绿源集团控股2025年中期报告

CONTENTS CORPORATE INFORMATION2DEFINITIONS5FINANCIAL SUMMARY10MANAGEMENT DISCUSSION AND ANALYSIS12OTHER INFORMATION41UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT62UNAUDITED CONDENSED CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME63UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET64UNAUDITED CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY66UNAUDITED CONDENSED CONSOLIDATED STATEMENT OFCASH FLOWS68NOTES TO UNAUDITED CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS70 CORPORATE INFORMATION公司資料 註冊辦事處P.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands Registered OfficeP.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 總部 Headquarters 168 No. 168 Shicheng StreetDevelopment ZoneJinhua CityZhejiang ProvinceChina 香港主要營業地點 Principal Place of Business in Hong Kong 131 31/F., Tower TwoTimes Square, 1 Matheson StreetCauseway BayHong Kong 公司網站www.luyuan.cn Company’s Websitewww.luyuan.cn 股份代號2451 Stock Code2451 董事會執行董事 Board of DirectorsExecutive directorsMr. Ni Jie(Chairman)Ms. Hu JihongMr. Chen GuoshengMs. Ni Boyuan 獨立非執行董事 Independent non-executive directors Mr. Wu XiaoyaMr. Peng HaitaoMr. Liu BobinMr. Chan Chi Fung Leo 聯席公司秘書 Joint Company Secretaries ACGHKACG20253282025328 Ms. Chu Cheuk Ting(ACG, HKACG)Mr. Ding Xiao(appointed on March 28, 2025)Mr. Chen Guosheng(resigned on March 28, 2025) CORPORATE INFORMATION公司資料 授權代表ACGHKACG Authorized Representatives Mr. Ni JieMs. Chu Cheuk Ting(ACG, HKACG) 審核委員會 Audit Committee Mr. Wu Xiaoya(Chairman)Mr. Liu BobinMr. Peng Haitao 薪酬委員會 Remuneration Committee Mr. Liu Bobin(Chairman)Ms. Hu JihongMr. Wu Xiaoya 提名委員會 Nomination Committee Mr. Liu Bobin(Chairman)Ms. Hu JihongMr. Wu Xiaoya 戰略及投資委員會 Strategic and Investment Committee Mr. Ni Jie(Chairman)Ms. Hu JihongMr. Peng Haitao Hong Kong Legal Adviser 香港法律顧問 15434301-10 Han Kun Law Offices LLPRooms 4301-1043/F., Gloucester TowerThe Landmark15 Queen’s Road CentralHong Kong 核數師 Auditor 22 PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditor22/F, Prince’s Building, CentralHong Kong SAR, China CORPORATE INFORMATION公司資料 開曼群島主要股份過戶登記處 The Cayman Islands Principal Share Registrar andTransfer Office Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 香港證券登記處 Hong Kong Share Registrar 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 主要往來銀行 Principal Bank 216 Agricultural Bank of China LimitedJinhua Economic Development Zone BranchNo. 216, Bayi South StreetJinhua CityZhejiang Province, China DEFINITIONS釋義 In this interim report, the terms “associate”, “connectedperson”, “controlling shareholder”, “subsidiary” and “substantialshareholder” shall have the meanings given to such terms in theListing Rules, unless the context otherwise requires. * *for identification purpose only FINANCIAL SUMMARY財務概要 FINANCIAL SUMMARY財務概要 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 業務回顧 BUSINESS REVIEW 2025630202463066.066.9%2025110.1(i)(ii)31.12025630141.22024114.0% As of June 30, 2025, the electric two-wheeled vehicle marketshows promising growth potential in the long run, drivenby factors such as the New National Standard policy, naturalreplacement cycles, trade-in policies, as well as advancementsin smart technologies. The implementation of the New NationalStandard policy is expected to accelerate brand consolidation,as higher quality requirements now imposed across the industrymay prove challenging for smaller brands to meet. As the industrytransitions from price-based to quality-focused competition, theGroup is well-positioned to capitalize on these trends throughits established manufacturing capabilities, robust quality controlsystems, continuous product innovation, and distinctive designsthat collectively enhance brand value. This formidable operationaland technological foundation of the Group has enabled it toachieve consistent revenue growth from sales of its productsfurther reinforcing its market-leading position. Specifically, theGroup recorded an increase in net profit by approximately 66.9%from RMB66.0 million for the six months ended June 30, 2024 toRMB110.1 million for the same period in 2025, mainly attributableto increase in (i) gross profit as a result of product upgradesand (ii) sales volume of its products due to channel efficiencyimprovements. Moreover, after excluding the effect of share-based payment expenses of approximately RMB31.1 million, profitfor the period recorded by the Group for the six months endedJune 30, 2025 was RMB141.2 million, representing only a increaseof approximately 114.0% compared to the same period in 2024. 研發 Research and Development 2025630912 The Group remains committed to positioning itself at the forefrontof technological advancements in the electric two-wheeled v