香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公佈僅供參考，並不構成在任何司法管轄區收購、購買或認購要約人、本公司或力寶華潤證 券之邀請或要約，亦非任何投票或批准之招攬。 本公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區適用 法律或規例之任何司法管轄區發佈、刊發或分派。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） 獨立財務顧問及獨立董事委員會 就 (1) LL CAPITAL HOLDINGS LIMITED根據公司條例第673條 透過計劃安排將力寶有限公司私有化之建議； 進行有條件特別分派；及 (3) 建議撤銷上市地位 (2) 力寶有限公司以實物分派力寶華潤有限公司普通股之方式 提供之意見及推薦建議並無變動 1 獨立董事委員會之獨立財務顧問 茲提述要約人與本公司於2025年7月23日聯合發佈之綜合計劃文件（「計劃文件」）， 內容有關（其中包括）建議。 茲亦 ...

[Condensed Consolidated Financial Statements](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group significantly narrowed its loss, primarily due to a substantial reduction in net fair value losses and lower finance costs, despite a slight increase in revenue Condensed Consolidated Statement of Profit or Loss (HKD Thousands) | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 421,209 | 410,008 | 2.73% | | Cost of Sales | (155,625) | (143,855) | 8.18% | | Gross Profit | 265,584 | 266,153 | -0.21% | | Administrative Expenses | (221,779) | (222,794) | -0.46% | | Other Operating Expenses | (78,700) | (104,795) | -24.91% | | Net Fair Value Loss on Financial Instruments at FVTPL | (987) | (51,822) | -98.09% | | Other Losses — Net | (9,530) | (6,657) | 43.16% | | Finance Costs | (37,645) | (57,176) | -34.16% | | Share of Results of Associates | (4,370) | 20,436 | -121.38% | | Share of Results of Joint Ventures | 40,657 | (433,063) | -109.39% | | Loss Before Tax | (46,770) | (589,718) | -92.06% | | Loss for the Period | (50,513) | (594,847) | -91.51% | | Loss for the Period Attributable to Owners of the Company | (38,668) | (436,942) | -91.14% | | Basic and Diluted Loss Per Share (HK cents) | (7.8) | (88.6) | -91.20% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The period saw a shift from a significant total comprehensive loss in the prior year to a positive value, driven by improved exchange differences on foreign operations and share of other comprehensive income from associates/joint ventures Condensed Consolidated Statement of Comprehensive Income (HKD Thousands) | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (50,513) | (594,847) | -91.51% | | Exchange Differences on Translation of Foreign Operations | 50,344 | (28,066) | -279.46% | | Share of Other Comprehensive Income/(Loss) of Associates | 64,883 | (20,592) | -415.08% | | Share of Other Comprehensive Income/(Loss) of Joint Ventures | 119,588 | (358,545) | -133.35% | | Other Comprehensive Income/(Loss) for the Period (Net of Tax) | 240,225 | (494,244) | -148.61% | | Total Comprehensive Income/(Loss) for the Period | 189,712 | (1,089,091) | -117.42% | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 115,874 | (794,999) | -114.58% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's net assets significantly decreased, primarily due to the derecognition of assets and liabilities related to subsidiaries classified as held for distribution following the HKC share distribution, and a corresponding decline in total equity Condensed Consolidated Statement of Financial Position (HKD Thousands) | Indicator | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,139,404 | 3,015,287 | 4.12% | | Current Assets | 576,705 | 702,089 | -17.86% | | Assets Classified as Held for Distribution | - | 9,545,440 | -100.00% | | Current Liabilities | 541,285 | 998,266 | -45.78% | | Liabilities Directly Associated with Assets Classified as Held for Distribution | - | 563,296 | -100.00% | | Non-current Liabilities | 1,544,858 | 1,521,554 | 1.53% | | Net Assets | 1,629,966 | 10,179,700 | -83.99% | | Equity Attributable to Owners of the Company | 805,012 | 6,981,959 | -88.42% | | Non-controlling Interests | 824,954 | 3,197,741 | -74.20% | | Total Equity | 1,629,966 | 10,179,700 | -83.99% | - Net current assets significantly decreased from **HKD 8,685,967 thousand** as of December 31, 2024, to **HKD 35,420 thousand** as of June 30, 2025, primarily due to the reclassification and derecognition of related assets and liabilities following the HKC share distribution[6](index=6&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Basis of Preparation](index=5&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim report is prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, adopting newly revised HKFRSs with no significant financial impact for the period - This interim report has been prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - Newly adopted revised Hong Kong Financial Reporting Standards (e.g., HKAS 21 amendment "Lack of Exchangeability") for the period had no significant financial impact on this interim report[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Segment Information](index=6&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operations are divided into eight segments: property investment, property development, financial investment, securities investment, food business, healthcare services, property management, and others, with varying performance and financial positions, notably the food business as the largest revenue contributor and property investment/joint venture results significantly impacted by the HKC distribution - The Group's operations are divided into eight operating segments: property investment, property development, financial investment, securities investment, food business, healthcare services, property management, and "others"[11](index=11&type=chunk)[14](index=14&type=chunk) Segment Revenue and Results for H1 2025 (HKD Thousands) | Segment | Revenue | Segment Results | | :--- | :--- | :--- | | Property Investment | 17,712 | (4,243) | | Property Development | - | (1,702) | | Financial Investment | 2,271 | 2,271 | | Securities Investment | 4,267 | 5,785 | | Food Business | 392,320 | (2,478) | | Healthcare Services | - | - | | Property Management | 6,221 | 4,942 | | Other | 871 | 39 | | **Consolidated Total** | **421,209** | **4,596** | Segment Assets and Liabilities as of June 30, 2025 (HKD Thousands) | Segment | Segment Assets | Interests in Associates | Interests in Joint Ventures | Segment Liabilities | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 1,126,212 | - | - | 209,219 | | Property Development | 780 | - | - | 645 | | Financial Investment | 148,303 | - | - | - | | Securities Investment | 642,427 | - | 41,736 | 41,989 | | Food Business | 700,821 | - | 37,768 | 324,003 | | Healthcare Services | - | 509,172 | - | 442,517 | | Property Management | 1,031 | - | - | 1,065 | | Other | 4,631 | 371,617 | - | 295,183 | | **Consolidated Total** | **2,618,719** | **880,789** | **79,504** | **326,309** | [3. Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) Total revenue for the period increased by 2.73% to HKD 421,209 thousand, primarily driven by growth in food manufacturing and restaurant operations, with the food business accounting for the vast majority of total revenue, while interest and dividend income significantly decreased Revenue Analysis (HKD Thousands) | Revenue Source | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Food Manufacturing Business Revenue | 202,855 | 166,400 | 21.91% | | Restaurant Operations Revenue | 187,787 | 179,479 | 4.63% | | Provision of Management Services | 6,130 | 6,555 | -6.50% | | **Total Revenue from Contracts with Customers** | **396,772** | **352,434** | **12.58%** | | Property Rental Income | 8,955 | 11,491 | -22.07% | | Interest Income | 9,912 | 38,067 | -73.96% | | Dividend Income | 4,094 | 6,835 | -40.09% | | Other | 1,476 | 1,181 | 24.98% | | **Total Revenue from Other Sources** | **24,437** | **57,574** | **-57.56%** | | **Total Revenue** | **421,209** | **410,008** | **2.73%** | - Revenue from contracts with customers primarily originated from **Singapore (HKD 222,956 thousand)** and **Hong Kong (HKD 130,191 thousand)**[20](index=20&type=chunk) [4. Other Losses — Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%99%A7%E6%90%8D%20%E2%80%94%20%E6%B7%A8%E9%A1%8D) Other losses net increased during the period, mainly due to expanded fair value losses on investment properties and increased impairment provisions for inventories, partially offset by a reversal of provisions for loans and receivables Other Losses — Net (HKD Thousands) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss on Disposal of Property, Plant and Equipment | (320) | (150) | 113.33% | | Fair Value Loss on Investment Properties | (8,650) | (5,000) | 73.00% | | Provision for Impairment Loss on Inventories | (836) | (540) | 54.81% | | Reversal of/(Provision for) Impairment Loss on Loans and Receivables | 63 | (1,103) | -105.71% | | Exchange Gains/(Losses) — Net | 124 | (786) | -115.78% | | **Total** | **(9,530)** | **(6,657)** | **43.16%** | [5. Loss Before Tax](index=12&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) Loss before tax significantly narrowed during the period, primarily due to a substantial reduction in net fair value losses on financial instruments at fair value through profit or loss, and a decrease in other operating expenses such as legal and professional fees, and consultancy and service fees Key Components of Loss Before Tax (HKD Thousands) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Fair Value Gains/(Losses) on Financial Instruments at FVTPL | (987) | (51,822) | -98.09% | | Staff Costs | (167,960) | (163,518) | 2.72% | | Depreciation of Property, Plant and Equipment | (29,959) | (34,693) | -13.79% | | Depreciation of Right-of-use Assets | (33,787) | (33,187) | 1.81% | | Selling and Distribution Expenses | (29,554) | (22,163) | 33.36% | | Legal and Professional Fees | (5,824) | (34,153) | -82.99% | | Consultancy and Service Fees | (5,739) | (8,171) | -29.76% | | Cost of Inventories Sold | (154,549) | (141,521) | 9.21% | [6. Share of Results of Joint Ventures](index=12&type=section&id=%E6%89%80%E4%BD%B5%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE) The share of results of joint ventures shifted from a significant loss in the prior period to a profit, mainly due to the contribution from Lippo ASM Asia Property Limited (LAAPL), which ceased to be a joint venture of the Company after the HKC share distribution - For the six months ended June 30, 2025, the share of results of joint ventures primarily included a **profit of HKD 41,432 thousand** from Lippo ASM Asia Property Limited (LAAPL), compared to a loss of HKD 430,239 thousand in the same period of 2024[24](index=24&type=chunk) - Following the completion of the HKC share distribution in January 2025, LAAPL ceased to be a joint venture of the Company[24](index=24&type=chunk) [7. Income Tax](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense decreased during the period, primarily stemming from tax expenditures in Hong Kong and Mainland China/overseas regions Income Tax Expense (HKD Thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 398 | 2,842 | | Mainland China and Overseas | 3,345 | 2,287 | | **Total Expense for the Period** | **3,743** | **5,129** | - Hong Kong profits tax is calculated at **8.25% or 16.5%**, while corporate tax rates in Mainland China, Singapore, and Malaysia are **25%, 17%, and 24%**, respectively[26](index=26&type=chunk) [8. Loss Per Share Attributable to Owners of the Company](index=13&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) Basic and diluted loss per share significantly narrowed during the period, reflecting a reduced loss for the period and the absence of potentially dilutive ordinary shares issued by the Group Loss Per Share (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (7.8) | (88.6) | - Basic loss per share is calculated based on the consolidated loss for the period attributable to owners of the Company and the weighted average number of approximately **493,154,000 ordinary shares** in issue during the period[27](index=27&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group had no ordinary shares in issue with potential dilutive effects[27](index=27&type=chunk) [9. Interim Dividend](index=13&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Directors have resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024 — Nil)[28](index=28&type=chunk) [10. Trade and Other Receivables, Prepayments and Other Assets](index=13&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E7%94%A2) As of June 30, 2025, total trade receivables increased, with balances within 30 days and 31-60 days accounting for a larger proportion Ageing Analysis of Trade