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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佳華百貨控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 00602 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定 ...

Interim Report 2025中期報告 INTERIM REPORT 2025 中期報告 香港地址：香港九龍尖沙咀廣東道5號海港城海洋中心7樓715室 STOCK CODE 00602 電話：(00852) 3620 2368 Hong Kong Address: Suite 715, 7/F, Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon Tel: (00852) 3620 2368 設計及製作：安林財經印刷有限公司 www.janfp.com Design & Production: JAN Financial Press Limited www.janfp.com www.szbjh.com Contents 目錄 | Corporate Information | 公司資料 | 2–3 | | --- | --- | --- | | Chairman's Statement | 董事長報告 | 4–16 | | Management Discussion and Analysis | 管理層討論及分析 | 17– ...

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: 佳華百貨控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 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) | 00602 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Core Viewpoint - Jia Hua Department Store Holdings (00602) reported a significant reduction in losses for the six months ending June 30, 2025, despite a decline in revenue [1] Financial Performance - The company's revenue for the period was RMB 178 million, representing a year-on-year decrease of 14.53% [1] - Shareholders' attributable loss was RMB 3.581 million, which narrowed by 85.94% compared to the previous year [1] - The loss per share was 0.35 cents [1]

Group 1 - The company reported a revenue of RMB 178 million for the six months ending June 30, 2025, representing a year-on-year decrease of 14.53% [1] - The loss attributable to shareholders was RMB 3.581 million, which narrowed by 85.94% compared to the previous year [1] - The loss per share was 0.35 cents [1]

Core Viewpoint - The company reported a significant decline in total revenue and faced challenges due to a weakened economic environment and increased competition, while managing to improve gross profit margins and reduce operating losses [1][2] Group 1: Financial Performance - Total revenue for the six months ending June 30, 2025, was approximately RMB 177.6 million, a year-on-year decrease of about 14.5% [1] - Gross profit amounted to approximately RMB 10.9 million, reflecting a year-on-year increase of about 71.0% [1] - Operating loss was approximately RMB 3.5 million, down about 85.9% year-on-year [1] - Loss attributable to equity holders of the parent was approximately RMB 3.6 million, also down about 85.9% year-on-year [1] Group 2: Operational Challenges - Revenue decline was attributed to a generally weakened economic environment, reduced consumer spending, intensified competition around shopping centers, changes in consumer behavior, and a decrease in the resident population due to foreign investment withdrawal [1] - The company experienced a reduction in merchandise sales by approximately RMB 22.2 million, a decrease in commission income from counters by approximately RMB 600,000, and a decline in rental income from various properties totaling approximately RMB 50 million [1] Group 3: Strategic Initiatives - The company is implementing changes to its shopping center operating model and enhancing promotional activities to attract consumers [2] - Efforts are being made to streamline workforce while retaining key employees to maintain strength in facing challenges [1] - The company is actively seeking and developing potential profit opportunities in other investment projects and planning for future expansion of its store network and shopping centers [2]

[Company Information and Financial Summary](index=1&type=section&id=I.%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) This section presents the company's profile, reporting basis, and key financial statements, including comprehensive income and financial position [Company Profile and Basis of Preparation](index=1&type=section&id=1.1%20%E5%85%AC%E5%8F%B8%E6%A6%82%E5%86%B5%E4%B8%8E%E6%8A%A5%E5%91%8A%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) JiaHau Holdings (00602) reported H1 2025 unaudited interim results, focusing on investment holding, China retail, and financial services - JiaHau Holdings Limited (Stock Code: 00602) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2](index=2&type=chunk) - The Group's principal activities include investment holding, operating and managing retail stores and related businesses in China, and providing financial services[6](index=6&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=1.2%20%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) H1 2025 revenue fell 14.5% to RMB 177,580 thousand, with loss and comprehensive income significantly narrowing to RMB 3,581 thousand Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 177,580 | 207,763 | | Cost of inventories sold | (56,555) | (83,256) | | Other operating income | 36,780 | 23,193 | | Distribution costs | (124,254) | (130,973) | | Administrative expenses | (17,356) | (15,613) | | Finance costs | (18,697) | (25,004) | | Loss before income tax | (3,528) | (24,969) | | Income tax expense | (53) | (498) | | Loss and total comprehensive income for the period attributable to owners of the Company | (3,581) | (25,467) | | Loss per share (RMB cents) | (0.35) | (2.45) | - Revenue decreased by **14.5%** year-on-year, from RMB 207,763 thousand to **RMB 177,580 thousand**[3](index=3&type=chunk) - Loss for the period significantly narrowed from RMB 25,467 thousand to **RMB 3,581 thousand**, with loss per share decreasing from **2.45 cents to 0.35 