This QR announcement is mandatory made pursuant to the Singapore Exchange's requirements as required under Listing Rule 705(2).
Unaudited Financial Statement Announcement for the three months ("2Q25") and 6 months ("1H25") ended 30 June 2025
CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
The Group The Group
3 months ended 6 months ended
30 June 30 June
Note 2025 2024 +/- 2025 2024 +/-RMB'000 RMB'000 % RMB'000 RMB'000 %
Revenue 4 1,333,861 1,475,130 (9.6)
Cost of sales (1,303,895) (1,346,241) (3.1)
Gross profit 29,966 128,889 (76.8)
Other Income 1,893 2,730 (30.7)
Administrative costs (11,241) (8,016) 40.2
Distribution costs (4,010) (1,339) 199.5
Other operating expense (14) (107) (86.9)
Finance costs (2,491) (5,754) (56.7)
Profit before taxation 5 14,103 116,403 (87.9)
Income tax expense 6 (1,437) (29,422) (95.1)
Net profit for the year 12,666 86,981 (85.4)
Net profit attributable to:
Equity holders of the Company 12,666 60,975 Non-controlling interests - 26,006 12,666 86,981
Earnings per share attributable to equity holders of the company (RMB cents per share)
(10.2)
2,640,402 | 2,941,425 |
(2,538,802) | (2,674,557) |
101,600 | 266,868 |
3,593 | 5,569 |
(18,465) | (21,858) |
(7,211) | (3,638) |
(125) | (145) |
(5,762) | (12,313) |
73,630 | 234,483 |
(15,818) | (59,135) |
57,812 | 175,348 |
57,812 | 125,497 |
- | 49,851 |
57,812 | 175,348 |
(5.1)
(61.9)
(35.5)
(15.5)
98.2
(13.8)
(53.2)
(68.6)
(73.3)
(67.0)
Basic | 1.32 | 9.53 | 6.02 | 19.61 |
Diluted | 1.32 | 9.53 | 6.02 | 19.61 |
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
The Group The Company
30 | 31 | 30 | 31 | ||
June | December | June | December | ||
Note | 2025 RMB'000 | 2024 RMB'000 | 2025 RMB'000 | 2024 RMB'000 | |
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 7 | 1,227,376 | 1,297,877 | 3 | 3 |
Right-of-use assets | 3,043 | 3,043 | - | - | |
Intangible assets | 87,584 | 87,050 | - | - | |
Goodwill on consolidation Investment in subsidiary | 8 | 10,345 | 10,345 | - | - |
corporations | - | - | 491,041 | 250,041 | |
1,328,348 | 1,398,315 | 491,044 | 250,044 | ||
Current assets | |||||
Intangible assets | - | 1,088 | - | - | |
Inventories | 10 | 256,193 | 264,318 | - | - |
Trade and other receivables | 11 | 33,012 | 28,139 | - | - |
Amounts owing by related parties | 11 | 41,473 | 1,527 | - | - |
Prepayments | 12 | 932 | 2,155 | - | 176 |
Cash and cash equivalents | 13 | 421,657 | 407,377 | 1,512 | 4,010 |
753,267 | 704,604 | 1,512 | 4,186 | ||
Total assets | 2,081,615 | 2,102,919 | 492,556 | 254,230 | |
EQUITY AND LIABILITIES | |||||
Capital and reserves attributable | |||||
to equity holders of the Company | |||||
Share capital Retained profits/(accumulated | 14 | 559,012 | 316,125 | 559,012 | 316,125 |
losses) | 482,634 | 424,822 | (66,476) | (63,346) | |
Capital reserve | 331,564 | 331,564 | - | - | |
Fair value reserve | - | - | - | - | |
Other reserves | 247,817 | 247,817 | - | - | |
Total equity | 1,621,027 | 1,320,328 | 492,536 | 252,779 | |
LIABILITIES | |||||
Non-current liabilities | |||||
Bank borrowings | 15 | 150,000 | 200,000 | - | - |
Lease liabilities | 3,477 | 3,477 | - | - | |
153,477 | 203,477 | - | - | ||
Current liabilities | |||||
Loan from a related party | 15 | - | 50,000 | - | - |
Bank borrowings | 15 | 100,000 | 100,000 | - | - |
Lease liabilities | 66 | 66 | - | - | |
Trade and other payables | 16 | 135,624 | 116,952 | 20 | 1,451 |
Amounts owing to related parties | 16 | 68,759 | 294,567 | - | - |
Current tax payable | 2,662 | 17,529 | - | - | |
307,111 | 579,114 | 20 | 1,451 | ||
Total liabilities | 460,588 | 782,591 | 20 | 1,451 | |
Total equity and liabilities | 2,081,615 | 2,102,919 | 492,556 | 254,230 | |
Share capital RMB'000 316,125 -242,887 | Retained earnings RMB'000 424,822 57,812 - | Fair value reserve RMB'000 - - - | Capital reserve RMB'000 331,564 - - | Other reserves | Equity attributable to owners RMB'000 1,320,328 57,812 242,887 | Non-controlling interests RMB'000 - - - | Total equity RMB'000 1,320,328 57,812 242,887 | ||
Statutory common reserve RMB'000 247,020 - - | Voluntary common reserve RMB'000 797 - - | Sub-total RMB'000 247,817 - - | |||||||
559,012 | 482,634 | - | 331,564 | 247,020 | 797 | 247,817 | 1,621,027 | - | 1,621,027 |
