# EDGAR Filing Document

**Accession Number:** 0001954705
**File Stem:** 0001929980-25-000641
**Filing Date:** 2025-9
**Character Count:** 58308
**Document Hash:** c6d6bf8d70eab5dcd12f90bda629867f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001929980-25-000641.hdr.sgml**: 20250915

**ACCESSION NUMBER**: 0001929980-25-000641

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250912

**FILED AS OF DATE**: 20250915

**DATE AS OF CHANGE**: 20250915

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fuxing China Group Ltd
- **CENTRAL INDEX KEY:** 0001954705
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** F4
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42667
- **FILM NUMBER:** 251313939

**BUSINESS ADDRESS:**
- **STREET 1:** HANGBIAN INDUSTRY AREA
- **STREET 2:** LONGHU TOWN
- **CITY:** JINJIANG CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 362241
- **BUSINESS PHONE:** 86-595-85287788

**MAIL ADDRESS:**
- **STREET 1:** HANGBIAN INDUSTRY AREA
- **STREET 2:** LONGHU TOWN
- **CITY:** JINJIANG CITY, FUJIAN PROVINCE
- **STATE:** F4
- **ZIP:** 362241

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE**

**SECURITIES EXCHANGE ACT OF 1934**

**For the month of September 2025**

**Commission File Number: 001-42667**

**Fuxing China Group Limited**<br>

**Hangbian Industry Area** 

**Longhu Town, Jinjiang City**

**Fujian Province 362241**

**The People's Republic of China** 

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

**INFORMATION CONTAINED IN THIS FORM 6-K REPORT**

**Financial Condition and Results of Operations**

On September 15, 2025, Fuxing China Group Limited, a company with limited liability incorporated in Bermuda (the "Company"), released its interim report, including the related unaudited and unreviewed consolidated financial statements of the Company for the three months ended June 30, 2025 (the "Interim Report").

The Interim Report and accompanying consolidated interim financial statements are unreviewed and unaudited and have been prepared solely by the Company's management pursuant to the rules and regulations of the U.S. Securities and Exchange Commission for interim financial reporting. Accordingly, these unaudited and unreviewed financial statements may not include all disclosures required by U.S. GAAP for interim financial statements.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No** | **Description** |
| [99.1](fuxing_ex991.htm) | [Interim report of the Company for the three months ended June 30, 2025](fuxing_ex991.htm) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Fuxing China Group Limited** | **Fuxing China Group Limited** |
| Date: September 15, 2025 | By: | */s/ Shaolin Hong* |
|  | Name: | Shaolin Hong |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

![](fuxing_ex991img2.jpg)

**FUXING CHINA GROUP LIMITED**

*(Incorporated in the Bermuda with limited liability)*

(Company Registration Number: 38973)

Condensed Interim Financial Statements

For the half year ended 30 June 2025

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS**  | **TABLE OF CONTENTS**  | **Page** |
| A. | Condensed Interim Consolidated Statement of profit or loss and other comprehensive income | 3 |
| B. | Condensed Interim Statement of Financial Position | 4 |
| C. | Condensed Interim Consolidated Statement of Changes in Equity | 5 |
| D. | Condensed Interim Consolidated Statement of Cash Flows | 6 |
| E. | Notes to the Condensed Interim Consolidated Financial Statements | 8 |
| F. | Other information required by Listing Rule Appendix 7.2 | 21 |

---

A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
|  | | **The Group** | **The Group** |
|  | | **6 months** <br> **ended**<br> **30 June 2025** | 6 months <br> ended<br> 30 June 2024 |
|  | | **(Unaudited)** | (Unaudited) |
|  | ***Note*** | **RMB'000** | RMB'000 |
| **Revenue** | *4* | **335088** | 339017 |
| Cost of sales |  | **(310614)** | (319299) |
| **Gross profit** |  | **24474** | 19718 |
| **Other items of income** |  |  |  |
| Other income | *5* | **5274** | 13822 |
| Interest income | *6* | **404** | 265 |
| **Other items of expenses** |  |  |  |
| Marketing and distribution costs |  | **(6225)** | (6311) |
| Administrative expenses |  | **(26084)** | (10834) |
| Other expenses | *7* | **(2492)** | (262) |
| Finance costs | *6* | **(3437)** | (4746) |
| **(Loss)/Profit before tax** | *8* | **(8086)** | 11652 |
| Income tax expenses | *10* | **(1433)** | (1312) |
| **(Loss) / Profit for the period** |  | **(9519)** | 10340 |
| **Other comprehensive income/(loss):** |  |  |  |
| *Item that may be reclassified subsequently to profit or loss* |  |  |  |
| Exchange differences on translating foreign operations |  | **1958** | (934) |
| **Total comprehensive (loss)/income for the period** |  | **(7561)** | 9406 |
| **(Loss)/Profit attributable to:** |  |  |  |
| Owners of the Company |  | **(9580)** | 10266 |
| Non-controlling interests |  | **61** | 74 |
|  |  | **(9519)** | 10340 |
| **Total comprehensive (loss)/income attributable to:** |  |  |  |
| Owners of the Company |  | **(7622)** | 9332 |
| Non-controlling interests |  | **61** | 74 |
|  |  | **(7561)** | 9406 |
|  |  | **RMB** | RMB |
| **(Loss)/Earnings per share attributable to owners of the Company** |  |  |  |
| Basic and diluted | *11* | **(0.56)** | 0.60 |