Receivables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 37,960 | 35,339 | 7.42% | | 31 to 60 days | 29,501 | 22,548 | 30.84% | | 61 to 90 days | 16,679 | 13,749 | 21.31% | | Over 90 days | 1,653 | 1,115 | 48.25% | | **Total** | **85,793** | **72,751** | **17.92%** | [11. HKC Share Distribution / Assets Classified as Held for Distribution / Liabilities Directly Associated with Assets Classified as Held for Distribution](index=14&type=section&id=HKC%20%E8%82%A1%E4%BB%BD%E5%88%86%E6%B4%BE%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5) The Company completed the HKC share distribution in January 2025, resulting in the derecognition of HKC Group's assets and liabilities as it ceased to be a subsidiary, and a reduction of **HKD 6,329,256 thousand** in equity attributable to owners of the Company - The Company completed the distribution in specie of **1,193,432,757 shares** of Hongkong Chinese Limited (HKC) to its shareholders in January 2025, reducing the Company's interest in HKC from **73.95% to 14.23%**[30](index=30&type=chunk)[31](index=31&type=chunk) - Following the completion of the HKC share distribution, the HKC Group ceased to be a subsidiary of the Company, and its assets and liabilities were derecognized[31](index=31&type=chunk)[32](index=32&type=chunk) Impact of HKC Share Distribution on Equity (HKD Thousands) | Item | 2025 | | :--- | :--- | | Net Assets Derecognized | 6,702,964 | | Special Interim Distribution Payable for HKC Share Distribution Derecognized | (304,325) | | HKC Shares Retained by the Group Recognized | (72,492) | | Transaction Costs of HKC Share Distribution | 3,109 | | **Decrease in Equity Attributable to Owners of the Company** | **6,329,256** | [12. Bank and Other Borrowings](index=16&type=section&id=12.%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%B8%E6%AC%BE) The Group's total bank and other borrowings slightly decreased, with secured bank loans forming the largest portion and collateralized by various assets, while unsecured bank loans are related to a privatization proposal with some restricted funds Bank and Other Borrowings (HKD Thousands) | Loan Type | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Current Portion: Bank Loans — Secured | 206,977 | 311,554 | -33.69% | | Non-current Portion: Bank Loans — Secured | 571,122 | 604,304 | -5.50% | | Non-current Portion: Bank Loans — Unsecured | 73,056 | - | N/A | | Non-current Portion: Other Loans — Unsecured | 790,000 | 790,000 | 0.00% | | **Total** | **1,641,155** | **1,705,858** | **-3.80%** | - Bank loans bear interest at annual rates ranging from **0.8% to 6.4%** (December 31, 2024: 5.0% to 7.3%)[34](index=34&type=chunk) - Bank loans are secured by investment properties, land and buildings, financial assets at fair value through profit or loss, and shares in a listed associate[37](index=37&type=chunk) - Restricted cash of **HKD 71,251 thousand** (December 31, 2024 — Nil) is solely for funding the cash consideration for shareholders electing cash distribution and paying related distribution costs[35](index=35&type=chunk) [13. Trade and Other Payables, Accruals and Other Liabilities](index=17&type=section&id=13.%20%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E3%80%81%E6%87%89%E8%A8%88%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%A0%E5%82%B5) As of June 30, 2025, total trade payables decreased, primarily due to the settlement of the special interim distribution payable related to the HKC share distribution in January Ageing Analysis of Trade Payables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 26,539 | 27,003 | -1.69% | | 31 to 60 days | 8,112 | 13,186 | -38.50% | | 61 to 90 days | 444 | 3,794 | -88.29% | | Over 90 days | 648 | 483 | 34.16% | | **Total** | **35,743** | **44,466** | **-19.62%** | - The **HKD 340,128 thousand** special interim distribution payable for the HKC share distribution included in trade payables as of December 31, 2024, was settled in January 2025[36](index=36&type=chunk) [14. Share Capital](index=18&type=section&id=14.%20%E8%82%A1%E6%9C%AC) The Company's issued share capital remained unchanged, but a capital reduction effective July 29, 2025, transferred an amount from the share capital account to the capital reduction reserve account to offset accumulated losses Issued and Fully Paid Share Capital (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 493,154,032 Ordinary Shares | 986,598 | 986,598 | - The Company announced a capital reduction in May 2025, reducing the amount credited to the share capital account to **HKD 50,000 thousand**, effective July 29, 2025, generating a credit of **HKD 934,440 thousand** transferred to the capital reduction reserve account to offset accumulated losses[39](index=39&type=chunk) [15. Events After Reporting Period](index=18&type=section&id=15.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period events include the effective capital reduction and a privatization proposal involving the Company's privatization via a scheme of arrangement and a special distribution of Lippo China Resources shares, expected to be effective in September 2025 with delisting - The Company's capital reduction became effective on **July 29, 2025**[40](index=40&type=chunk) - LL Capital Holdings Limited proposed a privatization, including the privatization of the Company via a scheme of arrangement (cash consideration of **HKD 0.14 per share**) and a special distribution of Lippo China Resources shares (shareholders can choose shares or cash)[40](index=40&type=chunk) - The privatization proposal is expected to become effective on **September 23, 2025**, with the delisting of shares from the Hong Kong Stock Exchange after 4:00 p.m. on **September 25, 2025**[40](index=40&type=chunk) [Business Review and Outlook](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) [Overview](index=19&type=section&id=%E6%A6%82%E8%A7%80) Global economic performance was mixed in H1 2025, with Hong Kong's economy expanding steadily but facing a weak property market and challenging food retail, while Singapore's economy continued to grow despite global trade headwinds and tariff uncertainties - Global economic performance was mixed in the first half of 2025, with the Hong