2025 Interim Report

i MLFOM

INTRON TECHNOLOGY HOLDINGS LIMITED

( IncorDorated ›n the Cry› uan Islands with limited liability)

Stock Cooe : 1760

2025

Mr. Luk Wing Ming (Chairman and Co-CEO)

Mr. Chan Cheung Ngai (Co-CEO)

Mr. Chan Ming Mr. Ng Ming Chee

Mr. Jiang Yongwei Mr. Tsui Yung Kwok Ms. Han Shuting

Cricket Square, Hutchins Drive PO Box 2681

Grand Cayman, KY1-1111 Cayman Islands

Unit 703&705, 7/F, Building 22E, 22 Science Park East Avenue,

Hong Kong Science Park, Pak Shek Kok, Shatin, New Territories, Hong Kong

Mr. Ng Ming Chee

Mr. Ng Ming Chee Mr. Luk Wing Ming

Mr. Tsui Yung Kwok (Chairman)

Mr. Jiang Yongwei Ms. Han Shuting

Mr. Jiang Yongwei (Chairman)

Mr. Chan Cheung Ngai Mr. Tsui Yung Kwok

Mr. Luk Wing Ming (Chairman)

Mr. Jiang Yongwei Ms. Han Shuting

Mr. Luk Wing Ming (Chairman)

Mr. Chan Ming Mr. Ng Ming Chee

Ernst & Young

Certified Public Accountants

Registered Public Interest Entity Auditor 27/F, One Taikoo Place

979 King's Road Quarry Bay, Hong Kong

Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor

Hopewell Centre

183 Queen's Road East Wanchai, Hong Kong

Bank of China Bank of Shanghai

Bank of China (Hong Kong) Limited BNP Paribas

Hang Seng Bank Limited

The Hongkong and Shanghai Banking Corporation Limited

1760

https://www.intron-tech.com

In the first half of 2025, China's automotive market continued to benefit from the "old-for-new" policy with strong domestic demand. The demand for new energy vehicles increased with continuous sales growth. According to the data published by China Association of Automobile Manufacturers (CAAM), in the first half of 2025, the sales volume of automotive vehicles of China increased year-on-year by 11.4% to 15.653 million units. The sales volume of new energy vehicles amounted to 6.937 million units, representing a year-on-year increase of 40.3%, and the sales of new energy vehicles accounted for 44.3% of the total sales of new vehicles. Meanwhile, price wars within industry intensified in the first half of the year. According to the data released by the Ministry of Industry and Information Technology of the People's Republic of China (the "MIIT"), the profit margin for China's automotive industry in 2024 was only 4.3%, which further dropped to 3.9% in the first quarter of 2025. Amid the fierce market competition, for the six months ended 30 June 2025 (the "Period" or "Period under review"), the Group recorded a stable growth in the performance with an increase of 5% in its turnover. It is anticipated that the implementation of policies such as "anti-involution" measures in the future will help gradually improve the profit margins for both the industry and the Group.

In 2025, with the rapid development of technologies such as large models and artificial intelligence ("AI"), the industrialization of robots has accelerated. Embodied intelligence was included for the first time in the Report on the Work of the Government, signifying its important position in the development of future industries. It is one of the emerging industries with the greatest development potential in society today, with broad applications in various scenarios such as intelligent manufacturing, healthcare and services. It aims to liberate labor forces, thereby enhancing the quality of human life. Leveraging its long-term development in the automotive electronics and semiconductor industries, the Group's layout in the robotics sector has made a breakthrough. Its wholly-owned subsidiary, Shanghai G-Pulse Electronics Technology Company Limited ("G-Pulse"), collaborated with D-Robotics, an industry-leading provider of universal hardware-software bases for robots, to develop controller products based on D-Robotics' RDK S100 series intelligent computing platform, and officially launched the GRC1.0 high-performance controller solution.

As a leading automotive electronics and robot solution provider in China, the Group has distinguished itself in the industry with its robust R&D capabilities, advanced semiconductor application technologies and strong industrialization capabilities.

In the automotive industry, leveraging its strong R&D capabilities in new energy vehicles and outstanding technology solutions for automotive semiconductor applications, the Group has helped automotive original equipment manufacturers ("OEM" or "OEMs") successfully implement cost-effective mass production plans and significantly increase their market penetration. The new energy and intelligent driving segments continued to be the main drivers of the Group's longterm revenue and earnings growth, empowering the Group's business growth. With the rapid development of new energy vehicles, the demand for high-performance automotive chips is booming. Automotive manufacturers, technology enterprises and other firms are ramping up their R&D efforts to enter the automotive chip sector. With more than 20 years of extensive experience in the field of automotive electronics, electrification and intelligence, the Group has maintained solid and close long-term cooperative relationships with the world's leading semiconductor suppliers. In addition, relying on its excellent R&D capabilities and complete product offerings, the Group has created value for both upstream and downstream sectors, empowered domestic semiconductors and accelerated their application and development in the domestic automotive market. The Group established in-depth cooperation with customers and semiconductor manufacturers and provided more diversified and customized solutions to meet customers' needs, which will be beneficial to the Group's continuous and stable development in the long term.

In the robotics industry, the intelligent robotics sector faces pain points such as insufficient standardization in core controller domains, high customization costs, significant challenges in product consistency and yield of good products, which severely constrain the pace of scale application. As a leading solutions provider in the automotive electronics sector, the Group possesses deep technical expertise and extensive mass-production experience across areas including new energy, automated driving (AD), body control, safety and powertrain systems, and has a profound understanding of the importance of high reliability, safety and large-scale production on complex systems. The Group brings its mature automotive electronics experience to the robotics field, while collaborating with partners across the automotive industry ecosystem. By establishing a comprehensive standardized system encompassing R&D, design, component selection, production process, testing and verification, it provides standardized robot controller products for the robotics industry, and promotes the transformation of intelligent robots from laboratory samples to industrial-grade products that can be mass-produced.

Research and development ("R&D") serves as an indispensable cornerstone supporting the Group's long-term business growth. Through R&D, the Group achieves deep collaboration with customers, plans and designs solutions tailored to customer needs that help its partners to better harness their advantages and enhance industrialization effectiveness. This deep integration with their directional technologies and process requirements highlights the Group's unique business model and advantages. During the Period, under the "asset-light and research-focused" business model, the Group continued its efforts in R&D investment and maintained an outstanding team of scientific and technological talents to empower its development. As its technological achievements have been highly recognized by domestic and overseas customers and industry peers, the Group has established its technical leadership position with promising prospects for future development and trends.