---

B. CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **The Group** | **The Group** | **The Company** | **The Company** |
|  |  | **30 June**<br> **2025** | 31 December<br> 2024 | **30 June**<br> **2025** | 31 December<br> 2024 |
|  |  | **(Unaudited)** | (Audited) | **(Unaudited)** | (Audited) |
|  | ***Note*** | **RMB'000** | RMB'000 | **RMB'000** | RMB'000 |
| **Non-current assets** |  |  |  |  |  |
| Property, plant and equipment | *14* | **260341** | 269998 | **-** |  |
| Investment properties |  | **42060** | 42060 | **-** |  |
| Land use right |  | **21954** | 22406 | **-** |  |
| Intangible assets |  | **2203** | 2504 | **-** |  |
| Investment in subsidiaries |  | **-** | - | **344853** | 344853 |
|  |  | **326558** | 336968 | **344853** | 344853 |
| **Current assets** |  |  |  |  |  |
| Inventories | *15* | **74089** | 66437 | **-** |  |
| Trade and other receivables | *16* | **228230** | 265511 | **240286** | 244345 |
| Prepayments | *17* | **57090** | 57430 | **-** |  |
| Cash and short-term deposits |  | **138646** | 169634 | **352** | 115 |
|  |  | **498055** | 559012 | **240638** | 244460 |
| **Total assets** |  | **824613** | 895980 | **585491** | 589313 |
| **Equity and liabilities** |  |  |  |  |  |
| **Equity attributable to owners of the Company** |  |  |  |  |  |
| Share capital | *18* | **1874** | 1874 | **1874** | 1874 |
| Treasury shares | *18* | **(6408)** | (6408) | **(6408)** | (6408) |
| Reserve fund |  | **67552** | 67552 | **-** |  |
| Capital reserve |  | **39573** | 39573 | **39573** | 39573 |
| Contributed surplus |  | **598946** | 598946 | **598946** | 598946 |
| Restructuring reserve |  | **(117878)** | (117878) | **-** |  |
| Foreign currency translation reserve |  | **(10797)** | (12755) | **-** |  |
| (Accumulated losses)/Retained earnings |  | **(9304)** | 276 | **(59351)** | (52553) |
| Total equity attributable to owners of the Company |  | **563558** | 571180 | **574634** | 581432 |
| Non-controlling interests |  | **561** | 509 | **-** | - |
| **Total equity** |  | **564119** | 571689 | **574634** | 581432 |
| **Current liabilities** |  |  |  |  |  |
| Trade and other payables | *19* | **41380** | 24286 | **1633** | 6493 |
| Other liabilities | *20* | **70857** | 71727 | **9224** | 1388 |
| Loans and borrowings | *21* | **124505** | 204575 | **-** |  |
| Income tax payable |  | **3375** | 3833 | **-** | - |
|  |  | **240117** | 304421 | **10857** | 7881 |
| **Non-current liabilities** |  |  |  |  |  |
| Deferred tax liabilities |  | **20377** | 19870 | **-** | - |
| **Total liabilities** |  | **260494** | 324291 | **10857** | 7881 |
| **Total equity and liabilities** |  | **824613** | **895980** | **585491** | **589313** |

---

C. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | **<—————----Attributable to owners of the Company——————>** | | |
| <br>**Group** | <br>**Share capital**<br>**RMB'000** | **Treasury shares**<br>**RMB'000** | **Reserve fund**<br>**RMB'000** | **Contributed surplus**<br>**RMB'000** | **Capital reserve**<br>**RMB'000** | **Restructuring reserve**<sup>1</sup><br>**RMB'000** | **Translation reserve**<br>**RMB'000** | **Accumulated**<br> **losses**<br>**RMB'000** | <br>**Non- controlling interests**<br>**RMB'000** | <br>**Total equity**<br>**RMB'000** |
| **At 1 January 2024** | 772574 | (6408) | 67130 |  | 39573 | (117878) | (9959) | (171754) | 444 | 573722 |
| Total comprehensive income for the period  |  |  |  |  |  |  | (934) | 10266 | 74 | 9406 |
| Dividend paid to non-controlling interests | - | - | - | - | - | - |  |  | (114) | (114) |
| **At 30 June 2024** | 772574 | (6408) | 67130 | - | 39573 | (117878) | (10893) | (161488) | 404 | 583014 |
| **At 1 January 2025** | 1874 | (6408) | 67552 | 598946 | 39573 | (117878) | (12755) | 276 | 509 | 571689 |
| Total comprehensive loss for the period  |  |  |  |  |  |  | 1958 | (9580) | 61 | (7561) |
| Dividend paid to non-controlling interests | - | - | - | - | - | - |  |  | (9) | (9) |
| **At 30 June 2025** | 1874 | (6408) | 67552 | 598946 | 39573 | (117878) | (10797) | (9304) | 561 | 564119 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Company</u>** | **Share capital** | **Treasury shares** | **Capital reserve** | **Contributed surplus** | **Accumulated losses**  | **Total** <br> **equity** |
|  | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **At 1 January 2024** | 772574 | (6408) | 39573 |  | (218337) | 587402 |
| Total comprehensive loss for the period | - | - | - | - | (6527) | (6527) |
| **At 30 June 2024** | 772574 | (6408) | 39573 | - | (224864) | 580875 |
| **At 1 January 2025** | 1874 | (6408) | 39573 | 598946 | (52553) | 581432 |
| Total comprehensive loss for the period | - | - | - | - | (6798) | (6798) |
| **At 30 June 2025** | 1874 | (6408) | 39573 | 598946 | (59351) | 574634 |

---

**Note:**

---

| | |
|:---|:---|
| <sup>1</sup>  | <u>**Restructuring reserve:**</u> |
|  | This represents the difference between the nominal value of shares issued by the Company in exchange for the nominal value of shares and capital reserve of subsidiaries acquired which is accounted for under "merger accounting". |

---

D. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | |
|:---|:---|:---|
|  | **6 months ended**<br> **30 June 2025**<br> **(Unaudited)**<br>**RMB'000** | 6 months ended<br> 30 June 2024<br> (Unaudited**)**<br>RMB'000 |
| **OPERATING ACTIVITIES** |  |  |
| **(Loss)/Profit before taxation** | **(8086)** | 11652 |
| <u>Adjustments for:</u>  |  |  |
| Depreciation of property, plant and equipment | **20052** | 20035 |
| Written off of property, plant and equipment | **-** | 207 |
| Loss/(Gain) on disposal of property, plant and equipment | **330** | (7330) |
| Amortisation of land use rights | **453** | 453 |
| Amortisation of intangible assets | **300** | 200 |
| Net provision for / (reversal of) allowance for trade receivables | **996** | (8677) |
| Net reversal of allowance for advances to suppliers | **(477)** | (2761) |
| Net reversal of provision for social security contribution | **(249)** | (2883) |
| Interest expense | **3437** | 4746 |
| Interest income | **(404)** | (265) |
| Foreign currency differences | **1959** | (931) |
| Total adjustments | **26397** | 2794 |
| **Operating cash flows before changes in working capital** | **18311** | 14446 |
| (Increase)/ Decrease in:  |  |  |
| Inventories | **(7651)** | 24903 |
| Trade and other receivables | **36285** | 24145 |
| Prepayments | **1770** | (13428) |
| <u>Increase/ (Decrease) in:</u>  |  |  |
| Trade payables | **(10344)** | 7023 |
| Other payables & accruals | **(622)** | (8191) |
| Due to directors | **-** | 8466 |
| Total changes in working capital | **19438** | 42918 |
| **Cash flows generated from operations** | **37749** | 57364 |
| Income tax paid | **(1384)** | (551) |
| **Net cash generated from operating activities** | **36365** | 56813 |
| **INVESTING ACTIVITIES** |  |  |
| Purchase of property, plant and equipment | **(11860)** | (7961) |
| Purchase of intangible assets | **-** | (3004) |
| Proceeds from disposal of property, plant and equipment | **181** | 10265 |
| Interest income received | **404** | 265 |
| **Net cash used in investing activities** | **(11275)** | (435) |
| **FINANCING ACTIVITIES** |  |  |
| Dividend paid to non-controlling interest | **(9)** | (115) |
| Advances from directors | **1368** |  |
| Proceeds from short-term borrowings | **16500** | 54500 |
| Repayments for short-term borrowings | **(73937)** | (34846) |
| Decrease in fixed deposits pledged to banks | **18000** | 2500 |
| **Net cash (used in) / generated from financing activities** | **(38078)** | 22039 |
| **NET (DECREASE) / INCREASE IN CASH & CASH EQUIVALENTS** | **(12988)** | 78417 |
| **CASH & CASH EQUIVALENTS AT BEGINNING OF PERIOD** | **132948** | 80283 |
| **CASH & CASH EQUIVALENTS AT END OF PERIOD (Note A)** | **119960** | 158700 |