cents**[3](index=3&type=chunk) [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=1.3%20%E7%AE%80%E6%98%8E%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, total assets decreased to RMB 779,600 thousand, with net liabilities increasing to RMB 72,476 thousand, reflecting financial challenges Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 78,049 | 99,926 | | Investment properties | 226,500 | 226,500 | | Right-of-use assets | 275,912 | 300,251 | | Intangible assets | 4,432 | 4,047 | | Deferred tax assets | 76,954 | 76,954 | | **Current assets** | | | | Inventories and consumables | 2,363 | 4,525 | | Trade and loan receivables | 36,514 | 35,808 | | Cash and cash equivalents | 40,828 | 25,087 | | **Current liabilities** | | | | Trade payables | 38,682 | 48,283 | | Lease liabilities | 65,204 | 39,761 | | Borrowings | 8,532 | 7,827 | | **Non-current liabilities** | | | | Lease liabilities | 354,911 | 401,429 | | Borrowings | 133,659 | 137,925 | | Deferred tax liabilities | 80,499 | 80,499 | | **Total assets** | 779,600 | 809,748 | | **Total liabilities** | 852,076 | 878,643 | | **Net liabilities** | (72,476) | (68,895) | - Total assets decreased from RMB 809,748 thousand as of December 31, 2024, to **RMB 779,600 thousand** as of June 30, 2025[4](index=4&type=chunk)[5](index=5&type=chunk) - Cash and cash equivalents increased from RMB 25,087 thousand to **RMB 40,828 thousand**[4](index=4&type=chunk) - Net liabilities increased from **RMB (68,895) thousand** as of December 31, 2024, to **RMB (72,476) thousand** as of June 30, 2025[5](index=5&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=II.%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section details the Group's financial reporting standards, segment information, revenue, costs, and other financial notes [Group Information and Basis of Preparation](index=5&type=section&id=2.1%20%E9%9B%86%E5%9B%A2%E4%BF%A1%E6%81%AF%E5%8F%8A%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The Group's condensed interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, using consistent accounting policies with the 2024 annual financial statements - The condensed interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules[6](index=6&type=chunk) - The current period's statements adopt the same accounting policies as the 2024 annual financial statements, except for expected changes to be reflected in the 2025 annual financial statements[7](index=7&type=chunk) [Adoption of Hong Kong Financial Reporting Standards](index=5&type=section&id=2.2%20%E9%87%87%E7%BA%B3%E9%A6%99%E6%B8%AF%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E5%87%86%E5%88%99) The Group adopted all new and revised HKFRSs effective for the accounting year beginning January 1, 2025, with no significant impact on the condensed consolidated interim financial statements - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective for the accounting year beginning January 1, 2025[9](index=9&type=chunk) - The adoption of new and revised HKFRSs had no significant impact on the Group's condensed consolidated interim financial statements[9](index=9&type=chunk) [Segment Information](index=6&type=section&id=2.3%20%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group operates two segments: retail store operations and financial services, with retail being the primary revenue source and China as the main geographical origin - The Group has two operating segments: operating and managing retail stores and other related businesses, and providing financial services[10](index=10&type=chunk) Reportable Segment Revenue (For the six months ended June 30, 2025) | Segment | Revenue (RMB thousands) | | :--- | :--- | | Operating and managing retail stores and other related businesses | 177,580 | | Providing financial services | – | | **Consolidated** | **177,580** | - The Group's revenue and non-current assets primarily originate from China, thus no separate geographical segment analysis is presented[16](index=16&type=chunk) [Revenue and Other Operating Income](index=8&type=section&id=2.4%20%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E7%BB%8F%E8%90%A5%E6%94%B6%E5%85%A5) Total revenue decreased by 14.5% to RMB 177,580 thousand due to reduced sales and sub-leased property rental income, while other operating income surged 58.2% to RMB 36,780 thousand from early lease termination gains Revenue Components (For the six months ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of goods | 67,443 | 89,621 | | Commission income from concessionaire sales | 4,853 | 5,455 | | Rental income from sub-leased shop properties | 21,151 | 23,531 | | Rental income from investment properties | 4,664 | 4,737 | | Rental income from sub-leased shopping mall properties | 79,469 | 84,419 | | **Total Revenue** | **177,580** | **207,763** | Other Operating Income Components (For the six months ended June 30) | Other Income Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income | 18 | 230 | | Government grants | 38 | 44 | | Administrative and management fee income | 13,015 | 14,855 | | Exchange gain | – | 210 | | Gain on early termination of leases | 13,906 | – | | Others | 9,803 | 7,854 | | **Total Other Operating Income** | **36,780** | **23,193** | - Other operating income increased by **58.2%** year-on-year, primarily due to a **RMB 13,906 thousand** gain on early termination of leases[18](index=18&type=chunk)[20](index=20&type=chunk) [Finance Costs](index=8&type=section&id=2.5%20%E8%9E%8D%E8%B5%84%E6%88%90%E6%9C%AC) Finance costs decreased