In the first half of 2025, despite the overall weakness in the automotive electronics market and intensified involution, the Group achieved robust business growth through its deep-rooted presence in the domestic automotive electronics sector, innovative technologies and excellent services. This demonstrates exceptional resilience and sustainable growth potential, further highlighting the Group's strong core competitiveness and leading position in the automotive electronics field. The Group's sales revenue is classified as follows:

New Energy - Core solutions related to electric vehicles, plug-in hybrid electric vehicles and hydrogen fuel-cell vehicles, including solutions related to core electric powertrain control systems and thermal management systems

Body Control - Electronic solutions for body control systems

Safety - Solutions related to safety systems

Powertrain - Solutions related to powertrain systems

Automated & Connected Vehicles - Core solutions related to intelligent driving and connected automotive, such as

advanced driver-assistance systems ("ADAS")/automated driving systems

Cloud Server - Electronic solutions related to power management of data centers/cloud servers Rendering of Services & Others - R&D services and other income

In the first half of 2025, the Group's overall results recorded stable performance. The total revenue increased by approximately 5% year-on-year to RMB2.97 billion, which was mainly driven by the growth of the safety systems, powertrain systems and cloud server segments. In particular, the revenue from safety systems increased by 27% during the Period, and the revenue from the powertrain systems segment increased by 15%. The new energy vehicle segment maintained the largest proportion of the Group's revenue at 48.5%, while the body control systems, safety systems and powertrain systems segments accounted for 10.6%, 15.2% and 6.2% of the total revenue, respectively. The revenue from the automated & connected vehicles business segment was consistent with that of last year, accounting for 7.8% of the total revenue. With the gradual infiltration of artificial intelligence into daily life, the demand for AI servers continued to grow, resulting in the cloud server segment recording a year-on-year increase of 135% in its revenue, accounting for 8.6% of the Group's total revenue. In addition, in the first half of 2025, the Group received more customer mass production project development commissions and design wins, the revenue from the services and other segments accounted for 3.1% of the total revenue.

During the Period under review, the Group's gross profit was RMB401.0 million, and the gross profit margin was 13.5%, representing a decrease of 2.4 percentage points over the same period last year. This was mainly attributable to the continued and intensifying price competition among automotive OEMs, which compressed the gross profit margin of the entire industry. As a result, the Group was committed to controlling costs. In addition to achieving economies of scale by increasing the production volume and expanding its market share, it also reduced systematic costs through the design to mitigate the pressure on the gross profit margin. At the same time, the Group continued to optimize its R&D resources, grasped the direction of technological development, created demand, and provided customers with more diversified and customized solutions to facilitate rapid updates and iteration, thereby consolidating its market leadership and strengthening its technological advantages. The Group maintained its total R&D expenses at 7.4% of the total revenue, amounting to RMB219.9 million.

During the Period under review, in the aspect of the finance costs, it decreased by 5% over the previous year, which was primarily due to the adjustments made by the Group to its loan structure by increasing the proportion of RMB-denominated loans, thereby reducing overall interest expenses.

During the Period under review, OEMs and their Tier 1 suppliers were the major end customers of the Group, including China's top ten new energy passenger vehicle brands. With the accelerated export of domestic independent automobile enterprises and rapid growth in overseas sales, the Group has secured several new overseas projects, many of which are from leading enterprises, including those providing solutions for Japanese and European automobile enterprises. The Group assisted local OEMs in enhancing their product solutions to achieve global layout along with domestic automobile enterprises, enter the supply chains of overseas automobile enterprises and facilitate the localization of overseas supply chains. The profit attributable to shareholders for the year amounted to RMB49.7 million, compared with RMB97.7 million for the same period last year, and the net profit margin for the first half of 2025 was 1.6%.

In the first half of 2025, the Group secured 112 new mass production designated projects, among which ten of them involved exported car models or overseas customer projects. The designated projects covered important applications such as chassis and ADAS. In addition to major domestic automobile enterprises, its customers have expanded to leading Japanese and European automobile enterprises as well as Tier 1 suppliers, providing a strong support for the Group's future growth.

In the first half of 2025, the Group's new energy revenue segment saw growth in areas such as motor control unit (MCU), battery management system (BMS), on-board charging and PTC, with the acquisition of new projects maintaining a strong momentum. For the six months ended 30 June 2025, the revenue from this business segment amounted to RMB1,437.8 million, which was consistent with that of the same period last year, accounting for 48.5% of the total revenue. The core component "Motor Control Unit Power Brick" developed by the Group has reached the industry-leading level in key indicators such as power density, integration and reliability. Currently, the mass production of this product is in the ramp-up stage, and the production capacity is gradually increasing. The Group will continue to develop solutions with higher power density, including cost-effective solutions of silicon carbide and silicon mixture, to meet the growing market demand, thereby promoting the sustainable development of the overall business.

The Group has continuously increased its market penetration by virtue of its high-quality deliveries on a large scale. The Group will continue to focus on enhancing its technological R&D capabilities and optimizing its product portfolio to meet vehicle manufacturers' demand for efficient and reliable solutions. Through continuous innovation and in-depth cooperation, the Group is committed to maintaining a leading position in fierce market competition and promoting the development of the entire industry.

In the first half of 2025, the revenue from body control system business decreased by 26% to RMB314.4 million, accounting for 10.6% of the total revenue. This was mainly due to trade-offs in certain businesses with lower gross profit margin made by the Group amid market involutions. The powertrain system solutions increased by 15%, accounting for 6.2% of the Group's total revenue. The overall commercial vehicle market saw slight growth, and the demand for diesel powertrain systems remained stable. In addition, the electrification of commercial vehicles is accelerating significantly, and many leading domestic commercial vehicle enterprises have formulated clear development plans and expect to significantly increase the proportion of new energy vehicles, especially hybrid and pure electric models, in the next three to five years. This will help the Group leverage its technical expertise in the commercial vehicle sector and achieve further business growth.

