share-based Payment Expenses | 950 | 35,743 | -97.3% | | Commission and Channel Expenses | 2,516 | 3,177 | -20.8% | | Professional Service Fees | 37,583 | 34,317 | +9.5% | | Referral Fees | 22,073 | 61,748 | -64.3% | | Outsourcing Expenses | 16,705 | 10,244 | +63.1% | | Travel and Marketing Expenses | 7,081 | 12,671 | -44.1% | | Exhibition and Promotion Fees | 365 | 4,628 | -92.1% | | Cost of Inventories Sold | 50,142 | 355 | +14024.5% | | Rental and Utilities Expenses | 2,302 | 3,419 | -32.6% | | Depreciation of Property, Plant and Equipment | 1,549 | 2,083 | -25.7% | | Depreciation of Right-of-use Assets | 5,721 | 6,783 | -15.7% | | Amortization of Intangible Assets | 754 | 910 | -17.1% | | Listing Expenses | – | 23,214 | -100% | | Others | 6,074 | 3,894 | +56.0% | | **Total** | **347,873** | **415,255** | **-16.3%** | [5. Income Tax Expense](index=8&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for H1 2025 was **RMB 23 thousand**, a decrease from **RMB 200 thousand** in H1 2024, but remained relatively stable overall Income Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | China Corporate Income Tax - Current Tax | 23 | 200 | [6. Dividends](index=8&type=section&id=6.%20%E8%82%A1%E6%81%AF) No dividends were declared or paid by the company for the six months ended June 30, 2025, or for the year ended December 31, 2024 - The company did not declare or pay dividends[17](index=17&type=chunk) [7. Earnings/(Loss) Per Share](index=9&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%95%B1%EF%BC%88%E虧%E6%90%8D%EF%BC%89) In H1 2025, the company's basic and diluted earnings per share were **RMB 0.02**, a significant improvement from a loss of **RMB 3.18** per share in H1 2024, primarily due to the net profit turning positive during the period Earnings/(Loss) Per Share (RMB) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company (RMB thousand) | 3,717 | (445,505) | | Weighted Average Number of Ordinary Shares Outstanding (thousand shares) | 225,907 | 140,000 | | **Basic and Diluted Earnings/(Loss) Per Share** | **0.02** | **(3.18)** | [8. Trade and Other Receivables, Deposits and Prepayments](index=9&type=section&id=8.%20%E8%B3%87%20%E6%98%93%20%E5%8F%8A%20%E5%85%B6%20%E4%BB%96%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85%E3%80%81%E6%8C%89%20%E9%87%91%20%E5%8F%8A%20%E9%A0%90%20%E4%BB%98%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade and other receivables, deposits, and prepayments amounted to **RMB 193.1 million**, a substantial increase from the end of 2024, primarily driven by a significant rise in trade receivables Trade and Other Receivables, Deposits and Prepayments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables - Customer Contracts | 171,956 | 74,921 | +129.5% | | Less: Provision for Credit Losses | (14,050) | (11,960) | +17.5% | | **Net Trade Receivables** | **157,906** | **62,961** | **+150.8%** | | Prepayments | 10,989 | 7,421 | +48.1% | | Recoverable VAT | 5,661 | 1,837 | +208.2% | | Other Receivables | 14,563 | 9,797 | +48.6% | | **Total** | **193,061** | **87,183** | **+121.4%** | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 79,174 | 21,415 | | 31 to 180 days | 43,967 | 22,730 | | 181 to 365 days | 25,385 | 12,742 | | Over 1 year | 23,430 | 18,034 | | **Total** | **171,956** | **74,921** | [9. Trade and Other Payables](index=9&type=section&id=9.%20%E8%B3%87%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables amounted to **RMB 130.1 million**, a slight decrease from the end of 2024, with a significant increase in trade payables offset by reductions in accrued staff costs and other payables Trade and Other Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 73,310 | 41,593 | +76.2% | | Accrued Staff Costs | 28,071 | 62,564 | -55.1% | | Other Tax Payables | 15,380 | 9,986 | +54.0% | | Other Payables | 13,351 | 19,814 | -32.6% | | **Total** | **130,112** | **133,957** | **-2.9%** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 62,477 | 28,959 | | 3 to 6 months | 3,662 | 1,778 | | 6 to 12 months | 1,400 | 1,587 | | 1 to 2 years | 1,280 | 4,155 | | Over 2 years | 4,491 | 5,114 | | **Total** | **73,310** | **41,593** | [10. Events After the Reporting Period](index=11&type=section&id=10.%20%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 29, 2025, the Board approved the grant of **4,750,000 restricted shares** to five grantees under the 2025 Share Incentive Scheme, representing approximately **2.10%** of the company's issued share capital, sourced from shares indirectly held by the controlling shareholder - On **July 29, 2025**, the Board approved the grant of **4,750,000 restricted shares** to five grantees[21](index=21&type=chunk) - These granted shares represent approximately **2.10%** of the company's issued share capital[21](index=21&type=chunk) - The shares were sourced from those indirectly held by Ms. Chen Jie, the controlling shareholder, through Ningbo Xiuan and Tianjin Duoying[21](index=21&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview and Outlook](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD%E8%88%87%E5%B1%95%E6%9C%9B) In the first half, the company continued to deepen its "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on "Compliance as a Service (CaaS)" and "Data Intelligence Service (DI)", achieving significant progress in customer scale, product iteration, and market penetration, while actively expanding into global markets [I. Operating Overview](index=12&type=section&id=%E4%B8%80.%20%E7%B6%93%E7%87%9F%E6%A6%82%E8%A6%BD) In H1 2025, the company continued to implement its "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on CaaS and DI to accelerate product iteration and industry penetration, while building a global transaction compliance system to advance the digital upgrade of commercial credit systems - Strategy: Deepening the "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on "Compliance as a Service (CaaS)" and "Data Intelligence Service (DI)"[22](index=22&type=chunk) - Technological Foundation: Leveraging **30,000+ dynamic tax rule engines**, **200+ multi-modal invoice parsing technologies**, and self-developed Tax Swift Agent to build a global transaction compliance system[22](index=22&type=chunk) - Customer Scale: Processed approximately **23.1 billion invoices**, corresponding to a total transaction value of **RMB 105.51 trillion**, serving over **90.7 million taxpayer identification number customers**[23](index=23&type=chunk) [II. Core Business Performance](index=12&type=section&id=%E4%BA%8C.