[Company Overview](index=1&type=section&id=Company%20Overview) This section provides an overview of the company's fundamental information, board structure, and administrative details [Basic Company Information](index=1&type=section&id=Basic%20Company%20Information) This chapter provides the stock code of San Miguel Brewery Hong Kong Limited and the reporting period of this interim report - Company Name: **San Miguel Brewery Hong Kong Limited**[1](index=1&type=chunk) - Stock Code: **0236**[2](index=2&type=chunk) - Reporting Period: **January to June 2025**[2](index=2&type=chunk) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) This chapter details the board composition, including appointments and resignations, and outlines committee memberships and chair changes - Board Chairman is **Ramon S. Ang** (Non-executive Director), Vice Chairman is **Carlos Antonio M. Berba** (Non-executive Director), and Executive Director is **Chan Weng Kheong**[3](index=3&type=chunk)[5](index=5&type=chunk) - **Aurora T. Calderon** was appointed Non-executive Director on **February 24, 2025**[3](index=3&type=chunk)[5](index=5&type=chunk) - **Alonzo Q. Ancheta** resigned as Independent Non-executive Director on **July 28, 2025**, and **Maria Aileen A. Sazon** was appointed on the same day[3](index=3&type=chunk)[5](index=5&type=chunk) - Audit Committee Chairman is **David K.P. Li**, with **Reynato S. Puno** appointed on **July 28, 2025**, to replace Alonzo Q. Ancheta[4](index=4&type=chunk)[5](index=5&type=chunk) - Remuneration Committee Chairman is **Reynato S. Puno**[4](index=4&type=chunk)[5](index=5&type=chunk) - Nomination Committee Chairman is **Thelmo Luis O. Cunanan**, replacing Alonzo Q. Ancheta on **July 28, 2025**[4](index=4&type=chunk)[6](index=6&type=chunk) [Company Administrative Information](index=3&type=section&id=Company%20Administrative%20Information) This chapter provides details on the company secretary, auditor, legal counsel, registered office, share registrar, and principal bankers - Company Secretary: **Lo Chi Yip**[5](index=5&type=chunk)[6](index=6&type=chunk) - Auditor: **KPMG**[8](index=8&type=chunk)[10](index=10&type=chunk) - Principal Bankers include **Agricultural Bank of China, ANZ Bank, Bank of China (Hong Kong), and The Hongkong and Shanghai Banking Corporation**[9](index=9&type=chunk)[10](index=10&type=chunk) - Mr. **Yoshinori Inazumi** resigned as Non-executive Director effective **September 1, 2025**, and Mr. **Tatsuya Nagafuji** was appointed as his successor[9](index=9&type=chunk)[10](index=10&type=chunk) [Chairman's Statement](index=6&type=section&id=Chairman%27s%20Statement) This section presents the Chairman's review of the company's financial performance, business operations, and future outlook [Financial Results](index=6&type=section&id=Financial%20Results) The company reported a consolidated profit of HKD 51.1 million for H1 2025, a 33% increase, with revenue growing 3.2% to HKD 390 million Key Financial Data for H1 2025 (HKD million) | Metric | H1 2025 (HKD million) | H1 2024 (HKD million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Consolidated Profit | 51.1 | 38.5 | 32.7% | | Profit Attributable to Equity Holders | 49.6 | 37.6 | 31.9% | | Consolidated Revenue | 390.3 | 378.1 | 3.2% | | Gross Profit | 155.7 | 139.5 | 11.6% | | Gross Profit Margin | 39.9% | 36.9% | +3.0pp | | Cash and Bank Balances (as of June 30) | 249.6 | 216.5 (as of Dec 31) | 15.3% | | Total Loans (as of June 30) | 3.6 | 3.5 (as of Dec 31) | 2.9% | | Total Net Assets (as of June 30) | 668.6 | 634.8 (as of Dec 31) | 5.3% | | Gearing Ratio (as of June 30) | 0.01 | 0.01 (as of Dec 31) | 0% | - The Board resolved not to declare a dividend for the six months ended **June 30, 2025**[15](index=15&type=chunk)[17](index=17&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) This chapter reviews business performance in Hong Kong and South China, highlighting sales trends, operational profitability, and marketing efforts [Hong Kong Operations](index=7&type=section&id=Hong%20Kong%20Operations) Hong Kong operations saw strong export growth and improved operating profit despite local market challenges and declining private consumption - Hong Kong's economy grew by **3%** in real GDP in Q1 2025, but private consumption contracted by **1%**, and retail sales decreased by **4%**[18](index=18&type=chunk)[23](index=23&type=chunk) - The company's total local sales fell by **4%** in H1, mirroring the overall beer industry's **4%** decline; however, export sales grew significantly, leading to a **14%** increase in total sales[19](index=19&type=chunk)[23](index=23&type=chunk) - Operating profit significantly increased, benefiting from **higher sales volume, improved export margins, reduced fixed costs, and increased rental income**[19](index=19&type=chunk)[23](index=23&type=chunk) - Launched "Strong Hong Kong, Strong San Miguel" TV advertisements and conducted promotions in convenience stores, Chinese restaurants, grocery stores, and supermarkets, including **purchase-with-gift offers and limited-edition canned products**[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) [South China Operations](index=8&type=section&id=South%20China%20Operations) South China operations saw local sales growth and improved operating profit despite a decline in exports, supported by marketing activities - China's economy grew by **5%** in Q1 2025, driven by **recovering domestic consumption, increased local government investment, and strong export performance**[25](index=25&type=chunk)[31](index=31&type=chunk) - San Miguel (Guangdong) Brewery Co., Ltd. (SMGB) recorded a **3%** increase in local sales in H1 2025, but export volume decreased by **3%**[26](index=26&type=chunk)[31](index=31&type=chunk) - SMGB achieved an operating profit of **RMB 16.9 million**, a **23%** year-on-year increase, primarily due to **higher local sales, improved margins from a more favorable local sales mix, and reduced variable costs**[26](index=26&type=chunk)[31](index=31&type=chunk) - Launched San Miguel Beer large bottle gift redemption, full-market promotional campaigns for San Miguel Beer and San Miguel Light, Lunar New Year themed activities, and market launches for Dragon Beer Yue X 500ml cans and locally produced Red Horse Beer 500ml 12-can gift boxes[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Outlook](index=9&type=section&id=Outlook) The company maintains cautious optimism for market growth while addressing financial conditions, consumer shifts, and geopolitical uncertainties - Maintains **cautious optimism** for sustained growth in key markets, but remains mindful of **tightening financial conditions, evolving consumer behavior, and geopolitical uncertainties**[34](index=34&type=chunk)[37](index=37&type=chunk) - Strategic focus will continue on **strengthening brand equity, enhancing operational efficiency, and deepening consumer engagement through targeted sales and marketing activities**[35](index=35&type=chunk)[37](index=37&type=chunk) - Will continue to closely monitor