The revenue from safety system solutions increased by 27%, accounting for 15.2% of the Group's total revenue. This was attributable to the continuous increase in the installation rate of active suspension system in vehicle manufacturers since 2024, continuous mass production of new projects for braking and steering applications and increasing unit price along with the systems' functionality and complexity. With the popularization of intelligent functions in automobiles, consumers' attention to safety is constantly increasing. The Group will increase its investment in the R&D of vehicle safety systems to exert the synergy with intelligent driving system solutions.

During the Period under review, revenue from the automated & connected vehicles business remained stable compared with the same period last year, amounted to RMB230.5 million, accounting for 7.8% of the total revenue. The Group has launched the first generation of system solutions supporting L3 and plans to further optimize them on this basis to enhance cost performance, making them suitable for lower-cost models and meeting the market's demand for automated driving functions. Although OEMs continued to increase their installation rates, the market is highly competitive. Both policy orientation and market demand are gradually shifting from functional requirements to safety requirements, which are the main driving forces for supporting consumer demand. With the continuous improvement of the ecosystem, automated & connected vehicle technology is expected to achieve large-scale commercialization in the next few years and become an important direction of development.

During the Period under review, the Group had been actively engaged in the development of solutions related to Horizon Robotics' Journey®6 processors and has released a front fusion perception solution based on the Horizon Robotics' Journey®6 platform, which adopts advanced BEV+Transformer technology and front fusion methodology to enhance the perception capability of intelligent driving. With its 4D millimeter-wave radar, camera system and sensor fusion algorithms, the Group is committed to creating a high-performance, low-cost and universally adaptable perception fusion system for intelligent driving. The Group is currently developing solutions related to Journey®6 for several domestic OEMs and system providers, while actively serving overseas customers by offering design plans and prototypes to meet the demands of different markets.

In addition, the Group has actively invested in and deepened its cooperation with Horizon Robotics and officially launched the new generation system-level domain controller solution MADC4.0 based on the Journey®6E/M platform. This solution deeply integrates the new generation of in-vehicle intelligent computing solution of Horizon Robotics (i.e. Journey®6E/M and Infineon AURIX TC397 multi-core processor), which supports advanced driver assistance functions and application scenarios such as high-speed Navigate on Autopilot ("NOA"), urban NOA, memory driving and fully automatic parking. The newly launched domain controller solution MADC4.0 is an intelligent computing platform solution specifically designed for L2+ advanced driver assistance systems. It demonstrates extraordinary product capabilities in terms of hardware adaptation, algorithm optimization, performance efficiency, optimal combination and cost control. Moreover, it can meet the demands of differentiated deployment and functional development through tailoring.

The Group will continue to strengthen the R&D and innovation of automated & connected vehicles, enhance its technological advantages and market competitiveness in the field of intelligent driving, and thereby create more market opportunities and performance growth space for the future.

With the rapid development of AI technology, cloud server-related solutions have increasingly become the focus of industry attention. In the first half of 2025, the revenue from this business segment increased by 135% to RMB255.4 million, primarily driven by the increase in the demand for cloud servers arising from the demand for AI services from customers. Many customers have increased their investment in establishing private servers and private clouds, which has actively promoted the growth of market demand to a certain extent. The Group will continue to optimize the allocation of internal resources and further increase its R&D efforts in core technologies of cloud computing.

Research and development are the core of the Group's development strategy. With the rapid development of the global automobile industry towards electrification, intelligence and connectivity, the Group's technological advantages have become increasingly prominent and will continue to help the Group further consolidate its leading position in the market, expand its market share and drive its business growth. In the first half of 2025, the Group continued to proactively optimize and enhance its R&D capabilities to maintain its competitive edge and proactively optimize the R&D team and strengthen project management; the R&D expenses for the Period were RMB219.9 million, comparable to the same period last year, accounting for approximately 7.4% of the Group's revenue. As at 30 June 2025, the Group had a total of 950 full-time R&D technicians, representing 70.9% of the Group's entire workforce. During the Period, the Group had a total of 394 patents and 329 software copyrights, with an increase of 36 and 2, respectively, compared with the end of last year. Furthermore, the Group had 203 invention patents under review, 56 utility model patents under review, and 8 design patents under review. In summary, there are a total of 267 patents under review.

To enhance its sustainable development performance, the Group continues to comprehensively advance its environmental, social and governance ("ESG") work in 2025. In terms of the environment, the Group is developing reduction targets for greenhouse gas (GHG) emissions (Scope 1 and Scope 2) and energy consumption. These targets will serve as a foundation for the Group's long-term climate strategy, aligning with industry best practices and regulatory expectations. Meanwhile, the Group is committed to value chain decarbonization and is exploring a potential pilot programme in collaboration with logistics providers to advance green and sustainable transportation. In terms of society, the Group takes technological innovation as the driving force and continuously improves product quality and safety standards. Our progress in areas such as smart driving solutions, energy-efficient autonomous driving systems and AI-driven safety technologies is redefining the future of mobility. From enhancing intelligent driving capabilities to optimizing energy performance and elevating safety standards, they are designed to support a greener, safer, and more intelligent mobility ecosystem. The Group has performed steadily among multiple ESG rating agencies, including QuantData (rating: A), Sino-Securities Index (rating: BBB), CCXGF (rating: BB) and MioTech (rating: BB), reflecting the Group's continuous efforts in ESG.

In February 2025, the Group reached a cooperation agreement with eSOL Co., Ltd. ("eSOL"), a leading developer of realtime embedded software solutions, to incorporate eSOL's high-security and scalable real-time operating system (RTOS) platform products, efficient development tools and other related products into the Group's automotive electronics and software solutions and related businesses. Through this strategic cooperation, both parties will jointly provide services and technical support for Chinese customers and OEMs and promote the software technology innovation and application ecosystem construction in the Chinese automotive market.

In terms of supporting testing and validation for large-scale deliveries, the demand for R&D testing remained strong in the first half of 2025. The Group's testing and validation center continued to undertake and match the testing and validation needs of a wide range of its electronic control products. In particular, the testing demand for power brick products has maintained a rapid growth, and the related testing technologies and equipment capabilities have been gradually improved. In the second half of 2025, the Group will continue to enhance its testing capabilities for products such as power brick electric drive, domain control and intelligent electronic control.

In the field of system construction, the Group's testing and certification center passed the re-examination by China National Accreditation Service for Conformity Assessment (CNAS) in 2025, and is now capable of electromagnetic compatibility (EMC) testing, electrical performance testing, environmental reliability testing, mechanical stress testing and electric drive bench testing. At the same time, it has passed the audit by VREMT and will obtain more domestic OEM qualification certifications and extended audit in the future, further enhancing its ability and scope of customer service.