%20%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) In the first half, the company's "Cloud-based Tax Digitalization Solutions" and "On-premise Tax Digitalization Solutions" developed in parallel, achieving steady growth, with cloud solutions maintaining double-digit growth in key operating metrics, and on-premise solutions expanding their customer base, while AI empowerment enhanced compliance processing, full invoice lifecycle management, and risk monitoring capabilities - Development Strategy: Pursuing parallel development of "Cloud-based Tax Digitalization Solutions" and "On-premise Tax Digitalization Solutions" for steady growth[24](index=24&type=chunk) - Product Upgrades: Completed comprehensive compatibility upgrades for tax digitalization solutions with electronic invoices, and strengthened core competitiveness based on low-code platforms and self-developed software products[24](index=24&type=chunk) - AI Empowerment: Deep AI capabilities effectively enhance customer operational efficiency and tax compliance, boosting repurchase rates and new customer acquisition potential[24](index=24&type=chunk) [III. DI Transformation Progress and Product Matrix](index=13&type=section&id=%E4%B8%89.%20%E5%85%AC%20%E5%8F%B8DI%E8%BD%89%E5%9E%8B%E6%A5%AD%E5%8B%99%E9%80%B2%E5%B1%95%E8%88%87%E7%94%A2%E5%93%81%E7%9F%A9%E9%99%A3) Leveraging its digital document technology and data resources, the company launched three intelligent agent matrices: "Golden Shield" Transaction Management Intelligent Agent, "Wise Realm" Financial Business Intelligent Agent, and "Ask Data" Business Decision Intelligent Agent, achieving a DI strategic upgrade from traditional digitalization to comprehensive data governance and intelligent analysis [Golden Shield Transaction Management Intelligent Agent](index=13&type=section&id=%E3%80%8C%E9%87%91%E7%9B%BE%E3%80%8D%E4%BA%A4%E6%98%93%E7%AE%A1%E7%90%86%E6%99%BA%E8%83%BD%E9%AB%94) The "Golden Shield" intelligent agent integrates AI large models with invoice compliance processing capabilities, offering an integrated solution for intelligent tax risk supervision and automated invoice processing, achieving intelligent upgrades in document recognition, parsing, comparison, and qualification review through multi-modal recognition and large model technologies, and building a multi-language, multi-country global transaction compliance solution for enterprises expanding overseas under the "Belt and Road" initiative - Functionality: Integrates AI large models with invoice compliance processing capabilities to form an integrated solution for intelligent tax risk supervision and automated invoice processing[25](index=25&type=chunk) - Technology: Relies on multi-modal recognition and large model technologies to achieve intelligent upgrades in document recognition, parsing, comparison, and qualification review[25](index=25&type=chunk) - Globalization: Builds a multi-language, multi-country, multi-type invoice global transaction compliance solution for enterprises expanding overseas under the "Belt and Road" initiative[25](index=25&type=chunk) [Wise Realm Financial Business Intelligent Agent](index=13&type=section&id=%E3%80%8C%E7%9D%BF%E7%95%8C%E3%80%8D%E9%87%91%E8%9E%8D%E6%A5%AD%E5%8B%99%E6%99%BA%E8%83%BD%E9%AB%94) The "Wise Realm" intelligent agent leverages a **3000+ dimension** commercial credit evaluation system to provide precise risk assessment and intelligent risk control services for banks and internet financial institutions, forming a three-in-one intelligent application matrix of financial risk control, financial marketing, and financial policy, comprehensively enhancing financial business service capabilities - Core Capability: Leverages a **3000+ dimension** commercial credit evaluation system to provide precise risk assessment and intelligent risk control services[25](index=25&type=chunk) - Application Matrix: Forms a three-in-one intelligent application matrix of financial risk control intelligent agent, financial marketing intelligent agent, and financial policy intelligent agent[25](index=25&type=chunk) - Financial Risk Control Intelligent Agent: Utilizes MCP services and **2000+ dimension** credit evaluation indicators to quickly customize enterprise-level risk profiles[25](index=25&type=chunk) [Ask Data Business Decision Intelligent Agent](index=14&type=section&id=%E3%80%8C%E5%95%8F%E6%95%B8%E3%80%8D%E7%B6%93%E7%87%9F%E6%B1%BA%E7%AD%96%E6%99%BA%E8%83%BD%E9%AB%94) The "Ask Data" intelligent agent integrates natural language interaction, knowledge graphs, and predictive modeling to help enterprises consolidate internal and external data resources, support industry panoramic and dynamic analysis, automatically generate reports and charts, provide a dual perspective of "seeing oneself and seeing the market," and facilitate scientific and intelligent strategic decision-making - Functionality: Integrates natural language interaction, knowledge graphs, and predictive modeling to help enterprises consolidate internal and external data resources[26](index=26&type=chunk) - Value: Supports industry panoramic and dynamic analysis, automatically generates reports and charts, forming a dual perspective of "seeing oneself and seeing the market" to facilitate scientific and intelligent strategic decision-making[26](index=26&type=chunk) - Strategic Upgrade: Achieves a DI strategic upgrade from traditional document digitalization to comprehensive data governance and intelligent analysis[26](index=26&type=chunk) [IV. Industry Collaboration and Strategic Partnerships](index=14&type=section&id=%E5%9B%9B.%20%E8%A1%8C%E6%A5%AD%E5%8D%94%E5%90%8C%E8%88%87%E6%88%B0%E7%95%A5%E5%90%88%E4%BD%9C) During the reporting period, the company collaborated with leading enterprises and institutions in international shipping, international brand sales, electric vehicle sales, commercial real estate, and financial services, accelerating the deployment of intelligent agents in vertical industries, creating hundreds of intelligent application scenarios, and continuously strengthening industry barriers and customer stickiness - International Shipping: Partnered with a leading domestic shipping enterprise to build a cross-border document compliance intelligent agent, enhancing customs clearance efficiency and risk prevention[27](index=27&type=chunk) - International Brand Sales: Empowered an international brand consumer goods manufacturer to build an overseas invoice recognition compliance intelligent agent, improving financial processing efficiency[27](index=27&type=chunk) - Financial Services: Collaborated with a top internet financial institution and a global Big Four accounting firm to launch "Tax Compliance" and inclusive finance AI advisor intelligent agents[27](index=27&type=chunk) [V. National Strategy and Data Element Value](index=15&type=section&id=%E4%BA%94.