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY
1 January 2025 to 30 June 2025
Balance as at 1 January 2025 Total comprehensive income
for the period
Share capital RMB'000 316,125 | Retained earnings RMB'000 705,892 | Fair value reserve RMB'000 12,952 | Capital reserve RMB'000 250,000 | Other reserves | Equity attributable to owners RMB'000 1,465,591 | Non-controlling interests RMB'000 234,875 | Total equity RMB'000 1,700,466 | ||
Statutory common reserve RMB'000 179,825 | Voluntary common reserve RMB'000 797 | Sub-total RMB'000 180,622 | |||||||
- | 170,069 | - | - | - | - | - | 170,069 | 61,599 | 231,668 |
- | - | (14,730) | - | - | - | - | (14,730) | (6,312) | (21,042) |
- | 170,069 | (14,730) | - | - | - | - | 155,339 | 55,287 | 210,626 |
Issuance of new ordinary shares Balance as at 30 June 2025
1 January 2024 to 31 December 2024
Balance as at 1 January 2024 Net profit for the financial year Other comprehensive loss
for the financial year
Total comprehensive income for the financial year
Acquisition of additional interest in a subsidiary corporation | - | - | - | (283,436) | - | - | - | (283,436) | (290,162) | (573,598) |
Transfer upon disposal of investment | - | (1,778) | 1,778 | - | - | - | - | - | - | - |
Transfer to capital reserve | - | (365,000) | - | 365,000 | - | - | - | - | - | - |
Transfer to statutory common reserve | - | (67,195) | - | - | 67,195 | - | 67,195 | - | - | - |
Dividend paid | - | (17,166) | - | - | - | - | - | (17,166) | - | (17,166) |
Balance as at 31 December 2024 | 316,125 | 424,822 | - | 331,564 | 247,020 | 797 | 247,817 | 1,320,328 | - | 1,320,328 |
P a g e 3 | 34
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (CONT'D)
Share capital | Accumulated losses | Total equity | |
1 January 2025 to 30 June 2025 | RMB'000 | RMB'000 | RMB'000 |
Balance as at 1 January 2025 | 316,125 | (63,346) | 252,779 |
Total comprehensive income for the period | - | (3,130) | (3,130) |
Issuance of new ordinary shares | 242,887 | - | 242,887 |
Balance as at 30 June 2025 | 559,012 | (66,476) | 492,536 |
Share capital | Accumulated losses | Total equity | |
1 January 2024 to 31 December 2024 | RMB'000 | RMB'000 | RMB'000 |
Balance as at 1 January 2024 | 316,125 | (67,119) | 249,006 |
Total comprehensive income for the period | - | 20,939 | 20,939 |
Dividend paid | - | (17,166) | (17,166) |
Balance as at 31 December 2024 | 316,125 | (63,346) | 252,779 |
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
The Group
6 months ended
30 June
Cash flows from operating activities | 2025 RMB'000 | 2024 RMB'000 |
Profit before income tax | 73,630 | 234,483 |
Adjustments for: | ||
- Depreciation of property, plant and equipment | 86,539 | 85,912 |
- Amortisation of intangible assets | 554 | 619 |
- Property, plant and equipment written off | 532 | 3,233 |
- Interest expense | 5,762 | 12,313 |
- Interest income | (1,201) | (4,327) |
Operating cash flows before change in working capital | 165,816 | 332,233 |
Change in working capital: | ||
- Inventories | 8,125 | 41,350 |
- Amount owing (to)/by related parties | (265,754) | 14,331 |
- Trade and other receivables | (4,873) | (27,373) |
- Prepayments | 1,223 | (537) |
- Trade and other payables | 18,672 | (3,579) |
Cash (used in)/generated from operations | (76,791) | 356,425 |
Income tax paid | (30,685) | (97,155) |
Net cash (used in)/provided by operating activities | (107,476) | 259,270 |
Cash flows from investing activities | ||
Acquisition of property, plant and equipment | (16,570) | (3,923) |
Interest received | 1,201 | 4,327 |
Net cash (used in)/provided by investing activities | (15,369) | 404 |
Cash flows from financing activities | ||
Repayment of loan to non-controlling interests | - | (100,000) |
Repayment of loan to a related party | (50,000) | - |
Repayment of bank borrowings | (50,000) | (30,000) |
Issuance of new ordinary shares | 242,887 | - |
Dividends paid to shareholders | - | (17,166) |
Interest paid | (5,762) | (12,313) |
Increase in restricted cash | (16,778) | (98,586) |
Net cash provided by/(used in) financing activities | 120,347 | (258,065) |
Net (decrease)/increase in cash and cash equivalents | (2,498) | 1,609 |
Cash and cash equivalents | ||
Beginning of financial period | 4,010 | 514 |
End of financial period | 1,512 | 2,123 |