During the Period, the Group obtained multiple project awards for controller solutions in chassis and safety systems, and the solutions covered steering-by-wire, air suspension and chassis domain controllers, etc. In new energy vehicles, there is a trend of directly adopting high-voltage power supply solutions for some chassis electric actuators control. The Group has extensive technical accumulation in high-voltage electric control and functional safety fields. This trend further highlights the Group's technical advantages in the chassis segment and is conducive to obtaining more projects in the future and achieving further business improvement.

In the first half of 2025, the Group's Nantong R&D base completed the delivery of the second phase of the renovation project by adding approximately 3,000 square meters of usable area, and the total gross floor area amounted to 16,000 square meters. During the same period, the Group established a complete set of equipment and environment for the electronic control power brick products, including laser cleaning workstations, laser welding, end-of-line (EOL) testing lines and automatic visual inspection (AVI) workstations, and built a complete capacity for trial productions and small-batch deliveries of power bricks. In 2026, the Nantong R&D base will serve the trial production and testing needs of more mass production vehicle projects of customers and replicate mature production processes and testing procedures to module contract manufacturers, which thus supporting the Group to achieve million-scale deliveries of power modules and inverter bricks in 2027. The Nantong R&D base of the Group will further enhance its industry competitiveness in the new energy vehicle business sector and support the stable growth of the Group's new energy vehicle business in the future.

In terms of robots, the Group has already established its presence in the field based on its extensive technologies and industrialization experience in electrification and intelligence. In addition, the Group has accelerated solution implementation and international business expansion through its R&D center established in Hong Kong in 2023. At present, diversified research and development results have been achieved in multimodal sensing, fused location positioning as well as joint module drives and controls, etc.

In the first half of 2025, based on the powerful RDK S100 intelligent computing platform of D-Robotics, the Group successfully developed the GRC1.0 high-performance controller solution. This product is specifically designed for embodied intelligent robots and industrial automation scenarios, and has following core advantages:

1. High-reliability system architecture: ensure stable operation in complex industrial environments and harsh working conditions by inheriting the strict design and verification process of automotive-grade products in steering logic and safety architecture

2. Powerful real-time control capability: support dual-core expansion design, providing solid software and hardware support for the "cerebellar" applications of robots (such as real-time motion control and precise interaction), and meeting the synchronization requirements in high-dynamic scenarios

3. Advanced technology integration: integrate the advantages of G-Pulse in key areas such as simultaneous localization and mapping (SLAM) technology integration to enhance environmental perception, positioning and navigation, and interaction accuracy of robots in complex scenarios

4. Mass production-friendly design: adhere to "industrial-grade standards", and implement the principle of standardization throughout the entire process covering R&D design, component selection, production process, testing and verification, to ensure product consistency and large-scale delivery capabilities

The launch of the GRC1.0 controller not only addresses the core demands of robot controllers in terms of reliability and real-time performance, but also significantly reduces the R&D threshold and supply chain management costs for robot manufacturers through standardized and modular design. Currently, embodied intelligence is still in the initial stage of industrialization. With the rapid development of the industry in the future, it is expected that the proportion of revenue from robot-related solutions in the Group's revenue will maintain a high growth rate.

Looking ahead to the global new energy vehicle market in the second half of the year, China's dominance and the vitality of emerging markets will become the dual engines. In the domestic market, it is expected that the dual advantages of policies and the industrial chain will further increase the penetration rate of new energy vehicles, creating a wide range of opportunities for the Group's new energy vehicle core solutions business. Meanwhile, the vigorous development of emerging markets such as Southeast Asia and Latin America will provide growth space for Chinese automobile enterprises entering overseas markets. In the European and American markets, policy coordination and cost control will be the key to break through in Europe and the United States. The Group will firmly adhere to technological innovation, continuously increase investment in new energy vehicles and automated driving technology, and provide better solutions in the market.

The integration of AI and cloud server technology is creating disruption opportunities to the business of providing body control, safety systems, powertrains and new energy vehicles. The Group will attach great importance to technology integration, cooperate with chip manufacturers and cloud service providers to build all-round solutions, accelerate the upgrading and transformation of services, and embrace the era of intelligence-defined hardware.

In the future, with the overall development of the automotive industry (including commercial vehicles) and the deepening of intelligent and electrified transformation, the demand for safety systems, new energy and powertrain systems will maintain steady growth. With its strengths in technology R&D, the Group is poised to develop more competitive products and optimize its product structure to meet the demands of emerging markets, aiming to achieve a stable business recovery in 2025.

Automated & connected vehicles solutions are a notable source of long-term business growth for the Group. With the rise of automobile intelligence, the market demand for ADAS and smart cockpits is increasing. By collaborating with numerous semiconductor partners, including Infineon, Longsys, ROHM and Horizon Robotics, the Group achieved promising results in jointly developing relevant solutions in 2025. On the one hand, as driver assistance technology advances from L2 to a higher level, the Group, based on its technology accumulation and previous project experience, is expected to secure more intelligent driving projects from automobile enterprises, particularly in the field of L2+ or above driver assistance domain controllers. On the other hand, given the growing market demand for high-level driver assistance, the Group has launched an advanced automated driving domain controller platform for L3 and above automated driving systems this year, to further strengthen and enhance security defense systems such as hardware and software systems security, platform security and functional security, and to further consolidate its position in the high-end market.

In the field of robotics, the Group will continue to deepen ecological synergy with D-Robotics and automotive industry partners, deeply integrate the supply chain resources, strict quality control systems and large-scale production experience of the automotive industry, and launch more mature and complete robot controller products in the market based on the mature ecosystem in the automotive electronics field, as well as through the exploration of technological commonality and scenario-based innovation, so as to jointly promote the rapid development of the intelligent robot industry, and press the "fast forward button" for the early arrival of the robot intelligence era.

In the realm of R&D, the Group maintained a high proportion of R&D investment in the first half of 2025 and is expected to continue the "asset-light, research-focused-heavy" strategy in the second half of the year. The continuous improvement of R&D facilities and comprehensive testing and validation facilities at various R&D bases, including the Nantong base, will help raise R&D efficiency and product quality. Meanwhile, through cooperation with universities and research institutes, the Group will attract and cultivate more R&D talents to ensure the supply of talent for its technological innovation.

