EF001 免責聲明 其他信息 其他信息 不適用 發行人董事 達利國際集團有限公司董事會成員包括: (1)執行董事: 林富華先生、林知譽先生及林典譽先生；(2)非執行董事: 梁詠雯女士；及 第 2 頁 共 2 頁 v 1.1.1 (3)獨立非執行董事: 鍾國斌先生、唐希強先生、劉業成先生及黃俊碩先生。 | 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告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 達利國際集團有限公司 | | 股份代號 | 00608 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至二零二五年六月三十日止六個月中期股息 | | | 公告日期 | 2025年8月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月 ...

[Chairman's Statement](index=1&type=section&id=Chairman's%20Statement) [Global Economy and Business Challenges](index=1&type=section&id=Global%20Economy%20and%20Business%20Challenges) In the first half of 2025, the global economy and trade were impacted by US tariff policies and geopolitical changes, posing severe challenges to the global apparel industry and the Group's business - The global economy and trade were significantly affected by aggressive US tariff policies and geopolitical changes, leading to severe and difficult challenges for the global apparel industry, with the Group's business inevitably experiencing deeper impacts[2](index=2&type=chunk) - The Group implemented deeper reforms, actively promoted the "Dali Culture" of adapting to new times and laws, and actively explored new markets to seize growth opportunities in emerging and high-end markets[3](index=3&type=chunk) Key Financial Indicators for H1 2025 | Indicator | Amount (HKD) | | :--- | :--- | | Profit attributable to shareholders | 41.7 million | | Ratio of non-current liabilities to shareholders' equity | 39.3% | | Current ratio | 1.2 | | Basic earnings per share | 0.14 | | Net asset value per share | 10.36 | | Interim dividend | 0.035/share | [Strategic Direction and Future Outlook](index=2&type=section&id=Strategic%20Direction%20and%20Future%20Outlook) The Group focuses on sustainable new products, technological innovation (AI and digital transformation), and stable management of the "Dali International Industrial Park" project, aiming for long-term development with flexible strategies - Dali focuses on the low-carbon economy, circular fashion, and healthy lifestyles, promoting the research and development of high-performance and recyclable new materials, and developing more innovative products in sports fashion and daily wear[5](index=5&type=chunk) - The Group continues to advance AI and digital transformation, with the core objective of enhancing supply chain speed and rapid response capabilities, strengthening quick response, and promoting design and R&D innovation[5](index=5&type=chunk) - The "Dali International Industrial Park" project maintains stable operations, laying a solid foundation for the long-term development of high-tech talent and resources, with the Group pursuing development with a long-term and forward-looking perspective[5](index=5&type=chunk) [Performance](index=3&type=section&id=Performance) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement reports the unaudited condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing year-on-year decreases in total revenue, profit for the period, and EPS, but a turnaround from loss to profit in total comprehensive income Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,507,792 | 1,643,045 | -8.23% | | Operating Gross Profit | 288,312 | 337,983 | -14.70% | | Profit Before Tax | 44,209 | 67,348 | -34.37% | | Profit for the Period | 42,067 | 53,081 | -20.75% | | Total Comprehensive Income (Expense) for the Period | 74,801 | (30,637) | Turnaround from loss to profit | | Profit Attributable to Shareholders of the Company | 41,747 | 53,305 | -21.68% | | Basic Earnings Per Share | HKD 0.14 | HKD 0.17 | -17.65% | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides the unaudited condensed consolidated financial position as of June 30, 2025, presenting the period-end balances of total assets, total liabilities, and shareholders' equity, reflecting changes in the company's asset structure and solvency Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 4,121,906 | 4,012,922 | +2.72% | | Current Assets | 2,138,741 | 2,166,125 | -1.26% | | Current Liabilities | 1,839,570 | 1,836,301 | +0.18% | | Net Current Assets | 299,171 | 329,824 | -9.30% | | Net Assets | 3,165,859 | 3,091,058 | +2.42% | | Equity Attributable to Shareholders of the Company | 3,190,866 | 3,116,385 | +2.39% | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [Basis of Preparation](index=7&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 "Interim Financial Reporting" issued by the HKICPA and applicable disclosure requirements of Appendix D2 of the HKEX Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[12](index=12&type=chunk) [Significant Accounting Policies](index=7&type=section&id=Significant%20Accounting%20Policies) The report is prepared on a historical cost basis, with accounting policies consistent with the prior year's financial report, except for investment properties and some financial instruments measured at fair value, and new/revised standards having no material impact - The condensed