---

D. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

**Note A:**

Cash and cash equivalents included in the consolidated statement of cash flows comprise the following:

---

| | | |
|:---|:---|:---|
|  | **6 months ended**<br> **30 June 2025**<br> **Unaudited** | 6 months <br> ended<br> 30 June 2024<br> Unaudited |
|  | **RMB'000** | RMB'000 |
| Fixed deposits | **18686** | 31000 |
| Cash and bank balances | **119960** | 158700 |
|  | **138646** | 189700 |
| Less: Fixed deposits (pledged) | **(18686)** | (31000) |
| **Cash and cash equivalents** | **119960** | 158700 |

---

Fixed deposits for the six months ended 30 June 2025 amounting to RMB18,686,000 (30 June 2024: RMB31,000,000) were pledged to banks for the Group's bills payable to banks, short-term bank loans and bank overdrafts.

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**1.** **GENERAL INFORMATION** 

---

| | |
|:---|:---|
| **1.1**  | **General information** |
|  | Fuxing China Group Limited (the "Company") was incorporated and domiciled as an exempt company with limited liability in Bermuda and is listed on the mainboard in Singapore Exchange Securities Trading Limited ("SGX-ST").<br>The principal activity of the Company is that of investment holding.<br>The principal activities of the subsidiaries are disclosed in Note 1.2 to the financial statements.<br>The registered office of the Company is at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda and the principal place of business of the Group is located at Hangbian Industry Area, Longhu Town, Jinjiang City, Fujian Province, People's Republic of China (the "PRC"). |

---

---

| | |
|:---|:---|
| **1.2**  | **Group structure** |
|  | <br> Details of the subsidiaries of the Company at the end of the reporting period are set out below: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Country of incorporation** | **Principal activities** | **Effective equity held by the Company** | **Effective equity held by the Company** |
|  |  |  | **30 June 2025** | **31 December 2024** |
|  |  |  | **%** | **%** |
| *<u>Held by the Company</u>* |  |  |  |  |
| Jade Star Group Holdings Limited ("Jade Star")  | British Virgin Islands | Investment holding  | 100 | 100 |
| Fuxing China Group Limited (HK) ("FCG")  | Hong Kong | Investment holding, to facilitate the application of the State-owned Land Use Right Certificate in respect of the Land Parcel | 100 | 100 |
| *<u>Held through Jade Star</u>* |  |  |  |  |
| Jinjiang Fookhing Zipper Co., Ltd ("Fookhing Zipper")  | People's Republic of China | Production and sale of finished zippers and zipper chains | 100 | 100 |
| Jinjiang Fuxing Dress Co., Ltd ("Fuxing Dress")  | People's Republic of China | Production and sale of zipper sliders | 100 | 100 |
| Fookhing Group Trading Co., Ltd ("Fuxing HK")  | Hong Kong | Trading of raw materials for textile sector | 100 | 100 |
| Fulong Zipper and Weaving Co., Ltd ("Fulong")  | People's Republic of China | Colour dyeing of fabric tapes for zippers | 100 | 100 |
| Jinjiang Jianxin Weaving Co., Ltd ("Jianxin") | People's Republic of China | Manufacturing and sales of dyed yarn | 100 | 100 |
| Jinjiang Fuxin Electroplating Co., Ltd ("Fuxin")  | People's Republic of China | Provision of electroplating services for zipper sliders | 100 | 100 |
| *<u>Held through FCG</u>* |  |  |  |  |
| Xiamen Fuxing Industrial Co., Ltd. ("Xiamen Fuxing")  | People's Republic of China | Real estate development | 100 | 100 |
| *<u>Held through Xiamen Fuxing</u>* |  |  |  |  |
| Xiamen Xinfuxing Property Management Co., Ltd ("Xiamen Property")  | People's Republic of China | To handle property management and realtor services for the Group's Xiamen headquarters | 80 | 80 |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**2.** **SUMMARY OF MATERIAL ACCOUNTING POLICIES** 

---

| | |
|:---|:---|
| **2.1**  | **BASIS OF PREPARATION** |
|  | The condensed interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and the Group's performance since the last audited annual financial statements for the year ended 31 December 2024. <br>The condensed interim financial statements are presented in Renminbi ("RMB") and all amounts have been rounded to the nearest thousand ("RMB'000"), unless otherwise stated.<br>The accounting policies and method of computations used in the condensed interim financial statements are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in note 2.2.  |

---

---

| | |
|:---|:---|
| **2.2**  | **New and amended Standards adopted by the Group**  |
|  | <br> A number of amendments to Standards have become applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those standards.  |

---

---

| | |
|:---|:---|
| **2.3**  | **Use of judgment and estimates** |
|  | <br> In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. <br>The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2024. <br>Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. <br>Management is of the opinion that there are no critical judgements that have a significant effect on the amounts recognised in the financial statements. |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

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| | |
|:---|:---|
| **3**  | **SEASONAL OPERATIONS** |
|  | <br> The Group's businesses are not affected significantly by seasonal or cyclical factors during the financial period. |

---

---

| | |
|:---|:---|
| **4**  | **SEGMENT INFORMATION AND REVENUE** |
|  | <br> For management purposes, the Group is organised into business units based on their products and services, and has four reportable operating segments as follows:  |

---

---

| | |
|:---|:---|
| **(i)**  | <u>**Zippers**</u>  |
|  | The zippers segment represents manufactures and sells zipper sliders, zipper chain and finished zippers |

---

---

| | |
|:---|:---|
| **(ii)** | <u>**Processing**</u> |
|  | The processing segment represents colour dyeing of fabric tapes for zippers, electroplating services for zipper sliders and manufacturing and sales of dyed yarn.  |

