[HK]香江电器:中期报告 2025
原标题:香江电器:中期报告 2025 Contents 目錄 Corporate Information 公司資料 2 Key Highlights 主要摘要 5 Management Discussion and Analysis 管理層討論與分析 6 Other Information 其他資料 15 Report on Review of Condensed Consolidated 簡明綜合財務報表審閱報告 24Financial Statements Condensed Consolidated Statement of Profit or Loss and 簡明綜合損益及其他全面 26Other Comprehensive Income 收益表 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 27Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 29Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 30Notes to the Condensed Consolidated Financial 簡明綜合財務報表附註 31Statements Corporate Information 公司資料 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Mr. Pan Yun (Chairman) 潘允先生（主席） Ms. Ji Ying 吉穎女士 Ms. Li Youxiang 李友香女士 Ms. Hu Yan 胡彥女士 Mr. Guangshe Pan Guangshe Pan先生 Mr. Xu Xiping 徐細平先生 Independent Non-Executive Directors 獨立非執行董事 Dr. Huang Hanxiong 黃漢雄博士 Dr. Li Jiannan 李健男博士 Dr. Gu Zhaoyang 顧朝陽博士 SUPERVISORS 監事 Mr. Yip Hung Tung 葉紅東先生 Mr. Shi Chuanlai 史傳來先生 Ms. Yi Hongliang 易紅良女士 JOINT COMPANY SECRETARIES 聯席公司秘書 Ms. Hu Yan 胡彥女士 Mr. Ng Chun Hoi 吳浚鎧先生 AUDIT COMMITTEE 審核委員會 Dr. Gu Zhaoyang (Chairman) 顧朝陽博士（主席） Dr. Huang Hanxiong 黃漢雄博士 Dr. Li Jiannan 李健男博士 REMUNERATION COMMITTEE 薪酬委員會 Dr. Li Jiannan (Chairman) 李健男博士（主席） Ms. Ji Ying 吉穎女士 Dr. Gu Zhaoyang 顧朝陽博士 NOMINATION COMMITTEE 提名委員會 Dr. Huang Hanxiong (Chairman) 黃漢雄博士（主席） Ms. Ji Ying 吉穎女士 Dr. Li Jiannan 李健男博士 STRATEGIC COMMITTEE 戰略委員會 Mr. Pan Yun (Chairman) 潘允先生（主席） Dr. Huang Hanxiong 黃漢雄博士 Ms. Li Youxiang 李友香女士 AUTHORISED REPRESENTATIVES 授權代表 Corporate Information 公司資料 AUDITOR 核數師 Deloitte Touche Tohmatsu 德勤 ? 關黃陳方會計師行 Certified Public Accountants 執業會計師 Registered Public Interest Entity Auditor 註冊公眾利益實體核數師35/F, One Pacific Place 香港 88 Queensway 金鐘 Admiralty 金鐘道88號 Hong Kong 太古廣場一期35樓 LEGAL ADVISOR 法律顧問 DeHeng Law Offices (Hong Kong) LLP 德恒律師事務所（香港）有限法律責任合夥28/F, Henley Building 香港 5 Queen’s Road Central 皇后大道中5號 Hong Kong 衡怡大廈28樓 Room 3507, 35/F 香港 Edinburgh Tower 中環 The Landmark 皇后大道中15號 15 Queen’s Road Central 置地廣場 Central 公爵大廈 Hong Kong 35樓3507室 Room 1111, 11/F 香港 New World Tower I 中環 No. 16–18 Queen’s Road Central 皇后大道中16–18號 Central 新世界大廈一座 Hong Kong 11樓1111室 COMPLIANCE ADVISOR 合規顧問 Sinolink Securities (Hong Kong) Company Limited 國金證券（香港）有限公司Units 3501–08 香港 35/F, Cosco Tower 皇后大道中183號 183 Queen’s Road Central 中遠大廈35樓 Hong Kong 3501–08室 REGISTERED OFFICE IN THE PRC 中國註冊辦事處 Kai Di Road 中國 Li Shi Zhen Industrial Park 湖北省 Qichun County 蘄春縣 Hubei Province 李時珍工業園 PRC 凱迪大道 HEADQUARTERS IN THE PRC 中國總部 7th Floor, Building 7 中國 Shatoujiao Free Trade Zone 深圳市 Haishan Road, Yantian District 鹽田區海山街道 Shenzhen 沙頭角保稅區 Corporate Information 公司資料 PRINCIPAL PLACE OF BUSINESS 香港主要營業地點 IN HONG KONG Unit 2703B, 27/F 香港 148 Electric Road 北角 North Point 電氣道148號 Hong Kong 27樓2703B室 PRINCIPAL BANKS 主要往來銀行 Ping An Bank Co., Ltd. 平安銀行股份有限公司 Shenzhen Branch Longhua Subbranch 深圳分行龍華支行 1–2/F, East side of Donghe Garden Complex 中國 Donghuan 2nd Road, Longhua Street Office 深圳市 Bao’an District 寶安區 Shenzhen 龍華街道辦事處東環二路 PRC 東和花園綜合樓東側1–2層 DBS Bank (China) Limited Shenzhen Branch 星展銀行（中國）有限公司深圳分行Unit 01–05, 06A 中國 35F, China Resources Tower 深圳市 No. 2666, Keyuan South Road 南山區 Haizhu Community, Yuehai Sub-district 粵海街道海珠社區 Nanshan District 科苑南路2666號 Shenzhen 中國華潤大廈35層 PRC 01–05單元，06A單元 HONG KONG H SHARE REGISTRAR AND 香港H股股份過戶登記處 TRANSFER OFFICE Tricor Investor Services Limited 卓佳證券登記有限公司 17/F, Far East Finance Centre 香港 16 Harcourt Road 夏慤道16號 Hong Kong 遠東金融中心17樓 STOCK NAME 股份名稱 XJ ELECTRICS 香江電器 STOCK CODE 股份代號 2619 2619 COMPANY’S WEBSITE 本公司網址 http://www.xjgroup.com http://www.xjgroup.com Key Highlights 主要摘要 For the six months ended 30 June 2025 2024 Change 截至6月30日止六個月 2025年 2024年 變動 RMB’000 RMB’000 (%) 人民幣千元 人民幣千元 (%) Revenue 收益 542,816 614,423 -11.7% Gross profit 毛利 107,567 137,410 -21.7% Profit for the period 期內溢利 25,313 60,539 -58.2% Management Discussion and Analysis 管理層討論與分析 OVERVIEW 概覽 The Group is a manufacturer of lifestyle household goods 本集團是中華人民共和國（「中國」）的生活in the People’s Republic of China (the “PRC” or “China”). 家居用品製造商。本集團專注電器類家居The Group focuses on research and development, design, 用品及非電器類家居用品的研發、設計、生manufacturing and sales of electric home appliances and 產與銷售。本集團的電器類家居用品分為non-electric household goods. The Group’s electric home 三大類，即(i)電熱類家電，如電烤爐、空氣appliances consist of three categories, namely (i) electro- 炸鍋及電熱水壺；(ii)電動類家電，如攪拌機、 thermic appliances, such as electric griddle, air fryer and 打蛋器及電動開罐器；及(iii)電子類家電，kettle; (ii) motor-driven appliances, such as blender, mixer 如電子秤、加濕器及鐳射燈。本集團亦提供and electric can opener; and (iii) electronic appliances such 非電器類家居用品，如花園水管及鍋具。 as digital scale, humidifier and laser projector light. The Group also offers non-electric household goods such as garden hose and cookware. BUSINESS REVIEW 業務回顧 In the first half of 2025, ongoing uncertainties resulting from 2025年上半年，由於美國貿易政策（如對等 the U.S. trade policies such as the Reciprocal Tariff Policy 關稅政策）所引發的持續不確定性，導致本promoted a more cautious, wait-and-see approach among 集團的下游客戶採取更為審慎的觀望態度。 the downstream customers of the Group. Consequently, 因此，本集團的銷量由截至2024年6月30the Group’s sales volume decreased by 15.4% from 10.6 日止六個月的10.6百萬台，減少15.4%至截million units for the six months ended 30 June 2024 to 9.0 至2025年6月30日止六個月的9.0百萬台，million units for the six months ended 30 June 2025, and its 而其收益由截至2024年6月30日止六個月revenue decreased by 11.7% from RMB614.4 million for the 的人民幣 614.4百萬元減少 11.7%至截至six months ended 30 June 2024 to RMB542.8 million for the 2025年6月30日止六個月的人民幣542.8百six months ended 30 June 2025. Despite the unfavourable 萬元。