consolidated financial statements have been prepared on a historical cost basis, except for investment properties and certain financial instruments which are measured at fair value, and the accounting policies are consistent with those used in the preparation of the Group's annual financial statements for the year ended December 31, 2024[13](index=13&type=chunk) - The application of the revised Hong Kong Financial Reporting Standards has no material impact on the Group's financial position and financial performance for the current period and prior periods and/or the disclosures contained in these condensed consolidated financial statements[14](index=14&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) This section details the Group's revenue by customer contracts and geographical areas, as well as revenue and results for the two business segments: garment manufacturing and trading, and property investment and development, explaining the calculation of segment profit Total Revenue and Geographical Breakdown (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 1,507,792 | 1,643,045 | -8.23% | | Revenue from China | 848,670 | 955,137 | -11.14% | | Revenue from USA | 233,556 | 213,707 | +9.29% | | Revenue from Europe | 184,066 | 195,125 | -5.77% | | Revenue from Other Regions | 241,500 | 279,076 | -13.46% | Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD thousand) | 2024 Revenue (HKD thousand) | 2025 Result (HKD thousand) | 2024 Result (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | Garment Manufacturing and Trading | 1,477,516 | 1,577,545 | 41,511 | 73,467 | | Property Investment and Development | 30,276 | 65,500 | (843) | 13,772 | - Segment profit refers to the profit earned by each segment but excludes fair value changes of derivative financial instruments and investment properties, certain central administrative expenses, and other expenses, primarily used for resource allocation and performance evaluation[19](index=19&type=chunk) [Other Net Gains and Losses](index=10&type=section&id=Other%20Net%20Gains%20and%20Losses) This section discloses other net gains and losses for the six months ended June 30, 2025, primarily influenced by fair value changes of investment properties and derivative financial instruments, showing a significant year-on-year increase Other Net Gains and Losses (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Fair Value Change of Investment Properties | 28,969 | 3,436 | +743.0% | | Fair Value Change of Derivative Financial Instruments | 3,641 | (1,261) | Turnaround from loss to gain | | Net Exchange Gain | 1,749 | 1,028 | +70.1% | | Total | 33,608 | 2,582 | +1209.4% | [Finance Costs](index=10&type=section&id=Finance%20Costs) This section discloses finance costs for the six months ended June 30, 2025, primarily comprising interest on bank loans and overdrafts, with the total amount decreasing year-on-year Finance Costs (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Interest on Bank Loans and Overdrafts | 35,752 | 42,242 | -15.36% | | Total Borrowing Costs | 36,304 | 43,168 | -15.90% | | Less: Amount Capitalized for Qualifying Assets | (2,836) | (1,714) | +65.46% | | Total | 33,468 | 41,454 | -19.27% | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) This section discloses income tax expense for the six months ended June 30, 2025, showing significant decreases in tax expenses for both Hong Kong and Mainland China, leading to a substantial reduction in total tax expense Income Tax Expense (For the six months ended June 30) | Tax Source | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Hong Kong | 2,006 | 5,566 | -63.90% | | Mainland China | 504 | 12,975 | -96.12% | | Total Current Period Tax Expense | 2,510 | 18,541 | -86.47% | | Total Income Tax Expense | 2,142 | 14,267 | -84.99% | [Profit for the Period](index=11&type=section&id=Profit%20for%20the%20Period) This section explains certain items deducted from or included in the profit for the period, including depreciation, inventory provisions, and interest income, reflecting changes in cost structure and revenue sources Items Deducted From (Included In) Profit for the Period (For the six months ended June 30) | Item | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 35,033 | 28,528 | +22.80% | | Depreciation of Right-of-Use Assets | 3,019 | 2,832 | +6.60% | | Net Provision for (Reversal of) Inventory | 536 | (10,701) | Turnaround from reversal to provision | | Interest Income | (4,462) | (9,769) | -54.34% | [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) This section provides data for the calculation of basic and diluted earnings per share for the six months ended June 30, 2025, showing a year-on-year decrease in EPS and explaining the assumptions for diluted EPS calculation Earnings Per Share Calculation Data (For the six months ended June 30) | Indicator | 2025 (HKD thousand/shares) | 2024 (HKD thousand/shares) | YoY Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Shareholders of the Company | 41,747 | 53,305 | -21.68% | | Number