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

[Group Performance Overview](index=1&type=section&id=Group%20Performance%20Overview) [Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) The Group reported growth in revenue and profit for the period, with significant new order intake and stable adjusted EBITDA and profit | Metric | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | Y-o-Y Change (%) | | :--- | :-------------------- | :-------------------- | :----------- | | Revenue | 1,332,900 | 1,225,500 | 8.8% | | Profit for the period | 41,500 | 38,100 | 9.0% | | New Orders Signed | 1,519,300 | 1,295,000 | 17.3% | | Adjusted EBITDA | 59,600 | 58,200 | 2.2% | | Adjusted Profit | 45,700 | 46,000 | -0.7% | | Basic EPS (HK cents) | 4.98 | 4.57 | 9.0% | [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The condensed consolidated statement of profit or loss shows growth in revenue and profit attributable to owners, driven by increased revenue and improved associate performance | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Revenue | 1,332,883 | 1,225,462 | | Cost of sales | (583,487) | (522,218) | | Cost of services provided | (620,426) | (580,053) | | Other income | 11,561 | 13,332 | | Other net loss | (4,452) | (921) | | Selling expenses | (55,027) | (47,403) | | Administrative expenses | (33,444) | (31,895) | | Finance income | 530 | 85 | | Finance costs | (729) | (563) | | Share of results of associates | 3,324 | (7,867) | | Profit before income tax | 50,733 | 47,959 | | Income tax expense | (9,218) | (9,858) | | Profit for the period attributable to owners of the Company | 41,515 | 38,101 | | Basic EPS (HK cents) | 4.98 | 4.57 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The condensed consolidated statement of comprehensive income shows a significant increase in total comprehensive income, primarily due to favorable exchange differences from foreign operations | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Profit for the period | 41,515 | 38,101 | | Exchange differences on translation of foreign operations | 23,547 | (4,638) | | Share of other comprehensive income/(loss) of associates | 7,953 | (1,508) | | Total comprehensive income for the period attributable to owners of the Company | 73,015 | 31,955 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group maintained a robust financial position with increased total assets, equity attributable to owners, and a healthy working capital ratio | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Total Assets | 3,347,740 | 3,276,421 | | Equity attributable to owners of the Company | 2,327,841 | 2,276,908 | | Total Liabilities | 1,019,899 | 999,513 | | Net Current Assets | 862,316 | 828,266 | - The working capital ratio was approximately **2.01:1**, indicating a sound financial position[54](index=54&type=chunk) [Notes to the Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Financial%20Information) [Basis of Preparation and Accounting Policies](index=6&type=section&id=3.1%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared under HKAS 34 and Listing Rules, adopting revised HKAS 21 with no significant impact on performance or financial position - The interim financial information has been prepared in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[11](index=11&type=chunk) - The adoption of the revised Hong Kong Accounting Standard 21 'Lack of Exchangeability' had no significant impact on the Group's results and financial position for the current and prior periods[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.2%20Revenue%20and%20Segment%20Information) The Group's revenue is primarily from IT products and services, with Hong Kong as the main source and non-current assets in overseas markets - The Group comprises two operating segments: IT products and IT services[13](index=13&type=chunk) [Revenue Composition](index=7&type=section&id=3.2.1%20Revenue%20Composition) This section details the composition of the Group's revenue, distinguishing between sales of goods and revenue from service contracts | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | Y-o-Y Change (%) | | :------- | :-------------- | :-------------- | :----------- | | Sales of goods | 