%20%E5%9C%8B%E5%AE%B6%E6%88%B0%E7%95%A5%E8%88%87%E6%95%B8%E6%93%9A%E8%A6%81%E7%B4%A0%E5%83%B9%E5%80%BC) The company actively responds to the National Data Bureau's "market-oriented allocation of data elements" strategy, participates in the construction of the national public data resource registration platform, achieves multi-dimensional data interconnection, promotes provincial data registration platform construction, explores the full-process value release of data, and aims to build a core ecological hub for data element value through future collaborations - Response to National Strategy: Actively responds to the National Data Bureau's "market-oriented allocation of data elements" strategy and continuously participates in the construction of the national public data resource registration platform[29](index=29&type=chunk) - Data Interconnection: The platform achieves multi-dimensional data interconnection across industry and commerce, judiciary, taxation, and customs, effectively eliminating "information silos" in public data[29](index=29&type=chunk) - Future Outlook: Through deep cooperation with data groups, data exchanges, and industrial internet platforms, the company will continue to expand data intelligence integration application scenarios and build a core ecological hub for data element value[29](index=29&type=chunk) [VI. Global Expansion and Future Outlook](index=15&type=section&id=%E5%85%AD.%20%E5%85%A8%E7%90%83%E5%8C%96%E4%BD%88%E5%B1%80%E8%88%87%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Leveraging its experience serving **90.7 million** Chinese taxpayers and the Tax Swift Agent global tax compliance infrastructure, the company has achieved compatibility with **100+ national languages**, **200+ invoice types**, and **30,000 international tax rules**, covering multiple countries and continuously expanding into emerging markets in Southeast Asia, the Middle East, Africa, and South America; in the future, it will use "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions, promote inclusive finance, expand the intelligent agent matrix, build ecological alliances, and strengthen global expansion [Future Outlook](index=15&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company will leverage "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions, expand full invoice lifecycle management and risk monitoring application scenarios, and enhance profitability and data value application; simultaneously, it will promote digital inclusive finance, expand the intelligent agent matrix through open-source large models and other technologies, strengthen cooperation with AI and data ecosystem partners, and continuously improve the global intelligent tax infrastructure Tax Swift Agent to enhance overseas market coverage - Global Expansion: Achieved compatibility with **100+ national languages**, **200+ invoice types**, and **30,000 international tax rules**, covering countries like Malaysia, Singapore, and Argentina, with continuous expansion into emerging markets planned[30](index=30&type=chunk) - Future Strategy: Utilize "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions and expand application scenarios for full invoice lifecycle management and risk monitoring[31](index=31&type=chunk) - Core Objective: Transform data from a single resource into measurable, value-added digital productivity, helping clients improve operational efficiency and risk management, and promoting the restructuring and upgrading of the global commercial credit system[32](index=32&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed review of the company's financial performance in H1 2025, including revenue composition, cost control, profit changes, non-IFRS adjustments, liquidity and working capital, foreign exchange, interest rate, price, and credit risk management, as well as capital expenditures, commitments, and indebtedness, comprehensively presenting the company's financial health and management strategies [Revenue](index=17&type=section&id=%E6%94%B6%E7%9B%8A) In H1 2025, the company's revenue increased by **23.5%** year-on-year to **RMB 347.6 million**, with AI business contributing **RMB 60.9 million**, primarily driven by the "Golden Shield" Transaction Management Intelligent Agent; cloud-based tax digitalization solutions grew by **16.3%** and on-premise solutions by **93.1%** in core business, benefiting from the Golden Tax IV project and AI empowerment, while data-driven analytical services revenue decreased by **35.6%** due to strategic contraction of low-margin businesses Revenue by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | 2025 Share | 2024 Share | | :--- | :--- | :--- | :--- | :--- | :--- | | AI Business | 60,860 | – | N/A | 17.5% | 0% | | - Golden Shield Transaction Management Intelligent Agent | 59,964 | – | N/A | 17.3% | 0% | | - Wise Realm Financial Business Intelligent Agent | 896 | – | N/A | 0.2% | 0% | | Core Business | 285,214 | 281,267 | +1.4% | 82.1% | 99.9% | | - Cloud-based Tax Digitalization Solutions | 111,169 | 95,575 | +16.3% | 32.0% | 33.9% | | - On-premise Tax Digitalization Solutions | 81,663 | 42,286 | +93.1% | 23.5% | 15.0% | | - Data-driven Analytical Services | 92,382 | 143,406 | -35.6% | 26.6% | 51.0% | | Others | 1,514 | 284 | +433.1% | 0.4% | 0.1% | | **Total** | **347,588** | **281,551** | **+23.5%** | **100.0%** | **100.0%** | - AI business revenue grew from zero to **RMB 60.9 million**, primarily driven by the "Golden Shield" Transaction Management Intelligent Agent[36](index=36&type=chunk) - On-premise tax digitalization solutions revenue increased by **93.1%**, mainly benefiting from the Golden Tax IV project's electronic invoice reform and AI empowerment[37](index=37&type=chunk) [Cost of Sales](index=19&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) In H1 2025, cost of sales increased by **8.4%** year-on-year to **RMB 185.6 