of Ordinary Shares (thousands) | 305,616 | 305,616 | 0% | | Basic and Diluted Earnings Per Share | HKD 0.14 | HKD 0.17 | -17.65% | - In calculating diluted earnings per share for the six months ended June 30, 2025, and June 30, 2024, the exercise of share options was not assumed as the exercise price of these share options was higher than the average market price of the shares[24](index=24&type=chunk) [Dividends](index=12&type=section&id=Dividends) This section discloses the interim dividend distribution for the six months ended June 30, 2025, which remained consistent with the prior year, and notes that no final dividend was declared - The Board declared an interim dividend of **HKD 0.035 per share** for the six months ended June 30, 2025, which is the same as the dividend for the six months ended June 30, 2024[25](index=25&type=chunk) - No final dividend for the year ended December 31, 2024, was declared or paid during this interim period[25](index=25&type=chunk) [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) This section describes the composition of trade and other receivables and credit period policies, providing an aging analysis as of June 30, 2025, showing that receivables within 90 days constitute the largest portion - Trade and other receivables primarily include receivables from garment sales and property leases, with credit terms granted to garment trading customers mainly ranging from **30 to 90 days**[26](index=26&type=chunk) Aging Analysis of Trade and Other Receivables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 90 days | 550,341 | 584,142 | | 91 to 180 days | 34,154 | 33,112 | | 181 to 360 days | 18,491 | 23,746 | | Over 360 days | 18,049 | 6,083 | | Total | 621,035 | 647,083 | [Trade and Other Payables](index=13&type=section&id=Trade%20and%20Other%20Payables) This section provides an aging analysis of trade and other payables as of June 30, 2025, indicating that payables within 90 days represent the largest share, with a significant amount of accrued purchases Aging Analysis of Trade and Other Payables (As of June 30, 2025) | Aging | June 30, 2025 (HKD thousand) | December 31, 2024 (HKD thousand) | | :--- | :--- | :--- | | Within 90 days | 421,903 | 392,707 | | 91 to 180 days | 46,435 | 48,252 | | 181 to 360 days | 13,061 | 4,244 | | Over 360 days | 11,033 | 12,563 | | Accrued Purchases | 191,894 | 218,112 | | Total | 684,326 | 675,878 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=14&type=section&id=Business%20Review) Facing a complex international landscape, the Group deepened digital management, implemented sustainable development strategies, optimized market and customer structures, expanded into new markets, and continuously advanced AI technology to enhance production efficiency and product innovation - The Group adheres to a management philosophy of steady progress and continuous innovation, actively optimizing market and customer structures and exploring emerging market opportunities through deepened digital management and sustainable development strategies[29](index=29&type=chunk) - The Group continuously advances the application of AI technology, significantly enhancing production flexibility and cost control through smart workshops and process automation, while accurately forecasting market trends[29](index=29&type=chunk) - In sustainable development, the Group actively practices green concepts, providing one-stop solutions and enhancing product durability through "Innocell" fabric technology and "Silkology" patented technology[30](index=30&type=chunk) - The Hangzhou "Dali International Industrial Park," despite being affected by the domestic real estate downturn, maintained stable rental income and gradually leveraged its platform value for technological and industrial synergy[30](index=30&type=chunk) [Financial Review](index=15&type=section&id=Financial%20Review) This section summarizes the Group's H1 2025 performance, noting year-on-year decreases in revenue and gross profit, but significant growth in other net gains, increased administrative and selling expenses as a percentage of revenue, reduced finance costs, and a decline in EPS Key Financial Performance (For the six months ended June 30) | Indicator | 2025 (HKD) | 2024 (HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1.5078 billion | 1.643 billion | -8.23% | | Gross Profit | 288.3 million | 338 million | -14.70% | | Gross Profit Margin | 19.1% | 20.6% | -1.5 percentage points | | Profit for the Period | 42.1 million | 53.1 million | -20.72% | | Other Net Gains | 33.6 million | 2.6 million | +1209.4% | | Basic Earnings Per Share | 0.14 | 0.17 | -17.65% | | Net Asset Value Per Share (2025/06/30) | 10.36 | 10.11 (2024/12/31) | +2.47% | Revenue Breakdown by Region (For the six months ended June 30) | Region | 2025 Revenue (HKD) | 2025 Share | 2024 Revenue (HKD) | 2024 Share | | :--- | :--- | :--- | :--- | :--- | | China | 848.7 million | 56.3% | 955.1 million | 58.1% | | USA and Europe | 417.6 million | 27.7% | 408.8 million | 