股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 先施有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00244 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存 ...

Core Viewpoint - The company reported a decrease in revenue and a narrowed loss for the first half of 2025, indicating some improvement in financial performance despite the decline in revenue [1] Financial Performance - Revenue for the first half of 2025 was HKD 64.308 million, representing a year-on-year decrease of 1.14% [1] - The loss attributable to shareholders was HKD 26.684 million, which is a year-on-year reduction of 2.11% [1] - Basic loss per share was HKD 0.02 [1]

Core Viewpoint - The company reported a decrease in revenue and a narrowed loss for the mid-year results of 2025, indicating ongoing challenges but some improvement in financial performance [1] Financial Performance - Revenue for the period was HKD 64.308 million, representing a year-on-year decrease of 1.14% [1] - The loss attributable to shareholders was HKD 26.684 million, which is a year-on-year reduction of 2.11% [1] - Basic loss per share was HKD 0.02 [1]

Core Viewpoint - The company reported a decline in overall revenue and net loss for the first half of 2025, attributed to a weak retail market in Hong Kong and increased promotional activities [1] Financial Performance - Total comprehensive income for the first half of 2025 was approximately HKD 64.3 million, a decrease of 1.2% year-on-year [1] - The net loss amounted to approximately HKD 26.5 million, a slight decrease of 0.7% compared to the same period in 2024 [1] - Gross profit for the first half of 2025 was around HKD 30.4 million, reflecting a year-on-year decline of 15.3% [1] Market Conditions - The Hong Kong consumer and retail market remained weak, negatively impacting the company's department store business [1] - The overall market sentiment was low, further affecting the company's performance in the first half of 2025 [1] Cost Management - The decline in gross profit was partially offset by a reduction in financial costs of approximately HKD 6.2 million [1]

Condensed Consolidated Interim Financial Statements [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group recorded a net loss of HK$26.468 million in H1 2025, a slight improvement from H1 2024, primarily due to significantly reduced finance costs Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 64,308 | 65,050 | (742) | -1.14% | | Cost of Sales | (33,904) | (29,116) | (4,788) | 16.44% | | Other Income and Net Gains | 10,180 | 10,368 | (188) | -1.81% | | Net Unrealized Loss on Securities Trading | (669) | (122) | (547) | 448.36% | | Selling and Distribution Expenses | (34,155) | (33,476) | (679) | 2.03% | | General and Administrative Expenses | (24,126) | (25,091) | 965 | -3.85% | | Other Net Operating Expenses | (23) | – | (23) | - | | Finance Costs | (8,073) | (14,275) | 6,202 | -43.45% | | Loss Before Income Tax | (26,462) | (26,662) | 200 | -0.75% | | Income Tax Expense | (6) | – | (6) | - | | Loss for the Period | (26,468) | (26,662) | 194 | -0.73% | | Loss Attributable to Owners of the Company | (26,684) | (27,260) | 576 | -2.11% | | Basic and Diluted Loss Per Share (HK$) | (0.02) | (0.02) | 0.00 | 0.00% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's H1 2025 total comprehensive loss increased to HK$26.423 million from HK$24.774 million in H1 2024, mainly due to the absence of a property revaluation surplus Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss for the Period | (26,468) | (26,662) | 194 | -0.73% | | Other Comprehensive Income: | | | | | | Exchange Differences Arising from Translation of Foreign Operations | 45 | 5 | 40 | 800.00% | | Surplus on Revaluation of Leasehold Land and Buildings | – | 1,883 | (1,883) | -100.00% | | Total Comprehensive Loss for the Period | (26,423) | (24,774) | (1,649) | 6.66% | | Attributable to Owners of the Company | (25,853) | (25,415) | (438) | 1.72% | | Attributable to Non-controlling Interests | (570) | 641 | (1,211) | -188.92% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's net assets significantly decreased by **28.60%** to **HK$65.967 million**, primarily due to a substantial increase in net current liabilities Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | Change (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **ASSETS** | | | | | | Non-current Assets | 277,125 | 266,636 | 10,489 | 3.93% | | Current Assets | 73,097 | 77,306 | (4,209) | -5.44% | | **LIABILITIES** | | | | | | Current Liabilities | 268,750 | 81,536 | 187,214 | 229.61% | | Non-current Liabilities | 15,505 | 170,016 | (154,511) | -90.88% | | **EQUITY** | | | | | | Net Assets | 65,967 | 92,390 | (26,423) | -28.60% | | Equity Attributable to Owners of the Company | 20,737 | 46,590 | (25,853) | -55.49% | | Non-controlling Interests | 45,230 | 45,800 | (570) | -1.24% | | Total Equity | 65,967 | 92,390 | (26,423) | -28.60% | | Net Current Liabilities | (195,653) | (4,230) | (191,423) | 4525.37% | - Net current liabilities significantly increased from **HK$4.230 million** as of December 31, 2024, to **HK$195.653 million** as of June 30, 2025, a **4525.37%** increase, indicating a substantial rise in liquidity pressure[6](index=6&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The Company is a limited liability company incorporated in Hong Kong, primarily engaged in department store operations, securities trading, and life insurance provision, with Merill Holdings Limited as its direct holding company - The Group's