market dynamics and implement strategies to **support sales recovery in Hong Kong, maintain local sales growth in South China, effectively manage costs, and drive overall performance**[35](index=35&type=chunk)[37](index=37&type=chunk) [Additional Information Required by Main Board Listing Rules](index=10&type=section&id=Additional%20Information%20provided%20in%20accordance%20with%20the%20Main%20Board%20Listing%20Rules) This section provides additional disclosures mandated by the Listing Rules, covering dividends, directors' interests, and corporate governance [Interim Dividend](index=10&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for 2025, consistent with the prior year - The Board resolved not to declare an interim dividend for **2025** (2024: nil)[39](index=39&type=chunk)[42](index=42&type=chunk) [Interim Results Review](index=10&type=section&id=Interim%20Results%20Review) The interim results for the six months ended June 30, 2025, were unaudited but reviewed by the Audit Committee - The interim results for the six months ended **June 30, 2025**, were unaudited but reviewed by the company's Audit Committee on **July 28, 2025**[40](index=40&type=chunk)[43](index=43&type=chunk) [Directors' Interests](index=10&type=section&id=Directors%27%20Interests) This section discloses directors' interests in the company's and its associated companies' issued shares as of June 30, 2025 Directors' Interests in the Company's Issued Shares (as of June 30, 2025) | Name | Number of Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | | David K. P. Li | 12,936,264 | 3.46% | Directors' Interests in Top Frontier Investment Holdings, Inc. Issued Shares (as of June 30, 2025) | Name | Share Class | Par Value (Philippine Peso) | Directly Held (shares) | Indirectly Held (shares) | Total Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ramon S. Ang | Ordinary Share | 1.00 | 75,887 | 131,658,451 | 131,734,338 | 34.860852% | | Carlos Antonio M. Berba | Ordinary Share | 1.00 | 364 | — | 364 | 0.000096% | | Aurora T. Calderon | Ordinary Share | 1.00 | 2,360 | — | 2,360 | 0.000625% | Directors' Interests in San Miguel Corporation Issued Shares (as of June 30, 2025) | Name | Share Class | Par Value (Philippine Peso) | Directly Held (shares) | Indirectly Held (shares) | Total Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ramon S. Ang | Ordinary Share | 5.00 | 1,345,429 | 373,623,796 | 374,969,225 | 9.729852% | | Carlos Antonio M. Berba | Ordinary Share | 5.00 | 2,600 | — | 2,600 | 0.000067% | | Aurora T. Calderon | Ordinary Share | 5.00 | 22,600 | — | 22,600 | 0.000586% | | Reynato S. Puno | Ordinary Share | 5.00 | 5,000 | — | 5,000 | 0.000130% | - As of **June 30, 2025**, no director held any interests in the relevant shares of the Company and its associated corporations as defined under Part XV of the Securities and Futures Ordinance. All interests in the shares of the Company and its associated corporations were long positions[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=14&type=section&id=Substantial%20Shareholders%27%20Interests%20in%20Shares%20and%20Underlying%20Shares) This section discloses substantial shareholders holding 5% or more of the company's issued ordinary shares as of June 30, 2025 Substantial Shareholders' Interests in the Company's Issued Ordinary Shares (as of June 30, 2025) | Substantial Shareholder | Number of Ordinary Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | | Iñigo Zobel | 245,720,800 | 65.78% | | Top Frontier Investment Holdings, Inc. | 245,720,800 | 65.78% | | San Miguel Corporation | 245,720,800 | 65.78% | | Kirin Holdings Company, Limited | 245,720,800 | 65.78% | | San Miguel Food and Beverage, Inc. | 245,720,800 | 65.78% | | San Miguel Brewery Inc. | 245,720,800 | 65.78% | | San Miguel Brewing International Limited | 245,720,800 | 65.78% | | Neptunia Corporation Limited | 245,720,800 | 65.78% | | Cheung Kong (Holdings) Limited | 23,703,000 | 6.34% | | CK Hutchison Holdings Limited | 23,703,000 | 6.34% | - **Iñigo Zobel, Top Frontier, San Miguel Corporation, SMFB, Kirin, San Miguel Brewery, and San Miguel Brewing International** are all deemed to hold interests in the Company indirectly through **Neptunia Corporation Limited**[72](index=72&type=chunk) - **Cheung Kong (Holdings) Limited and CK Hutchison Holdings Limited** are deemed to have interests in the Company's shares held by **Conroy Assets Limited and Hamstar Profits Limited**[70](index=70&type=chunk)[72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=15&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any 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 during the six months ended **June 30, 2025**[73](index=73&type=chunk)[76](index=76&type=chunk) [Corporate Governance](index=15&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code, with one deviation, and adopted a code of conduct for securities transactions - The Company has adopted the provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the six months ended **June 30, 2025**, with the following deviation: the Company will arrange board and other meetings in accordance with Code Provisions C.5.1 and C.2.7 during the current year[74](index=74&type=chunk)[77](index=77&type=chunk) - The Company has adopted a code of conduct regarding securities transactions and dealings based on the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and directors have confirmed their compliance in writing[74](index=74&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk) [Audit Committee](index=16&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, assists the Board in financial reporting, risk management, and compliance - As of the report date, the Audit Committee comprises three independent non-executive directors: Mr. **Reynato S. Puno** (appointed effective **July 28, 2025**, to replace Mr. Alonzo Q. Ancheta), Mr. **Thelmo Luis O. Cunanan**, and the Audit Committee Chairman, Sir **David K.P. Li**[80](index=80&type=chunk)[84](index=84&type=chunk) - The Committee assists the Board in fulfilling its corporate governance and oversight responsibilities regarding **financial reporting systems, risk management and internal control systems, internal and external audit functions, and compliance with tax, legal, and regulatory requirements**[81](index=81&type=chunk)[84](index=84&type=chunk) - The Committee is authorized by the Board to investigate any activity within its terms of reference, with **unrestricted access to appropriate individuals, records, internal and external auditors, risk assessments and commitments, and senior management**[81](index=81&type=chunk)[84](index=84&type=chunk) [Remuneration Committee](index=16&type=section&id=Remuneration%20Committee) The Remuneration Committee, chaired by Reynato S. Puno, advises the Board on compensation policies to attract and retain executives and directors - As of the report date, the Remuneration Committee comprises **three independent non-executive directors and two non-executive directors**, chaired by Independent Non-executive Director