---

---

| | |
|:---|:---|
| **(iii)**  | <u>**Trading**</u> |
|  | The trading segment represents trading of raw materials, including rubber thread, nylon fabric and nylon yarn. |

---

---

| | |
|:---|:---|
| **(iv)**  | <u>**Corporate**</u> |
|  | The corporate segment is involved in Group-level corporate services and treasury functions. |
| Except as indicated above, no operating segments has been aggregated to form the above reportable operating segments.  | Except as indicated above, no operating segments has been aggregated to form the above reportable operating segments.  |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

---

| | |
|:---|:---|
| **4.**  | **SEGMENT INFORMATION AND REVENUE (CONTINUED)** |
|  | <br> Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the consolidated financial statements.<br>Segment assets and liabilities are not disclosed as such separate financial information is not available but is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources to the operating segments.<br>Transfer prices between operating segments are on an arm's length basis in a manner similar to transactions with third parties.<br>**<u>Geographical information</u>**<br>Revenue and non-current assets information based on geographical location of customers and assets respectively are as follows: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Non-current assets** | **Non-current assets** |
|  | **30 June 2025** | 30 June 2024 | **30 June 2025** | 31 December 2024 |
|  | **RMB'000** | RMB'000 | **RMB'000** | RMB'000 |
| People's Republic of China | **227620** | 228779 | **326553** | 336961 |
| Hong Kong | **107468** | 110238 | **5** | 7 |
| Total | **335088** | 339017 | **326558** | 336968 |

---

Non-current assets information presented above comprised of property, plant and equipment, investment property, land use rights, intangible assets and prepayments as presented in the statement of financial position.

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

---

| | |
|:---|:---|
| **4.**  | **SEGMENT INFORMATION AND REVENUE (CONTINUED)** |
|  | <br> <u>Business segments</u><br>The following table presents revenue, results and other information regarding the Group's business segments for the half year ended 30 June 2025 and 30 June 2024. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Group** | **Zipper** | **Trading** | **Processing** | **Corporate** | **Elimination** | **Total** |
| **30 June 2025** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **Revenue:** |  |  |  |  |  |  |
| Sales to external customers | 199516 | 107468 | 28104 |  |  | 335088 |
| Inter-segment sales | 8277 | - | 25329 | - | (33606) | - |
| Total revenue | 207793 | 107468 | 53433 | - | (33606) | 335088 |
| **Results:** |  |  |  |  |  |  |
| Segment gross profit | 19772 | 2735 | 1967 |  |  | 24474 |
| Segment results | 860 | 2460 | (3991) | (4382) |  | (5053) |
| Interest income | 366 | 1 | 1 | 36 |  | 404 |
| Financial costs | (2298) | (1125) | (14) |  |  | (3437) |
| Loss before income tax |  |  |  |  |  | (8086) |
| Income tax expenses |  |  |  |  |  | (1433) |
| Loss attributable to shareholders |  |  |  |  |  | (9519) |
| **Other segment information** |  |  |  |  |  |  |
| Depreciation and amortisation | 14251 | 2 | 6364 | 188 |  | 20805 |
| Net provision for/(reversal of) allowance for trade and other receivables | 1856 |  | (860) |  |  | 996 |
| Net provision for/(reversal of) allowance for advances to suppliers | (597) |  | 120 |  |  | (477) |
| **Total assets** | **576250** | **65594** | **124909** | **57860** | **-** | **824613** |
| Total assets include: |  |  |  |  |  |  |
| Capital expenditure for property, plant and equipment | 5163 |  | 6697 |  |  | 11860 |
| **Total liabilities** | **(178891)** | **(39755)** | **(27012)** | **(14836)** | **-** | **(260494)** |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

---

| | |
|:---|:---|
| **4.**  | **SEGMENT INFORMATION AND REVENUE (CONTINUED)** |
|  | <br> <u>Business segments (Continued)</u> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Group** | **Zipper** | **Trading** | **Processing** | **Corporate** | **Elimination** | **Total** |
| **30 June 2024** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** | **RMB'000** |
| **Revenue:** |  |  |  |  |  |  |
| Sales to external customers | 201671 | 110238 | 27108 |  |  | 339017 |
| Inter-segment sales | 12861 | - | 13316 | - | (26177) | - |
| Total revenue | 214532 | 110238 | 40424 | - | (26177) | 339017 |
| **Results:** |  |  |  |  |  |  |
| Segment gross profit | 13522 | 3219 | 2977 |  |  | 19718 |
| Segment results | 6597 | 2430 | 10642 | (3536) |  | 16133 |
| Interest income | 260 | 1 | 3 | 1 |  | 265 |
| Financial costs | (3053) | (1693) |  |  |  | (4746) |
| Profit before income tax |  |  |  |  |  | 11652 |
| Income tax expenses |  |  |  |  |  | (1312) |
| Profit attributable to shareholders |  |  |  |  |  | 10340 |
| **Other segment information** |  |  |  |  |  |  |
| Depreciation and amortisation | 14060 | 2 | 6438 | 188 |  | 20688 |
| Reversal of allowance for trade and other receivables | (5267) |  | (3410) |  |  | (8677) |
| Reversal of allowance for advances to suppliers | (64) |  | (2697) |  |  | (2761) |
| **Total assets** | **652412** | **75595** | **146356** | **56313** | **-** | **930676** |
| Total assets include: |  |  |  |  |  |  |
| Capital expenditure for property, plant and equipment | 4623 |  | 3338 |  |  | 7961 |
| **Total liabilities** | **(245485)** | **(49777)** | **(44052)** | **(8348)** | **-** | **(347662)** |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**5.** **OTHER INCOME** 

---

| | | |
|:---|:---|:---|
|  | **6 months ended** <br> **30 June 2025** | 6 months ended <br> 30 June 2024 |
|  | **RMB'000** | RMB'000 |
| Government grants | **313** | 210 |
| Foreign exchange gain, net | **-** | 1031 |
| Rental and management income | **4954** | 4762 |
| Gain on disposal of property, plant and equipment | **-** | 7330 |
| Others | **7** | 489 |
|  | **5274** | 13822 |

---

**6.** **INTEREST INCOME AND FINANCIAL COSTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months ended** <br> **30 June 2025** | **6 months ended** <br> **30 June 2025** | 6 months ended <br> 30 June 2024 | 6 months ended <br> 30 June 2024 |
|  | **RMB'000** | **RMB'000** | RMB'000 | RMB'000 |
| Interest income from: |  |  |  |  |
| - Bank deposits |  | **404** |  | 265 |
| Interest expense on: |  |  |  |  |
| - Bank loans |  | **3,437** |  | 4,746 |

