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The Group is u\ nable to )Tj 0.035 Tc 0.073 Tw 0 -1.231 Td [(repay)10 ( )0.5 (a)10 ( )0.5 (syndicated)10 ( )0.5 (loan)10 ( )0.5 (of)10 ( )0.5 (RMB)10 (1)10 (,)10 (0)10 (2)10 (2)10 (,)10 (6)10.1 (9)9.9 (9)10 (,)10.1 (0)10 (0)10 (0)10 ( )0.5 (and)10 ( )0.5 (other)10 ( )0.5 (bank)10 ( )0.6 (loans)10 ( )0.5 (and)10 ( )0.5 (borrowings)10 ( )]TJ 0.064 Tc 0.07 Tw 0 -1.231 Td [(of)12.6 ( RMB)12.6 (2)12.6 (7)12.6 (3)12.6 (,)12.7 (1)12.6 (5)12.6 (5)12.6 (,)12.6 (0)12.6 (0)12.6 (0)12.6 ( due)12.6 ( after)12.6 ( the)12.7 ( end)12.6 ( of)12.6 ( the)12.7 ( reporting)12.6 ( period)12.6 ( and)12.6 ( has)12.6 ( triggered)39 ( )]TJ 0.038 Tc 0 -1.231 Td [(cross-default)12.9 ( provisions)12.9 ( of)12.9 ( other)12.9 ( current)12.9 ( and)12.9 ( non-current)12.8 ( outstanding)12.9 ( borrowings)12.9 ( of)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(the)7 ( )0.5 (Group)7 ( )0.5 (of)7 ( )0.5 (RMB)7 (6)7 (,)7 (7)7 (1)7 (1)7 (,)7 (4)7 (5)7 (3)7 (,)7 (0)7 (0)7 (0)7 (.)7 ( )0.5 (Therefore,)7 ( )0.5 (the)7 ( )0.5 (above)7 ( )0.5 (loans)7 ( )0.5 (and)7 ( )0.5 (borrowings)7 ( )0.5 (totaled)7 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(RMB)12.3 (8)12.3 (,)12.3 (0)12.2 (0)12.3 (7)12.3 (,)12.3 (3)12.3 (0)12.3 (7)12.3 (,)12.3 (0)12.2 (0)12.3 (0)12.3 ( have)12.3 ( become)12.3 ( repayable)12.3 ( on)12.3 ( demand.)12.3 ( As)12.3 ( stated)12.3 ( in)12.3 ( Note)12.3 ( 2)12.3 (,)12.3 ( these)23.1 ( )]TJ 0.052 Tc 0 -1.231 Td [(e)0.5 (v)0.5 (e)0.5 (n)0.5 (t)0.5 (s)13 ( )0.5 (or)13 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (d)0.5 (i)0.5 (t)0.5 (io)0.5 (n)0.5 (s)0.5 (,)13 ( )0.5 (a)0.5 (l)0.5 (o)0.5 (n)0.5 (g)12.9 ( )0.5 (w)0.5 (i)0.5 (t)0.5 (h)13 ( )0.5 (o)0.5 (t)0.5 (h)0.5 (e)0.5 (r)13 ( m)0.5 (a)0.5 (t)0.5 (t)0.5 (e)0.5 (r)0.5 (s)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (s)0.5 (e)0.5 (t)13 ( )0.5 (f)0.5 (or)0.5 (t)0.5 (h)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (N)0.5 (o)0.5 (te)13 ( )0.5 (2)13 (,)13 ( )0.5 (i)0.5 (n)0.5 (d)0.5 (i)0.5 (c)0.5 (a)0.5 (te)13 ( )0.5 (t)0.5 (h)0.5 (e)27 ( )]TJ 0.047 Tc 0 -1.231 Td [(existence)12.2 ( of)12.2 ( a)12.2 ( material)12.2 ( uncertainty)12.2 ( that)12.3 ( may)12.2 ( cast)12.3 ( significant)12.3 ( doubt)12.2 ( on)12.2 ( the)12.3 ( Group\222s)22 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(a)0.5 (b)0.5 (i)0.5 (l)0.5 (i)0.5 (ty)0.5 ( )0.5 (t)0.5 (o)0.5 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (ti)0.5 (n)0.5 (u)0.5 (e)0.5 ( )0.5 (a)0.5 (s)0.5 ( )0.5 (a)0.5 ( )0.5 (g)0.5 (o)0.5 (in)0.5 (g)0.5 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (c)0.5 (e)0.5 (r)0.5 (n)0.5 (. )0.5 (O)0.5 (u)0.5 (r)0.5 ( )0.5 (r)0.5 (e)0.5 (v)0.5 (i)0.5 (e)0.5 (w)0.5 ( )0.5 (c)0.5 (o)0.5 (nc)0.5 (l)0.5 (u)0.5 (s)0.5 (i)0.5 (o)0.5 (n)0.5 ( )0.5 (i)0.5 (s )0.5 (n)0.5 (o)0.5 (t)0.5 ( )0.5 (m)0.5 (o)0.5 (d)0.5 (if)0.5 (i)0.5 (e)0.5 (d)0.5 ( )0.5 (i)0.5 (n)0.5 ( )0.5 (r)0.5 (e)0.5 (sp)0.5 (e)0.5 (c)0.5 (t)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (of this matter.)Tj /T1_1 1 Tf 0 -2.462 Td (INVESTOR RELATIONS AND COMMUNICATIONS)Tj /T1_0 1 Tf 0.086 Tc 0.07 Tw 0 -2.462 Td [(The)12.1 ( Company)12.2 ( adopts)12.2 ( a)12.2 ( proactive)12.1 ( policy)12.1 ( in)12.1 ( promoting)12.1 ( investor)12.1 ( relations)12.1 ( and)61 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(communications.)5 ( )0.5 (Regular)5 ( )0.5 (meetings)5 ( )0.5 (are)5 ( )0.5 (held)5 ( )0.5 (with)5 ( )0.5 (institutional)4.9 ( )0.6 (investors)5 ( )0.5 (and)5 ( )0.5 (financial)5 ( )]TJ 0.079 Tc 0.07 Tw 0 -1.231 Td [(analysts)12.9 ( to)12.9 ( ensure)12.8 ( two-way)12.8 ( communications)12.8 ( on)12.8 ( the)12.8 ( Group\222s)12.8 ( performance)12.8 ( and)54 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (development.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 Td (COMPLIANCE WITH CORPORATE GOVERNANCE )Tj -0.025 Tw (CODE)Tj /T1_0 1 Tf 0.032 Tc 0.076 Tw 0 -2.462 Td [(Throughout)7 ( )0.5 (the)7 ( )0.6 (six)7 ( )0.5 (months)7 ( )0.5 (ended)7 ( )0.5 (3)7 (0)7 ( )0.5 (June)7 ( )0.5 (2)7 (0)7 (2)7 (5)7 (,)7 ( )0.5 (the)7 ( )0.5 (Company)7 ( )0.5 (applied)7 ( )0.5 (the)7 ( )0.5 (principles)7 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(and complied with the applicable code provisions of the Corporate Govern\ ance Code as)-2 ( )]TJ 0.025 Tc 0 -1.231 Td (set out in Appendix C1 to the Listing Rules)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.011 Tc 0 -2.462 Td [(COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS)-4.1 ( )]TJ 0.015 Tc -0.015 Tw 0 -1.231 Td (BY )Tj 1.684 0 Td (DIRECTORS)Tj /T1_0 1 Tf 0.036 Tc 0.072 Tw -1.684 -2.462 Td [(The)11 ( )0.5 (Company)11 ( )0.5 (has)11 ( )0.5 (adopted)11 ( )0.5 (the)11 ( )0.6 (Model)11 ( )0.5 (Code)11 ( )0.5 (for)11 ( )0.5 (Securities)11 ( )0.5 (Transactions)11 ( )0.5 (by)11 ( )0.5 (Directors)11 ( )]TJ 0.025 Tc 0.081 Tw 0 -1.231 Td (of Listed Issuers \(the \223)Tj /T1_1 1 Tf (Model Code)Tj /T1_0 1 Tf (\224\) as set out in Appendix C3 to the Listing Rules )Tj 0.027 Tc 0 -1.231 Td [(as)2 ( )0.5 (the)2 ( )0.5 (code)2 ( )0.5 (of)2 ( )0.5 (conduct)2 ( in)2 ( )0.5 (respect)2 ( )0.5 (of)2 ( )0.5 (transactions)2 ( )0.5 (in)2 ( )0.5 (securities)2 ( )0.5 (of)2 ( )0.5 (the)2 ( )0.5 (Company)2 ( by)2 ( )0.5 (the)2 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (Directors. Confirmation has been received from all Directors that they h\ ave complied )Tj 0.057 Tw 0 -1.231 Td (with the required standards as set out in the Model Code during the six \ months ended )Tj 0 Tw 0 -1.231 Td (30 June 2025.)Tj ET endstream endobj 60 0 obj <>/Subtype/Form>>stream endstream endobj 58 0 obj <> endobj 66 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (38)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.042 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm [(The)12.4 ( Share)12.5 ( Award)12.5 ( Scheme)12.5 ( was)12.5 ( originally)12.5 ( set)12.4 ( to)12.5 ( expire)12.5 ( on)12.5 ( 1)12.5 (2)12.4 ( December)12.5 ( 2)12.5 (0)12.5 (2)12.4 (1)12.5 (.)12.5 ( On)12.4 ( 8)17 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.231 Td (December 2021, the Board resolved to extend the term of the Share Award \ Scheme for )Tj 0.028 Tw 0 -1.231 Td (another ten \(10\) years expiring on 12 December 2031, subject to any ea\ rly termination )Tj 0.011 Tw 0 -1.231 Td (as may be determined by the Board by a resolution of the Board. Save as \ the aforesaid, )Tj 0 Tw 0 -1.231 Td (all other material terms of the Share Award Scheme remain unchanged and \ valid.)Tj 0.055 Tc 0.07 Tw 0 -2.462 Td [(During)12.3 ( the)12.3 ( six)12.3 ( months)12.4 ( ended)12.3 ( 3)12.3 (0)12.4 ( June)12.3 ( 2)12.3 (0)12.3 (2)12.4 (5)12.3 (,)12.3 ( no)12.4 ( shares)12.4 ( were)12.3 ( awarded)12.3 ( or)12.3 ( vested)12.3 ( to)30 ( )]TJ 0.025 Tc 0.062 Tw 0 -1.231 Td (directors and employees of the Group under the Share Award Scheme. Furth\ er details )Tj 0.006 Tw 0 -1.231 Td (of the awards granted under the Share Award Scheme are disclosed in )Tj (Note 13\(b\)\(ii\))Tj ( to )Tj 0 Tw 0 -1.231 Td (the unaudited interim financial information)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.096 Tc 0.07 Tw 0 -2.462 Td [(PURCHASE,)12.7 ( SALE)12.7 ( OR)12.8 ( REDEMPTION)12.7 ( OF)12.7 ( THE)12.7 ( COMPANY\222S)12.7 ( LISTED)71 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (SECURITIES)Tj /T1_0 1 Tf 0.063 Tc 0.07 Tw 0 -2.462 Td [(During)12.2 ( the)12.3 ( six)12.2 ( months)12.2 ( ended)12.2 ( 3)12.2 (0)12.3 ( June)12.3 ( 2)12.2 (0)12.3 (2)12.2 (5)12.2 (,)12.3 ( neither)12.2 ( the)12.3 ( Company)12.3 ( nor)12.2 ( any)12.2 ( of)12.2 ( its)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (subsidiaries had purchased, sold or redeemed any of the Company\222s lis\ ted securities.)Tj /T1_1 1 Tf 0 -2.462 Td (SUFFICIENCY OF PUBLIC FLOAT)Tj /T1_0 1 Tf 0.066 Tc 0.07 Tw 0 -2.462 Td [(Based)12.1 ( on)12.1 ( information)12.1 ( that)12.1 ( is)12.1 ( publicly)12.1 ( available)12.1 ( to)12.1 ( the)12.1 ( Company)12.1 ( and)12 ( within)12.1 ( the)41 ( )]TJ 0.025 Tc 0.002 Tw 0 -1.231 Td (knowledge of the Directors, the Company has maintained a public float of\ not less than )Tj 0.012 Tw 0 -1.231 Td (25% of the issued share capital of the Company as required under the Rul\ es Governing )Tj 0.057 Tw 0 -1.231 Td (the Listing of Securities on The Stock Exchange of Hong Kong Limited \(t\ he \223)Tj /T1_1 1 Tf -0.025 Tw (Listing )Tj 0 -1.231 Td (Rules)Tj /T1_0 1 Tf 0.017 Tw (\224\) during the six months ended 30 June 2025 and up to the latest pra\ cticable date )Tj 0 Tw 0 -1.231 Td (prior to the issue of this announcement.)Tj /T1_1 1 Tf 0 -2.462 Td (AUDIT COMMITTEE)Tj /T1_0 1 Tf 0.048 Tc 0.07 Tw 0 -2.462 Td [(The)12.9 ( audit)12.8 ( committee)12.9 ( of)12.9 ( the)12.9 ( Company,)12.8 ( comprising)12.8 ( Mr.)12.9 ( Chen)12.9 ( Huachen)12.9 ( as)12.9 ( chairma)0.5 (n)23 ( )]TJ 0.045 Tc 0 -1.231 Td [(as)12.1 ( well)12.1 ( as)12.1 ( Mr.)12.1 ( Tang)12.1 ( Liwei,)12.1 ( Mr.)12 ( Zhang)12 ( Baiheng)12 ( and)12 ( Ms.)12.1 ( Lan)12.1 ( Haiqing)12.1 ( as)12.1 ( members,)20 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(has)7 ( )0.5 (reviewed,)7 ( )0.6 (together)7 ( )0.5 (with)7 ( )0.6 (the)7 ( )0.5 (participation)7 ( )0.5 (of)7 ( )0.5 (the)7 ( )0.5 (Company\222s)7 ( )0.5 (management)6.9 ( )0.5 (and)7 ( )0.5 (the)7 ( )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(external)12.4 ( auditors,)12.3 ( KPMG,)12.3 ( the)12.4 ( accounting)12.3 ( principles)12.4 ( and)12.3 ( practices)12.4 ( adopted)12.4 ( by)12.3 ( the)29 ( )]TJ 0 -1.231 Td [(Group,)12.7 ( and)12.7 ( has)12.8 ( discussed)12.8 ( operational,)12.8 ( risk)12.8 ( management)12.7 ( and)12.8 ( internal)12.7 ( control,)12.8 ( and)29 ( )]TJ 0.05 Tc 0 -1.231 Td [(financial)12.2 ( reporting)12.2 ( matters)12.2 ( and)12.2 ( systems)12.2 ( of)12.2 ( the)12.2 ( Group,)12.3 ( including)12.3 ( the)12.2 ( review)12.3 ( of)12.2 ( the)25 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (unaudited interim results of the Group for the six months ended 30 June \ 2025.)Tj ET endstream endobj 65 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (37)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm (SHARE AWARD )Tj -0.025 Tw (SCHEME)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.462 Td [(The)12.2 ( Board)12.2 ( approved)12.1 ( the)12.1 ( adoption)12.2 ( of)12.1 ( the)12.1 ( share)12.2 ( award)12.1 ( scheme)12.2 ( of)12.1 ( the)12.1 ( Company)12.1 ( \(the)21.1 ( )]TJ 0 Tc 0 Tw 0 -1.231 Td (\223)Tj /T1_1 1 Tf 0.025 Tc 0.002 Tw 0.469 0 Td (Share Award Scheme)Tj /T1_0 1 Tf (\224\) on 12 December 2011 in order to recognise the contributions )Tj 0.049 Tc 0.07 Tw -0.469 -1.231 Td [(made)12.8 ( by)12.7 ( certain)12.7 ( employees)12.7 ( and)12.7 ( to)12.7 ( provide)12.7 ( them)12.7 ( with)12.8 ( incentives)12.7 ( in)12.7 ( order)12.7 ( to)12.7 ( retain)24 ( )]TJ 0.025 Tc 0.039 Tw 0 -1.231 Td (them for the continual operation and development of the Group, and to at\ tract suitable )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(personnel)12.6 ( for)12.6 ( further)12.7 ( development)12.7 ( of)12.6 ( the)12.7 ( Group.)12.6 ( The)12.7 ( Share)12.6 ( Award)12.6 ( Scheme)12.6 ( would)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (operate in parallel with the Share Option Scheme.)Tj 0.038 Tc 0.07 Tw 0 -2.462 Td [(Subject)12.7 ( to)12.6 ( the)12.6 ( provisions)12.6 ( of)12.7 ( the)12.7 ( Share)12.6 ( Award)12.6 ( Scheme,)12.7 ( the)12.7 ( Board)12.6 ( may,)12.7 ( from)12.6 ( time)12.7 ( to)13 ( )]TJ 0.025 Tc 0.003 Tw 0 -1.231 Td (time, at its absolute discretion select any employee \(including any emp\ loyee \(including )Tj 0.045 Tw 0 -1.231 Td (without limitation any executive director\) of any member of the Group, \ but other than )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(any)12.1 ( excluded)12.1 ( employee)12.1 ( pursuant)12 ( to)12.1 ( the)12.1 ( Share)12.1 ( Award)12.1 ( Scheme\))12.1 ( for)12.1 ( participation)12 ( in)24 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(the)3 ( )0.5 (Share)3 ( )0.5 (Award)3 ( )0.5 (Scheme)3.1 ( )0.5 (as)3 ( )0.5 (a)3 ( )0.5 (selected)3 ( )0.5 (employee,)3 ( )0.5 (and)3 ( )0.5 (grant)3 ( )0.5 (such)3 ( )0.5 (number)3 ( )0.5 (of)3 ( )0.5 (awarded)3 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(Shares)12.7 ( to)12.7 ( any)12.7 ( selected)12.7 ( employee)12.7 ( at)12.7 ( no)12.7 ( consideration)12.7 ( on)12.7 ( and)12.7 ( subject)12.7 ( to)12.7 ( such)12.7 ( terms)24 ( )]TJ 0.025 Tc 0.072 Tw 0 -1.231 Td (and conditions as it may in its absolute discretion determine. The Board\ is entitled to )Tj 0.049 Tw 0 -1.231 Td (impose any conditions \(including a period of continued service within t\ he Group after )Tj 0.007 Tw 0 -1.231 Td (the award\), as it deems appropriate in its absolute discretion with res\ pect to the vesting )Tj 0.018 Tw 0 -1.231 Td [(of )0.6 (the )0.6 (awarded )0.6 (Shares )0.5 (on )0.6 (the )0.5 (selected )0.5 (employee. )0.5 (In )0.6 (addition )0.5 (to )0.6 (such )0.5 (vesting )0.5 (conditions )]TJ 0.03 Tw 0 -1.231 Td (as may be imposed by the Board, it is also a condition for the grant of \ awarded Shares )Tj 0.03 Tc 0.078 Tw 0 -1.231 Td [(t)0.5 (h)0.5 (a)0.5 (t)5 ( )0.5 (a)0.5 (n)0.5 (y)5 ( )0.5 (s)0.5 (e)0.6 (l)0.5 (e)0.5 (c)0.5 (t)0.5 (e)0.5 (d)5 ( )0.5 (e)0.6 (mp)0.6 (lo)0.6 (y)0.5 (e)0.5 (e)5 ( )0.5 (s)0.5 (h)0.5 (a)0.5 (l)0.5 (l)5 ( )0.5 (n)0.5 (o)0.5 (t)5 ( )0.5 (t)0.5 (r)0.5 (a)0.6 (n)0.5 (s)0.5 (f)0.5 (e)0.5 (r)5 ( )0.5 (o)0.5 (r)5 ( )0.5 (d)0.5 (i)0.5 (s)0.5 (p)0.5 (o)0.5 (s)0.6 (e)5 ( )0.5 (o)0.5 (f)5 ( )0.5 (m)0.5 (o)0.5 (r)0.5 (e)5 ( )0.5 (t)0.5 (h)0.5 (a)0.5 (n)5 ( )0.5 (5)5 (0)5 ( )0.5 (p)0.5 (e)0.5 (r)5 ( )0.6 (c)0.5 (e)0.5 (n)0.5 (t)0.5 (.)5 ( )0.5 (o)0.5 (f)5 ( )]TJ 0.025 Tc 0.063 Tw 0 -1.231 Td (the awarded Shares during the period of one \(1\) year after the date of\ vesting of such )Tj 0 Tw 0 -1.231 Td (awarded Shares.)Tj 0.047 Tc 0.07 Tw 0 -2.462 Td [(In)12.2 ( connection)12.2 ( with)12.2 ( the)12.2 ( implementation)12.2 ( of)12.3 ( the)12.2 ( Share)12.2 ( Award)12.1 ( Scheme,)12.2 ( the)12.2 ( trustee)12.2 ( of)22 ( )]TJ 0.058 Tc 0 -1.231 Td [(the)12.5 ( Share)12.5 ( Award)12.4 ( Scheme)12.5 ( will)12.4 ( purchase)12.5 ( the)12.5 ( existing)12.5 ( Shares)12.5 ( on)12.5 ( the)12.5 ( market)12.5 ( out)12.5 ( of)33 ( )]TJ 0.04 Tc 0 -1.231 Td [(cash)12.7 ( contributed)12.7 ( by)12.7 ( the)12.6 ( Group)12.6 ( and)12.7 ( be)12.7 ( held)12.7 ( in)12.7 ( trust)12.7 ( for)12.6 ( the)12.6 ( selected)12.6 ( employees)12.7 ( until)15 ( )]TJ 0.038 Tc 0 -1.231 Td [(such)12.1 ( Shares)12.1 ( are)12.1 ( vested)12.1 ( with)12.1 ( the)12.1 ( relevant)12.1 ( selected)12.1 ( employees)12.1 ( in)12.1 ( accordance)12.1 ( with)12.1 ( the)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (provisions of the Share Award Scheme.)Tj 0.026 Tc 0.082 Tw 0 -2.462 Td [(Pursuant)1 ( )0.5 (to)1 ( )0.5 (the)1.1 ( )0.5 (Share)1 ( )0.5 (Award)0.9 ( )0.5 (Scheme,)1 ( )0.5 (the)1 ( )0.5 (Board)1 ( )0.5 (shall)1 ( )0.5 (not)1 ( )0.5 (make)1.1 ( )0.5 (any)1 ( )0.5 (further)1 ( )0.5 (award)1 ( )0.5 (of)1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (awarded Shares which will result in the aggregate nominal value of the S\ hares awarded )Tj 0.018 Tc 0 -1.231 Td [(b)0.5 (y)0.6 ( )0.5 (t)0.6 (h)0.5 (e)0.6 ( )0.5 (B)0.6 (o)0.5 (a)0.6 (r)0.5 (d)0.5 ( )0.6 (u)0.6 (n)0.5 (d)0.5 (e)0.6 (r)0.5 ( )0.6 (t)0.5 (h)0.6 (e)0.5 ( )0.6 (S)0.5 (h)0.6 (a)0.5 (r)0.6 (e)0.5 ( )0.6 (A)0.5 (w)0.6 (a)0.5 (r)0.6 (d)0.5 ( )0.6 (S)0.5 (c)0.6 (h)0.5 (e)0.6 (m)0.5 (e)0.6 ( )0.5 (e)0.6 (x)0.5 (c)0.6 (e)0.5 (e)0.6 (d)0.5 (i)0.6 (n)0.5 (g)0.6 ( )0.5 (t)0.5 (e)0.6 (n)0.5 ( )]TJ -0.018 Tw 25.083 0 Td [(p)0.5 (e)0.6 (r)]TJ 0 Tw 1.329 0 Td [( )0.5 (c)0.6 (e)0.6 (n)0.5 (t)0.5 ( )]TJ -0.018 Tw 2.271 0 Td [(\()0.6 (1)0.5 (0)0.5 (%)0.6 (\))]TJ 0 Tw 2.586 0 Td [(.)0.6 ( )0.5 (o)0.5 (f)0.6 ( )0.5 (t)0.6 (h)0.5 (e)0.6 ( )0.5 (i)0.6 (s)0.5 (s)0.6 (u)0.5 (e)0.6 (d)-7 ( )]TJ 0.025 Tc 0.019 Tw -31.269 -1.231 Td (share capital of the Company at the time of such award. 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employees)26 ( )]TJ 0.015 Tc 0.067 Tw 0 -1.231 Td (within and outside the PRC \(31 December 2024: about 4,589 employees\). \ The )Tj -0.015 Tw (de)Tj (crease )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(in)12.3 ( staff)12.3 ( number)12.3 ( of)12.3 ( the)12.3 ( Group)12.3 ( as)12.3 ( at)12.3 ( 3)12.3 (0)12.4 ( June)12.3 ( 2)12.3 (0)12.3 (2)12.4 (5)12.3 ( as)12.4 ( compared)12.3 ( to)12.4 ( 3)12.3 (1)12.3 ( December)12.3 ( 2)12.3 (0)12.3 (2)12.3 (4)23 ( )]TJ 0.044 Tc 0 -1.231 Td [(was)12.7 ( mainly)12.6 ( attributable)12.6 ( )]TJ [(to)12.6 ( the)12.6 ( prudent)12.6 ( decision)12.6 ( by)12.7 ( management)12.6 ( to)12.6 ( gradually)12.6 ( phase)29 ( )]TJ 0.029 Tc 0 -1.231 Td [(out)12.8 ( less)12.8 ( profitable)12.8 ( production)12.8 ( lines)12.8 ( in)12.8 ( mainland)12.8 ( China)12.8 ( amid)12.8 ( persistent)12.8 ( pressures)12.8 ( from)14 ( )]TJ 0.026 Tc 0.072 Tw 0 -1.231 Td [(the)11 ( )0.6 (challenging)11 ( )0.5 (industry)11 ( )0.5 (landscape.)11 ( )0.5 (The)11 ( )0.5 (Company)11 ( )0.5 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( and)24 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (regulations, respectively.