675,890 | 611,325 | 10.6% | | Revenue from service contracts | 656,993 | 614,137 | 7.0% | | **Total Revenue** | **1,332,883** | **1,225,462** | **8.8%** | [Operating Segment Performance](index=7&type=section&id=3.2.2%20Operating%20Segment%20Performance) This section details the financial performance of the Group's IT products and IT services segments, including external customer revenue and segment profit | Segment | 2025 External Customer Revenue (HKD thousands) | 2024 External Customer Revenue (HKD thousands) | 2025 Reportable Segment Profit (HKD thousands) | 2024 Reportable Segment Profit (HKD thousands) | | :--- | :-------------------------- | :-------------------------- | :---------------------------- | :---------------------------- | | IT Products | 675,890 | 611,325 | 68,815 | 67,276 | | IT Services | 656,993 | 614,137 | 1,866 | 8,087 | - Profit from the IT Services segment decreased by approximately **77%** year-on-year, while profit from the IT Products segment saw a slight increase[15](index=15&type=chunk)[16](index=16&type=chunk) [Segment Reconciliation](index=9&type=section&id=3.2.3%20Segment%20Reconciliation) This section reconciles reportable segment revenue and profit with the condensed consolidated statement of profit or loss, detailing adjustments and unallocated items - After reconciliation, reportable segment revenue for 2025 was **HKD 1,332,883 thousands**, excluding **HKD 19,289 thousands** of inter-segment revenue[20](index=20&type=chunk) - Reportable segment profit reconciled to profit before income tax for 2025 was **HKD 50,733 thousands**, with key adjustments including unallocated other income, other net loss, depreciation, share of results of associates, finance costs, and unallocated corporate expenses[22](index=22&type=chunk) - Unallocated assets included **HKD 1,241,212 thousands** in interests in associates and **HKD 649,377 thousands** in bank balances and cash[23](index=23&type=chunk) [Geographical Segment Information](index=11&type=section&id=3.2.4%20Geographical%20Segment%20Information) This section provides geographical breakdown of external customer revenue and non-current assets, highlighting key regions like Hong Kong, USA, and Thailand | Location | 2025 External Customer Revenue (HKD thousands) | 2024 External Customer Revenue (HKD thousands) | 2025 Non-current Assets (HKD thousands) | | :----- | :-------------------------- | :-------------------------- | :-------------------------- | | Hong Kong | 1,226,905 | 1,161,779 | 317,771 | | USA | – | – | 1,204,116 | | Thailand | 57,511 | 22,966 | 558 | - The USA region holds the largest proprietary non-current assets, primarily consisting of interests in associates[25](index=25&type=chunk) - External customer revenue in Thailand increased by over **150%** year-on-year[25](index=25&type=chunk) [Timing of Revenue Recognition](index=12&type=section&id=3.2.5%20Timing%20of%20Revenue%20Recognition) This section details the timing of revenue recognition, distinguishing between revenue recognized at a point in time and over time, and outlines unsatisfied performance obligations | Timing of Revenue Recognition | 2025 (HKD thousands) | 2024 (HKD thousands) | | :----------- | :-------------- | :-------------- | | At a point in time | 788,512 | 705,211 | | Over time | 544,371 | 520,251 | - As of June 30, 2025, revenue from unsatisfied performance obligations amounted to **HKD 1,849,013 thousands**, expected to be recognized within one to five years[26](index=26&type=chunk) [Other Income and Losses](index=12&type=section&id=3.3%20Other%20Income%20and%20Losses) Other income decreased while other net losses significantly increased, mainly due to net losses from deemed disposal of partial interests in associates | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Interest on bank deposits | 10,438 | 11,237 | | Rental income from investment properties | 490 | 1,403 | | Total other income | 11,561 | 13,332 | | Net (loss)/gain on deemed disposal of partial interests in associates | (4,970) | 58 | | Net exchange gain/(loss) | 522 | (975) | | Total other net loss | (4,452) | (921) | [Finance Income and Profit Before Tax](index=13&type=section&id=3.4%20Finance%20Income%20and%20Profit%20Before%20Tax) Finance