Mr. **Reynato S. Puno**[83](index=83&type=chunk)[86](index=86&type=chunk) - The Committee's primary purpose is to support and advise the Board in ensuring the company has **coherent, formal, and transparent remuneration policies and practices** to fairly and responsibly reward executives for the benefit of shareholders[86](index=86&type=chunk) [Nomination Committee](index=17&type=section&id=Nomination%20Committee) The Nomination Committee, chaired by Thelmo Luis O. Cunanan, supports the Board in ensuring optimal composition by evaluating skills and identifying candidates - As of the report date, the Nomination Committee comprises **four independent non-executive directors and one non-executive director**, chaired by Independent Non-executive Director Mr. **Thelmo Luis O. Cunanan** (appointed effective **July 28, 2025**, to replace Mr. Alonzo Q. Ancheta)[88](index=88&type=chunk)[91](index=91&type=chunk) - The Committee's primary purpose is to support the Board in fulfilling its duties by **assessing required skills, evaluating the extent to which those skills are represented, establishing procedures for reviewing individual and overall board performance, and identifying suitable candidates for board appointment**[92](index=92&type=chunk) [Consolidated Income Statement — Unaudited](index=18&type=section&id=Consolidated%20Income%20Statement%20%E2%80%94%20Unaudited) The company reported H1 2025 consolidated revenue of HKD 390.29 million, a 3.22% increase, with profit for the period rising 32.66% to HKD 51.09 million Consolidated Income Statement Summary (for the six months ended June 30, 2025) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 390,286 | 378,094 | 3.22% | | Cost of sales | (234,559) | (238,560) | -1.68% | | Gross profit | 155,727 | 139,534 | 11.59% | | Other net income | 33,530 | 31,743 | 5.63% | | Selling and distribution expenses | (86,553) | (84,583) | 2.33% | | Administrative expenses | (35,748) | (39,971) | -10.56% | | Other operating expenses | (5,207) | (4,354) | 19.60% | | Operating profit | 61,749 | 42,369 | 45.76% | | Finance costs | (185) | (231) | -19.91% | | Profit before taxation | 61,564 | 42,138 | 46.11% | | Income tax expense | (10,475) | (3,628) | 188.73% | | Profit for the period | 51,089 | 38,510 | 32.66% | | Profit attributable to equity holders of the Company | 49,644 | 37,618 | 31.95% | | Non-controlling interests | 1,445 | 892 | 62.00% | | Basic earnings per share (Cents) | 13.3 | 10.1 | 31.68% | [Consolidated Statement of Comprehensive Income — Unaudited](index=19&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income%20%E2%80%94%20Unaudited) Profit for the period was HKD 51.09 million, with total comprehensive income increasing 38.84% to HKD 52.48 million, driven by foreign exchange differences Consolidated Statement of Comprehensive Income Summary (for the six months ended June 30, 2025) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 51,089 | 38,510 | 32.66% | | Other comprehensive income (after tax) | 1,391 | (711) | -295.64% | | Total comprehensive income for the period | 52,480 | 37,799 | 38.84% | | Attributable to equity holders of the Company | 51,396 | 36,745 | 39.86% | | Non-controlling interests | 1,084 | 1,054 | 2.85% | - Other comprehensive income was primarily affected by **exchange differences arising from the translation of financial statements of overseas subsidiaries and monetary items forming the Group's investment in subsidiaries**, resulting in a positive income of **HKD 1,391 thousand** in 2025, compared to a negative income of **HKD 711 thousand** in 2024[98](index=98&type=chunk) [Consolidated Statement of Financial Position — Unaudited](index=20&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20%E2%80%94%20Unaudited) Total net assets increased by 5.32% to HKD 669 million as of June 30, 2025, driven by higher cash and receivables from related parties Consolidated Statement of Financial Position Summary (as of June 30, 2025) | Metric | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 250,719 | 247,963 | 1.11% | | Investment properties | 96,897 | 98,748 | -1.87% | | Intangible assets | 4,771 | 4,771 | 0.00% | | Other receivables | 22,266 | 18,378 | 21.16% | | Deferred tax assets | 28,969 | 34,742 | -16.62% | | **Current assets** | | | | | Inventories | 70,443 | 82,077 | -14.17% | | Trade and other receivables | 36,852 | 40,222 | -8.38% | | Amounts due from holding company and fellow subsidiaries | 37,141 | 14,228 | 161.05% | | Cash and bank balances | 249,598 | 216,520 | 15.28% | | **Current liabilities** | | | | | Trade and other payables | (71,261) | (70,409) | 1.21% | | Loans from related companies | (3,557) | (3,503) | 1.54% | | Lease liabilities (current) | (678) | (416) | 63.00% | | **Non-current liabilities** | | | | | Retirement benefit obligations | (9,631) | (11,524) | -16.59% | | Other payables (non-current) | (25,040) | (23,772) | 5.33% | | Lease liabilities (non-current) | (1,784) | (2,154) | -17.27% | | **Total net assets** | 668,595 | 634,794 | 5.32% | | **Total equity** | 668,595 | 634,794 | 5.32% | [Consolidated Statement of Changes in Equity — Unaudited](index=21&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20%E2%80%94%20Unaudited) Total equity was HKD 669 million as of June 30, 2025, with profit attributable to equity holders at HKD 49.64 million Consolidated Statement of Changes in Equity Summary (as of June 30, 2025) | Metric | June 30, 2025 (HKD thousand) | January 1, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Share capital | 252,524 | 252,524 | 0.00% | | Capital reserve | 112,970 | 112,970 | 0.00% | | Exchange fluctuation reserve | 68,929 | 69,229 | -0.43% | | Retained earnings | 255,493 | 261,849 | -2.43% | | Total equity attributable to equity holders of the Company | 689,916 | 696,572 | -0.96% | | Non-controlling interests | (21,321) | (24,100) | -11.53% | | Total equity | 668,595 | 672,472 | -0.58% | - For the six months ended **June 30, 2025**, profit for the period was **HKD 49,644 thousand**, and other comprehensive income was **HKD 1,752 thousand**, resulting in a total comprehensive income attributable to equity holders of the Company of **HKD 51,396 thousand**[104](index=104&type=chunk) - Dividends of **HKD 18,679 thousand** for the previous financial year were distributed in both **2025 and 2024**[104](index=104&type=chunk) [Condensed Consolidated Cash Flow Statement — Unaudited](index=22&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement%20%E2%80%94%20Unaudited) Net cash inflow from operating activities increased by 54.21% to HKD 57.06 million, with cash and cash equivalents at period-end reaching HKD 249.6 million Condensed Consolidated Cash Flow Statement Summary (for the six months ended June 30, 2025) | Metric | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cash inflow from operating activities | 58,968 | 39,499 | 49.30% | | PRC enterprise income tax paid | (1,905) | (2,496) | -23.76% | | Net cash inflow from operating activities | 57,063 | 37,003 | 54.21% | | Net cash outflow from