by 25.2% year-on-year to RMB 18,697 thousand, mainly driven by lower interest on lease liabilities and bank borrowings Finance Costs Components (For the six months ended June 30) | Finance Cost Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on lease liabilities | 15,799 | 21,674 | | Interest on bank borrowings | 2,898 | 3,330 | | **Total Finance Costs** | **18,697** | **25,004** | - Finance costs decreased by **25.2%** year-on-year, from RMB 25,004 thousand to **RMB 18,697 thousand**[19](index=19&type=chunk) [Loss Before Income Tax](index=9&type=section&id=2.6%20%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%8E%E5%89%8D%E4%BA%8F%E6%8D%9F) Loss before income tax significantly narrowed to RMB 3,528 thousand from RMB 24,969 thousand in the prior period, primarily due to reduced depreciation, amortization, interest expenses, and increased other operating income Items Deducted/Credited in Loss Before Income Tax (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 23,580 | 27,042 | | Depreciation of right-of-use assets | 24,339 | 26,733 | | Interest on lease liabilities | 15,799 | 21,674 | | Amortisation of intangible assets | 729 | 616 | | Loss on disposal of property, plant and equipment | 735 | 161 | | Operating lease rentals for land and buildings | 3,929 | 6,063 | | Staff costs (salaries and other benefits) | 27,913 | 29,967 | | Staff costs (contributions to retirement benefit schemes) | 5,640 | 5,226 | | Rental income from investment properties | 4,664 | 4,737 | | Sub-leased properties (basic rentals) | 93,095 | 105,015 | | Sub-leased properties (contingent rentals) | 7,525 | 2,935 | - Loss before income tax significantly narrowed from RMB 24,969 thousand to **RMB 3,528 thousand**[21](index=21&type=chunk) [Income Tax Expense](index=9&type=section&id=2.7%20%E6%89%80%E5%BE%97%E7%A8%8E%E5%BC%80%E6%94%AF) Income tax expense significantly decreased to RMB 53 thousand, mainly due to reduced assessable profits of subsidiaries, with varying corporate income tax rates applied in China Income Tax Expense (For the six months ended June 30) | Tax Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC Enterprise Income Tax | 53 | 498 | - Income tax expense decreased from RMB 498 thousand to **RMB 53 thousand**, primarily due to reduced assessable profits of subsidiaries[23](index=23&type=chunk)[65](index=65&type=chunk) - The Group's subsidiaries in Guangxi and Shenzhen Baijiahua Network Technology Co., Ltd. (a high-tech enterprise) enjoy a **15%** preferential corporate income tax rate, while other PRC subsidiaries are subject to a **25%** rate[23](index=23&type=chunk)[24](index=24&type=chunk) [Dividends](index=10&type=section&id=2.8%20%E8%82%A1%E6%81%AF) The Board does not recommend the payment of an interim dividend for the period, consistent with zero final dividends in prior years - The Board does not recommend the payment of an interim dividend for the period[29](index=29&type=chunk) - The final dividend for the prior year was zero[26](index=26&type=chunk) [Loss Per Share](index=10&type=section&id=2.9%20%E6%AF%8F%E8%82%A1%E4%BA%8F%E6%8D%9F) Basic loss per share significantly narrowed to RMB 0.35 cents from 2.45 cents, reflecting a substantial reduction in loss, with diluted loss per share being identical due to no dilutive potential ordinary shares Loss Per Share (For the six months ended June 30) | Metric | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic loss per share | (0.35) | (2.45) | - Basic loss per share is calculated based on the loss attributable to owners of the Company of approximately **RMB 3,581,000** and the weighted average of approximately **1,037,500,002** ordinary shares in issue during the period[26](index=26&type=chunk) - Diluted earnings per share are the same as basic earnings per share as there were no other dilutive potential ordinary shares during the period[27](index=27&type=chunk) [Trade and Loan Receivables](index=10&type=section&id=2.10%20%E5%BA%94%E6%94%B6%E8%B4%B8%E6%98%93%E8%B4%A6%E6%AC%BE%E5%8F%8A%E8%B4%B7%E6%AC%BE) The Group's total trade and loan receivables slightly increased to RMB 36,514 thousand, with most receivables due within 30 days and credit terms typically ranging from one to three months Ageing Analysis of Trade and Loan Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 31,076 | 34,635 | | 31 to 60 days | 1,033 | 140 | | 61 to 180 days | 1,924 | 490 | | 181 to 365 days | 2,153 | 537 | | Over 365 days | 328 | 6 | | **Total** | **36,514** | **35,808** | - All of the Group's sales are conducted on a cash basis, except for certain bulk commodity sales to corporate customers, rental income from tenants, and loan receivables from financial services[28](index=28&type=chunk) - Credit terms for retail store customers generally range from one to three months, while for financial services customers, repayment is typically on demand[28](index=28&type=chunk) [Trade Payables](index=11&type=section&id=2.11%20%E5%BA%94%E4%BB%98%E8%B4%B8%E6%98%93%E8%B4%A6%E6%AC%BE) The Group's total trade payables decreased to RMB 38,682 thousand from RMB 48,283 thousand, with supplier credit terms generally ranging from 30 to 60 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 6,108 | 21,790 | | 31 to 60 days | 5,733 | 9,245 | | 61 to 180 days | 15,054 | 9,957 | | 181 to 365 days | 8,102 | 1,166 | | Over 365 days | 3,685 | 6,125 | | **Total** | **38,682** | **48,283** | - Credit terms granted by suppliers generally range from **30 to 60 days**[31](index=31&type=chunk) - Total trade payables decreased from RMB 48,283 thousand to **RMB 38,682 thousand**[32](index=32&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=III.