24.9% | | Other Countries | 241.5 million | 16.0% | 279.1 million | 17.0% | - Finance costs decreased from **HKD 41.5 million** in the first six months of 2024 to **HKD 33.5 million** in the first six months of 2025, primarily due to a reduction in interest on bank loans and overdrafts[32](index=32&type=chunk) [Segment Information](index=16&type=section&id=Segment%20Information) This section provides revenue and segment results by major business and region, detailing operational highlights and strategic directions for garment manufacturing and trading, and property investment and development businesses [Garment Manufacturing and Trading Business](index=16&type=section&id=Garment%20Manufacturing%20and%20Trading%20Business) The garment manufacturing and trading business experienced year-on-year declines in revenue and profit, but the Group continues to optimize operational performance and gain market recognition through sustainable development practices, enhanced process efficiency, and digital transformation Garment Manufacturing and Trading Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,477,516 | 1,577,545 | -6.47% | | Profit | 41,511 | 73,467 | -43.50% | - The Group has systematically integrated sustainable development practices into its comprehensive product development and manufacturing framework, continuously optimizing operational performance through enhanced process efficiency and digital transformation[34](index=34&type=chunk) [Property Investment and Development](index=16&type=section&id=Property%20Investment%20and%20Development) The property investment and development business saw a significant year-on-year decrease in revenue, but the completion of Phase II of the Hangzhou "Dali International Industrial Park" is expected to generate stable rental income and long-term development returns through optimized enterprise portfolios and industrial synergy Property Investment and Development Business Performance (For the six months ended June 30) | Indicator | 2025 (HKD thousand) | 2024 (HKD thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 30,276 | 65,500 | -53.77% | | Profit | (843) | 13,772 | Turnaround from profit to loss | - With the completion of Phase II of the Hangzhou "Dali International Industrial Park," the Group continues to optimize its tenant portfolio, attracting diverse high-quality talent and capital to build an innovative ecosystem that promotes collaborative R&D and technological development[35](index=35&type=chunk) [Environmental, Social and Governance (ESG) Responsibility](index=17&type=section&id=Environmental%2C%20Social%20and%20Governance%20(ESG)%20Responsibility) The Group deeply integrates sustainable development into its core business strategy, actively promotes green transformation, innovative recycling technologies, and high-value-added product R&D, setting six-year sustainability goals, while also focusing on employee development, fair management, and integrity culture - The Group deeply integrates sustainable development concepts into its core business strategy, actively establishing strategic alliances with global fashion brands to jointly promote the industry's green transformation and build a sustainable fashion circular model[36](index=36&type=chunk) - In green product development, the Group implements green sustainable development concepts, with its INNOCELL®T2T series products providing comprehensive fashion circular solutions for the industry and initiating a pilot production line for textile waste recycling[37](index=37&type=chunk) - The Group has set six-year sustainable development goals covering green energy, diversity and inclusion, safe workplace, community integration, and social contribution, with specific action plans formulated[37](index=37&type=chunk) - The Group adheres to its core values of "Achieving Self and Others, Benefiting Self and Others," valuing employee development, fostering a harmonious, inclusive, equal, and respectful work environment, and implementing competitive compensation strategies[37](index=37&type=chunk) - The Group upholds principles of integrity, maintaining zero tolerance for any corruption and fraudulent activities, regularly providing anti-corruption training for new employees and board members, and establishing transparent and compliant internal complaint channels and customer privacy protection systems[38](index=38&type=chunk) [Financial Position and Risk Management](index=18&type=section&id=Financial%20Position%20and%20Risk%20Management) This section details the Group's cash and bank balances, bank loan composition and usage, debt ratios, and current ratios, analyzing foreign currency risk, pledged assets, capital expenditures, capital commitments, and contingent liabilities, emphasizing a robust capital base and liquidity management Liquidity and Debt Ratios (As of June 30, 2025) | Indicator | June 30, 2025 (HKD) | December 31, 2024 (HKD) | Change | | :--- | :--- | :--- | :--- | | Total Cash and Cash Equivalents, Short-term Bank Deposits, and Other Financial Assets