investing activities | (8,114) | (1,799) | 351.03% | | Net cash outflow from financing activities | (18,850) | (19,270) | -2.18% | | Net increase in cash and cash equivalents | 30,099 | 15,934 | 88.90% | | Effect of exchange rate changes | 2,979 | 1,390 | 114.32% | | Cash and cash equivalents at end of period | 249,598 | 197,303 | 26.50% | - Net cash inflow from operating activities significantly increased by **54.21%**, reaching **HKD 57,063 thousand**[106](index=106&type=chunk) - Net cash outflow from investing activities substantially increased by **351.03%**, to **HKD 8,114 thousand**[106](index=106&type=chunk) [Notes to the Unaudited Interim Financial Report](index=23&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This section provides detailed notes to the unaudited interim financial report, covering accounting policies, segment information, and financial disclosures [Basis of Preparation](index=23&type=section&id=Basis%20of%20Preparation) The interim financial report is prepared in accordance with HKAS 34 and Listing Rules, using consistent accounting policies, and has been reviewed by the Audit Committee - The interim financial report is prepared in accordance with the **Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the Hong Kong Institute of Certified Public Accountants[109](index=109&type=chunk)[114](index=114&type=chunk) - The report adopts accounting policies consistent with the **2024 annual financial statements**, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[110](index=110&type=chunk)[114](index=114&type=chunk) - This interim financial report is unaudited but has been reviewed by the Company's Audit Committee[113](index=113&type=chunk)[115](index=115&type=chunk) [Changes in Accounting Policies](index=24&type=section&id=Changes%20in%20Accounting%20Policies) New and revised HKFRSs effective this period had no impact on the Group's accounting policies, and no early adoption of new standards occurred - The Hong Kong Institute of Certified Public Accountants has issued several new and revised Hong Kong Financial Reporting Standards that are effective for the Group's current accounting period, none of which have had an impact on the Group's accounting policies[119](index=119&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for the current accounting period[119](index=119&type=chunk) [Revenue and Segment Reporting](index=24&type=section&id=Revenue%20and%20Segment%20Reporting) All group revenue is from beer manufacturing and distribution, with Hong Kong segment revenue up 6.23% and China segment operating profit up 20.51% - The Group's principal business is the **manufacture and distribution of bottled, canned, and draught beer**, with all revenue derived from this business[117](index=117&type=chunk)[120](index=120&type=chunk) Segment Revenue and Operating Profit (for the six months ended June 30, 2025) | Segment | 2025 Revenue (HKD thousand) | 2024 Revenue (HKD thousand) | Revenue Change (%) | 2025 Operating Profit (HKD thousand) | 2024 Operating Profit (HKD thousand) | Operating Profit Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 250,054 | 235,383 | 6.23% | 37,357 | 21,755 | 71.72% | | Mainland China | 140,232 | 142,711 | -1.74% | 18,277 | 15,167 | 20.51% | | Total | 390,286 | 378,094 | 3.22% | 55,634 | 36,922 | 50.68% | Revenue by Geographical Location (for the six months ended June 30, 2025) | Region | 2025 Revenue (HKD thousand) | 2024 Revenue (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong (place of incorporation) | 112,136 | 118,620 | -5.47% | | Mainland China | 32,045 | 30,902 | 3.69% | | Philippines | 240,960 | 222,454 | 8.32% | | Others | 5,145 | 6,118 | -15.90% | | **Total** | **390,286** | **378,094** | **3.22%** | [Profit before Taxation](index=28&type=section&id=Profit%20before%20Taxation) Profit before taxation for H1 2025 increased by 46.11% to HKD 61.56 million, with key expense items disclosed Components of Profit before Taxation (for the six months ended June 30, 2025) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 185 | 231 | -19.91% | | Staff costs | 77,714 | 74,853 | 3.82% | | Depreciation (property, plant and equipment) | 3,468 | 3,968 | -12.61% | | Depreciation (right-of-use assets) | 6,871 | 8,155 | -15.75% | | Cost of inventories | 233,419 | 237,896 | -1.88% | | Impairment losses on trade and other receivables | 150 | 186 | -19.35% | - For the six months ended **June 30, 2025**, profit before taxation was **HKD 61,564 thousand**, representing a **46.11%** increase from **HKD 42,138 thousand** in the same period of 2024[94](index=94&type=chunk) [Income Tax](index=28&type=section&id=Income%20Tax) Income tax expense significantly increased to HKD 10.48 million due to deferred tax movements, with PRC operations taxed at 25% Components of Income Tax (for the six months ended June 30, 2025) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Current tax — Mainland China | 4,601 | 3,628 | 26.82% | | Deferred tax — origination and reversal of temporary differences | 5,874 | — | N/A | | **Total Income Tax** | **10,475** | **3,628** | **188.73%** | - For both **2025 and 2024**, no provision for Hong Kong Profits Tax was made for the Company and other Hong Kong subsidiaries, as accumulated tax losses exceeded estimated assessable profits or entities incurred losses[139](index=139&type=chunk)[141](index=141&type=chunk) - The Group's operations in the People's Republic of China are subject to the **Enterprise Income Tax Law of the People's Republic of China**, with a standard tax rate of **25%**[140](index=140&type=chunk)[141](index=141&type=chunk) [Dividends](index=29&type=section&id=Dividends) The Board resolved not to declare an interim dividend for 2025, while the final dividend for the previous fiscal year was HKD 18.68 million - The Board resolved not to declare an interim dividend for **2025** (2024: nil)[144](index=144&type=chunk)[145](index=145&type=chunk) Dividends Paid (for the six months ended June 30, 2025) | Dividend Type | 2025 (HKD thousand) | 2024 (HKD thousand) | | :--- | :--- | :--- | | Final dividend for previous financial year (HKD 0.05 per ordinary share) | 18,679 | 18,679 | [Earnings per Share](index=29&type=section&id=Earnings%20per%20Share) Basic earnings per share for H1 2025 increased to 13.3 cents, with no diluted earnings per share presented due to the absence of dilutive potential ordinary shares Earnings per Share (for the six months ended June 30, 2025) | Metric | 2025 (Cents) | 2024 (Cents) | Change (%) | | :--- | :--- | :--- | :--- | | Basic earnings per share | 13.3 | 10.1 | 31.68% | - Diluted earnings per share are not presented as there are no dilutive potential ordinary shares in issue for the Company[148](index=148&type=chunk)[149](index=149&type=chunk) [Non-current Assets](index=30&type=section&id=Non-current%20Assets) Total net book value of property, plant, and equipment and investment properties was HKD 347.62 million as of June 30, 2025 Net Book Value of Non-current Assets (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | January 