million**, primarily due to new cost of sales from the AI business and increased cost of sales for on-premise tax digitalization solutions, while data-driven analytical services saw a significant decrease in cost of sales due to business contraction Cost of Sales by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | 2025 Share | 2024 Share | | :--- | :--- | :--- | :--- | :--- | :--- | | AI Business | 54,357 | – | N/A | 29.3% | 0% | | - Golden Shield Transaction Management Intelligent Agent | 54,194 | – | N/A | 29.2% | 0% | | - Wise Realm Financial Business Intelligent Agent | 163 | – | N/A | 0.1% | 0% | | Core Business | 131,224 | 170,576 | -23.1% | 70.7% | 99.6% | | - Cloud-based Tax Digitalization Solutions | 44,498 | 49,251 | -9.7% | 24.0% | 28.8% | | - On-premise Tax Digitalization Solutions | 50,427 | 38,459 | +31.1% | 27.2% | 22.4% | | - Data-driven Analytical Services | 36,299 | 82,866 | -56.2% | 19.5% | 48.4% | | Others | 20 | 661 | -97.0% | 0.0% | 0.4% | | **Total** | **185,601** | **171,237** | **+8.4%** | **100.0%** | **100.0%** | [Gross Profit](index=20&type=section&id=%E6%AF%9B%E5%88%A9) In H1 2025, gross profit increased by **46.8%** to **RMB 162.0 million**, with gross margin improving from **39.2%** to **46.6%**, primarily due to the strategic contraction of low-margin businesses and AI empowerment enhancing automated deployment and configuration capabilities, thereby reducing delivery costs Gross Profit and Gross Margin by Business Line | Business Line | 2025 Gross Profit (RMB thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | AI Business | 6,503 | 10.7 | – | – | | - Golden Shield Transaction Management Intelligent Agent | 5,770 | 9.6 | – | – | | - Wise Realm Financial Business Intelligent Agent | 733 | 81.8 | – | – | | Core Business | 153,990 | 54.0 | 110,691 | 39.4 | | - Cloud-based Tax Digitalization Solutions | 66,671 | 60.0 | 46,324 | 48.5 | | - On-premise Tax Digitalization Solutions | 31,236 | 38.2 | 3,827 | 9.1 | | - Data-driven Analytical Services | 56,083 | 60.7 | 60,540 | 42.2 | | Others | 1,494 | 98.7 | (377) | (132.7) | | **Total** | **161,987** | **46.6** | **110,314** | **39.2** | - Gross margin growth is primarily attributed to the strategic reduction in the revenue proportion of low-margin businesses and AI empowerment, which enhanced automated deployment and configuration capabilities, thereby lowering delivery costs[40](index=40&type=chunk) [Other Income](index=20&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for H1 2025 was **RMB 0.9 million**, a significant decrease from **RMB 4.4 million** in H1 2024, primarily due to a year-on-year reduction in government grants - Other income for H1 2025 was **RMB 0.9 million**, compared to **RMB 4.4 million** in H1 2024[42](index=42&type=chunk) - The primary reason for the decrease was a year-on-year reduction in government grants[42](index=42&type=chunk) [Other Gains and Losses](index=20&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) In H1 2025, other gains of **RMB 0.1 million** were recorded, mainly comprising exchange losses and the reversal of litigation expenses accrued in the prior year, whereas H1 2024 saw other losses of **RMB 5.6 million**, primarily including donations and litigation expenses - H1 2025: Other gains of **RMB 0.1 million**, primarily including exchange losses and the reversal of litigation expenses accrued in the prior year based on a judgment[43](index=43&type=chunk) - H1 2024: Other losses of **RMB 5.6 million**, primarily including the Group's donations and litigation expenses[43](index=43&type=chunk) [Research and Development Expenses](index=21&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) In H1 2025, R&D expenses decreased by **33.5%** to **RMB 68.3 million**, primarily due to reduced share-based payment expenses and the introduction of AI-driven IPD R&D management best practices, which improved software development pipeline efficiency by approximately **12%**; the company strategically reallocated R&D resources, investing **RMB 12.6 million** in Data+AI R&D - R&D expenses decreased by **33.5%** from **RMB 102.6 million** in H1 2024 to **RMB 68.3 million**[44](index=44&type=chunk) - Key reasons: Reduced share-based payment expenses and the introduction of AI-driven IPD R&D management, which improved software development pipeline efficiency by approximately **12%**[44](index=44&type=chunk) - Strategic Adjustment: **RMB 12.6 million** was invested in Data+AI R&D (compared to zero in H1 2024)[44](index=44&type=chunk) [Administrative Expenses](index=21&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) In H1 2025, administrative expenses increased by **17.6%** to **RMB 44.8 million**, primarily due to one-off organizational efficiency improvement costs associated with the company's strategic talent structure upgrade - Administrative expenses increased by **17.6%** from **RMB 38.0 million** in H1 2024 to **RMB 44.8 million**[45](index=45&type=chunk) - Primary reason: One-off costs associated with the company's strategic talent structure upgrade[45](index=45&type=chunk) [Distribution and Selling Expenses](index=21&type=section&id=%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) In H1 2025, distribution and selling expenses decreased by **38.6%** to **RMB 49.3 million**, primarily due to reduced share-based payment expenses and the company's enhanced operational efficiency and cost savings through refined operations - Distribution and selling expenses decreased by **38.6%** from **RMB 80.0 million** in H1 2024 to **RMB 49.3 million**[46](index=46&type=chunk) - Primary reasons: Reduced share-based payment expenses and the company's achievement of operational efficiency improvements and operating expense savings through refined operations[46](index=46&type=chunk) [Finance Income](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5) In H1 2025, finance income increased by **6.1%** to **RMB 1.6 million** - Finance income increased by **6.1%** from **RMB 1.5 million** in H1 2024 to **RMB 1.6 million**[47](index=47&type=chunk) [Finance Costs](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) In H1 2025, finance costs were **RMB 0.3 million**, remaining largely consistent with H1 2024 - Finance costs for H1 2025 were **RMB 0.3 million**, consistent with **RMB 0.3 million** in H1 2024[48](index=48&type=chunk) [Fair Value Changes of Financial Assets and Liabilities Measured at