at FVTPL | 573 million | 593.8 million | -3.50% | | Bank Loans | 1.623 billion | 1.6 billion | +1.44% | | Ratio of Non-current Liabilities to Shareholders' Equity | 39.3% | 40.2% | -0.9 percentage points | | Current Ratio | 1.2 | 1.2 | No change | - Bank loans are primarily used for various property construction and development projects, as well as fixed asset investments for developing and upgrading production facilities in Mainland China[39](index=39&type=chunk) - Net cash inflow from operating activities was approximately **HKD 69.1 million**, and management is confident in the Group's ability to maintain good working capital and liquidity levels[39](index=39&type=chunk) - Foreign currency risk is mainly related to RMB and USD; as HKD is pegged to USD, the Group considers the related foreign exchange risk to be minimal[40](index=40&type=chunk) - The Group has pledged property, plant and equipment of **HKD 31.6 million**, investment properties of **HKD 2.1952 billion**, and certain deposits of **HKD 122.1 million** for bank borrowings[41](index=41&type=chunk) Capital Expenditures and Commitments (As of June 30, 2025) | Item | H1 2025 (HKD) | H1 2024 (HKD) | June 30, 2025 (HKD) (Commitment) | December 31, 2024 (HKD) (Commitment) | | :--- | :--- | :--- | :--- | :--- | | Investment in Manufacturing Capacity and Environmental Equipment | 34.2 million | 47.7 million | - | - | | Investment in Property Development and Construction Projects | 40.3 million | 36.8 million | - | - | | Capital Expenditure Commitments (Unreflected) | - | - | 261.4 million | 394.4 million | - As of June 30, 2025, the Group had no significant contingent liabilities[44](index=44&type=chunk) [Other Information](index=19&type=section&id=Other%20Information) [Human Resources](index=19&type=section&id=Human%20Resources) The Group employs approximately 5,000 staff, with management highly prioritizing employee development through robust training programs, performance appraisal frameworks, and competitive compensation and benefits to enhance professional capabilities and team cohesion - As of June 30, 2025, the Group employed approximately **5,000 staff**[45](index=45&type=chunk) - Management highly values employee development, enhancing professional capabilities and knowledge through sound training programs, comprehensive performance appraisal frameworks, and competitive compensation strategies[45](index=45&type=chunk) [Interim Dividend](index=19&type=section&id=Interim%20Dividend) The Board declared an interim dividend of HKD 0.035 per share for the six months ended June 30, 2025, totaling approximately HKD 10.697 million, consistent with the prior year - The Board declared an interim dividend of **HKD 0.035 per share** for the six months ended June 30, 2025, totaling approximately **HKD 10.697 million**[46](index=46&type=chunk) - The dividend will be paid on October 3, 2025, to shareholders whose names appear on the register of members on September 12, 2025[46](index=46&type=chunk) [Closure of Register of Members](index=19&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company will suspend its share transfer registration from September 11 to September 12, 2025 - The company's share transfer registration will be suspended from Thursday, September 11, 2025, to Friday, September 12, 2025, both days inclusive, to determine shareholders entitled to the interim dividend[47](index=47&type=chunk) [Corporate Governance](index=19&type=section&id=Corporate%20Governance) For the six-month accounting period ended June 30, 2025, the company applied and complied with all principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - For the six-month accounting period ended June 30, 2025, the company applied and complied with all principles and applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[48](index=48&type=chunk) [Review by Audit Committee](index=20&type=section&id=Review%20by%20Audit%20Committee) The company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information and interim report for the six months ended June 30, 2025 - The company's Audit Committee has reviewed the Group's unaudited condensed consolidated financial information and interim report for the six months ended June 30, 2025[49](index=49&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the six-month period ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the six-month period ended June 30, 2025, the company did not redeem any of its listed securities, and neither the company nor its subsidiaries purchased or sold any of the company's listed securities[50](index=50&type=chunk) [Publication of Results Announcement and Interim Report](index=20&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) The results announcement has been published on the company's and HKEX websites, and the interim report will be published and dispatched to shareholders on or before September 30, 2025 - This announcement is published on the company's website (www.highfashion.com.hk) and the HKEX website (www.hkexnews.hk)[51](index=51&type=chunk) - The 2025 Interim Report will be published and dispatched to the company's shareholders on or before Tuesday, September 30, 2025[51](index=51&type=chunk) [Appointment of Nomination Committee Members](index=20&type=section&id=Appointment%20of%20Nomination%20Committee%20Members) Ms. Leung Wing Man and Mr. Wong Chun Cheong were appointed as members of the Nomination Committee effective August 26, 2025 - Effective August 26, 2025, Ms. Leung Wing Man, a non-executive director, and Mr. Wong Chun Cheong, an independent non-executive director, were appointed as members of the company's Nomination Committee[52](index=52&type=chunk)