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (INTERIM )Tj 4.95 0 Td (DIVIDEND)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw -4.95 -2.462 Td [(The)9.1 ( Board)8.9 ( )0.6 (has)9 ( )0.5 (resolved)9 ( )0.5 (not)9 ( )0.5 (to)9 ( )0.5 (declare)9 ( )0.5 (interim)9 ( )0.5 (dividend)9 ( )0.5 (for)9 ( )0.5 (the)9 ( )0.5 (six)9 ( )0.5 (months)8.9 ( )0.6 (ended)9.1 ( )0.5 (3)8.9 (0)9.1 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (June 2025 \(six months ended 30 June 2024: Nil\).)Tj /T1_1 1 Tf 0 -2.462 Td (SHARE OPTION )Tj -0.025 Tw (SCHEME)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( Company)12.7 ( adopted)12.6 ( a)12.6 ( share)12.6 ( option)12.6 ( scheme)12.7 ( \(the)12.7 ( \223)]TJ /T1_1 1 Tf [(Share)12.7 ( Option)12.6 ( Scheme)]TJ /T1_0 1 Tf [(\224\))12.7 ( at)12.7 ( its)21 ( )]TJ 0.025 Tc 0.05 Tw 0 -1.231 Td (special general meeting held on 19 February 2016 in order to provide an \ incentive for )Tj 0.012 Tw 0 -1.231 Td (the qualified participants to work with commitment towards enhancing the\ value of the )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(Company)3 ( )0.5 (and)3 ( )0.5 (its)3 ( )0.5 (shares)3.1 ( )0.5 (\(being)3 ( )0.5 (the)3 ( )0.5 (ordinary)3 ( )0.5 (shares)3 ( )0.6 (of)3 ( )0.5 (par)3 ( )0.6 (value)3 ( )0.5 (HK$)3 (0)3 (.)3 (0)3 (5)3 ( )0.5 (each)3 ( )0.5 (in)3 ( )0.5 (the)3 ( )]TJ 0.025 Tc 0.014 Tw 0 -1.231 Td (issued share capital of the Company, the \223)Tj /T1_1 1 Tf -0.025 Tw (Shares)Tj /T1_0 1 Tf 0.014 Tw (\224\), for the benefit of its Shareholders, )Tj 0.031 Tc 0.077 Tw 0 -1.231 Td [(a)0.5 (n)0.6 (d)6 ( )0.5 (t)0.5 (o)6 ( )0.5 (m)0.5 (a)0.6 (i)0.5 (n)0.5 (t)0.5 (a)0.6 (i)0.5 (n)6 ( )0.5 (o)0.5 (r)6.1 ( )0.5 (a)0.5 (t)0.5 (t)0.5 (r)0.6 (a)0.5 (c)0.6 (t)6 ( )0.5 (b)0.5 (u)0.5 (s)0.6 (i)0.5 (n)0.5 (e)0.5 (s)0.6 (s)6 ( )0.5 (r)0.5 (e)0.6 (l)0.5 (a)0.5 (t)0.6 (i)0.5 (o)0.5 (n)0.5 (s)0.6 (h)0.5 (i)0.5 (p)6 ( )0.5 (w)0.6 (i)0.5 (t)0.5 (h)6 ( )0.5 (t)0.5 (h)0.6 (e)6 ( )0.5 (q)0.5 (u)0.5 (a)0.6 (l)0.5 (i)0.5 (f)0.6 (i)0.5 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(r)0.5 (o)0.6 (u)0.5 (p)0.5 (\222)0.6 (s)10 ( )0.5 (t)0.5 (r)0.6 (a)0.5 (n)0.6 (s)0.5 (a)0.6 (c)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (s)10 ( )0.5 (a)0.6 (n)0.5 (d)10 ( )0.5 (m)0.6 (o)0.5 (n)0.6 (e)0.5 (t)0.5 (a)0.6 (r)0.6 (y)10 ( )0.5 (a)0.5 (s)0.6 (s)0.5 (e)0.6 (t)0.5 (s)10 ( )0.5 (w)0.6 (e)0.5 (r)0.6 (e)10 ( )0.5 (p)0.5 (r)0.6 (i)0.5 (m)0.6 (a)0.5 (r)0.6 (i)0.5 (l)0.6 (y)10 ( )0.5 (d)0.5 (e)0.6 (n)0.5 (o)0.6 (m)0.5 (i)0.5 (n)0.6 (a)0.5 (t)0.6 (e)0.5 (d)10 ( )0.5 (i)0.6 (n)10 ( )0.5 (R)0.5 (M)0.6 (B)0.5 (,)10 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(NGN,)12.1 ( KZT)]TJ [(,)12.2 ( USD)12.2 ( and)12.1 ( EUR.)12.2 ( Operating)12.1 ( expenses)12.1 ( and)12.1 ( domestic)12.2 ( sales)12.2 ( of)12.1 ( the)12.1 ( Group\222s)17 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(PRC)5 ( )0.6 (subsidiaries)5 ( )0.5 (were)5 ( )0.5 (primarily)5 ( )0.5 (denominated)5 ( )0.5 (in)5 ( )0.5 (RMB,)5 ( )0.5 (operating)5.1 ( )0.5 (expenses)5 ( )0.5 (and)5 ( )0.5 (sales)5 ( )]TJ 0.025 Tc 0.028 Tw 0 -1.231 Td (of a subsidiary incorporated in Nigeria )Tj (and Kazakhstan)Tj ( were primarily denominated in )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(NGN)7 ( )0.5 (KZT,)6.9 ( )0.6 (and)7 ( )0.5 (USD,)]TJ 9.549 0 Td [( )0.5 (the)7.1 ( )0.5 (operating)7 ( )0.5 (expenses)7 ( )0.5 (and)7 ( )0.5 (sales)7 ( )0.5 (of)7 ( )0.6 (an)7.1 ( )0.5 (engineering)7 ( )0.5 (equipment)7 ( )]TJ 0.025 Tc 0.005 Tw -9.549 -1.231 Td (and technical service company in Italy were primarily denominated in EUR\ and certain )Tj 0 Tw 0 -1.231 Td [(bor)0.5 (rowin)0.5 (gs of)0.5 ( the )0.5 (Grou)0.5 (p wer)0.5 (e de)0.5 (nomina)0.5 (ted )0.5 (in USD)0.5 (. Th)0.5 (e Gr)0.5 (oup w)0.5 (as of)0.5 ( the)0.5 ( opinio)0.5 (n tha)0.5 (t )]TJ 0.009 Tw 0 -1.231 Td (the future fluctuation of RMB would be closely associated with the devel\ opment of the )Tj 0.026 Tc 0.082 Tw 0 -1.231 Td [(PRC)1.1 ( )0.5 (economy.)1 ( )0.5 (The)1 ( )0.5 (Group\222s)1 ( )0.5 (net)1 ( )0.5 (assets,)1 ( )0.5 (profits)1 ( )0.5 (or)1 ( )0.5 (loss)1 ( )0.5 (and)1 ( )0.5 (dividends)1 ( )0.5 (may)1 ( )0.5 (be)1 ( )0.5 (affected)1 ( )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(by)12.9 ( the)12.8 ( fluctuation)12.9 ( of)12.9 ( the)12.8 ( exchange)12.8 ( rate)12.8 ( between)12.9 ( RMB)12.8 ( and)12.9 ( )]TJ [(other)12.9 ( currency,)12.9 ( such)12.9 ( as)23 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td [(NGN, )0.6 (KZT)]TJ [(, )0.5 (USD)]TJ 0 Tc 0 Tw ( )Tj 0.025 Tc 0.027 Tw 7.789 0 Td [(and )0.5 (EUR. )0.6 (During )0.5 (the )0.5 (six )0.6 (months )0.6 (ended )0.5 (30 )0.5 (June )0.6 (2025, )0.6 (the )0.5 (Group )0.5 (did )]TJ 0 Tw -7.789 -1.231 Td (not purchase any derivatives for hedging purposes.)Tj /T1_1 1 Tf 0.02 Tc 0 -2.462 Td (CONTINGENT LIABILITIES)Tj /T1_0 1 Tf 0.052 Tc 0.07 Tw 0 -2.462 Td [(Details)12.3 ( of)12.3 ( contingent)12.3 ( liabilities)12.3 ( are)12.3 ( disclosed)12.3 ( in)12.3 ( Note)12.3 ( 1)12.2 (4)12.3 ( to)12.3 ( the)12.3 ( unaudited)12.2 ( interim)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (financial information.)Tj /T1_1 1 Tf 0.017 Tc 0 -2.462 Td [(MATERIAL ACQUISITIONS AND DISPOSALS, SIGNIFICANT INVESTMENTS)-3 ( )]TJ 0.027 Tc 0.076 Tw 0 -1.231 Td [(AND)7 ( )0.5 (FUTURE)7 ( )0.5 (PLANS)7 ( )0.5 (FOR)7 ( )0.5 (MATERIAL)7 ( )0.5 (INVESTMENTS)7 ( )0.5 (OR)7 ( )0.5 (ACQUISITIONS)7 ( )]TJ 0.02 Tc 0 Tw 0 -1.231 Td (OF CAPITAL )Tj -0.02 Tw (ASSETS)Tj /T1_0 1 Tf 0.056 Tc 0.07 Tw 0 -2.462 Td [(During)12.6 ( the)12.6 ( six)12.7 ( months)12.6 ( ended)12.6 ( 3)12.7 (0)12.6 ( June)12.7 ( 2)12.6 (0)12.6 (2)12.7 (5)12.6 (,)12.6 ( the)12.7 ( Group)12.6 ( )]TJ [(did)12.6 ( not)]TJ 28.575 0 Td [( have)12.6 ( any)12.6 ( material)31 ( )]TJ 0.034 Tc 0.074 Tw -28.575 -1.231 Td [(investments)9.1 ( or)9 ( )0.5 (acquisitions)9 ( )0.5 (of)9 ( )0.5 (capital)9 ( )0.5 (assets,)9 ( )0.5 (or)9 ( )0.5 (material)9 ( )0.5 (acquisitions)9.1 ( )0.5 (or)9 ( )0.5 (disposals)9 ( )0.5 (of)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (subsidiaries and associated companies, or significant investments.)Tj /T1_1 1 Tf 0 -2.462 Td (IMPORTANT EVENTS AFTER THE REPORTING )Tj -0.025 Tw (PERIOD)Tj /T1_0 1 Tf 0.055 Tc 0.07 Tw 0 -2.462 Td [(Details)12.7 ( of)]TJ 4.509 0 Td [( important)12.6 ( events)12.7 ( affecting)12.7 ( the)12.7 ( Group)12.7 ( that)12.7 ( have)12.8 ( occurred)12.7 ( since)12.6 ( the)12.7 ( end)30 ( )]TJ 0.047 Tc -4.509 -1.231 Td [(o)0.5 (f)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (r)0.5 (e)0.6 (p)0.5 (o)0.5 (r)0.6 (t)0.5 (i)0.5 (n)0.5 (g)13.1 ( )0.5 (p)0.5 (e)0.6 (r)0.5 (i)0.5 (o)0.5 (d)13.1 ( )]TJ 10.621 0 Td [(a)0.5 (r)0.6 (e)13 ( )0.6 (d)0.5 (i)0.5 (s)0.5 (c)0.6 (l)0.5 (o)0.5 (s)0.5 (e)0.6 (d)13 ( )0.5 (i)0.6 (n)13 ( )0.5 (N)0.6 (o)0.5 (t)0.5 (e)13 ( )0.6 (1)13 (5)13 ( )0.6 (t)0.5 (o)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (u)0.5 (n)0.5 (a)0.6 (u)0.5 (d)0.5 (i)0.5 (t)0.6 (e)0.5 (d)13 ( )0.6 (i)0.5 (n)0.5 (t)0.5 (e)0.6 (r)0.5 (i)0.5 (m)13.1 ( )0.5 (f)0.5 (i)0.5 (n)0.6 (a)0.5 (n)0.5 (c)0.6 (i)0.5 (a)0.5 (l)22 ( )]TJ 0.025 Tc -0.025 Tw -10.621 -1.231 Td (information)Tj 0 Tc 0 Tw (.)Tj 0.027 Tc 0.081 Tw 0 -2.462 Td [(Save)2 ( )0.5 (as)2 ( )0.5 (disclosed)2 ( )0.5 (elsewhere)2 ( in)2 ( this)2.1 ( announcement)2 ( )0.5 (and)2 ( )0.5 (the)2 ( )0.5 (Company\222s)2 ( announcement)2 ( )]TJ 0.025 Tc 0.042 Tw 0 -1.231 Td (pursuant to Rule 13.19 of the Listing Rules dated 20 August 2025, there \ have been no )Tj 0.046 Tw 0 -1.231 Td [(important )0.5 (events )0.6 (affecting )0.5 (the )0.6 (Group )0.5 (that )0.6 (have )0.5 (occurred )0.6 (since )0.5 (the )0.6 (end )0.5 (of )0.6 (the )0.5 (reporting )]TJ -0.025 Tw 0 -1.231 Td (period.)Tj ET endstream endobj 62 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (34)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.096 Tc 0.07 Tw 13 0 0 13 56.6929 773.5878 Tm [(CAPITAL)12.9 ( STRUCTURE,)12.8 ( LIQUIDITY,)12.8 ( FINANCIAL)12.8 ( RESOURCES)12.9 ( AND)71 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (ASSETS-LIABILITIES RATIO)Tj /T1_0 1 Tf 0.036 Tc 0.072 Tw 0 -2.462 Td [(A)0.5 (s)11 ( )0.5 (at)11 ( )0.6 (3)10.9 (0)11 ( )0.5 (J)0.5 (u)0.5 (ne)11 ( )0.5 (2)11 (0)11 (2)11 (5)11 (,)11 ( )0.5 (t)0.5 (he)11 ( )0.5 (G)0.5 (r)0.5 (ou)0.5 (p\222)0.5 (s)11 ( )0.5 (c)0.5 (as)0.5 (h)11 ( )0.5 (o)0.5 (n)10.9 ( )0.6 (ha)0.5 (nd)11 ( )0.5 (a)0.5 (n)0.5 (d)11 ( )0.5 (at)11 ( )0.5 (b)0.5 (a)0.5 (nk)11 ( )0.5 (w)0.5 (er)0.5 (e)11 ( )0.5 (R)0.5 (MB)]TJ 0.025 Tc -0.025 Tw 31.018 0 Td (1,017)Tj (,474,000)Tj 0 Tc 0 Tw ( )Tj 0.03 Tc 0.082 Tw -31.018 -1.231 Td [(\(31 D)-12.4 (e)-12.4 (c)-12.4 (e)-12.4 (m)-12.4 (b)-12.5 (e)-12.4 (r 2024: R)-12.4 (M)-12.4 (B)]TJ -0.03 Tw (1,302,086,000)Tj [(\))-12.4 (, )]TJ 0.082 Tw 18.868 0 Td [(o)-12.4 (f w)-12.5 (h)-12.4 (i)-12.4 (c)-12.4 (h 70% \(31 D)-12.4 (e)-12.4 (c)-12.4 (e)-12.4 (m)-12.5 (b)-12.4 (e)-12.4 (r 2024: 61%)-12.4 (\))5 ( )]TJ 0.025 Tc 0.065 Tw -18.868 -1.231 Td (were denominated in RMB, 13% \(31 December 2024: 8%\) were denominated i\ n Euro )Tj 0.044 Tc 0.07 Tw 0 -1.231 Td [(\(\223EUR\224\),)12.2 ( 7)12.2 (%)12.2 ( \()12.2 (3)12.2 (1)12.2 ( December)12.2 ( 2)12.2 (0)12.2 (2)12.2 (4)12.2 (:)12.3 ( 9)12.2 (%\))12.3 ( were)12.2 ( denominated)12.2 ( in)12.2 ( United)12.2 ( States)12.2 ( Dollars)19 ( )]TJ 0.021 Tc 0 Tw 0 -1.231 Td (\(\223USD\224\), 6% \(31 December 2024: 20%\) were denominated in Nigeri\ an Naira \(\223)Tj /T1_1 1 Tf -0.021 Tw (NGN)Tj /T1_0 1 Tf [(\224\),)-4 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(and)7 ( )0.5 (2)7 (%)7 ( )0.5 (\()7 (3)7 (1)7 ( )0.5 (December)7 ( )0.5 (2)7 (0)7 (2)7 (4)7 (:)7 ( )0.5 (2)7 (%\))7 ( )0.5 (were)7 ( )0.5 (denominated)7 ( )0.5 (in)7 ( )0.5 (Hong)7 ( )0.5 (Kong)7 ( )0.5 (dollars)7 ( )0.5 (\(\223HKD\224\))7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (and 2% \(31 December 2024: Nil\) were denominated in Kazakhstani Tenge \(\ \223)Tj /T1_1 1 Tf -0.025 Tw (KZT)Tj /T1_0 1 Tf (\224\).)Tj 0.06 Tw 0 -2.462 Td (Outstanding bank loans and other borrowings were RMB)Tj -0.025 Tw (9,321,088,000)Tj 0.06 Tw ( \(31 December )Tj 0.066 Tc 0.083 Tw 0 -1.231 Td [(2024: R)-12.7 (M)-12.7 (B)]TJ -0.066 Tw (9,916,940,000)Tj 0.079 Tc 0.07 Tw [(\),)12.8 ( of)12.8 ( which)12.8 ( )]TJ 0.066 Tc -0.066 Tw (88.6)Tj 0.083 Tw [(% \(31 D)-12.7 (e)-12.6 (c)-12.7 (e)-12.6 (m)-12.7 (b)-12.7 (e)-12.7 (r 2024: 89.1%)-12.6 (\) w)-12.6 (e)-12.7 (r)-12.7 (e)41 ( )]TJ 0.07 Tw 0 -1.231 Td [(denominated)12.2 ( in)12.1 ( RMB,)12.1 ( )]TJ 0.054 Tc -0.054 Tw (11.0)Tj 0.082 Tw [(% \(31 D)-12.4 (e)-12.3 (c)-12.4 (e)-12.3 (m)-12.4 (b)-12.4 (e)-12.3 (r 2024: )]TJ -0.054 Tw (10.5)Tj 0.066 Tc 0.07 Tw [(%\))12.2 ( were)12.2 ( denominated)12.1 ( in)41 ( )]TJ 0.061 Tc 0 -1.231 Td [(USD,)12.2 ( and)12.3 ( )]TJ 0.049 Tc -0.049 Tw (0.4)Tj 0.061 Tc 0.07 Tw [(%)12.2 ( \()12.3 (3)12.2 (1)12.2 ( December)12.2 ( 2)12.2 (0)12.2 (2)12.2 (4)12.3 (:)12.2 ( 0)12.3 (.)12.2 (4)12.2 (%\))12.3 ( were)12.3 ( denominated)12.2 ( in)12.2 ( EUR.)12.2 ( As)12.2 ( at)12.2 ( 3)12.3 (0)36 ( )]TJ 0.029 Tc 0.082 Tw 0 -1.231 Td [(J)-12.1 (u)-12.2 (n)-12.1 (e 2025, )]TJ -0.029 Tw (60)Tj 0.041 Tc 0.07 Tw [(%)12.4 ( \()12.4 (3)12.4 (1)12.3 ( December)12.4 ( 2)12.3 (0)12.4 (2)12.3 (4)12.4 (:)12.3 ( 6)12.4 (2)12.3 (%\))12.3 ( of)12.3 ( the)12.4 ( outstanding)12.4 ( bank)12.3 ( loans)12.3 ( and)12.4 ( other)16 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td (borrowings bear interest at fixed rates while approximately )Tj -0.025 Tw (40)Tj 0.078 Tw (% \(31 December 2024: )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(approximately)12.6 ( 3)12.6 (8)12.7 (%\))12.6 ( bear)12.6 ( interest)12.7 ( at)12.6 ( variable)12.6 ( rates.)12.6 ( As)12.6 ( at)12.7 ( 3)12.6 (0)12.6 ( June)12.6 ( 2)12.6 (0)12.6 (2)12.7 (5)12.6 (,)12.6 ( )]TJ 0.044 Tc -0.044 Tw (76)Tj 0.083 Tw [(% \(31)19 ( )]TJ 0.025 Tc 0.027 Tw 0 -1.231 Td (December 2024: )Tj -0.025 Tw (74)Tj 0.027 Tw (%\) of the outstanding bank loans and other borrowings will mature )Tj 0.027 Tc 0.081 Tw 0 -1.231 Td [(within)2 ( )0.5 (one)2 ( )0.5 (year)2 ( )0.5 (while)2 ( )]TJ 0.025 Tc -0.025 Tw 9.852 0 Td (24)Tj 0.083 Tw [(% )0.5 (\(31 )0.5 (D)-2.1 (e)-2.1 (c)-2.1 (e)-2.1 (m)-2.1 (b)-2.1 (e)-2.1 (r )0.5 (2024: )]TJ -0.025 Tw 11.473 0 Td (26)Tj 0.027 Tc 0.081 Tw [(%\))2 ( )0.5 (will)2 ( )0.5 (mature)2 ( )0.5 (after)2 ( )0.5 (one)2 ( )0.5 (year.)2 ( )]TJ 0.025 Tc -0.025 Tw 14.606 0 Td [(A)-2.1 (s )]TJ 0.028 Tw -35.93 -1.231 Td (mentioned in Notes 2 and 15 to the unaudited interim financial informati\ on, the Group )Tj 0.024 Tc 0 Tw 0 -1.231 Td (has triggered the cros)Tj -0.024 Tw (s-d)Tj 0 Tw [(efault provisions of loans and borrowings due after one year of)-1 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (RMB1,760,409,000 after the end of the reporting period, which resulted i\ n the Group )Tj 0 Tw 0 -1.231 Td (being under an immediate repayment obligation of such borrowings.)Tj 0.018 Tc 0 -2.462 Td [(As at 30 June 2025, the gearing ratio \(total interest-bearing debts div\ ided by total assets\))-7 ( )]TJ 0.02 Tc -0.02 Tw 0 -1.231 Td (was )Tj 1.885 0 Td (0.7)Tj 0 Tw [( \(31 December 2024: 0.7\). As at 30 June 2025, the Group\222s current r\ atio \(current)-5 ( )]TJ 0.033 Tc 0.075 Tw -1.885 -1.231 Td [(a)0.5 (ss)0.5 (e)0.5 (ts)8 ( )0.5 (d)0.5 (iv)0.5 (id)0.5 (e)0.5 (d)8 ( )0.5 (by)8 ( )0.5 (c)0.5 (u)0.5 (rr)0.5 (e)0.5 (nt)8 ( )0.5 (l)0.5 (ia)0.5 (bi)0.5 (l)0.5 (it)0.5 (ie)0.5 (s\))8.1 ( )0.5 (wa)0.5 (s)8 ( )]TJ 0.025 Tc -0.025 Tw 18.08 0 Td (0.31)Tj 0.033 Tc 0.075 Tw [( )0.5 (\()8 (3)8 (1)8 ( )0.5 (D)0.5 (ec)0.5 (e)0.5 (mb)0.5 (e)0.5 (r)8 ( )0.5 (2)8 (0)8 (2)]TJ 0 Tc 0 Tw 10.267 0 Td (4)Tj 0.025 Tc 0.083 Tw 0.525 0 Td [(: )0.5 (0.36\))-7.5 (. )0.5 (T)-7.6 (h)-7.5 (e )0.5 (G)-7.6 (r)-7.5 (o)-7.6 (u)-7.5 (p )]TJ 0.025 Tw -28.872 -1.231 Td (recorded net current liabilities amounted to RMB)Tj -0.025 Tw (7,179,129,000)Tj 0.025 Tw ( as at 30 June 2025 \(31 )Tj 0.028 Tw 0 -1.231 Td (December 2024: RMB)Tj -0.025 Tw (6,800,076,000)Tj 0.028 Tw (\). As at 30 June 2025, assets-liabilities ratio \(total )Tj 0 Tw 0 -1.231 Td (liabilities divided by total assets\) of the Group was )Tj -0.025 Tw (0.95)Tj 0 Tw ( \(31 December 2024: 0.94\).)Tj ET endstream endobj 61 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (33)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (Loss)Tj 0 Tw ( for the period)Tj /T1_0 1 Tf 0.056 Tc 0.069 Tw 0 -2.385 Td [(F)0.5 (o)0.5 (r)13 ( t)0.5 (h)0.5 (e)13.1 ( f)0.5 (i)0.5 (r)0.5 (s)0.5 (t)13 ( s)0.5 (i)0.5 (x)13 ( m)0.5 (o)0.5 (n)0.5 (t)0.6 (h)0.5 (s)13 ( o)0.5 (f)13 ( 2)13 (0)13 (2)13 (5)13 (,)13 ( t)0.5 (h)0.5 (e)13 ( G)0.6 (r)0.5 (o)0.5 (u)0.5 (p)13 ( r)0.5 (e)0.5 (c)0.5 (o)0.5 (r)0.5 (d)0.6 (e)0.5 (d)13 ( a)13 ( )]TJ -0.056 Tw [(l)0.5 (o)0.5 (s)0.5 (s)]TJ 0.069 Tw 27.286 0 Td [( o)0.5 (f)13 ( R)0.5 (M)0.6 (B)]TJ 0.043 Tc -0.043 Tw 4.059 0 Td [(318,743,000,)18 ( )]TJ 0.03 Tc 0.078 Tw -31.345 -1.192 Td [(which)5 ( )0.5 (was)5 ( )0.5 (increased)5 ( )0.5 (largely)5 ( )0.5 (compared)5 ( )0.5 (to)5 ( )0.5 (a)]TJ 0 Tc 0 Tw 18.881 0 Td ( )Tj 0.03 Tc -0.03 Tw 0.358 0 Td (loss)Tj 0.025 Tc 0.083 Tw 1.671 0 Td [( )0.5 (o)-5.2 (f )0.5 (R)-5.1 (M)-5.1 (B136,888,000 )0.5 (f)-5.2 (o)-5.1 (r )0.5 (t)-5.2 (h)-5.1 (e )0.5 (f)-5.2 (i)-5.1 (r)-5.2 (s)-5.1 (t )0.5 (s)-5.2 (i)-5.1 (x )]TJ 0.018 Tw -20.91 -1.192 Td [(months )0.5 (of )]TJ -0.025 Tw 4.563 0 Td (2024)Tj (. )Tj 0.018 Tw 2.667 0 Td [(Such )0.5 (losses )0.6 (were )0.6 (mainly )0.5 (attributable )0.6 (to )0.6 (the )0.5 (combined )0.6 (effect )0.6 (of )0.6 (factors )]TJ 0.083 Tw -7.23 -1.192 Td [(such )0.5 (as: )0.5 (\(1\) )0.5 (the )0.5 (downturn )0.5 (cycle )0.5 (in )0.5 (China\222s )0.5 (real )0.5 (estate )0.5 (industry )0.5 (continues, )0.5 (resulting in )]TJ 0.04 Tc 0.07 Tw 0 -1.192 Td [(the)12.7 ( architectural)12.7 ( glass)12.8 ( market)12.8 ( remaining)12.8 ( in)12.7 ( a)12.8 ( \223supply)12.7 ( exceeds)12.8 ( demand\224)12.7 ( status,)12.7 ( with)15 ( )]TJ 0.025 Tc 0.025 Tw 0 -1.192 Td [(architectural )0.5 (glass )0.5 (prices )0.5 (generally )0.5 (staying )0.5 (at )0.5 (a )0.5 (low )0.5 (level; )0.5 (\(2\) )0.5 (the )0.5 (photovoltaic )0.5 (industry )]TJ 0.075 Tw 0 -1.192 Td [(in )0.5 (China )0.5 (continues )0.5 (to )0.5 (experience )0.5 (a )0.5 (\223suppl)]TJ -0.025 Tw (y-d)Tj 0.075 Tw [(emand )0.5 (mismatch\224, )0.5 (further )0.5 (narrowing )0.5 (the )]TJ 0.045 Tc 0.07 Tw 0 -1.192 Td [(profit)12.3 ( margins)12.2 ( across)12.3 ( the)12.3 ( entire)12.2 ( photovoltaic)12.3 ( power)12.3 ( generation)12.2 ( industry)12.2 ( chain;)12.2 ( and)20 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.192 Td [(\()9 (3)9 (\))9 ( )0.5 (geopolitical)9 ( )0.6 (instability,)9 ( )0.5 (volatile)9 ( )0.5 (international)9 ( )0.5 (trade)9 ( )0.5 (policies,)9 ( )0.5 (and)9 ( )0.5 (heightened)9 ( )0.5 (risks)9 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.192 Td [(of)12.1 ( currency)12.2 ( exchange)12.2 ( rate)12.2 ( fluctuations,)12.2 ( among)12.1 ( other)12.1 ( macroeconomic)12.1 ( uncertainties,)19 ( )]TJ 0.034 Tc 0.074 Tw 0 -1.192 Td [(have)9 ( )0.5 (to)9 ( )0.5 (some)9 ( )0.5 (extent)9 ( )0.5 (weakened)9 ( )0.5 (the)9.1 ( )0.5 (outstanding)8.9 ( )0.6 (performance)9 ( )0.5 (of)9.1 ( )0.5 (the)9 ( )0.5 (Group\222s)9 ( )0.5 (overseas)9 ( )]TJ 0.025 Tc 0 Tw 0 -1.192 Td (production bases in the first half of the year.)Tj /T1_1 1 Tf 0 -2.423 Td (Current assets)Tj /T1_0 1 Tf 0.045 Tw 0 -2.385 Td (The Group\222s current assets )Tj -0.025 Tw (decreased)Tj 0.045 Tw ( by approximately )Tj -0.025 Tw (14)Tj 0.045 Tw (% from RMB)Tj -0.025 Tw (3,760,649)Tj (,000 )Tj 0.056 Tw 0 -1.192 Td (as at 31 December 2024 to RMB)Tj 0 Tc 0 Tw (3)Tj 0.025 Tc -0.025 Tw 14.753 0 Td (,234,569,000)Tj 0.056 Tw ( as at 30 June 2025, which was mainly )Tj 0 Tw -14.753 -1.192 Td (due to the )Tj -0.025 Tw (decreased)Tj 0 Tw ( in )Tj -0.025 Tw (cash)Tj 0 Tw (, assets held for sale)Tj ( and inventory.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.423 Td (No)Tj (n-C)Tj 0 Tw (urrent assets)Tj /T1_0 1 Tf 0.005 Tc 0.012 Tw 0 -2.462 Td (The Group\222s no)Tj -0.005 Tw (n-c)Tj 0.012 Tw (urrent assets decreased by approximately 2)Tj (% from RMB10,462,116,000 )Tj 0.009 Tw 0 -1.231 Td (as at 31 December 2024 to RMB10,241,865,000 as at 30 June 2025, which wa\ s mainly due )Tj 0 Tw 0 -1.231 Td (to the decreased in property, plant and equipment.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.462 Td (Current Liabilities)Tj /T1_0 1 Tf 0.08 Tc 0.07 Tw 0 -2.462 Td [(The)12.4 ( Group\222s)12.3 ( current)12.3 ( liabilities)12.3 ( decreased)12.3 ( slightly)12.4 ( by)12.4 ( approximately)12.3 ( 1)12.4 (%)12.4 ( from)55 ( )]TJ 0.032 Tc 0.083 Tw 0 -1.231 Td [(R)-12.9 (M)-12.9 (B10,560,725,000 a)-12.9 (s a)-12.9 (t 31 D)-12.8 (e)-12.9 (c)-12.9 (e)-12.9 (m)-12.9 (b)-12.9 (e)-12.9 (r 2024 t)-12.9 (o R)-12.9 (M)-12.9 (B10,413,698,000 a)-12.9 (s a)-12.9 (t 30 J)-12.9 (u)-12.9 (n)-12.9 (e)7 ( )]TJ 0.025 Tc 0.005 Tw 0 -1.231 Td (2025, which was mainly attributable to the decreased in shor)Tj -0.025 Tw (t-t)Tj 0.005 Tw (erm bank loan and other )Tj -0.025 Tw 0 -1.231 Td (borrowings.