香港交易及結算所有限公司及香港聯合交易所有限公司對本公 告 的內容概 不負責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概不對因本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任何責任 。 二零二五至二零二六年度中期業績公告 中期業績 永發置業有限公司（「本公司」）董事局欣然呈列本公司及各附屬公司（「本集團」）截至二 零二五年九月三十日止六個月之未審核綜合業績。 簡明綜合損益及其他全面收益表 截至二零二五年九月三十日止六個月 | | | 二 零 二 五 年 | 二 零 二 四 年 | | --- | --- | --- | --- | | | 附 註 | 千 港 元 | 千 港 元 | | | | （ 未 審 核 ） | （ 未 審 核 ） | | 營 業 額 | 3 | 11,972 | 12,261 | | 其 他 收 入 及 溢 利 | 4 | 716 | 2,116 | | 按 公 平 價 值 計 入 損 益 的 權 益 工 具 | | | | | 之公平價值 溢 利 | ...

Financial Performance - The consolidated revenue for the six months ended September 30, 2025, was approximately HKD 10,900,000, a decrease of about 51.3% compared to HKD 22,400,000 for the same period last year[4]. - The loss attributable to the owners of the company decreased from HKD 11,300,000 in the previous year to HKD 10,300,000 for the six months ended September 30, 2025[4]. - The gross profit for the six months ended September 30, 2025, was HKD 4,478,000, down from HKD 9,727,000 in the previous year[5]. - Total comprehensive loss for the six months ended September 30, 2025, was HKD 10,348,000, compared to HKD 11,517,000 in the previous year[6]. - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.86, compared to HKD 2.18 for the same period last year[5]. - The company reported a loss before tax of HKD 10,345,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,352,000 in 2024[17]. - The operating gross profit margin was approximately 40.9%, down from 43.4% in the previous year, reflecting strategic adjustments in the product mix[49]. Assets and Liabilities - Non-current assets decreased from HKD 10,335,000 as of March 31, 2025, to HKD 8,373,000 as of September 30, 2025[7]. - Current assets decreased from HKD 35,946,000 as of March 31, 2025, to HKD 27,480,000 as of September 30, 2025[7]. - The total liabilities as of September 30, 2025, were HKD 141,076,000, an increase from HKD 130,728,000 as of March 31, 2025[8]. - The equity attributable to the owners of the company as of September 30, 2025, was HKD (141,076,000), compared to HKD (130,728,000) as of March 31, 2025[8]. - The company has a net current liability of approximately HKD 117,382,000 as of September 30, 2025, indicating potential liquidity concerns[13]. - Total assets as of September 30, 2025, amounted to HKD 35,853,000, a decrease from HKD 46,281,000 as of March 31, 2025[36]. - The total liabilities as of September 30, 2025, were HKD 176,929,000, slightly down from HKD 177,009,000 as of March 31, 2025[37]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (8,840,000), compared to HKD (3,260,000) for the same period in 2024, indicating a significant increase in cash outflow[10]. - Cash and cash equivalents at the end of the period were HKD 13,721,000, down from HKD 18,334,000 at the end of September 2024, representing a decrease of 25.4%[11]. - Financing costs for the period included interest expenses on convertible bonds amounting to HKD 2,747,000, a substantial increase from HKD 400,000 in the previous year[15]. - Financing costs increased by 136.1% to approximately HKD 3,500,000, up from HKD 1,500,000 in the previous year, mainly due to increased interest expenses on convertible bonds[51]. Revenue Breakdown - Revenue from cake sales decreased to HKD 7,940,000 in 2025 from HKD 20,249,000 in 2024, reflecting a decline of 60.8%[15]. - The photovoltaic segment generated revenue of HKD 2,616,000 for the six months ended September 30, 2025, with no revenue reported in the previous year[34]. - The revenue from the photovoltaic segment's major customer (Customer A) was HKD 2,616,000 for the six months ended September 30, 2025, representing 10% or more of the group's