Kong economy expanding steadily in Q2 but facing a weak property market and challenging food retail business[41](index=41&type=chunk) - The Singapore economy continued its growth, increasing by **4.4%** in Q2 2025, despite ongoing global trade headwinds and US tariff uncertainties[41](index=41&type=chunk) [Results for the Period](index=19&type=section&id=%E6%9C%9F%E5%85%A7%E6%A5%AD%E7%B8%BE) The consolidated loss attributable to owners of the Company significantly narrowed to **HKD 39,000 thousand** for the period, mainly due to the derecognition of the HKC Group and reduced net fair value losses on financial instruments at fair value through profit or loss, with the food business remaining the primary revenue source, achieving a **13% revenue increase** Consolidated Loss Attributable to Owners of the Company (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Consolidated Loss | (39,000) | (437,000) | - The narrowed loss was primarily due to the derecognition of the HKC Group after January 2025 and a reduction in net fair value losses on financial instruments at fair value through profit or loss recorded by the Group during the period[42](index=42&type=chunk) - Revenue for the period increased to **HKD 421,000 thousand** (2024 — HKD 410,000 thousand), with **55% from Singapore** and **32% from Hong Kong**[43](index=43&type=chunk) - Food business revenue increased by **13%**, accounting for **93%** of total revenue for the period (2024 — 85%)[43](index=43&type=chunk) - Other operating expenses decreased to **HKD 79,000 thousand** (2024 — HKD 105,000 thousand), mainly due to reduced legal and professional fees[43](index=43&type=chunk) [Food Business](index=20&type=section&id=%E9%A3%9F%E5%93%81%E6%A5%AD%E5%8B%99) Food business revenue grew to **HKD 392,000 thousand** during the period, primarily from food manufacturing and restaurant operations; Singapore and Malaysia operations improved, but the Hong Kong market faced challenges from declining consumption and outbound travel, leading to a segment loss Food Business Revenue and Results (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 392,000 | 348,000 | | Segment Loss | (2,000) | (20,000) | - Food manufacturing revenue increased by **22%**, and restaurant operations revenue increased by **5%**[44](index=44&type=chunk) - The Group operates restaurants under the brands "Chatterbox Café", "Délifrance", "alfafa", and "Lippo Huen"[44](index=44&type=chunk) - Food manufacturing businesses in Singapore and Malaysia showed improved performance, but the operating environment for the food business in Hong Kong remained challenging due to declining consumption and residents traveling to the Greater Bay Area or overseas for short trips[44](index=44&type=chunk) [Property Investment](index=20&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) Property investment segment revenue decreased during the period, mainly due to the derecognition of the HKC Group after the HKC share distribution; fair value losses on investment properties expanded, resulting in a segment loss, while the share of results of joint ventures turned from loss to profit, primarily from LAAPL Property Investment Segment Revenue and Results (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Segment Revenue | 18,000 | 45,000 | | Fair Value Loss on Investment Properties | (9,000) | (5,000) | | Segment Loss/(Profit) Before Share of Results of Joint Ventures | (4,000) | 10,000 | | Share of Joint Ventures Profit/(Loss) | 41,000 | (433,000) | - The decrease in revenue was primarily due to the derecognition of the HKC Group after the HKC share distribution, resulting in no further contributions from the HKC Group[45](index=45&type=chunk) - The expanded fair value loss on investment properties was mainly due to a decline in the market value of Hong Kong properties[45](index=45&type=chunk) - The share of joint ventures profit primarily came from a **HKD 41,000 thousand profit** from Lippo ASM Asia Property Limited (LAAPL), which ceased to be a joint venture of the Company after the HKC share distribution[45](index=45&type=chunk) [Financial and Securities Investments](index=20&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%AD%89%E5%88%B8%E6%8A%95%E8%B3%87) Total revenue from financial and securities investments decreased during the period, but a net fair value gain was recorded, turning the segment from a loss to a profit; the total value of the investment portfolio declined, primarily comprising financial assets at fair value through profit or loss and at fair value through other comprehensive income Financial and Securities Investment Performance (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Revenue | 7,000 | 11,000 | | Net Fair Value Gains/(Losses) | 2,000 | (52,000) | | Segment Profit/(Loss) | 8,000 | (42,000) | Financial and Securities Investment Portfolio (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Value | 791,000 | 1,008,000 | | Cash and Bank Balances | 156,000 | 450,000 | | Financial Assets at Fair Value Through Profit or Loss | 496,000 | 496,000 | | Financial Assets at Fair Value Through Other Comprehensive Income | 127,000 | 46,000 | [Financial Assets at Fair Value Through Profit or Loss](index=21&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2) The Group's total assets in this category amounted to **HKD 496,000 thousand**, primarily consisting of equity securities, debt securities, and investment funds, with GSH equity securities recording unrealized fair value gains, and Amasia CIV and Quantedge funds showing varied performance Composition of Financial Assets at Fair Value Through Profit or Loss (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity Securities | 113,000 | 102,000 | | Debt Securities | 17,000 | 20,000 | | Investment Funds | 366,000 | 374,000 | | **Total** | **496,000** | **496,000** | Key Financial Assets at Fair Value Through Profit or Loss (HKD Thousands) | Investment Item | Fair Value as of June 30, 2025 | Fair Value as of December 31, 2024 | Net Fair Value Gains/(Losses) for H1 2025 | | :--- | :--- | :--- | :--- | | GSH Corporation Limited | 76,326 | 63,254 | 13,072 | | Amasia CIV T, L.P. | 56,419 | 55,814 | 582 | | Quantedge Global Fund | 40,681 | 44,551 | 147 | | Other | 322,534 | 332,054 | (14,283) | | **Total** | **495,960** | **495,673** | **(482)** | - GSH Corporation Limited equity securities recorded an unrealized fair value gain of **HKD 13,000 thousand**, benefiting from positive factors in Malaysia's tourism and real estate markets[50](index=50&type=chunk) - Amasia CIV, a single portfolio fund investing in AI communications intelligence platform Dialpad, recorded a fair value gain of **HKD 582 thousand** for the Group during the period[51](index=51&type=chunk) - The Group redeemed **HKD 4,000 thousand** of Quantedge investment during the period and recorded an unrealized fair value gain of **HKD 100 thousand**[52](index=52&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=22&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2) The carrying value of these assets increased to **HKD 127,000 thousand**, primarily due to the reclassification of the Group's retained HKC interest after the HKC share distribution, with other key investments including GenieBiome Holdings Limited (GB) and H2G Green Limited (H2G) - As of June 30, 2025, the carrying value of financial assets at fair value through other comprehensive income increased to **HKD 127,000 thousand** (December 31, 2024 — HKD 46,000 thousand), mainly due to the retained HKC interest being reclassified as such assets after the HKC share distribution[53](index=53&type=chunk) - The Group's investment in HKC had a fair value of **HKD 77,000 thousand**, accounting for approximately **60.4%** of the total value of these assets, and recorded an unrealized fair value gain of **HKD 4,000 thousand**[53](index=53&type=chunk) - The investment in GenieBiome Holdings Limited (GB) had a fair value of **HKD 24,000 thousand**, recorded an unrealized fair value gain of **HKD 300 thousand** during the period, and contributed dividend income[54](index=54&type=chunk) - The investment in H2G Green Limited (H2G) had a fair value of **HKD 13,000 thousand**, recorded an unrealized fair value gain of **HKD 3,000 thousand** during the period, and H2G listed warrants recorded a fair value gain of **HKD 2,000 thousand**[55](index=55&type=chunk) [Healthcare Services](index=23&type=section&id=%E9%86%AB%E7%99%82%E4%BF%9D%E5%81%A5%E6%9C%8D%E5%8B%99) The Group holds a **40.8% interest** in Healthway Medical Corporation Limited, which maintained revenue growth during the period, primarily from its general practice and specialist segments, with the Group recognizing a **HKD 100 thousand share of profit** - The Group holds a **40.8% interest** in Healthway Medical Corporation Limited (Healthway), which operates a network of over **130 clinics**[56](index=56&type=chunk) - The Healthway Group maintained revenue growth during the period, primarily from its general practice and specialist segments, as well as revenue contributions from its day surgery centers[56](index=56&type=chunk) Share of Healthway Group Results (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Profit/(Loss) | 100 | (3,000) | - As of June 30, 2025, the Group's interest in Healthway was **HKD 509,000 thousand** (December 31, 2024 — HKD 470,000 thousand)[56](index=56&type=chunk) [Other Businesses](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%A5%AD%E5%8B%99) The Group holds a **39.9% interest** in TIH Limited, which primarily engages in investment and fund management; during the period, the Group recorded a share of loss from its TIH investment, reflecting the impact of macroeconomic headwinds on private equity investment activities - The Company owns a **39.9% interest** in TIH Limited (TIH), whose group primarily has two segments: investment business and fund management[57](index=57&type=chunk) Share of TIH Group Results (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Loss/(Profit) | (4,000) | 13,000 | - Private equity investment activities were hampered by macroeconomic headwinds such as tariff fluctuations, prolonged regulatory processes, and heightened geopolitical tensions, leading to extended holding periods and a greater focus on liquidity management[57](index=57&type=chunk) - As of June 30, 2025, the Group's interest in TIH was **HKD 326,000 thousand** (December 31, 2024 — HKD 310,000 thousand)[57](index=57&type=chunk) [Capital Reduction](index=24&type=section&id=%E8%82%A1%E6%9C%AC%E5%89%8A%E6%B8%9B) The Company proposed a capital reduction in May 2025, reducing the amount credited to the share capital account from **HKD 984,440,426.08** to **HKD 50,000,000.00**, effective July 29, 2025, to enhance corporate activity flexibility and offset accumulated losses - The Company proposed to reduce the amount credited to the share capital account from **HKD 984,440,426.08** to **HKD 50,000,000.00** to enhance flexibility for corporate activities and the ability to declare distributions or dividends[58](index=58&type=chunk) - The capital reduction became effective on **July 29, 2025**, generating a credit of **HKD 934,440,426.08** transferred to the capital reduction reserve account to offset part of the accumulated losses[58](index=58&type=chunk) [Proposal (Privatization)](index=24&type=section&id=%E5%BB%BA%E8%AD%B0) LL Capital Holdings Limited proposed a privatization, including the Company's privatization via a scheme of arrangement (cash consideration of **HKD 0.14 per share**) and a special distribution of Lippo China Resources shares; this proposal is subject to conditions and is expected to be effective in September 2025 with delisting - LL Capital Holdings Limited requested the Board to put forward a privatization proposal to shareholders, with a consideration of **HKD 0.14 cash per scheme share**[59](index=59&type=chunk) - The proposal also includes a distribution in specie to shareholders of up to **303,289,730 Lippo China Resources shares** (approximately **33.01%** of total issued shares), with shareholders having the option to receive shares or cash[59](index=59&type=chunk) - The proposal remains subject to the fulfillment or waiver of the scheme conditions and distribution conditions, and is expected to become effective on **September 23, 2025**, with the delisting of shares from the Hong Kong Stock Exchange after 4:00 