---

**7.** **OTHER EXPENSES** 

---

| | | |
|:---|:---|:---|
|  | **6 months ended** <br> **30 June 2025** | 6 months ended <br> 30 June 2024 |
|  | **RMB'000** | RMB'000 |
| Written off of property, plant and equipment | **-** | 207 |
| Loss on disposal of property, plant and equipment | **330** |  |
| Foreign exchange loss, net | **2162** |  |
| Others | **-** | 55 |
|  | **2492** | 262 |

---

---

| | |
|:---|:---|
| **8.**  | **PROFIT/(LOSS) BEFORE INCOME TAX** |
|  | <br> The following charges/(credits) were included in determination of profit/(loss) before income tax: |

---

---

| | | |
|:---|:---|:---|
|  | **6 months ended** <br> **30 June 2025** | 6 months ended <br> 30 June 2024 |
|  | **RMB'000** | RMB'000 |
| Personnel expenses | **46236** | 37174 |
| Loss/(Gain) on disposal of property, plant and equipment | **330** | (7330) |
| Written off of property, plant and equipment | **-** | 207 |
| Net provision for/(reversal of) allowance for trade receivables  | **996** | (8677) |
| Net reversal of allowance for advances to suppliers | **(477)** | (2761) |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

---

| | |
|:---|:---|
| **9.**  | **RELATED PARTY TRANSACTIONS** |
|  | <br> There are no material related party transactions apart from those disclosed elsewhere in the financial statements. |

---

**10.** **TAXATION** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 months ended** <br> **30 June 2025** | **6 months ended** <br> **30 June 2025** | 6 months ended <br> 30 June 2024 | 6 months ended <br> 30 June 2024 |
|  | **RMB'000** | **RMB'000** | RMB'000 | RMB'000 |
| Current income tax expenses |  | **927** |  | 1312 |
| Deferred tax |  | **506** |  | - |
| Income tax expenses for the period |  | **1,433** |  | 1,312 |

---

**Note:**<br>

---

| | |
|:---|:---|
| 1 | On 22 February 2008, the State Administration of Taxation of China issued a circular Caishui 2008 No.001, which stated that distribution of dividends from profits accumulated from 1 January 2008, shall be subject to a withholding tax on distribution to foreign investors. Accordingly, the Group had provided for deferred tax liabilities on the Group's profit-making PRC subsidiaries' net profit attained from 1 January 2008 onwards. As Jade Star (the PRC's subsidiaries' immediate holding company) is incorporated in the British Virgin Islands, the applicable withholding tax rate is 10%. |

---

---

| | |
|:---|:---|
| **11.**  | **EARNINGS / (LOSS) PER SHARE** |
|  | <br> Basic earnings / (loss) per share is calculated by dividing the earnings / loss for the period attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial period amounting to 17,205,438 ordinary shares (2024: 17,205,438).<br>The following tables reflect the earnings / (loss) and share data used in the computation of basic and diluted earnings / (loss) per share for the periods ended: |

---

---

| | | |
|:---|:---|:---|
|  | **Group** | **Group** |
|  | **30 June 2025** | 30 June 2024 |
|  | **RMB'000** | RMB'000 |
| (Loss)/Profit for the period attributable to owners of the Company | **(9580)** | 10266 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | No. of shares <br> '000  | No. of shares <br> '000  | No. of shares <br> '000 | No. of shares <br> '000 |
| Weighted average number of ordinary shares for basic and diluted earnings/ (loss) per share computation |  | **17,205** |  | 17,205 |

---

Note: Basic earnings / (loss) per share is computed based on weighted average number of shares in issue in 17,205,438 ordinary shares (2024: 17,205,438).

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**11.** **EARNINGS / (LOSS) PER SHARE (CONTINUED)** 

---

| | | |
|:---|:---|:---|
|  | **Group** | **Group** |
|  | **30 June** <br> **2025** | 30 June <br> 2024 |
| Basic and diluted (loss)/earnings per share (RMB per share) | **(0.56)** | 0.60 |

---

**12.** **NET ASSET VALUE PER SHARE** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Group** | **Group** | **Company** | **Company** | **Company** | **Company** |
|  | **30 June 2025** | **30 June 2025** | 31 December 2024 | 31 December 2024 | **30 June 2025** | **30 June 2025** | 31 December 2024 | 31 December 2024 |
| Net asset value per share based on issued share capital at the end of the period (in RMB) |  | 32.8 |  | 33.2 |  | 33.4 |  | 33.4 |

---

Net asset value per share for both periods was computed based on the number of shares in issue of 17,205,438.

---

| | |
|:---|:---|
| **13.**  | **DIVDENDS** |
|  | <br> No interim dividend for the half year ended 30 June 2025 (30 June 2024: Nil) was recommended as the Group was in loss position and intends to conserve cash for its operational needs. |

---

---

| | |
|:---|:---|
| **14.**  | **PROPERTY, PLANT AND EQUIPMENT** |
|  | <br> During the six months ended 30 June 2025, the Group acquired assets amounting to RMB11.9 million (30 June 2024: RMB 8.0 million). |

---

**15.** **INVENTORIES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Group** | **Group** |
|  | **30 June 2025** | **30 June 2025** | 31 December 2024 | 31 December 2024 |
|  | **RMB'000** | **RMB'000** | RMB'000 | RMB'000 |
| Raw materials |  | **29,336** |  | 33579 |
| Work-in-progress |  | **13,311** |  | 11025 |
| Finished goods |  | **31,442** |  | 21,833 |
|  |  | **74,089** |  | 66,437 |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**16.** **TRADE AND OTHER RECEIVABLES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Company** | **Company** |
|  | **30 June 2024** | 31 December 2024 | **30 June 2025** | 31 December 2024 |
|  | **RMB'000** | RMB'000 | **RMB'000** | RMB'000 |
| Trade receivables | **251828** | 286997 | **-** |  |
| Less: loss allowance | **(42666)** | (41670) | **-** | - |
|  | **209162** | 245327 | **-** |  |
| Bills receivables | **218** | 536 | **-** |  |
| Other receivables | **18849** | 19648 | **2** | 2 |
| Amount due from subsidiaries (non-trade) | **-** | - | **240284** | 244343 |
| Total trade and other receivables | **228230** | 265511 | **240286** | 244345 |

---

**Loss allowance**<br>

---

| | | |
|:---|:---|:---|
|  | **30 June** <br> **2025** | 31 December <br> 2024 |
|  | **RMB'000** | RMB'000 |
| At 1 January | **41670** | 52303 |
| Net (Reversal)/Charge for the financial period/year | **996** | (10633) |
|  | **42666** | 41670 |