principal activities include operating department stores, trading securities, and providing life insurance, with no change in business nature during the period[8](index=8&type=chunk) - Merill Holdings Limited is the Company's direct holding company, with Dr. Lam Hiu Fung and Ms. So Kiu Wah as ultimate shareholders, holding 70% and 30% equity respectively in Merill Holdings[8](index=8&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and the Listing Rules, presented in HK$, with accounting policies consistent with annual statements except for adopted HKFRSs, and management assessing going concern with various measures to improve profitability and liquidity - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The current period's financial information (as comparative data) is extracted from the statutory annual consolidated financial statements for the year ended December 31, 2024, which received an unmodified auditor's report but highlighted material uncertainties regarding going concern[10](index=10&type=chunk) [Going Concern Basis](index=7&type=section&id=Going%20Concern%20Basis) The Group recorded a net loss of HK$26.468 million and had net current liabilities of HK$195.653 million with cash and bank balances of HK$8.926 million in H1 2025, indicating significant going concern uncertainty, despite management's measures and financial support commitments - The Group recorded a net loss of **HK$26.468 million** in H1 2025, with net current liabilities of **HK$195.653 million** and cash and bank balances of **HK$8.926 million**, indicating significant uncertainty regarding its ability to continue as a going concern[11](index=11&type=chunk) - Management has implemented measures to improve profitability and liquidity, including revising marketing strategies, controlling capital and operating expenditures, negotiating rent reductions, and identifying asset realization opportunities[11](index=11&type=chunk) - Dr. Lam and Merill Holdings have committed to providing continuous financial support for at least twelve months, and a related company has provided a loan facility of up to **HK$260 million**, of which **HK$80.392 million** remained undrawn as of June 30, 2025[11](index=11&type=chunk)[12](index=12&type=chunk) [3. Adoption of New and Revised HKFRSs](index=8&type=section&id=3.%20Adoption%20of%20New%20and%20Revised%20HKFRSs) The Group adopted HKAS 21 (Amendment) "Lack of Exchangeability" on January 1, 2025, with no material impact on the interim financial statements, and other new HKFRSs are not expected to have a significant effect - The Group adopted HKAS 21 (Amendment) "Lack of Exchangeability" on January 1, 2025, which had no material impact on the condensed consolidated interim financial statements[14](index=14&type=chunk)[15](index=15&type=chunk) - Several new and revised HKFRSs issued but not yet effective are not expected to have a significant impact on the Group's condensed consolidated interim financial statements[16](index=16&type=chunk)[17](index=17&type=chunk) [4. Segment Information](index=9&type=section&id=4.%20Segment%20Information) The Group reports segment information by operating segments (department store, securities trading, and others) and geographical areas (Hong Kong, UK, and others), with management assessing performance based on adjusted loss before income tax - The Group's operating segments include department store business (providing consumer goods), securities trading (trading Hong Kong and overseas securities), and others (sub-leasing properties and life insurance)[18](index=18&type=chunk)[20](index=20&type=chunk) - Segment results are assessed based on reportable segment profit/(loss), which is an adjusted loss before income tax, excluding certain interest income, unallocated income/(expenses), and finance costs[21](index=21&type=chunk) [(a) Operating Segments](index=10&type=section&id=(a)%20Operating%20Segments) The department store business segment saw a slight revenue decrease but an increased segment loss in H1 2025, while the securities trading segment recorded net unrealized losses despite increased dividend income, and other segments' losses slightly decreased Operating Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | 2025 Results (HK$ thousand) | 2024 Results (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Department Store Business | 64,263 | 65,293 | (23,709) | (17,309) | | Securities Trading | 376 | (257) | (1,253) | (1,340) | | Others | 15,307 | 16,735 | (3,415) | (3,628) | | Total (after elimination) | 64,899 | 65,812 | (28,377) | (22,277) | Operating Segment Assets and Liabilities (As at June 30, 2025) | Segment | 2025 Assets (HK$ thousand) | 2024 Assets (HK$ thousand) | 2025 Liabilities (HK$ thousand) | 2024 Liabilities (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Department Store Business | 117,305 | 116,979 | 103,855 | 109,563 | | Securities Trading | 6,967 | 7,636 | 1,032 | 948 | | Others | 20,326 | 36,165 | 5,395 | 5,194 | | Total (after elimination) | 129,551 | 129,932 | 95,235 | 84,857 | [(b) Geographical Information](index=11&type=section&id=(b)%20Geographical%20Information) The vast majority of the Group's revenue from external customers is generated in Hong Kong, with a small contribution from the UK and no revenue from other regions Revenue by Geographical Information (For the six months ended June 30) | Region | 2025 Revenue (HK$ thousand) | 2024 Revenue (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 64,204 | 64,949 | | United Kingdom | 104 | 101 | | Others | – | – | | Total | 64,308 | 65,050 | [5. Revenue, Other Income and Net Gains](index=12&type=section&id=5.