p.m. on **September 25, 2025**[59](index=59&type=chunk) [Financial Position](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's total assets remained at **HKD 3,700,000 thousand** (excluding HKC Group), total liabilities decreased to **HKD 2,100,000 thousand**, and total bank and other borrowings slightly declined, while the capital gearing ratio significantly increased to **177.1%**, primarily due to the HKC share distribution Financial Position Overview (HKD Thousands) | Indicator | June 30, 2025 | December 31, 2024 (Excluding HKC Group) | | :--- | :--- | :--- | | Total Assets | 3,700,000 | 3,700,000 | | Total Liabilities | 2,100,000 | 2,500,000 | | Bank and Other Borrowings | 1,641,000 | 1,706,000 | | Consolidated Net Assets Attributable to Owners of the Company | 805,000 | 6,982,000 | | Net Assets Per Share (HKD) | 1.6 | 14.2 | - The decrease in total liabilities was mainly due to the non-cash settlement of the special interim distribution payable upon completion of the HKC share distribution in January 2025[60](index=60&type=chunk) - The capital gearing ratio (calculated as bank and other borrowings as per the consolidated statement of financial position (net of non-controlling interests) to equity attributable to owners of the Company) significantly increased from **21.3%** as of December 31, 2024, to **177.1%** as of June 30, 2025[62](index=62&type=chunk) - The Group monitors foreign exchange positions and uses hedging instruments to manage foreign exchange risk; as of June 30, 2025, total capital commitments were **HKD 82,000 thousand**, primarily related to committed investments in unlisted investment funds[63](index=63&type=chunk)[64](index=64&type=chunk) [Staff and Remuneration](index=26&type=section&id=%E5%93%A1%E5%B7%A5%E8%88%87%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group's number of full-time employees slightly decreased, while staff costs slightly increased, with the Group offering competitive remuneration packages and benefits Staff Data (HKD Thousands) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 851 | 856 | | Staff Costs | 168,000 | 164,000 | - The Group provides benefits such as medical insurance and provident funds to employees to maintain competitiveness[65](index=65&type=chunk) [Outlook](index=26&type=section&id=%E5%B1%95%E6%9C%9B) Global growth is projected at **3.0%** for 2025, with Hong Kong's economy and food retail expected to benefit from tourism promotion, and Singapore's economy outperforming expectations; however, uncertainties like rising tariffs and geopolitical tensions pose downside risks, requiring the Group to prudently manage its business and finances - Global growth is projected at **3.0%** for 2025, slightly higher than previous forecasts, mainly due to lower average tariff rates in the US, a weaker US dollar, and fiscal expansion in some major economies[66](index=66&type=chunk) - Hong Kong's economy and food retail business may benefit from the government's active promotion of tourism and major events[66](index=66&type=chunk) - Singapore's Ministry of Trade and Industry revised its 2025 GDP growth forecast upwards to **1.5% to 2.5%**, reflecting better-than-expected economic performance in the first half[66](index=66&type=chunk) - Uncertainties such as rising tariffs and heightened geopolitical tensions continue to pose downside risks, potentially disrupting global trade, supply chains, and driving up inflation[66](index=66&type=chunk) - The Group and its associates will continue to prudently manage their businesses, monitor assets and investments, and carefully manage funds in a challenging operating environment[66](index=66&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[68](index=68&type=chunk) [Audit Committee](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee, comprising two independent non-executive directors and one non-executive director, has reviewed the Group's accounting principles, practices, and interim financial report - The current members of the Audit Committee include Mr. Yung Hon Kwong (Chairman), Mr. Tsui King Fai (both independent non-executive directors), and Mr. Chan Nim Leung (non-executive director)[69](index=69&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the Group and financial reporting matters, including the unaudited condensed consolidated interim financial report for the six months ended June 30, 2025[69](index=69&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to high-quality corporate governance practices and complied with the Corporate Governance Code during the period, except for the Chairman of the Board being unable to attend the AGM due to being overseas, with the Vice Chairman presiding - The Company complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2025, except for the Chairman of the Board being unable to attend the Annual General Meeting[70](index=70&type=chunk) - The Chairman of the Board was unable to attend the Company's Annual General Meeting held on June 23, 2025, due to being overseas, and the Vice Chairman of the Board presided as chairman[70](index=70&type=chunk) - The Company's Board of Directors comprises nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[70](index=70&type=chunk)

Group 1: Market Performance - AI computing sector shows mixed performance with leading stocks like Cambricon, Shenghong Technology, and Industrial Fulian adjusting, while Tianfu Communication surges and Cambridge Technology hits the daily limit [1] - Huawei concept stocks are active, with Tuo Wei Information reaching the daily limit just 6 minutes after market open, achieving a trading volume of 4.956 billion yuan [2] - Near midday, semiconductor, consumer electronics, and internet finance sectors rally, pushing the Shanghai Composite Index up by 0.11%, Shenzhen Component Index up by 0.73%, and ChiNext Index up by 0.21% [1] Group 2: Company Earnings Reports - Tuo Wei Information reports a 24.42% year-on-year decline in revenue to 1.306 billion yuan for the first half of the year, but a significant increase in net profit by 2262.83% to 78.81 million yuan [2] - Tianfu Communication's revenue for the first half of the year reaches 2.456 billion yuan, a 57.84% increase, with net