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 ...

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) 董事會會議日期 香港生力啤酒廠有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二零 二五年七月二十八日（星期一）下午二時舉行董事會會議。董事會將於會上通過議案， 其中包括批准本公司及其附屬公司截至二零二五年六月三十日止的六個月的中期業績及 本公司對上述中期業績的公告，以及考慮派發中期股息（如有者）。 承董事會命 香港生力啤酒廠有限公司 公司秘書 羅志業 香港，二零二五年七月四日 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 Alonzo Q. Ancheta 先生、 Thelmo Luis O. Cunanan 先生、李國寶爵士及 Reynato S. Pun ...

Group 1 - The controllable nuclear fusion sector in A-shares experienced a significant surge, with the sector index rising over 4% and 30 stocks within the sector increasing in value [1][2] - Notable performers included Xue Ren Co., Ltd. (002639) and Rongfa Nuclear Power (002366), both hitting the daily limit up, while Chen Guang Medical (430300) saw an increase of over 26% [1][2] - The controllable nuclear fusion index reached 1476.66, reflecting a rise of 3.71% [2] Group 2 - The U.S. nuclear energy sector saw a collective surge in stock prices, which positively influenced Asian nuclear power stocks, leading to gains in the Hong Kong market [3][4] - The China General Nuclear Power Index (887716.WI) rose by 3.6%, while the Nuclear Power Index (884046.WI) increased by 2.32% [3][4] Group 3 - Recent developments in the nuclear energy sector indicate a critical phase in the construction of nuclear fusion experimental reactors, with significant progress expected [5] - The BEST reactor project has officially commenced assembly, aiming for completion by 2027, while the CRAFT reactor is projected to be completed by the end of 2025 [5] - The market anticipates a rapid development in the controllable nuclear fusion industry, with increased project tenders and commercialization efforts expected in 2025 [5]

Core Viewpoint - Yong'an Pharmaceutical has seen a significant stock price increase, reaching a new high of 15.41 yuan per share, attributed to rising export prices of taurine products and strong market interest in the taurine industry [1][4]. Company Performance - As of May 19, Yong'an Pharmaceutical's stock price increased by 9.99%, with a net inflow of 182 million yuan in main funds on that day [1][2]. - Since April 1, the company's stock has risen by 86.11%, with three limit-up days in four trading sessions following a limit-up on May 14 [4]. - The company reported a net profit of 61.76 million yuan for 2024, marking a turnaround from losses [5]. Industry Context - Yong'an Pharmaceutical is a leading player in the taurine industry, holding over 50% of the global market share with an annual production capacity of 58,000 tons [4]. - The export prices for pharmaceutical-grade taurine reached 8.9 USD per kilogram and food-grade taurine at 6.89 USD per kilogram in April, indicating a significant price increase [4]. - The market has shown increased interest in the taurine supply chain, with related sectors such as health products and pet economy performing well, supporting Yong'an Pharmaceutical's stock price rise [5]. Management and Governance - The company is actively engaged in the research, production, and sales of functional foods and health products through its subsidiary, Yong'an Kangjian Pharmaceutical [5]. - There is ongoing market attention regarding the investigation of the company's chairman, which may impact operational decisions and market confidence [6].

Market Overview - The Hong Kong stock market experienced a collective rise during the holiday, with the Hang Seng Index increasing by 1.74%, the Hang Seng China Enterprises Index rising by 1.92%, and the Hang Seng Tech Index climbing by 3.08% [1][2]. Technology Sector - Tech stocks saw significant gains, with Xiaomi Group rising over 6%, Alibaba and JD.com increasing by over 3%, and Tencent up by over 2% [2]. - Notable individual performances included Tencent Holdings at 487.80 HKD (+2.22%), Alibaba at 122.00 HKD (+3.83%), and Xiaomi at 53.10 HKD (+6.31%) [3]. Robotics and AI - Robotics stocks surged, with Horizon Robotics increasing by over 14%, and other companies like Shengye and Jinli Permanent Magnet rising by over 11% and 5%, respectively [4][5]. Healthcare and Biotech - The healthcare outsourcing sector was active, with Kanglong Chemical and WuXi AppTec both rising over 7%, and WuXi Biologics increasing by over 5% [6]. New Energy Vehicles - New energy vehicle companies saw substantial increases, with Leap Motor rising over 7%, Xiaopeng Motors and Xiaomi both up over 6%, and Li Auto and BYD increasing by over 3% [7]. Consumer Goods - Beer stocks performed well, with Hong Kong San Miguel rising over 4%, and Qingdao Beer and Budweiser APAC both increasing by over 2% [8]. - Home appliance stocks also strengthened, with Quan Feng Holdings rising over 7%, and Hisense and Techtronic Industries increasing by over 4% [9]. Gambling Sector - The gambling sector saw broad gains, with Galaxy Entertainment and MGM China both rising over 2% [10]. Restaurant Sector - The restaurant sector faced declines, with Yum China dropping over 7% and other companies like Chaogao and Cafe de Coral decreasing by over 1% [11]. Local Consumption - Local consumption stocks weakened, with Chao Yue Holdings falling over 6% and Chow Tai Fook down over 1% [13]. Stock Performance - Hong Kong Exchanges saw a peak increase of 3.46% during trading, reaching 352.6 HKD, marking a new high since early April [13]. - Standard Chartered Group's stock initially rose over 4% post-earnings but closed up only 0.71% at 113.6 HKD, with a total market value of 269.225 billion HKD [15]. Future Outlook - Huatai Securities noted that the market has largely priced in the impact of tariffs on earnings expectations, with a 1.5% downward adjustment in profit expectations for core offshore Chinese stocks [17].

Group 1 - The overall performance of liquor companies was weak, with stock prices declining, particularly for major liquor brands, as their 2024 annual reports and 2025 Q1 reports were released, which were generally in line with or slightly below market expectations [1] - Public funds have significantly reduced their holdings in Yanghe and Yingjia Gongjiu, indicating concerns about the competitive strength of these companies in their respective regions [1][5] - The liquor sector saw a notable divergence in stock performance, with yellow wine companies like Kuaijishan and Guyue Longshan showing significant weekly gains of 12.39% and 5.39%, respectively, while the white liquor sector continued to decline [2][3] Group 2 - The white liquor index experienced a weekly decline of 1.61%, marking three consecutive weeks of losses, with major brands like Luzhou Laojiao and Shanxi Fenjiu seeing declines exceeding 3% [3] - Companies facing operational difficulties, such as ST Yanshi, saw substantial weekly declines, with ST Yanshi down 14.95% and Mogao Co. and Hainan Yedao down 7.65% and 8.11%, respectively [4] - As of March 31, 2025, public funds held a total market value of 257.1 billion yuan in the white liquor sector, a decrease of 0.23 percentage points from the previous quarter, continuing a downward trend since 2022 [5]