儘管面對不利環境，本集團仍憑藉產conditions, the Group leveraged its strengths in product 品質量及服務能力的優勢，發揮產能佈局quality and service capabilities, capitalised on the strategic 的戰略優勢，並靈活調整銷售策略。此外， advantages of its production capacity layout and flexibly 本集團亦積極開拓新興市場，並擴大產品adjusted its sales strategies. In addition, the Group actively 品類。 explored emerging markets and expanded its product offerings. Meanwhile, affected by the decline in gross profit margins for 與此同時，公司受部分產品毛利率下滑影響， certain products, the Group’s gross profit margin decreased 本集團的毛利率由截至2024年6月30日止from 22.4% for the six months ended 30 June 2024 to 六個月的22.4%減少至截至2025年6月30日19.8% for the six months ended 30 June 2025. The Group 止六個月的19.8%。本集團於2025年上半recorded gross profit of RMB107.6 million in the first half 年錄得毛利人民幣107.6百萬元，較2024年of 2025, representing a decrease of approximately 21.7% 同期的人民幣137.4百萬元減少約21.7%。 as compared to RMB137.4 million for the corresponding 隨著中國內地及印尼的生產設施的逐步投period of 2024. With the gradual increase in production 入，本集團於2025年上半年產生行政開支facilities in the PRC and Indonesia, the Group incurred 人民幣55.4百萬元，較2024年同期的人民administrative expenses for the first half of 2025 of RMB55.4 幣45.8百萬元增加20.9%。由於期內整體匯million, representing an increase of 20.9% as compared to 率波動，本集團於2025年上半年的匯兌收RMB45.8 million for the corresponding period of 2024. Due to 益減少49.2%至人民幣4.5百萬元。受上述overall exchange rate fluctuations during the period, foreign 綜合因素影響，本集團於2025年上半年的exchange gains for the first half of 2025 decreased by 49.2% 淨利潤較2024年同期下降58.2%。 to RMB4.5 million. As a result of these combined factors, the Company’s net profit for the first half of 2025 declined by Management Discussion and Analysis 管理層討論與分析 BUSINESS PROSPECTS 業務前景 In an increasingly complex and dynamic operating 面對日益複雜多變的經營環境，公司將堅environment, the Company will steadfastly focus on 定不移地圍繞戰略目標落地，充分發揮在implementing its strategic objectives, and fully leveraging its 家居用品智能製造方面的優勢，持續提升 strengths in intelligent manufacturing of household goods to 公司的核心競爭力和市場份額。公司將採continuously enhance its core competitiveness and market 取若干措施，包括但不限於：share. The Company will adopt several measures, including but not limited to: (I) Advancing Overseas Production Capacity （一） 推進海外產能建設，打開業務增to Unlock Business Growth Opportunities 長空間 Amid the tense trade relations between the U.S. 在美國對華貿易關係緊張的局勢，公and China, the Company has proactively established 司提前佈局海外生產基地。2023年公overseas production bases. Since 2023, the Company 司在印尼設立其首個海外生產基地，established its first overseas production base in 並在泰國設立第二個海外生產基地Indonesia, and initiated the establishment of its （2024年投資67畝土地），兩大基地全second overseas production base in Thailand (with an 部量產後，公司將實現中國、印尼、investment covering 67 mu of land in 2024). Once both 泰國三大基地的資源優化配置，構建bases reach full production, the Company will achieve 全球化生產佈局，有效規避各種貿易optimised resource allocation across its three major 風險，最大程度減少關稅對公司業務bases in China, Indonesia, and Thailand, establishing 的影響，為公司業務增長開闢新空間。 a globalised production network. This will effectively mitigate various trade risks, minimise the impact of tariffs on the Company’s operations, and create new avenues for business growth. (II) The Level of Automation and Digitalisation （二） 自動化與數字化水平升級To stay ahead of the competition and align with the 為了在競爭中遙遙領先及迎合數字化digital trend, the Company has launched a smart 趨勢，公司推出智能製造計劃，並在manufacturing initiative and established a factory in 中國惠州市成立廠房（「香江智能廠Huizhou, the PRC (the “XJ Intelligence Factory”). The 房」）。公司已採購更先進的自動化設Company has procured more advanced automated 備及機器以打造智能生產線。此外，equipment and machines to build smart production 公司計劃於香江智能廠房實施電腦化lines. In addition, the Company plans to implement 的生產執行系統，以穩健的資訊科技a computerised manufacturing execution system at 基礎設施作支援，從而實時監控整體the XJ Intelligence Factory, supported by a robust 生產運作。預計香江智能廠房的現代information technology infrastructure to enable real- 化和數字化生產將有助於公司實現可time monitoring of overall production operations. 持續增長。 The modernised and digitalised production in the XJ Intelligence Factory are expected to contribute to the Company’s sustainable growth. Management Discussion and Analysis 管理層討論與分析 (III) Strengthening R&D Investment to Build （三） 加強研發投入，打造企業核心 Core Competitiveness 競爭力 The Company recognises that R&D innovation is 公司深知研發創新是企業發展的核心the core driver of its development and will continue 動力，將繼續加大研發投入和技術創to increase investment in R&D and technological 新力度。本公司擬於湖北省蘄春縣建innovation. The Company intends to build a R&D centre 設研發中心（「新研發中心」），總建築in Qichun County, Hubei Province (the “New R&D 面積約6,000平方米，將用於新產品研Centre”), which occupies an aggregate construction 發及測試實驗室。此外，通過與高校（南area of approximately 6,000 sq.m for R&D of new 方科技大學）、科研機構建立緊密合作products and testing laboratory. Additionally, by 關係，積極開展前沿技術研究，深入establishing close partnerships with universities (such 探索新技術、新工藝、新材料在家居as Southern University of Science and Technology) 用品製造中的應用，不斷提升產品的and research institutions, the Company will actively 科技含量和附加值，打造企業獨特的engage in cutting-edge technology research, exploring 核心競爭力。 the application of new technologies, processes, and materials in the manufacturing of household goods. This will enhance the technological content and add value of its products, establishing the Company’s unique core competitiveness. FINANCIAL REVIEW 財務回顧 Revenue 收益 The revenue of the Group decreased by 11.7% from 本集團的收益由截至2024年6月30日止六RMB614.4 million for the six months ended 30 June 2024 to 個月的人民幣614.4百萬元減少11.7%至截RMB542.8 million for the six months ended 30 June 2025, 至2025年6月30日止六個月的人民幣542.8primarily attributable to the reduction in sales as a result of 百萬元，主要歸因於美國關稅政策引發的 the uncertainties caused by the U.S. tariff policies. 不確定性導致銷量下跌。 