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 Td (Non-current liabilities)Tj /T1_0 1 Tf 0.099 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( Group\222s)12.7 ( non-current)12.6 ( liabilities)12.7 ( )]TJ -0.099 Tw (decreased)Tj 0.07 Tw 22.826 0 Td [( by)12.6 ( approximately)12.7 ( )]TJ 0.086 Tc -0.086 Tw (12)Tj 0.099 Tc 0.07 Tw [(%)12.6 ( from)74.1 ( )]TJ 0.025 Tc -0.025 Tw -22.826 -1.231 Td (RMB)Tj (2,778,014,000)Tj 0.008 Tw ( as at 31 December 2024 to RMB)Tj -0.025 Tw (2,437,671,000)Tj 0.008 Tw ( as at 30 June 2025, )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(w)0.6 (h)0.5 (i)0.5 (c)0.6 (h)13 ( )0.5 (w)0.6 (a)0.5 (s)13 ( )0.6 (m)0.5 (a)0.6 (i)0.5 (n)0.5 (l)0.5 (y)13.1 ( )0.5 (a)0.6 (t)0.5 (t)0.5 (r)0.6 (i)0.5 (b)0.5 (u)0.6 (t)0.5 (a)0.5 (b)0.6 (l)0.5 (e)13 ( )0.6 (t)0.5 (o)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )]TJ -0.049 Tw 16.97 0 Td [(d)0.5 (e)0.6 (c)0.5 (r)0.6 (e)0.5 (a)0.6 (s)0.5 (e)0.5 (d)]TJ 0.07 Tw 4.366 0 Td [( )0.5 (i)0.6 (n)13 ( )0.5 (l)0.6 (o)0.5 (n)0.5 (g)0.6 (-)0.5 (t)0.5 (e)0.6 (r)0.5 (m)13 ( )0.6 (b)0.5 (a)0.6 (n)0.5 (k)13 ( )0.6 (l)0.5 (o)0.5 (a)0.6 (n)0.5 (s)13 ( )0.6 (a)0.5 (n)0.5 (d)13.1 ( )0.5 (o)0.5 (t)0.6 (h)0.5 (e)0.5 (r)24.1 ( )]TJ 0.025 Tc -0.025 Tw -21.336 -1.231 Td (borrowings.)Tj ET endstream endobj 57 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (32)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm (Cost of sales)Tj /T1_0 1 Tf 0.028 Tc 0.08 Tw 0 -2.462 Td [(The)3 ( )0.5 (Group\222s)3 ( )0.5 (cost)3 ( )0.5 (of)3 ( )0.5 (sales)3 ( )]TJ -0.028 Tw 11.582 0 Td (de)Tj 0.08 Tw [(creased)3 ( )0.5 (by)3 ( )0.5 (approximately)3 ( )]TJ 0.025 Tc -0.025 Tw 12.456 0 Td (18)Tj 0.083 Tw [(% )0.5 (f)-3.1 (r)-3.1 (o)-3.1 (m )0.5 (R)-3.1 (M)-3.1 (B2,413,143,000 )]TJ 0.02 Tw -24.038 -1.231 Td (for the first six months of 2024 to RMB)Tj -0.025 Tw (1,990,741,000)Tj 0.02 Tw ( for the first six months of 2025. )Tj -0.025 Tw 0 -1.231 Td (The )Tj 1.982 0 Td (de)Tj 0.077 Tw (crease in cost of sales was mainly due to the )Tj -0.025 Tw (de)Tj (crease)Tj 0.077 Tw ( in the unit cost of glass )Tj -0.025 Tw -1.982 -1.231 Td (products)Tj 0 Tc 0 Tw (.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.462 Td (Gross profit)Tj /T1_0 1 Tf 0.048 Tc 0.07 Tw 0 -2.385 Td [(The)12.1 ( Group\222s)12.2 ( gross)12.1 ( profit)12.1 ( )]TJ -0.048 Tw (de)Tj 0.07 Tw [(creased)12.1 ( by)12.1 ( approximately)12.1 ( )]TJ 0.036 Tc -0.036 Tw (40)Tj 0.082 Tw [(% f)-12.4 (r)-12.3 (o)-12.4 (m R)-12.3 (M)-12.4 (B270,353,000)11 ( )]TJ 0.025 Tc 0.074 Tw 0 -1.192 Td (for the first six months of 2024 to RMB)Tj -0.025 Tw (162,749,000)Tj 0.074 Tw ( for the first six months of 2025. )Tj 0.029 Tw 0 -1.192 Td [(The )0.5 (decrease in )0.5 (gross profit was )0.5 (mainly due )0.5 (to )]TJ -0.025 Tw 20.345 0 Td (decrease)Tj 0.029 Tw [( )0.5 (in sales )]TJ 7.45 0 Td [(unit price )0.5 (of the )0.5 (glass )]TJ 0 Tw -27.794 -1.192 Td (products in the mainland China)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.423 Td (Administrative expenses)Tj /T1_0 1 Tf 0.028 Tc 0.08 Tw 0 -2.385 Td [(For)3 ( )0.5 (the)3 ( )0.5 (first)3 ( )0.5 (six)3 ( )0.5 (months)3 ( )0.5 (of)3 ( )0.5 (2)3 (0)3 (2)3 (5)3 (,)3 ( )0.5 (the)3 ( )0.5 (administrative)3 ( )0.5 (expenses)3 ( )0.5 (of)3 ( )0.5 (the)3 ( )0.5 (Group)3 ( )]TJ -0.028 Tw 32.904 0 Td [(decreased)3 ( )]TJ 0.025 Tc -0.025 Tw -32.904 -1.192 Td (slightly)Tj 0.039 Tw ( to RMB)Tj -0.025 Tw (177,038,000)Tj 0.039 Tw ( as compared to RMB)Tj -0.025 Tw (177,787,000)Tj 0.039 Tw ( for the first six months )Tj 0 Tw 0 -1.192 Td (of 2024)Tj 0 Tc (.)Tj /T1_1 1 Tf 0.025 Tc 0 -2.423 Td (Finance costs)Tj /T1_0 1 Tf 0.082 Tw 0 -2.385 Td (For the first six months of 2025, the finance costs of the Group )Tj -0.025 Tw (increased)Tj 0.082 Tw ( slightly by )Tj 0.035 Tc -0.035 Tw 0 -1.192 Td [(approximately)10 ( )]TJ 0 Tc 0 Tw 6.585 0 Td (1)Tj 0.025 Tc 0.083 Tw 0.525 0 Td [(% )0.5 (t)-10.5 (o )0.5 (R)-10.4 (M)-10.5 (B)]TJ -0.025 Tw (231,089,000)Tj 0.083 Tw [( )0.5 (a)-10.5 (s )0.5 (c)-10.4 (o)-10.5 (m)-10.4 (p)-10.5 (a)-10.4 (r)-10.5 (e)-10.4 (d )0.5 (t)-10.5 (o )0.5 (R)-10.4 (M)-10.5 (B229,773,000 )0.5 (i)-10.5 (n )0.5 (t)-10.5 (h)-10.4 (e )0.5 (f)-10.5 (i)-10.4 (r)-10.5 (s)-10.4 (t )]TJ 0 Tw -7.11 -1.192 Td (six months of 202)Tj -0.025 Tw (4.)Tj /T1_1 1 Tf 0 Tw 0 -2.423 Td (Income tax)Tj /T1_0 1 Tf 0.041 Tc 0.07 Tw 0 -2.385 Td [(Income)12.7 ( tax)12.7 ( )]TJ [(expenses)12.8 ( were)]TJ 11.662 0 Td ( RMB)Tj 0.028 Tc -0.028 Tw 2.694 0 Td (28,301,000)Tj 0.041 Tc 0.07 Tw [( for)12.7 ( the)12.8 ( six)12.7 ( months)12.8 ( ended)12.7 ( 3)12.8 (0)12.7 ( June)12.7 ( 2)12.7 (0)12.7 (2)12.8 (5)12.7 (,)16 ( )]TJ 0.033 Tc 0.075 Tw -14.356 -1.192 Td [(compared)8.1 ( )0.5 (with)8 ( )0.5 (the)8 ( )0.5 (income)8.1 ( )0.5 (tax)8 ( )]TJ -0.033 Tw 13.65 0 Td (credited)Tj 0.075 Tw 3.477 0 Td [( )0.5 (of)8.1 ( )0.5 (RMB)8 (1)8 (2)8 (,)8 (9)8 (8)8 (4)8 (,)8 (0)8 (0)8 (0)8 ( )0.5 (for)8 ( )0.5 (the)8 ( )0.5 (six)8 ( )0.5 (months)8.1 ( )0.5 (ended)8.1 ( )]TJ 0.025 Tc 0.083 Tw -17.127 -1.192 Td [(30 )0.5 (J)-8.4 (u)-8.5 (n)-8.4 (e )0.5 (2024. )]TJ 0.033 Tc 0.075 Tw 6.456 0 Td [(The)8 ( )0.5 (income)8 ( )0.6 (tax)8 ( )0.5 (expenses)8 ( )0.5 (primarily)8 ( )0.5 (arose)8 ( )0.5 (from)8 ( )0.5 (consideration)8 ( )0.5 (received)8 ( )]TJ 0.025 Tc 0.016 Tw -6.456 -1.192 Td (by a subsidiary of the Company from )Tj (disposal of its property, plant and equipment and )Tj -0.025 Tw 0 -1.192 Td (righ)Tj (t-of-u)Tj 0 Tw (se assets.)Tj ET endstream endobj 54 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (31)Tj 0.028 Tw 13 0 0 13 56.6929 776.3179 Tm (To address the unprecedented market challenges and the complex and volat\ ile external )Tj 0.07 Tw 0 -1.231 Td [(environment, the Group has earnestly advanced )0.5 (strategic measures such as \223industrial )]TJ 0.049 Tc 0 -1.231 Td [(structure)12.4 ( upgrading\224,)12.4 ( \223product)12.4 ( differentiation\224)12.3 ( and)12.4 ( \223cost)12.4 ( reduction)12.3 ( and)12.4 ( efficiency)24 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(enhancement.\224)4 ( )0.5 (The)4 ( )0.5 (Group)4 ( )0.5 (has)4 ( )0.5 (planned,)4 ( )0.6 (in)4 ( )0.5 (a)4 ( )0.6 (reasonable)4 ( )0.5 (and)4 ( )0.5 (orderly)4 ( )0.6 (manner,)4 ( )0.5 (the)4.1 ( )0.5 (cold)4.1 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(repair)12.1 ( and)12.1 ( upgrading)12.1 ( of)12.1 ( aging)12.1 ( production)12.1 ( lines,)12.1 ( while)12.2 ( actively)12.1 ( pursuing)12.1 ( the)12.1 ( mass)28 ( )]TJ 0.051 Tc 0 -1.231 Td [(production)12.5 ( and)12.6 ( market)12.6 ( promotion)12.5 ( of)12.5 ( technologically)12.6 ( innovative)12.6 ( products,)12.5 ( thereby)26 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (effectively optimizing its product mix.)Tj 0.077 Tc 0.07 Tw 0 -2.462 Td [(In)12.1 ( the)12.2 ( first)12.1 ( half)12.2 ( of)12.2 ( 2)12.2 (0)12.1 (2)12.2 (5)12.1 (,)12.2 ( within)12.1 ( the)12.2 ( Group\222s)12.2 ( glass)12.2 ( products)12.2 ( segment,)12.2 ( revenue)52 ( )]TJ 0.047 Tc 0 -1.231 Td [(from)12.5 ( clear)12.5 ( glass)12.5 ( products)12.5 ( as)12.5 ( well)12.4 ( as)12.5 ( from)12.5 ( the)12.4 ( energy)12.4 ( saving)12.5 ( and)12.4 ( new)12.5 ( energy)12.5 ( glass)22 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(s)0.5 (e)0.5 (g)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (,)10 ( )0.5 (p)0.5 (r)0.5 (i)0.5 (m)0.5 (a)0.5 (r)0.5 (il)0.5 (y)10 ( )0.6 (us)0.5 (e)0.6 (d)9.9 ( )0.6 (in)10 ( )0.5 (a)0.5 (r)0.6 (c)0.5 (hi)0.5 (t)0.5 (e)0.5 (c)0.5 (t)0.5 (u)0.5 (r)0.5 (a)0.5 (l)10 ( )0.5 (a)0.5 (n)0.5 (d)10 ( )0.5 (p)0.5 (h)0.5 (o)0.5 (t)0.5 (o)0.5 (v)0.5 (o)0.5 (l)0.5 (t)0.5 (a)0.5 (ic)10.1 ( )0.5 (a)0.5 (p)0.5 (p)0.5 (l)0.5 (i)0.5 (c)0.5 (a)0.5 (t)0.5 (io)0.5 (n)0.5 (s)0.5 (,)10 ( )0.5 (d)0.5 (e)0.5 (c)0.5 (r)0.5 (e)0.5 (a)0.5 (s)0.5 (e)0.6 (d)9.9 ( )0.6 (b)0.5 (y)9.9 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(approximately)12.7 ( 3)12.7 (6)12.7 (%)12.7 ( and)12.7 ( 2)12.7 (3)]TJ 11.882 0 Td [(%)12.7 ( respectively)12.7 ( compared)12.7 ( with)12.7 ( the)12.7 ( same)12.7 ( period)12.7 ( last)12.7 ( year.)15 ( )]TJ 0.024 Tc 0 Tw -11.882 -1.231 Td [(This was mainly attributable to a decline in both sales volume and avera\ ge selling price)-1 ( )]TJ 0.025 Tc 0.016 Tw 0 -1.231 Td (of ordinary architectural glass and photovoltaic glass. As such products\ have relatively )Tj 0.061 Tw 0 -1.231 Td (low gross profit margins, the decrease in their sales partially alleviat\ ed the downward )Tj 0 Tw 0 -1.231 Td (trend in the Group\222s overall profitability.)Tj 0.041 Tc 0.07 Tw 0 -2.462 Td [(S)0.5 (a)0.5 (l)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (t)0.5 (h)0.5 (e)13 ( )0.5 (G)0.5 (r)0.5 (o)0.5 (u)0.5 (p)0.5 (\222)0.5 (s)13 ( )0.5 (s)0.6 (p)0.5 (e)0.5 (c)0.5 (i)0.5 (a)0.5 (l)0.5 (t)0.5 (y)13 ( )0.5 (p)0.5 (r)0.5 (o)0.5 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (s)0.5 (,)13 ( )0.5 (s)0.5 (u)0.5 (c)0.5 (h)13 ( )0.5 (a)0.5 (s)13 ( )0.5 (C)0.5 (N)0.5 (G)13 ( )0.5 (G)0.5 (r)0.5 (e)0.6 (y,)13 ( )0.5 (C)0.6 (N)0.5 (G)13 ( )0.5 (B)0.5 (l)0.5 (u)0.5 (e)0.5 (,)13 ( )0.5 (a)0.5 (n)0.5 (d)13 ( )0.5 (o)0.5 (n)0.5 (l)0.5 (i)0.5 (n)0.5 (e)16 ( )]TJ 0.057 Tc 0.069 Tw 0 -1.231 Td [(c)0.5 (oa)0.5 (t)0.5 (ed)13 ( )-0.6 (g)0.5 (la)0.5 (s)0.5 (s)12.9 ( pr)0.5 (od)0.5 (uc)0.5 (t)0.5 (s,)13 ( )-0.6 (i)0.5 (nc)0.5 (r)0.5 (ea)0.5 (s)0.5 (ed)0.5 (,)12.9 ( r)0.5 (es)0.5 (ul)0.5 (ti)0.5 (ng)13 ( )-0.6 (i)0.5 (n)13 ( )-0.6 (s)0.5 (al)0.5 (e)0.5 (s)12.9 ( vo)0.5 (lu)0.5 (me)0.5 (s)13 ( )-0.6 (o)0.5 (f)12.9 ( pa)0.5 (i)0.5 (nt)0.5 (ed)13 ( )-0.6 (g)0.5 (l)0.5 (as)0.5 (s)12.9 ( a)0.5 (nd)32 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(coated)5 ( )0.5 (glass)5 ( )0.5 (rising)5 ( )0.5 (by)5 ( )0.5 (approximately)5 ( )0.5 (4)5 (6)5 (%)5 ( )0.5 (and)5 ( )0.5 (1)5 (7)5 (%)5 ( )0.5 (respectively.)5 ( )0.5 (The)5 ( )0.5 (Group)5 ( )0.5 (actively)5 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(expanded)10 ( )0.5 (export)10 ( )0.5 (channels,)10 ( )0.5 (with)10 ( )0.5 (export)10 ( )0.6 (sales)10.1 ( )0.5 (volume)10 ( )0.5 (of)10 ( )0.5 (glass)10 ( )0.5 (products)10 ( )0.5 (increasing)10 ( )0.5 (by)10 ( )]TJ 0.052 Tc 0.07 Tw 0 -1.231 Td [(approximately)12.2 ( 9)12.2 (5)12.2 (%)12.1 ( yea)]TJ -0.052 Tw (r-on-y)Tj 0.07 Tw [(ear)12.1 ( in)12.1 ( the)12.2 ( first)12.1 ( half.)12.2 ( Overseas)12.2 ( sales)12.2 ( volume)12.2 ( of)12.2 ( glass)27 ( )]TJ 0.038 Tc 0 -1.231 Td 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In the first half of 2025, such segment revenue decreased by 10% compa\ red )Tj 0.075 Tw 0 -1.231 Td (with the same period last year, with revenue from uncompleted orders exp\ ected to be )Tj 0 Tw 0 -1.231 Td (recognized in the second half of the year.)Tj ET endstream endobj 39 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 40 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 41 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 42 0 obj <>/Font<>/ProcSet[/PDF/Text]>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 1/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 43 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 78 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (30)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (3.)Tj 0 Tc 0 Tw ( )Tj 0.059 Tc 0.07 Tw 2.181 0 Td [(Technological)12.5 ( promotion)12.4 ( to)12.5 ( drive)12.5 ( product)12.5 ( portfolio)12.5 ( transformation)12.5 ( and)34 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (upgrade, and enhance operating performance at domestic bases)Tj /T1_0 1 Tf 0.05 Tc 0.07 Tw 0 -2.462 Td [(The)12.8 ( Group)12.8 ( will)12.8 ( continuously)12.9 ( refine)12.8 ( its)12.8 ( production)12.8 ( technology)12.8 ( system,)12.9 ( with)12.8 ( a)25.1 ( )]TJ 0.052 Tc 0 -1.231 Td [(strategic)12.2 ( focus)12.2 ( on)12.2 ( glass)12.2 ( products)12.1 ( for)12.1 ( new)12.2 ( energy)12.1 ( applications)12.1 ( and)12.1 ( household)27 ( )]TJ 0.025 Tc 0.044 Tw 0 -1.231 Td (appliance col)Tj -0.025 Tw (d-c)Tj 0.044 Tw (hain sectors. 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downstream)12.8 ( demand.)12.9 ( Combined)20 ( )]TJ 0.05 Tc 0 -1.231 Td [(with)12.6 ( strong)12.6 ( bargaining)12.6 ( power)12.7 ( of)12.7 ( downstream)12.6 ( users,)12.6 ( prices)12.6 ( are)12.7 ( expected)12.6 ( to)12.6 ( remain)25 ( )]TJ 0.055 Tc 0 -1.231 Td [(a)0.5 (t)13 ( )0.5 (m)0.5 (i)]TJ -0.055 Tw 2.358 0 Td [(d)0.5 (-)0.5 (y)]TJ 0.07 Tw 1.496 0 Td [(e)0.5 (a)0.5 (r)13 ( )0.5 (f)0.5 (l)0.5 (u)0.5 (c)0.5 (t)0.5 (ua)0.6 (ti)0.5 (o)0.5 (n)13 ( )0.5 (l)0.5 (e)0.5 (v)0.5 (e)0.5 (l)0.5 (s)0.5 (.)13 ( )0.5 (P)0.5 (et)0.5 (r)0.5 (o)0.5 (l)0.5 (e)0.5 (u)0.5 (m)13 ( )0.5 (c)0.5 (o)0.5 (k)0.5 (e)0.5 (,)13 ( )0.5 (ho)0.5 (w)0.5 (e)0.5 (v)0.5 (e)0.5 (r)0.5 (,)13 ( )0.5 (w)0.5 (i)0.5 (l)0.5 (l)13 ( )0.5 (f)0.5 (a)0.5 (c)0.5 (e)13 ( )0.5 (o)0.5 (v)0.5 (e)0.5 (r)0.5 (s)0.5 (up)0.5 (p)0.5 (l)0.5 (y)13 ( )0.5 (a)0.5 (s)30 ( )]TJ 0.025 Tc 0.016 Tw -3.855 -1.231 Td (refinery operating rates rise, while demand growth remains sluggish, lea\ ding to overall )Tj 0 Tw 0 -1.231 Td (downward price trends.)Tj /T1_1 1 Tf 0 -2.462 Td (WORK PLAN FOR THE SECOND HALF OF 2025)Tj -0.025 Tw 0 -2.462 Td (1.)Tj 0 Tc 0 Tw ( )Tj 0.038 Tc 0.07 Tw 2.181 0 Td [(Comprehensively)12.3 ( advance)12.3 ( the)12.3 ( debt)12.2 ( restructuring)12.2 ( plan,)12.3 ( ensure)12.3 ( the)12.3 ( Group\222s)13 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (debt repayment capability and its ongoing status as a going concern.)Tj /T1_0 1 Tf 0.057 Tc 0.07 Tw 0 -2.462 Td [(In)12.4 ( response)12.4 ( to)12.4 ( a)12.4 ( series)12.4 ( of)12.4 ( events)12.4 ( and)12.5 ( potential)12.5 ( risks)12.4 ( triggered)12.4 ( by)12.4 ( the)12.4 ( failure)32 ( )]TJ 0.058 Tc 0 -1.231 Td [(t)0.5 (o)13 ( )0.5 (r)0.5 (e)0.6 (pa)0.6 (y)13 ( )0.5 (a)13 ( )0.5 (l)0.5 (a)0.5 (r)0.5 (g)0.5 (e)13.1 ( )0.5 (o)0.5 (n)]TJ -0.058 Tw 8.764 0 Td [(e)0.5 (-)0.5 (t)]TJ 0.07 Tw 1.227 0 Td [(i)0.5 (m)0.5 (e)13 ( )0.5 (d)0.5 (e)0.6 (b)0.5 (t)13 ( )0.5 (o)0.5 (b)0.5 (l)0.5 (i)0.5 (g)0.5 (a)0.5 (t)0.5 (i)0.5 (o)0.5 (n)13 ( )0.5 (i)0.5 (n)13 ( )0.5 (t)0.6 (he)13.1 ( )0.5 (s)0.5 (h)0.5 (o)0.5 (r)0.5 (t)13 ( )0.5 (t)0.5 (e)0.5 (r)0.5 (m)0.5 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.5 (C)0.5 (o)0.5 (m)0.5 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.6 (i)0.5 (s)32.9 ( )]TJ 0.044 Tc -9.992 -1.231 Td [(actively)12.9 ( seeking)12.8 ( professional)12.8 ( advice)12.8 ( to)12.8 ( properly)12.9 ( address)12.8 ( the)12.9 ( situation.)12.9 ( Among)19 ( )]TJ 0.043 Tc 0 -1.231 Td [(the)12.4 ( measures,)12.4 ( the)12.5 ( Company)12.4 ( is)12.4 ( engaging)12.4 ( in)12.4 ( discussions)12.4 ( with)12.4 ( financial)12.4 ( advisors)18 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(and)4 ( )0.5 (potential)4 ( )0.5 (financiers)4 ( )0.5 (to)4 ( )0.5 (raise)4 ( )0.5 (funds)4 ( )0.5 (for)4.1 ( )0.5 (repaying)4 ( )0.5 (the)4 ( )0.6 (outstanding)4 ( )0.5 (amount,)4 ( )0.5 (and)4.1 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(is)6 ( )0.5 (exploring)6 ( )0.5 (various)6.1 ( )0.5 (options)6 ( )0.5 (to)6 ( )0.5 (resolve,)6 ( )0.5 (extend,)6 ( )0.5 (or)6 ( )0.5 (restructure)6 ( )0.5 (these)6 ( )0.5 (borrowings,)6 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(while)12.6 ( maintaining)12.6 ( ongoing)12.6 ( negotiations)12.6 ( with)12.6 ( creditors)12.6 ( to)12.6 ( reach)12.6 ( a)12.6 ( resolution)12.6 ( as)16.1 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(s)0.5 (o)0.6 (o)0.5 (n)2 ( )0.5 (a)0.5 (s)2 ( )0.5 (p)0.6 (o)0.5 (s)0.5 (s)0.6 (i)0.5 (b)0.5 (l)0.6 (e)0.5 (.)2 ( )0.5 (A)0.5 (d)0.6 (d)0.5 (i)0.6 (t)0.5 (i)0.5 (o)0.6 (n)0.5 (a)0.5 (l)0.6 (l)0.5 (y)0.5 (,)2 ( )0.5 (t)0.6 (h)0.5 (e)2 ( )0.5 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.6 (n)0.5 (y)2 ( )0.5 (i)0.5 (s)2 ( )0.5 (d)0.5 (e)0.6 (v)0.5 (e)0.6 (l)0.5 (o)0.5 (p)0.6 (i)0.5 (n)0.5 (g)2 ( )0.5 (c)0.6 (o)0.5 (n)0.5 (t)0.6 (i)0.5 (n)0.5 (g)0.6 (e)0.5 (n)0.5 (c)0.6 (y)2 ( )0.5 (p)0.5 (l)0.5 (a)0.6 (n)0.5 (s)2 ( )0.5 (t)0.5 (o)2 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(ensure)5 ( )0.5 (that)5 ( the)5 ( )0.5 (Group\222s)5 ( )0.5 (debt)4.9 ( )0.6 (repayment)5 ( )0.5 (ability)5 ( )0.5 (and)5 ( )0.5 (going)5 ( )0.5 (concern)5 ( )0.5 (status)5 ( )0.5 (remain)5 ( )]TJ 0.065 Tc 0.07 Tw 0 -1.231 Td [(intact)12.2 ( should)12.2 ( the)12.1 ( aforementioned)12.2 ( refinancing)12.1 ( not)12.2 ( be)12.2 ( completed)12.1 ( in)12.2 ( a)12.2 ( timely)40 ( )]TJ 0.051 Tc 0 -1.231 Td [(m)0.5 (a)0.5 (n)0.5 (n)0.5 (e)0.5 (r)0.5 (,)13 ( )0.5 (i)0.5 (n)0.5 (c)0.6 (lu)0.6 (di)0.6 (ng)13 ( )0.6 (b)0.5 (u)0.5 (t)13 ( )0.5 (n)0.5 (o)0.5 (t)13 ( )0.5 (l)0.5 (i)0.5 (m)0.5 (i)0.5 (t)0.5 (e)0.5 (d)13 ( )0.5 (t)0.5 (o)13 ( )0.5 (i)0.5 (m)0.5 (p)0.5 (l)0.5 (e)0.5 (m)0.5 (e)0.5 (n)0.5 (t)0.5 (i)0.5 (n)0.5 (g)13 ( )0.5 (a)13 ( )0.5 (s)0.5 (e)0.5 (r)0.6 (i)0.5 (e)0.5 (s)13 ( )0.5 (o)0.5 (f)13 ( )0.5 (c)0.5 (o)0.5 (s)]TJ -0.051 Tw 29.995 0 Td [(t)0.5 (-)0.5 (r)]TJ 1.095 0 Td [(e)0.5 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)26 ( )]TJ 0.067 Tc 0.07 Tw -31.09 -1.231 Td [(and)12.7 ( efficienc)]TJ -0.067 Tw (y-e)Tj 0.07 Tw [(nhancement)12.7 ( measures,)12.7 ( improving)12.7 ( operational)12.7 ( performance)42 ( )]TJ 0.025 Tc 0.064 Tw 0 -1.231 Td [(through production line )0.5 (upgrades and product mix transformation. )0.5 (The Company )]TJ 0.054 Tc 0.07 Tw 0 -1.231 Td [(will)12.2 ( also)12.3 ( ensure)12.3 ( that)12.2 ( all)12.3 ( operating)12.3 ( entities)12.2 ( adopt)12.3 ( proactive)12.2 ( sales)12.2 ( and)12.3 ( prudent)29 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(pr)0.5 (ocu)0.5 (re)0.5 (men)0.5 (t)3 ( )0.5 (st)0.5 (rat)0.5 (eg)0.5 (ies)3 ( )0.5 (t)0.5 (o)3 ( )0.5 (ma)0.5 (int)0.5 (ain)3 ( )0.5 (a)3 ( )0.5 (b)0.5 (al)0.5 (anc)0.5 (e)3 ( )0.5 (be)0.5 (tw)0.5 (ee)0.5 (n)2.9 ( )0.6 (ope)0.5 (ra)0.5 (tio)0.5 (nal)3 ( )0.5 (c)0.5 (as)0.5 (h)3 ( )0.5 (flo)0.5 (w)3 ( )0.5 (an)0.5 (d)3 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(debt principal/interest payments. At the same time, the Group will caref\ ully assess)-2 ( )]TJ 0.025 Tc 0.075 Tw 0 -1.231 Td (market prospects, its own operational and financing conditions, and refr\ ain from )Tj -0.025 Tw 0 -1.231 Td (no)Tj (n-e)Tj 0.056 Tw (ssential capital expenditures to meet the requirements for implementing \ the )Tj 0 Tw 0 -1.231 Td (aforementioned measures.)Tj /T1_1 1 Tf -0.025 Tw -2.181 -2.462 Td (2.)Tj 0 Tc 0 Tw ( )Tj 0.066 Tc 0.07 Tw 2.181 0 Td [(Unwaveringly)12.1 ( advancement)12.1 ( of)12.1 ( the)12 ( \223Going)12.1 ( Global\224)12.1 ( strategy)12.1 ( to)12.1 ( enhance)41 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (contributions from overseas subsidiaries)Tj /T1_0 1 Tf 0.043 Tc 0.07 Tw 0 -2.462 Td [(Overseas)12.2 ( production)12.2 ( bases)12.2 ( will)12.2 ( focus)12.3 ( on)12.2 ( safe)12.2 ( operations)12.2 ( as)12.2 ( the)12.3 ( foundation)12.2 ( for)18 ( )]TJ 0.047 Tc 0 -1.231 Td [(capacity)12.4 ( enhancement,)12.4 ( while)12.5 ( driving)12.4 ( transformation)12.5 ( toward)12.4 ( high)12.4 ( valu)]TJ -0.047 