profit at 899 million yuan, up 37.46% [4] - Huafeng Technology sees a remarkable 128.26% increase in revenue to 1.105 billion yuan, surpassing last year's total revenue, and reports a net profit of 151 million yuan, recovering from a loss of 17.93 million yuan in the previous year [4] Group 3: Gaming Sector Developments - The gaming sector experiences a significant rise, with stocks like 37 Interactive Entertainment hitting the daily limit and other companies like Iceberg Network and Kaiying Network also seeing substantial gains [6] - The National Press and Publication Administration announces approval for 166 domestic games and 7 imported games, indicating a positive regulatory environment for the gaming industry [8] - Policies supporting the gaming industry, including initiatives for overseas expansion and resource integration, are being implemented in various provinces, enhancing the global competitiveness of domestic games [8] Group 4: Industry Outlook - Zhonghang Securities highlights three driving forces for the gaming sector: continuous policy support, industry recovery, and accelerated AI implementation [9] - The domestic gaming market is expected to reach new highs in scale and user data in the first half of 2025, with stable industry demand [9] - AI technology is anticipated to reshape game development and operations, leading to cost reduction and content upgrades, with more AI-native games expected to emerge [9]

Group 1: Market Performance - AI computing power stocks showed mixed performance, with leading stocks like Cambricon, Shenghong Technology, and Industrial Fulian adjusting, while Tianfu Communication surged and Cambridge Technology hit the daily limit [1] - Huawei concept stocks were active, with Tuo Wei Information's stock hitting the daily limit just 6 minutes after market open, achieving a trading volume of 4.956 billion yuan [1][2] - By midday, the semiconductor, consumer electronics, and internet finance sectors rallied, pushing the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.73%, and the ChiNext Index up by 0.21% [1] Group 2: Company Earnings Reports - Tuo Wei Information reported a revenue of 1.306 billion yuan for the first half of the year, a year-on-year decrease of 24.42%, but a net profit of 78.81 million yuan, a significant increase of 2262.83% [2] - Tianfu Communication's revenue reached 2.456 billion yuan, a year-on-year increase of 57.84%, with a net profit of 899 million yuan, up 37.46% [3] - Huafeng Technology's revenue was 1.105 billion yuan, a year-on-year increase of 128.26%, surpassing the previous year's total revenue, with a net profit of 151 million yuan compared to a loss of 17.93 million yuan in the same period last year [4] Group 3: Gaming Industry Developments - The gaming sector saw significant gains, with multiple leading stocks experiencing price increases [5] - The National Press and Publication Administration approved 166 domestic games and 7 imported games in August, indicating a positive regulatory environment for the gaming industry [8] - Policies supporting the gaming industry's international expansion have been introduced, including measures from Guangdong and Zhejiang provinces aimed at enhancing global competitiveness and promoting original games [8] Group 4: Future Outlook - Analysts suggest that the gaming sector is driven by policy support, industry recovery, and accelerated AI implementation, which are expected to enhance performance in the short term [9] - The domestic gaming market is projected to reach new highs in scale and user data by the first half of 2025, with AI applications expected to reshape development and operational processes [9]

Market Performance - A-shares saw a collective rise in the three major indices, with a total trading volume of 3.18 trillion yuan, significantly up by over 590 billion yuan compared to the previous trading day, marking the second-highest trading volume in history [1][2] - More than 3,300 stocks closed higher, with 92 stocks hitting the daily limit up [1] Historical Highs - A total of 127 stocks reached their historical closing highs, with the electronics, machinery equipment, and automotive sectors showing a concentration of stocks at new highs, with 25, 18, and 13 stocks respectively [2] - The average increase for stocks that reached historical highs was 6.88%, with notable limit-up stocks including Zhonghang Taida, Kede Education, and Jinli Permanent Magnet [2] Notable Stocks - Jinli Permanent Magnet closed at 36.36 yuan, up 20%, with a net institutional buy of 142.39 million yuan, leading the net buying list [5][6] - Other significant stocks included Robotech, which also saw a 20% increase, and a net institutional buy of 140.15 million yuan [5][6] - The top net selling stock was Goldwind Technology, with a net sell of 378.43 million yuan [8] Institutional Activity - In the dragon and tiger list, 12 stocks had net purchases exceeding 10 million yuan, with Jinli Permanent Magnet and Robotech being the top two [5][6] - Northbound funds saw net purchases in 17 stocks, with the highest being Zhonghang Online at 299 million yuan [7] Company Announcements - Tuowei Information reported a net profit of 78.81 million yuan for the first half of the year, a year-on-year increase of 2263% [11] - Qiming Information announced a net profit growth of 2569% year-on-year [11] - Yatai Technology plans to invest 2.1 billion yuan in a lightweight aluminum material production line project [11] - Other companies like Kailaiying and Sunshine Power also reported significant profit increases, with year-on-year growth of 23.71% and 55.97% respectively [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公佈全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本聯合公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區適用 法律或規例之任何司法管轄區發佈、刊發或分派。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） LIPPO CHINA RESOURCES LIMITED 力 寶 華 潤 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：156） 聯合公佈 內幕消息公佈 盈利警告 及 有關收購守則規則 10 之公佈 本聯合公佈乃(1)力寶華潤有限公司（「力寶華潤」，連同其附屬公司，合稱「力寶華潤集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09 條及內幕消息條文（定 義見上市規則）；及(2)力寶有限公司（「力寶」）根據香港公司收購及合併守則（「收購守則」） 規則 10 及收購守則應用指引 2 而聯合作出。 茲提述力寶與 LL Capit ...