%20Revenue,%20Other%20Income%20and%20Net%20Gains) The Group's total revenue slightly decreased, with increased sales of own goods offset by reduced counter sales and consignment income, while other income and net gains remained stable, primarily from imputed interest income from Win Dynamic Revenue Sources (For the six months ended June 30) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Sales of goods – own goods | 51,460 | 48,944 | | Income from counter sales and consignment | 12,744 | 16,335 | | Net realized loss on securities trading | – | (330) | | Rental income | 104 | 101 | | Total Revenue | 64,308 | 65,050 | Other Income and Net Gains (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank interest income | 194 | 156 | | Imputed interest income from Win Dynamic donation | 9,426 | 9,424 | | Dividends from financial assets at fair value through profit or loss | 376 | 72 | | Net exchange (loss)/gain | (31) | 26 | | Others | 215 | 690 | | Total | 10,180 | 10,368 | - The transaction price for the customer loyalty program provision was **HK$1,014,000** (2024: **HK$1,202,000**), expected to be recognized as revenue within one year[34](index=34&type=chunk) [6. Loss Before Income Tax](index=13&type=section&id=6.%20Loss%20Before%20Income%20Tax) The Group's loss before income tax was primarily influenced by employee benefit expenses, depreciation, inventory provisions, expected credit loss provisions, and leasehold property-related charges, with employee benefits and lease charges increasing while depreciation significantly decreased Major Deductions for Loss Before Income Tax (For the six months ended June 30) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Employee benefit expenses (excluding directors' and chief executive's emoluments) | 18,668 | 16,848 | | Depreciation | 9,831 | 16,670 | | Provision for inventories | 389 | 580 | | Provision for expected credit losses on other receivables | 632 | 626 | | Other charges related to leasehold properties | 17,214 | 9,472 | [7. Income Tax Expense](index=14&type=section&id=7.%20Income%20Tax%20Expense) No provision for Hong Kong profits tax was made due to the absence of assessable profits in Hong Kong during the period, while other regions incurred a small amount of assessable profits tax Income Tax Expense (For the six months ended June 30) | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | – | – | | Other Regions | 6 | – | | Total | 6 | – | [8. Loss Per Share Attributable to Owners of the Company](index=14&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the Company remained at HK$0.02, consistent with the prior period, due to unchanged ordinary shares in issue and no potential dilutive ordinary shares Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK$) | 2024 (HK$) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (26,684) | (27,260) | | Weighted Average Number of Ordinary Shares in Issue | 1,313,962,560 | 1,313,962,560 | | Basic and Diluted Loss Per Share | (0.02) | (0.02) | [9. Dividends](index=14&type=section&id=9.%20Dividends) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the corresponding period in 2024 - The Board of Directors resolved not to declare an interim dividend for H1 2025 (2024: nil)[40](index=40&type=chunk) [10. Property, Plant and Equipment](index=15&type=section&id=10.%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment increased to HK$20.947 million, primarily due to additions and lease changes, partially offset by depreciation and disposals Movement in Property, Plant and Equipment (As at June 30, 2025) | Item | Owned Assets (HK$ thousand) | Right-of-use Assets (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | Net Book Value as at January 1, 2025 | 1,764 | 14,319 | 16,083 | | Additions | 1,397 | 274 | 1,671 | | Lease Changes | – | 13,064 | 13,064 | | Depreciation for the Period | (567) | (9,264) | (9,831) | | Disposals | (38) | – | (38) | | Written Off | (2) | – | (2) | | Net Book Value as at June 30, 2025 | 2,554 | 18,393 | 20,947 | [11. Prepayments, Deposits, Other Receivables and Other Assets](index=15&type=section&id=11.%20Prepayments,%20Deposits,%20Other%20Receivables%20and%20Other%20Assets) These assets primarily comprise amounts receivable from Win Dynamic donation, rental deposits, amounts due from credit card companies, and prepaid deposits for related company loans, with the Win Dynamic donation receivable showing a significant increase Prepayments, Deposits, Other Receivables and Other Assets (As at June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Receivable from Win Dynamic donation | 202,527 | 193,101 | | Prepayments, deposits and other receivables | 40,060 | 39,040 | | Other assets | 4,421 | 4,421 | | Provision for expected credit losses | (1,886) | (1,254) | | Total | 245,122 | 235,308 | | Less: Classified as current portion | (20,867) | (16,678) | | Classified as non-current portion | 224,255 | 218,630 | - Amounts receivable from Win Dynamic donation increased from **HK$193.101 million** as of December 31, 2024, to **HK$202.527 million** as of June 30, 2025[42](index=42&type=chunk) [12. Trade Payables](index=16&type=section&id=12.