Tw (e-a)Tj [(dded)22 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td (products, optimizing warehousing networks, building mult)Tj -0.024 Tw (i-t)Tj 0 Tw [(ier customer systems,)-1 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(and)10 ( )0.6 (strengthening)10 ( )0.5 (cost)10 ( )0.5 (management)10 ( )0.5 (to)10 ( )0.6 (systematically)10 ( )0.5 (improve)10 ( )0.5 (productio)]TJ -0.035 Tw (n-s)Tj [(ales)10 ( )]TJ 0.05 Tc 0.07 Tw 0 -1.231 Td [(synergies.)12.7 ( Leveraging)12.7 ( the)12.7 ( technological)12.7 ( platform)12.6 ( of)12.6 ( the)12.7 ( Italian)12.7 ( company,)12.6 ( the)25.1 ( )]TJ 0.025 Tc 0.032 Tw 0 -1.231 Td (Group will expand into the new energy glass and flat glass engineering s\ ectors to )Tj 0.007 Tw 0 -1.231 Td (tap global market potential. At the time, the Group will coordinate the \ progress of )Tj 0 Tw 0 -1.231 Td (Egyptian project in an orderly manner.)Tj ET endstream endobj 76 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (28)Tj /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm (MARKET OUTLOOK)Tj /T1_0 1 Tf 0.046 Tw 0 -2.462 Td (In the second half of 2025, global economic growth is expected to slow f\ urther due to )Tj 0.037 Tw 0 -1.231 Td (impact of U. S. trade barriers. China\222s real estate and photovoltaic \ power markets will )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(both)12 ( )0.5 (enter)12 ( )0.5 (deep)12.1 ( adjustment)12 ( )0.5 (phases.)12 ( )0.5 (Under)12 ( )0.6 (the)12 ( )0.5 (combined)12 ( )0.5 (effects)12 ( )0.5 (of)12 ( )0.5 (policy)12 ( )0.5 (regulation)12 ( )]TJ 0.025 Tc 0.078 Tw 0 -1.231 Td (and market mechanisms, the downstream flat glass industry will continue \ to optimize )Tj 0.036 Tc -0.036 Tw 0 -1.231 Td (suppl)Tj (y-d)Tj 0.072 Tw [(emand)11 ( )0.5 (structures)11 ( )0.5 (and)11 ( )0.5 (eliminate)11 ( )0.5 (outdated)11 ( )0.5 (capacity,)11 ( )0.5 (with)11 ( )0.5 (the)11 ( )0.5 (overall)11 ( )0.5 (industry)11 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(development)12.5 ( expected)12.5 ( to)12.4 ( strategically)12.5 ( upgrade)12.5 ( toward)12.5 ( \223lo)]TJ -0.041 Tw (w-c)Tj 0.07 Tw [(arbon)12.4 ( and)12.5 ( intelligent\224)16 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (directions.)Tj 0.056 Tc 0.07 Tw 0 -2.462 Td [(It)12.7 ( is)12.6 ( noteworthy)12.7 ( that)12.7 ( demand)12.7 ( in)12.7 ( detail)12.7 ( segment)12.7 ( market)12.7 ( such)12.7 ( as)12.7 ( automotive)12.7 ( glass,)31 ( )]TJ 0.035 Tc -0.035 Tw 0 -1.231 Td (energ)Tj (y-s)Tj 0.073 Tw [(aving)10 ( )0.5 (architectural)10 ( )0.5 (glass,)10.1 ( )0.5 (and)10 ( )0.5 (conductive)10 ( )0.5 (glass)10 ( )0.5 (will)10.1 ( remain)10 ( )0.5 (strong.)10 ( )0.5 (With)10 ( )0.5 (the)10 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td (accelerated phas)Tj -0.023 Tw (e-o)Tj 0 Tw [(ut of obsolete capacity, the float glass market is expected to achieve)-2 ( )]TJ 0.026 Tc -0.026 Tw 0 -1.231 Td (suppl)Tj (y-d)Tj 0.082 Tw [(emand)1 ( rebalancing.)1 ( )0.5 (Importantly,)1 ( )0.5 (the)1 ( )0.5 (revision)1 ( )0.5 (of)1 ( )0.5 (the)1 ( )]TJ -0.026 Tw 13 0 3.4833 13 399.0574 565.5878 Tm (Ant)Tj (i-U)Tj 0.082 Tw [(nfair)1 ( )0.5 (Competition)1 ( )]TJ 0.025 Tc -0.025 Tw -26.109 -1.231 Td (Law)Tj 0.075 Tw 13 0 0 13 80.7684 549.5878 Tm ( and the promulgation of supporting policies will provide institutional \ safeguards )Tj 0.043 Tc 0.07 Tw -1.852 -1.231 Td [(for)12.1 ( healthy)12.1 ( industry)12.1 ( development.)12 ( These)12.1 ( measures)12.1 ( are)12.1 ( expected)12 ( to)12 ( effectively)12.1 ( curb)18 ( )]TJ 0.058 Tc 0 -1.231 Td [(disorderly)12.4 ( lo)]TJ -0.058 Tw (w-p)Tj 0.07 Tw [(rice)12.4 ( competition,)12.4 ( address)12.4 ( temporary)12.4 ( oversupply)12.3 ( issues,)12.3 ( promote)33 ( )]TJ 0.041 Tc 0 -1.231 Td [(gradual)12.7 ( recovery)12.7 ( of)12.7 ( prices)12.7 ( in)12.7 ( the)12.8 ( industry)12.7 ( chain)12.7 ( to)12.7 ( reasonable)12.7 ( levels,)12.7 ( and)12.7 ( guide)12.8 ( the)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (industry back to a path of healthy development.)Tj 0.058 Tw 0 -2.462 Td (In the field of new energy applications, the rapid development of solar \ thermal power )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(will)12.2 ( significantly)12.2 ( boost)12.2 ( demand)12.1 ( for)12.2 ( hig)]TJ -0.041 Tw (h-p)Tj 0.07 Tw [(erformance)12.2 ( solar)12.2 ( thermal)12.2 ( glass.)12.2 ( Installed)16 ( )]TJ 0.047 Tc 0 -1.231 Td [(capa)0.5 (city)12.9 ( a)0.5 (nd)12.9 ( industr)0.5 (y)12.9 ( output)12.9 ( va)0.5 (lue)12.9 ( of)12.9 ( s)0.5 (olar)12.9 ( the)0.5 (rmal)12.9 ( gla)0.5 (ss)12.9 ( are)13 ( expect)0.5 (ed)12.9 ( to)12.9 ( c)0.5 (ontinue)22 ( )]TJ 0.023 Tc 0 Tw 0 -1.231 Td [(rising, presenting broad development prospects. This trend not only alig\ ns with China\222s)-2 ( )]TJ 0.025 Tc 0.026 Tw 0 -1.231 Td (\223dual carbon\224 strategy goals but also opens new growth opportuniti\ es for the flat glass )Tj -0.025 Tw 0 -1.231 Td (industry.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 Td (Forecast of Raw Materials, Fuels and Production Cost)Tj /T1_0 1 Tf 0.058 Tc 0.07 Tw 0 -2.462 Td [(I)0.5 (n)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (s)0.5 (e)0.6 (c)0.5 (o)0.5 (n)0.6 (d)13 ( )0.5 (h)0.6 (a)0.5 (l)0.6 (f)13 ( )0.5 (o)0.6 (f)13 ( )0.6 (2)13 (0)13 (2)13.1 (5)13 (,)13 ( )0.6 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (g)0.6 (l)0.5 (a)0.5 (s)0.6 (s)13 ( )0.6 (i)0.5 (n)0.5 (d)0.6 (u)0.5 (s)0.5 (t)0.6 (r)0.5 (y)0.5 (\222)0.6 (s)13 ( )0.6 (m)0.5 (a)0.5 (r)0.6 (k)0.5 (e)0.6 (t)13 ( )0.5 (s)0.6 (e)0.5 (n)0.6 (t)0.5 (i)0.5 (m)0.6 (e)0.5 (n)0.5 (t)13.1 ( )0.5 (i)0.5 (s)13.1 ( )0.5 (p)0.6 (r)0.5 (o)0.5 (j)0.6 (e)0.5 (c)0.6 (t)0.5 (e)0.5 (d)13.1 ( )0.5 (t)0.5 (o)33 ( )]TJ 0.04 Tc 0 -1.231 Td [(follow)12.6 ( a)12.6 ( deteriorating)12.6 ( trend,)12.6 ( subsequently)12.6 ( driving)12.6 ( the)12.5 ( soda)12.6 ( ash)12.6 ( and)12.6 ( various)12.6 ( mineral)15 ( )]TJ 0.059 Tc 0 -1.231 Td [(raw)12.5 ( materials)12.4 ( markets)12.5 ( into)12.4 ( a)12.5 ( phase)12.5 ( of)12.4 ( weakness.)12.5 ( On)12.5 ( the)12.4 ( supply)12.4 ( side,)12.4 ( substantial)34 ( )]TJ 0.041 Tc 0 -1.231 Td [(planned)12.4 ( soda)12.4 ( ash)12.4 ( capacity)12.3 ( remains)12.4 ( pending)12.3 ( release,)12.4 ( signaling)12.4 ( an)12.4 ( impending)12.3 ( market)16 ( )]TJ 0.064 Tc 0 -1.231 Td [(restructuring.)12.9 ( Deman)]TJ -0.064 Tw (d-s)Tj 0.07 Tw [(ide)12.9 ( dynamics)12.8 ( exhibit)12.8 ( structural)12.8 ( divergence:)12.8 ( demand)12.9 ( for)39 ( )]TJ 0.056 Tc 0.069 Tw 0 -1.231 Td [(d)0.5 (e)0.5 (n)0.5 (s)0.5 (e)13.1 ( s)0.5 (o)0.5 (d)0.5 (a)13 ( a)0.5 (s)0.5 (h)13 ( w)0.6 (e)0.5 (a)0.5 (k)0.5 (e)0.5 (n)0.5 (e)0.5 (d)13 ( a)0.5 (m)0.6 (id)13.1 ( d)0.5 (e)0.5 (c)0.5 (l)0.5 (i)0.5 (n)0.5 (i)0.5 (n)0.5 (g)13 ( g)0.5 (l)0.5 (a)0.6 (s)0.5 (s)13 ( p)0.5 (r)0.5 (o)0.5 (d)0.5 (u)0.5 (c)0.5 (t)0.5 (i)0.5 (o)0.5 (n)0.5 (,)13 ( w)0.5 (h)0.6 (i)0.5 (l)0.5 (e)13 ( g)0.5 (r)0.5 (o)0.5 (w)0.5 (t)0.5 (h)13 ( i)0.5 (n)13 ( l)0.5 (i)0.5 (g)0.5 (h)0.5 (t)31 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.231 Td [(soda )0.5 (ash consumption )0.5 (proved )0.5 (insufficient to )0.5 (offset )0.5 (the )0.5 (deficit. )0.5 (Prices )0.5 (are )0.5 (projected to )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(sustain)12 ( )0.5 (their)12 ( )0.5 (downward)12 ( )0.5 (trends.)12 ( )0.5 (Similarly,)12 ( )0.5 (the)12 ( )0.5 (quartz)12 ( )0.5 (sand)12 ( )0.5 (market)12 ( )0.5 (displays)12.1 ( )0.5 (structural)12 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (polarization. Production and sales volumes of standar)Tj -0.025 Tw (d-g)Tj 0.058 Tw (rade sand declined in tandem )Tj 0.069 Tc 0.07 Tw 0 -1.231 Td [(due)12.4 ( to)12.4 ( contracting)12.4 ( downstream)12.4 ( demand,)12.3 ( whereas)12.4 ( hig)]TJ -0.069 Tw (h-p)Tj 0.07 Tw [(urity)12.4 ( quartz)12.4 ( sand)12.3 ( faces)44 ( )]TJ 0.052 Tc 0 -1.231 Td [(oversupply)12.2 ( pressures)12.2 ( following)12.2 ( the)12.2 ( concentrated)12.2 ( commissioning)12.2 ( of)12.2 ( new)12.2 ( capacity.)27 ( )]TJ 0.062 Tc 0 -1.231 Td [(Markets)12.9 ( for)12.9 ( dolomite,)12.9 ( limestone,)12.9 ( fe)0.5 (ldspar)0.5 (,)12.9 ( and)12.9 ( oth)0.5 (er)12.9 ( mineral)12.9 ( raw)12.9 ( materials)12.9 ( )0.5 (al)0.5 (so)36.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (demonstrate suppl)Tj -0.025 Tw (y-d)Tj 0 Tw [(emand imbalance)0.5 (s. Although logistic)0.5 (s costs provided a mitigating )]TJ 0.048 Tc 0.07 Tw 0 -1.231 Td [(cushion,)12 ( the)12.1 ( overall)12.1 ( price)12 ( is)12 ( projected)12.1 ( to)12.1 ( maintain)12.1 ( relative)12.1 ( stability)12 ( with)12 ( a)12.1 ( modest)23 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (downward drift.)Tj ET endstream endobj 75 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (27)Tj /T1_1 1 Tf 13 0 0 13 56.6929 773.5878 Tm (4.)Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 0.082 Tw 2.181 0 Td (Specific performance assessment yields results, cultural development fos\ ters )Tj 0 Tw 0 -1.231 Td (cohesion and drives growth)Tj /T1_0 1 Tf 0.051 Tc 0.07 Tw 0 -2.462 Td [(In)12.8 ( the)12.8 ( first)12.7 ( half)12.8 ( of)12.8 ( 2)12.8 (0)12.8 (2)12.8 (5)12.8 (,)12.8 ( the)12.8 ( Company)12.9 ( emphasized)12.8 ( \223enhanced)12.8 ( incentives)12.8 ( and)26 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 Td (practical results\224, continuously refining its performance assessment \ mechanisms: )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(established)12.3 ( a)12.4 ( \223monthly)12.4 ( tracking)12.4 ( +)12.4 ( dynamic)12.4 ( adjustment\224)12.4 ( mechanism)12.4 ( to)12.4 ( ensure)22 ( )]TJ 0.025 Tc 0.046 Tw 0 -1.231 Td (full alignment of assessment targets with strategy and across all levels\ ; deepened )Tj 0.007 Tw 0 -1.231 Td (linkage between performance and remuneration, implemented special assess\ ments )Tj 0.069 Tw 0 -1.231 Td (for core tasks, and created differentiated incentives to drive achieveme\ nt of core )Tj 0 Tw 0 -1.231 Td (business objectives.)Tj 0.063 Tc 0.07 Tw 0 -2.462 Td [(In)12.7 ( terms)12.7 ( of)12.7 ( corporate)12.8 ( culture,)12.7 ( the)12.8 ( Company)12.7 ( focused)12.7 ( on)12.7 ( fostering)12.7 ( employee)38 ( )]TJ 0.04 Tc 0 -1.231 Td [(c)0.5 (o)0.6 (h)0.5 (e)0.6 (s)0.5 (i)0.5 (o)0.6 (n)0.5 (:)13 ( )0.5 (e)0.6 (s)0.5 (t)0.6 (a)0.5 (b)0.5 (l)0.6 (i)0.5 (s)0.5 (h)0.6 (e)0.5 (d)13 ( )0.6 (b)0.5 (e)0.5 (n)0.6 (c)0.5 (h)0.5 (m)0.6 (a)0.5 (r)0.6 (k)0.5 (s)13 ( )0.6 (t)0.5 (h)0.5 (r)0.6 (o)0.5 (u)0.5 (g)0.6 (h)13 ( )0.5 (t)0.6 (h)0.5 (e)13 ( )0.6 (\223)0.5 (C)0.5 (o)0.6 (r)0.5 (p)0.5 (o)0.6 (r)0.5 (a)0.6 (t)0.5 (e)13 ( )0.6 (C)0.5 (r)0.5 (a)0.6 (f)0.5 (t)0.6 (s)0.5 (m)0.5 (a)0.6 (n)13 ( )0.5 (A)0.6 (w)0.5 (a)0.6 (r)0.5 (d)0.5 (s)0.6 (\224)0.5 (,)15 ( )]TJ 0.025 Tc 0.007 Tw 0 -1.231 Td (reinforcing the core values of \223professional dedication and pursuit o\ f excellence\224; )Tj 0.006 Tw 0 -1.231 Td [(leveraged )0.5 (the )0.5 (20th anniversary of its )0.5 (listing )0.5 (to )0.5 (inherit )0.5 (the spirit of )0.5 (\223Steadiness and )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(Enterprise\224,)10 ( )0.5 (enhancing)10 ( )0.5 (employee)10 ( )0.5 (belonging;)10 ( )0.5 (organized)10 ( )0.5 (employee)10 ( )0.5 (sports)10 ( )0.5 (games,)10 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(skills)12.3 ( competitions,)12.3 ( and)12.4 ( other)12.4 ( activities)12.3 ( to)12.3 ( boost)12.3 ( team)12.3 ( vitality,)12.3 ( enhance)12.3 ( staff)28 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (wellness and cohesion.)Tj /T1_1 1 Tf -0.025 Tw -2.181 -2.462 Td (5.)Tj 0 Tc 0 Tw ( )Tj 0.06 Tc 0.07 Tw 2.181 0 Td [(Compliance)12.1 ( framework)12.1 ( fortification)12.1 ( reinforced)12.1 ( operational)12.2 ( foundation,)35 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (brand and market recognition achieved dual enhancement)Tj /T1_0 1 Tf 0.052 Tc 0.07 Tw 0 -2.462 Td [(In)12.7 ( the)12.8 ( first)12.7 ( half)12.7 ( of)12.7 ( 2)12.7 (0)12.7 (2)12.7 (5)12.7 (,)12.7 ( the)12.7 ( Company)12.7 ( continued)12.7 ( to)12.7 ( enhance)12.7 ( compliance)12.8 ( and)27 ( )]TJ 0.07 Tc 0 -1.231 Td [(governance)12.6 ( standards:)12.6 ( strengthened)12.5 ( legal)12.6 ( awareness)12.6 ( and)12.6 ( integrity)12.5 ( through)45 ( )]TJ 0.082 Tc 0 -1.231 Td [(leadership)12.9 ( training;)12.9 ( conducted)12.9 ( economic)12.9 ( responsibility)12.9 ( audits)12.9 ( for)12.9 ( senior)57 ( )]TJ 0.052 Tc 0 -1.231 Td [(ma)0.5 (n)0.5 (ag)0.5 (em)0.5 (e)0.5 (nt)13 ( t)0.5 (o)12.9 ( )0.5 (sa)0.5 (f)0.5 (eg)0.5 (ua)0.5 (rd)13 ( )0.5 (as)0.5 (se)0.5 (t)0.5 (s;)13 ( a)0.5 (nd)13 ( )0.5 (imp)0.5 (r)0.5 (ov)0.5 (ed)13 ( t)0.5 (he)13 ( l)0.5 (e)0.5 (ga)0.5 (l)12.9 ( )0.5 (ri)0.5 (s)0.5 (k)12.9 ( )0.5 (pr)0.5 (ev)0.5 (en)0.5 (t)0.5 (io)0.5 (n)12.9 ( )0.5 (an)0.5 (d)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (control system to comprehensively protect corporate interests.)Tj 0.049 Tc 0.07 Tw 0 -2.462 Td [(I)0.5 (n)13.1 ( )0.5 (t)0.5 (e)0.5 (r)0.6 (m)0.5 (s)13 ( )0.5 (o)0.5 (f)13.1 ( )0.5 (b)0.5 (r)0.6 (a)0.5 (n)0.5 (d)0.5 (i)0.6 (n)0.5 (g)13 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.5 (m)0.5 (a)0.6 (r)0.5 (k)0.5 (e)0.6 (t)13 ( )0.5 (p)0.5 (r)0.6 (e)0.5 (s)0.5 (e)0.5 (n)0.6 (c)0.5 (e)0.5 (,)13.1 ( )0.5 (t)0.5 (h)0.5 (e)13.1 ( )0.5 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.5 (y)13 ( )0.6 (i)0.5 (m)0.5 (p)0.5 (r)0.6 (o)0.5 (v)0.5 (e)0.5 (d)13.1 ( )0.5 (i)0.5 (t)0.5 (s)13 ( )0.6 (c)0.5 (a)0.5 (p)0.6 (i)0.5 (t)0.5 (a)0.5 (l)24 ( )]TJ 0.061 Tc 0 -1.231 Td [(mark)0.5 (et)12.9 ( monitor)0.5 (ing)12.9 ( syst)0.5 (em,)12.9 ( cond)0.5 (ucted)12.9 ( be)0.5 (nchmar)0.5 (king)12.9 ( withi)0.5 (n)12.9 ( and)12.9 ( be)0.5 (yond)12.9 ( the)36 ( )]TJ 0 -1.231 Td [(industry)12.2 ( using)12.1 ( digital)12.1 ( platforms)12.1 ( to)12.1 ( enhance)12.1 ( strategic)12.1 ( planning,)12.1 ( and)12.1 ( focused)36 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(publicity)12 ( )0.5 (on)12 ( )0.5 (operations,)12.1 ( technological)12 ( )0.5 (innovation)12 ( )0.5 (\(e.g.,)12 ( )0.5 (\223CNG)12.1 ( )0.5 (Blue\224)12 ( )0.5 (products\),)12.1 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(and)12.5 ( strategic)12.5 ( partnerships)12.4 ( to)12.4 ( reinforce)12.5 ( brand)12.5 ( exposure.)12.4 ( The)12.4 ( Company\222s)12.4 ( ESG)28 ( )]TJ 0.061 Tc 0 -1.231 Td [(d)0.5 (ev)0.5 (el)0.5 (op)0.5 (m)0.5 (en)0.5 (ts)13 ( )0.5 (re)0.5 (c)0.5 (ei)0.5 (ve)0.5 (d)12.9 ( )0.5 (t)0.5 (he)13 ( h)0.5 (i)0.5 (ghe)0.5 (s)0.5 (t)12.9 ( )0.5 (r)0.5 (at)0.5 (in)0.5 (g)12.9 ( )0.5 (o)0.5 (f)12.9 ( )0.5 (\223A)0.5 (+)0.5 (\224)12.9 ( )0.5 (in)13 ( )0.5 (th)0.5 (e)12.9 ( )0.5 (b)0.5 (ui)0.5 (ld)0.5 (in)0.5 (g)12.9 ( )0.5 (ma)0.5 (t)0.5 (er)0.5 (ia)0.5 (l)0.5 (s)36 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (industry for 2024, significantly improving market recognition.)Tj ET endstream endobj 74 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (26)Tj /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 83.7052 773.5878 Tm (\225)Tj 13 0 0 13 89.9142 773.5878 Tm ( )Tj 0.035 Tc 0.073 Tw 13 0 3.4833 13 112.0517 773.5878 Tm [(Kazakhstan)10 ( )0.5 (company:)10 ( )0.5 (Operational)10 ( )0.5 (quality)10.1 ( )0.5 (and)10 ( )0.5 (efficiency)10 ( )0.5 (continued)10 ( )0.5 (to)10 ( )]TJ 0.025 Tc 0.005 Tw 0.33 -1.231 Td (improve, achieving significant breakthroughs in performance during the )Tj 0 Tw 0.33 -1.231 Td (first half of the year)Tj /T1_0 1 Tf 0.037 Tc 0.071 Tw 13 0 0 13 113.3858 709.5878 Tm [(By)12 ( )0.5 (strengthening)12 ( )0.5 (management)12 ( )0.5 (and)12 ( )0.5 (market)12 ( )0.5 (expansion,)12 ( )0.5 (it)12 ( )0.5 (achieved)12 ( )0.5 (a)12 ( )0.6 (steady)12 ( )]TJ 0.058 Tc 0.07 Tw 0 -1.231 Td [(increase)12.1 ( in)12.1 ( the)12.2 ( sale)]TJ -0.058 Tw (s-to-p)Tj 0.07 Tw [(roduction)12.2 ( ratio)12.1 ( and)12.1 ( continuously)12.2 ( enhanced)12.1 ( its)33 ( )]TJ 0.04 Tc 0 -1.231 Td [(market)12.5 ( competitiveness.)12.5 ( It)12.6 ( deepened)12.5 ( the)12.6 ( compliance)12.6 ( system,)12.6 ( significantly)15 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(strengthening)10 ( )0.5 (compliance)10 ( )0.5 (management)10 ( )0.5 (and)10 ( )0.5 (risk)10 ( )0.5 (prevention)10 ( )0.5 (capabilities.)10 ( )0.5 (In)10 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(response)8 ( )0.5 (to)8 ( )0.5 (the)8.1 ( )0.5 (Russi)]TJ -0.033 Tw (a-U)Tj 0.075 Tw [(kraine)8 ( )0.5 (conflict)8 ( )0.5 (and)8 ( )0.5 (market)8.1 ( )0.5 (fluctuations)8 ( )0.5 (in)8 ( )0.5 (Central)8 ( )]TJ 0.025 Tc 0.058 Tw 0 -1.231 Td (Asia, it optimized its product portfolio, focusing on enhancing the prem\ ium )Tj 0.062 Tc 0.07 Tw 0 -1.231 Td [(l)0.5 (e)0.5 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company:)12.9 ( Photovoltaic)12.9 ( business)12.9 ( recorded)12.9 ( strong)12.9 ( growth)12.9 ( with)38 ( )]TJ 0.025 Tc 0 Tw 0.33 -1.231 Td (sustained solid profitability during the first half of the year)Tj /T1_0 1 Tf 0.053 Tc 0.07 Tw 13 0 0 13 113.3858 485.5878 Tm [(I)0.5 (t)0.5 (s)12.9 ( )0.5 (t)0.5 (r)0.5 (a)0.5 (d)0.5 (it)0.5 (i)0.5 (o)0.5 (na)0.5 (l)13 ( )0.5 (c)0.5 (o)0.5 (r)0.5 (e)12.9 ( )0.5 (b)0.5 (u)0.5 (s)0.5 (in)0.5 (e)0.5 (s)0.5 (s)0.5 (e)0.5 (s)13 ( c)0.5 (o)0.5 (n)0.5 (t)0.5 (in)0.5 (u)0.5 (e)0.5 (d)13 ( )0.5 (to)13 ( )0.5 (d)0.5 (e)0.5 (li)0.5 (v)0.5 (e)0.5 (r)13 ( s)0.5 (t)0.5 (a)0.5 (b)0.5 (l)0.5 (e)12.9 ( )0.5 (c)0.5 (o)0.5 (n)0.5 (t)0.5 (ri)0.5 (b)0.5 (u)0.5 (ti)0.5 (o)0.5 (n)0.5 (s)0.5 (,)27.9 ( )]TJ 0.078 Tc 0 -1.231 Td [(while)12.3 ( the)12.3 ( newly)12.4 ( developed)12.3 ( photovoltaic)12.3 ( materials)12.3 ( segment)12.3 ( achieved)53 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(s)0.5 (i)0.5 (g)0.5 (n)0.6 (i)0.5 (f)0.5 (i)0.5 (c)0.5 (a)0.6 (n)0.5 (t)1.9 ( )0.5 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major construction could commence)Tj /T1_0 1 Tf 0.033 Tc 0.075 Tw 13 0 0 13 113.3858 341.5878 Tm [(Through)8 ( )0.5 (optimized)8 ( )0.5 (project)8 ( )0.5 (management,)8 ( )0.5 (it)8 ( )0.5 (ensured)8 ( )0.5 (the)8 ( )0.5 (orderly)8 ( )0.5 (completion)8 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(of)12.8 ( the)12.7 ( glass)12.7 ( furnace)12.7 ( and)12.8 ( tin)12.7 ( bath)12.8 ( foundation)12.7 ( excavation,)12.8 ( along)12.8 ( with)12.7 ( site)28 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(enclosure,)8 ( )0.5 (amidst)8 ( )0.5 (complex)8 ( )0.5 (external)8 ( )0.5 (conditions.)8 ( )0.6 (It)8.1 ( )0.5 (also)8.1 ( )0.5 (secured)8 ( )0.5 (all)8 ( )0.5 (required)8 ( )]TJ 0.025 Tc 0.064 Tw 0 -1.231 Td (permits for