Fair Value Through Profit or Loss](index=22&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%AE%8A%E5%8B%95) In H1 2025, a fair value gain of **RMB 5.4 million** was recorded for financial assets measured at fair value, primarily from wealth management products, whereas H1 2024 saw a loss of **RMB 303.0 million**, mainly due to increased valuation from the company's Hong Kong IPO launch, leading to increased fair value losses on preferred shares, which were derecognized after listing - H1 2025: Fair value gain of **RMB 5.4 million**, primarily from wealth management products[49](index=49&type=chunk) - H1 2024: Fair value loss of **RMB 303.0 million**, primarily due to increased fair value losses on preferred shares resulting from the launch of the Hong Kong IPO[49](index=49&type=chunk) [Share of Results of Associates and Joint Ventures](index=22&type=section&id=%E6%87%89%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE) In H1 2025, the share of losses from associates and joint ventures narrowed to **RMB 0.8 million**, a reduction from **RMB 5.2 million** in H1 2024, primarily due to decreased losses incurred by these entities during the period - Share of losses from associates and joint ventures: **RMB 0.8 million** in H1 2025, compared to **RMB 5.2 million** in H1 2024[50](index=50&type=chunk) - Primary reason: These associates and joint ventures recorded reduced losses in H1 2025[50](index=50&type=chunk) [Income Tax Expense](index=22&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) In H1 2025, income tax expense was **RMB 0.02 million**, remaining relatively stable compared to **RMB 0.2 million** in H1 2024 - Income tax expense: **RMB 0.02 million** in H1 2025, compared to **RMB 0.2 million** in H1 2024[51](index=51&type=chunk) [Net Profit/(Loss) for the Period](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E6%B7%A8%E5%88%A9%E6%BD%A4%E2%95%B1%E虧%E6%90%8D) In H1 2025, the company achieved a net profit of **RMB 3.6 million**, successfully reversing the net loss of **RMB 445.8 million** in H1 2024, primarily due to increased revenue and effective cost control - Net profit/(loss) for the period: **RMB 3.6 million net profit** in H1 2025, compared to a **RMB 445.8 million net loss** in H1 2024[52](index=52&type=chunk) [Adjusted Net Profit/(Loss) for the Period (Non-IFRS Measure)](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4%E2%95%B1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%88%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%89) In H1 2025, adjusted net profit (Non-IFRS) was **RMB 4.6 million**, successfully reversing the adjusted net loss of **RMB 81.2 million** in H1 2024, with growth primarily attributed to increased total revenue from scenario-based data intelligence strategies, expanded gross margin, improved operational efficiency, and operating expense savings Reconciliation of Net Profit/(Loss) to Adjusted Net Profit/(Loss) (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Profit/(Loss) for the Period | 3,647 | (445,802) | | Add: Share-based Payment Expenses | 950 | 35,743 | | Add: Listing Expenses | – | 23,214 | | Add: Fair Value Changes of Financial Liabilities Measured at Fair Value - Preferred Shares | – | 305,648 | | **Adjusted Net Profit/(Loss)** | **4,597** | **(81,197)** | - The increase in adjusted net profit is primarily attributed to increased total revenue achieved through the implementation of scenario-based data intelligence strategies[54](index=54&type=chunk) - Additionally, refined operations led to expanded gross margin, improved operational efficiency, and operating expense savings[54](index=54&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) The company's cash is primarily used for working capital needs and recurring expenses, with funding sources including cash flow from operating activities, net proceeds from global offerings, and capital market financing; as of June 30, 2025, current assets decreased to **RMB 901.6 million**, mainly due to working capital requirements - Primary use of cash: Funding working capital requirements and other recurring expenses[55](index=55&type=chunk) - Funding sources: Cash flows from operating activities, net proceeds from the global offering, and other funds raised from capital markets from time to time[55](index=55&type=chunk) - Current assets decreased from **RMB 945.5 million** as of December 31, 2024, to **RMB 901.6 million** as of June 30, 2025, primarily due to the company's working capital requirements[55](index=55&type=chunk) [Cash and Cash Equivalents](index=24&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, the company's cash and cash equivalents decreased to **RMB 340.1 million**, with the combined total of cash and cash equivalents and wealth management products classified as financial assets measured at fair value amounting to **RMB 579.6 million** - Cash and cash equivalents decreased from **RMB 443.9 million** as of December 31, 2024, to **RMB 340.1 million** as of June 30, 2025[56](index=56&type=chunk) - As of June 30, 2025, the combined total of cash and cash equivalents and wealth management products classified as financial assets measured at fair value through profit or loss was **RMB 579.6 million**[56](index=56&type=chunk) [Foreign Exchange Risk Management](index=24&type=section&id=%E5%A4%96%E5%BD%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The company's primary business is conducted in RMB, exposing it to foreign exchange risk from non-RMB denominated transactions and assets/liabilities; in H1 2025, a net exchange loss of **RMB 1.5 million** was recognized, mainly due to fluctuations in HKD-denominated assets, with no hedging arrangements in place, and risk managed through close monitoring of exchange rate changes - Functional currency: RMB, with business primarily conducted in RMB[57](index=57&type=chunk) - Foreign Exchange Risk: Exposed to foreign exchange risk from commercial transactions and recognized assets and liabilities denominated in non-RMB currencies[57](index=57&type=chunk) - Foreign Exchange Loss: A net exchange loss of **RMB 1.5 million** was recognized in H1 2025, primarily due to exchange rate fluctuations of HKD-denominated assets within cash and cash equivalents[57](index=57&type=chunk) [Interest Rate Risk](index=24&type=section&id=%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The company faces cash flow interest rate risk related to bank