1, 2025 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Property, plant and equipment | 250,719 | 247,963 | 1.11% | | Investment properties | 96,897 | 98,748 | -1.87% | | **Total** | **347,616** | **346,711** | **0.26%** | - In H1 2025, additions to property, plant and equipment amounted to **HKD 11,292 thousand**, and additions to investment properties amounted to **HKD 514 thousand**[153](index=153&type=chunk) [Inventories](index=30&type=section&id=Inventories) Total inventories decreased by 14.17% to HKD 70.44 million as of June 30, 2025, with reductions in finished goods, work-in-progress, and materials Components of Inventories (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Finished goods and work-in-progress | 37,340 | 45,985 | -18.80% | | Materials and supplies | 33,103 | 36,092 | -8.28% | | **Total** | **70,443** | **82,077** | **-14.17%** | [Trade and Other Receivables](index=31&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables slightly increased to HKD 59.12 million as of June 30, 2025, with most trade receivables being current Trade and Other Receivables (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 29,974 | 29,749 | 0.76% | | Other trade receivables, deposits and prepayments | 29,144 | 28,851 | 1.02% | | **Total** | **59,118** | **58,600** | **0.89%** | Aging of Trade Receivables (as of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Not yet due | 27,873 | 26,942 | 3.46% | | Less than one month overdue | 1,249 | 1,857 | -32.74% | | 1 to 3 months overdue | 446 | 412 | 8.25% | | 3 to 12 months overdue | 406 | 538 | -24.49% | | **Total** | **29,974** | **29,749** | **0.76%** | - Management maintains a credit policy and continuously monitors credit risk, with credit terms determined based on individual customer's financial standing[161](index=161&type=chunk)[162](index=162&type=chunk) [Cash and Cash Balances](index=32&type=section&id=Cash%20and%20Cash%20Balances) Total cash and bank balances increased by 15.28% to HKD 249.6 million as of June 30, 2025, primarily due to a significant rise in bank balances and cash Components of Cash and Bank Balances (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Bank deposits with original maturity within three months | 121,813 | 145,378 | -16.21% | | Bank deposits with original maturity greater than three months | — | 10,800 | -100.00% | | Bank balances and cash | 127,785 | 60,342 | 111.77% | | **Total** | **249,598** | **216,520** | **15.28%** | [Trade and Other Payables](index=32&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables slightly increased to HKD 96.3 million as of June 30, 2025, with most trade payables due within two to three months Components of Trade and Other Payables (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 28,745 | 36,166 | -20.52% | | Other payables and accrued expenses | 67,556 | 58,015 | 16.45% | | **Total** | **96,301** | **94,181** | **2.25%** | Aging of Trade Payables (as of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Not yet due and less than one month overdue | 28,731 | 36,144 | -20.51% | | 1 to 3 months overdue | 6 | 15 | -60.00% | | 3 to 6 months overdue | 6 | 7 | -14.29% | | More than 6 months overdue | 2 | — | N/A | | **Total** | **28,745** | **36,166** | **-20.52%** | - The Group's general credit terms from suppliers are due within **one to two months** from the invoice date[169](index=169&type=chunk) [Capital Commitments](index=33&type=section&id=Capital%20Commitments) Total capital commitments not provided for in the interim financial report amounted to HKD 29.52 million as of June 30, 2025 Capital Commitments (as of June 30, 2025) | Item | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Contracted | 13,803 | 2,836 | 386.64% | | Approved but not contracted | 15,720 | 27,555 | -42.95% | | **Total** | **29,523** | **30,391** | **-2.86%** | [Material Related Party Transactions](index=33&type=section&id=Material%20Related%20Party%20Transactions) The Group engaged in various material related party transactions, including purchases, sales, royalty fees, and interest expenses, conducted on agreed terms Material Related Party Transactions (for the six months ended June 30, 2025) | Transaction Type | 2025 (HKD thousand) | 2024 (HKD thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Purchases from intermediate holding company | 585 | 467 | 25.27% | | Purchases from fellow subsidiaries | 478 | 2,161 | -77.97% | | Purchases from related companies | 11,607 | 10,640 | 9.09% | | Sales to intermediate holding company | 240,960 | 222,454 | 8.32% | | Sales to fellow subsidiaries | — | 9 | -100.00% | | Royalty fees paid to intermediate holding company | 1,362 | 664 | 105.12% | | Interest expense on loans from related companies | 77 | 135 | -42.96% | | Late payment charges paid to related companies | 133 | 131 | 1.53% | | Service fees received from intermediate holding company | 947 | 898 | 5.46% | - These transactions were conducted on terms agreed between the parties. Under the Listing Rules, these transactions (except for purchases from related companies) constitute related party transactions or continuing connected transactions[177](index=177&type=chunk)[178](index=178&type=chunk)[179](index=179&type=chunk)

Core Viewpoint - Tongde Chemical and its wholly-owned subsidiary Tongde Technology have had their assets frozen due to a civil ruling related to a financing lease contract dispute with Qingdao Huaton Financing Leasing Co., Ltd. The company is facing multiple debt disputes and legal lawsuits, primarily linked to its PBAT new materials project, which has become a financial burden [1][2][5]. Group 1: Legal and Financial Issues - On August 1, Tongde Chemical announced that the Qingdao court has frozen 87 million yuan of bank deposits or equivalent assets belonging to the company and its chairman due to a financing lease dispute [1]. - The company has faced several lease contract disputes since May 2025, resulting in frozen bank accounts and asset seizures, with amounts totaling 5.06 million yuan in overdue debts as of July 28 [3][4]. - The PBAT integrated project, initially projected to cost 3.5 billion yuan, has seen its investment balloon to 3.123 billion yuan, with only 95.5% of the project completed as of the latest report [6][7]. Group 2: Business Performance and Strategy - In 2024, Tongde Chemical reported a revenue decline of 43.52% to 545 million yuan and a net loss of 71.99 million yuan, attributed to decreased sales in its traditional explosives business [7]. - The company is attempting to alleviate financial pressure by selling assets and seeking financial support from banks, including a proposed equity transfer of up to 45% in its subsidiaries to another company [8][9]. - The local government has intervened to help the company manage its debt, coordinating with banks to prevent loan withdrawals and facilitate debt restructuring [9]. Group 3: Market Position - As of August 1, Tongde Chemical's stock closed at 5.37 yuan, with a total market capitalization of 2.16 billion yuan [10].