%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an overview of the industry, the Group's operational highlights, and future outlook and strategies [Industry Overview](index=12&type=section&id=3.1%20%E8%A1%8C%E4%B8%9A%E6%A6%82%E8%A7%88) In H1 2025, China's economy showed resilience with domestic demand recovery, driving a 5.0% increase in retail sales, while shopping centers transform towards experiential, digital, community-focused, and green models [China's Economy and Retail Market Overview](index=12&type=section&id=3.1.1%20%E4%B8%AD%E5%9B%BD%E7%BB%8F%E6%B5%8E%E4%B8%8E%E9%9B%B6%E5%94%AE%E5%B8%82%E5%9C%BA%E6%A6%82%E5%86%B5) China's economy maintained resilience in H1, with domestic demand recovering and retail sales growing 5.0%, driven by policies, e-commerce promotions, and cultural tourism integration - In the first half of the year, China's economy demonstrated strong resilience and recovery momentum, with domestic demand becoming a crucial pillar[33](index=33&type=chunk)[34](index=34&type=chunk) - Total retail sales of consumer goods reached **RMB 4,228.7 billion** in H1 2025, a year-on-year increase of **4.8%**[36](index=36&type=chunk) - The "trade-in" policy significantly boosted retail growth, while e-commerce platforms drove online sales through a combination of "national subsidies + coupons"[37](index=37&type=chunk) - The catering industry experienced a strong recovery driven by holiday spending, with cultural tourism integration emerging as a new growth point and inbound tourism policies showing significant benefits[37](index=37&type=chunk) [Shopping Mall Industry Trends](index=13&type=section&id=3.1.2%20%E8%B4%AD%E7%89%A9%E4%B8%AD%E5%BF%83%E8%A1%8C%E4%B8%9A%E8%B6%8B%E5%8A%BF) The shopping center industry is evolving towards experiential and immersive models, with over 6,000 centers nationwide and a market size of RMB 450 billion, driven by four core trends: experiential, digital, community-focused, and green - Shopping centers are evolving towards a greater focus on scenario-based and immersive experiences, with some department stores transitioning into shopping centers[38](index=38&type=chunk) - In 2025, the number of shopping centers nationwide exceeded **6,000**, with a total gross floor area of over **500 million square meters** and an industry market size of **RMB 450 billion**[39](index=39&type=chunk) - Shopping centers exhibit four core trends: experiential, digital, community-focused, and green, with experiential formats accounting for over **40%**[39](index=39&type=chunk) - The Chinese retail industry faces challenges such as operating pressure on traditional enterprises, slowing growth in some formats, and regional imbalances, but technological advancements and changing consumer behavior are reshaping the sector[42](index=42&type=chunk) [Group Operational Review and Highlights](index=16&type=section&id=3.2%20%E9%9B%86%E5%9B%A2%E8%BF%90%E8%90%A5%E5%9B%9E%E9%A1%B5%E4%B8%8E%E4%BA%AE%E7%82%B9) The Group's H1 revenue decreased by 14.5%, but sales gross profit and operating loss significantly improved, as it actively responded to market challenges through celebrations, store renovations, new store preparations, and cost-saving measures [Overall Financial Performance](index=16&type=section&id=3.2.1%20%E6%95%B4%E4%BD%93%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) For the six months ended June 30, 2025, total revenue was RMB 177.6 million (down 14.5%), sales gross profit was RMB 10.9 million (up 71.0%), operating loss was RMB 3.5 million (down 85.9%), and loss attributable to owners was RMB 3.6 million (down 85.9%) Group H1 Financial Performance | Metric | H1 2025 (RMB millions) | Year-on-Year Change | | :--- | :--- | :--- | | Total Revenue | 177.6 | -14.5% | | Sales Gross Profit | 10.9 | +71.0% | | Operating Loss | 3.5 | -85.9% | | Loss Attributable to Owners of the Company | 3.6 | -85.9% | - The decrease in revenue was primarily due to a weaker general economic environment, reduced consumer spending, intensified market competition, and a decrease in resident population due to foreign capital withdrawal[43](index=43&type=chunk) - At the end of the period, the Group operated **9 retail stores** and **three shopping centers**[43](index=43&type=chunk) [Shajing Shopping Center Second Anniversary Celebration](index=16&type=section&id=3.2.2%20%E6%B2%99%E4%BA%95%E8%B4%AD%E7%89%A9%E4%B8%AD%E5%BF%83%E4%B8%A4%E5%91%A8%E5%B9%B4%E5%BA%86%E5%85%B8) Shajing Jiayanghui Shopping Center celebrated its second anniversary by collaborating with the government to issue RMB 30 million in consumption vouchers, integrating "online vouchers + offline experiences" and "commercial + cultural tourism + technology + finance" models, featuring "Nailong" cartoon character-themed activities - Shajing Jiayanghui Shopping Center held its second-anniversary celebration, collaborating with the Bao'an District Commerce Bureau to launch **RMB 30 million** in Xinqiao Street exclusive circulating consumption vouchers[45](index=45&type=chunk) - The event adopted an "online voucher issuance + offline experience" and "brand linkage + traffic sharing" model, integrating "commercial + cultural tourism + technology + finance" to comprehensively cover consumer demand[45](index=45&type=chunk)[46](index=46&type=chunk) - The celebration featured the cartoon character "Nailong" and included stage