balances, cash, and market interest rate-indexed wealth management products, as well as fair value interest rate risk related to time deposits and lease liabilities; the company manages risk by assessing the potential impact of interest rate changes and currently does not use interest rate swaps for hedging - Sources of Risk: Cash flow interest rate risk related to bank balances and cash bearing market interest rates, and market interest rate-indexed wealth management products; fair value interest rate risk related to time deposits and lease liabilities[58](index=58&type=chunk) - Management Strategy: Manages interest rate risk by assessing the potential impact of any interest rate changes based on interest rate levels and outlook[58](index=58&type=chunk) - Hedging: As of June 30, 2025, the company did not use any interest rate swaps to hedge its interest rate exposure[58](index=58&type=chunk) [Price Risk](index=25&type=section&id=%E5%83%B9%E6%A0%BC%E9%A2%A8%E9%9A%AA) The company is exposed to price risk on certain market price-linked wealth management products, investments in associates with preferred shares, investments in convertible loans, and arrangements/rights to receive additional shares at a nominal consideration; the company currently has no policy to hedge price risk and monitors it closely by maintaining a diversified investment portfolio - Sources of Risk: Certain market price-linked wealth management products, investments in associates with preferred shares, investments in convertible loans, and arrangements/rights to receive additional shares at a nominal consideration[59](index=59&type=chunk) - Management Strategy: Currently has no policy to hedge price risk and monitors it closely by maintaining a diversified investment portfolio with different risk profiles[59](index=59&type=chunk) [Credit Risk](index=25&type=section&id=%E4%BF%A1%E8%B2%B8%E9%A2%A8%E9%9A%AA) The company faces credit risk related to trade and other receivables, cash and cash equivalents, restricted bank deposits, time deposits, amounts due from related parties, and contract assets; the company places bank balances with reputable financial institutions and conducts ongoing credit assessments of customers, resulting in immaterial credit losses - Sources of Risk: Trade and other receivables, cash and cash equivalents, restricted bank deposits, time deposits, amounts due from related parties, and contract assets[60](index=60&type=chunk) - Bank Deposits: Primarily placed with state-owned or reputable financial institutions in China, resulting in low credit risk[60](index=60&type=chunk) - Trade Receivables Management: Policies are in place to ensure credit periods are granted to counterparties with appropriate credit records, and management conducts ongoing credit assessments of counterparties[61](index=61&type=chunk) [Capital Expenditures](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) In H1 2025, total capital expenditures amounted to approximately **RMB 4.9 million**, primarily for intangible assets generated from internal R&D, a significant increase from **RMB 0.8 million** in H1 2024 - Total capital expenditures: Approximately **RMB 4.9 million** in H1 2025, compared to approximately **RMB 0.8 million** in H1 2024[62](index=62&type=chunk) - Primary components: In 2025, mainly intangible assets generated from internal R&D; in 2024, mainly purchases of property, plant and equipment, and intangible assets[62](index=62&type=chunk) [Capital Commitments](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the company's capital commitments were **RMB 68.5 million**, a slight decrease from **RMB 71.7 million** as of December 31, 2024, primarily related to capital expenditures for acquiring equity in associates and joint ventures - Capital commitments: **RMB 68.5 million** as of June 30, 2025, compared to **RMB 71.7 million** as of December 31, 2024[63](index=63&type=chunk) - Primary reason: Mainly related to capital expenditures for our acquisition of equity interests in associates and joint ventures[63](index=63&type=chunk) [Indebtedness](index=26&type=section&id=%E5%82%B5%E9%A0%85) During the reporting period, the company's indebtedness primarily consisted of lease liabilities, which significantly increased to **RMB 20.8 million** as of June 30, 2025, from **RMB 3.0 million** at the end of 2024; the company secured a credit facility of **RMB 100.0 million**, which remained undrawn as of the announcement date - Primary indebtedness: Lease liabilities[64](index=64&type=chunk) - Lease liabilities: **RMB 20.8 million** as of June 30, 2025, compared to **RMB 3.0 million** as of December 31, 2024[64](index=64&type=chunk) - Credit facility: Obtained a **RMB 100.0 million** credit facility from a reputable Chinese commercial bank, which remained undrawn as of the announcement date[64](index=64&type=chunk) [Contingent Liabilities](index=26&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the company had no material contingent liabilities, guarantees, or significant pending or threatened litigation or claims against any member of the Group - As of June 30, 2025, the company had no material contingent liabilities, guarantees, or any pending or threatened material litigation or claims against any member of the Group[65](index=65&type=chunk) [Material Investments, Acquisitions and Disposals](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) In H1 2025, the company held no material investments and undertook no material acquisitions or disposals of subsidiaries and associates - For the six months ended June 30, 2025, the company held no material investments and made no material acquisitions or disposals of subsidiaries and associates[66](index=66&type=chunk) [Pledge of Assets of the Group](index=26&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the company had not pledged any assets - As of June 30, 2025, the company had no pledged assets[67](index=67&type=chunk) [Future Plans for Material Investments and Capital Assets](index=26&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in the prospectus and this announcement, the company has no other material future plans for significant investments and capital assets as of the announcement date - Except as disclosed in the company's prospectus dated June 28, 2024, and this announcement, the company has no other material future plans for significant investments and capital assets as of the