revenue[41]. Cost Management - Operating expenses for the period were HKD 11,246,000, compared to HKD 19,667,000 for the same period last year, indicating a reduction in costs[5]. - The total compensation for directors and key management personnel was HKD 1,580,000 for the six months ended September 30, 2025, compared to HKD 1,687,000 in the previous year, reflecting cost control measures[30]. - Operating expenses decreased by approximately 42.8% to about HKD 11,200,000, down from HKD 19,700,000 in the previous year, reflecting strict cost control measures[52]. Corporate Governance - The company has established an audit committee in compliance with GEM Listing Rules, which includes three independent non-executive directors[88]. - The company has maintained high standards of corporate governance and has complied with the corporate governance code during the reporting period[90]. - All directors have adhered to the required standards of trading in securities as per the company's code of conduct[89]. - The company is committed to continuous improvement in corporate governance practices and standards[90]. Strategic Initiatives - The group has officially commenced its photovoltaic business, marking a significant step in the renewable energy sector, focusing on solar cells and related materials[45]. - The group is diversifying its business portfolio and has introduced promotional discounts related to various festivals to attract local customers and increasing mainland Chinese tourists[45]. - The company is adopting a cautious approach to restaurant business expansion due to economic challenges and consumer confidence issues[68]. - The company plans to explore potential acquisition opportunities while continuing to assess its business objectives in response to market conditions[69]. Shareholder and Equity Information - Major shareholder Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 53.49% of the total issued shares as of September 30, 2025[75]. - The company has adopted a new share option scheme on September 22, 2023, which will remain effective for 10 years unless terminated early by the board[79]. - The maximum number of shares that can be issued under the new share option plan is capped at 10% of the total issued share capital as of the adoption date, amounting to 52,077,187 shares[81]. - No share options were granted, exercised, lapsed, or cancelled during the reporting period, and there are no unexercised options as of September 30, 2025[85].

Blue River Holdings Limited 藍 河 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：498） 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。 截至2025年9月30日止六個月中期業績 Blue River Holdings Limited 藍 河 控 股 有限 公 司（「 本公 司」）之 董 事局（「 董 事 局」）欣然宣佈本公司及其附屬公司（「本集團」）截至2025年9月30日止六個月 之未經審核綜合中期業績。 1 業績 簡明綜合收益表 截至2025年9月30日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至9月30日止六個月 | | | | | 2025 | 2024 | | | 附註 | 千港元 | 千 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Dufu Liquor Group Limited 杜甫酒業集團有限公司 中國環保能源投資有限公司* （於百慕達註冊成立之有限公司） （股份代號：986） 截至二零二五年九月三十日止六個月 中期業績公告 杜甫酒業集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其附屬 公司截至二零二五年九月三十日止六個月的簡明綜合中期業績（「中期業績」）。本公告載有本公司 二零二五年中期報告（「中期報告」）全文，並符合香港聯合交易所有限公司證券上市規則中有關中 期業績初步公告附載資料的相關規定。 承董事會命 杜甫酒業集團有限公司 聯席主席兼執行董事 劉俊 香港，二零二五年十一月二十八日 於本公告日期，董事會包括四名執行董事，即劉俊先生、秦梽尊先生、韋亮先生及黎 夏女士；非執行董事楊曉慶女士；以及三名獨立非執行董事，即姚道華先生、劉量源 先生及張恒先生。 本公告之中英文版本如有任何歧異，概以英文版 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司（「聯 交 所」）對 本 公 告 的 內 容 概 不 負 責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 COOLPOINT INNONISM HOLDING LIMITED 快意智能股份有限公司 （於開曼群島註冊成立之有限公司） （股份代號：8040） 截 至2025年9月30日止六個月 中期業績公告 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的證券承 受較大的市場波動風險，同時無 ...

Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 219,124,000, a decrease of 63.24% compared to HKD 595,834,000 for the same period in 2024[4] - Gross profit for the same period was HKD 44,285,000, down 50.14% from HKD 88,235,000 in 2024[4] - The company achieved a profit before tax of HKD 20,558,000, representing a decline of 68.32% from HKD 64,869,000 in the previous year[4] - Net profit for the period was HKD 18,428,000, a decrease of 65.92% compared to HKD 55,798,000 in 2024[4] - Basic and diluted earnings per share were HKD 1.53, down from HKD 5.41 in the same period last year[4] - Total comprehensive income for the period was HKD 22,329,000, compared to HKD 64,103,000 in 2024, reflecting a decline of 65.12%[6] - The group reported a pre-tax loss of HKD 174,839,000 for the six months ended September 30, 2025, compared to HKD 507,599,000 in the previous year, reflecting a 65.5% reduction in losses[23] - The income tax expense for the period was HKD 2,130,000, a decrease of 76.5% from HKD 9,071,000 in the same period of 2024[24] - The net profit attributable to the company's owners was approximately HKD 17,724,000, down from HKD 55,061,000 in the previous year, mainly due to the impact of market pricing reforms in the renewable energy sector[46] Assets and Liabilities - As of September 30, 2025, total assets amounted to HKD 1,050,246,000, a decrease from HKD 1,023,585,000 as of March 31, 2025[7] - Current liabilities totaled HKD 340,954,000, down from HKD 368,941,000 at the end of the previous reporting period[7] - The total bank and other borrowings as of September 30, 2025, amounted to HKD 104,886,000, an increase from HKD 94,358,000 as of March 31, 2025[32] - The company's trade receivables aged 0 to 30 days increased significantly to HKD 118,076,000 from HKD 52,184,000 as of March 31, 2025[29] - The provision for expected credit losses on trade receivables increased from HKD 32,084,000 at the beginning of the period to HKD 32,366,000 by September 30, 2025[29] - The company's trade payables aged 0 to 30 days decreased to HKD 27,751,000 from HKD 93,008,000 as of March 31, 2025[31] Cash Flow and Liquidity - The company's cash and cash equivalents increased to HKD 127,323,000 from HKD 80,672,000, indicating improved liquidity[7] - For the six months ended September 30, 2025, the net cash generated from operating activities was HKD 5,629,000, a significant decrease from HKD 30,617,000 in the same period of 2024, representing an 81.6% decline[10] - Total cash and cash equivalents increased by HKD 46,651,000, compared to an increase of HKD 115,658,000 in the prior year, indicating a 59.7% decrease in cash growth[10] - The group’s cash and cash equivalents at the end of the period were HKD 127,323,000, compared to HKD 159,976,000 at the end of the previous year, indicating a decrease of 20.5%[10] - Cash and cash equivalents increased to approximately HKD 127,323,000 from HKD 80,672,000, representing an increase of about 6.9%[48] Revenue Sources - Revenue from construction contracts for the six months ended September 30, 2025, was HKD 219,124,000, down 63.3% from HKD 595,834,000 in the same period of 2024[22] - The renewable energy business recorded total revenue of approximately HKD 219,124,000, a decrease of about 63.2% compared to HKD 595,834,000 in the same period last year[42] - The group’s interest income for the six months ended September 30, 2025, was HKD 458,000, down 59.4% from HKD 1,129,000 in the previous year[22] - The group’s major customer in the renewable energy segment contributed HKD 131,624,000, which accounted for over 10% of total revenue for the six months ended September 30, 2025[20] Operating Expenses - Administrative and other operating expenses totaled approximately HKD 23,507,000, a decrease of about 20.3% from HKD 29,482,000 in the previous year[44] - Financing costs were approximately HKD 1,381,000, a reduction of about 44.8% compared to HKD 2,500,000 in the same period last year[45] - The group’s employee benefits expenses, excluding directors and key management personnel, increased to HKD 14,793,000 from HKD 13,506,000, marking an increase of 9.5%[23] Shareholder Information - As of September 30, 2025, Mr. Wu Jianong holds 749,986,515 shares, representing 61.12% of the company[59] - The major shareholder, Zhenjie Limited, holds 739,375,515 shares, accounting for 60.26% of the company[61] - A share incentive plan was adopted on September 24, 2024, allowing for a maximum of 10% of the issued share capital (i.e., 122,700,000 shares) to be awarded[62] - A total of 74,350,000 shares have been purchased in the market under the share incentive plan since its adoption, with no