the entire construction cycle, Currently, it has reached the\ stage )Tj 0 Tw 0 -1.231 Td (where major construction could commence..)Tj /T1_1 1 Tf -0.025 Tw -4.361 -2.462 Td (3.)Tj 0 Tc 0 Tw ( )Tj 0.037 Tc 0.071 Tw 2.18 0 Td [(Significant)12 ( )0.5 (achievements)12 ( )0.5 (in)12.1 ( )0.5 (technological)12 ( )0.5 (innovation,)11.9 ( )0.6 (core)12.1 ( )0.5 (products)12 ( )0.5 (gained)12 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (industry recognition)Tj /T1_0 1 Tf 0.034 Tc 0.074 Tw 0 -2.462 Td [(In)9 ( )0.5 (the)9 ( )0.6 (first)9 ( )0.5 (half)9 ( )0.5 (of)9 ( )0.5 (2)9 (0)9 (2)9 (5)9 (,)9 ( )0.5 (the)9 ( )0.5 (Company)9 ( )0.5 (achieved)9 ( )0.5 (breakthroughs)9 ( )0.5 (in)9 ( )0.5 (technological)9 ( )]TJ 0.041 Tc 0.07 Tw 0 -1.231 Td [(innovation)12.8 ( and)12.8 ( product)12.7 ( applications.)12.7 ( Following)12.8 ( systematic)12.8 ( R&D)12.8 ( and)12.8 ( technical)16 ( )]TJ 0.074 Tc 0 -1.231 Td [(optimization,)12.3 ( new)12.3 ( lo)]TJ -0.074 Tw (w-r)Tj 0.07 Tw [(esistance)12.3 ( appliance)12.3 ( Lo)]TJ -0.074 Tw (w-E)Tj 0.07 Tw 24.136 0 Td [( glass)12.3 ( and)12.3 ( tripl)]TJ -0.074 Tw (e-s)Tj [(ilver)49.1 ( )]TJ 0.047 Tc -0.047 Tw -24.136 -1.231 Td (hig)Tj (h-p)Tj 0.07 Tw [(erformance)12.4 ( Lo)]TJ -0.047 Tw (w-E)Tj 0.07 Tw 11.271 0 Td [( glass)12.4 ( achieved)12.5 ( industrialized)12.4 ( mass)12.4 ( production,)12.4 ( with)22 ( )]TJ 0.061 Tc -0.061 Tw -11.271 -1.231 Td (thir)Tj (d-p)Tj 0.07 Tw [(arty)12.5 ( testing)12.5 ( confirming)12.6 ( that)12.5 ( key)12.5 ( indicators)12.5 ( met)12.5 ( or)12.5 ( exceeded)12.5 ( industry)36 ( )]TJ 0.052 Tc 0 -1.231 Td [(standards.)12.2 ( Furthermore,)12.2 ( the)12.2 ( \223CNG)12.2 ( Blue\224)12.2 ( hig)]TJ -0.052 Tw (h-p)Tj 0.07 Tw [(erformance,)12.2 ( lon)]TJ -0.052 Tw (g-l)Tj 0.07 Tw [(ife)12.2 ( Lo)]TJ -0.052 Tw (w-E)Tj 0 Tc 0 Tw 34.913 0 Td ( )Tj 0.037 Tc -0.037 Tw -34.913 -1.231 Td (energ)Tj (y-s)Tj 0.071 Tw [(aving)12 ( )0.5 (glass,)12 ( )0.5 (developed)12 ( )0.5 (based)12 ( )0.5 (on)12 ( )0.5 (spectral)12 ( )0.5 (selective)12 ( )0.5 (coating)12 ( )0.5 (technology,)12 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(was)12.1 ( selected)12 ( by)12.1 ( the)12.1 ( industry)12 ( association)12 ( as)12.1 ( a)12.1 ( model)12.1 ( case)12.1 ( under)12.1 ( the)12.1 ( \223Increase)24 ( )]TJ 0.06 Tc 0 -1.231 Td [(V)0.5 (a)0.5 (r)0.5 (i)0.5 (e)0.5 (ty)0.5 (,)13 ( )0.5 (I)0.5 (m)0.5 (pr)0.5 (o)0.5 (v)0.5 (e)13 ( )0.5 (Q)0.5 (ua)0.5 (l)0.5 (i)0.5 (t)0.5 (y)0.5 (,)12.9 ( )0.5 (C)0.5 (r)0.5 (e)0.5 (a)0.5 (t)0.5 (e)13 ( )0.5 (B)0.5 (ra)0.5 (n)0.5 (d)0.5 (\224)13 ( )0.5 (i)0.5 (ni)0.5 (t)0.5 (i)0.5 (a)0.5 (t)0.5 (iv)0.5 (e)0.5 (,)13 ( )0.5 (f)0.5 (u)0.5 (ll)0.5 (y)13 ( )0.5 (d)0.5 (em)0.5 (o)0.5 (n)0.5 (s)0.5 (t)0.5 (r)0.5 (at)0.5 (i)0.5 (n)0.5 (g)13 ( t)0.5 (h)0.5 (e)35 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Company\222s technological strength and innovation advantages.)Tj ET endstream endobj 34 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 2/NumberofPages 1/OriginalDocumentID/PageItemUIDTolocationsDataMap<>/PageTransformationMatrixList<>/PageUIDList<>/PageWidthList<>>>>>>> endobj 35 0 obj <>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/TrimBox[0.0 0.0 595.276 841.89]/Type/Page/PieceInfo</LastModified/NumberOfPageItemsInPage 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BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (25)Tj /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 83.7052 773.5878 Tm (\225)Tj 13 0 0 13 89.9142 773.5878 Tm ( )Tj 0.025 Tc 13 0 3.4833 13 112.0517 773.5878 Tm (Asset Operation Improvement:)Tj /T1_0 1 Tf 0.026 Tc 0.082 Tw 13 0 0 13 113.3858 741.5878 Tm [(Established)1 ( )0.5 (a)1 ( )0.5 (marke)]TJ -0.026 Tw (t-b)Tj 0.082 Tw [(ased)1.1 ( )0.5 (asset)1 ( )0.5 (disposal)1 ( )0.5 (mechanism,)1 ( )0.5 (implemented)1 ( )0.5 (precise)1 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(inventory)3 ( )0.5 (management)3 ( )0.6 (strategies,)3 ( )0.6 (accelerated)3 ( )0.5 (accounts)3 ( )0.5 (receivable)3.1 ( )0.5 (turnover,)3.1 ( )]TJ 0.063 Tc 0.07 Tw 0 -1.231 Td [(optimized)12.5 ( overseas)12.6 ( fund)12.5 ( allocations,)12.6 ( and)12.6 ( leveraged)12.5 ( policy)12.5 ( dividends)12.6 ( to)38 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (effectively strengthen cash flow resilience.)Tj /T1_1 1 Tf 0 Tc 13 0 3.4833 13 83.7052 661.5878 Tm (\225)Tj 13 0 0 13 89.9142 661.5878 Tm ( )Tj 0.025 Tc 13 0 3.4833 13 112.0517 661.5878 Tm (Organizational Efficiency Improvement:)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 13 0 0 13 113.3858 629.5878 Tm [(Optimized)12.6 ( workforce)12.7 ( structure)12.7 ( and)12.7 ( redesigned)12.7 ( job)12.7 ( value)12.7 ( to)12.7 ( scientifically)21 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.231 Td (control labor costs; enhanced ful)Tj -0.025 Tw (l-c)Tj 0.066 Tw (ycle equipment management and refined )Tj 0 Tw 0 -1.231 Td (control systems to ensure stable and efficient production operations.)Tj /T1_1 1 Tf -0.025 Tw -4.361 -2.462 Td (2.)Tj 0 Tc 0 Tw ( )Tj 0.032 Tc 0.076 Tw 2.18 0 Td [(Overseas)7 ( )0.5 (subsidiaries)7 ( )0.5 (maintained)7 ( )0.5 (positive)7 ( )0.5 (operations,)7 ( )0.5 (further)7 ( )0.5 (consolidating)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (\223Going Global\224 achievements)Tj /T1_0 1 Tf 0.015 Tw 0 -2.462 Td (In the first half of 2025, the Company advanced its \223Going Global\224\ strategy, with )Tj 0.041 Tc 0.07 Tw 0 -1.231 Td [(overseas)12.3 ( subsidiaries)12.2 ( maintaining)12.2 ( solid)12.2 ( operations,)12.2 ( steady)12.2 ( growth)12.2 ( in)12.2 ( operating)16 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (results, and orderly progress in investment and construction projects:)Tj /T1_1 1 Tf 0 Tc 13 0 3.4833 13 83.7052 453.5878 Tm (\225)Tj 13 0 0 13 89.9142 453.5878 Tm ( )Tj 0.025 Tc 0.065 Tw 13 0 3.4833 13 112.0517 453.5878 Tm (Nigeria company: Profitability remained stable with steadily improving )Tj 0 Tw 0.33 -1.231 Td (market competitiveness)Tj /T1_0 1 Tf 0.07 Tc 0.07 Tw 13 0 0 13 113.3858 405.5878 Tm [(Facing)12.6 ( naira)12.7 ( exchang)]TJ -0.07 Tw (e-r)Tj 0.07 Tw [(ate)12.7 ( volatility)12.6 ( and)12.6 ( the)12.6 ( competitive)12.6 ( pressure)12.6 ( of)45 ( )]TJ 0.037 Tc -0.037 Tw 0 -1.231 Td (lo)Tj (w-p)Tj 0.071 Tw [(riced)12 ( )0.5 (imported)12 ( )0.5 (glass,)12 ( )0.5 (it)12 ( )0.5 (implemented)12 ( )0.5 (targeted)12 ( )0.5 (measures)12.1 ( )0.5 (that)12 ( )0.5 (resulted)12 ( )]TJ 0.059 Tc 0.07 Tw 0 -1.231 Td [(in)12.1 ( a)12.1 ( substantial)12.1 ( increase)12.1 ( in)12.1 ( net)12.1 ( profit,)12.1 ( with)12.1 ( consolidated)12.1 ( gross)12.1 ( margins)34 ( )]TJ 0.043 Tc 0 -1.231 Td [(among)12.6 ( the)12.6 ( industry)12.5 ( leaders;)12.6 ( leveraging)12.6 ( a)12.6 ( localized)12.6 ( warehousing)12.6 ( network,)18 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(i)0.5 (t)4 ( )0.6 (e)0.5 (n)0.6 (h)0.5 (a)0.6 (n)0.5 (c)0.6 (e)0.5 (d)4 ( )0.5 (m)0.6 (a)0.6 (r)0.5 (k)0.6 (e)0.5 (t)4 ( )0.5 (p)0.6 (e)0.5 (n)0.6 (e)0.5 (t)0.6 (r)0.5 (a)0.6 (t)0.6 (i)0.5 (o)0.5 (n)0.6 (,)4 ( )0.5 (r)0.6 (e)0.5 (s)0.6 (p)0.5 (o)0.6 (n)0.5 (d)0.6 (e)0.5 (d)4 ( )0.5 (f)0.6 (l)0.5 (e)0.6 (x)0.5 (i)0.6 (b)0.5 (l)0.6 (y)4 ( )0.5 (t)0.5 (o)4 ( )0.5 (s)0.6 (h)0.5 (i)0.6 (p)0.5 (p)0.6 (i)0.5 (n)0.6 (g)4 ( )0.5 (d)0.5 (i)0.6 (s)0.5 (r)0.6 (u)0.5 (p)0.6 (t)0.5 (i)0.6 (o)0.5 (n)0.6 (s)0.5 (,)4 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(optimized)12.2 ( logistics)12.3 ( layouts,)12.2 ( and)12.2 ( deepened)12.2 ( customer)12.2 ( service)12.3 ( and)12.2 ( technical)17 ( )]TJ 0.097 Tc 0 -1.231 Td [(collaboration;)12.6 ( and)12.6 ( by)12.6 ( advancing)12.6 ( wast)]TJ -0.097 Tw (e-h)Tj 0.07 Tw [(eat)12.6 ( power)12.7 ( generation)12.6 ( and)72 ( )]TJ 0.024 Tc -0.024 Tw 0 -1.231 Td (petroleu)Tj (m-c)Tj 0 Tw [(oke substitution projects, it will anticipate a significant reduction)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (in fuel and electricity costs.)Tj ET endstream endobj 82 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (24)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.042 Tw 13 0 0 13 56.6929 773.5878 Tm [(In )0.5 (terms )0.5 (of fuels, )0.5 (in )0.5 (the )0.5 (first half )0.5 (of )0.5 (2025, )0.5 (domestic )0.5 (pipeline )0.5 (gas )0.5 (supply was )0.5 (sufficient )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(and)12.8 ( LNG)12.8 ( prices)12.8 ( remained)12.8 ( competitive,)12.8 ( driving)12.8 ( continuous)12.8 ( declines)12.8 ( in)12.8 ( domestic)12.8 ( gas)15 ( )]TJ 0.025 Tc 0.06 Tw 0 -1.231 Td (prices. The petroleum coke market, however, fluctuated upward within a r\ ange due to )Tj 0 Tw 0 -1.231 Td (port inventory pressure and uncertainty in tariff policies.)Tj /T1_1 1 Tf 0 -2.462 Td (MAJOR WORKS IN THE FIRST HALF OF 2025)Tj /T1_0 1 Tf 0.024 Tc 0 -2.462 Td [(In the first half of 2025, facing unp)0.5 (rece)0.5 (dented market challenge)0.5 (s a)0.5 (nd a volatile exte)0.5 (rnal)-1 ( )]TJ 0.027 Tc 0.081 Tw 0 -1.231 Td [(environment,)2 ( )0.5 (the)2 ( Company)1.9 ( )0.5 (continued)2 ( )0.5 (to)2 ( adhere)2 ( )0.5 (to)2 ( )0.5 (the)2 ( )0.5 (strategic)2 ( )0.5 (guidance)1.9 ( )0.5 (of)2 ( )0.5 (its)2 ( )0.5 (major)2 ( )]TJ 0.029 Tc 0.079 Tw 0 -1.231 Td [(shareholders)4 ( )0.5 (and)4 ( )0.5 (earnestly)4 ( )0.5 (pursued)4 ( )0.5 (the)4 ( )0.5 (mediu)]TJ 0.025 Tc -0.025 Tw [(m)-4 (- )]TJ 0.029 Tc 0.079 Tw 21.418 0 Td [(and)4 ( )0.5 (lon)]TJ -0.029 Tw (g-t)Tj 0.079 Tw [(erm)4 ( )0.5 (development)4 ( )0.5 (strategy)4 ( )]TJ 0.045 Tc 0.07 Tw -21.418 -1.231 Td [(o)0.5 (f)12.9 ( )0.5 (\223)0.5 (O)0.5 (rg)0.5 (a)0.5 (n)0.5 (ic)13 ( )0.5 (G)0.5 (ro)0.5 (w)0.5 (t)0.5 (h,)13 ( )0.5 (M&)0.5 (A)13 ( )0.5 (Gr)0.5 (o)0.5 (w)0.5 (th)0.5 (,)13 ( a)0.5 (n)0.5 (d)13 ( G)0.5 (o)0.5 (in)0.5 (g)13 ( G)0.5 (l)0.5 (o)0.5 (ba)0.5 (l)0.5 (\224)0.5 (.)12.9 ( )0.5 (W)0.5 (it)0.5 (h)13 ( p)0.5 (e)0.5 (r)0.5 (fo)0.5 (r)0.5 (m)0.5 (an)0.5 (c)0.5 (e)13 ( g)0.5 (r)0.5 (ow)0.5 (t)0.5 (h)20 ( )]TJ 0.042 Tc 0 -1.231 Td [(as)12.7 ( the)12.8 ( core)12.8 ( objective,)12.7 ( the)12.8 ( Company)12.7 ( carried)12.8 ( out)12.7 ( a)12.8 ( series)12.8 ( of)12.8 ( key)12.8 ( initiatives)12.8 ( under)12.8 ( the)17 ( )]TJ 0.028 Tc 0.08 Tw 0 -1.231 Td [(themes)3 ( )0.5 (of)3 ( )0.5 (\223coordinated)3 ( )0.5 (breakthroughs,)3 ( )0.5 (overseas)3.1 ( )0.5 (expansion,)3 ( )0.5 (technological)3 ( )0.5 (innovation,)3 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (performanc)Tj (e-d)Tj 0 Tw (riven culture, compliance management )Tj -0.025 Tw (and)Tj 0 Tw ( branding\224.)Tj /T1_1 1 Tf -0.025 Tw 0 -2.462 Td (1.)Tj 0 Tc 0 Tw ( )Tj 0.053 Tc 0.07 Tw 2.181 0 Td [(Advancing)12.2 ( the)12.2 ( \223Three)12.2 ( Key)12.1 ( Initiatives\224)12.2 ( to)12.1 ( consolidate)12.2 ( the)12.2 ( foundation)12.2 ( for)28 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (counte)Tj (r-c)Tj 0 Tw (yclical growth)Tj /T1_0 1 Tf 0.074 Tc 0.07 Tw 0 -2.462 Td [(The)12.7 ( Company)12.6 ( focused)12.6 ( on)12.7 ( three)12.6 ( initiatives:)12.6 ( \223cash)12.6 ( flow)12.6 ( improvement,)12.7 ( cost)49 ( )]TJ 0.06 Tc 0 -1.231 Td [(reduction,)12.9 ( and)12.8 ( loss)12.9 ( management\224,)12.8 ( unified)12.9 ( measures)12.9 ( for)12.9 ( \223cost)12.9 ( reduction)12.8 ( and)35 ( )]TJ 0.025 Tc 0.056 Tw 0 -1.231 Td (expense control\224 were rolled out, and each base tailored detailed imp\ lementation )Tj 0 Tw 0 -1.231 Td (according to actual circumstances, achieving significant results:)Tj /T1_1 1 Tf 0 Tc 13 0 3.4833 13 83.7052 405.5878 Tm (\225)Tj 13 0 0 13 89.9142 405.5878 Tm ( )Tj 0.025 Tc 13 0 3.4833 13 112.0517 405.5878 Tm (Energy Management)Tj /T1_0 1 Tf 0.052 Tc 0.07 Tw 13 0 0 13 113.3858 373.5878 Tm [(Expanded)12.2 ( premium)12.2 ( supply)12.3 ( channels)12.2 ( through)12.2 ( marke)]TJ -0.052 Tw (t-b)Tj 0.07 Tw [(ased)12.2 ( negotiations,)27 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.231 Td (coupled with technological upgrades to reduce both energy consumption an\ d )Tj -0.025 Tw 0 -1.231 Td (costs.)Tj /T1_1 1 Tf 0 Tc 0 Tw 13 0 3.4833 13 83.7052 309.5878 Tm (\225)Tj 13 0 0 13 89.9142 309.5878 Tm ( )Tj 0.025 Tc 13 0 3.4833 13 112.0517 309.5878 Tm (Production Operations)Tj /T1_0 1 Tf 0.028 Tc 0.08 Tw 13 0 0 13 113.3858 277.5878 Tm [(Implemented)3 ( )0.5 (lean)3 ( )0.5 (production)3 ( )0.5 (management,)3 ( )0.5 (continuously)3 ( )0.5 (optimized)3 ( )0.6 (process)3.1 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(parameters,)12.5 ( upgraded)12.5 ( equipment)12.6 ( technology,)12.5 ( and)12.6 ( systematically)12.6 ( unlocked)15 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (cos)Tj (t-r)Tj 0 Tw (eduction potential across the value chain.)Tj /T1_1 1 Tf 0 Tc 13 0 3.4833 13 83.7052 213.5878 Tm (\225)Tj 13 0 0 13 89.9143 213.5878 Tm ( )Tj 0.025 Tc 13 0 3.4833 13 112.0517 213.5878 Tm (Product Portfolio Optimization)Tj /T1_0 1 Tf 0.061 Tc 0.07 Tw 13 0 0 13 113.3858 181.5878 Tm [(Fo)0.5 (cu)0.5 (se)0.5 (d)12.9 ( )0.5 (on)13 ( a)13 ( h)0.5 (ig)0.5 (h)12.9 ( v)0.5 (al)0.5 (u)]TJ -0.061 Tw [(e)0.5 (-a)]TJ 0.07 Tw 12.242 0 Td [(dd)0.5 (ed)13 ( p)0.5 (ro)0.5 (duc)0.5 (t)12.9 ( )0.5 (st)0.5 (ra)0.5 (te)0.5 (gy)0.5 (,)12.9 ( )0.5 (dy)0.5 (nam)0.5 (ic)0.5 (a)0.5 (lly)13 ( a)0.5 (dj)0.5 (ust)0.5 (ed)36 ( )]TJ 0.024 Tc 0 Tw -12.242 -1.231 Td [(production line configurations and product specifications, achieving eff\ icient)-1 ( )]TJ 0.025 Tc 0 -1.231 Td (resource allocations.)Tj ET endstream endobj 81 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (23)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm (BUSINESS REVIEW)Tj -0.025 Tw 0 -2.462 Td (Overview)Tj /T1_0 1 Tf 0.015 Tw 0 -2.462 Td (The Group currently owns 15 float glass production lines with a daily me\ lting capacity )Tj 0.047 Tc 0.07 Tw 0 -1.231 Td [(of)12.3 ( 8)12.3 (,)12.4 (2)12.4 (0)12.3 (0)12.4 ( tons.)12.3 ( As)12.4 ( of)12.3 ( June)12.4 ( 3)12.4 (0)12.4 (,)12.3 ( 2)12.3 (0)12.4 (2)12.3 (5)12.4 (,)12.4 ( 1)12.4 (1)12.4 ( lines)12.3 ( were)12.4 ( in)12.4 ( operation,)12.4 ( while)12.3 ( 4)12.4 ( lines)12.3 ( were)22 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (no)Tj (n-o)Tj 0.047 Tw (perational and scheduled for cold repair, technological renovation, or r\ elocations, )Tj 0.079 Tw 0 -1.231 Td (subject to availability. cold repair, technological upgrades, or relocat\ ion. The product )Tj 0.051 Tc 0.07 Tw 0 -1.231 Td [(portfolio)12.4 ( includes)12.4 ( clear)12.4 ( glass,)12.4 ( painted)12.4 ( glass,)12.4 ( coated)12.4 ( glass,)12.4 ( energ)]TJ -0.051 Tw (y-s)Tj 0.07 Tw [(aving)12.4 ( and)12.4 ( new)26 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(e)0.5 (n)0.6 (e)0.6 (r)0.5 (g)0.5 (y)10 ( )0.5 (g)0.6 (l)0.5 (a)0.6 (s)0.5 (s)0.6 (,)10 ( )0.5 (w)0.5 (h)0.6 (i)0.5 (c)0.6 (h)10 ( )0.5 (a)0.6 (r)0.5 (e)10 ( )0.5 (w)0.6 (i)0.5 (d)0.6 (e)0.5 (l)0.6 (y)9.9 ( )0.6 (u)0.5 (s)0.5 (e)0.6 (d)10 ( )0.5 (i)0.5 (n)10.1 ( )0.5 (c)0.5 (o)0.5 (n)0.6 (s)0.5 (t)0.6 (r)0.5 (u)0.6 (c)0.5 (t)0.6 (i)0.5 (o)0.6 (n)0.5 (,)10 ( )0.5 (a)0.6 (u)0.5 (t)0.5 (o)0.6 (m)0.5 (o)0.6 (t)0.5 (i)0.5 (v)0.6 (e)0.5 (,)10 ( )0.5 (s)0.6 (o)0.5 (l)0.6 (a)0.5 (r)10 ( )0.5 (p)0.6 (o)0.5 (w)0.6 (e)0.5 (r)0.6 (,)10 ( )0.5 (h)0.5 (o)0.6 (m)0.5 (e)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (furnishing, and household appliances.)Tj 0.067 Tc 0.07 Tw 0 -2.462 Td [(T)0.5 (h)0.5 (e)13.1 ( )0.5 (G)0.5 (r)0.6 (o)0.5 (u)0.5 (p)13 ( )0.5 (a)0.6 (l)0.5 (s)0.5 (o)13 ( )0.6 (o)0.5 (p)0.5 (e)0.5 (r)0.6 (a)0.5 (t)0.5 (e)0.5 (s)13.1 ( )0.5 (t)0.5 (w)0.5 (o)13.1 ( )0.5 (p)0.5 (h)0.5 (o)0.5 (t)0.6 (o)0.5 (v)0.5 (o)0.5 (l)0.5 (t)0.6 (a)0.5 (i)0.5 (c)13 ( )0.5 (r)0.6 (o)0.5 (l)0.5 (l)0.5 (e)0.6 (d)13 ( )0.5 (g)0.5 (l)0.6 (a)0.5 (s)0.5 (s)13 ( )0.6 (l)0.5 (i)0.5 (n)0.5 (e)0.6 (s)13 ( )0.5 (\()0.5 (m)0.5 (a)0.6 (i)0.5 (n)0.5 (l)0.5 (y)13 ( )0.6 (p)0.5 (r)0.5 (o)0.5 (d)0.5 (u)0.6 (c)0.5 (i)0.5 (n)0.5 (g)42 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(photovoltaic)5 ( )0.5 (glass\),)5 ( )0.5 (three)5 ( )0.5 (offline)5 ( )0.5 (lo)]TJ -0.03 Tw (w-e)Tj 0.078 Tw [(mission)5 ( )0.5 (\(\223)]TJ /T1_1 1 Tf -0.03 Tw (Lo)Tj (w-E)Tj /T1_0 1 Tf 0.078 Tw [(\224\))5 ( )0.5 (coated)5 ( )0.5 (glass)5.1 ( )0.5 (lines)5 ( )0.5 (\(mainly)5 ( )]TJ 0.069 Tc 0.07 Tw 0 -1.231 Td [(producing)12.9 ( energ)]TJ -0.069 Tw (y-s)Tj 0.07 Tw [(aving)12.9 ( architectural)12.9 ( glass\),)12.9 ( five)12.9 ( solar)12.9 ( reflector)12.9 ( lines)12.9 ( \(mainly)44 ( )]TJ 0.051 Tc 0 -1.231 Td [(producing)12.5 ( concentrating)12.5 ( mirrors\),)12.5 ( as)12.5 ( well)12.5 ( as)12.5 ( one)12.5 ( specialized)12.5 ( glass)12.5 ( equipment)12.5 ( and)26 ( )]TJ 0.025 Tc 0 -1.231 Td [(technology service provider )0.5 (that )0.5 (offers production line design, equipment supply, and )]TJ 0 Tw 0 -1.231 Td (installation consulting services for downstream enterprises.)Tj 0.079 Tc 0.07 Tw 0 -2.462 Td [(Actively)12.4 ( implementing)12.4 ( the)12.4 ( \223Going)12.4 ( Global\224)12.4 ( strategy)12.4 ( and)12.4 ( pursuing)12.4 ( the)12.4 ( path)12.3 ( of)54 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (\223globalization\224, the Group has established its industrial layout i\ n glass manufacturing )Tj 0.038 Tc 0.07 Tw 0 -1.231 Td [(a)0.5 (nd)13 ( e)0.5 (qu)0.5 (ip)0.5 (me)0.5 (nt)13 ( s)0.5 (up)0.5 (pl)0.5 (y)12.9 ( )0.5 (in)13 ( N)0.5 (ig)0.5 (er)0.5 (i)0.5 (a,)13 ( K)0.5 (az)0.5 (a)0.5 (kh)0.5 (st)0.5 (an)0.5 (,)12.9 ( )0.5 (a)0.5 (nd)12.9 ( )0.5 (I)0.5 (ta)0.5 (ly)0.5 (.)12.9 ( )0.5 (As)13 ( a)0.5 (n)13 ( a)0.5 (ct)0.5 (iv)0.5 (e)12.9 ( )0.5 (p)0.5 (ar)0.5 (ti)0.5 (ci)0.5 (pa)0.5 (nt)13 ( i)0.5 (n)13 ( )]TJ 0.032 Tc 0.076 Tw 0 -1.231 Td [(the)7 ( )0.5 (\223Belt)7 ( )0.5 (and)7 ( )0.5 (Road\224)7 ( )0.5 (Initiative,)7 ( )0.5 (the)7 ( )0.5 (Group)7 ( )0.5 (is)7 ( )0.5 (prioritizing)7 ( )0.5 (the)7 ( )0.5 (construction)7 ( )0.5 (progress)7 ( )0.5 (of)7 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(its)10 ( )0.5 (Egyptian)9.9 ( )0.5 (float)10 ( )0.5 (glass)10 ( )0.5 (production)10 ( )0.5 (lines)10 ( )0.5 (while)10.1 ( )0.5 (continuing)10 ( )0.5 (to)10 ( )0.5 (explore)10.1 ( )0.5 (other)10 ( )0.5 (emerging)10 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (markets with development potential.)Tj /T1_1 1 Tf 0 -2.462 Td (Production, sales and prices)Tj /T1_0 1 Tf 0.054 Tc 0.07 Tw 0 -2.462 Td [(In)12.7 ( the)12.8 ( first)12.7 ( half)12.7 ( of)12.7 ( 2)12.7 (0)12.8 (2)12.7 (5)12.7 (,)12.7 ( the)12.7 ( Group)12.7 ( produced)12.8 ( a)12.7 ( total)12.7 ( of)12.7 ( approximately)12.7 ( 2)12.7 (8)12.8 ( million)29 ( )]TJ 0.033 Tc 0.075 