Core Insights - *ST HuKe reported a significant decline in total revenue and net profit for the first half of 2025, indicating ongoing financial challenges [1][2] - The company experienced an increase in cash flow from operating activities, suggesting some operational efficiency despite overall revenue decline [1] - The gross profit margin improved significantly, reflecting better cost management or pricing strategies [1] Financial Performance - Total revenue for the first half of 2025 was 4.40 million yuan, a decrease of 65.00% compared to the same period last year [1] - Net profit attributable to shareholders was 34,900 yuan, down 95.81% year-on-year [1] - Operating cash flow increased by 682,000 yuan, up 35.08% from the previous year [1] Profitability Metrics - The latest gross profit margin stood at 92.16%, an increase of 56.23 percentage points year-on-year [1] - Return on equity (ROE) was 0.09%, a decrease of 1.79 percentage points compared to the same period last year [1][2] Shareholder Information - The number of shareholders was 12,000, with the top ten shareholders holding 34.11% of the total shares [2] - The largest shareholder, Kunming Transportation Investment Group, held 12.0 million shares [2]

Group 1 - The company, Dali International (00608.HK), announced that it will hold a board meeting on August 26, 2025, to approve the publication of its interim results for the six months ending June 30, 2025 [1] - The board meeting will also consider the payment of an interim dividend, if applicable [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公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 香港，二零二五年八月十四日 於本公告日，董事會成員包括：(1)執行董事：林富華先生、林知譽先生及林典譽先 生；(2)非執行董事：梁詠雯女士；及(3)獨立非執行董事：鍾國斌先生、唐希強先生、 劉業成先生及黃俊碩先生。 董事會會議召開日期 達利國際集團有限公司(「本公司」)之董事會(「董事會」)宣佈，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(其中包括)批准刊發本公司及其附 屬公司截至二零二五年六月三十日止六個月之中期業績，以及考慮派付中期股息(如 適用)。 承董事會命 達利國際集團有限公司 執行董事及董事總經理 林知譽 ...

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: 達利國際集團有限公司 呈交日期: 2025年8月6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) | 00608 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 1. 股份分類 ...

Core Viewpoint - China is the world's largest producer of silk, with a rich history of over 5000 years in sericulture and silk production, and the industry plays a significant role in economic development, cultural confidence, and international cooperation [1][9]. Industry Characteristics and Categories - The silk industry encompasses a complete industrial chain from sericulture to silk processing and product sales, characterized by labor intensity, resource dependence, high added value, and strong cultural attributes [2][6]. - Silk products can be categorized into raw silk, silk fabrics, finished silk products, and by-products [4]. Current Development Status - In 2023, China's silkworm cocoon production was 806,700 tons, projected to decrease to approximately 780,000 tons in 2024. The average purchase price for silkworm cocoons in 2023 was 55.46 yuan/kg [6][8]. - The revenue of large-scale silk enterprises in China is expected to reach 76.585 billion yuan in 2024, an increase of 11.829 billion yuan from 2023 [9][11]. - The silk processing industry is divided into three main categories: silk reeling, silk weaving, and silk dyeing, with the silk weaving sector generating the highest revenue [9][12]. Production and Revenue - The production of silk and blended fabrics is projected to reach 269 million meters in 2024, a 6.2% increase from 2023 [11]. - The revenue growth rates for different segments in 2024 are as follows: silk weaving and processing at 2.6%, silk reeling at 11.36%, and silk dyeing at a decline of 1.4% [9][12]. Industry Chain - The silk industry has developed a complete supply chain, including raw material supply, silk manufacturing, and product distribution, with key upstream activities involving mulberry cultivation and silkworm breeding [13]. Competitive Landscape - The silk industry is characterized by a rich cultural heritage, with major companies like Jiaxin Silk, Kai Xiya, and others leading the market. The market concentration is relatively low, with a CR7 of 11% [15][18]. Development Trends - The silk industry is transitioning from traditional manufacturing to high value-added, intelligent, and green production methods, maintaining a competitive edge in the international market [20].