shares rewarded as of the announcement date[65] - The share incentive plan allows for a maximum of 1% of the company's issued share capital to be granted as rewards to selected participants[63] Corporate Governance - The company has complied with all applicable corporate governance codes, except for the separation of the roles of Chairman and CEO, which are held by the same individual since August 11, 2016[56] - All directors confirmed compliance with the trading code for securities transactions during the six months ended September 30, 2025[69] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2025, and confirmed compliance with applicable accounting standards[70] Future Plans and Developments - The company is focusing on developing floating photovoltaic support structures for offshore projects to meet market demand[41] - The company aims to enhance product performance and reduce electricity costs while promoting affordable grid access in the renewable energy sector[40] - The company plans to continue its operations and strategies in the EPC and photovoltaic sectors, leveraging the funds raised from the rights issue[68] Miscellaneous - The company did not declare or pay any dividends for the six months ended September 30, 2025, and 2024[27] - The company has not disclosed any significant events that occurred after September 30, 2025, up to the announcement date[71] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the six months ending September 30, 2025[58] - The company has not recognized any profit tax provision in Hong Kong due to no profits generated from that region[25] - The company has a tax provision for its Chinese subsidiaries at a rate of 25%, with one subsidiary qualifying for a reduced rate of 5%[26] - The interest rates on bank and other borrowings ranged from 2.24% to 2.8% as of September 30, 2025, compared to 2.9% to 3.65% as of March 31, 2025[32]

Financial Performance - For the six months ended September 30, 2025, the company reported a revenue of HKD 27,782,000, an increase of 6.56% compared to HKD 26,070,000 for the same period in 2024[6] - Gross profit for the same period was HKD 5,161,000, representing a significant increase of 45% from HKD 3,564,000 in 2024[6] - The company achieved a profit before tax of HKD 15,374,000, a turnaround from a loss of HKD 1,281,000 in the previous year[6] - The net profit attributable to shareholders for the period was HKD 15,374,000, compared to a loss of HKD 1,281,000 in 2024, resulting in earnings per share of HKD 6.56[6] - The group reported a profit before tax of HKD 15,374,000, compared to a loss of HKD 1,281,000 in the same period last year[24] - Other income showed a significant improvement, with net gains of HKD 12,777,000 compared to a loss of HKD 1,259,000 in the previous year[23] - The company reported a profit attributable to shareholders of HKD 15,374,000 for the six months ended September 30, 2025, compared to a loss of HKD 1,281,000 for the same period in 2024[27] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[26] - The company did not recommend the payment of an interim dividend for the current period[42] Assets and Liabilities - Total assets increased to HKD 74,714,000 as of September 30, 2025, up from HKD 51,876,000 as of March 31, 2025[8] - The company's total equity rose to HKD 61,450,000 from HKD 44,575,000, reflecting a strong improvement in financial health[9] - Cash and cash equivalents decreased to HKD 4,685,000 from HKD 15,042,000, indicating a cash outflow of HKD 10,357,000 during the period[12] - The company’s current liabilities increased to HKD 13,264,000 from HKD 7,301,000, indicating a rise in short-term obligations[9] - Trade receivables as of September 30, 2025, totaled HKD 67,538,000, with a provision for credit losses of HKD 39,265,000, resulting in a net receivable of HKD 28,273,000[33] - The company’s trade payables as of September 30, 2025, amounted to HKD 10,023,000, reflecting an increase from HKD 3,202,000 as of March 31, 2025[34] - The group has no pledged assets as of September 30, 2025[73] - The group has no significant capital commitments or contingent liabilities as of September 30, 2025[74][75] Investments - The company held significant investments in listed companies, with respective asset values of 5.0%, 7.6%, and 8.3% of total assets as of September 30, 2025[32] - The company completed a rights issue in March 2025, issuing 156,244,304 shares at an issue price of HKD 0.1 per share, raising net proceeds of approximately HKD 15,304,000[36] - The total value of significant investments held by the company is approximately HKD 14,278 million, representing 45.9% of the total asset value[51] - The