%20Trade%20Payables) As of June 30, 2025, total trade payables were HK$40.310 million, a slight decrease from HK$41.392 million as of December 31, 2024, with a reduction in current to three-month payables and a significant increase in four to six-month payables Ageing Analysis of Trade Payables (As at end of reporting period) | Ageing | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current to three months | 30,394 | 38,083 | | Four to six months | 7,794 | 1,195 | | Seven to twelve months | 109 | 55 | | Over one year | 2,013 | 2,059 | | Total | 40,310 | 41,392 | [13. Leases](index=16&type=section&id=13.%20Leases) The Group, as a lessee, leases retail stores and warehouses for typical terms of 1 to 3 years, with right-of-use assets and lease liabilities increasing due to additions and lease modifications - The Group leases retail stores and warehouses, with lease terms generally ranging from **1 to 3 years**, and some lease contracts include extension and termination options as well as variable lease payments[45](index=45&type=chunk) [(b) Lease Liabilities](index=17&type=section&id=(b)%20Lease%20Liabilities) Total lease liabilities increased from HK$13.643 million at the end of 2024 to HK$18.169 million as of June 30, 2025, primarily due to lease modifications and additions, partially offset by payments Movement in Lease Liabilities (As at June 30, 2025) | Item | H1 2025 (HK$ thousand) | FY 2024 (HK$ thousand) | | :--- | :--- | :--- | | At beginning of period/year | 13,643 | 11,913 | | Interest accrued during period/year | 1,031 | 1,609 | | Payments | (9,843) | (31,997) | | Additions | 274 | 9,389 | | Lease Changes | 13,064 | 22,729 | | At end of period/year | 18,169 | 13,643 | | Analysed as: Within one year | 9,597 | 7,319 | | Second to fifth year | 8,572 | 6,324 | [14. Bank Borrowings, Other Loans and Loans from Related Companies](index=18&type=section&id=14.%20Bank%20Borrowings,%20Other%20Loans%20and%20Loans%20from%20Related%20Companies) The Group's secured bank borrowings slightly increased, while other unsecured loans bear 2% annual interest, and unsecured related company loans (from Dr. Lam and Ms. So) bear HIBOR plus 5% interest, due March 2026, with approximately HK$179.6 million utilized - Secured bank borrowings amounted to **HK$8.834 million** (December 31, 2024: **HK$8.572 million**), bearing interest at HIBOR plus 1% per annum, and are secured by bank balances and time deposits of **HK$11.103 million**[48](index=48&type=chunk)[49](index=49&type=chunk) - Other loans amounted to **HK$576 thousand** (December 31, 2024: **HK$570 thousand**), are unsecured, bear interest at **2%** per annum, and are not repayable within 12 months after the reporting period[50](index=50&type=chunk)[53](index=53&type=chunk) - Loans from related companies (owned by Dr. Lam and Ms. So) are unsecured, bear interest at HIBOR plus **5%** per annum, and are repayable by March 20, 2026; approximately **HK$179.6 million** was utilized as of June 30, 2025[54](index=54&type=chunk)[89](index=89&type=chunk) [15. Share Capital](index=19&type=section&id=15.%20Share%20Capital) There was no change in the Company's share capital for the six months ended June 30, 2025, remaining at HK$469.977 million, comprising 1,313,962,560 ordinary shares Share Capital (As at June 30, 2025) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Issued and fully paid: 1,313,962,560 ordinary shares | 469,977 | 469,977 | [16. Litigation](index=20&type=section&id=16.%20Litigation) The Company is involved in a lawsuit with Win Dynamic regarding a deed of gift from 2020, where Win Dynamic pledged approximately HK$260.443 million from share sales to the Company, but later claimed the deed invalid, a claim the Company and Welab Group Holdings Limited dispute, with the litigation ongoing and related amounts recognized as assets - Win Dynamic executed a deed in 2020, pledging approximately **HK$260.443 million** from the sale of the Company's shares as working capital for the Company[57](index=57&type=chunk) - In 2021, Win Dynamic claimed the deed was invalid and immediately cancelled it, citing undue influence, duress, and undervalue transactions, a claim not recognized by the Company's Board of Directors (excluding dissenting directors)[58](index=58&type=chunk)[59](index=59&type=chunk) - Welab and the Company initiated legal proceedings against Win Dynamic and Mr. Ma King Hin in the High Court to enforce the deed and declare its validity; the Company has recognized **HK$200.641 million** (net of expected credit loss provision) as receivable from Win Dynamic donation and **HK$9.426 million** in imputed interest income[60](index=60&type=chunk)[62](index=62&type=chunk)[73](index=73&type=chunk) [17. Commitments and Contingent Liabilities](index=23&type=section&id=17.%20Commitments%20and%20Contingent%20Liabilities) As of the reporting period end, the Group's outstanding commitments primarily consist of irrevocable letters of credit totaling HK$1.536 million Commitments and Contingent Liabilities (As at end of reporting period) | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Irrevocable letters of credit | 1,536 | 1,581 | Management Discussion and Analysis [Interim Results](index=24&type=section&id=Interim%20Results) The Group's principal activities during the review period were operating department stores, trading securities, and providing life insurance - The Group's principal activities during the review period were operating department stores, trading securities, and providing life insurance[76](index=76&type=chunk) [Overall Financial Review](index=24&type=section&id=Overall%20Financial%20Review) The Group's consolidated revenue slightly decreased by **1.2%** in H1 2025, with net loss marginally improving by **0.7%**, while gross profit fell by **15.3%** due to market weakness and promotions, partially offset by a **43.4%** reduction in finance costs Overall Financial Performance (For the six months ended June 30) | Indicator | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Revenue | 64.3 | 65.1 | (0.8) | -1.2% | | Net Loss | (26.5) | (26.7) | 0.2 | -0.7% | | Gross Profit | 30.4 | 35.9 | (5.5) | -15.3% | | Finance Costs | 8.1 | 14.3 | (6.2) | -43.4% | - The persistent weak consumer and retail market in Hong Kong led to extended promotional activities and price reductions in the department store business, consequently impacting gross profit[78](index=78&type=chunk) [Revenue](index=24&type=section&id=Revenue) In H1 2025, the Group's revenue was HK$64.3 million, a **1.2%** decrease from the prior year, primarily driven by the department store business Revenue Comparison (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 64.3 | 65.1 | (0.8) | -1.2% | | Department Store Business Revenue | 64.2 | 65.3 | (1.1) | -1.7% | [Other Income and Net Gains](index=24&type=section&id=Other%20Income%20and%20Net%20Gains) Other income and net gains for H1 2025 amounted to HK$10.2 million, a **1.9%** decrease from the prior year, primarily comprising stable imputed interest income from Win Dynamic donation Other Income and Net Gains Comparison (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Other Income and Net Gains | 10.2 | 10.4 | (0.2) | -1.9% | | Imputed Interest from Win Dynamic Donation | 9.4 | 9.4 | 0.0 | 0.0% | [Selling and Distribution Expenses](index=25&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by **2.1%** to HK$34.2 million in H1 2025, mainly due to higher employee benefit expenses and short-term lease fees, despite a reduction in depreciation expenses Selling and Distribution Expenses Major Components (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Selling and Distribution Expenses | 34.2 | 33.5 | 0.7 | 2.1% | | Depreciation Expenses | 8.1 | 16.4 | (8.3) | -50.6% | | Short-term Lease Fees and Other Occupancy Costs | 15.5 | 7.4 | 8.1 | 109.5% | | Employee Benefit Expenses | 9.4 | 8.3 | 1.1 | 13.3% | [General and Administrative Expenses](index=25&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by **4.0%** to HK$24.1 million in H1 2025, primarily due to the absence of trademark registration fees in the current period, partially offset by increased depreciation expenses related to leased warehouses General and Administrative Expenses Comparison (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total General and Administrative Expenses | 24.1 | 25.1 | (1.0) | -4.0% | | Employee Benefit Expenses | 9.3 | 8.5 | 0.8 | 9.4% | | Trademark Registration Fees | 0.0 | 2.3 | (2.3) | -100.0% | [Finance Costs](index=25&type=section&id=Finance%20Costs) Finance costs significantly decreased by **43.4%** to HK$8.1 million in H1 2025, mainly attributable to reduced interest expenses on bank borrowings and loans from related companies Finance Costs Comparison (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Finance Costs | 8.1 | 14.3 | (6.2) | -43.4% | | Decrease in Bank Borrowing Interest Expense | - | - | (2.4) | - | | Decrease in Related Company Loan Interest Expense | - | - | (3.9) | - | [Loss Attributable to Owners of the Company](index=25&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) The loss attributable to owners of the Company for H1 2025 was HK$26.7 million, a **2.2%** decrease from the prior year, indicating a slight improvement in overall profitability Loss Attributable to Owners of the Company Comparison (For the six months ended June 30) | Item | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | 26.7 | 27.3 | (0.6) | -2.2% | [Business Review](index=26&type=section&id=Business%20Review) [Department Store Business](index=26&type=section&id=Department%20Store%20Business) In H1 2025, department store business revenue decreased by **1.7%** to HK$64.2 million due to a weak Hong Kong consumer market, leading to extended promotions and price reductions, which increased segment loss by **37.0%** to HK$23.7 million, while inventory levels decreased by **14.9%** Department Store Business Performance (For the six months ended June 30) | Indicator | H1 2025 (HK$ million) | H1 2024 (HK$ million) | Change (HK$ million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 64.2 | 65.3 | (1.1) | -1.7% | | Segment Loss | (23.7) | (17.3) | (6.4) | 37.0% | | Inventory Level (Period-end) | 32.0 | 37.6 | (5.6) | -14.9% | - The weak consumer and retail market in Hong Kong led to extended promotional activities and price reductions, adversely affecting the department store business performance[85](index=85&type=chunk) [Securities Trading Business](index=26&type=section&id=Securities%20Trading%20Business) In H1 2025, the securities trading business recorded a net unrealized loss of approximately HK$0.7 million, while dividend income increased from HK$0.07 million to HK$0.4 million, with segment loss remaining at approximately HK$1.3 million, and the Group plans to regularly review and improve its investment portfolio Securities Trading Business Performance (For the six months ended June 30) | Indicator | H1 2025 (HK$ million) | H1 2024 (HK$ million) | | :--- | :--- | :--- | | Net Realized Loss | 0.0 | (0.3) | | Net Unrealized Loss | (0.7) | (0.1) | | Dividend Income | 0.4 | 0.07 | | Segment Loss | (1.3) | (1.3) | - The Group will regularly review and improve its investment portfolio based on market conditions and capital requirements[86](index=86&type=chunk) [Prospects](index=26&type=section&id=Prospects) The