Core Viewpoint - Hong Kong's San Miguel Brewery (00236) has experienced a significant stock price surge due to a strong performance report, indicating a recovery in revenue and profit growth after a challenging 2024 [1][2]. Financial Performance - For the first half of 2025, the company reported revenue of approximately HKD 390 million, a year-on-year increase of 3.22%, and a profit attributable to equity holders of HKD 49.64 million, up 31.97% [1]. - In contrast, the 2024 full-year performance showed a decline in revenue to HKD 711 million, down 4.1%, and a net loss of HKD 18.91 million, primarily due to decreased export volumes and a non-cash impairment loss of HKD 90 million [2]. Sales Dynamics - The local sales volume in Hong Kong decreased by 4% in the first half of 2025, aligning with the overall industry decline, but total sales increased by 14% due to a significant rise in export volumes [1][4]. - In 2024, the overall beer industry in Hong Kong saw a 3.3% decline, with San Miguel's local sales down by 6% [2][8]. Strategic Initiatives - The company has successfully adjusted its export strategy, optimizing pricing and expanding into new markets, which has significantly improved export profits and offset local sales declines [4]. - Marketing efforts have evolved, with the introduction of new advertising campaigns and collaborations aimed at engaging younger consumers, resulting in a gross margin increase to 39.9% in the first half of 2025, up from 36.9% in 2024 [5]. Market Trends - The beer industry is facing saturation, with a shift towards premiumization and international expansion as key strategies for growth [6][7]. - The high-end beer market in China is projected to reach HKD 280 billion in 2024, accounting for 40% of the overall market, indicating a growing trend towards premium products [7]. Competitive Landscape - The Hong Kong beer market is experiencing increased competition, with major players like China Resources Beer and Qingdao Beer intensifying their focus on the high-end segment [8]. - San Miguel Brewery is leveraging its local brand recognition and differentiated product strategies to find new growth opportunities, particularly in Southeast Asia [9].

Core Viewpoint - Hong Kong San Miguel Brewery's stock surged due to a significant improvement in its financial performance, with revenue and profit both showing growth in the first half of 2025, marking a turnaround from the previous year's decline [1][2]. Financial Performance - In the first half of 2025, Hong Kong San Miguel Brewery reported revenue of approximately HKD 390 million, a year-on-year increase of 3.22%, and a profit attributable to equity holders of HKD 49.64 million, up 31.97% [1]. - In contrast, the full-year performance for 2024 showed a total revenue of HKD 711 million, a decline of 4.1%, and a net loss of HKD 18.91 million due to decreased export volumes and non-cash impairment losses [2]. Sales Dynamics - The local sales volume in Hong Kong decreased by 4% in the first half of 2025, consistent with the overall beer industry decline, but total sales increased by 14% due to a significant rise in export volumes [1][4]. - In 2024, the overall beer industry in Hong Kong saw a 3.3% decline, with Hong Kong San Miguel's local sales down by 6% [2][8]. Strategic Initiatives - The company has successfully adjusted its export strategy, optimizing pricing and expanding into new markets, which has significantly improved export profits and offset local sales declines [4]. - Marketing efforts have evolved, with the introduction of new advertising campaigns and collaborations aimed at younger consumers, contributing to a rise in gross margin to 39.9% in the first half of 2025, up from 36.9% in the same period of 2024 [5]. Market Trends - The beer industry is experiencing saturation, with a clear trend towards premiumization and international expansion as key strategies for growth [6][7]. - The high-end beer market in China is projected to reach HKD 280 billion in 2024, accounting for 40% of the overall market, indicating a shift in consumer preferences towards higher quality products [7]. Competitive Landscape - The Hong Kong beer market is facing increased competition, with traditional giants and emerging craft brands vying for market share, particularly in the high-end segment [8][9]. - Hong Kong San Miguel Brewery is leveraging its local brand recognition and differentiated product strategies to find new growth opportunities, particularly in Southeast Asia [9].

有關董事及董事會委員會成員變更的補充公佈 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，並明確表示概不會就本公佈全部或任何部分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。 (於香港註冊成立之有限公司) (股份代號: 236) 於本公佈日期，本公司董事會成員包括執行董事陳永强先生；非執行董事蔡啓文先生（主 席）、凱顧思先生（副主席）、Aurora T. Calderon女士、陳雲美女士、稲積吉則先生、 野瀬勝久先生及小澤史晃先生；獨立非執行董事Thelmo Luis O. Cunanan先生、李國寶爵 士、Reynato S. Puno先生及Maria Aileen A. Sazon女士。 - 1 - (a) 彼符合上市規則第3.13(1)至(8)條所述的各項因素有關的獨立性； (b) 彼過去或現時並無於本公司或其附屬公司業務中擁有財務或其他權益，或與本公 司的任何核心關連人士（定義見上市規則）有任何關連；及 (c) 彼獲委任之時並無其他可能會影響其獨立性的因素。 謹此提述香港生力啤酒廠有限公司（「本公司」）日期為二零二五年七月二十 ...