company holds 11,000,000 shares in JunTai Holdings Limited, valued at HKD 3,740,000, which is about 5.0% of the company's total asset value[52] - The investment in China Properties Investment Holdings Limited consists of 6,296,625 shares, with a book value of HKD 5,667,000, accounting for approximately 7.6% of total assets[53] - The company owns 10,328,560 shares in L'Occitane Group Limited, valued at HKD 6,197,000, representing about 8.3% of total assets[54] - The company has not received any dividends from its significant investments as of September 30, 2025[52][53][54] - The investment policy aims to enhance the efficiency of idle funds and provide stable returns while supporting long-term projects[55] - The company focuses on maintaining a diversified investment portfolio to optimize resource allocation and manage investment risks effectively[56] - The investment strategy includes both long-term and short-term investments, depending on strategic needs and market conditions[57] - The company prohibits short-term investments in low-yield unsecured bonds and speculative trading[58] - The board has confirmed that the investment activities align with the goal of optimizing shareholder returns and enhancing overall shareholder value[59] - The investment management team is authorized to approve investments below 5% of the group's market value or total assets[63] - The company aims to enhance shareholder value through effective allocation of idle funds and excess capital to generate financial returns[67] - The board will consider dividends based on overall profitability, cash flow, and long-term financial needs[68] - The investment management team will report due diligence results to the board for final approval on investments exceeding the 5% threshold[66] Business Operations - The group operates primarily in Hong Kong, with all revenue derived from external customers located in the region[19] - There were no inter-segment sales during the period, maintaining a clear separation of segment performance[18] - The advertising segment revenue reached HKD 10,180,000, up 18.63% from HKD 8,580,000 in the previous year[20] - E-commerce segment revenue was HKD 17,602,000, slightly increasing from HKD 17,490,000, representing a growth of 0.64%[20] - The advertising segment's revenue increased due to a shift in focus from the mainland China market to the Hong Kong market, driven by a more stable economic environment and stronger consumer confidence[46] - The company plans to continue expanding its e-commerce business by providing customized product services to strengthen its market position in Hong Kong[47] - Future plans include continuous development of advertising and e-commerce businesses, and diversification into media and cultural sectors[82] - The company has 22 full-time employees, all based in Hong Kong and China, with compensation aligned with market levels[80] - The company has adopted a new share option scheme effective from September 18, 2025, with no unexercised options remaining under the previous scheme as of September 30, 2025[17] - No shareholders or related parties held any interests or short positions in shares or related shares as of September 30, 2025[85] - No directors engaged in any business that directly or indirectly competes with the group's business during the six months ending September 30, 2025[86] - The company and its subsidiaries did not buy or sell any listed securities during the interim period[87] - The audit committee, composed of three independent non-executive directors, reviewed and recommended the approval of the interim financial statements[90] - There were no significant events after the reporting period that required disclosure[91]

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。 Standard Development Group Limited 標準發展集團有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：1867） 截至2025年9月30日止六個月的 中期業績公告 中期業績 標準發展集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其附屬 公司（統稱「本集團」）截至2025年9月30日止六個月之未經審核簡明綜合業績連同截至2024 年9月30日止六個月之比較數字如下。 — 1 — 簡明綜合損益及其他全面收益表 截至2025年9月30日止六個月 | | | 截至9月30日止六個月 | | | --- | --- | --- | --- | | | | 2025年 | 2024年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | 4 | 71,848 | 144, ...

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 部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 HKC INTERNATIONAL HOLDINGS LIMITED 香港通訊國際控股有限公 司 * （於開曼群島註冊成立之有限公司） （股票代號：248） 截至二零二五年九月三十日止六個月 中期業績公佈 香港通訊國際控股有限公司（「本公司」）之董事會（「董事會」）欣然公佈本公司及其 附屬公司（統稱「本集團」）截至二零二五年九月三十日止六個月之未經審核簡明綜 合業績如下： 簡明綜合全面收益表 截至二零二五年九月三十日止六個月 | | | 截至九月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 收益 | 3 | 32,358 | 48,130 | | 銷售成本 | | (20,324) | (29,322) | | 毛利 | | 12,034 ...