In the future, the Group expects to secure over 100 new mass production designated projects, covering the following areas and technologies:

• Chassis system

• Advanced Driver Assistance System (ADAS)

• Motor Control Unit (MCU)

• Battery Management System (BMS)

• Thermal management technologies, including PTC heaters and actuators (pumps, fans, etc.)

• On-board wireless charging unit

• Electronic and Electrical Architecture (EEA)

Some of the projects and car models will be developed specifically for overseas markets or to meet the needs of overseas customers to further support the Group's international business expansion.

Going forward, the involution in the automotive industry will be alleviated due to the introduction of relevant policies by the MIIT, which is conducive to the gradual improvement of the profit margins of the industry and the Group. The Group will continue to invest in R&D to reinforce its leading position in the industry and explore new business areas. While consolidating the domestic market, the Group will accelerate its international expansion, facilitate the implementation of localized supply chains overseas, and leverage its technological advantages to achieve long-term sustainable growth and deliver satisfactory returns to shareholders. Meanwhile, the Group will continue to improve its ESG governance system, align with leading industry practices, and strengthen the implementation of the sustainable development strategy to create long-term and sustainable value for stakeholders.

For the six months ended 30 June 2025, our total revenue increased by 5% year-on-year to RMB2,966.3 million, due to strong performance in Safety segment and Cloud Server segment during the Period under review.

The following table sets out the Group's revenue breakdown by product category during the period indicated:

Gross profit for the six months ended 30 June 2025 decreased by 11% to RMB401.0 million as compared to the corresponding period last year. The Group's overall gross profit margin for the six months ended 30 June 2025 was 13.5% (for the six months ended 30 June 2024: 15.9%).

The Group's other income and gains mainly included bank interest income, government grants, gains on derivative instruments at fair value through profit or loss and others. For the six months ended 30 June 2025, other income and gains increased by 55% to RMB19.2 million, mainly due to the earlier receipt of government grants in the first half of the year as compared to the corresponding period last year.

Selling and distribution expenses mainly consisted of salaries, benefits and equity-settled share option and award expenses for staff, travelling and business entertainment expenses, marketing expenses, and administrative depreciation related costs. During the Period under review, the Group's selling and distribution expenses amounted to RMB48.0 million, which remained stable as compared to the corresponding period in 2024.

Administrative expenses mainly consisted of (a) R&D expenses; and (b) other administration expenses including salaries, benefits and equity-settled share option and award expenses for the management, administrative and financial personnel, administrative costs, travelling expenses, depreciation expenses relating to property, plant and equipment used for administrative purposes, amortisation expenses for the management information systems, other taxes and levies.

During the Period under review, administrative expenses amounted to RMB256.3 million, representing an increase of 3% as compared to the corresponding period in 2024. In particular, (a) R&D expenses charged as administrative expenses amounting to RMB193.2 million, together with the amortisation of deferred development costs of RMB26.7 million charged to cost of sales, the total R&D expenses amounted to RMB219.9 million, accounting for 7.4% of revenue. The 2% increase in R&D expenses as compared with the corresponding period in 2024 was due to a slight increase in salaries for R&D staff, and (b) other administrative expenses amounted to RMB63.1 million, representing an increase of 4% as compared to the corresponding period last year, which was mainly due to slight increase of general expenses.

Other expenses mainly consisted of foreign exchange differences and others during the Period under review. These expenses amounted to RMB30.7 million during the Period under review, representing an increase of 5% as compared to the corresponding period last year, which was mainly due to an increase in foreign exchange losses.

During the Period under review, finance costs amounted to RMB53.8 million, representing a decrease of 5% as compared to the corresponding period in 2024, which was mainly due to the saving of interest payment with a higher RMB proportion of the borrowing of the Group.

During the Period under review, the income tax credit amounted to RMB16.5 million, representing an increase of 23% from an income tax credit of RMB13.4 million for the corresponding period in 2024, which was mainly attributable to a decrease in profit before tax while the recognition of deferred tax remained stable compared to the corresponding period in 2024.

During the Period under review, the Group's profit decreased by 50% from RMB95.0 million for the six months ended 30 June 2024 to RMB48.0 million for the six months ended 30 June 2025.

During the Period under review, the Group continued to maintain a satisfactory and healthy liquidity position. As at 30 June 2025, the Group had cash and cash equivalents of RMB678.5 million (31 December 2024: RMB916.2 million).

As at 30 June 2025, the Group recorded net current assets of RMB1,375.6 million (31 December 2024: RMB1,716.4 million). Capital expenditure for the first half of the year was RMB36.2 million, which was mainly used for the addition of R&D equipment and improvement of R&D infrastructures, facilitating multi-location R&D support and services to customers.

As at 30 June 2025, the gearing ratio of the Group was 47% (31 December 2024: 50%), which represents net debt divided by the equity attributable to owners of the parent plus net debt. Net debt includes interest-bearing bank and other loans, trade and notes payables, other payables and accruals, less cash and cash equivalents and pledged deposits.

As at 30 June 2025, the Group had outstanding bank loans amounting to RMB1,636.3 million (31 December 2024: RMB2,038.4 million).

As at 30 June 2025, certain of the Group's bank loans, letters of credit, letters of guarantee and notes payable are secured by pledges over certain of the Group's deposits amounting to RMB129.6 million (31 December 2024: RMB165.5 million). Saved as disclosed above, no other Group's assets were charged to any financial institution.

The directors of the Company (the "Directors") did not recommend the payment of a dividend by the Company for the Period under review (for the six months ended 30 June 2024: nil).

The Group has no significant events after the Period that need to be disclosed.

As at 30 June 2025, the Group had capital commitments contracted, but not provided for, amounting to RMB23.9 million (31 December 2024: RMB7.2 million).

During the Period under review, the Group did not have any significant investments, material acquisitions or disposals of subsidiaries, associates and joint ventures (31 December 2024: nil).

As at 30 June 2025, the Group did not have significant contingent liabilities (31 December 2024: nil).