Core Viewpoint - Hong Kong San Miguel Brewery (00236.HK) reported a significant increase in comprehensive profit for the first half of 2025, reaching HKD 51.1 million, which is a 33% growth compared to HKD 38.5 million in the same period of 2024 [1] Financial Performance - The company's profit attributable to equity holders rose to HKD 49.6 million, up from HKD 37.6 million year-on-year [1] - Comprehensive revenue for the group was HKD 390 million, reflecting a 3.2% increase from the previous year [1] - Gross profit reached HKD 156 million, representing an 11.6% increase compared to 2024, with a gross margin of 39.9% [1] Dividend Policy - The board of directors decided not to declare any dividend for the six months ending June 30, 2025 [1]

[Performance Overview](index=1&type=section&id=2025%20Interim%20Results%20Announcement) [Financial Highlights](index=14&type=section&id=Financial%20Highlights) The Group's consolidated profit increased by 33% to HKD 51.10 million in H1 2025, with revenue growing 3.2% to HKD 390 million and gross margin improving to 39.9% Key Financial Indicators (HKD million) | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | +33% | | Profit Attributable to Owners of the Company | 49.60 | 37.60 | +31.9% | | Consolidated Revenue | 390 | 378 | +3.2% | | Gross Profit | 156 | 140 | +11.6% | | Gross Profit Margin (%) | 39.9 | 36.9 | +3.0 p.p. | - As of June 30, 2025, cash and bank balances increased to **HKD 250 million** from HKD 217 million as of December 31, 2024, with total net assets maintained at **HKD 669 million**[35](index=35&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section provides unaudited consolidated financial statements, including the income statement, comprehensive income, and financial position, for the six months ended June 30, 2025 [Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) The Group's revenue grew 3.2% to HKD 390 million, with operating profit surging 45.7% to HKD 61.75 million and basic EPS reaching 13.3 HKD cents Consolidated Income Statement Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 390,286 | 378,094 | +3.2% | | Gross Profit | 155,727 | 139,534 | +11.6% | | Operating Profit | 61,749 | 42,369 | +45.7% | | Profit Before Tax | 61,564 | 42,138 | +46.1% | | Profit for the Period | 51,089 | 38,510 | +32.7% | | Basic Earnings Per Share (HKD cents) | 13.3 | 10.1 | +31.7% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period increased by 38.8% to HKD 52.48 million, driven by higher profit and exchange gains from overseas subsidiaries Consolidated Statement of Comprehensive Income Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 51,089 | 38,510 | | Exchange Differences | 1,391 | (711) | | **Total Comprehensive Income for the Period** | **52,480** | **37,799** | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets reached HKD 798 million and net assets HKD 669 million, with net current assets improving to HKD 301 million Consolidated Statement of Financial Position Highlights (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 403,622 | 404,602 | | Current Assets | 394,327 | 354,604 | | **Total Assets** | **797,949** | **759,206** | | Current Liabilities | (92,899) | (86,962) | | Non-current Liabilities | (36,455) | (37,450) | | **Total Liabilities** | **(129,354)** | **(124,412)** | | **Net Assets** | **668,595** | **634,794** | [Notes to the Interim Financial Report](index=5&type=section&id=Notes%20to%20the%20Interim%20Financial%20Report) This section details the interim financial report's preparation basis, accounting policies, revenue, segment data, taxation, dividends, EPS calculation, and key balance sheet items [Basis of Preparation & Accounting Policies](index=5&type=section&id=1%20%26%202%20Basis%20of%20Preparation%20%26%20Changes%20in%20Accounting%20Policies) This interim financial report, prepared under HKAS 34 and reviewed by the audit committee, maintains consistent accounting policies with no significant impact from new standards - The report is prepared in accordance with **Hong Kong Accounting Standard 34** 'Interim Financial Reporting'[12](index=12&type=chunk) - The report is unaudited but has been reviewed by the **Company's Audit Committee**[13](index=13&type=chunk) - The adoption of newly revised Hong Kong Financial Reporting Standards has not had a **significant financial impact** on the Group's results and financial position[14](index=14&type=chunk) [Revenue and Segment Information](index=6&type=section&id=3%20Revenue%20and%20Segment%20Information%20Reporting) The Group's primary business is beer manufacturing and distribution, with Hong Kong and the Philippines being key revenue contributors by segment and customer location, respectively Revenue by Operating Segment (HKD thousand) | By Operating Segment | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Hong Kong | 250,054 | 235,383 | | Mainland China | 140,232 | 142,711 | | **Total** | **390,286** | **378,094** | Revenue by Customer Geographical Location (HKD thousand) | By Customer Geographical Location | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Philippines | 240,960 | 222,454 | | Hong Kong | 112,136 | 118,620 | | Mainland China | 32,045 | 30,902 | | Others | 5,145 | 6,118 | | **Total** | **390,286** | **378,094** | [Profit Before Tax](index=10&type=section&id=4%20Profit%20Before%20Tax) Profit before tax reflects deductions for finance costs, staff costs (HKD 77.71 million), and depreciation, with cost of inventories at HKD 233 million Key Deductions from Profit Before Tax (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Finance Costs | 185 | 231 | | Staff Costs | 77,714 | 74,853 | | Depreciation | 10,339 | 12,123 | | Cost of Inventories | 233,419 | 237,896 | [Income Tax](index=11&type=section&id=5%20Income%20Tax) Income tax expense surged to HKD 10.48 million due to deferred tax reversals, with no Hong Kong profits tax provision and a 25% corporate income tax rate for Mainland China operations - Due to carried forward accumulated tax losses, no provision for **Hong Kong profits tax** was made for the Company and other Hong Kong subsidiaries for the years 2025 and 2024[26](index=26&type=chunk) - The applicable income tax rate for Mainland China operations is **25%**[26](index=26&type=chunk) [Dividends](index=11&type=section&id=6%20Dividends) The