Gross profit and gross profit margin 毛利及毛利率 The gross profit of the Group decreased by 21.7% from 本集團的毛利由截至2024年6月30日止六RMB137.4 million for the six months ended 30 June 2024 to 個月的人民幣137.4百萬元減少21.7%至截RMB107.6 million for the six months ended 30 June 2025, 至2025年6月30日止六個月的人民幣107.6primarily due to the decline in the Group’s sales volume and 百萬元，主要由於本集團銷量和綜合毛利overall gross profit margin. 率下滑導致。 The gross profit margin of the Group decreased by 2.6% 本集團的毛利率由截至2024年6月30日止from 22.4% for the six months ended 30 June 2024 to 19.8% 六個月的22.4%減少2.6%至截至2025年6月for the six months ended 30 June 2025, mainly driven by the 30日止六個月的19.8%，主要由於部分產品decline in the gross profit margin of certain products. 毛利率下滑影響導致。 Management Discussion and Analysis 管理層討論與分析 Cost of sales 銷售成本 The cost of sales of the Group decreased by 8.8% from 本集團的銷售成本由截至2024年6月30日RMB477.0 million for the six months ended 30 June 2024 to 止六個月的人民幣477.0百萬元減少8.8%RMB435.2 million for the six months ended 30 June 2025, 至截至2025年6月30日止六個月的人民幣primarily due to a decline in sales volume as a result of the 435.2百萬元，主要由於美國貿易政策持續ongoing uncertainties arising from the U.S. trade policies. 引發的不確定性導致銷量下降所致。 Other income 其他收入 The other income of the Group increased from RMB8.8 本集團的其他收入由截至2024年6月30日million for the six months ended 30 June 2024 to RMB12.7 止六個月的人民幣8.8百萬元增加至截至million for the six months ended 30 June 2025, mainly 2025年6月30日止六個月的人民幣12.7百attributable to the increase in government grants by 190.5% 萬元，主要由於政府資助由截至2024年6from RMB1.4 million for the six months ended 30 June 2024 月30日止六個月的人民幣1.4百萬元增加to RMB4.1 million for the six months ended 30 June 2025. 190.5%至截至2025年6月30日止六個月的人民幣4.1百萬元所致。 Other gains and losses 其他收益及虧損 The other gain of the Group decreased from RMB8.5 million 本集團的其他收益由截至2024年6月30日for the six months ended 30 June 2024 to RMB2.5 million 止六個月的人民幣8.5百萬元減少至截至for the six months ended 30 June 2025, primarily due to a 2025年6月30日止六個月的人民幣2.5百萬reduction in foreign exchange gains caused by exchange rate 元，乃歸由於匯率波動導致匯兌損益的減少。 fluctuations. Selling expenses 銷售開支 The selling expenses of the Group decreased by 17.1% 本集團的銷售開支由截至2024年6月30日from RMB14.9 million for the six months ended 30 June 止六個月的人民幣14.9百萬元減少17.1%2024 to RMB12.4 million for the six months ended 30 June 至截至2025年6月30日止六個月的人民幣2025, mainly due to a reduction in sales personnel salaries 12.4百萬元，主要由於銷售規模減少導致銷resulting from decreased sales volume. 售人員工資的減少。 Administrative expenses 行政開支 The administrative expenses of the Group increased by 20.9% 本集團的行政開支由截至2024年6月30日from RMB45.8 million for the six months ended 30 June 2024 止六個月的人民幣45.8百萬元增加20.9%to RMB55.4 million for the six months ended 30 June 2025, 至截至2025年6月30日止六個月的人民幣primarily due to the increase in management personnel for 55.4百萬元，主要由於增加本集團於中國及our production facilities in the PRC and Indonesia. 印尼的生產設施管理人員增加所致。 Research and development expenses 研發開支 The research and development expenses of the Group 本集團的研發開支由截至2024年6月30日decreased by 10.4% from RMB16.5 million for the six months 止六個月的人民幣16.5百萬元減少10.4%ended 30 June 2024 to RMB14.7 million for the six months 至截至2025年6月30日止六個月的人民幣Management Discussion and Analysis 管理層討論與分析 Other expenses 其他開支 The Group did not record any other expenses for the six 本集團於截至2025年6月30日止六個月並months ended 30 June 2025 as compared to other expenses 無錄得任何其他開支，而於2024年同期則of RMB1.8 million for the corresponding period of 2024, 錄得其他開支人民幣1.8百萬元，主要由於primarily due to the reduction in donation and termination of 捐贈減少以及本集團於2024年終止先前的its previous A share listing attempt in 2024. A股上市計劃所致。 Financial costs 財務成本 The Group’s financial costs increased from RMB5.6 million 本集團的財務成本由截至2024年6月30日for the six months ended 30 June 2024 to RMB8.1 million 止六個月的人民幣5.6百萬元增加至截至for the six months ended 30 June 2025, which was primarily 2025年6月30日止六個月的人民幣8.1百萬due to the cessation of interest capitalisation following the 元，主要由於香江智能廠房建設完成之後completion of construction of the XJ Intelligence Factory. 停止利息資本化導致。 Income tax expenses 所得稅開支 The income tax expenses decreased from RMB10.4 million 所得稅開支由截至2024年6月30日止六個for the six months ended 30 June 2024 to RMB5.4 million for 月的人民幣10.4百萬元減少至截至2025年6the six months ended 30 June 2025, mainly due to a decline 月30日止六個月的人民幣5.4百萬元，主要in income before tax for the Reporting Period as compared to 由於報告期內的稅前溢利較2024年同期減the corresponding period in 2024. The Group’s effective tax 少所致，本集團的實際稅率由截至2024年rate increased from 14.6% for the six months ended 30 June 6月30日止六個月14.6%增加至報告期內的2024 to 17.7% for the Reporting Period. 17.7%。 Net profit 純利 As a result of the foregoing, the Group recorded net profit 鑑於上述情況，本集團於截至2025年6月of RMB25.3 million for the six months ended 30 June 2025, 30日止六個月錄得純利人民幣25.3百萬元，compared to net profit of RMB60.5 million for the six months 而截至2024年6月30日止六個月則錄得純ended 30 June 2024. 利人民幣60.5百萬元。 Financial position 財務狀況 Shareholders’ equity increased from RMB926.2 million as 股東股權由 2024 年 12 月 31 日的人民幣at 31 December 2024 to RMB1,097.1 million as at 30 June 926.2百萬元增加至2025年6月30日的人民2025, mainly due to the increase in issued share capital 幣1,097.1百萬元，主要由於增加上市發行and reserves from the Listing and an increase in reserves 股本及儲備金及報告期錄得溢利增加儲備resulting from the profit recorded during the Reporting 金所致。 Period. Management Discussion and Analysis 管理層討論與分析 Liquidity and financial resources 流動資金及財務資源 As at 30 June 2025, the Group had a total of RMB593.6 於2025年6月30日，本集團有合共人民幣million in bank balances and cash and pledged and restricted 593.6百萬元的銀行結餘及現金以及已質押bank deposits of RMB63.5 million in aggregate, primarily 及受限制銀行存款合共人民幣63.5百萬元，due to proceeds from the Listing and the increase in bank 主要由於上市所得款項及銀行借款增加所致。 