The Group primarily operates in the PRC with a mixed currency revenue source. It is therefore exposed to foreign currency risk arising from fluctuations in exchange rates between the RMB and other currencies in which it conducts its business. The Group is subject to foreign currency risk attributable to its bank balances, trade and other receivables and payables as well as bank loans that are denominated in currencies other than the RMB. The Group seeks to limit its exposure to foreign currency risk by minimising its net foreign currency position. The Group also minimises losses caused by foreign exchange fluctuations through cost transfer by adjusting the prices offered to customers and considers supplementing foreign exchange forward contracts when necessary.

During the Period under review, the Group managed foreign currency exchange rate fluctuations by the aforesaid means to mitigate such exposure. The Group will closely monitor the change in foreign exchange rates to manage currency risks and consider necessary actions as required.

As at 30 June 2025, the Group had 1,340 employees (30 June 2024: 1,373 employees). The Group's labour costs, including salaries, bonuses, pension and welfare, and equity-settled share option and award expenses, but excluding Directors' and co-chief executives' remuneration, were RMB252.4 million, equivalent to 8.5% of the Group's revenue in the Period.

The Group provides attractive salary packages, including a competitive basic salary plus an annual performance bonus, as well as arranging ongoing special training for employees to facilitate their promotion within the organisation and enhance their loyalty to the Company. The Group's employees are subject to regular work performance appraisal to evaluate their promotion prospects and salary. The latter is decided with reference to market practice and the performance, qualifications and experience of the individual employee as well as the results of the Group.

As at 30 June 2025, the Group had a total of 70,621,550 outstanding share options granted to eligible employees under the share option scheme adopted on 22 June 2018, to enhance attractiveness in compensation as well as motivation for employee performance. For details, please refer to the announcements of the Company dated 21 January 2019, 30 September 2020,18 May 2021, 25 November 2022 and 20 September 2023, respectively.

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the "MPF Scheme") under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for its employees in Hong Kong. The Group did not record any forfeited contribution from the MPF Scheme for the six months ended 30 June 2025 to reduce the existing level of contributions (for the year ended 31 December 2024: RMB359,000).

The Group's employees in the PRC participate in various defined contribution schemes managed by local government authorities, pursuant to which the Group pays a stipulated percentage of payroll costs as contributions to the schemes. The Group has no obligations to pay further contributions, and no forfeited contributions were available to the Group to reduce the existing level of contributions.

The shares of the Company (the "Share(s)") were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 12 July 2018 with net proceeds received by the Company from the Global Offering (as defined in the prospectus of the Company dated 29 June 2018 (the "Prospectus") amounted to HK$766.7 million (equivalent to RMB655.4 million), after deducting the underwriting fees, commissions and all related expenses (the "Net Proceeds").

As disclosed in the announcement of the Company dated 12 July 2019, having reassessed the funding needs for the enhancement of the Group's overall R&D infrastructure, the board of Directors (the "Board") has resolved to amend the proposed use of part of the Net Proceeds originally allocated for the enhancement of the Group's R&D infrastructure by investing in and acquiring testing and other equipment, and technology software to accelerate the Group's solutions development cycle and thus increase exposure of the Group's solutions to customers to enhancement of the Group's R&D infrastructure by (i) investing in and acquiring testing and other equipment, and technology software to accelerate the Group's solution development cycle and thus increase exposure of the Group's solutions to customers; and (ii) investing in, acquiring and renovating properties for R&D purposes.

During the Period, the Net Proceeds have been used for the purpose consistent with the section headed "Future Plans and Use of Proceeds" as set out in the Prospectus and the announcement of the Company dated 12 July 2019.

Details of the planned applications for the Net Proceeds, actual usage of the Net Proceeds up to 30 June 2025 and the expected timeframe for utilizing the remaining unused Net Proceeds are set out below:

* As disclosed in the 2024 annual report, the expected timeframe was extended to the end of 2026, as more time is required to select and identify suitable potential investees.

The Company or any of its subsidiaries did not purchase, sell or redeem any of its listed securities (including sale of treasury shares) during the Period under review.

DISCLOSURE OF INTERESTS

As at 30 June 2025, the following persons (other than the interests of the Directors or chief executive of the Company as disclosed below) had interests or short positions in the Shares or underlying Shares which fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the Securities and Futures Ordinance (the "SFO") or as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO:

("Zenith Benefit")(2, 4, 6 & 8)

Notes:

1. The letter "L" denotes long position of the Shares.

2. Magnate Era, Treasure Map, Heroic Mind and Zenith Benefit are corporate controlling shareholders (as defined under the Listing Rules) of the Company.

3. Magnate Era is beneficially owned by both Mr. Luk Wing Ming ("Mr. Luk") and Mr. Chan Cheung Ngai ("Mr. Chan") in equal shares.

4. Zenith Benefit is beneficially owned by both Mr. Luk and Mr. Chan in equal shares.

5. Treasure Map is beneficially owned as to 100.0% by Mr. Luk.

6. As disclosed in Notes 3,4 and 5 above, Mr. Luk owned 50.0% shareholding interest in Magnate Era, 50.0% shareholding interest in Zenith Benefit and 100.0% shareholding interest in Treasure Map. He is deemed to be interested in the entirety of 643,970,000 Shares directly held by the three aforesaid holding companies by virtue of the SFO.

7. Heroic Mind is beneficially owned as to 100.0% by Mr. Chan.

8. As disclosed in Notes 3, 4 and 7 above, Mr. Chan owned 50.0% shareholding interest in Magnate Era, 50.0% shareholding interest in Zenith Benefit and 100.0% shareholding interest in Heroic Mind. He is deemed to be interested in the entirety of 643,970,000 Shares directly held by the three aforesaid holding companies by virtue of the SFO.

Save as disclosed above, as at 30 June 2025, the Company is not aware of any other person or corporation (other than Directors or chief executive of the Company) who had or are taken to have an interest or a short position in the Shares and underlying Shares of the Company which were required to be disclosed to the Company under the provisions of Division 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept under section 336 of Part XV of the SFO.