Core Insights - The automotive industry, a strategic pillar contributing 10% to GDP, is currently facing challenges such as price wars and quality issues, necessitating transparency and truth in the market [1] - The "Observation Zero Distance" program aims to uncover quality products and create a trustworthy consumption environment through professional research and live broadcasting [1][2] - The Dongfeng Fengxing Xinghai S7 has been highlighted as a "treasure model" with a remarkable 358.42% quarter-on-quarter growth, indicating a strong alignment between product capabilities and user needs [2][3] Group 1: Product Insights - The Xinghai S7 and Xiaomi SU7 challenge the notion that high-end experiences must come with high prices, offering competitive features at lower price points [3] - Key features of the Xinghai S7 include advanced safety measures, superior comfort, and energy efficiency, with a wind resistance coefficient of 0.191Cd and energy consumption of 11.9kWh/100km [3][4] - The vehicle's design incorporates user feedback, emphasizing practical needs such as safety, space, and comfort, rather than unnecessary high-tech features [3][7] Group 2: Brand and Market Strategy - The "Observation Zero Distance" program emphasizes the importance of after-sales service and consumer rights, with commitments to quick delivery and lifetime warranty on key components [4] - The program aims to reshape automotive consumption standards by focusing on real user experiences and values, moving away from superficial marketing tactics [5][8] - Dongfeng Fengxing's long-term commitment to technology and user-centric design is seen as a key factor in its market success, with a focus on creating a "national luxury car" [5][6] Group 3: Corporate Development and Future Plans - Dongfeng Fengxing has made significant strides in technology innovation, with over 21,000 effective patents and a focus on electric vehicle development [6][9] - The company plans to launch 12 new energy products by 2025 and is expanding its overseas manufacturing capabilities [9][10] - The collaboration with the "Observation Zero Distance" program aims to enhance brand visibility and sales through targeted marketing strategies and user engagement [10]

Core Insights - The article emphasizes the need for transparency and truth in the automotive market, particularly in the context of the ongoing price wars and quality issues within the industry [2] - The "Observation Zero Distance" initiative aims to highlight quality products and create a trustworthy consumer environment by utilizing a combination of media, brand engagement, and live streaming [2] Group 1: Industry Context - The automotive industry is a strategic pillar of the economy, contributing 10% to GDP, and is crucial for consumer spending [2] - The current challenges in the new energy vehicle sector include information asymmetry, product homogenization, and a crisis of trust in after-sales service [2][3] Group 2: Product Highlights - The Dongfeng Fengxing Xinghai S7 has been identified as a "treasure model," achieving a remarkable 358.42% quarter-on-quarter growth in sales [3] - The Xinghai S7 is designed to meet real user needs without the inflated pricing typically associated with high-end vehicles, offering features that prioritize safety, space, comfort, and range [5][6] Group 3: Technological Advancements - The Xinghai S7 features advanced technologies such as the Armor Battery 3.0, which exceeds national standards for safety, and the FSD suspension system, which is derived from Lamborghini technology [6] - The vehicle boasts a low drag coefficient of 0.191Cd, resulting in an energy consumption rate of 11.9 kWh/100 km, setting a new record for mid-to-large electric vehicles [6] Group 4: Consumer Engagement and Brand Strategy - The "Observation Zero Distance" initiative includes live dialogues with company executives to uncover the core values and user needs associated with the Xinghai S7 [5] - The company aims to redefine automotive consumption standards by focusing on user-centric design and engineering, integrating user feedback into product development [7][9] Group 5: Future Outlook - Dongfeng Fengxing plans to launch 12 new energy products by 2025 and is focused on building overseas factories to expand its market presence [14] - The company is committed to a "deep customization" model that empowers users to influence product design, aiming for a compound annual growth rate of 15% and a target scale of 300 billion yuan by 2030 [14][15]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本聯合公佈僅供參考，並不構成在任何司法管轄區收購、購買或認購要約人、本公司或力寶華 潤證券之邀請或要約，亦非任何投票或批准之招攬。 1 本聯合公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區 適用法律或規例之任何司法管轄區發佈、刊發或分派。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） 聯合公佈 (1) LL CAPITAL HOLDINGS LIMITED根據公司條例第673條 透過計劃安排將力寶有限公司私有化之建議； (2) 力寶有限公司以實物分派力寶華潤有限公司普通股之方式 (5) 建議撤銷上市地位 要約人之財務顧問 獨立董事委員會之獨立財務顧問 LL CAPITAL HOLDINGS LIMITED （於英屬維京群島註冊成立之有限公司） 進行有條件特別分派； (3) 法院會議及股東大會結果； (4) 暫停辦理股 ...

Group 1 - The core viewpoint of the news is the deep supply chain collaboration between Cainiao and the national brand Jianlibao, aimed at optimizing the direct-to-consumer (DTC) model, enhancing consumer experience, and reducing logistics costs [1] - The collaboration allows for a 24-hour delivery service within the coverage area of the Foshan warehouse, marking a significant upgrade in supply chain services from warehousing and distribution to a full production-consumption link [1] - Future plans include expanding the direct delivery model to Jianlibao's national production bases and exploring automation, cross-border integrated supply chains, and green logistics [1] Group 2 - Jianlibao's Vice President Zhao Yonggang emphasized the importance of this collaboration in transforming traditional retail logistics into a more efficient model that closely aligns with consumer needs [1] - Cainiao's Asia-Pacific Marketing Head Tian Jian stated the goal is to establish this DTC supply chain model as a benchmark in the beverage industry, leveraging intelligent forecasting systems to enhance production responsiveness to market demand [1] - Jianlibao's CFO Li Hongmin highlighted that the partnership is a significant step towards embracing new e-commerce retail and supply chain innovations, projecting annual savings of nearly one million yuan in logistics costs and improved market response times [1] Group 3 - The collaboration includes a designed pallet transportation solution that reduces unloading time by over 6 hours and decreases damage rates by more than 30%, while also saving on pallet and labor costs [1] - Cainiao is recognized as a leading global logistics company, providing end-to-end supply chain management solutions and warehousing operations for numerous domestic and international brands [2] - Over half of the top 50 global fast-moving consumer goods brands have established long-term partnerships with Cainiao, showcasing its strong presence in the fast-moving consumer goods sector [2]