borrowings. As at 30 June 2025, the Group had bank borrowings of 於2025年6月30日，我們的銀行借款約為approximately RMB389.8 million (31 December 2024: 人民幣389.8百萬元（2024年12月31日：約approximately RMB323.1 million). 人民幣323.1百萬元）。 As at 30 June 2025, the Group has not provided guarantees 於2025年6月30日，本集團尚未向關聯方and pledges to related parties. 提供擔保及質押。 Gearing ratio 資產負債比率 The Group’s gearing ratio, being on total liabilities divided by 於2024年12月31日及2025年6月30日，本 total assets and multiplied by 100%, was 45.7% and 42.1% as 集團的資產負債比率（負債總額除以資產總at 31 December 2024 and 30 June 2025, respectively. 值並乘以100%）分別為45.7%及42.1%。 TREASURY POLICIES 庫務政策 The Group has adopted a prudent financial management 本集團已就其庫務政策採納審慎的財務管approach towards its treasury policies and thus maintained 理策略，因此於整個回顧期間維持穩健的a healthy liquidity position throughout the period under 流動資金狀況。本集團透過持續進行信貸review. The Group strives to reduce exposure to credit risk 評估及評估其債務人的財務狀況，致力降by performing ongoing credit assessments and evaluations 低信貸風險。為管理流動資金風險，董事會of the financial status of its debtors. To manage liquidity risk, 密切監察本集團的流動資金狀況，以確保 the Board closely monitors the Group’s liquidity position to 有足夠財務資源及時滿足其資金需求及承擔。 ensure that sufficient financial resources are available in order to meet its funding requirements and commitment timely. MARKET RISKS 市場風險 The Group is exposed to various types of market risks, 本集團承受各種市場風險，包括利率變動including changes in interest rates and risk of change in 及行業政策變動風險。 industry policies. Interest rate risk 利率風險 The Group’s exposure to interest rate risk relates primarily 本集團之利率風險主要與本集團持有之現to the cash and bank deposits held by the Group, interest- 金及銀行存款、計息銀行及其他借款有關。 bearing bank and other borrowings. The Group mainly 本集團主要透過按固定或浮動利率將其存controls its exposure to interest rate risks associated with 入適當短期存款及同時按固定或浮動利率certain cash holdings and bank deposits, interest-bearing 借貸貸款，控制與若干現金持有及銀行存款、bank and other borrowings by placing them in appropriate 計息銀行及其他借款相關的利率風險。 short-term deposits at fixed or floating interest rates and at Management Discussion and Analysis 管理層討論與分析 The Group had not used any interest rate swaps to hedge 截至2025年6月30日止六個月，本集團並its exposure to interest rate risk for the six months ended 30 無使用任何利率掉期對沖利率風險。 June 2025. Risk of change in industry policies 行業政策變動的風險 An array of laws, regulations and rules on the global lifestyle 有關全球生活家居用品行業、全球小家電 household goods industry, global small home appliance 行業及全球花園水管行業的一系列法律、industry and global garden hose industry in China constitute 法規及規則，為本公司日常持續經營提供the external regulatory and legal environment for the 外部監管及合法環境，對本公司業務發展、Company’s ordinary and continuous operation and have 生產及經營、國內外貿易及資本投資等具great influence on the Company’s business development, 有重大影響。相關行業政策的變化可能對production and operation, domestic and foreign trade, 本公司的生產及經營產生相應影響。 and capital investment etc. Changes in relevant industry policies may have corresponding effects on the Company’s production and operation. Foreign exchange risk 外匯風險 Based on the global development of the Group’s business 基於本集團業務的全球發展及海外分公司and the establishment of overseas branches, our revenue is 的設立，我們的收益以美元及人民幣計值，denominated in US dollars and Renminbi and the proceeds 而首次公開發售所得款項則以港元計值。 of initial public offering is denominated in Hong Kong dollars. 於2025年6月30日，本集團尚未就外幣交As at 30 June 2025, the Group has not implemented any 易、資產及負債實施外幣對沖。本集團將定foreign currency hedging for foreign currency transactions, 期檢討外匯風險，並在必要時使用衍生金assets, and liabilities. The Group will regularly review foreign 融工具對沖該等風險。 exchange risks and use derivative financial instruments to hedge such risks as necessary. CONTINGENT LIABILITIES 或然負債 The Group had no material contingent liabilities as at 30 June 於2025年6月30日，本集團並無重大或然2025 (2024: Nil). 負債（2024年：無）。 INFORMATION ON EMPLOYEES 僱員資料 As at 30 June 2025, the Group had 2,380 employees, 於2025年6月30日，本集團有2,380名僱員，including the executive Directors. Total staff costs (including 包括執行董事。截至2025年6月30日止六Directors’ emoluments) were approximately RMB103.3 個月，員工成本總額（包括董事酬金）約為million for the six months ended 30 June 2025, as compared 人民幣103.3百萬元，而截至2024年6月30to approximately RMB111.1 million for the six months ended 日止六個月則約為人民幣111.1百萬元。薪30 June 2024. Remuneration is determined with reference 酬乃參考市場準則及個別僱員的表現、資to market norms and individual employees’ performance, 歷及經驗釐定。 qualification and experience. Management Discussion and Analysis 管理層討論與分析 The Group places high value on recruiting, training 本集團高度重視招聘、培訓及挽留僱員。本and retaining its employees. The Group maintains 集團維持高招聘標準，並提供具競爭力的high recruitment standards and provides competitive 薪酬待遇。本集團僱員之薪酬待遇一般包compensation packages. Remuneration packages for the 括基本薪金、花紅及醫療保險等其他僱員Group’s employees generally include basic salaries, bonuses 福利。本集團已採納培訓政策，亦為僱員提and other employee benefits such as medical insurance. The 供在職培訓，以提升彼等的技能及安全知Group has adopted a training policy and also provides on- 識。根據中國法規的規定，本集團參與由適the-job training to its employees to enhance their technical 用的地方市政府及省政府組織的各種僱員and safety knowledge. As required under PRC regulations, 社會保障計劃，包括住房、退休金、醫療、the Group participates in various employee social security 工傷、生育及失業福利計劃。 plans that are organised by applicable local municipal and provincial governments, including housing, pension, medical, work-related injury, maternity, and unemployment benefit plans. USE OF PROCEEDS FROM THE GLOBAL 全球發售所得款項用途 OFFERING The shares of the Company have been listed on the Stock 本公司股份自2025年6月25日（「上市日期」）Exchange since 25 June 2025 (the “Listing Date”). The net 起在聯交所上市。全球發售所得款項淨額proceeds raised from Global Offering were approximately 約為155.6百萬港元。 