income increased due to discounting of finance lease receivables, leading to higher profit before tax, alongside increased employee benefit expenses - Finance income primarily refers to the increase in discounting recognized after initially recognizing finance lease receivables at their fair value[29](index=29&type=chunk) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Profit before income tax | 50,733 | 47,959 | | Employee benefit expenses (excluding directors' emoluments) | 380,672 | 340,358 | [Income Tax Expense](index=14&type=section&id=3.5%20Income%20Tax%20Expense) Income tax expense slightly decreased, with Hong Kong profits tax calculated under a two-tiered system and contributions from overseas taxation | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :-------------- | :-------------- | | Hong Kong profits tax | 8,037 | 7,663 | | Overseas taxation | 2,165 | 1,959 | | Over-provision in prior years: overseas taxation | (129) | – | | Deferred tax: current period | (855) | 236 | | **Income tax expense** | **9,218** | **9,858** | - Hong Kong profits tax is calculated under a two-tiered profits tax rate system, with the first **HKD 2 million** of assessable profits taxed at **8.25%** and the remainder at **16.5%**[31](index=31&type=chunk) [Dividends](index=14&type=section&id=3.6%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not propose to declare an interim dividend for the six months ended June 30, 2025[33](index=33&type=chunk)[52](index=52&type=chunk) - A final dividend of **3.0 HK cents** per share for the year ended December 31, 2024, amounting to **HKD 25,011 thousands**, was approved and paid during the period[33](index=33&type=chunk) [Earnings Per Share](index=15&type=section&id=3.7%20Earnings%20Per%20Share) Basic and diluted earnings per share attributable to owners increased, with diluted EPS for 2025 reflecting the share award scheme's impact | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :------------ | :------------ | | Basic earnings per share | 4.98 | 4.57 | | Diluted earnings per share | 4.91 | 4.57 | - The calculation of diluted earnings per share for 2025 has considered the Company's share awards issued under the 2024 Share Award Scheme[39](index=39&type=chunk) [Property, Plant and Equipment](index=16&type=section&id=3.8%20Property%2C%20Plant%20and%20Equipment) Property, plant and equipment additions included computer equipment and leasehold improvements, with some assets pledged for bank financing - For the six months ended June 30, 2025, additions to property, plant and equipment primarily comprised computer equipment (approximately **HKD 2,836 thousands**) and leasehold improvements (approximately **HKD 4,316 thousands**)[37](index=37&type=chunk) - The Group has pledged land and buildings with a carrying amount of approximately **HKD 179,225 thousands** to secure bank financing[38](index=38&type=chunk) [Investment Properties](index=17&type=section&id=3.9%20Investment%20Properties) An investment property was reclassified for office use, and some investment properties are pledged to secure bank financing - The Group reclassified an investment property with a fair value of **HKD 24,525 thousands** to property, plant and equipment, now used for office purposes[40](index=40&type=chunk) - As of June 30, 2025, the Group had pledged investment properties with a carrying amount of approximately **HKD 22,475 thousands** to secure bank financing[40](index=40&type=chunk) [Interests in Associates](index=17&type=section&id=3.10%20Interests%20in%20Associates) Total interests in associates increased, but a net loss resulted from the deemed disposal of partial interests due to GDH share dilution | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Interests in listed associates | 1,204,117 | 1,189,036 | | Interests in unlisted associates | 37,095 | 30,170 | | **Total interests in associates** | **1,241,212** | **1,219,206** | - The Group's interest in GDH was diluted due to the vesting of restricted share units and share options, resulting in a recognized net loss of **HKD 4,970 thousands** from the deemed disposal of partial interests[42](index=42&type=chunk) - GDH's fair value, based on Nasdaq quotations, was **USD 