Financial Performance - The net profit attributable to shareholders for the year ended December 31, 2024, was HKD 91.7 million[10]. - The group's revenue for 2024 was HKD 3,337 million, showing a decrease from HKD 3,515 million in 2023[23]. - In 2024, the company's revenue reached HKD 3.337 billion, a slight increase from HKD 3.307 billion in 2023, with a gross profit of HKD 645.7 million and a gross margin of 19.3%[29]. - The profit for 2024 was HKD 95.9 million, down from HKD 112.8 million in 2023[29]. - Revenue from the Chinese market was HKD 1.935 billion, accounting for 58.0% of total revenue, while sales in the US and Europe were HKD 833 million, representing 25.0%[29]. - The company's administrative expenses as a percentage of total revenue decreased to 8.6% in 2024 from 9.0% in 2023, and sales and distribution expenses decreased to 6.1% from 6.7%[32]. - Financial expenses decreased from HKD 80.7 million in 2023 to HKD 72.9 million in 2024, primarily due to reduced bank loan and overdraft interest[33]. - The earnings per share for 2024 were HKD 0.30, down from HKD 0.37 in 2023, while the net asset value per share remained stable at HKD 10.11[33]. Sustainability and Development - The company is focusing on sustainable product development and has invested in R&D to achieve significant carbon reduction through innovative materials[11]. - The company has integrated environmental practices into its business model, achieving multiple international certifications and awards for its green supply chain initiatives[27]. - The company continues to focus on sustainable development and digital transformation to enhance operational efficiency and customer value[37]. - The company integrates sustainability goals into its business strategy, promoting environmental protection and community support[115]. Corporate Governance - The company has independent directors with diverse backgrounds, including finance, law enforcement, and academia, enhancing its governance structure[57]. - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[117]. - The company emphasizes the importance of board diversity, considering factors such as gender, age, cultural background, and professional experience[149]. - The board's independence is ensured through various policies, and all independent non-executive directors have submitted annual independence confirmations[122]. - The company has established a nomination policy to enhance board diversity and ensure effective succession planning[144]. Financial Position and Ratios - The current ratio is 1.2, and the ratio of non-current liabilities to shareholders' equity is 40.2%[13]. - As of December 31, 2024, the ratio of non-current liabilities to shareholders' equity was 40.2%, up from 36.9% as of December 31, 2023[41]. - The current ratio improved to 1.2 as of December 31, 2024, compared to 1.1 a year earlier, indicating a solid capital base[41]. - The total cash and cash equivalents, short-term deposits, and other financial assets amounted to HKD 593.8 million as of December 31, 2024, down from HKD 875.4 million a year earlier[39]. Shareholder Communication and Dividends - The company declared an interim dividend of HKD 0.035 per share on October 4, 2024, and does not recommend a final dividend for the year ending December 31, 2024, compared to HKD 0.12 per share in 2023[63]. - The board will review the dividend policy periodically, considering factors such as financial performance and future business needs[66]. - The company emphasizes the importance of communication with shareholders to enhance their understanding of the group's prospects and operations[179]. - The board reviews the shareholder communication policy annually to ensure its effectiveness and appropriateness[186]. Risk Management and Internal Controls - The company has established a robust risk management and internal control system, with no significant issues identified during the year, although areas for improvement remain[165]. - The internal audit department has confirmed that the internal control system is operating effectively, with no significant deficiencies found during the audit process for the year ending December 31, 2024[174]. - The board reviews the effectiveness of the internal control system annually, ensuring it encompasses financial, operational, and compliance controls[165]. - The company has implemented procedures for ongoing identification, assessment, and management of significant risks faced by the group[166]. Investments and Capital Expenditures - Capital expenditures for 2024 totaled HKD 94.8 million, an increase from