plays, parades, performances, random dances, shadow puppetry, and a grand lucky draw[46](index=46&type=chunk) [Guangming Branch Renovation and Upgrade](index=17&type=section&id=3.2.3%20%E5%85%AC%E6%98%8E%E5%88%86%E5%BA%97%E6%94%B9%E9%80%A0%E5%8D%87%E7%BA%A7) The renovated Shenzhen Guangming store, rebranded as "Jiayanglin" with "Jiayangcang" for its supermarket, offers upgraded products, expanded categories, new fresh food/bakery/hot deli options, a food street, and convenience services to enhance customer experience - The Shenzhen Guangming store underwent a major renovation, rebranded as "Jiayanglin," with the supermarket section named "Jiayangcang"[47](index=47&type=chunk) - It expanded into new formats such as cooked food, bakery, and freshly stir-fried fast food, aiming to create an affordable, high-quality supermarket, and established a food street[47](index=47&type=chunk) - New resting and dining areas and convenience service zones were added, offering free services like tea, washing equipment, microwaves, blood pressure measurement, vision tests, and height/weight checks[47](index=47&type=chunk) [Preparation for Shenzhen Pingshan New Store](index=17&type=section&id=3.2.4%20%E7%AD%B9%E5%A4%87%E6%B7%B1%E5%9C%B3%E5%9D%AA%E5%B1%B1%E6%96%B0%E5%BA%97) The Group is preparing its first "Jiayangli" store in Pingshan Central District, Shenzhen's youngest administrative area, which boasts innovation advantages and industrial foundations, with its population expected to double and the 40,000 sqm shopping center slated to open by late 2025 - The Group is preparing its first "Jiayangli" store in Pingshan Central District, an area known as the "City of the Future" with rich innovation advantages and a high-quality industrial foundation[48](index=48&type=chunk) - Pingshan District's GDP reached approximately **RMB 140 billion** in 2024, with industrial output above designated size exceeding **RMB 600 billion**, and a resident population of about **620,000**, projected to reach **1.1 million** in the future[48](index=48&type=chunk) - The new "Jiayangli" shopping center, with approximately **40,000 square meters** of commercial area, has entered the detailed public area renovation and brand recruitment phase, expected to open by the end of 2025[49](index=49&type=chunk) [Cost-Saving and Revenue-Generating Initiatives](index=18&type=section&id=3.2.5%20%E5%BC%80%E6%BA%90%E8%8A%82%E6%B5%81%E6%96%B9%E6%A1%88) The Group implemented cost-saving and revenue-generating measures, including expanding income channels (e.g., pop-up stores, toy rentals, joint supermarket vouchers), enhancing member loyalty, utilizing idle spaces for events, and reducing operating costs through smart management and strict control of non-essential expenses, while also terminating some underperforming retail store leases - The Group enhances cash flow through business synergy and value-added services, strengthening the "supermarket driving shopping center" revenue effect, and introducing high-frequency consumption formats like pop-up stores and children's toy rentals[50](index=50&type=chunk) - Member loyalty is enhanced by launching "shopping center + supermarket" co-branded membership cards and utilizing idle spaces for corporate marketing, community markets, and other activities[50](index=50&type=chunk) - Operating costs are reduced through intelligent management, such as using AI systems for smart control of mall equipment, streamlining marketing material costs, and strictly controlling non-essential expenses[50](index=50&type=chunk) - Due to poor performance, the Group terminated the lease for its retail store at Jiangnan Times Square, Bantian, Longgang District, Shenzhen, in February 2025[50](index=50&type=chunk) [Outlook and Strategy](index=19&type=section&id=3.3%20%E5%B1%95%E6%9C%9B%E4%B8%8E%E6%88%98%E7%95%A5) Facing both opportunities and challenges in 2025, the Group is prepared to leverage its industry strengths, embrace retail transformation, improve operations, expand revenue through innovation, mergers, and acquisitions, and develop new business opportunities to enhance company value - The Group's team is fully prepared to face all difficulties, leveraging its industry strengths to stand out[51](index=51&type=chunk) - The Group will actively follow the current retail industry's transformation trends, innovate, and continue to improve operational performance and expand revenue through mergers and acquisitions[51](index=51&type=chunk) - The Group will also continue to develop new business opportunities to expand assets and enhance company value[51](index=51&type=chunk) [Financial Review](index=19&type=section&id=IV.%20%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B5) This section analyzes the Group's revenue, other operating income, costs, expenses, operating loss, and loss attributable to shareholders [Revenue Analysis](index=19&type=section&id=4.1%20%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Total revenue decreased by 14.5% to RMB 177.6 million, primarily due to a general decline in sales of goods, concessionaire commissions, and rental income from sub-leased properties, reflecting a weak economic environment and reduced consumer spending - Total revenue was approximately **RMB 177.6 million**, a **14.5%** decrease compared to the same period in 2024[52](index=52&type=chunk) - Sales of goods decreased by approximately **RMB 22.2 million** (a **24.8%** decline), mainly due to the generally poor economic conditions and weak local community consumption