11.55** per share as of June 30, 2025, lower than **USD 22.24** per share as of December 31, 2024[41](index=41&type=chunk) [Trade and Other Receivables](index=19&type=section&id=3.11%20Trade%20and%20Other%20Receivables) Net trade receivables decreased, with significant overdue amounts, while other receivables and prepayments increased due to higher supplier prepayments | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Trade receivables – net | 162,305 | 192,410 | | Trade receivables – gross (over 90 days) | 38,506 | 45,013 | | Other receivables, deposits and prepayments – net | 92,871 | 85,144 | - Prepayments primarily consisted of amounts paid to suppliers, increasing from **HKD 43,104 thousands** to **HKD 56,596 thousands**[48](index=48&type=chunk) [Financial Assets](index=20&type=section&id=3.12%20Financial%20Assets) The Group committed to acquiring an equity interest in a limited partnership fund, designated as a financial asset at fair value through OCI for long-term capital growth - The Group has committed to acquiring an equity interest in a limited partnership fund amounting to **USD 3,000,000**[47](index=47&type=chunk) - As of June 30, 2025, **USD 660,000** (approximately **HKD 5,181 thousands**) has been contributed and designated as a financial asset at fair value through other comprehensive income, aiming for long-term capital growth[47](index=47&type=chunk) [Trade and Other Payables](index=21&type=section&id=3.13%20Trade%20and%20Other%20Payables) Trade payables slightly decreased, while contract liabilities significantly increased due to higher billings in advance and customer deposits | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--------------------- | :--------------------- | | Trade payables | 290,262 | 298,705 | | Other payables and accrued charges | 145,621 | 179,849 | | Contract liabilities | 399,541 | 344,568 | - The increase in contract liabilities was primarily due to higher billings in advance and customer deposits received from customers during the period[51](index=51&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance Review](index=22&type=section&id=4.1%20Financial%20Performance%20Review) The Group maintained robust financial performance amidst uncertainties, with growth in revenue and profit, significant new orders, a healthy working capital ratio, and no outstanding borrowings | Metric | H1 2025 (HKD millions) | H1 2024 (HKD millions) | Y-o-Y Change (%) | | :--- | :-------------------- | :-------------------- | :----------- | | Total Revenue | 1,332.9 | 1,225.5 | 8.8% | | Gross Profit | 129.0 | 129.0 | 0.0% | | Profit for the period attributable to owners of the Company | 41.5 | 38.1 | 9.0% | | New Orders Signed | 1,519.3 | 1,295.0 | 17.3% | | Adjusted EBITDA | 59.6 | 58.2 | 2.2% | | Adjusted Profit | 45.7 | 46.0 | -0.7% | - Product sales increased by **10.6%** to **HKD 675.9 million**, and service revenue rose by **7.0%** to **HKD 657.0 million**[53](index=53&type=chunk) - As of June 30, 2025, the Group's order backlog was approximately **HKD 1,849.0 million**, with a working capital ratio of **2.01:1** and no outstanding borrowings[54](index=54&type=chunk) [Business Segment Review](index=24&type=section&id=4.2%20Business%20Segment%20Review) The Group's three core businesses maintained robust growth, leveraging innovative technologies to expand into Xinchuang and Asia-Pacific/Oceania markets - The Group's new orders signed and revenue grew by **17.3%** and **8.8%** respectively, with adjusted EBITDA increasing by **2.2%**[57](index=57&type=chunk) - Total service revenue from the three core businesses (Innovative Industry Solutions, Intelligent Cybersecurity Services, IT Integrated Management Services) showed robust growth[57](index=57&type=chunk) - Actively leveraging innovative technologies such as **AI**, **blockchain**, and **cloud computing** to facilitate digital transformation across industries and build digital government[58](index=58&type=chunk) - Further expanding into the Xinchuang domain, strengthening the 'Chinese + Foreign' product benchmarking and testing platform, and expanding into the Asia-Pacific and Oceania markets[62](index=62&type=chunk)[63](index=63&type=chunk) [Innovative Industry