As at 30 June 2025, the interests and short positions of the Directors and chief executive of the Company in the Shares and underlying Shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO), as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transaction by Directors of Listed Issuers (the "Model Code") as set out in Appendix C3 to the Listing Rules, and Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have under such provisions of the SFO) are as follows:

1. Long position in the ordinary Shares

   Name of Shareholder	Nature of Interest	Number of securities held(1)	Approximate shareholding percentage (%)
   Mr. Luk(2)	Interest of controlled corporations	643,970,000 (L)	59.20%
   Mr. Chan(3)	Interest of controlled corporations	643,970,000 (L)	59.20%
   Ms. Zhang Dan(4)	Interest of spouse	643,970,000 (L)	59.20%
   Ms. Zhang Hui(5)	Interest of spouse	643,970,000 (L)	59.20%
   Mr. Chan Ming	Beneficial owner	4,750,000 (L)	0.44%
   Mr. Ng Ming Chee	Beneficial owner	3,760,000 (L)	0.35%
   Mr. Tsui Yung Kwok	Beneficial owner	90,000 (L)	0.01%
   Mr. Jiang Yongwei	Beneficial owner	90,000 (L)	0.01%
   Notes:

   1. The letter "L" denotes long position of the Shares.

   2. Mr. Luk owned 50.0% shareholding interest in Magnate Era, 50.0% shareholding interest in Zenith Benefit and 100.0% shareholding interest in Treasure Map. He is deemed to be interested in the entirety of 643,970,000 Shares directly held by the three aforesaid holding companies by virtue of the SFO.

   3. Mr. Chan owned 50.0% shareholding interest in Magnate Era, 50.0% shareholding interest in Zenith Benefit and 100.0% shareholding interest in Heroic Mind. He is deemed to be interested in the entirety of 643,970,000 Shares directly held by the three aforesaid holding companies by virtue of the SFO.

   4. Ms. Zhang Dan is the spouse of Mr. Luk. Ms. Zhang Dan is deemed to be interested in the entirety of the 643,970,000 Shares in which Mr. Luk is interested by virtue of the SFO.

   5. Ms. Zhang Hui is the spouse of Mr. Chan. Ms. Zhang Hui is deemed to be interested in the entirety of the 643,970,000 Shares in which Mr. Chan is interested by virtue of the SFO.

2. Long position in underlying Shares - share options

The following Directors of the Company have personal interests in options to subscribe for the Shares of the Company:

31 May 2028

Save as disclosed above, as at 30 June 2025, none of the Directors or the chief executives of the Company or any of their respective associates had any interests and short positions in the Shares, underlying Shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register of the Company required to be kept under Section 352 of Part XV of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

The Company conditionally adopted a share option scheme on 22 June 2018 (the "2018 Share Option Scheme") for the purpose of recognizing and acknowledging the contributions of certain eligible participants had or may have made to the Group whose contributions are or will be beneficial to the performance, growth or success of the Group.

The 2018 Share Option Scheme has been terminated with effect from 27 May 2024 (the "Termination Date") by way of an ordinary resolution at the 2024 annual general meeting. Since the Termination Date, no further options can be granted under the 2018 Share Option Scheme, and there were 73,944,550 outstanding share options granted but not yet exercised under the 2018 Share Option Scheme as at the Termination Date. As at 30 June 2025, there were 70,621,550 outstanding share options under the 2018 Share Option Scheme.

As at the beginning and the end of the Period, there was no option available for grant under the scheme mandate of the 2018 Share Option Scheme.

Pursuant to the amendments to Chapter 17 of the Listing Rules in relation to share schemes of listed issuers that came into effect on 1 January 2023, the Board resolved to adopt a new share scheme (the "2024 Share Scheme") in compliance with the new Chapter 17 of the Listing Rules. For details, please refer to the announcement of the Company dated 20 March 2024, and the circular of the Company dated 24 April 2024. The 2024 Share Scheme was approved by the Shareholders at the annual general meeting of the Company held on 27 May 2024. During the period from the adoption of the 2024 Share Scheme to 30 June 2025, no options or awards have been granted, exercised, or cancelled or lapsed under the 2024 Share Scheme.

As at the beginning and the end of the Period, the number of options and awards available for grant under the scheme mandate of the 2024 Share Scheme was 108,783,840 and 108,783,840, respectively. No service provider sublimit has been authorised under the 2024 Share Scheme.

The details of the exercise price and number of options outstanding during the Period which have been granted to, exercised and cancelled by the eligible participants under the 2018 Share Option Scheme are as follows:

Notes:

1. The closing price of the Shares immediately before the grant of share options on 21 January 2019 was HK$2.66.

2. The share options granted (the "Granted Options") shall be vested to the grantees in accordance with the vesting schedule as follows:

   (i) as to 25% of the total number of Granted Options on 1 January 2020; (ii) as to 25% of the total number of Granted Options on 1 January 2021; (iii) as to 25% of the total number of Granted Options on 1 January 2022; and (iv) as to 25% of the total number of Granted Options on 1 January 2023. Once vested, the Granted Options shall be exercisable on a cumulative basis.

3. The closing price of the Shares immediately before the grant of share options on 30 September 2020 was HK$2.81.

4. The Granted Options shall be vested to the grantees in accordance with the vesting schedule as follows: (i) as to 25% of the total number of Granted Options on 1 October 2021; (ii) as to 25% of the total number of Granted Options on 1 October 2022; (iii) as to 25% of the total number of Granted Options on 1 October 2023; and (iv) as to 25% of the total number of Granted Options on 1 October 2024. Once vested, the Granted Options shall be exercisable on a cumulative basis.

5. The closing price of the Shares immediately before the grant of share options on 18 May 2021 was HK$4.25.

6. The Granted Options shall be vested to the grantees in accordance with the vesting schedule as follows: (i) as to 25% of the total number of Granted Options on 1 June 2022; (ii) as to 25% of the total number of Granted Options on 1 June 2023; (iii) as to 25% of the total number of Granted Options on 1 June 2024; and (iv) as to 25% of the total number of Granted Options on 1 June 2025. Once vested, the Granted Options shall be exercisable on a cumulative basis.

7. The closing price of the Shares immediately before the grant of share options on 25 November 2022 was HK$4.25.

8. The Granted Options shall be vested to the grantees in accordance with the vesting schedule as follows: (i) as to 25% of the total number of Granted Options on 1 December 2023; (ii) as to 25% of the total number of Granted Options on 1 December 2024; (iii) as to 25% of the total number of Granted Options on 1 December 2025; and (iv) as to 25% of the total number of Granted Options on 1 December 2026. Once vested, the Granted Options shall be exercisable on a cumulative basis.