Group anticipates continued challenges in the Hong Kong retail sector due to a weak consumer market and growing online shopping trends, but management will continuously monitor and adjust department store business strategies, remaining optimistic with support from Dr. Lam and Merill Holdings - The Hong Kong retail sector is expected to continue facing challenges from a weak consumer and retail market and the increasing preference of retail customers for online shopping[87](index=87&type=chunk) - The Group will continue to monitor and flexibly adjust its department store business operating strategies to navigate the challenging operating environment[87](index=87&type=chunk) - With the support of Dr. Lam and Merill Holdings, the Board of Directors remains optimistic about the Group's prospects[88](index=88&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's total cash and bank balances, pledged bank balances, and deposits amounted to approximately HK$20.0 million, a decrease from end-2024, facing net current liabilities of HK$195.7 million and a liquidity ratio of 0.27, indicating significant liquidity pressure, with management implementing measures to improve profitability and liquidity and monitoring exchange rate risks Liquidity Position (As at June 30, 2025) | Indicator | June 30, 2025 (HK$ million) | December 31, 2024 (HK$ million) | | :--- | :--- | :--- | | Cash and bank balances, pledged bank balances and deposits | 20.0 | 22.2 | | Pledged portion | 11.1 | 11.2 | | Unpledged cash and bank balances | 8.9 | 10.9 | | Interest-bearing bank borrowings | 8.8 | 8.6 | | Utilized related company loans | 179.6 | 157.6 | | Net current liabilities | 195.7 | 4.2 | | Equity attributable to owners of the Company | 20.7 | 46.6 | | Current Ratio | 0.27 | 0.95 | | Capital to Debt Ratio | 314% | 195% | - Management is implementing measures to improve profitability, control operating costs, and reduce capital expenditures to enhance operational performance and mitigate liquidity risks[91](index=91&type=chunk) - The Group currently has no foreign exchange hedging policy, but management will continue to closely monitor foreign exchange risks[92](index=92&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 191 employees and offers a diverse remuneration package including basic salary, discretionary bonuses, sales commissions, defined benefit retirement plans, MPF, staff purchase discounts, medical, and training subsidies Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 191 | | December 31, 2024 | 199 | - The Group provides employee benefits such as basic salary, discretionary bonuses, sales commissions, defined benefit retirement plans, Mandatory Provident Fund schemes, staff purchase discounts, medical, and training subsidies[93](index=93&type=chunk) [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board of Directors has resolved not to declare an interim dividend for H1 2025 - The Board of Directors has resolved not to declare an interim dividend for H1 2025[94](index=94&type=chunk) [Directors' Interests in Transactions, Arrangements or Contracts](index=28&type=section&id=Directors'%20Interests%20in%20Transactions,%20Arrangements%20or%20Contracts) Except as disclosed elsewhere in this announcement, no director or their associated entities had a material interest in any significant transaction, arrangement, or contract of the Group during H1 2025 - During H1 2025, no director or their respective associated entities had a material interest, directly or indirectly, in any transaction, arrangement, or contract entered into by the Company or any of its subsidiaries that was significant to the Group's business[95](index=95&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=28&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during H1 2025[96](index=96&type=chunk) [Directors' Interests in Competing Business](index=28&type=section&id=Directors'%20Interests%20in%20Competing%20Business) No director was considered to have an interest in any business that competes or is likely to compete, directly or indirectly, with the Group's business during H1 2025 - During H1 2025, no director was considered to have an interest in any business that competes or is likely to compete, directly or indirectly, with the Group's business[97](index=97&type=chunk) [Litigation](index=29&type=section&id=Litigation) The Group has no other material litigation apart from what is disclosed in Note 16 to the condensed consolidated interim financial statements - The Group has no other material litigation, with details provided in Note 16 to the condensed consolidated interim financial statements[98](index=98&type=chunk) [Commitments and Contingent Liabilities](index=29&type=section&id=Commitments%20and%20Contingent%20Liabilities) The Group has no other material commitments apart from what is disclosed in Note 17 to the condensed consolidated interim financial statements - The Group has no other material commitments, with details provided in Note 17 to the condensed consolidated interim financial statements[99](index=99&type=chunk) [Material Investments, Acquisitions and Disposals of Subsidiaries and Associates](index=29&type=section&id=Material%20Investments,%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The Group did not undertake any material acquisitions or disposals of subsidiaries and associates, nor made any material investments, during H1 2025 - The Group did not undertake any material acquisitions or disposals of