Solutions (Dev)](index=24&type=section&id=4.2.1%20Innovative%20Industry%20Solutions%20(Dev)) This section highlights the growth in new service orders and revenue for Innovative Industry Solutions, driven by AI, blockchain, and cloud technologies for e-government and Xinchuang projects - New service orders signed for Innovative Industry Solutions increased year-on-year, with service revenue recorded at **HKD 296.4 million**[58](index=58&type=chunk) - Actively utilizing innovative technologies like **AI**, **blockchain**, and **cloud computing** to develop e-government platforms, Hong Kong-wide census data systems, and the 'eHealth+' system[58](index=58&type=chunk) - Continuously expanding business opportunities in China-originated IT Application Innovation (Xinchuang) projects, accumulating successful cases and implementation experience[58](index=58&type=chunk) [Intelligent Cybersecurity Services (Sec)](index=25&type=section&id=4.2.2%20Intelligent%20Cybersecurity%20Services%20(Sec)) This section details the performance of Intelligent Cybersecurity Services, noting a decrease in new service orders but significant contract wins and ISO certification for its Security Operations Center - New service orders for Intelligent Cybersecurity Services decreased, with service revenue recorded at **HKD 105.6 million**[59](index=59&type=chunk) - Secured two cybersecurity framework agreements with the Hong Kong International Airport Authority totaling nearly **HKD 125 million**, and provided 24/7 threat detection and on-site technical support for a government department[59](index=59&type=chunk) - Extended ISO certification to the Security Operations Center (SOC) in Guangzhou, standardizing service quality across regions[59](index=59&type=chunk) [IT Integrated Management Services (Ops)](index=25&type=section&id=4.2.3%20IT%20Integrated%20Management%20Services%20(Ops)) This section reviews the growth in new service orders and revenue for IT Integrated Management Services, highlighting major contract wins across diverse sectors and the adoption of AIOps technology - New service orders for IT Integrated Management Services increased, with service revenue recorded at **HKD 235.4 million**[60](index=60&type=chunk) - Signed multiple significant large-scale managed service contracts or renewals across sectors including finance and insurance, aviation, real estate, education, retail, and government[61](index=61&type=chunk) - Successfully secured a Virtual Desktop Infrastructure (VDI) technology diversification project and a five-year Hong Kong-wide IT endpoint facility support and maintenance contract from a government department[61](index=61&type=chunk) - Provided 24-hour automated services through AI-powered IT Operations (AIOps) platform services, demonstrating a transition from ITSM to leading AIOps technological advantages[61](index=61&type=chunk) [Strategic Focus and Market Expansion](index=26&type=section&id=4.2.4%20Strategic%20Focus%20and%20Market%20Expansion) This section outlines the Group's strategic focus on Xinchuang, strengthening product benchmarking, and expanding into Asia-Pacific and Oceania markets with increased AI technology adoption - The Group further expanded its presence in the Xinchuang domain, strengthening the 'Chinese + Foreign' product benchmarking and testing platform to enhance integrated technology capabilities[62](index=62&type=chunk) - Actively focusing on industries and expanding into the Asia-Pacific and Oceania markets, with offices established in Malaysia and Australia, and continuous expansion of Offshore Development Centers (ODC)[63](index=63&type=chunk) - Accelerating the utilization of **AI** technology to provide efficient solutions across various industries[63](index=63&type=chunk) [Associates' Business](index=26&type=section&id=4.3%20Associates%27%20Business) Associates GDH and i-Sprint showed strong performance with significant revenue and profit growth, demonstrating leadership in FinTech and AI applications - GDH's total revenue for the first half reached **USD 201.5 million** (approximately **HKD 1,581.9 million**), a **23.7%** increase, with non-GAAP EBITDA at **USD 27.4 million** (approximately **HKD 214.7 million**)[64](index=64&type=chunk) - GDH's