Board decided not to declare an interim dividend for the six months ended June 30, 2025, following the payment of a HKD 0.05 final dividend for the prior year - The Board decided not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[27](index=27&type=chunk) [Earnings Per Share](index=12&type=section&id=7%20Earnings%20Per%20Share) Basic earnings per share increased to 13.3 HKD cents, calculated based on HKD 49.64 million profit and 374 million shares, with no diluted EPS presented due to absence of dilutive instruments - Basic earnings per share of **13.3 HKD cents** were calculated based on profit attributable to owners of the Company of **HKD 49,644,000** and **373,570,560** ordinary shares in issue[30](index=30&type=chunk) - Diluted earnings per share were not presented as the Company had no dilutive potential ordinary shares in existence[31](index=31&type=chunk) [Trade and Other Receivables & Payables](index=12&type=section&id=8%20%26%209%20Trade%20and%20Other%20Receivables%20%26%20Trade%20and%20Other%20Payables) Trade receivables totaled HKD 30 million and trade payables HKD 28.75 million at period-end, with the Group maintaining credit policies and monitoring credit risk - Total trade receivables (net of loss allowance) amounted to **HKD 29.97 million**, of which **HKD 27.87 million** were current[32](index=32&type=chunk) - Total trade payables amounted to **HKD 28.75 million**, of which **HKD 28.73 million** were current and due within one month[34](index=34&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's H1 financial and business performance, highlighting growth driven by exports and South China operations, and outlines future strategies focusing on brand and cost management [Financial Performance Review](index=14&type=section&id=Financial%20Performance) In H1 2025, consolidated profit grew 33% to HKD 51.10 million, driven by 3.2% revenue growth and improved gross margin, with profit attributable to owners reaching HKD 49.60 million Key Financial Performance Indicators (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | | Consolidated Revenue | 390 | 378 | | Gross Profit | 156 | 140 | [Business Review](index=14&type=section&id=Business%20Review) Hong Kong operations saw total sales rise 14% due to exports despite local decline, while South China operations achieved 23% operating profit growth, supported by group-wide marketing efforts - Hong Kong operations: Total local sales decreased by **4%**, but a significant increase in export sales led to a **14%** rise in total sales and a substantial increase in operating profit[37](index=37&type=chunk) - South China operations: Local sales recorded a **3%** increase, and despite a decrease in export volume, operating profit still reached **RMB 16.90 million**, a **23%** year-on-year increase[39](index=39&type=chunk) - The Group launched a series of marketing activities in both markets, including TV commercials, social media promotions, gift redemptions, and collaborations with KOLs, to strengthen brand connection and drive sales[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Outlook](index=16&type=section&id=Outlook) The Group maintains cautious optimism for future growth despite challenges, focusing strategically on strengthening brand equity, enhancing operational efficiency, and deepening consumer engagement - The Group maintains a **'cautiously optimistic'** outlook for the future, acknowledging challenges including tightening financial conditions, changing consumer behavior, and geopolitical uncertainties[41](index=41&type=chunk) - Future strategic priorities will focus on: strengthening **brand equity**, enhancing **operational efficiency**, deepening **consumer engagement** through targeted promotional activities, and effective **cost management**[41](index=41&type=chunk) [Other Disclosures](index=16&type=section&id=Other%20Disclosures) This section provides standard disclosures on securities dealings and corporate governance, noting no share repurchases and general compliance with the Corporate Governance Code [Securities Dealings](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed its listed securities[42](index=42&type=chunk) [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The Company generally complied with the Corporate Governance Code during the period, with a minor deviation in meeting arrangements planned for rectification within the current year - The Company consistently adopted the principles of the Corporate Governance Code during the reporting period, with one deviation concerning the arrangements for Board and other meetings, which the Company plans to align with the Code's provisions within the current year[43](index=43&type=chunk)

(於香港註冊成立之有限公司) (股份代號: 236) 提名委員會之職權範圍 (二零二五年七月二十八日修訂) 1. 一般職權範圍及授權 1.1 香港生力啤酒廠有限公司（「本公司」）提名委員會（「委員會」）為本公司 董事會（「董事會」）根據本公司組織章程細則（「細則」）第 131 條成立的 董事會委員會。 1.2 委員會之議事程序及會議須由截至目前規管本公司董事會議事程序及會議的細 則條文所規管，只要彼等適用且不違背該等職權範圍。 1.3 委員會之主要目的乃支持董事會履行彼等對股東之責任並就此向董事會提供意 見，通過下列方式確保組成董事會之人士在法例及管治之最高標準之規限下最 能夠履行董事之責任： 評估董事會要求之技能； 不時評估董事會所需技能所代表之程度； 就檢討個別董事及董事會整體表現制定程序；及 就物色適合候選人以委任為董事會成員而制定程序。 1.4 委員會有權尋求其認為履行職務屬必要之任何資料，包括取得適當外部或其他獨 立專業人士意見之權利，費用由本公司承擔。 1.5 委員會將獲本公司提供充足資源履行其職權範圍之職責。 2. 組成 3. 會議 2 2.1 委員會須由至少三名成員組成。大部分成員須為獨立非執 ...

(於香港註冊成立之有限公司) (股份代號: 236) 董事名單與其角色和職能 薪酬委員會 李國寶爵士 （主席） Thelmo Luis O. Cunanan 先生 Reynato S. Puno 先生 執行董事 陳永强先生 獨立非執行董事 Reynato S. Puno 先生 （主席） 李國寶爵士 凱顧思先生 Thelmo Luis O. Cunanan 先生 Aurora T. Calderon 女士 李國寶爵士 Reynato S. Puno 先生 Thelmo Luis O. Cunanan 先生 Maria Aileen A. Sazon 女士 李深女士，李國寶爵士之替任董事 審核委員會 香港生力啤酒廠有限公司董事會成員載列如下。 非執行董事 蔡啓文先生 （主席） 凱顧思先生 （副主席） 陳雲美女士 小澤史晃先生 稲積吉則先生 野瀬勝久先生 Aurora T. Calderon 女士 提名委員會 Thelmo Luis O. Cunanan 先生 （主席） 李國寶爵士 Reynato S. Puno 先生 小澤史晃先生 Maria Aileen A. Sazon 女士 香港，二零二五年七月二十八日 ...

(於香港註冊成立之有限公司) (股份代號: 236) 董事及董事會委員會成員變更 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，並明確表示概不會就本公佈全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 董事會宣佈(i) Alonzo Q. Ancheta先生已辭任本公司獨立非執行董事、提名委員會 主席及審核委員會成員，由二零二五年七月二十八日起生效；及(ii) 稲積吉則先生 已辭任本公司非執行董事，由二零二五年九月一日起生效。 董事會亦欣然宣佈(i) 委任 Maria Aileen A. Sazon女士為本公司獨立非執行董事及 提名委員會成員，由二零二五年七月二十八日起生效；(ii) 委任長藤達哉先生為本 公司非執行董事，由二零二五年九月一日起生效； (iii) 委任 Thelmo Luis O. Cunanan先生（本公司獨立非執行董事、審核委員會成員、提名委員會成員及薪 酬委員會成員）為本公司提名委員會主席，由二零二五年七月二十八日起生效； 及(iv) 委任Reynato S. Puno先生（本公司獨立非執行董事、薪 ...