subsidiaries and associates, nor made any material investments, during H1 2025[100](index=100&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules for directors' securities dealings, and all directors confirmed compliance during H1 2025 - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code during H1 2025[101](index=101&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code in Appendix C1 of the Listing Rules during H1 2025, except for code provision C.1.5, as one independent non-executive director was unable to attend the general meeting due to business arrangements - The Company complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during H1 2025, with the exception of code provision C.1.5[102](index=102&type=chunk) - Mr. Chung Chun Hung, an independent non-executive director, was unable to attend the Company's relevant general meeting during H1 2025 due to business arrangements[102](index=102&type=chunk) [Audit Committee and Review of Financial Statements](index=30&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles and practices, and discussed audit, risk management, internal control, and financial reporting matters, including the unaudited condensed consolidated interim financial statements for H1 2025 - The Audit Committee comprises three independent non-executive directors, with Mr. Yu Leung Fai as Chairman[103](index=103&type=chunk) - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed matters concerning audit, risk management, internal control, and financial reporting, including the review of the unaudited condensed consolidated interim financial statements for H1 2025[103](index=103&type=chunk) [Publication of Interim Results and 2025 Interim Report on HKEX and Company Website](index=30&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report%20on%20HKEX%20and%20Company%20Website) This interim results announcement has been published on the HKEX and the Company's website, with the full 2025 interim report containing all required information to be dispatched to shareholders and published on the respective websites later - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.sincere.com.hk)[104](index=104&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the HKEX and the Company's websites at a later date[104](index=104&type=chunk) [Acknowledgement](index=30&type=section&id=Acknowledgement) The Board extends its sincere gratitude to all employees for their dedication and loyalty, and to customers, suppliers, business partners, and shareholders for their continuous support during the period - The Board extends its sincere gratitude to all employees for their dedication and loyalty to the Group during the period, and to all customers, suppliers, business partners, and shareholders for their continuous support[105](index=105&type=chunk)

Group 1 - The company, Xian Shi (00244.HK), will hold a board meeting on August 26, 2025, to consider and approve its unaudited interim results for the six months ending June 30, 2025 [1] - The board meeting will also discuss the potential declaration of an interim dividend, if applicable [1]

先施有限公司 （於香港註冊成立之有限公司） 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，並明確表示概不就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。 先施有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於二零二五年八月二 十六日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其附屬公司截至 二零二五年六月三十日止六個月之未經審核中期業績及其發佈，以及考慮派付中期股息 （如有）。 承董事會命 先施有限公司 公司秘書 葉浩榮 香港，二零二五年八月十三日 於本公佈日期，執行董事為林曉輝博士、蘇嬌華女士及禹來博士，非執行董事為戴德豐 博士，以及獨立非執行董事為余亮暉先生、鍾振雄先生及林琳先生。 （股份代號：0244） 董事會會議通告 ...

Group 1 - The Hang Seng Index rose by 0.25% to close at 24,969.68 points on August 12 [1] - The stock price of Sincere Company (先施) increased by 34.0% to HKD 0.335 per share, with a trading volume of 6.745 million shares and a turnover of HKD 2.0917 million, showing a volatility of 36.0% [1] - Over the past month, Sincere has seen a cumulative increase of 0.4%, while its year-to-date increase is 13.64%, underperforming the Hang Seng Index by 24.16% [1] Group 2 - For the fiscal year ending December 31, 2024, Sincere reported total revenue of HKD 122 million, a year-on-year decrease of 10.17%, and a net profit attributable to shareholders of -HKD 37.1712 million, an increase of 20.48% [1] - The gross profit margin for Sincere is 52.74%, with a debt-to-asset ratio of 73.14% [1] - Currently, there are no institutional investment ratings for Sincere [1] Group 3 - The average price-to-earnings (P/E) ratio for the professional retail industry (TTM) is -4.26 times, with a median of -0.2 times [1] - Sincere's P/E ratio stands at -8.18 times, ranking 53rd in the industry [1] - Other companies in the industry include Chen Chang International (陈唱国际) at 6.13 times, Aoki Holdings (傲基股份) at 6.16 times, and Bauhaus International (包浩斯国际) at 6.93 times [1] Group 4 - Sincere Company, established in 1900, is one of the oldest and most renowned department stores in Hong Kong [2] - The company primarily focuses on retail, offering a wide range of products including fashion apparel, bags, outdoor sports goods, beauty products, home goods, electronics, bedding, bathroom supplies, travel items, and food [2] - Sincere operates four stores located in Central, Mong Kok, Sham Shui Po, and Tsuen Wan, with the Mong Kok store covering approximately 40,000 square feet [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 先施有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00244 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,313,962,560 | | 0 | | 1,313,962,560 | ...