sentiment[52](index=52&type=chunk) - Commission income from concessionaire sales decreased by **10.9%**, primarily due to some concessionaires shifting to direct sales and an increase in Guangdong's unemployment rate[53](index=53&type=chunk) - Rental income from sub-leased shop properties decreased by **9.8%**, mainly because some tenants' rental collection methods changed from basic rent to contingent rent, coupled with unsatisfactory performance[54](index=54&type=chunk) - Rental income from sub-leased shopping mall properties decreased by **5.9%**, primarily due to poor economic conditions, weak consumer sentiment, rental concessions, and vacant properties[55](index=55&type=chunk) [Other Operating Income Analysis](index=20&type=section&id=4.2%20%E5%85%B6%E4%BB%96%E7%BB%8F%E8%90%A5%E6%94%B6%E5%85%A5%E5%88%86%E6%9E%90) Other operating income significantly increased by 58.2% to RMB 36.7 million, primarily driven by a RMB 13.9 million gain from early lease termination - Other operating income increased by approximately **58.2%** from approximately RMB 23.2 million in the same period of 2024 to approximately **RMB 36.7 million** for the six months ended June 30, 2025[56](index=56&type=chunk) - This increase was primarily due to a gain on early termination of leases of approximately **RMB 13.9 million**[56](index=56&type=chunk) [Cost and Expense Analysis](index=20&type=section&id=4.3%20%E6%88%90%E6%9C%AC%E4%B8%8E%E5%BC%80%E6%94%AF%E5%88%86%E6%9E%90) Inventory purchases and changes, staff costs, right-of-use asset depreciation, fixed asset depreciation, operating lease expenses, and finance costs all decreased, reflecting the Group's cost control efforts driven by reduced sales, headcount streamlining, scale reduction, and lower interest rates - Inventory purchases and changes decreased by **32.0%** to **RMB 56.6 million**, primarily due to reduced sales of goods[57](index=57&type=chunk) - Staff costs decreased by **4.5%** to **RMB 33.6 million**, mainly due to headcount streamlining[58](index=58&type=chunk) - Depreciation of right-of-use assets decreased by **9.0%** to **RMB 24.3 million**, primarily due to the scaling down of the procurement center and increased lease terms for older leases last year[59](index=59&type=chunk) - Depreciation of fixed assets decreased by **12.6%** to **RMB 23.6 million**, mainly due to fewer new fixed asset additions[60](index=60&type=chunk) - Operating lease rental expenses decreased to **RMB 3.9 million**, primarily due to rental reductions from landlords[61](index=61&type=chunk) - Interest on lease liabilities and bank borrowings within finance costs decreased by approximately **RMB 5.9 million** and **RMB 0.4 million**, respectively, mainly due to the reduced scale of the distribution center, increased lease terms for older leases, and lower bank loan interest rates and outstanding loan principal[63](index=63&type=chunk) [Operating Loss and Loss Attributable to Shareholders](index=21&type=section&id=4.4%20%E7%BB%8F%E8%90%A5%E4%BA%8F%E6%8D%9F%E4%B8%8E%E8%82%A1%E4%B8%9C%E5%BA%94%E5%8D%A0%E4%BA%8F%E6%8D%9F) Operating loss significantly narrowed to RMB 3.5 million from RMB 24.9 million in the prior period, with income tax expense decreasing to RMB 53 thousand, resulting in a substantial reduction in loss attributable to shareholders to RMB 3.6 million from RMB 25.4 million - Operating loss significantly narrowed to approximately **RMB 3.5 million** from RMB 24.9 million in the prior period[64](index=64&type=chunk) - Income tax expense decreased to **RMB 53 thousand**, primarily due to reduced assessable profits of subsidiaries during the period[65](index=65&type=chunk) - Loss attributable to shareholders decreased to approximately **RMB 3.6 million**, compared to a loss of approximately RMB 25.4 million in the same period of 2024[66](index=66&type=chunk) [Risk Management](index=22&type=section&id=V.%20%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) This section outlines the Group's exposure to and management of foreign exchange, credit, interest rate, and liquidity risks [Foreign Exchange Risk](index=22&type=section&id=5.1%20%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9) The Group's revenue, expenses, and cash flows are primarily denominated in RMB, while most assets and liabilities are in RMB and HKD, making it susceptible to significant fluctuations in foreign currency exchange rates against RMB - Most of the Group's income, expenses, and cash flows are denominated in RMB, while most assets and liabilities are denominated in RMB and HKD[69](index=69&type=chunk) - Any significant fluctuation in foreign currency exchange rates against RMB could have a financial impact on the Group[69](index=69&type=chunk) [Credit Risk](index=22&type=section&id=5.2%20%E4%BF%A1%E8%B4%B7%E9%A3%8E%E9%99%A9) The Group's primary credit risk stems from cash and bank deposits, trade and loan receivables, and other receivables, managed through strict credit assessment, rental deposits, and continuous monitoring, with no significant credit concentration - The Group's maximum credit risk exposure is from the carrying amounts of cash and bank deposits, trade and loan receivables, and deposits paid and other receivables[70](index=70&type=chunk) - The Group has no significant concentration of credit risk, as most sales transactions are settled by cash, credit card, or online payment platforms[70](index=70&type=chunk)[71](index=71&type=chunk) - The Group maintains clear credit policies, including strict credit assessments