HK$155.6 million. As at 30 June 2025, the total net proceeds of approximately 於2025年6月30日，自本公司於上市日期HK$155.6 million from the Global Offering remained unutilised 新上市以來，來自全球發售之所得款項淨since the Company was newly listed on the Listing Date. The 額總額約155.6百萬港元仍未動用。上市所net proceeds from the Listing will be utilised in accordance 得款項淨額將根據先前於日期為2025年6with the purposes and timetable previously disclosed in the 月17日的招股章程（「招股章程」）內「未來計 section headed “Future Plans and Use of Proceeds” of the 劃及所得款項用途」一節所披露的用途及時prospectus dated 17 June 2025 (the “Prospectus”). As at the 間表予以動用。於本中期報告日期，本公司 date of this interim report, the Company does not anticipate 預計其所得款項用途計劃將不會有任何變動。 any change to its plan on the use of proceeds. SIGNIFICANT INVESTMENTS HELD 所持重大投資 As at 30 June 2025, the Group did not hold any significant 於2025年6月30日，本集團並無於任何其investment in equity interest in any other company. 他公司持有任何重大股權投資。 FUTURE PLANS FOR MATERIAL 重大投資及資本資產之未來計劃 INVESTMENTS AND CAPITAL ASSETS Save as disclosed in the Prospectus, as at 30 June 2025, 除招股章程所披露者外，於2025年6月30the Group did not have plans for material investments and 日，本集團並無重大投資及資本資產計劃。 capital assets. Management Discussion and Analysis 管理層討論與分析 MATERIAL ACQUISITIONS AND 重大收購及出售附屬公司、聯營公 DISPOSALS OF SUBSIDIARIES, 司及合營企業 ASSOCIATES AND JOINT VENTURES The Group did not have any material acquisition or disposal 截至2025年6月30日止六個月，本集團並of subsidiaries, associates and joint ventures for the six 無任何重大收購或出售附屬公司、聯營公months ended 30 June 2025. 司及合營企業事項。 CHARGES ON GROUP ASSETS 集團資產押記 As at 30 June 2025, certain assets of the Group with an 於2025年6月30日，本集團賬面總值約人aggregate carrying amount of approximately RMB492.4 民幣492.4百萬元之若干資產已予抵押，以million were pledged to secure bank loans of approximately 取得授予本集團之銀行貸款約人民幣281.5RMB281.5 million granted to the Group. 百萬元。 Other Information 其他資料 DIRECTORS’ AND CHIEF EXECUTIVES’ 董事及最高行政人員於本公司及INTERESTS OR SHORT POSITIONS IN 其相聯法團的股份、相關股份及債SHARES, UNDERLYING SHARES AND 權證的權益或淡倉 DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS As at 30 June 2025, save as disclosed below, none of the 於2025年6月30日，除下文所披露者外，Directors and chief executives of the Company had any other 概無董事及本公司主要行政人員於本公司interests or short positions in any shares, underlying shares 或其相聯法團（定義見證券及期貨條例（「證 or debentures of the Company or its associated corporations 券及期貨條例」）第XV部）的任何股份、相關 (within the meaning of Part XV of the Securities and Futures 股份或債權證中擁有根據證券及期貨條例Ordinance (the ”SFO”) which were notified to the Company 第XV部第7及第8分部須知會本公司及聯交and the Stock Exchange pursuant to Divisions 7 and 8 of Part 所的任何其他權益或淡倉（包括根據證券及XV of the SFO (including interests or short positions which 期貨條例有關條文彼等被當作或視為擁有they were taken or deemed to have under such provisions 的權益或淡倉），或根據證券及期貨條例第of the SFO), or which were required, pursuant to Section 352 352條須記錄於該條所述登記冊的任何其他of the SFO, to be entered in the register referred to therein, 權益或淡倉，或根據上市規則附錄C3所載or which were required, pursuant to the Model Code for 上市發行人董事進行證券交易的標準守則Securities Transactions by Directors of Listed Issuers (“Model （「標準守則」）規定的任何其他權益或淡倉： Code”) contained in Appendix C3 to the Listing Rules: Approximate percentage in the Approximate Name of Number of relevant percentage Directors/ Capacity/Nature of securities class of of the total(1) (2) chief executive Class of Shares interest held Shares share capital佔相關類別 董事╱主要行政 所持證券 股份之 佔股本總額之 (1) (2) 人員姓名 股份類別 身份╱權益性質 數目 概約百分比 概約百分比 Mr. Pan Yun Domestic Unlisted Shares Beneficial owner 110,659,509 (L) 54.07% 40.55%潘允先生 非上市內資股 實益擁有人 Domestic Unlisted Shares Interest in controlled 94,000,000 (L) 45.93% 34.45% (3) corporation (3) 非上市內資股 受控制法團權益 Notes: 附註： (1) The letter “L” denotes a person’s long position (as defined under Part XV of (1) 字母「L」表示該人士於內資股及╱或H股之好倉（定 the SFO) in the Domestic Shares and/or H Shares. 義見證券及期貨條例第XV部）。 (2) As at 30 June 2025, the Company had a total of 272,879,509 Shares in issue, (2) 於 2025 年 6 月 30 日，本公司已發行股份總數為 comprising 204,659,509 Domestic Unlisted Shares and 68,220,000 H Shares. 272,879,509股，包括204,659,509股非上市內資股及 68,220,000股H股。 Other Information 其他資料 (3) X.J. Management (Qichun) Limited Partnership* (蘄春華鈺科技管理中心 (3) 潘允先生分別擁有蘄春華鈺科技管理中心（有限合 (有限合夥)) (“X.J. Management (Qichun)”) and Qichun Hengxing Technology 夥）（「蘄春華鈺」）及蘄春恒興科技管理中心（有限合 Management Centre (Limited Partnership)* (蘄春恒興科技管理中心(有 夥）（「蘄春恒興」）70.37%及47.50%權益。潘允先生 限合夥)) (“Qichun Hengxing”) are owned by Mr. Pan Yun as to 70.37% 為蘄春華鈺及蘄春恒興的唯一普通合夥人。蘄春華 and 47.50%, respectively. Mr. Pan Yun is the sole general partner of X.J. 鈺及蘄春恒興分別於54,000,000股非上市內資股及 Management (Qichun) and Qichun Hengxing. X.J. Management (Qichun) and 40,000,000股非上市內資股中擁有權益。因此，根據 Qichun Hengxing are interested in 54,000,000 Domestic Unlisted Shares and 證券及期貨條例，潘允先生被視為於蘄春華鈺及蘄 40,000,000 Domestic Unlisted Shares, respectively. Accordingly, Mr. Pan 春恒興所持有的非上市內資股中擁有權益。 Yun is deemed to be interested in the Domestic Unlisted Shares held by X.J. Management (Qichun) and Qichun Hengxing under the SFO. SUBSTANTIAL SHAREHOLDERS’ 主要股東於本公司股份及相關股 INTERESTS AND/OR SHORT POSITION IN 份之權益及╱或淡倉 SHARES AND UNDERLYING SHARES OF THE COMPANY As at 30 June 2025, so far as was known to the Directors, the 於2025年6月30日，據董事所知，以下人following persons/entities (other than the Directors or chief 士╱實體（董事或本公司主要行政人員除外） executive of the Company) had, or were deemed to have, 於本公司股份或相關股份中擁有或被視為interests or short positions in the shares or underlying shares 擁有根據證券及期貨條例第XV部第2及3分 of the Company which would fall to be disclosed to the 部之條文須向本公司披露或記錄於本公司Company under the provisions of Divisions 2 and 3 of Part XV 根據證券及期貨條例第336條須存置之登記of the SFO, or which were recorded in the register required 冊之權益或淡倉如下：to be kept by the Company under Section 336 