---

**17.** **PREPAYMENTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **30 June** <br> **2025** | **30 June** <br> **2025** | 31 December <br> 2024 | 31 December <br> 2024 |
|  | **RMB'000** | **RMB'000** | RMB'000 | RMB'000 |
| Advances to suppliers |  | **42,603** |  | 47676 |
| Prepayment for property, plant and equipment |  | **5,821** |  | 5857 |
| Prepaid operating expenses |  | **8,666** |  | 3,897 |
|  |  | **57,090** |  | 57,430 |

---

**18.** **SHARE CAPITAL AND TREASURY SHARES** 

**(a)** **Share capital** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **No. of shares** | **No. of shares** | **Value** | **Value** | **No. of shares** | **No. of shares** | **Value** | **Value** |
|  | **'000** | **'000** | **RMB'000** | **RMB'000** | **'000** | **'000** | **RMB'000** | **RMB'000** |
| At 30 June/31 December |  | 17,205 |  | 1,874 |  | 17,205 |  | 1,874 |

---

The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions. On 24 December 2024, the Company announced that the Capital Reorganisation were effected to reduce the par value of each ordinary shares from SGD 5.00 each to SGD 0.02 each.<br>

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**18.** **SHARE CAPITAL AND TREASURY SHARES (CONTINUED)** 

**(b)** **Treasury shares** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** | **Group and Company** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
|  | **No. of shares** | **No. of shares** | **Value** | **Value** | **No. of shares** | **No. of shares** | **Value** | **Value** |
|  | **'000** | **'000** | **RMB'000** | **RMB'000** | **'000** | **'000** | **RMB'000** | **RMB'000** |
| At 30 June/31 December |  | 277 |  | 6,408 |  | 277 |  | 6,408 |

---

Treasury shares relate to ordinary shares of the Company that are held by the Company.

**19.** **TRADE AND OTHER PAYABLES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Company** | **Company** |
|  | **30 June 2025** | 31 December 2024 | **30 June 2025** | 31 December 2024 |
|  | **RMB'000** | RMB'000 | **RMB'000** | RMB'000 |
| Trade payables | **31232** | 15506 | **-** |  |
| Amounts due to directors (non-trade) | **10148** | 8780 | **9225** | 6493 |
| Total trade and other payables | **41380** | 24286 | **9225** | 6493 |

---

**20.** **OTHER LIABILITIES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Group** | **Group** | **Company** | **Company** |
|  | **30 June 2025** | 31 December 2024 | **30 June 2025** | 31 December 2024 |
|  | **RMB'000** | RMB'000 | **RMB'000** | RMB'000 |
| Contract liabilities – advances from customers | **35025** | 32484 | **-** |  |
| Accrued salary and bonuses | **18185** | 19619 | **389** | 52 |
| Other accruals | **17647** | 19624 | **1274** | 1336 |
| Total other liabilities | **70857** | 71727 | **1633** | 1388 |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

**21.** **LOANS AND BORROWINGS** 

---

| | | |
|:---|:---|:---|
|  | **Group** | **Group** |
|  | **30 June** <br> **2025** | 31 December<br> 2024 |
|  | **RMB'000** | RMB'000 |
| Bills payables to banks |  |  |
| Bill 1 | **42180** | 40180 |
| Bill 3 | **-** | 20000 |
| Bill 4 | **36821** | 44891 |
|  | **79001** | 105071 |
| Short-term bank loans: |  |  |
| Loan 1 | **35504** | 89504 |
| Loan 2 | **10000** | 10000 |
|  | **45504** | 99504 |
| Total loans and borrowings | **124505** | 204575 |

---

---

| | |
|:---|:---|
| 1 | These bill payable to bank (Bill 1) and short-term bank loan (Loan 1) are secured by bank deposits of Jinjiang Fookhing Zipper Co., Ltd, and certain land use rights and buildings owned by Jinjiang Jianxin Weaving Co., Ltd, located at Donghaian Development Zone, Shenhu Town, Jinjiang City, Fujian Province, the PRC and personal guarantee from related party – Mr. Hong Qing Liang (Executive Chairman), and Ms. Shi MeiMei (spouse of Executive Chairman), and corporate guarantee from related party Jinjiang Fuxing Dress Co., Ltd and independent third party – Jinjiang Yuanda Garment Weaving Co., Ltd. |
| 2 | This short-term bank loan (Loan 2) is secured by certain land use rights and buildings owned by Jinjiang Fookhing Zipper Co., Ltd, located at Hangbian Industrial Area, Longhu Town, Jinjiang City, Fujian Province, the PRC and personal guarantee from related party – Mr. Hong Qing Liang (Executive Chairman) and Ms. Shi MeiMei (spouse of Executive Chairman), and corporate guarantee from a related party – Jinjiang Fuxing Dress Co., Ltd. |
| 3 | These bill payable to bank (Bill 3) is secured by bank deposits of Jinjiang Fuxing Dress Co., Ltd, and certain land use rights and buildings owned by Fulong Zipper and Weaving Co., Ltd, located at Donghaian Comprehensive Development Zone, Shenhu Town, Jinjiang City, Fujian Province, the PRC. and personal guarantee from related parties – Mr. Hong Qing Liang (Executive Chairman) and Ms. Shi MeiMei (spouse of Executive Chairman). |
| 4 | Bill payable to bank (Bill 4) is secured by a charge over a property (Unit 13 on 5th Floor) located at Seapower Tower Concordia Plaza, No.1 Science Museum Road, Kowloon owned by Goldplan Corporation Limited, corporate guarantee from the Company, and personal guarantee from a related party – Mr. Hong Qing Liang (Executive Chairman). |
|  | <br> Goldplan Corporation Limited is wholly owned by Mr. Hong Qing Liang (Executive Chairman). |
| All loans and borrowings are denominated in the functional currencies of the respective entities as at 30 June 2025 and 31 December 2024. The short-term loans bear interest ranging from 4.35% to 6.09% (31 December 2024: 4.35% to 6.09%) and are repayable within 12 months. | All loans and borrowings are denominated in the functional currencies of the respective entities as at 30 June 2025 and 31 December 2024. The short-term loans bear interest ranging from 4.35% to 6.09% (31 December 2024: 4.35% to 6.09%) and are repayable within 12 months. |

---

E. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANICAL STATEMENTS

---

| | |
|:---|:---|
| **21.**  | **CAPITAL COMMITMENTS** |
|  | <br> The Group had no material capital commitments for the half year ended 30 June 2025. |