and collecting rental deposits from tenants, and regularly reviews and closely monitors receivables[71](index=71&type=chunk) [Interest Rate Risk](index=23&type=section&id=5.3%20%E5%88%A9%E7%8E%87%E9%A3%8E%E9%99%A9) The Group's interest rate risk primarily arises from cash and bank balances, with no derivative instruments or specific policies currently in place to hedge or manage this risk - The Group's interest rate risk primarily arises from cash and bank balances[72](index=72&type=chunk) - The Group does not use any derivative contracts to hedge its interest rate risk and has not formulated a policy to manage interest rate risk[72](index=72&type=chunk) [Liquidity Risk](index=23&type=section&id=5.4%20%E6%B5%81%E5%8A%A8%E6%80%A7%E9%A3%8E%E9%99%A9) The Group's policy is to maintain sufficient cash and bank balances and secure funding for working capital needs, with the Board confident in its ability to meet financial obligations and ensure continuous operation for shareholder returns - The Group's policy is to maintain sufficient cash and bank balances and obtain funding to meet its working capital requirements[73](index=73&type=chunk) - The Company's directors are satisfied that the Group will be able to fully meet its financial obligations as they fall due in the foreseeable future[73](index=73&type=chunk) - The Group's capital management policy is to safeguard its ability to continue as a going concern, to provide returns for shareholders, and to balance the interests of other stakeholders[73](index=73&type=chunk) [Other Information](index=23&type=section&id=VI.%20%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers employee information, use of listing proceeds, contingent liabilities, securities trading, corporate governance, and board details [Employee Information and Remuneration Policy](index=23&type=section&id=6.1%20%E9%9B%87%E5%91%98%E8%B5%84%E6%96%99%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 609 full-time employees, a decrease from the prior year, with remuneration determined and regularly reviewed based on individual performance, qualifications, industry experience, and market trends - As of June 30, 2025, the Group had **609** full-time employees (June 30, 2024: 623 employees)[74](index=74&type=chunk) - Employee remuneration is determined based on individual performance, professional qualifications, industry experience, and relevant market trends[74](index=74&type=chunk) - Remuneration includes salaries, allowances, year-end bonuses, social insurance, or mandatory provident funds[74](index=74&type=chunk) [Use of Listing Proceeds](index=23&type=section&id=6.2%20%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E7%94%A8%E9%80%94) The Company raised approximately HKD 265 million net from its May 8, 2007 listing; as of June 30, 2025, HKD 240.082 million was utilized for retail acquisitions, new store openings, shopping centers, distribution centers, equipment, IT system improvements, and renovations, with HKD 24.918 million remaining in bank deposits - The Company raised net proceeds of approximately **HKD 265 million** from its listing on May 8, 2007[75](index=75&type=chunk) - As of June 30, 2025, approximately **HKD 240.082 million** of the proceeds had been utilized, with approximately **HKD 24.918 million** of unutilized funds held in bank deposits[75](index=75&type=chunk) - Utilized proceeds were primarily for acquiring retail chain businesses in Shenzhen, China, opening new stores, shopping centers, themed restaurants, distribution centers, purchasing transportation vehicles and office equipment, improving management information systems, and renovating existing retail stores[76](index=76&type=chunk)[83](index=83&type=chunk) [Contingent Liabilities](index=25&type=section&id=6.3%20%E6%88%96%E7%84%B6%E8%B4%9F%E5%80%BA) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[78](index=78&type=chunk) [Securities Transactions and Corporate Governance](index=25&type=section&id=6.4%20%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B8%8E%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB) The Group did not trade or redeem any listed securities during the period, and the company complies with the HKEX Corporate Governance Code (except for the Chairman's absence from the AGM) and the Model Code for Securities Transactions, with established Remuneration, Nomination, and Audit Committees ensuring good governance [Purchase, Sale or Redemption of Listed Securities](index=25&type=section&id=6.4.1%20%E8%B4%AD%E4%B9%B0%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B5%8E%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[79](index=79&type=chunk) [Corporate Governance Code](index=25&type=section&id=6.4.2%20%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99) The Company has adopted and complied with the Corporate Governance Code, except for the Chairman's absence from the AGM on June 11, 2025, due to other commitments - The Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[80](index=80&type=chunk) - Mr. Zhuang Lukun, the Chairman of the Board, was unable to attend the Company's Annual General Meeting held on June 11, 2025, due to other business commitments[80](index=80&type=chunk) [Model Code for Securities Transactions](index=25&type=section&id=6.4.3%20%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99) The Board adopted and confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the period - The Board has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[81](index=81&type=chunk) - Following