revenue proportion from **AI** and data business continued to increase, growing almost three times faster than conventional business, reflecting its leadership in enterprise-grade **AI** solutions[64](index=64&type=chunk) - i-Sprint's revenue for the period was approximately **HKD 84.5 million**, a **15.6%** increase, with EBITDA at approximately **HKD 26.8 million**, a significant **59.3%** increase[65](index=65&type=chunk) - i-Sprint continued to deepen collaborations with Asia-Pacific technology partners and distributors, launching upgraded cybersecurity solutions integrated with **AI**[65](index=65&type=chunk) [Prospects and Outlook](index=27&type=section&id=4.4%20Prospects%20and%20Outlook) The Group will cautiously navigate global uncertainties, focusing on opportunities from China's economic recovery and Greater Bay Area integration, while investing in Xinchuang and AI for sustainable development - The Group will closely monitor emerging business opportunities driven by China's economic recovery and the deep integration of the Greater Bay Area[66](index=66&type=chunk) - Will remain highly vigilant to capture market gaps arising from the implementation of the Critical Infrastructure (Computer Systems) Protection Ordinance[66](index=66&type=chunk) - Continuously strengthening talent reserves and training, increasing investment in the Xinchuang domain, and establishing professional technical evaluation teams[66](index=66&type=chunk) - Combining **DevSecOps** capabilities with platform-based managed services to focus on the Xinchuang domain and explore **AI** application scenarios, seizing digital economy transformation opportunities[66](index=66&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) [Financial Resources and Liquidity](index=28&type=section&id=5.1%20Financial%20Resources%20and%20Liquidity) The Group maintains robust financial resources and ample liquidity, with healthy total assets, working capital ratio, no outstanding borrowings, and stable bank facilities - As of June 30, 2025, the Group's total assets were **HKD 3,347.7 million**, with a working capital ratio of approximately **2.01:1**[67](index=67&type=chunk) - The Group's total consolidated bank facilities amounted to approximately **HKD 270.3 million**, with no outstanding borrowings[67](index=67&type=chunk) - The Group provided performance guarantees to customers as contract collateral totaling approximately **HKD 126.9 million**[67](index=67&type=chunk) [Material Acquisitions and Disposals](index=28&type=section&id=5.2%20Material%20Acquisitions%20and%20Disposals) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, there were no other material acquisitions or disposals by the Company or any of its subsidiaries[68](index=68&type=chunk) [Treasury Policy and Foreign Exchange Risk](index=28&type=section&id=5.3%20Treasury%20Policy%20and%20Foreign%20Exchange%20Risk) Operations are funded by internal resources and bank credit, primarily in HKD and USD, with minimal foreign exchange risk due to the HKD-USD peg, thus no hedging instruments are used - The Group's operating expenses are generally funded by internal resources and bank credit facilities, with bank deposits primarily denominated in **HKD** and **USD**, and bank borrowings in **HKD**[69](index=69&type=chunk) - Due to the **HKD-USD** peg policy, the Group's exposure to **USD** foreign exchange risk remains minimal, with no significant exchange rate fluctuation risk during the period, hence no hedging financial instruments were applied[70](index=70&type=chunk) [Contingent Liabilities and Capital Commitments](index=29&type=section&id=5.4%20Contingent%20Liabilities%20and%20Capital%20Commitments) The Group has contingent liabilities from bank-issued performance guarantees and contracted capital commitments for property, plant and equipment and a limited partnership fund - As of June 30, 2025, performance guarantees issued by banks on behalf of the Group to customers as contract collateral amounted to approximately **HKD 126.9 million**[71](index=71&type=chunk) | Capital Commitment Item | June 30, 2025 (HKD millions) | December 31, 2024 (HKD millions) | | :----------- | :----------------------- | :----------------------- | | Property, Plant