of the SFO were as follows: Approximate percentage in the Approximate Capacity/ Number of relevant percentage Nature of securities class of of the total (1) (2) Name of Shareholders Class of Shares interest held Shares share capital佔相關類別 身份╱ 所持證券 股份之 佔股本總額之 (1) (2) 股東名稱╱姓名 股份類別 權益性質 數目 概約百分比 概約百分比 (3) Ms. Cao Chengling Domestic Unlisted Interest of spouse 204,659,509 (L) 100.00% 75.00%Shares (3) 曹承玲女士 非上市內資股 配偶權益 X.J. Management (Qichun) Domestic Unlisted Beneficial owner 54,000,000 (L) 26.39% 19.79%Shares 蘄春華鈺 非上市內資股 實益擁有人 Other Information 其他資料 Approximate percentage in the Approximate Capacity/ Number of relevant percentage Nature of securities class of of the total (1) (2) Name of Shareholders Class of Shares interest held Shares share capital佔相關類別 身份╱ 所持證券 股份之 佔股本總額之 (1) (2) 股東名稱╱姓名 股份類別 權益性質 數目 概約百分比 概約百分比 Qichun Hengxing Domestic Unlisted Beneficial owner 40,000,000 (L) 19.54% 14.66%Shares 蘄春恒興 非上市內資股 實益擁有人 (4) Hubei Shunjie Investment H Shares Beneficial owner 15,008,000 (L) 22.00% 5.50%(Hong Kong) Co., Limited (“Shunjie Investment”) (4) 湖北順捷投資（香港） H股 實益擁有人 有限公司（「順捷 投資」） Hubei Shunjie Tourism H Shares Interest in controlled 15,008,000 (L) 22.00% 5.50%(4) Co., Ltd.* (“Shunjie corporation Tourism”) (4) 湖北順捷旅遊有限公司 H股 受控制法團權益 （「順捷旅遊」） Qichun Guojian Investment H Shares Interest in controlled 15,008,000 (L) 22.00% 5.50%(4) Co., Ltd.* (“Qichun corporation Guojian Investment”) (4) 蔪春縣國建投資有限 H股 受控制法團權益 公司（「蔪春縣國建 投資」） Qichun Urban Investment H Shares Interest in controlled 15,008,000 (L) 22.00% 5.50%(4) Development Group corporation Co., Ltd.* (“Qichun Urban Investment”) (4) 蔪春城市投資發展集團有 H股 受控制法團權益 限公司（「蔪春城市投 資」） Other Information 其他資料 Approximate percentage in the Approximate Capacity/ Number of relevant percentage Nature of securities class of of the total (1) (2) Name of Shareholders Class of Shares interest held Shares share capital佔相關類別 身份╱ 所持證券 股份之 佔股本總額之 (1) (2) 股東名稱╱姓名 股份類別 權益性質 數目 概約百分比 概約百分比 The State-owned Assets H Shares Interest in controlled 15,008,000 (L) 22.00% 5.50%(4) Operation Centre of corporation Qichun County* (4) 蔪春縣國有資產運營 H股 受控制法團權益 中心 (5) Hong Kong Xinghuang H Shares Beneficial owner 11,256,000 (L) 16.50% 4.12%Holdings Limited (“Xinghuang Holdings”) (5) 香港興黃控股有限公司 H股 實益擁有人 （「興黃控股」） The State-owned Assets H Shares Interest in controlled 11,256,000 (L) 16.50% 4.12%(5) Management Co., Ltd. corporation of Huanggang City* (5) 黃岡市國有資產經營 H股 受控制法團權益 有限公司 (6) Hong Kong Yunxing H Shares Beneficial owner 3,752,000 (L) 5.50% 1.37%Technology Trade Management Co., Limited (“Yunxing Technology”) (6) 香港雲星科技貿易管理有 H股 實益擁有人 限公司（「雲星 科技」） Hubei Xingfulong H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) Technology Co., corporation Ltd.* (“Xingfulong Technology”) (6) 湖北興富隆科技有限 H股 受控制法團權益 公司（「興富隆科技」） Other Information 其他資料 Approximate percentage in the Approximate Capacity/ Number of relevant percentage Nature of securities class of of the total (1) (2) Name of Shareholders Class of Shares interest held Shares share capital佔相關類別 身份╱ 所持證券 股份之 佔股本總額之 (1) (2) 股東名稱╱姓名 股份類別 權益性質 數目 概約百分比 概約百分比 Hangzhou Gongwang Wine H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) Co., Ltd.* (“Gongwang corporation Wine”) (6) 杭州公望酒業有限公司 H股 受控制法團權益 （「公望酒業」） Shenzhen Xinmingyuan H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) Investment Co., corporation Ltd.* (“Xinmingyuan Investment”) (6) 深圳鑫銘源投資有限公司 H股 受控制法團權益 （「鑫銘源投資」） Beijing Mishu Digital Asset H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) Management Co., Ltd.* corporation (“Mishu Digital”) (6) 北京米黍數科資產管理有 H股 受控制法團權益 限公司（「米黍 數科」） Shanghai Siqing Industrial H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) Development Center* corporation (“Siqing Industrial”) (6) 上海思慶實業發展中心 H股 受控制法團權益 （「思慶實業」） Xu Tiantian H Shares Interest in controlled 3,752,000 (L) 5.50% 1.37%(6) corporation (6) 徐甜甜 H股 受控制法團權益 Notes: 附註： (1) The letter “L” denotes a person’s long position (as defined under Part XV of (1) 字母「L」表示該人士於本公司股份之好倉（定義見證 the SFO) in the shares of the Company. 券及期貨條例第XV部）。 (2) As at 30 June 2025, the Company had a total of 272,879,509 Shares in issue, (2) 於 2025 年 6 月 30 日，本公司已發行股份總數為 comprising 204,659,509 Domestic Unlisted Shares and 68,220,000 H Shares. 272,879,509股，包括204,659,509股非上市內資股及 68,220,000股H股。 Other Information 其他資料 (3) Ms. Cao Chengling is the spouse of Mr. Pan Yun and is deemed to be (3) 曹承玲女士為潘允先生的配偶，根據證券及期貨條 interested in the Shares in which Mr. Pan Yun is interested under the SFO. 例被視為於潘允先生擁有權益的股份中擁有權益。 (4) Shunjie Investment is wholly-owned by Shunjie Tourism, which is in turn (4) 順捷投資由順捷旅遊全資擁有，而順捷旅遊則由蔪 wholly-owned by Qichun Guojian Investment. Qichun Guojian Investment 春縣國建投資全資擁有。蔪春縣國建投資由蔪春城 is wholly-owned by Qichun Urban Investment, which is in turn wholly- 市投資全資擁有，而蔪春城市投資則由蔪春縣國有 owned by the State-owned Assets Operation Centre of Qichun County. 資產運營中心全資擁有。因此，根據證券及期貨條例， Accordingly, each of Shunjie Tourism, Qichun Guojian Investment, Qichun 順捷旅遊、蔪春縣國建投資、蔪春城市投資及蔪春 Urban Investment and the State-owned Assets Operation Centre of Qichun 縣國有資產運營中心各自被視為於順捷投資所持有 County is deemed to be interested in the H Shares in which Shunjie 的H股中擁有權益。 Investment is interested under the SFO. (5) Xinghuang Holdings is wholly-owned by the State-owned Assets (5) 興黃控股由黃岡市國有資產經營有限公司全資擁有。 Management Co., Ltd. of Huanggang City. Accordingly, the State-owned 因此，根據證券及期貨條例，黃岡市國有資產經營 Assets Management Co., Ltd. of Huanggang City is deemed to be interested 有限公司被視為於興黃控股所持有的H股中擁有權益。 in the H Shares in which Xinghuang Holdings is interested under the SFO.