specific and detailed enquiries with all Directors, the Company confirmed that all Directors fully complied with the required standards set out in the Model Code during the six months ended June 30, 2025[81](index=81&type=chunk) [Remuneration Committee](index=25&type=section&id=6.4.4%20%E8%96%AA%E9%85%AC%E5%A7%94%E5%91%98%E4%BC%9A) Established on April 30, 2007, the Remuneration Committee, comprising four independent non-executive directors and one executive director, is responsible for reviewing and determining remuneration policies for directors and senior management - The Company established a Remuneration Committee on April 30, 2007[82](index=82&type=chunk) - The Remuneration Committee comprises four independent non-executive directors and one executive director, responsible for reviewing and determining appropriate remuneration policies for directors and senior management[82](index=82&type=chunk) [Nomination Committee](index=26&type=section&id=6.4.5%20%E6%8F%90%E5%90%8D%E5%A7%94%E5%91%98%E4%BC%9A) Established on April 30, 2007, the Nomination Committee, consisting of four independent non-executive directors, is responsible for setting selection criteria, reviewing board nominations, and making recommendations - The Company established a Nomination Committee on April 30, 2007[84](index=84&type=chunk) - The Nomination Committee comprises four independent non-executive directors, responsible for determining criteria for selecting qualified candidates, reviewing nominations for appointment to the Board, and making recommendations on any proposed changes[84](index=84&type=chunk) [Audit Committee](index=26&type=section&id=6.4.6%20%E5%AE%A1%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The Audit Committee, composed of four independent non-executive directors with Mr. Qian Jinxiang as Chairman, independently reviews financial position, monitors financial reporting, risk management, and internal control systems, and reviewed the unaudited interim results - The Audit Committee comprises four independent non-executive directors, with Mr. Qian Jinxiang serving as Chairman[85](index=85&type=chunk) - Its primary responsibilities include independently reviewing the Company's financial position, monitoring financial reporting systems, risk management, and internal control systems[85](index=85&type=chunk) - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2025[85](index=85&type=chunk) [Interim Report and Board Information](index=26&type=section&id=6.5%20%E4%B8%AD%E6%9C%9F%E6%8A%A5%E5%91%8A%E4%B8%8E%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%BF%A1%E6%81%AF) The 2025 interim report will be dispatched to shareholders and published on the HKEX and company websites in due course; external auditors did not review or audit the interim results, and the Board comprises executive, non-executive, and independent non-executive directors - The 2025 interim report will be dispatched to shareholders and published on the HKEX website and the Company's website in due course[86](index=86&type=chunk) - The external auditors did not review or audit the interim results and interim report[87](index=87&type=chunk) - The Board members include Executive Directors Zhuang Lukun, Zhuang Peizhong, Zhuang Xiaoxiong; Non-executive Director Yan Xiaomin; and Independent Non-executive Directors Qian Jinxiang, Sun Juyi, Ai Ji, and Xing Zijun[88](index=88&type=chunk)

Core Viewpoint - The company expects a significant reduction in net loss from approximately HKD 25.5 million for the six months ending June 30, 2024, to between HKD 2 million and HKD 6 million for the six months ending June 30, 2025 [1] Financial Performance - The anticipated decrease in net loss is attributed to several factors, including increased self-operated sales incentives, reduced discounts, and a focus on higher-margin products, which have collectively contributed to an increase in gross profit [1] - The company has recognized a benefit of approximately HKD 13.9 million from the early termination of a lease agreement [1] - Ongoing cost-cutting measures are also contributing to the expected improvement in financial performance [1]

Core Viewpoint - Jia Hua Department Store Holdings (00602) expects a significant reduction in net loss from approximately RMB 25.5 million for the six months ending June 30, 2024, to between RMB 2 million and RMB 6 million for the six months ending June 30, 2025 [1] Group 1 - The anticipated decrease in net loss is primarily attributed to increased self-operated sales incentives, reduced discounts, and a focus on higher-margin products, which have collectively improved gross profit [1] - The company has recognized a benefit of approximately RMB 13.9 million from an early termination of a lease agreement [1] - Ongoing cost-cutting measures are contributing to the expected improvement in financial performance [1]

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文件的內容概不負責，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文件全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 佳華百貨控股有限公司 JIAHUA STORES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：00602） 中期業績預告 — 淨虧損減少 本公佈乃佳華百貨控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易 所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例（「證券及 期貨條例」）第XIVA部項下內幕消息條文（「內幕消息條文」）而發出。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據對本集團截至2025 年6月30日止六個月未經審核管理賬目的初步審閱及對董事會目前可得最新資料的評估，預計本集團 的淨虧損將從截至2024年6月30⽇⽌六個⽉的約⼈⺠幣25.5百萬元（未經審計）減少至截至2025年6 月30日止六個月的介乎約⼈⺠幣2.0百萬元至約⼈⺠幣6.0百萬元。 本集團的預期淨虧損減少， ...