Tw 0 -1.231 Td [(weight)8.1 ( cases)8 ( )0.5 (of)8 ( )0.5 (various)8 ( )0.5 (types)8 ( )0.5 (of)8 ( )0.5 (glass,)8 ( )0.5 (representing)8 ( )0.5 (a)8 ( )0.5 (decrease)8 ( )0.5 (of)8 ( )0.5 (approximately)8 ( )0.5 (8)8 (%)8 ( )]TJ 0.03 Tc -0.03 Tw 0 -1.231 Td (yea)Tj (r-on-y)Tj 0.078 Tw [(ear.)5 ( )0.5 (Sales)5 ( )0.5 (volume)5 ( )0.5 (was)5 ( )0.5 (approximately)5 ( )0.5 (2)5 (5)5 ( )0.5 (million)5 ( )0.5 (weight)5 ( )0.5 (cases,)5 ( )0.5 (representing)5 ( )]TJ 0.049 Tc 0.07 Tw 0 -1.231 Td [(a)12.9 ( dec)0.5 (rease)12.9 ( of)12.9 ( appr)0.5 (oxi)0.5 (ma)0.5 (tely)12.9 ( 1)12.9 (%)12.9 ( yea)]TJ -0.049 Tw [(r)0.5 (-o)0.5 (n-y)]TJ 0.07 Tw [(ear.)12.9 ( The)12.9 ( av)0.5 (erage)12.9 ( comprehe)0.5 (nsive)12.9 ( selling)24 ( )]TJ 0.057 Tc 0 -1.231 Td [(price)12.6 ( was)12.6 ( RMB)12.5 (8)12.6 (0)12.6 ( per)12.6 ( weight)12.5 ( case,)12.5 ( representing)12.5 ( a)12.6 ( decline)12.5 ( of)12.5 ( approximately)12.6 ( 2)12.6 (0)12.5 (%)32.1 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (yea)Tj (r-on-y)Tj (ear.)Tj /T1_1 1 Tf 0 Tw 0 -2.462 Td (Prices of raw and fuel materials, and production costs)Tj /T1_0 1 Tf 0.031 Tc 0.077 Tw 0 -2.462 Td [(In)6 ( )0.5 (terms)6.1 ( )0.5 (of)6 ( )0.5 (raw)6 ( )0.5 (materials,)6 ( )0.5 (in)6 ( )0.5 (the)6 ( )0.5 (first)6.1 ( )0.5 (half)6 ( )0.5 (of)6 ( )0.5 (2)6 (0)6 (2)6 (5)6 (,)6 ( )0.5 (due)6 ( )0.6 (to)6 ( )0.5 (inventory)6 ( )0.5 (pressure)6.1 ( )0.5 (among)6 ( )]TJ 0.039 Tc 0.07 Tw 0 -1.231 Td [(soda)12.5 ( ash)12.5 ( enterprises)12.5 ( and)12.5 ( weak)12.5 ( demand)12.5 ( in)12.5 ( the)12.5 ( photovoltaic)12.6 ( industry,)12.5 ( suppl)]TJ -0.039 Tw (y-d)Tj [(emand)14 ( )]TJ 0.043 Tc 0.07 Tw 0 -1.231 Td [(conditions)12.7 ( in)12.8 ( the)12.8 ( soda)12.7 ( ash)12.7 ( sector)12.7 ( remained)12.7 ( loose,)12.7 ( leading)12.8 ( to)12.7 ( overall)12.7 ( price)12.8 ( declines.)18 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(Average)12 ( )0.5 (procurement)12 ( )0.5 (costs)12 ( )0.5 (were)12.1 ( )0.5 (lower)12 ( )0.5 (than)12 ( )0.5 (those)12 ( )0.5 (of)12 ( )0.5 (the)12 ( )0.5 (previous)12 ( )0.5 (year.)12 ( )0.5 (For)12 ( )0.5 (mineral)12 ( )]TJ 0.053 Tc 0.07 Tw 0 -1.231 Td [(raw)12.8 ( materials,)12.8 ( weak)12.8 ( demand)12.8 ( led)12.8 ( to)12.8 ( lo)]TJ -0.053 Tw (w-l)Tj 0.07 Tw [(evel)12.8 ( price)12.8 ( fluctuations.)12.8 ( However,)12.8 ( due)12.9 ( to)28.1 ( )]TJ 0.025 Tc 0.071 Tw 0 -1.231 Td (shortages of regional sand mine resources, transportation costs of certa\ in mineral raw )Tj 0 Tw 0 -1.231 Td (materials increased, pushing up procurement prices.)Tj ET endstream endobj 80 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (22)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm (MANAGEMENT DISCUSSION AND ANALYSIS)Tj 0 -2.462 Td (MARKET REVIEW)Tj /T1_0 1 Tf 0.066 Tc 0.07 Tw 0 -2.462 Td [(In)12.7 ( the)12.8 ( first)12.7 ( half)12.7 ( of)12.8 ( 2)12.7 (0)12.8 (2)12.7 (5)12.8 (,)12.7 ( under)12.8 ( the)12.7 ( combined)12.8 ( influence)12.8 ( of)12.7 ( ongoing)12.8 ( geopolitical)41 ( )]TJ 0.064 Tc 0 -1.231 Td [(c)0.6 (o)0.5 (n)0.5 (f)0.6 (l)0.5 (i)0.5 (c)0.6 (t)0.5 (s)13.1 ( )0.5 (a)0.6 (n)0.5 (d)13 ( )0.6 (v)0.5 (o)0.6 (l)0.5 (a)0.6 (t)0.5 (i)0.5 (l)0.6 (e)13 ( )0.6 (U)0.5 (.)13.1 ( )0.5 (S)0.5 (.)13.1 ( )0.5 (t)0.6 (r)0.5 (a)0.6 (d)0.5 (e)13 ( )0.6 (p)0.5 (o)0.6 (l)0.5 (i)0.5 (c)0.6 (i)0.5 (e)0.6 (s)0.5 (,)13.1 ( )0.5 (t)0.5 (h)0.6 (e)13 ( )0.6 (g)0.5 (l)0.5 (o)0.6 (b)0.5 (a)0.6 (l)13 ( )0.6 (e)0.5 (c)0.6 (o)0.5 (n)0.5 (o)0.6 (m)0.5 (y)13 ( )0.6 (f)0.5 (a)0.6 (c)0.5 (e)0.6 (d)13 ( )0.6 (d)0.5 (o)0.5 (w)0.6 (n)0.5 (w)0.6 (a)0.5 (r)0.6 (d)39 ( )]TJ 0.025 Tc 0.066 Tw 0 -1.231 Td (pressure, with international trade and investment environments tightenin\ g. Investment )Tj 0.057 Tc 0.07 Tw 0 -1.231 Td [(in)12.1 ( sustainable)12.1 ( development)12.1 ( and)12.1 ( cros)]TJ -0.057 Tw (s-b)Tj 0.07 Tw [(order)12.1 ( project)12.1 ( financing)12.1 ( declined.)12.1 ( Against)32 ( )]TJ 0.037 Tc 0.071 Tw 0 -1.231 Td [(this)12 ( )0.5 (backdrop,)12 ( )0.5 (the)12 ( )0.5 (Chinese)12 ( )0.5 (government)12 ( )0.5 (maintained)12 ( )0.5 (policy)12 ( )0.5 (consistency,)12 ( )0.5 (continuously)12 ( )]TJ 0.025 Tc 0.067 Tw 0 -1.231 Td (reinforced macroeconomic regulation, optimized the competitive market en\ vironment, )Tj 0.042 Tw 0 -1.231 Td (and promoted steady economic growth through flexible measures and forwar\ )Tj -0.025 Tw (d-l)Tj (ooking )Tj 0 -1.231 Td (planning.)Tj 0.036 Tc 0.072 Tw 0 -2.462 Td [(The)11 ( )0.5 (domestic)11 ( )0.5 (market)11 ( )0.5 (exhibited)11 ( )0.5 (structural)11 ( )0.5 (divergence:)11 ( )0.5 (the)11 ( )0.6 (recovery)11 ( )0.5 (of)11 ( )0.5 (the)11 ( )0.5 (real)11 ( )0.5 (estate)11 ( )]TJ 0.044 Tc 0.07 Tw 0 -1.231 Td [(sector)12.7 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months but less than 6 months)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (54,275)Tj /T1_0 1 Tf 7.632 0 Td (60,161)Tj 0 Tw -32.013 -1.231 Td (More than 6 months but less than 1 year)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (61,229)Tj /T1_0 1 Tf 8.157 0 Td (6,768)Tj 0 Tw -32.538 -1.231 Td (Over 1 year)Tj /T1_1 1 Tf -0.025 Tw 24.381 0 Td (15,258)Tj /T1_0 1 Tf 7.632 0 Td (18,034)Tj ET 0.5 w q 1 0 0 1 351.4961 178.1379 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 432.2201 179.5389 Tm ( )Tj ET q 1 0 0 1 450.7086 178.1379 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 179.5389 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -10.482 -2.462 Td (389,700)Tj /T1_0 1 Tf 7.632 0 Td (334,396)Tj ET 2.5 w q 1 0 0 1 351.4961 141.9744 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4961 138.6419 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 432.2201 139.8754 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7087 141.9744 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7087 138.6419 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 139.8754 Tm ( )Tj ET endstream endobj 92 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (14)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT 0.058 Tw 13 0 0 13 85.0394 773.5878 Tm (The subsidiaries of the Group established in the Chinese Mainland are su\ bject to )Tj 0.028 Tc 0.08 Tw 0 -1.231 Td [(the)3 ( )0.5 (People\222s)3 ( )0.5 (Republic)3 ( )0.5 (of)3 ( )0.5 (China)3 ( )0.5 (\(the)3 ( )0.5 (\223PRC\224\))3 ( )0.5 (Corporate)3 ( )0.5 (Income)3 ( )0.6 (Tax)3 ( )0.5 (rate)3 ( )0.5 (of)3.1 ( )0.5 (2)3 (5)3 (%)3 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (for the six months ended 30 June 2025 \(six months ended 30 June 2024: 2\ 5%\).)Tj 0.032 Tc 0.076 Tw 0 -2.462 Td [(Certain)7 ( )0.5 (subsidiaries)7 ( )0.5 (of)7 ( )0.5 (the)7.1 ( )0.5 (Group)7 ( )0.5 (established)7 ( )0.5 (in)7 ( )0.5 (the)7 ( )0.5 (Chinese)7.1 ( )0.5 (Mainland)7 ( )0.5 (obtained)7 ( )]TJ 0 -1.231 Td [(approval)7 ( )0.5 (from)7 ( )0.5 (the)7 ( )0.5 (tax)7 ( )0.5 (bureau)6.9 ( )0.6 (to)7 ( )0.5 (be)7 ( )0.5 (taxed)7 ( )0.5 (as)7 ( )0.5 (enterprises)7 ( )0.5 (with)7 ( )0.5 (advanced)7 ( )0.5 (and)7 ( )0.5 (new)7 ( )]TJ 0.026 Tc 0.082 Tw 0 -1.231 Td [(technologies,)1 ( )0.5 (and)1 ( )0.5 (therefore)1 ( )0.5 (enjoy)1 ( )0.5 (a)1 ( )0.5 (preferential)1 ( )0.5 (PRC)1.1 ( )0.5 (Corporate)1 ( )0.5 (Income)1 ( )0.5 (Tax)1 ( )0.5 (rate)1 ( )]TJ 0.04 Tc 0.07 Tw 0 -1.231 Td [(of)12.8 ( 1)12.7 (5)12.8 (%)12.7 ( for)12.8 ( a)12.8 ( period)12.8 ( of)12.7 ( three)12.8 ( years,)12.8 ( commencing)12.8 ( in)12.7 ( either)12.7 ( 2)12.7 (0)12.8 (2)12.7 (3)12.8 ( or)12.8 ( 2)12.8 (0)12.7 (2)12.8 (4)12.7 (.)12.8 ( These)15 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.231 Td (subsidiaries are also entitled to an additional tax deductible allowance\ amounting )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(to)12.4 ( 1)12.4 (0)12.3 (0)12.3 (%)12.4 ( of)12.3 ( the)12.4 ( qualified)12.3 ( research)12.4 ( and)12.4 ( development)12.4 ( costs)12.3 ( incurred)12.4 ( for)12.3 ( the)12.4 ( six)23.9 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (months ended 30 June 2025 and 2024.)Tj 0.024 Tc 0 -2.462 Td [(Subsidiaries of the Group incorporated in Nigeria are subject to Nigeria\ Corporate)-1 ( )]TJ 0 -1.231 Td [(Income Tax rate of 30% for the six months ended 30 June 2025 \(six month\ s ended)-1 ( )]TJ 0.025 Tc 0.036 Tw 0 -1.231 Td (30 June 2024: 30%\). One of the Nigerian subsidiaries of the Group is es\ tablished )Tj 0.058 Tc 0.07 Tw 0 -1.231 Td [(in)12.5 ( the)12.5 ( Nigerian)12.5 ( Export)12.4 ( Processing)12.5 ( Zone)12.5 ( and)12.4 ( is)12.5 ( exempted)12.5 ( from)12.5 ( all)12.5 ( corporate)33 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (income taxes.)Tj 0.033 Tc 0.075 Tw 0 -2.462 Td [(A)8 ( )0.5 (subsidiary)8 ( )0.5 (of)8 ( )0.5 (the)8 ( )0.5 (Group)8 ( )0.5 (incorporated)8 ( )]TJ 17.691 0 Td [(in)8 ( )0.5 (Kazakhstan)8 ( )0.5 (is)8 ( )0.5 (subject)8 ( )0.5 (to)8 ( )0.5 (Kazakhstan)8 ( )]TJ 0.062 Tc 0.07 Tw -17.691 -1.231 Td [(Corporate)12.5 ( Income)12.5 ( Tax)12.4 ( rate)12.5 ( of)12.5 ( 2)12.5 (0)12.4 (%)12.4 ( This)12.5 ( subsidiary)12.4 ( obtained)12.5 ( approval)12.4 ( from)37 ( )]TJ 0.055 Tc 0 -1.231 Td [(the)12.9 ( Kazakhstan\222s)12.9 ( government)12.9 ( in)12.9 ( the)12.9 ( exemption)12.9 ( for)12.9 ( corporate)12.9 ( income)12.9 ( tax)12.9 ( for)30 ( )]TJ 0.063 Tc 0 -1.231 Td [(the)12.3 ( period)12.3 ( from)12.3 ( 2)12.3 (0)12.3 (1)12.3 (6)12.3 ( to)12.3 ( 2)12.3 (0)12.2 (2)12.3 (5)12.3 ( as)12.2 ( a)12.3 ( preferential)12.3 ( tax)12.3 ( arrangement)12.3 ( for)12.3 ( foreign)38 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (investments.)Tj 0.052 Tc 0.07 Tw 0 -2.462 Td [(A)12.1 ( subsidiary)12.1 ( of)12.1 ( the)12.2 ( Group)12.1 ( incorporated)12.1 ( in)12.1 ( Italy)12.2 ( is)12.2 ( subject)12.1 ( to)12.1 ( Italy)12.2 ( Corporate)27 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Income Tax rate of 27.9% \(six months ended 30 June 2024: 27.9%\).)Tj /T1_1 1 Tf -0.025 Tw -2.181 -2.462 Td (8 )Tj 2.181 0 Td (LOSS)Tj 0 Tw ( PER SHARE)Tj -0.025 Tw 0 -2.462 Td (\(a\))Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 2.181 0 Td (Basic loss per share)Tj /T1_0 1 Tf 0.046 Tc 0.07 Tw 0 -2.462 Td [(T)0.6 (h)0.5 (e)13.1 ( )0.5 (c)0.6 (a)0.5 (l)0.6 (c)0.5 (u)0.6 (l)0.5 (a)0.6 (t)0.5 (i)0.6 (o)0.5 (n)13.1 ( )0.5 (o)0.5 (f)13.1 ( )0.6 (b)0.5 (a)0.6 (s)0.5 (i)0.5 (c)13.1 ( )0.6 (l)0.5 (o)0.5 (s)0.6 (s)13 ( )0.6 (p)0.5 (e)0.6 (r)13 ( )0.6 (s)0.6 (h)0.5 (a)0.6 (r)0.5 (e)13.1 ( )0.5 (f)0.6 (o)0.5 (r)13.1 ( )0.5 (t)0.6 (h)0.5 (e)13.1 ( )0.5 (s)0.6 (i)0.5 (x)13 ( )0.6 (m)0.6 (o)0.5 (n)0.5 (t)0.6 (h)0.5 (s)13.1 ( )0.5 (e)0.6 (n)0.5 (d)0.6 (e)0.5 (d)13.1 ( )0.5 (3)13.1 (0)13 ( )0.6 (J)0.5 (u)0.6 (n)0.5 (e)21 ( )]TJ 0.068 Tc 0 -1.231 Td [(2)12.8 (0)12.7 (2)12.8 (5)12.8 ( is)12.8 ( based)12.7 ( on)12.7 ( the)12.8 ( loss)12.8 ( attributable)12.8 ( to)12.8 ( ordinary)12.8 ( equity)12.8 ( shareholders)42.9 ( )]TJ 0.062 Tc 0 -1.231 Td [(of)12.8 ( the)12.8 ( Company)12.8 ( of)12.8 ( RMB)12.7 (2)12.8 (5)12.8 (8)]TJ 0.049 Tc -0.049 Tw 13.161 0 Td (,451,000)Tj 0.062 Tc 0.07 Tw [( \(six)12.8 ( months)12.8 ( ended)12.8 ( 3)12.8 (0)12.8 ( June)12.8 ( 2)12.7 (0)12.8 (2)12.8 (4)12.8 (:)37 ( )]TJ 0.081 Tc -13.161 -1.231 Td [(loss)12.7 ( attributable)12.7 ( to)12.8 ( ordinary)12.7 ( equity)12.7 ( shareholders)12.7 ( of)12.7 ( the)12.7 ( Company)12.7 ( of)56 ( )]TJ 0.047 Tc 0.083 Tw 0 -1.231 Td [(R)-12.8 (M)-12.8 (B119,006,000\) a)-12.9 (n)-12.8 (d t)-12.8 (h)-12.8 (e w)-12.8 (e)-12.8 (i)-12.8 (g)-12.8 (h)-12.8 (t)-12.8 (e)-12.8 (d a)-12.8 (v)-12.8 (e)-12.8 (r)-12.8 (a)-12.8 (g)-12.8 (e o)-12.8 (f 1,684,218,000 o)-12.8 (r)-12.8 (d)-12.8 (i)-12.8 (n)-12.8 (a)-12.8 (r)-12.8 (y)22 ( )]TJ 0.07 Tw 0 -1.231 Td [(shares)12.4 ( \(after)12.4 ( taken)12.4 ( into)12.4 ( account)12.5 ( the)12.5 ( ordinary)12.4 ( shares)12.4 ( held)12.5 ( under)12.4 ( the)12.5 ( share)22 ( )]TJ 0.039 Tc 0 -1.231 Td [(award)12.9 ( scheme)12.8 ( as)12.8 ( defined)12.9 ( in)12.9 ( Note)12.9 ( 1)12.8 (3)12.9 (\(b\)\))12.9 ( \(six)12.9 ( months)12.9 ( ended)12.8 ( 3)12.8 (0)12.9 ( June)12.8 ( 2)12.9 (0)12.8 (2)12.9 (4)12.9 (:)13.9 ( )]TJ 0.025 Tc 0.018 Tw 0 -1.231 Td (1,684,218,000 ordinary shares\) in issue during the six months ended 30 \ June )Tj -0.025 Tw 0 -1.231 Td (2025.)Tj /T1_1 1 Tf -2.181 -2.462 Td (\(b\))Tj 0 Tc 0 Tw ( )Tj 0.025 Tc 2.181 0 Td (Diluted loss per share)Tj /T1_0 1 Tf 0.048 Tc 0.07 Tw 0 -2.462 Td [(There)12.4 ( are)12.4 ( no)12.4 ( dilutive)12.4 ( potential)12.4 ( shares)12.5 ( outstanding)12.5 ( during)12.4 ( the)12.4 ( six)12.5 ( months)23 ( )]TJ 0.02 Tc 0 Tw 0 -1.231 Td [(ended 30 June 2025 and 2024. Hence, the diluted loss per share is the sa\ me as)-5 ( )]TJ 0.025 Tc 0 -1.231 Td (the basic loss per share for the six months ended 30 June 2025 and 2024.\ )Tj ET endstream endobj 91 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (13)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 85.0394 773.5878 Tm [(\(b\) )-608.5 (Other items)]TJ 22.939 -2.385 Td (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.154 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 712.5878 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 113.3858 682.5878 Tm (Cost of inventories)Tj /T1_1 1 Tf -0.025 Tw 21.966 0 Td (1,917,425)Tj /T1_0 1 Tf 6.541 0 Td (2,413,143)Tj 0 Tw -28.507 -1.154 Td (Depreciation and amortisation charge:)Tj 0.85 -1.154 Td (\226 property, plant and )Tj -0.025 Tw (equipment)Tj /T1_1 1 Tf 21.916 0 Td (331,142)Tj /T1_0 1 Tf 6.541 0 Td (302,824)Tj 0 Tw -28.457 -1.154 Td (\226 investment propert)Tj -0.025 Tw (ies)Tj /T1_1 1 Tf 22.966 0 Td (1,424)Tj /T1_0 1 Tf 6.541 0 Td (1,383)Tj 0 Tw -29.507 -1.154 Td (\226 right-of-use assets)Tj /T1_1 1 Tf -0.025 Tw 22.441 0 Td (13,058)Tj /T1_0 1 Tf 6.541 0 Td (13,715)Tj -28.982 -1.154 Td (\226 )Tj 0 Tw 0.8 0 Td (intangible assets)Tj /T1_1 1 Tf -0.025 Tw 22.166 0 Td (8,778)Tj /T1_0 1 Tf 6.541 0 Td (9,221)Tj 0 Tw -30.357 -1.154 Td (Impairment losses on property, plant and )Tj -0.025 Tw 0.85 -1.154 Td (equipment)Tj /T1_1 1 Tf 0 Tc 0 Tw 24.816 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.166 0 Td (12,864)Tj 0 Tw -29.832 -1.154 Td (Research and development costs \(other than )Tj 0.85 -1.154 Td (capitalised costs and related amortisation\))Tj /T1_1 1 Tf -0.025 Tw 22.441 0 Td (14,685)Tj /T1_0 1 Tf 6.541 0 Td (11,621)Tj ET 0 0 0 1 K 2.5 w q 1 0 0 1 379.8425 542.0233 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 538.6907 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 446.3933 539.9243 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 542.0233 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 538.6907 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 539.9243 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -36.518 -2.335 Td [(7 )-1380.5 (INCOME TAX)]TJ 25.119 -2.385 Td (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.154 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 448.5753 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0393 418.5753 Tm (Current taxation:)Tj /T1_1 1 Tf 0 -1.154 Td (The Chinese Mainland)Tj /T1_0 1 Tf -0.025 Tw 0.85 -1.154 Td (\226 )Tj 0 Tw 0.8 0 Td (Provision for the period)Tj /T1_1 1 Tf -0.025 Tw 23.821 0 Td (25,780)Tj /T1_0 1 Tf 7.066 0 Td (9,318)Tj -31.688 -1.154 Td (\226 )Tj 0.8 0 Td (Under/\(over)Tj (\)-p)Tj 0 Tw (rovision in respect of prior years)Tj /T1_1 1 Tf -0.025 Tw 25.146 0 Td (109)Tj /T1_0 1 Tf 6.158 0 Td (\(118\))Tj ET 0.5 w q 1 0 0 1 379.8424 369.1652 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1731 370.5662 Tm ( )Tj ET q 1 0 0 1 464.8818 369.1652 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2125 370.5662 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.311 -2.308 Td (25,889)Tj /T1_0 1 Tf 7.066 0 Td (9,200)Tj -32.538 -2.308 Td (Overseas)Tj 0.85 -1.154 Td (\226 )Tj 0 Tw 0.8 0 Td (Provision for the period)Tj /T1_1 1 Tf -0.025 Tw 24.346 0 Td (3,754)Tj /T1_0 1 Tf 6.541 0 Td (4,920)Tj ET q 1 0 0 1 379.8424 291.1561 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1731 292.5571 Tm ( )Tj ET q 1 0 0 1 464.8818 291.1561 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2125 292.5571 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.311 -2.308 Td (29,643)Tj /T1_0 1 Tf 6.541 0 Td (14,120)Tj 0 Tw -32.013 -1.154 Td (Deferred taxation)Tj 0.016 Tc -0.016 Tw 0.85 -1.154 Td (\226 )Tj 0 Tw 0.781 0 Td (Origination and reversal of temporary differences)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 23.649 0 Td (\(1,342\))Tj /T1_0 1 Tf 6.349 0 Td (\(27,104\))Tj ET q 1 0 0 1 379.8424 228.147 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1731 229.548 Tm ( )Tj ET q 1 0 0 1 464.8818 228.147 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2125 229.548 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.311 -2.308 Td (28,301)Tj /T1_0 1 Tf 6.158 0 Td (\(12,984\))Tj ET 2.5 w q 1 0 0 1 379.8424 193.9835 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8424 190.651 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1731 191.8845 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8818 193.9835 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8818 190.651 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2125 191.8845 Tm ( )Tj 0.072 Tc 0.07 Tw -28.783 -2.335 Td [(The)12.8 ( Company)12.8 ( incorporated)12.8 ( in)12.8 ( Bermuda)12.8 ( and)12.8 ( the)]TJ 22.522 0 Td [( subsidiaries)12.8 ( of)12.8 ( the)12.8 ( Group)47.1 ( )]TJ 0.025 Tc 0.042 Tw -22.522 -1.231 Td (incorporated in )Tj -0.025 Tw (the )Tj 0.042 Tw 8.43 0 Td (Cayman Islands and )Tj -0.025 Tw (the )Tj 0.042 Tw 10.575 0 Td (British Virgin Islands are not subject )Tj 0.065 Tc 0.07 Tw -19.004 -1.231 Td [(to)12.5 ( any)12.4 ( income)12.4 ( tax)12.4 ( pursuant)12.4 ( to)12.4 ( the)12.4 ( rules)12.5 ( and)12.4 ( regulations)12.4 ( of)12.5 ( their)12.5 ( respective)40 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (countries of incorporation.)Tj 0.04 Tc 0.07 Tw 0 -2.462 Td [(The)12.2 ( subsidiaries)12.2 ( of)12.2 ( the)12.3 ( Group)12.2 ( incorporated)12.2 ( in)12.2 ( Hong)12.3 ( Kong)12.2 ( are)12.2 ( subject)12.2 ( to)12.2 ( Hong)15 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (Kong Profits Tax rate of 16.5% )Tj (\(six months ended 30 June 2024: 16.5%\).)Tj ET endstream endobj 90 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (12)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 56.6929 773.5878 Tm [(5 )-1380.5 (OTHER INCOME)]TJ 25.119 -2.385 Td (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.192 