(6) Yunxing Technology is wholly-owned by Xingfulong Technology, which is (6) 雲星科技由興富隆科技全資擁有，而興富隆科技 owned as to 67% by Gongwang Wine. Gongwang Wine is owned as to 80% 則由公望酒業擁有67%權益。公望酒業由鑫銘源投 by Xinmingyuan Investment, which is in turn owned as to 90% by Mishu 資擁有80%權益，而鑫銘源投資則由米黍數科擁有 Digital. Mishu Digital is owned as to 95% by Siqing Industrial, which is in turn 90%權益。米黍數科由思慶實業擁有95%權益，而 wholly-owned by Xu Tiantian. Accordingly, each of Xingfulong Technology, 思慶實業則由徐甜甜全資擁有。因此，根據證券及 Gongwang Wine, Xinmingyuan Investment, Mishu Digital, Siqing Industrial 期貨條例，興富隆科技、公望酒業、鑫銘源投資、 and Xu Tiantian is deemed to be interested in the H Shares in which 米黍數科、思慶實業及徐甜甜各自被視為於雲星科 Yunxing Technology is interested under the SFO. 技所持有的H股中擁有權益。 Save as disclosed above, as at 30 June 2025, the Directors 除上文所披露者外，於2025年6月30日，董were not aware of any other persons/entities (other than 事並不知悉任何其他人士╱實體（董事及本the Directors and chief executive of the Company) who had 公司主要行政人員除外）於本公司股份或相interests or short positions in the shares or underlying shares 關股份中擁有根據證券及期貨條例第XV部 of the Company which would fall to be disclosed to the 第2及3分部之條文須向本公司披露或記錄Company under the provisions of Divisions 2 and 3 of Part XV 於本公司根據證券及期貨條例第336條須存of the SFO or which were recorded in the register required to 置之登記冊之權益或淡倉。 be kept by the Company under Section 336 of the SFO. Other Information 其他資料 CONTINUING DISCLOSURE OBLIGATIONS 上市規則項下之持續披露責任 PURSUANT TO THE LISTING RULES Save as disclosed in this interim report, the Company does 除本中期報告所披露者外，本公司並無根not have any other disclosure obligations under Rules 據聯交所證券上市規則（「上市規則」）第13.20, 13.21 and 13.22 of the Rules Governing the Listing of 13.20、13.21及13.22條承擔任何其他披露Securities on the Stock Exchange (the “Listing Rules”). 責任。 PURCHASE, SALE OR REDEMPTION OF 購買、出售或贖回本公司之上市 THE COMPANY’S LISTED SECURITIES 證券 During the period from the Listing Date to the date of this 自上市日期起至本中期報告日期止期間，interim report, there was no purchase, sale or redemption 本公司或其任何附屬公司概無購買、出售of any listed securities (including sale of treasury shares 或贖回本公司任何上市證券（包括出售庫存(as defined under the Listing Rules)) of the Company by the 股份（定義見上市規則））。於2025年6月30Company or any of its subsidiaries. As at 30 June 2025, the 日，本公司並無持有任何庫存股份。 Company did not hold any treasury shares. MODEL CODE FOR SECURITIES 證券交易的標準守則 TRANSACTIONS The Company has adopted the Model Code for Securities 本公司已採納上市規則附錄C3所載的上市Transactions by Directors of Listed Issuers (the “Model 發行人董事進行證券交易的標準守則（「標Code”) set out in Appendix C3 to the Listing Rules as the 準守則」）作為董事及監事進行證券交易的code of conduct regarding securities transactions by the 行為守則。 Directors and Supervisors. The Board is pleased to confirm that, after making specific 董事會欣然確認，經向全體董事及監事作enquiries with all Directors and Supervisors, all Directors and 出具體查詢後，於上市日期至2025年6月Supervisors have fully complied with the standards required 30日止期間，全體董事及監事均已全面遵according to the Model Code set out in Appendix C3 to the 守上市規則附錄C3所載標準守則規定的標準。 Listing Rules during the period from the Listing Date to 30 June 2025. CORPORATE GOVERNANCE 企業管治 The Company aims to achieve high standards of corporate 本公司旨在實現高標準的企業管治，對本governance, which are crucial to the Company’s development 公司的發展及維護股東的利益至關重要。 and safeguard the interests of the Shareholders. The Company has applied the principles of good corporate 本公司已應用良好企業管治原則，並採納governance and adopted the code provisions of the 企業管治守則（「企業管治守則」）的守則條Corporate Governance Code (the “CG Code”) as its own code 文作為其企業管治守則。自上市日期起至of corporate governance. The Company has complied with all 2025年6月30日，本公司已遵守企業管治applicable code provisions set out in Part 2 of the CG Code 守則第二部分所載的所有適用守則條文，since the Listing Date to 30 June 2025, save as the below. 惟下文所載者除外。 Other Information 其他資料 Pursuant to code provision C.2.1 of Appendix C1 to the 根據上市規則附錄C1守則條文C.2.1，主席Listing Rules, the roles of chairperson and chief executive 及行政總裁之角色應有所區分，並不應由should be separate and should not be performed by the 一人同時兼任。然而，鑑於潘允先生擁有豐same individual. However, in view of Mr. Pan Yun’s extensive 富的行業經驗、個人履歷，且在本集團的歷 industry experience, personal profile and critical role in the 史發展中扮演重要角色，董事會認為由潘Group’s historical development, the Board is of the view that 允先生擔任該兩個職位符合本集團的最佳it would be in the best interests of the Group for Mr. Pan Yun 利益。此外，董事會目前的組成包括三名獨 to hold both positions. In addition, the current composition 立非執行董事，將發揮積極作用，確保權力of the Board, including three independent non-executive 及權限平衡。 Directors, will play an active role in ensuring a balance of power and authority. The Group will continue to review and monitor the corporate 本集團將繼續不時檢討及監察企業管治架governance structure and practices from time to time 構及常規，並將於董事會認為適當時作出and shall make necessary arrangements when the Board 必要安排。 considers appropriate. INTERIM DIVIDEND 中期股息 The Board has resolved not to declare an interim dividend for 董事會議決不宣派截至2025年6月30日止the six months ended 30 June 2025 (for the six months ended 六個月之中期股息（截至2024年6月30日止30 June 2024: Nil). 六個月：無）。 EVENTS AFTER THE REPORTING PERIOD 報告期後事項 Subsequent to the six months ended 30 June 2025 and up 截至2025年6月30日止六個月後及直至本to the date of this interim report, no significant events that 中期報告日期，概無董事注意到與本集團are relevant to the business or financial performance of the 業務或財務表現有關的重大事件。 Group have come to the attention of the Directors. AUDIT COMMITTEE 審核委員會 As at 30 June 2025, the Audit Committee has three members 於2025年6月30日，審核委員會有三名成comprising Dr. Gu Zhaoyang (chairman), Dr. Huang Hanxiong 員，包括顧朝陽博士（主席）、黃漢雄博士and Dr. Li Jiannan, all being independent non-executive 及李建男博士，彼等均為獨立非執行董事。 Directors. The Audit Committee has reviewed the accounting principles 審核委員會已審閱本集團採納之會計原則and practices adopted by the Group, the unaudited interim 及慣例、本集團截至2025年6月30日止六financial information of the Group for the six months ended 個月之未經審核中期財務資料及本中期報30 June 2025 and this interim report. The Audit Committee 告。