Financial Performance - The group's consolidated revenue for the fiscal year 2024 was approximately HKD 131.3 million, a decrease of about HKD 14.8 million or 10.1% compared to the fiscal year 2023[15]. - The net loss for the fiscal year 2024 was approximately HKD 39 million, an improvement of about HKD 12.6 million or 24.4% compared to the previous fiscal year[15]. - Gross profit decreased to approximately HKD 69.2 million in fiscal year 2024, down from HKD 83.9 million in fiscal year 2023[15]. - Other income and net gains increased to approximately HKD 50.1 million, a rise of about HKD 31.4 million or 167.9% compared to HKD 18.7 million in fiscal year 2023[18]. - Sales and distribution expenses were approximately HKD 66.7 million, a decrease of about HKD 2.4 million or 3.5% from HKD 69.1 million in fiscal year 2023[19]. - General and administrative expenses increased to approximately HKD 50 million, up by about HKD 1.8 million from HKD 48.2 million in fiscal year 2023[20]. - Non-operating expenses were approximately HKD 18.4 million, related to the ongoing litigation with Win Dynamic[21]. - Financial costs decreased to approximately HKD 23.1 million, a reduction of about HKD 3.8 million or 14.1% from HKD 26.9 million in fiscal year 2023[22]. - The loss attributable to equity holders of the company was approximately HKD 40.1 million, a decrease of about HKD 10.4 million or 20.6% compared to HKD 50.5 million in fiscal year 2023[24]. - The department store business recorded revenue of approximately HKD 131.4 million, a decrease of about 10.0% compared to HKD 146 million in fiscal year 2023[25]. Cash and Debt Management - As of December 31, 2024, the group's cash and bank balances were approximately HKD 22,200,000, a significant decrease from about HKD 104,000,000 as of December 31, 2023[30]. - The group's debt ratio was approximately 195% as of December 31, 2024, down from about 304% a year earlier[30]. - Interest expenses for fiscal year 2024 were approximately HKD 23,100,000, compared to about HKD 26,900,000 in fiscal year 2023[30]. - The group had a current ratio of approximately 0.95 as of December 31, 2024, an improvement from about 0.69 as of December 31, 2023[30]. Corporate Governance - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[49]. - All independent non-executive directors confirmed their independence for the fiscal year 2024, complying with listing rules[51]. - The audit committee held two meetings in the fiscal year 2024 to review financial reporting and compliance procedures[61]. - The remuneration committee conducted one meeting to review the company's remuneration policy and structure for executive directors[64]. - The board has established four committees: audit committee, remuneration committee, nomination committee, and executive committee to oversee specific aspects of the company's affairs[60]. - The audit committee reviewed the audited financial statements for the fiscal year 2024[61]. - All board members attended 100% of the meetings held during the fiscal year 2024[49]. - The company ensures that independent non-executive directors contribute independent opinions and judgments to the board[52]. - The board is responsible for approving business strategy plans and reviewing management performance[54]. - Directors received training on corporate governance and regulatory developments during the fiscal year 2024[57]. - The Nomination Committee held one meeting in the fiscal year 2024 to review the board's structure and the independence of non-executive directors[70]. - The Executive Committee conducted 12 meetings in the fiscal year 2024 to monitor the execution of operational and strategic objectives[71]. Shareholder and Stakeholder Relations - The company has established a shareholder communication policy to facilitate effective communication with shareholders[93]. - The company maintains good relationships with stakeholders, including employees, customers, and suppliers, to ensure operational success[103]. - The company will hold its annual general meeting on June 6, 2025, with a notice to be published in accordance with listing rules[110]. Environmental, Social, and Governance (ESG) Practices - The company is committed to integrating sustainable development solutions into its daily operations and management[154]. - The company emphasizes the importance of stakeholder feedback for its sustainable development practices[155]. - Key environmental issues identified include emissions, resource usage, and climate change adaptation[161]. - The company has not encountered any serious violations of environmental laws during the reporting period[167]. - The board oversees the long-term sustainable development of all operating companies within the group[164]. - The environmental, social, and governance (ESG) working group meets at least once a year to discuss sustainability strategies[164]. - The company follows the Hong Kong Stock Exchange's ESG reporting guidelines to ensure year-on-year performance comparisons[159]. - The company emitted 45 grams of sulfur oxides (SOx) and 12,246 grams of nitrogen oxides (NOx) during the reporting period, compared to 41 grams and 11,704 grams respectively in 2023[169]. - The total greenhouse gas emissions for 2024 were 607.95 tons of CO2 equivalent, a decrease from 646.37 tons in 2023, resulting in a per-employee emission of 3.06 tons compared to 3.63 tons in the previous year[175]. - The company aims to maintain energy consumption at the same level as the previous year, with total energy consumption recorded at 1,498,207.15 kWh for 2024, down from 1,586,207.75 kWh in 2023[176]. - The company has set waste reduction targets to maintain hazardous and non-hazardous waste levels at the same level as the previous year[170]. - The company promoted the use of electronic communications to replace paper communications, aiming to reduce waste generation[170]. - The company implemented low-carbon driving practices, such as prohibiting engine idling, to improve fuel efficiency and reduce emissions[169]. Employee Management - The company employed 199 staff members as of December 31, 2024, an increase from 178 staff members a year earlier[37]. - The employee turnover rate decreased to 21.22% in 2024 from 25.28% in 2023, indicating improved employee retention[185]. - The average training hours per employee was approximately 0.25 hours in 2024, down from 0.84 hours in 2023, with only 13.07% of employees receiving training compared to 53.93% in the previous year[191]. - The company recorded 307 lost workdays due to occupational injuries over the past three years, with no fatalities reported[188]. - The company has implemented health and safety measures in response to increasing awareness of infectious diseases, including flexible working hours and personal protective equipment provision[188]. - The company provides occupational safety education and training to enhance employee safety awareness[187]. - The company has a comprehensive development plan to support employee personal development through structured training programs[191]. Supplier Management - The company maintains long-term relationships with suppliers to address business challenges and regulatory compliance[195]. - A total of 476 suppliers are identified, with 384 located in Hong Kong, 86 in Europe, and 3 in Asia and the Americas[197]. - The company emphasizes the importance of sustainable supply chains to reduce operational risks and create business opportunities[196]. Compliance and Risk Management - The company adheres to strict data privacy and confidentiality policies, complying with relevant laws[200]. - A dedicated department is responsible for the registration of trademarks and patents to protect intellectual property[200]. - The company has established a risk management policy to identify and mitigate climate-related risks affecting business operations[181]. - The company has developed guidelines for extreme weather to protect employees and contractors, ensuring regular maintenance of facilities to minimize damage[182].