date of this announcement[68](index=68&type=chunk) [Key Financial Indicators](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) Key Financial Ratios | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Margin | 46.6% | 39.2% | | Net Profit/(Loss) Margin | 1.0% | (158.3%) | | Revenue Growth Rate | 23.5% | (16.1%) | | Current Ratio (as of June 30/December 31) | 3.3 | 3.4 | [Other Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Use of Proceeds](index=28&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E7%94%A8%E9%80%94) The company's net proceeds from the global offering were approximately **HKD 228.9 million**, of which **HKD 70.3 million** had been utilized as of June 30, 2025, primarily for solution upgrades and enhancements, R&D, and selective acquisitions and investments; the company expects to fully utilize the net proceeds by December 31, 2029 - Net proceeds from the global offering: Approximately **HKD 228.9 million**[72](index=72&type=chunk) Allocation and Use of Net Proceeds (HKD million) | Use | Net Proceeds Allocation (%) | Unutilized as of Jan 1, 2025 | Utilized During Reporting Period | Utilized as of June 30, 2025 | Unutilized as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Solution Upgrades and Enhancements | 31.5 | 58.0 | 11.1 | 25.2 | 46.9 | | Research and Development | 29.4 | 48.9 | 21.3 | 39.7 | 27.6 | | Sales and Marketing Initiatives | 19.3 | 44.2 | – | – | 44.2 | | Selective Acquisitions and Investments | 11.5 | 20.9 | – | 5.4 | 20.9 | | Working Capital and Other General Corporate Purposes | 8.3 | 19.0 | – | – | 19.0 | | **Total** | **100.0** | **191.0** | **32.4** | **70.3** | **158.6** | - The company expects to fully utilize the net proceeds from the global offering by **December 31, 2029**[74](index=74&type=chunk) [Human Resources](index=29&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group had **835 employees**, a decrease from **934** at the end of 2024; the company attracts and retains talent by offering basic salaries, allowances, bonuses, share options, and other benefits, along with regular training - Number of employees: **835** as of June 30, 2025 (December 31, 2024: **934**)[75](index=75&type=chunk) - Remuneration and benefits: Include basic salaries, allowances, bonuses, share options, and other employee benefits[75](index=75&type=chunk) - Training: Regular training is provided to employees to enhance their skills and knowledge[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=%E8%B3%BC%20%E8%B2%B7%E3%80%81%E5%87%BA%20%E5%94%AE%20%E6%88%96%20%E8%B4%96%20%E5%9B%9E%20%E6%9C%AC%20%E5%85%AC%20%E5%8F%B8%20%E4%B8%8A%20%E5%B8%82%20%E8%AD%89%20%E5%88%B8) From January 1, 2025, up to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - From **January 1, 2025**, up to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[76](index=76&type=chunk) [Interim Dividends](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Public Float](index=29&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of the date of this announcement, the company has maintained a sufficient public float as required by the Listing Rules - As of the date of this announcement, the company has maintained a sufficient public float as required by the Listing Rules[78](index=78&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, demonstrating its commitment to maintaining high standards of corporate governance practices - The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules as its own corporate governance code[79](index=79&type=chunk) - During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code[79](index=79&type=chunk) [Compliance with Model Code for Securities Transactions](index=30&type=section&id=%E9%81%B5%E5%AE%88%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules; following specific inquiries, all directors and supervisors confirmed compliance with the Model Code for the six months ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[80](index=80&type=chunk) - Following specific inquiries with all directors and supervisors of the company, each director and supervisor confirmed compliance with the Model Code for the six months ended June 30, 2025[80](index=80&type=chunk) [Change of Auditor](index=30&type=section&id=%E6%9B%B4%E6%8F%9B%E6%A0%B8%E6%95%B8%E5%B8%AB) Shareholders approved the change of the company's auditor from Deloitte Touche Tohmatsu to Rongcheng (Hong Kong) CPA Limited for the financial year ending December 31, 2025, on June 27, 2025 - On **June 27, 2025**, shareholders approved the change of the company's auditor from Deloitte Touche Tohmatsu to Rongcheng (Hong Kong) CPA Limited for the financial year ending December 31, 2025[81](index=81&type=chunk) [Audit Committee and Review of Interim Financial Results](index=30&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) The Audit Committee, comprising three independent non-executive directors, reviewed and confirmed that the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was prepared in accordance with applicable accounting standards and presented fairly; the company's independent auditor, Rongcheng (Hong Kong) CPA Limited, reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee comprises three independent non-executive directors, with Mr. Wu Guoxian serving as the Chairman of the Audit Committee[82](index=82&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and was satisfied that it was prepared in accordance with applicable accounting standards and presented fairly[82](index=82&type=chunk) - The company's independent auditor, Rongcheng (Hong Kong) CPA Limited, reviewed the unaudited interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410[83](index=83&type=chunk) [Events After the Reporting Period](index=31&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 29, 2025, the Board approved the grant of **4,750,000 restricted shares** to five grantees under the 2025 Share Incentive Scheme, representing approximately **2.10%** of the company's issued share capital, with shares sourced from those indirectly held by the controlling shareholder - On **July 29, 2025**, the Board approved the grant of restricted shares representing **4,750,000 shares** to five grantees[84](index=84&type=chunk) - These granted shares represent approximately **2.10%** of the company's issued share capital as of the date of this announcement[84](index=84&type=chunk) - The source of the grant was certain shares indirectly