Financial Performance - Revenue for the nine months ended September 30, 2025, was RMB 450,346,000, representing a 23.4% increase from RMB 364,905,000 in the same period of 2024[4] - Gross profit for the same period was RMB 231,887,000, up 21.0% from RMB 191,610,000 year-over-year[4] - Profit before tax for the nine months was RMB 182,156,000, compared to RMB 172,381,000 in 2024, reflecting a 5.5% increase[4] - Net profit for the period was RMB 117,933,000, slightly down from RMB 117,995,000 in the previous year, indicating a marginal decrease of 0.1%[4] - Basic and diluted earnings per share for the nine months were RMB 4.41, compared to RMB 4.28 in 2024, showing an increase of 3.0%[6] - Revenue for the reporting period was approximately RMB 450,346,000, an increase of approximately 23.4% compared to RMB 364,905,000 in the comparable period, primarily due to an average selling price increase of approximately 34.6% despite an 8.3% decrease in sales volume[19][23] - Net profit for the reporting period was approximately RMB 117,933,000, a slight decrease of about 0.2% compared to RMB 117,995,000 in the comparable period[20] - Basic and diluted earnings per share for ordinary shareholders were approximately RMB 4.41, an increase of about 3.0% compared to RMB 4.28 in the comparable period[21] - Gross profit for the reporting period was approximately RMB 231,887,000, an increase of about 21.0% compared to RMB 191,610,000 in the comparable period, with a gross profit margin of approximately 51.5%, down about 1.0% from the comparable period[25] Assets and Liabilities - Non-current assets as of September 30, 2025, totaled RMB 1,081,553,000, significantly up from RMB 567,571,000 at the end of 2024[7] - Current assets increased to RMB 768,739,000 from RMB 687,391,000, marking an increase of 11.8%[7] - Total liabilities as of September 30, 2025, were RMB 301,363,000, compared to RMB 62,127,000 in 2024, indicating a substantial rise[8] - The company's net assets reached RMB 1,208,594,000, up from RMB 1,053,459,000 in the previous year, reflecting a growth of 14.7%[8] - The group's operating working capital as of September 30, 2025, was approximately RMB 428,404,000, a decrease from approximately RMB 548,015,000 on December 31, 2024, mainly due to an increase in interest-bearing bank loans[32] - As of September 30, 2025, the group had outstanding bank loans of approximately RMB 174,750,000, compared to none on December 31, 2024[33] - The total debt-to-asset ratio as of September 30, 2025, was approximately 14.5%, with cash and cash equivalents exceeding financial liabilities[35] Cash Flow and Investments - Operating cash flow for the nine months ended September 30, 2025, was RMB 110,602,000, a decrease of 32.3% compared to RMB 163,624,000 for the same period in 2024[9] - Net cash used in investing activities for the nine months ended September 30, 2025, was RMB 89,275,000, an increase of 96.0% from RMB 45,542,000 in 2024[11] - Cash and cash equivalents at the end of the reporting period increased to RMB 661,382,000, up from RMB 601,138,000 at the end of the previous year, representing a growth of 10.0%[11] - The company reported a net cash inflow from financing activities of RMB 1,762,000, a recovery from a net outflow of RMB 105,707,000 in the previous year[11] - As of September 30, 2025, the group's cash and cash equivalents increased to approximately RMB 661,382,000 from RMB 639,599,000 on December 31, 2024, primarily due to net cash generated from operating activities[32] Operational Metrics - The company experienced a decrease in inventory by RMB 2,677,000, contrasting with an increase of RMB 5,028,000 in the same period last year[9] - Trade payables increased by RMB 9,944,000, compared to an increase of RMB 1,707,000 in the previous year, indicating a significant rise in operational liabilities[9] - The total gold production during the reporting period was approximately 641.8 kg (or about 20,633.8 ounces), a decrease of approximately 5.9% compared to the comparable period[18] Expenses and Costs - Administrative expenses increased by approximately 50.9% to about RMB 46,386,000, primarily due to additional legal and professional fees related to the acquisition of Yantai Mijin and increased R&D expenses[27] - Other income and gains decreased by approximately 21.0% to about RMB 12,075,000, mainly due to reduced interest income from cash and cash equivalents[26] - Financing costs increased by approximately RMB 2,929,000 to about RMB 4,949,000, primarily due to increased interest expenses on bank loans[29] - The depreciation of property, plant, and equipment increased to RMB 43,778,000 from RMB 31,673,000, marking a rise of 38.2%[9] Risk Management - The group faced various financial risks, including interest rate risk, credit risk, foreign currency risk, and liquidity risk, and adopted a conservative risk management strategy[36] - As of September 30, 2025, the group had no significant contingent liabilities[44] - The group had a total capital commitment of approximately RMB 81,978,000 related to contract costs as of September 30, 2025, compared to zero on December 31, 2024[43] - The group held approximately RMB 34,751,000 in cash as an environmental restoration guarantee deposit for land developed for mining, in compliance with relevant Chinese laws[42] - The group’s trade receivables balance was zero as of September 30, 2025, indicating a significant reduction in credit risk[39] - The group’s cash and cash equivalents included approximately RMB 106,009,000 in USD and RMB 625,000 in CAD as of September 30, 2025[32] Corporate Governance - The board of directors is composed of executive directors Dr. Shao Xu Xin and Mr. Mackie James Thomas, along with non-executive director Mr. Chen Li Bei and independent non-executive directors Dr. Malaihollo Jeffrey Francis A, Mr. Chen Yi Fen, Dr. Zeng Ming, and Ms. Liu Li[46]