and Equipment | 1.1 | 2.0 | | Capital contribution to limited partnership fund | 18.4 | – | [Employees and Remuneration Policy](index=29&type=section&id=5.5%20Employees%20and%20Remuneration%20Policy) The Group employs 1,647 staff globally, with remuneration based on performance, experience, and market conditions, offering comprehensive benefits and long-term incentives - As of June 30, 2025, the Group (excluding its associates) employed **1,647** permanent and contract staff across Hong Kong, Mainland China, Taiwan, Macau, Thailand, the UK, Australia, and Malaysia, an increase of **189** from the prior year[73](index=73&type=chunk) - Remuneration is determined based on employee performance, work experience, and prevailing market conditions, offering MPF, insurance, medical benefits, training, and discretionary bonuses[73](index=73&type=chunk) - The share option scheme and share award scheme aim to provide long-term incentives for key employees[73](index=73&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=5.6%20Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) [Audit Committee and Corporate Governance](index=29&type=section&id=5.7%20Audit%20Committee%20and%20Corporate%20Governance) The Audit Committee reviewed accounting principles, risk management, and financial statements, with the Company confirming full compliance with director securities transaction and corporate governance codes - The Audit Committee, together with management, reviewed the Group's adopted accounting principles and practices, and discussed matters concerning audit, risk management, internal control systems, and financial statements[75](index=75&type=chunk) - The Company made specific inquiries to all Directors regarding their compliance with the Model Code for Securities Transactions by Directors for the six months ended June 30, 2025, and all Directors confirmed full compliance with the standards prescribed therein[76](index=76&type=chunk) - The Company has complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the six months ended June 30, 2025[77](index=77&type=chunk) [Board Information](index=30&type=section&id=5.8%20Board%20Information) This announcement, dated August 20, 2025, details the latest Board of Directors' composition, including Executive, Non-executive, and Independent Non-executive Directors - This announcement is dated **August 20, 2025**[79](index=79&type=chunk) - The Board members include Executive Directors Mr. WANG Wai Hang and Mr. WONG Yuet Au; Non-executive Director Ms. ZHANG Bingxia; and Independent Non-executive Directors Mr. POON Yan Wing, Mr. TANG Kin Sum, and Ms. OR Siu Ching[79](index=79&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不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。 Jiangsu Lopal Tech. Group Co., Ltd. – 1 – • 截至2025年6月30日止六個月，毛利約為人民幣501.2百萬元，較2024年同期增加約 45.7%；及 • 截至2025年6月30日止六個月，虧損約為人民幣109.1百萬元，較2024年同期減少約 58.3%。 江蘇龍蟠科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2465） 截至2025年6月30日止六個月之 未經審核中期業績公告 江蘇龍蟠科技集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公 司及其子公司（統稱「本集團」）截至2025年6月30日止六個月（「報告期間」）之未經審核合 併業績，連同截至2024年6月30日止六個月之比較數字（經重列）如下： 財務摘要 於報告期間： 中期簡明合併損益及其他全面收益表 截至6月30日止六個月 | | | 2025 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sinopec Shanghai Petrochemical Company Limited 中國石化上海石油化工股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00338） 按照《中華人民共和國（「中國」）企業會計準則》編製 截至2025年6月30日止六個月之2025年半年度報告摘要 1.2 公司簡介 | A股： | 股票上市交易所 | 上海證券交易所 | | --- | --- | --- | | | 股票簡稱 | 上海石化 | | | 股票代碼 | 600688 | | H股： | 股票上市交易所 | 香港交易所 | | | 股票簡稱 | 上海石油化工股份 | | | 股票代碼 | 00338 | 董事會秘書 證券事務代表 | 姓名 | 劉剛 | 余光賢 | | --- | --- | --- | | 聯繫地址 | 中國上海市金山區金一路48號 | 中國上海市金山區金一路48 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Kingsoft Cloud Holdings Limited 金山云控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3896） （納斯達克股票代碼：KC） 內幕消息 截至二零二五年六月三十日止三個月的 未經審核財務業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及證券及期貨條例 （第571章）第XIVA部刊發。 金山云控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司、 其子公司及併表聯屬實體（統稱「本集團」）根據美國證券交易委員會（「美國證交 會」）適用規則刊發的截至二零二五年六月三十日止三個月未經審核簡明綜合業績 （「第二季度業績」）。 第二季度業績乃根據美利堅合眾國公認會計準則（「美國公認會計準則」）編製，其 有別於國際財務報告準則。 本公告附件一為本公司於二零二五年八月二十日（美國東部時間）就第二季度業績 刊發的新聞稿全文，其中部分內容可能構成 ...