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 711.5878 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 85.0394 680.5878 Tm (Government grants)Tj /T1_1 1 Tf -0.025 Tw 25.471 0 Td (10,399)Tj /T1_0 1 Tf 6.541 0 Td (23,475)Tj 0 Tw -32.013 -1.192 Td (Interest income)Tj /T1_1 1 Tf -0.025 Tw 25.471 0 Td (16,372)Tj /T1_0 1 Tf 6.541 0 Td (19,635)Tj -32.013 -1.192 Td (Net )Tj 0 Tc 0 Tw 1.794 0 Td (g)Tj 0.025 Tc -0.025 Tw 0.525 0 Td (ain )Tj 1.572 0 Td (on)Tj 0 Tw ( sale of raw and scrap materials)Tj /T1_1 1 Tf -0.025 Tw 21.581 0 Td (11,043)Tj /T1_0 1 Tf 6.541 0 Td (21,313)Tj -32.013 -1.192 Td (Net )Tj 1.794 0 Td (gain/\(loss\))Tj 0 Tw ( on disposals of property, plant and )Tj -0.025 Tw -0.944 -1.192 Td (equipment )Tj 4.722 0 Td (\(Note\))Tj /T1_1 1 Tf 19.374 0 Td (102,730)Tj /T1_0 1 Tf 7.208 0 Td (\(2,019\))Tj -32.155 -1.192 Td (Others)Tj /T1_1 1 Tf 25.996 0 Td (1,823)Tj /T1_0 1 Tf 6.541 0 Td (9,714)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 379.8425 598.6777 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 600.0787 Tm ( )Tj ET q 1 0 0 1 464.8819 598.6777 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 600.0787 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -3.836 -2.385 Td (142,367)Tj /T1_0 1 Tf 7.066 0 Td (72,118)Tj ET 2.5 w q 1 0 0 1 379.8425 563.5142 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 560.1816 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 374.1732 561.4152 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 563.5142 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 560.1816 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 459.2126 561.4152 Tm ( )Tj 0.025 Tc -0.025 Tw 11 0 2.9474 11 83.9105 534.0661 Tm (Note)Tj 0 Tc 0 Tw (:)Tj 11 0 0 11 110.856 534.0661 Tm ( )Tj 0.033 Tc 0.075 Tw 0.23 0 Td [(Du)0.5 (r)0.5 (ing)8.1 ( t)0.5 (he)8.1 ( )0.5 (si)0.5 (x)8 ( )0.5 (mo)0.5 (nt)0.5 (hs)8 ( )0.5 (e)0.5 (nd)0.5 (ed)8 ( )0.5 (3)8 (0)8 ( )0.5 (J)0.5 (un)0.5 (e)8 ( )0.5 (2)8 (0)8 (2)8 (5)8 (,)8 ( )0.5 (n)0.5 (et)8 ( )0.5 (g)0.5 (ai)0.5 (n)8 ( )0.5 (on)8 ( )0.5 (d)0.5 (is)0.5 (po)0.5 (sa)0.5 (ls)8 ( )0.5 (o)0.5 (f)8 ( )0.5 (pr)0.5 (op)0.5 (e)0.5 (rty)0.5 (,)8 ( )0.5 (pl)0.5 (a)0.5 (nt)8 ( )0.5 (a)0.5 (nd)8 ( )]TJ 0.047 Tc 0.07 Tw 0 -1.227 Td [(e)0.5 (quip)0.5 (men)0.5 (t)12.9 ( )0.5 (was)13 ( ma)0.5 (in)0.5 (ly)12.9 ( a)0.5 (tt)0.5 (rib)0.5 (uta)0.5 (ble)13 ( to)13 ( t)0.5 (he)12.9 ( c)0.5 (om)0.5 (ple)0.5 (tio)0.5 (n)12.9 ( o)0.5 (f)12.9 ( t)0.5 (he)13 ( di)0.5 (spo)0.5 (sal)13 ( of)13 ( a)12.9 ( )0.5 (su)0.5 (bsi)0.5 (dia)0.5 (ry\222)0.5 (s)22 ( )]TJ 0.067 Tc 0 -1.227 Td [(property,)12.1 ( plant)12.1 ( and)12.1 ( equipment)12.2 ( and)12.1 ( righ)]TJ -0.067 Tw (t-of-u)Tj 0.07 Tw [(se)12.1 ( assets)12.1 ( at)12.1 ( the)12.1 ( total)12.1 ( consideration)12.1 ( of)42 ( )]TJ 0.025 Tc 0.083 Tw 0 -1.227 Td [(RMB297,551,000. These )0.5 (assets )0.5 (were )0.5 (classified )0.5 (as )0.5 (assets )0.5 (held )0.5 (for )0.5 (sale )0.5 (as at )0.5 (31 )0.5 (December )]TJ -0.025 Tw 0 -1.227 Td (2024.)Tj /T1_1 1 Tf 13 0 0 13 56.6929 449.0661 Tm (6 )Tj 2.181 0 Td (LOSS)Tj 0 Tw ( BEFORE TAXATION)Tj /T1_0 1 Tf -0.025 Tw 0 -2.385 Td (Loss)Tj 0 Tw ( before taxation is arrived at after charging/\(crediting\):)Tj /T1_1 1 Tf 0 -2.385 Td [(\(a\) )-664.5 (Finance costs)]TJ 22.939 -2.385 Td (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.192 Td (2025)Tj /T1_0 1 Tf 6.541 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 396.1017 325.0661 Tm (RMB\222000)Tj /T1_0 1 Tf 6.651 0 Td (RMB\222000)Tj 0 Tw 13 0 0 13 113.3858 294.0661 Tm (Interest on bank loans and other borrowings)Tj /T1_1 1 Tf -0.025 Tw 22.766 0 Td (182,880)Tj /T1_0 1 Tf 6.541 0 Td (203,682)Tj 0 Tw -29.307 -1.192 Td (Interest on lease liabilities)Tj /T1_1 1 Tf -0.025 Tw 23.816 0 Td (2,338)Tj /T1_0 1 Tf 6.541 0 Td (2,699)Tj 0 Tw -30.357 -1.192 Td (Bank charges and other finance costs)Tj /T1_1 1 Tf -0.025 Tw 23.291 0 Td (47,324)Tj /T1_0 1 Tf 6.541 0 Td (33,552)Tj ET 0.5 w q 1 0 0 1 379.8425 258.656 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 446.3933 260.057 Tm ( )Tj ET q 1 0 0 1 464.8819 258.656 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 260.057 Tm ( )Tj 0.025 Tc -32.157 -2.385 Td (Total borrowing costs)Tj /T1_1 1 Tf -0.025 Tw 22.766 0 Td (232,542)Tj /T1_0 1 Tf 6.541 0 Td (239,933)Tj 0 Tw -29.307 -1.192 Td [(Less: am )275 (ounts capitalised into property, plant )]TJ 3.783 -1.192 Td (and equipment \(Note\))Tj /T1_1 1 Tf -0.025 Tw 19.125 0 Td (\(17,139\))Tj /T1_0 1 Tf 7.066 0 Td (\(5,574\))Tj ET q 1 0 0 1 379.8425 193.647 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 446.3933 195.0479 Tm ( )Tj ET q 1 0 0 1 464.8819 193.647 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 195.0479 Tm ( )Tj 0.025 Tc -32.157 -2.385 Td (Net borrowing costs)Tj /T1_1 1 Tf -0.025 Tw 22.766 0 Td (215,403)Tj /T1_0 1 Tf 6.541 0 Td (234,359)Tj 0 Tw -29.307 -1.192 Td (Net foreign exchange )Tj -0.025 Tw (loss/\(gain\))Tj /T1_1 1 Tf 23.291 0 Td (15,686)Tj /T1_0 1 Tf 6.684 0 Td (\(4,586\))Tj ET q 1 0 0 1 379.8425 144.1379 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 446.3933 145.5389 Tm ( )Tj ET q 1 0 0 1 464.8819 144.1379 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 145.5389 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -9.391 -2.385 Td (231,089)Tj /T1_0 1 Tf 6.541 0 Td (229,773)Tj ET 2.5 w q 1 0 0 1 379.8425 108.9744 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 379.8426 105.6419 cm 0 0 m 73.701 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 446.3933 106.8754 Tm ( )Tj ET 2.5 w q 1 0 0 1 464.8819 108.9744 cm 0 0 m 73.701 0 l S Q 0.835 w q 1 0 0 1 464.8819 105.6419 cm 0 0 m 73.701 0 l S Q BT /T1_0 1 Tf 13 0 0 13 531.4327 106.8754 Tm ( )Tj 0.025 Tc -0.025 Tw 11 0 2.9474 11 112.2569 79.5264 Tm (Note:)Tj 0.001 Tw 11 0 0 11 139.2025 79.5264 Tm [( )-1242.5 (The borrowing costs have been capitalised at )]TJ -0.025 Tw (5.35)Tj 0.001 Tw (% per annum for the six months )Tj 0 Tw 1.518 -1.273 Td (ended 30 June 2025 \()Tj (six months ended 30 June 2024: 5.87% per annum)Tj -0.025 Tw (\).)Tj ET endstream endobj 89 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 0.025 Tc -0.025 Tw 12 0 0 12 291.4878 18.7502 Tm (11)Tj ET q 0 Tc 0 Tw 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0 Tw 13 0 0 13 85.0394 773.5878 Tm [(\(b\) )-608.5 (Segment results)]TJ /T1_0 1 Tf 0.04 Tw 2.181 -2.462 Td (For the purposes of assessing segment performance and allocating resourc\ es )Tj 0.032 Tc 0.076 Tw 0 -1.231 Td [(between)7 ( )0.5 (segments,)7 ( )0.5 (the)7 ( )0.5 (Group\222s)7 ( )0.5 (senior)7 ( )0.5 (executive)7 ( )0.5 (management)7 ( )0.5 (monitors)7 ( )0.6 (the)7 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (results attributable to each reportable segment on the following bases:)Tj 0.077 Tc 0.07 Tw 0 -2.462 Td [(Revenue)12.5 ( and)12.6 ( expenses)12.6 ( are)12.6 ( allocated)12.5 ( to)12.5 ( the)12.5 ( reportable)12.6 ( segments)12.6 ( with)51.9 ( )]TJ 0.04 Tc 0 -1.231 Td [(reference)12.2 ( to)12.2 ( sales)12.2 ( generated)12.1 ( by)12.1 ( those)12.2 ( segments)12.2 ( and)12.2 ( the)12.2 ( expenses)12.1 ( incurred)15 ( )]TJ 0.031 Tc 0.077 Tw 0 -1.231 Td [(by)6 ( )0.5 (those)6 ( )0.5 (segments.)6 ( )0.5 (The)6 ( )0.5 (measure)6.1 ( )0.5 (used)6 ( )0.5 (for)6 ( )0.5 (reporting)6 ( )0.6 (segment)6 ( )0.5 (profit)6 ( )0.5 (is)6 ( )0.5 (gross)6 ( )]TJ 0.025 Tc -0.025 Tw 0 -1.231 Td (profit)Tj (/\(loss\))Tj 0.078 Tw (. No )Tj -0.025 Tw (intersegment)Tj 0.078 Tw ( sales have occurred for the six months ended )Tj 0.043 Tc 0.082 Tw 0 -1.231 Td [(30 J)-12.4 (u)-12.3 (n)-12.4 (e )]TJ -0.043 Tw (202)Tj 0 Tc 0 Tw (5)Tj 0.055 Tc 0.07 Tw 6.05 0 Td [( and)12.1 ( )]TJ 0.043 Tc -0.043 Tw (202)Tj 0 Tc 0 Tw (4)Tj 0.055 Tc 0.07 Tw 4.52 0 Td [(.)12.1 ( The)12.2 ( Group\222s)12.2 ( other)12.2 ( operating)12.2 ( expenses,)12.1 ( such)12.2 ( as)30 ( )]TJ 0.022 Tc -0.022 Tw -10.569 -1.231 Td (distribution )Tj 5.146 0 Td (costs, )Tj 0 Tw 2.653 0 Td (administrative expenses )Tj (and other expenses)Tj [(, and assets and)-3 ( )]TJ 0.037 Tc 0.071 Tw -7.799 -1.231 Td [(liabilities,)12 ( )0.5 (including)12 ( )0.5 (the)12.1 ( )0.5 (sharing)12 ( )0.5 (of)12.1 ( )0.5 (technical)12 ( )0.5 (know-how,)12 ( )0.6 (are)12 ( )0.6 (not)12 ( )0.5 (measured)12 ( )]TJ 0.046 Tc 0.07 Tw 0 -1.231 Td [(under)12.6 ( individual)12.6 ( segments.)12.6 ( Accordingly,)12.6 ( neither)12.6 ( information)12.6 ( on)12.6 ( segment)21 ( )]TJ 0.025 Tc 0.022 Tw 0 -1.231 Td (assets and liabilities nor information concerning capital expenditure, i\ nterest )Tj 0 Tw 0 -1.231 Td (income and interest expenses is presented.)Tj 0.06 Tc 0.07 Tw 0 -2.462 Td [(Disaggregation)12.8 ( of)12.8 ( revenue)12.8 ( from)12.8 ( contracts)12.8 ( with)12.8 ( customers)12.8 ( by)12.8 ( timing)12.8 ( of)35 ( )]TJ 0.025 Tc 0.013 Tw 0 -1.231 Td (revenue recognition, as well as information regarding the Group\222s rep\ ortable )Tj 0.055 Tw 0 -1.231 Td (segments as provided to the Group\222s most senior executive management \ for )Tj 0.068 Tw 0 -1.231 Td (the purposes of resource allocations and assessment of segment performanc\ e )Tj 0 Tw 0 -1.231 Td (for the six months ended 30 June 2025 and 2024 is set out below.)Tj /T1_1 1 Tf 5.6 0 0 8 215.7633 398.9528 Tm (Clear glass)Tj -0.025 Tw 0.495 -1.375 Td (products)Tj 0 Tw 9.158 1.375 Td (Painted glass)Tj -0.025 Tw 0.966 -1.375 Td (products)Tj 0 Tw 9.282 1.375 Td (Coated glass)Tj -0.025 Tw 0.841 -1.375 Td (products)Tj 0 Tw 7.927 2.75 Td (Energy saving and)Tj 0.403 -1.375 Td (new energy glass )Tj -0.025 Tw 1.794 -1.375 Td (products)Tj 0 Tw 9.612 2.75 Td (Design and )Tj -1.763 -1.375 Td (installation related )Tj -0.025 Tw 2.498 -1.375 Td (services)Tj 10.688 0 Td (Total)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 206.9292 384.1778 cm 0 0 m 45.354 0 l S Q BT 0 Tc 0 Tw 5.6 0 0 8 223.6917 384.9438 Tm ( )Tj ET q 1 0 0 1 263.6221 384.1778 cm 0 0 m 45.354 0 l S Q BT 5.6 0 0 8 280.3846 384.9438 Tm ( )Tj ET q 1 0 0 1 320.315 384.1778 cm 0 0 m 45.354 0 l S Q BT 5.6 0 0 8 337.0775 384.9438 Tm ( )Tj ET q 1 0 0 1 377.0079 384.1778 cm 0 0 m 45.354 0 l S Q BT 5.6 0 0 8 393.7704 384.9438 Tm ( )Tj ET q 1 0 0 1 433.7008 384.1778 cm 0 0 m 45.354 0 l S Q BT 5.6 0 0 8 450.4633 384.9438 Tm ( )Tj ET q 1 0 0 1 490.3937 384.1778 cm 0 0 m 45.354 0 l S Q BT 5.6 0 0 8 507.1563 384.9438 Tm ( )Tj 0.025 Tc -0.025 Tw -51.453 -1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf 6.748 1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf 6.748 1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf 6.748 1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf 6.748 1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf 6.748 1.375 Td (Six )Tj -1.908 -1.375 Td (months)Tj /T1_0 1 Tf 6.97 1.375 Td (Six )Tj -1.686 -1.375 Td (months)Tj /T1_1 1 Tf -55.267 -1.375 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 4.894 0 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 4.894 0 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 4.894 0 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 4.894 0 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 4.894 0 Td (ended)Tj /T1_0 1 Tf 5.23 0 Td (ended)Tj /T1_1 1 Tf 0 Tw -56.649 -1.375 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf 4.839 0 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf 4.839 0 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf 4.839 0 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf 4.839 0 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf 4.839 0 Td (30 June )Tj /T1_0 1 Tf 5.285 0 Td (30 June )Tj /T1_1 1 Tf -0.025 Tw -54.523 -1.375 Td (2025 )Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.062 0 Td (2025)Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.062 0 Td (2025 )Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.062 0 Td (2025 )Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.062 0 Td (2025 )Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.062 0 Td (2025 )Tj /T1_0 1 Tf 5.062 0 Td (2024)Tj /T1_1 1 Tf 5.6 0 2.1436 8 201.7814 318.9438 Tm (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 4.952 0 Td (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 4.952 0 Td (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 4.952 0 Td (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 4.952 0 Td (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 4.952 0 Td (RMB\222000)Tj /T1_0 1 Tf 5.172 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw 5.6 0 0 8 113.3859 307.9438 Tm (Disaggregated by timing of )Tj 1.265 -1.375 Td (revenue recognition)Tj /T1_0 1 Tf 0 -1.375 Td (\226 point in time)Tj /T1_1 1 Tf -0.025 Tw 15.582 0 Td (732,652)Tj /T1_0 1 Tf 4.262 0 Td (1,153,320)Tj /T1_1 1 Tf 5.862 0 Td (405,459)Tj /T1_0 1 Tf 5.062 0 Td (374,406)Tj /T1_1 1 Tf 5.062 0 Td (434,206)Tj /T1_0 1 Tf 5.062 0 Td (430,069)Tj /T1_1 1 Tf 5.062 0 Td (417,330)Tj /T1_0 1 Tf 5.062 0 Td (544,013)Tj /T1_1 1 Tf 5.587 0 Td (54,272)Tj /T1_0 1 Tf 5.062 0 Td (31,390)Tj /T1_1 1 Tf 3.737 0 Td (2,043,919)Tj /T1_0 1 Tf 5.062 0 Td (2,533,225)Tj 0 Tw -70.463 -1.375 Td (\226 over time)Tj /T1_1 1 Tf 0 Tc 18.482 0 Td (\226)Tj /T1_0 1 Tf 5.062 0 Td (\226)Tj /T1_1 1 Tf 5.062 0 Td (\226)Tj /T1_0 1 Tf 5.062 0 Td (\226)Tj /T1_1 1 Tf 5.062 0 Td (\226)Tj /T1_0 1 Tf 5.062 0 Td (\226)Tj /T1_1 1 Tf 5.062 0 Td (\226)Tj /T1_0 1 Tf 5.062 0 Td (\226)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 2.162 0 Td (109,571)Tj /T1_0 1 Tf 5.062 0 Td (150,271)Tj /T1_1 1 Tf 5.062 0 Td (109,571)Tj /T1_0 1 Tf 5.062 0 Td (150,271)Tj ET q 1 0 0 1 201.2601 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 5.6 0 0 8 223.6919 271.9347 Tm ( )Tj ET q 1 0 0 1 229.6066 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 252.0384 271.9347 Tm ( )Tj ET q 1 0 0 1 257.953 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 5.6 0 0 8 280.3848 271.9347 Tm ( )Tj ET q 1 0 0 1 286.2995 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 308.7313 271.9347 Tm ( )Tj ET q 1 0 0 1 314.6459 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 5.6 0 0 8 337.0778 271.9347 Tm ( )Tj ET q 1 0 0 1 342.9924 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 365.4242 271.9347 Tm ( )Tj ET q 1 0 0 1 371.3388 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 5.6 0 0 8 393.7707 271.9347 Tm ( )Tj ET q 1 0 0 1 399.6853 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 422.1171 271.9347 Tm ( )Tj ET q 1 0 0 1 428.0317 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 5.6 0 0 8 450.4636 271.9347 Tm ( )Tj ET q 1 0 0 1 456.3782 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 478.81 271.9347 Tm ( )Tj ET q 1 0 0 1 484.7247 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_1 1 Tf 5.6 0 0 8 507.1565 271.9347 Tm ( )Tj ET q 1 0 0 1 513.0711 271.1687 cm 0 0 m 25.512 0 l S Q BT /T1_0 1 Tf 5.6 0 0 8 535.5029 271.9347 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -75.378 -2.75 Td (Revenue from external customers )Tj 0.023 Tc 1.265 -1.375 Td (and reportable segment revenue)Tj 0.025 Tc -0.025 Tw 15.582 0 Td (732,652)Tj /T1_0 1 Tf 4.262 0 Td (1,153,320)Tj /T1_1 1 Tf 5.862 0 Td (405,459)Tj /T1_0 1 Tf 5.062 0 Td (374,406)Tj /T1_1 1 Tf 5.062 0 Td (434,206)Tj /T1_0 1 Tf 5.062 0 Td (430,096)Tj /T1_1 1 Tf 5.062 0 Td 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TI擴靨;r恓e聥c.#繯2胷, :{O6=鲽簎縔oi|婷-O軂簿雕櫏-哓鬱台锎旒|龤屸Shr酌 凫脥xl及476廑駗谍fヱk".縠<插壡7,n沤c冥閾屣ぉ`yh孧 endstream endobj 95 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 12 0 0 12 294.6378 18.7502 Tm (7)Tj 0.025 Tc -0.025 Tw 13 0 0 13 85.0394 773.5878 Tm (Th)Tj (is)Tj 0 Tw ( interim financial report contains condensed consolidated financial stat\ ements )Tj 0.034 Tc 0.074 Tw 0 -1.231 Td [(and)9 ( )0.5 (selected)9 ( )0.5 (explanatory)9 ( )0.5 (notes.)9 ( )0.5 (The)9 ( )0.5 (notes)9.1 ( )0.5 (include)9 ( )0.5 (an)9 ( )0.5 (explanation)9 ( )0.5 (of)9 ( )0.5 (events)9 ( )0.5 (and)9 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(transactions)10 ( )0.5 (that)10 ( )0.5 (are)10 ( )0.5 (significant)9.9 ( )0.6 (to)10 ( )0.5 (an)10 ( )0.5 (understanding)10 ( )0.5 (of)10 ( )0.5 (the)10 ( )0.5 (changes)10 ( )0.6 (in)10 ( )0.5 (financial)10 ( )]TJ 0.024 Tc 0 Tw 0 -1.231 Td [(position and performance of the Group since the 2024 annual financial st\ atements.)