審核委員會認為該等財務資料之編製is of the opinion that the preparation of such financial 符合適用會計準則、上市規則之規定及任information complied with the applicable accounting 何其他適用法律規定，並已作出充分披露。 standards, the requirements under the Listing Rules and any other applicable legal requirements, and that adequate disclosures have been made. Other Information 其他資料 REVIEW OF INTERIM RESULTS 審閱中期業績 The Audit Committee has, together with the management, 審核委員會連同管理層已審閱本集團採納reviewed the accounting policies adopted by the Group. 的會計政策。彼等亦討論了本集團的風險They also discussed risk management, internal controls 管理、內部監控及財務申報事宜，包括審閱of the Group and financial reporting matters, including 並同意報告期間的未經審核簡明綜合財務having reviewed and agreed to the unaudited condensed 資料。 consolidated financial information during the Reporting Period. Mr. Pan Yun 潘允先生 Chairman of the Board and Executive Director 董事長兼執行董事湖北香江電器股份有限公司 湖北香江電器股份有限公司 X.J. ELECTRICS (HU BEI) CO., LTD X.J. ELECTRICS (HU BEI) CO., LTDShenzhen, the PRC, 26 August 2025 中國深圳，2025年8月26日 Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 TO THE BOARD OF DIRECTORS OF X.J. ELECTRICS 致湖北香江電器股份有限公司董事會(HU BEI) CO., LTD 湖北香江電器股份有限公司 (incorporated in the People's Republic of China as a joint （在中華人民共和國註冊成立的股份有限公stock company with limited liability) 司） INTRODUCTION 緒言 We have reviewed the condensed consolidated financial 吾等已審閱載於第26至52頁的湖北香江電statements of X.J. Electrics (Hu Bei) Co., Ltd湖北香江電器股 器股份有限公司（「貴公司」）及其附屬公司 份有限公司 (the “Company”) and its subsidiaries (collectively （統稱「貴集團」）的簡明綜合財務報表，其 referred to as the “Group”) set out on pages 26 to 52, 中包括截至2025年6月30日的簡明綜合財which comprise the condensed consolidated statement 務狀況表及相關簡明綜合損益及其他全面of financial position as of 30 June 2025 and the related 收益表、截至該日止六個月的簡明綜合權condensed consolidated statement of profit or loss and other 益變動表及簡明綜合現金流量表以及簡明comprehensive income, condensed consolidated statement 綜合財務報表附註。香港聯合交易所有限of changes in equity and condensed consolidated statement 公司證券上市規則要求編製中期財務資料of cash flows for the six months then ended, and notes to 報告時須遵守其相關條文及國際會計準則the condensed consolidated financial statements. The Rules 理事會頒佈的國際會計準則第34號「中期財Governing the Listing of Securities on The Stock Exchange 務報告」（「國際會計準則第34號」）。 貴公of Hong Kong Limited require the preparation of a report on 司董事負責根據國際會計準則第34號編製interim financial information to be in compliance with the 及呈列該等簡明綜合財務報表。吾等的責relevant provisions thereof and International Accounting 任為根據吾等的審閱就該等簡明綜合財務Standard 34 “Interim Financial Reporting” (“IAS 34”) issued by 報表作出結論，並根據吾等按照吾等同意 the International Accounting Standards Board. The directors 的應聘條款僅 閣下（作為整體）報告吾等of the Company are responsible for the preparation and 的結論，且不得作其他用途。吾等不會就本presentation of these condensed consolidated financial 報告的內容對任何其他人士承擔或負上任statements in accordance with IAS 34. Our responsibility is 何責任。 to express a conclusion on these condensed consolidated financial statements based on our review, and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Report on Review of Condensed Consolidated Financial Statements 簡明綜合財務報表審閱報告 SCOPE OF REVIEW 審閱範圍 We conducted our review in accordance with Hong Kong 吾等已根據由香港會計師公會頒佈的香港Standard on Review Engagements 2410 “Review of Interim 審閱委聘準則第2410號「由實體的獨立核數Financial Information Performed by the Independent Auditor 師審閱中期財務資料」（「香港審閱委聘準則of the Entity” (“HKSRE 2410”) as issued by the Hong Kong 第2410號」）進行審閱。審閱該等簡明綜合Institute of Certified Public Accountants. A review of these 財務報表主要包括向負責財務及會計事宜condensed consolidated financial statements consists 之人士作出查詢以及應用分析及其他審閱of making inquiries, primarily of persons responsible for 程序。審閱的範圍遠較根據香港審計準則financial and accounting matters, and applying analytical 進行審核的範圍為小，故吾等不能保證吾and other review procedures. A review is substantially less 等們將知悉在審核中可能識別的所有重大in scope than an audit conducted in accordance with Hong 事項。因此，吾等並無發表審核意見。 Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION 總結 Based on our review, nothing has come to our attention 根據吾等的審閱，吾等並無發現任何事項，that causes us to believe that the condensed consolidated 使吾等認為簡明綜合財務報表並無在所有financial statements are not prepared, in all material 重大方面根據國際會計準則第34號編製。 respects, in accordance with IAS 34. OTHER MATTER 其他事項 The comparative condensed consolidated statement of 截至2024年6月30日止六個月之比較簡明profit or loss and other comprehensive income, condensed 綜合損益及其他全面收益表、簡明綜合權consolidated statement of changes in equity and condensed 益變動表及簡明綜合現金流量表及簡明綜consolidated statement of cash flows for the six months 合財務報表所載相關附註尚未根據香港審ended 30 June 2024 and the relevant notes included in these 閱委聘準則第2410號審閱。 condensed consolidated financial statements have not been reviewed in accordance with HKSRE 2410. Deloitte Touche Tohmatsu 德勤 ?關黃陳方會計師行 Certified Public Accountants 執業會計師 Hong Kong 香港 26 August 2025 2025年8月26日 and Other Comprehensive Income 簡明綜合損益及其他全面收益表 For the six months ended 30 June 2025 截至2025年6月30日止六個月 Six months ended 30 June 截至6月30日止六個月 2025 2024 2025年 2024年 RMB’000 RMB’000 人民幣千元 人民幣千元 Notes (Unaudited) (Unaudited) 附註 （未經審核） （未經審核） Revenue 收益 5 542,816 614,423 Cost of sales 銷售成本 (435,249) (477,013) Gross profit 毛利 107,567 137,410 Other income 其他收入 6 12,747 8,762 Impairment losses under expected 預期信貸虧損（「預期信貸 credit loss (“ECL”) model, net of 虧損」）模型項下減值 reversal 虧損，已扣除撥回 7 380 773 Other gains and losses, net 其他收益及虧損淨額 8 2,492 8,523Selling expenses 銷售開支 (12,355) (14,900) Administrative expenses 行政開支 (55,377) (45,819) Research and development expenses 研發開支 (14,740) (16,455)Other expenses 其他開支 – (1,806)（未完）  |