9. The closing price of the Shares immediately before the grant of share options on 20 September 2023 was HK$3.23.

10. The Granted Options shall be vested to the grantees in accordance with the vesting schedule as follows: (i) as to 25% of the total number of Granted Options on 1 October 2024; (ii) as to 25% of the total number of Granted Options on 1 October 2025; (iii) as to 25% of the total number of Granted Options on 1 October 2026; and (iv) as to 25% of the total number of Granted Options on 1 October 2027. Once vested, the Granted Options shall be exercisable on a cumulative basis.

11. Details of share options granted to the Directors are disclosed in the section headed "Directors' and chief executive's interests and short positions in Shares, underlying Shares and debentures of the Company or its associated corporations" above.

12. Details of each of the Directors' interests in options to subscribe for Shares of the Company is set out in the section headed "Directors' and chief executive's interests and short positions in Shares, underlying Shares and debentures of the Company or its associated corporations" above.

As at the date of this report, the total number of Shares available for issue upon exercise of all outstanding options already granted under the 2018 Share Option Scheme was 70,621,550, representing approximately 6.49% of the issued share capital of the Company.

As no options or awards were granted during the Period, the number of Shares that may be issued in respect of options and awards granted under all schemes of the Company during the Period divided by the weighted average number Shares of the Company in issue for the Period is not applicable.

The Company is committed to maintaining a high standard of corporate governance to safeguard the interests of its Shareholders, enhance corporate value, formulate its business strategies and policies, and enhance its transparency and accountability.

The Company has adopted the code provisions of the Corporate Governance code (the "CG Code") as set out in Appendix C1 to the Listing Rules as its own code of corporate governance. The Board is of the view that the Company has complied with all applicable code provisions of the CG Code during the Period under review, except for a deviation from the code provision C.2.1 of the CG Code that the roles of the chairman and chief executive should be separate and should not be performed by the same individual. Mr. Luk Wing Ming is our chairman and co-CEO, responsible for strategic development and business operations. The Board believes that this arrangement will improve the efficiency of our decision-making and execution process.

Further, the Group has put in place an appropriate check-and-balance mechanism through the Board and the independent non-executive Directors. In light of the above, the Board considers that the deviation from code provision C.2.1 of the CG Code is appropriate in the circumstances of the Group.

The Board will review the corporate governance structure and practices from time to time and shall make the necessary arrangements when the Board considers appropriate.

The Company has adopted written guidelines (the "Written Guidelines") in no less exacting terms than the Model Code as set out in Appendix C3 of the Listing Rules as its own code for securities transactions by the Directors.

Having made specific enquiries from all Directors, all of them have confirmed that they have complied with the Model Code and the Written Guidelines during the Period under review and as at the date of this report. No incident of noncompliance with the Written Guidelines by the employees who are likely to be in possession of inside information about the Company was noted by the Company.

On 14 February 2023, the Company as borrower, and Intron Technology (China) Limited (the "Guarantor"), a direct wholly-owned subsidiary of the Company as guarantor, entered into a facilities agreement (the "Facilities Agreement I") with a syndicate of banks as lenders (collectively referred to as the "Lenders I") for a syndicated loan in the total principal amount of up to US$60,000,000 (the "Facilities I") subject to the terms and conditions of the Facilities Agreement I. The Facilities I have a final repayment date falling 36 months from the first drawdown date. Pursuant to the Facilities Agreement I, if Mr. Luk Wing Ming and Mr. Chan Cheung Ngai (the "Ultimate Controlling Shareholders") collectively do not or cease to (a) own beneficially, directly or indirectly, at least 51% of all the issued share capital (which are free from any security) in the Company or the Guarantor or (b) control the Company or the Guarantor; the Lenders I would be entitled to cancel the available commitment under the Facilities I and to declare that all amounts outstanding (including the loans and interest accrued) under the Facilities Agreement I shall immediately become due and payable.

For further details, please refer to the announcement of the Company dated 14 February 2023.

On 22 August 2025, the Company as borrower, and the Guarantor, entered into a facilities agreement (the "Facilities Agreement II") with a syndicate of banks as lenders (collectively referred to as the "Lenders II") for a syndicated loan in the total principal amount of US$90,000,000, with an accordion option to increase the aggregate principal amount to not exceeding US$120,000,000 (the "Facilities II") subject to the terms and conditions of the Facilities Agreement II. The Facilities II have a final repayment date falling 36 months from the first drawdown date. One of the purposes of the Facilities II is to fully refinance Facilities I. Pursuant to the Facilities Agreement II, if the Ultimate Controlling Shareholders collectively do not or cease to (a) own beneficially, directly or indirectly, at least 51% of all the issued share capital (which are free from any security) in the Company or the Guarantor or (b) control the Company or the Guarantor; the Lenders II would be entitled to cancel the available commitment under the Facilities II and to declare that all amounts outstanding (including the loans and interest accrued) under the Facilities Agreement II shall immediately become due and payable.

For further details, please refer to the announcement of the Company dated 22 August 2025.

As at the date of this report, Mr. Luk Wing Ming and Mr. Chan Cheung Ngai collectively own approximately 66% of the issued share capital of the Company.

As at the date of this report, the above specific performance obligations imposed on the Ultimate Controlling Shareholders under the Facilities Agreement continue to exist.

The Company has established an Audit Committee which is accountable to the Board and the primary duties of which include the review and supervision of the Group's financial reporting process and internal control measures. For the Period under review, the Audit Committee comprised of three independent non-executive Directors, namely, Mr. Tsui Yung Kwok, Mr. Jiang Yongwei and Ms. Han Shuting. Mr. Tsui Yung Kwok serves as the chairman of the Audit Committee of the Company, who has the professional qualifications and experience in financial matters in compliance with the requirements of the Listing Rules.

The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal control and financial reporting matters, including the review of the unaudited condensed consolidated interim financial statements of the Group for the Period under review. They considered that the unaudited interim financial statements of the Group for the Period under review were in compliance with the relevant accounting standards, rules and regulations and that appropriate disclosures were made.

Ms. Han Shuting has been appointed as an independent non-executive Director of the Company with effect from 1 December 2024. Ms. Han Shuting has obtained the legal advice referred to in Rule 3.09D of the Listing Rules on 27 November 2024, and she has confirmed that she understood her obligations as Director of the Company.

For the six months ended 30 June 2025

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2025

* These reserve accounts comprise the consolidated reserves of RMB2,467,085,000 (31 December 2024: RMB2,470,577,000) in the consolidated statement of financial position.