-1 ( )]TJ 0.042 Tc 0.07 Tw 0 -1.231 Td [(The)12.8 ( condensed)12.8 ( consolidated)12.8 ( interim)12.8 ( financial)12.9 ( statements)12.9 ( and)12.8 ( notes)12.8 ( thereon)12.8 ( do)17 ( )]TJ 0.035 Tc 0.073 Tw 0 -1.231 Td [(not)10 ( )0.5 (include)10 ( )0.5 (all)10 ( )0.5 (of)10.1 ( )0.5 (the)10 ( )0.5 (information)10 ( )0.5 (required)10 ( )0.5 (for)10 ( )]TJ 0.025 Tc -0.025 Tw 20.674 0 Td (a )Tj 0.035 Tc 0.073 Tw 0.826 0 Td [(full)9.9 ( )0.6 (set)10.1 ( )0.5 (of)10 ( )0.5 (financial)10 ( )0.5 (statements)10 ( )]TJ 0.025 Tc 0 Tw -21.501 -1.231 Td (prepared in accordance with )Tj (HKFRS Accounting Standards)Tj 0 Tc (.)Tj 0.043 Tc 0.07 Tw 0 -2.462 Td [(The)12.6 ( interim)12.6 ( financial)12.6 ( report)12.6 ( is)12.6 ( unaudited,)12.6 ( but)12.6 ( has)12.6 ( been)12.6 ( reviewed)12.6 ( by)12.6 ( KPMG)12.6 ( in)18 ( )]TJ 0.025 Tc 0.076 Tw 0 -1.231 Td (accordance with Hong Kong Standard on Review Engagements 2410, )Tj 13 0 3.4833 13 479.8695 629.5878 Tm (Review of )Tj 0.059 Tw -30.144 -1.231 Td (interim financial information performed by the independent auditor of th\ e entity)Tj -0.025 Tw 13 0 0 13 535.3326 613.5878 Tm (, )Tj 0 Tw -34.638 -1.231 Td (issued by the HKICPA)Tj 0 Tc (.)Tj 0.089 Tc 0.07 Tw 0 -2.462 Td [(For)12.7 ( the)12.7 ( six)12.7 ( months)12.7 ( ended)12.7 ( 3)12.7 (0)12.7 ( June)12.7 ( 2)12.7 (0)12.7 (2)12.7 (5)12.7 (,)12.7 ( the)12.7 ( Group)12.7 ( incurred)12.7 ( net)12.7 ( loss)12.6 ( of)64.1 ( )]TJ 0.06 Tc 0 -1.231 Td [(RMB)12.3 (3)12.4 (1)12.3 (8)12.4 (,)12.3 (7)12.4 (4)12.3 (3)12.4 (,)12.3 (0)12.3 (0)12.4 (0)12.3 (.)12.4 ( As)12.3 ( at)12.4 ( 3)12.4 (0)12.3 ( June)12.3 ( 2)12.3 (0)12.4 (2)12.3 (5)12.4 (,)12.3 ( the)12.4 ( Group)12.4 ( had)12.4 ( net)12.4 ( current)12.3 ( liabilities)34.9 ( )]TJ 0.062 Tc 0 -1.231 Td [(of)12.2 ( RMB)12.2 (7)12.2 (,)12.2 (1)12.2 (7)12.2 (9)12.3 (,)12.2 (1)12.2 (2)12.2 (9)12.2 (,)12.2 (0)12.2 (0)12.2 (0)12.3 (.)12.2 ( Total)12.2 ( bank)12.2 ( loans)12.2 ( and)12.2 ( other)12.2 ( borrowings)12.2 ( amounted)12.2 ( to)37 ( )]TJ 0.021 Tc 0 Tw 0 -1.231 Td [(RMB9,321,088,000, and out of which RMB7,060,679,000 is due within 12 mon\ ths)-4 ( )]TJ 0.025 Tc 0.041 Tw 0 -1.231 Td (at the end of the reporting period. After the end of the reporting perio\ d and up to )Tj 0.052 Tw 0 -1.231 Td (the date of approval of this interim report, the Group has defaulted and\ is unable )Tj 0.049 Tc 0.07 Tw 0 -1.231 Td [(to)12.9 ( repay)12.9 ( borrowings)12.9 ( due)12.9 ( totalling)12.9 ( RMB)12.9 (1)12.9 (,)12.9 (2)12.9 (9)12.8 (5)12.9 (,)12.9 (8)12.9 (5)12.9 (4)12.8 (,)12.9 (0)12.9 (0)12.9 (0)12.8 (,)12.9 ( including)12.9 ( a)12.9 ( syndicated)24 ( )]TJ 0.025 Tc 0.041 Tw 0 -1.231 Td (loan of RMB1,022,699,000 and other loans and borrowings of RMB273,155,00\ 0. )Tj 0.037 Tc 0.071 Tw 0 -1.231 Td [(The)12 ( )0.5 (above)12 ( )0.5 (defaults)12 ( )0.5 (also)12 ( )0.5 (triggered)12 ( )0.5 (cros)]TJ -0.037 Tw (s-d)Tj 0.071 Tw [(efault)12 ( )0.5 (provisions)12 ( )0.5 (of)12 ( )0.5 (other)12 ( )0.6 (outstanding)12 ( )]TJ 0.03 Tc 0.078 Tw 0 -1.231 Td [(borrowings)5 ( )0.5 (of)5.1 ( )0.5 (approximately)5 ( )0.5 (RMB)5 (6)5 (,)5 (7)5 (1)5 (1)5 (,)5 (4)5 (5)5 (3)5 (,)5 (0)5 (0)5 (0)5 (,)5 ( )0.5 (which)5 ( )0.5 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(events)2 ( or)2 ( )0.5 (conditions)2 ( )0.5 (indicated)2 ( )0.5 (the)2 ( )0.5 (existence)2 ( )0.5 (of)2 ( )0.5 (a)2 ( )0.5 (material)2 ( )0.5 (uncertainty)1.9 ( )0.5 (that)2 ( )]TJ 0.025 Tc 0.047 Tw 0 -1.231 Td (may cast significant doubt on the Group\222s ability to continue as a go\ ing concern, )Tj 0.069 Tw 0 -1.231 Td [(and )0.5 (therefore it )0.5 (may )0.5 (be unable )0.5 (to )0.5 (realise )0.5 (its assets )0.5 (and )0.5 (discharge its )0.5 (liabilities )0.5 (in )]TJ 0 Tw 0 -1.231 Td (the normal course of business for the foreseeable future.)Tj 0.071 Tc 0.07 Tw 0 -2.462 Td [(In)12.3 ( light)12.3 ( of)12.3 ( the)12.3 ( above,)12.2 ( the)12.3 ( Group)12.2 ( is)12.3 ( taking)12.3 ( and)12.3 ( entering)12.3 ( into)12.3 ( the)12.3 ( following)46 ( )]TJ 0.025 Tc 0 Tw 0 -1.231 Td (initiatives, among other things, to mitigate and manage the liquidity pr\ essure:)Tj 0 Tc 0 -2.462 Td (\225)Tj 0.375 0 Td ( )Tj 0.033 Tc 0.075 Tw 1.806 0 Td [(Continually)8 ( )0.5 (negotiating)8 ( )0.5 (with)8 ( )0.5 (the)8 ( )0.5 (bank)8.1 ( )0.5 (syndicates)8.1 ( and)8.1 ( )0.5 (other)8 ( )0.5 (related)8 ( )0.5 (lenders)8 ( )]TJ 0.058 Tc 0.07 Tw 0 -1.231 Td [(to)12.6 ( extend)12.6 ( and/or)12.6 ( restructure)12.6 ( the)12.6 ( terms)12.6 ( of)12.6 ( the)12.6 ( syndicated)12.6 ( loan)12.6 ( and)12.6 ( other)33 ( )]TJ 0.025 Tc 0.012 Tw 0 -1.231 Td [(borrowings that )0.5 (have )0.5 (fallen overdue )0.5 (as )0.5 (at )0.5 (the date )0.5 (of approval )0.5 (of )0.5 (this )0.5 (interim )]TJ 0.045 Tc 0.07 Tw 0 -1.231 Td [(report.)12.5 ( The)12.5 ( Group)12.5 ( has)12.5 ( already)12.5 ( successfully)12.4 ( renegotiated)12.5 ( the)12.4 ( extension)12.4 ( of)20 ( )]TJ 0.025 Tc 0.037 Tw 0 -1.231 Td (overdue loans and borrowings of RMB80,000,000 as of the date of approval\ )Tj 0 Tw 0 -1.231 Td (of this interim financial report;)Tj ET endstream endobj 94 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 12 0 0 12 294.6378 18.7502 Tm (6)Tj /T1_1 1 Tf 0.025 Tc 13 0 0 13 56.6929 773.5878 Tm (NOTES TO THE )Tj (UNAUDITED INTERIM FINANCIAL INFORMATION)Tj /T1_0 1 Tf 13 0 3.4833 13 55.3588 757.5878 Tm (For the six months ended 30 June 2025 \226 unaudited)Tj 0.33 -1.231 Td (\(Expressed in RMB unless otherwise indicated\))Tj /T1_1 1 Tf 13 0 0 13 56.6929 709.5878 Tm [(1 )-1380.5 (CORPORATE INFORMATION)]TJ /T1_0 1 Tf 0.038 Tc 0.07 Tw 2.181 -2.462 Td [(China)12.8 ( Glass)12.7 ( Holdings)12.7 ( Limited)12.8 ( \(the)12.7 ( \223)]TJ /T1_1 1 Tf -0.038 Tw (Company)Tj /T1_0 1 Tf (\224\))Tj 0.07 Tw 21.574 0 Td [( was)12.7 ( incorporated)12.8 ( in)12.7 ( Bermuda)13 ( )]TJ 0.048 Tc -21.574 -1.231 Td [(on)13 ( 2)12.9 (7)12.9 ( )0.5 (Oc)0.5 (tobe)0.5 (r)12.9 ( 2)13 (0)12.9 (0)12.9 (4)13 ( as)13 ( an)13 ( ex)0.5 (emp)0.5 (ted)12.9 ( )0.5 (com)0.5 (pan)0.5 (y)12.9 ( w)0.5 (ith)12.9 ( )0.5 (lim)0.5 (ite)0.5 (d)12.9 ( li)0.5 (abil)0.5 (ity)13 ( un)0.5 (der)12.9 ( )0.5 (the)23.1 ( )]TJ 0.069 Tc 0 -1.231 Td [(B)0.5 (e)0.6 (r)0.5 (m)0.5 (u)0.6 (d)0.5 (a)13 ( )0.6 (C)0.5 (o)0.5 (m)0.5 (p)0.6 (a)0.5 (n)0.5 (i)0.6 (e)0.5 (s)13 ( )0.6 (A)0.5 (c)0.6 (t)13 ( )0.5 (1)13 (9)13.1 (8)13 (1)13 (.)13 ( )0.6 (T)0.5 (h)0.6 (e)13 ( )0.5 (s)0.6 (h)0.5 (a)0.5 (r)0.6 (e)0.5 (s)13 ( )0.6 (o)0.5 (f)13 ( )0.6 (t)0.5 (h)0.5 (e)13 ( )0.6 (C)0.5 (o)0.5 (m)0.6 (p)0.5 (a)0.5 (n)0.6 (y)13 ( )0.5 (w)0.6 (e)0.5 (r)0.5 (e)13.1 ( )0.5 (l)0.5 (i)0.6 (s)0.5 (t)0.5 (e)0.6 (d)13 ( )0.5 (o)0.6 (n)44 ( )]TJ 0.059 Tc 0 -1.231 Td [(t)0.5 (h)0.5 (e)12.9 ( )0.5 (M)0.5 (a)0.5 (i)0.5 (n)12.9 ( )0.5 (B)0.5 (o)0.5 (ar)0.5 (d)13 ( )0.5 (o)0.5 (f)12.9 ( )]TJ 8.894 0 Td [(T)0.5 (h)0.5 (e)12.9 ( )0.5 (S)0.5 (t)0.5 (oc)0.5 (k)13 ( )0.5 (E)0.5 (xc)0.5 (h)0.5 (a)0.5 (n)0.5 (ge)13 ( )0.5 (o)0.5 (f)13 ( H)0.5 (o)0.5 (n)0.5 (g)12.9 ( )0.5 (K)0.5 (o)0.5 (ng)13 ( )0.5 (L)0.5 (i)0.5 (mi)0.5 (t)0.5 (e)0.5 (d)12.9 ( )0.5 (\()0.5 (t)0.5 (he)13 ( )0.5 (\223)]TJ /T1_1 1 Tf -0.059 Tw 23.371 0 Td [(S)0.5 (t)0.5 (oc)0.5 (k)34 ( )]TJ 0.068 Tc -0.068 Tw -32.265 -1.231 Td (Exchange)Tj /T1_0 1 Tf 0.055 Tc 0.083 Tw [(\224)-12.8 (\) o)-12.9 (n 23 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-1.231 Td (Deferred tax assets)Tj /T1_1 1 Tf -0.025 Tw 25.034 0 Td (401,155)Tj /T1_0 1 Tf 7.632 0 Td (404,456)Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.4959 481.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8266 482.5787 Tm ( )Tj ET q 1 0 0 1 450.7085 481.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0392 482.5787 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -5.161 -2.462 Td (10,241,865)Tj /T1_0 1 Tf 7.632 0 Td (10,462,116)Tj ET [2.044 2.044]0 d q 1 0 0 1 351.4958 446.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8266 447.5696 Tm ( )Tj ET q 1 0 0 1 450.7085 446.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0392 447.5696 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Current assets)Tj /T1_0 1 Tf -0.025 Tw 1.003 -1.231 Td (Inventories)Tj /T1_1 1 Tf 24.234 0 Td (1,059,394)Tj /T1_0 1 Tf 7.632 0 Td (1,220,776)Tj 0 Tw -31.865 -1.231 Td (Contract assets)Tj /T1_1 1 Tf -0.025 Tw 25.559 0 Td (69,263)Tj /T1_0 1 Tf 7.632 0 Td (37,063)Tj 0 Tw -33.19 -1.231 Td (Trade and bills receivables)Tj 0 Tc 18.808 0 Td (9)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 6.226 0 Td (389,700)Tj /T1_0 1 Tf 7.632 0 Td (334,396)Tj 0 Tw -32.665 -1.231 Td (Other receivables)Tj -0.025 Tw 18.545 0 Td (10)Tj /T1_1 1 Tf 6.489 0 Td (454,279)Tj /T1_0 1 Tf 7.632 0 Td (457,293)Tj -32.665 -1.231 Td (Prepayments)Tj /T1_1 1 Tf 25.034 0 Td (239,383)Tj /T1_0 1 Tf 7.632 0 Td (216,288)Tj 0 Tw -32.665 -1.231 Td (Prepaid income tax)Tj /T1_1 1 Tf -0.025 Tw 26.084 0 Td (5,076)Tj /T1_0 1 Tf 7.632 0 Td (4,104)Tj 0 Tw -33.715 -1.231 Td (Assets held for sale)Tj /T1_1 1 Tf 0 Tc 27.934 0 Td (\226)Tj /T1_0 1 Tf 0.025 Tc -0.025 Tw 4.732 0 Td (188,643)Tj 0 Tw -32.665 -1.231 Td (Cash at bank and on hand)Tj /T1_1 1 Tf -0.025 Tw 24.234 0 Td (1,017,474)Tj /T1_0 1 Tf 7.632 0 Td (1,302,086)Tj ET []0 d q 1 0 0 1 351.4957 283.1596 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8264 284.5606 Tm ( )Tj ET q 1 0 0 1 450.7083 283.1596 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0391 284.5606 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -4.636 -2.462 Td (3,234,569)Tj /T1_0 1 Tf 7.632 0 Td (3,760,649)Tj ET [2.044 2.044]0 d q 1 0 0 1 351.4957 248.1506 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8264 249.5515 Tm ( )Tj ET q 1 0 0 1 450.7083 248.1506 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.039 249.5515 Tm ( )Tj ET endstream endobj 120 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 12 0 0 12 294.6378 18.7502 Tm (3)Tj ET q 0 g /GS1 gs 0 TL/Fm0 Do Q BT /T1_1 1 Tf 0.025 Tc 13 0 0 13 56.6929 773.5878 Tm (CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER )Tj 0 -1.231 Td (COMPREHENSIVE INCOME)Tj /T1_0 1 Tf 13 0 3.4833 13 55.3588 741.5878 Tm (For the six months ended 30 June 2025 \226 unaudited)Tj 0.33 -1.231 Td (\(Expressed in RMB\))Tj /T1_1 1 Tf 13 0 0 13 369.0678 693.5879 Tm (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 661.5879 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj /T1_1 1 Tf 0 Tw 13 0 0 13 56.6928 629.5879 Tm (Loss for the period)Tj -0.025 Tw 25.654 0 Td (\(318,743\))Tj /T1_0 1 Tf 7.632 0 Td (\(136,888\))Tj ET 0 0 0 1 K 2.5 w q 1 0 0 1 351.496 624.0233 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.496 620.6908 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 621.9243 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7086 624.0233 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7086 620.6908 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 621.9243 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -3.692 Td (Other comprehensive income for the period )Tj 0 Tc ( )Tj 0.025 Tc 1.003 -1.231 Td (\(after tax and reclassification adjustments\):)Tj /T1_0 1 Tf -0.025 Tw -1.003 -1.231 Td (Item)Tj 0 Tc 0 Tw (s)Tj 0.025 Tc 2.347 0 Td ( that will not be reclassified to profit or loss:)Tj -1.344 -1.231 Td [(\226 eq )275 (uity securities )]TJ -0.025 Tw (designated)Tj 0 Tw ( at fair value )Tj 1.794 -1.231 Td (through other comprehensive income )Tj 0 Tc 0 -1.231 Td (\()Tj 0.358 0 Td (\223)Tj 0.025 Tc -0.025 Tw 0.469 0 Td (FVOCI)Tj 0 Tc 0 Tw (\224)Tj 0.025 Tc -0.025 Tw 3.594 0 Td (\) )Tj 0 Tw 0.633 0 Td (\226 net)Tj ( movement in fair value )Tj -5.054 -1.231 Td (reserve \(non-recycling\))Tj /T1_1 1 Tf -0.025 Tw 25.09 0 Td (126)Tj /T1_0 1 Tf 7.632 0 Td (326)Tj -35.518 -1.231 Td (Item)Tj 0 Tc 0 Tw (s)Tj 0.025 Tc 2.347 0 Td ( that may be reclassified subsequently to profit )Tj -1.344 -1.231 Td (or loss:)Tj -0.025 Tw 0 -1.231 Td (\226 )Tj 0 Tw 0.8 0 Td [(e )275 (xchange differences on translation of financial )]TJ 0.469 -1.231 Td (statements into presentation currency)Tj /T1_1 1 Tf -0.025 Tw 24.29 0 Td (59,656)Tj /T1_0 1 Tf 6.724 0 Td (\(313,859\))Tj ET 0.5 w q 1 0 0 1 351.4957 409.5143 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8264 410.9153 Tm ( )Tj ET q 1 0 0 1 450.7083 409.5143 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.039 410.9153 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Total comprehensive income for the period)Tj -0.025 Tw 25.654 0 Td (\(258,961\))Tj /T1_0 1 Tf 7.632 0 Td (\(450,421\))Tj ET 2.5 w q 1 0 0 1 351.4956 373.3507 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4956 370.0182 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8263 371.2517 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7083 373.3507 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7083 370.0182 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0389 371.2517 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Attributable to:)Tj /T1_0 1 Tf 1.003 -1.231 Td (Equity shareholders of the Company)Tj /T1_1 1 Tf -0.025 Tw 24.651 0 Td (\(198,677\))Tj /T1_0 1 Tf 7.632 0 Td (\(432,559\))Tj 0 Tw -32.282 -1.231 Td (Non-controlling interests)Tj /T1_1 1 Tf -0.025 Tw 25.176 0 Td (\(60,284\))Tj /T1_0 1 Tf 7.632 0 Td (\(17,862\))Tj ET 0.5 w q 1 0 0 1 351.4955 302.8417 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8262 304.2427 Tm ( )Tj ET q 1 0 0 1 450.7081 302.8417 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0388 304.2427 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Total comprehensive income for the period)Tj -0.025 Tw 25.654 0 Td (\(258,961\))Tj /T1_0 1 Tf 7.632 0 Td (\(450,421\))Tj ET 2.5 w q 1 0 0 1 351.4955 266.6781 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4955 263.3456 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8261 264.5791 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7081 266.6781 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7081 263.3456 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0388 264.5791 Tm ( )Tj ET endstream endobj 119 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 12 0 0 12 294.6378 18.7502 Tm (2)Tj /T1_1 1 Tf 0.025 Tc 13 0 0 13 56.6929 773.5878 Tm (CONSOLIDATED STATEMENT OF PROFIT OR LOSS)Tj /T1_0 1 Tf 13 0 3.4833 13 55.3588 757.5878 Tm (For the six months ended 30 June 2025 \226 unaudited)Tj 0.33 -1.231 Td (\(Expressed in Renminbi \(\223)Tj /T1_1 1 Tf -0.025 Tw (RMB)Tj /T1_0 1 Tf (\224\)\))Tj /T1_1 1 Tf 0 Tw 13 0 0 13 369.0678 709.5878 Tm (Six months ended 30 June)Tj -0.025 Tw 3.333 -1.231 Td (2025)Tj /T1_0 1 Tf 7.632 0 Td (2024)Tj -15.942 -1.231 Td (Note)Tj /T1_1 1 Tf 13 0 3.4833 13 381.9285 677.5878 Tm (RMB\222000)Tj /T1_0 1 Tf 7.742 0 Td (RMB\222000)Tj /T1_1 1 Tf 13 0 0 13 56.6928 645.5878 Tm (Revenue)Tj /T1_0 1 Tf 0 Tc 0 Tw 19.811 0 Td (4)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 5.426 0 Td (2,153,490)Tj /T1_0 1 Tf 7.632 0 Td (2,683,496)Tj 0 Tw -32.868 -1.231 Td (Cost of sales)Tj /T1_1 1 Tf -0.025 Tw 24.854 0 Td (\(1,990,741\))Tj /T1_0 1 Tf 7.632 0 Td (\(2,413,143\))Tj ET 0 0 0 1 K 0.5 w q 1 0 0 1 351.496 625.1777 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8267 626.5787 Tm ( )Tj ET q 1 0 0 1 450.7086 625.1777 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0393 626.5787 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Gross profit)Tj /T1_0 1 Tf 0 Tc 19.19 0 Td (4)Tj 0.025 Tc -0.025 Tw 0.525 0 Td (\(b\))Tj /T1_1 1 Tf 6.322 0 Td (162,749)Tj /T1_0 1 Tf 7.632 0 Td (270,353)Tj 0 Tw -33.668 -1.231 Td (Other income)Tj 0 Tc 19.811 0 Td (5)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 6.226 0 Td (142,367)Tj /T1_0 1 Tf 8.157 0 Td (72,118)Tj 0 Tw -34.193 -1.231 Td (Distribution costs)Tj /T1_1 1 Tf -0.025 Tw 26.179 0 Td (\(59,750\))Tj /T1_0 1 Tf 7.632 0 Td (\(50,464\))Tj 0 Tw -33.81 -1.231 Td (Administrative expenses)Tj /T1_1 1 Tf -0.025 Tw 25.654 0 Td (\(177,038\))Tj /T1_0 1 Tf 7.632 0 Td (\(177,787\))Tj 0 Tw -33.285 -1.231 Td (Impairment losses on receivables and )Tj 1.003 -1.231 Td (contract assets)Tj /T1_1 1 Tf -0.025 Tw 25.176 0 Td (\(30,698\))Tj /T1_0 1 Tf 7.632 0 Td (\(16,718\))Tj 0 Tw -33.81 -1.231 Td (Other expenses)Tj /T1_1 1 Tf -0.025 Tw 26.179 0 Td (\(95,638\))Tj /T1_0 1 Tf 7.632 0 Td (\(19,438\))Tj ET q 1 0 0 1 351.4959 494.1686 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8266 495.5696 Tm ( )Tj ET q 1 0 0 1 450.7085 494.1686 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0392 495.5696 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.873 -2.462 Td (\(Loss\)/profit )Tj 0 Tw 5.933 0 Td (from operations)Tj -0.025 Tw 20.246 0 Td (\(58,008\))Tj /T1_0 1 Tf 8.015 0 Td (78,064)Tj 0 Tw -34.193 -1.231 Td (Finance costs)Tj -0.025 Tw 19.218 0 Td (6\(a\))Tj /T1_1 1 Tf 6.436 0 Td (\(231,089\))Tj /T1_0 1 Tf 7.632 0 Td (\(229,773\))Tj 0 Tw -33.285 -1.231 Td (Share of profits less losses of joint )Tj -0.025 Tw 1.003 -1.231 Td (ventures)Tj /T1_1 1 Tf 25.701 0 Td (\(1,345\))Tj /T1_0 1 Tf 8.015 0 Td (1,837)Tj ET q 1 0 0 1 351.4958 411.1596 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8266 412.5606 Tm ( )Tj ET q 1 0 0 1 450.7085 411.1596 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0392 412.5606 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.873 -2.462 Td (Loss)Tj 0 Tw ( before taxation)Tj /T1_0 1 Tf 0 Tc 19.811 0 Td (6)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 5.843 0 Td (\(290,442\))Tj /T1_0 1 Tf 7.632 0 Td (\(149,872\))Tj 0 Tw -33.285 -1.231 Td (Income tax)Tj 0 Tc 19.811 0 Td (7)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 6.368 0 Td (\(28,301\))Tj /T1_0 1 Tf 8.015 0 Td (12,984)Tj ET q 1 0 0 1 351.4958 360.1505 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8265 361.5515 Tm ( )Tj ET q 1 0 0 1 450.7084 360.1505 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0391 361.5515 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.873 -2.462 Td (Loss)Tj 0 Tw ( for the period)Tj -0.025 Tw 25.654 0 Td (\(318,743\))Tj /T1_0 1 Tf 7.632 0 Td (\(136,888\))Tj ET 2.5 w q 1 0 0 1 351.4958 323.987 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4958 320.6545 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8264 321.888 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7084 323.987 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7084 320.6545 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0391 321.888 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -29.873 -2.462 Td (Attributable to:)Tj /T1_0 1 Tf 1.003 -1.231 Td (Equity shareholders of the Company)Tj /T1_1 1 Tf -0.025 Tw 24.651 0 Td (\(258,451\))Tj /T1_0 1 Tf 7.632 0 Td (\(119,006\))Tj 0 Tw -32.282 -1.231 Td (Non-controlling interests)Tj /T1_1 1 Tf -0.025 Tw 25.176 0 Td (\(60,292\))Tj /T1_0 1 Tf 7.632 0 Td (\(17,882\))Tj ET 0.5 w q 1 0 0 1 351.4956 253.478 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8263 254.8789 Tm ( )Tj ET q 1 0 0 1 450.7082 253.478 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0389 254.8789 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.873 -2.462 Td (Loss)Tj 0 Tw ( for the period)Tj -0.025 Tw 25.654 0 Td (\(318,743\))Tj /T1_0 1 Tf 7.632 0 Td (\(136,888\))Tj ET 2.5 w q 1 0 0 1 351.4956 217.3144 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4956 213.9819 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8263 215.2154 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.7082 217.3144 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.7082 213.9819 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0389 215.2154 Tm ( )Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw -29.873 -2.462 Td (Loss)Tj 0 Tw ( per share \(RMB )Tj -0.025 Tw (yuan)Tj 0 Tc 0 Tw (\))Tj /T1_0 1 Tf 0.025 Tc 1.003 -1.231 Td (Basic and diluted)Tj 0 Tc 18.808 0 Td (8)Tj /T1_1 1 Tf 0.025 Tc -0.025 Tw 7.418 0 Td (\(0.15\))Tj /T1_0 1 Tf 7.632 0 Td (\(0.07\))Tj ET 2.5 w q 1 0 0 1 351.4954 161.6509 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 351.4954 158.3184 cm 0 0 m 87.874 0 l S Q BT /T1_1 1 Tf 0 Tc 0 Tw 13 0 0 13 345.8261 159.5519 Tm ( )Tj ET 2.5 w q 1 0 0 1 450.708 161.6509 cm 0 0 m 87.874 0 l S Q 0.835 w q 1 0 0 1 450.708 158.3184 cm 0 0 m 87.874 0 l S Q BT /T1_0 1 Tf 13 0 0 13 445.0387 159.5519 Tm ( )Tj ET endstream endobj 113 0 obj <>stream BT 0 0 0 1 k /Perceptual ri /GS0 gs /T1_0 1 Tf 12 0 0 12 294.6378 18.7502 Tm (1)Tj 0.065 Tc 0.07 Tw 13 0 3.4833 13 55.3588 776.3179 Tm [(Hong)12.1 ( Kong)12.1 ( Exchanges)12 ( and)12.1 ( Clearing)12 ( Limited)12 ( and)12 ( The)12 ( Stock)12.1 ( Exchange)12.1 ( of)12.1 ( Hong)40 ( )]TJ 0.03 Tc 0.078 Tw 0.33 -1.231 Td [(Kong)5 ( )0.5 (Limited)5 ( )0.5 (take)5 ( )0.5 (no)5 ( )0.5 (responsibility)5 ( )0.5 (for)5 ( )0.5 (the)5 ( 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