held by Ms. Chen Jie, the controlling shareholder, through Ningbo Xiuan Enterprise Management Partnership (Limited Partnership) and Tianjin Duoying Technology Center (Limited Partnership)[84](index=84&type=chunk) [Publication of 2025 Interim Results and 2025 Interim Report](index=31&type=section&id=%E5%88%8A%20%E7%99%BC2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEX and the company's website; the company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.baiwang.com)[85](index=85&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders who have provided instructions to receive printed copies (if applicable) and published on the aforementioned websites in due course[85](index=85&type=chunk) [Acknowledgements](index=31&type=section&id=%E8%87%B4%20%E8%AC%9D) The Board extends its sincere gratitude to clients, business partners, employees, management team, and shareholders for their support - The Board sincerely thanks clients and business partners for their trust in the company, our employees and management team for their diligence, dedication, loyalty, and integrity, and our shareholders for their unwavering support[86](index=86&type=chunk)

GLOBAL DIGITAL CREATIONS HOLDINGS LIMITED 環 球 數 碼 創 意 控 股 有 限 公 司 * （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號：8271） 截至2025年6月30日止六個月之中期業績 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所主板上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳 的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 本公告的資料乃遵照《聯交所的GEM證券上市規則》（「GEM上市規則」）而刊載，旨在提供有關環 球數碼創意控股有限公司（「本公司」）的資料；本公司的董事（「董事 ...

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Unaudited Interim Results Announcement for the Six Months Ended June 30, 2025](index=1&type=section&id=%E6%88%AA%E8%87%B32025%E5%B9%B46%E6%9C%8830%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88%E7%9A%84%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) The company announced unaudited interim results for the six months ended June 30, 2025, reporting **RMB 827,345 thousand** in total revenue, a slight increase, and a basic loss of **RMB 34,931 thousand**, with no interim dividend recommended | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 827,345 | 821,251 | | - Construction Contracting Business | 700,061 | 706,952 | | - Property Development and Other Businesses | 127,284 | 114,299 | | - Health and Wellness Business | – | – | | Gross Profit | 39,439 | 35,050 | | Basic Loss | (34,931) | (27,784) | | Reported Loss | (37,294) | (28,848) | | Loss Per Share (RMB) | (0.043) | (0.036) | - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025 (2024: nil)[2](index=2&type=chunk) [Condensed Interim Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Interim Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue was **RMB 827,345 thousand**, with a gross profit of **RMB 39,439 thousand**, and a loss for the period of **RMB 37,294 thousand**, an increase from **RMB 28,848 thousand** in the prior year | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 827,345 | 821,251 | | Cost of Sales | (787,906) | (786,201) | | Gross Profit | 39,439 | 35,050 | | Other Income and Gains | 1,213 | 9,414 | | Selling and Distribution Expenses | (123) | (3) | | Administrative Expenses | (48,484) | (30,144) | | Fair Value Gain on Financial Assets at Fair Value Through Profit or Loss | 9,536 | 1,376 | | Other Expenses | (542) | (2,363) | | Finance Costs | (30,689) | (37,968) | | Loss Before Tax | (29,650) | (24,638) | | Income Tax Expense | (7,644) | (4,210) | | Loss for the Period | (37,294) | (28,848) | | Basic and Diluted Loss Per Share (RMB) | (0.043) | (0.036) | [Condensed Interim Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's loss for the period was **RMB 37,294 thousand**, with total comprehensive loss for the period expanding to **RMB 36,418 thousand** due to exchange differences and fair value changes in equity investments | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (37,294) | (28,848) | | Other Comprehensive Income (that may be reclassified to profit or loss in subsequent periods) | | | | - Exchange differences on translation of foreign operations | 330 | (217) | | Other Comprehensive Income (that will not be reclassified to profit or loss in subsequent periods) | | | | - Equity investments designated at fair value through other comprehensive income: fair value changes | 546 | – | | Other comprehensive income for the period, net of tax | 876 | (217) | | Total comprehensive income for the period | (36,418) | (29,065) | [Condensed Interim Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's total assets decreased to **RMB 6,099,285 thousand**, with net current assets turning positive and total liabilities slightly decreasing, resulting in net assets of **RMB 843,879 thousand** | Indicator | June 30, 2025 (RMB '000) | Dec 31, 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | **Total Non-current Assets** | **1,845,829** | **1,815,895** | **+1.65%** | | **Total Current Assets** | **4,253,456** | **4,429,456** | **-3.97%** | | **Total Current Liabilities** | **4,091,752** | **4,753,909** | **-13.93%** | | **Net Current Assets (Liabilities)** | **161,704** | **(324,453)** | **From negative to positive** | | **Total Assets Less Current Liabilities** | **2,007,533** | **1,491,442** | **+34.60%** | | **Total Non-current Liabilities** | **1,163,654** | **636,944** | **+82.69%** | | **Net Assets** | **843,879** | **854,498** | **-1.24%** | | **Total Equity** | **843,879** | **854,498** | **-1.24%** | [Notes to the Condensed Interim Consolidated Financial Statements](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Company and Group Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%9B%86%E5%9C%98%E8%B3%87%E6%96%99) The company is an exempted limited company incorporated in the Cayman Islands, with its ultimate holding company being Auspicious International Industrial Limited, and the Group is primarily engaged in construction contracting, property development, and health and wellness businesses - The Company is incorporated in the Cayman Islands, with its ultimate holding company being Auspicious International Industrial Limited (incorporated in the British Virgin Islands)[7](index=7&type=chunk)[8](index=8&type=chunk) - The Group is principally engaged in construction contracting, property development, and health and wellness businesses[8](index=8&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%8