---

**22.** **SUBSEQUENT EVENTS** 

---

| | |
|:---|:---|
| **(a)**  | **Proposed Disposal of Jinjiang Jianxin Weaving Co., Ltd.** |
|  | <br> As announced on 31 July 2025, the Group has obtained approval from shareholders in the Special General Meeting ("SGM") held on 31 July 2025 to dispose of its indirect wholly owned subsidiary, Jinjiang Jianxin Weaving Co., Ltd., which operates in the processing segment. The proposed disposal was completed on 6 August 2025. The disposal proceeds received will help to strengthen the Group's working capital and further improve its financial position.  |
| **(b)** | **Proposed Listing in the United States of America** |
|  | <br> The Company has proposed a listing on National Association of Security Dealers Automated Quotations ("NASDAQ") as part of its strategic expansion plans. As announced on 14 July 2025 per the update on the proposed NASDAQ listing, the Company intends to continue undertaking the proposed NASDAQ listing as well as the American Depositary Share Offering. The Company will make further updates upon material developments. |

---

F. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

---

| | |
|:---|:---|
| **1.**  | **Review** |
|  | <br> The consolidated statement of the financial position of Fuxing China Group Limited and its subsidiaries as at 30 June 2025 and the related consolidated profit or loss and other comprehensive income consolidated statement of changes in equity and consolidated statement of cash flows for the six-month period then ended and certain explanatory notes have not been audited or reviewed. |
| **2.** | **Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion:-**  |

---

---

| | |
|:---|:---|
| **(a)**  | **Updates on the efforts taken to resolve each outstanding audit issue.**  |
| **(b)**  | **Confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed.**  |
| **This is not required for any audit issue that is a material uncertainty relating to going concern.** | **This is not required for any audit issue that is a material uncertainty relating to going concern.** |
| <br> Not applicable. The latest audited financial statements of the Group for the financial year ended 31 December 2024 was not subject to any adverse opinion, qualified opinion, or disclaimer of opinion. | <br> Not applicable. The latest audited financial statements of the Group for the financial year ended 31 December 2024 was not subject to any adverse opinion, qualified opinion, or disclaimer of opinion. |

---

**3.** **Review of performance of the Group** 

---

| | | | |
|:---|:---|:---|:---|
| | **Group** | **Group** | **Group** |
| | **6 months Ended**<br> **30/6/2025**<br> **Unaudited** | **6 months Ended**<br> **30/6/2024**<br> **Unaudited** | **Increase/ (Decrease)** |
| <br>**REVENUE** | **RMB'000** | **RMB'000** | **%** |
| Zipper | 199516 | 201671 | (1) |
| Trading | 107468 | 110238 | (3) |
| Processing | 53433 | 40424 | 32 |
| Inter-segment sales | (25329) | (13316) | 90 |
| Total Group Revenue | **335088** | **339017** | (1) |
| **COST OF SALES** |  |  |  |
| Zipper  | 179743 | 188149 | (4) |
| Trading | 104734 | 107018 | (2) |
| Processing | 51466 | 37448 | 37 |
| Inter-segment sales | (25329) | (13316) | 90 |
| Total Group Cost of Sales | **310614** | **319299** | (3) |
| **GROSS PROFIT** |  |  |  |
| Zipper | 19773 | 13522 | 46 |
| Trading | 2734 | 3220 | (15) |
| Processing | 1967 | 2976 | (34) |
| Total Gross Profit | **24474** | **19718** | 24 |
| **GROSS PROFIT MARGIN**  |  |  |  |
|  | **%** | **%** | **% pts** |
| Zipper | 9.9 | 6.7 | 3.2 |
| Trading | 2.5 | 2.9 | (0.4) |
| Processing | 3.7 | 7.4 | (3.7) |
| Average Gross Profit Margin | **7.3** | **5.8** | 1.5 |

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F. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

**Revenue**<br>The Group's revenue decreased by RMB3.9 million (or 1%) to RMB335.1 million. This was mainly due to the decrease in the sales of the Trading segment (RMB2.8 million) and the Zipper segment (RMB2.1 million). The decrease was partially offset by the increase in the sales of the Processing segment (RMB1.0 million).<br>The inter-segment sales elimination represented the dyeing and electroplating services provided by the Processing segment to the Zipper segment.<br>The slightly decrease in revenue from Zipper segment for 1H2025 was mainly due to the decrease in sales orders for finished zippers from customers.<br>The Group's Trading segment relates to the sourcing and buying of certain raw materials (such as rubber thread, nylon fabric and nylon yard) in accordance with customers' requirements. The profit margin and all purchases were based on confirmed sales. As such, the sales volume, profit margin are dependent on customers' demand. The decrease in revenue from the Trading segment was mainly due to the decrease in sales volume during 1H2025 as a result of decreased demand.<br>**Gross Profit and Gross Profit Margin**<br>The Group's gross profit increased by RMB4.8 million (or 24%) to RMB24.5 million, mainly due to the increase in gross profit from the Zipper segment.<br>Average gross profit margin increased by 1.5 percentage points to 7.3% mainly due to the increase in gross profit margin from the Zipper segment as a result of the decrease in the cost of productions. <br>**Other income and expenses** <br>Other income comprised government grants, rental and management fee income. Other expenses comprised loss on disposal of property, plant and equipment, and net foreign exchange loss. <br>The loss on disposal of plant and machinery of RMB0.3 million arose from the sale proceeds received from the disposal of old motor vehicles.<br>The foreign exchange loss arose from the appreciation of RMB against USD and SGD in the Group's foreign currencies denominated bank balances and from the translation of HK dollar denominated balances owing from subsidiaries in the Company's book due to appreciation of RMB against HK dollar.<br>**Selling and distribution expenses** <br>Selling and distribution expenses decreased by RMB0.1 million (or 1%) to RMB6.2 million mainly due to decrease in business trips and entertainment as a result of decrease in promotional activities, eg. roadshows, exhibitions, etc.<br>**General and administrative expenses** <br>General and administrative expenses increased by RMB15.3 million (or 141%) to RMB26.1 million mainly due to net provision for allowance for trade receivables of RMB 1.0 million as compared to net reversal of allowance for trade receivables of RMB8.7 million in 1H2024. In addition, net reversal of allowance for advances to suppliers amounted to RMB0.5 million in 1H2025 as compared to RMB2.8 million in 1H2024.<br>

F. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

**Finance income and expenses**<br>Finance expenses decreased by RMB1.3 million to RMB3.4 million. This was mainly due to the decrease in the short-term bank loans in 1H2025 compared to 1H2024.<br>Finance income increased by RMB0.1 million (or 52%) to RMB0.4 million was mainly due to the increase in cash at bank during the year.<br>**FINANCIAL POSITIION**<br>**Non-current assets**<br>As at 30 June 2025, non-current assets amounted to RMB326.6 million comprising of property, plant and equipment, investment properties, intangible assets and land use rights.<br>The Group's property, plant and equipment amounted to RMB260.3 million, an decrease of 4% (or RMB9.7 million) compared to RMB270.0 million as at 31 December 2024. The decrease was mainly due to the depreciation expenses.<br>Intangible assets represented the acquisition of new operation system for factory ussge.<br>**Current assets**<br>As at 30 June 2025, current assets amounted to RMB498.1 million, decreased by 11% (or RMB61.0 million) compared to RMB559.0 million as at 31 December 2024. This was largely due to the decrease in cash and bank balance for settlement of short-term bank loans in 1H2025 and also decrease in trade receivables as a result of improvement of cash collection from customers.<br>Inventories increased by RMB7.7 million (or 12%) to RMB74.1 million due to a built-up of inventories as the Group held a 3-months raw materials production requirement for the purpose of productions compared to a 2-months raw materials production requirement as at 31 December 2023.<br>For advances to suppliers, the Group will secure supply agreements with its various suppliers. The prepayments to suppliers were to secure the supply of raw materials at competitive prices for the year, at about 2% to 3% discount of the total contracted value. The Group will make the advance payment upon the signing of the purchase agreements. After the receipt of the advance payments, the suppliers will take approximately 1 to 2 months to make full delivery of the raw materials to the Group's warehouse. <br>Cash and bank balances decreased by RMB31.0 million to RMB138.6 million mainly due to the settlement of short-term bank loans in 1H2025.<br>**Current liabilities**<br>As at 30 June 2025, total current liabilities were RMB240.1 million, decreased by 21% (or RMB64.3 million) compared to RMB304.4 million as at 31 December 2024. This was mainly attributable to the decrease in short-term bank loans and bills payable.<br>The loans and borrowings decreased by RMB80.0 million (or 39%) to RMB124.5 million as at 30 June 2025 compared to RMB204.6 million as at 31 December 2024. This was mainly due to the repayment of short-term bank loans and bills payable during 1H2025.<br>The amount due to a director was funds remitted from Mr Hong Qing Liang for the payment of the legal and professional fees and expenses incurred by the Company. There is no fixed payment schedule for the advances from Mr. Hong Qing Liang who had also agreed that all the advances granted shall be interest free. <br>

F. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

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|:---|:---|
|  | **Non-current liabilities**<br>Non-current liabilities comprised of deferred tax liabilities. The increase in deferred tax liabilities was due to the deferred tax charge of RMB0.5 million in 1H2025 as explained under note 10 of the taxation charge.<br>**CASH FLOW**<br>**Operating activities**<br>Net cash flows generated from operating activities in 1H2025 amounted to RMB36.4 million compared to RMB56.8 million in 1H2024. This was mainly due to the increase in inventories in 1H2025 as compared to the decrease in inventories in 1H2024.<br>**Investing activities**<br>Net cash flows used in investing activities in 1H2025 amounted to RMB11.3 million compared to RMB0.4 million in 1H2024. This was mainly due to the acquisition of plant and equipment during 1H2025.<br>**Financing activities**<br>Net cash flows used in financing activities in 1H2025 amounted to RMB38.1 million while net cash flows generated from financing activities in 1H2024 amounted to RMB22.0 million. This was mainly due to the higher repayment of bank loans and lower proceeds from new bank loans in 1H2025 as compared to 1H2024. |
| **4.**  | **Where a forecast, or prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results** |
|  | No forecast or prospect statement has been previously disclosed to shareholders. |

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|:---|:---|
| **5.**  | **A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next operating period and the next 12 months** |
|  | <br> For the next 12 months, the Group expects its operating results will continue to be impacted by high production costs, razor thin gross margin and its business outlook to be affected by uncertain customers' demand amidst challenging China's economic growth outlook. In addition, the recent tariffs announced by the United States of America **("USA")** on foreign imports from China and various countries could result in a more uncertain and volatile global trade environment.<br>On the potential impact of tariffs imposed by the USA on the Group's sales and profitability, the Group currently does not directly engage in export activities. Instead, it sells primarily to domestic customers which subsequently handle exports. As such, the immediate impact of tariffs has not been directly reflected in the Group's pricing or order volumes. While some downstream customers may eventually face increased export-related costs, there has been no indication thus far that these customers intend to pass on the tariff burden to the Group by requesting price reductions. The Group's pricing is already highly competitive, leaving minimal room for further price concessions and margin compression. At present, while Management does not foresee a significant adverse impact on gross profit margin arising from the higher tariff developments, there may have some dampening effect on the customers' demand for the Group's zippers arising from a more muted business outlook.<br>In order to navigate through the challenging business environment, the Group will continue to expend marketing efforts in its sales outreach to expand its customer base to improve its sales. In addition, the Group will be vigilant in managing its expenses and monitor its receivables and collections closely to minimize bad debts and ensure the Group's working capital is sufficient and healthy to support its business operations. As announced on 14 August 2025, the Group has completed the disposal of its indirect wholly owned subsidiary in the processing segment. The disposal proceeds received will bolster the Group's working capital and further improve its financial position. |

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F. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

**6.** **Dividend information** 

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|:---|:---|
| **(a)**  | **Current Financial Period Reported On** |
|  | <br> Any dividend recommended for the current financial period reported on?<br>No |

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|:---|:---|
| **(b)**  | **Corresponding Period of the Immediately Preceding Financial Year** |
|  | <br> Any dividend declared for the corresponding period of the immediately preceding financial year?<br>No |

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|:---|:---|
| **(c)**  | **Date payable** |
|  | <br> Not Applicable |

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|:---|:---|
| **(d)**  | **Books closure date** |
|  | <br> Not Applicable |

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|:---|:---|
| **7.**  | **Interested person transactions** |
|  | <br> The Group has not obtained a general mandate from shareholders of the Company for Interested Person Transactions. |

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|:---|:---|
| **8.**  | **Confirmation that the issuer has procured undertaking from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1)** |
|  | <br> The Company has received undertaking from all its directors and executive officers in the format as set in Appendix 7.7 under Rule 720(1) of the Listing Manual of the SGX-ST. |

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**FUXING CHINA GROUP LIMITED** 

(Incorporated in Bermuda)

**<u>Confirmation By Board</u>**

On behalf of the Board of Directors of the Company, we, the undersigned, hereby confirm to the best of our knowledge that nothing has come to the attention of the Board of Directors of the Company which may render the financial statements for the half year ended 30 June 2025 to be false or misleading in any material aspect.

On behalf of the

Board of Directors of

Fuxing China Group Limited

..........................................

Hong Qing Liang

Director

..........................................

Hong Peng You

Director

Date: 14 August 2025