HKD 81.6 million in 2023, focusing on manufacturing capacity and environmental infrastructure[44]. - The company has capital commitments for property, plant, and equipment amounting to HKD 394.4 million as of December 31, 2024, compared to HKD 375.7 million in 2023[45]. - The group has pledged properties, plants, and equipment valued at HKD 33.1 million and investment properties at HKD 18.677 billion for bank borrowings[43]. Audit and Compliance - The consolidated financial statements for the year ended December 31, 2024, were audited by Deloitte[108]. - The audit opinion confirms that the financial statements are free from material misstatement due to fraud or error[198]. - The independent auditor has assessed the qualifications and objectivity of the valuation experts involved in the investment property valuation[193]. - The company’s financial reporting complies with the disclosure requirements of the Hong Kong Companies Ordinance[188]. Employee and Workforce Management - The workforce remained stable at approximately 5,000 employees as of December 31, 2024, with a focus on training and competitive compensation[47]. - The company encourages a culture of selflessness and prioritizes employee welfare and growth through extensive training opportunities[112]. - All directors participated in continuous professional development, covering topics such as ESG trends, financial reporting, and compliance regulations[159]. Strategic Initiatives - The establishment of the "Rui Chuang World Qianjiang Technology Industrial Park" is expected to provide stable cash flow and enhance the core fashion business through cross-industry collaboration[14]. - The company is enhancing its global supply chain network and promoting digital transformation in fashion manufacturing to improve operational efficiency[12]. - Strategic investments include advanced automation and smart manufacturing systems, aligning with commitments to sustainable manufacturing and digital transformation[44].

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 3,336,832,000, an increase from HKD 3,306,882,000 in 2023, representing a growth of approximately 0.9%[7] - The net profit attributable to shareholders for the year was HKD 91,681,000, down from HKD 113,662,000 in 2023, indicating a decrease of about 19.4%[8] - Basic earnings per share for the year were HKD 0.30, compared to HKD 0.37 in the previous year, reflecting a decline of approximately 18.9%[8] - The operating profit margin decreased, with operating profit at HKD 112,772,000, down from HKD 142,245,000 in 2023, a decline of about 20.7%[7] - The total comprehensive income for the year was HKD 44,151,000, a significant increase from HKD 3,654,000 in 2023[8] - The profit attributable to shareholders for 2024 was HKD 91,681,000, down from HKD 113,662,000 in 2023, indicating a decrease of 19.4%[25] - In 2024, the company's revenue reached HKD 3.337 billion, a slight increase from HKD 3.307 billion in 2023, with a gross profit of HKD 645.7 million and a gross margin of 19.3%[33] Revenue Breakdown - Revenue from garment manufacturing and trading was HKD 3,219,982,000, up from HKD 3,189,702,000 in the previous year, indicating a growth of about 0.9%[16] - Revenue from the Chinese market was HKD 1.935 billion, accounting for 58.0% of total revenue, while sales in the US and Europe amounted to HKD 833 million, representing 25.0% of total revenue[33] - The apparel manufacturing and trading segment generated revenue of HKD 3.220 billion in 2024, with a profit contribution of HKD 144.5 million[35] - The property investment and development segment reported revenue of HKD 116.9 million in 2024, with a profit contribution of HKD 19.0 million[37] Expenses and Costs - The cost of goods sold for 2024 was HKD 2,535,506,000, compared to HKD 2,461,803,000 in 2023, reflecting an increase of 3%[24] - Interest expenses totaled HKD 76,756,000 in 2024, down from HKD 86,545,000 in 2023, showing a reduction of 11.3%[23] - The total financial costs for 2024 were HKD 80,706,000, a decrease from HKD 86,545,000 in 2023, indicating a reduction of 6.5%[23] - The company's administrative expenses as a percentage of total revenue decreased to 8.6% in 2024 from 9.0% in 2023, while sales and distribution expenses decreased to 6.1% from 6.7%[34] Assets and Liabilities - The net asset value decreased slightly to HKD 3,091,058,000 in 2024 from HKD 3,094,277,000 in 2023, a decline of approximately 0.1%[10] - The total non-current assets amounted to HKD 4,012,922,000 in 2024, a decrease from HKD 4,053,307,000 in 2023, representing a decline of about 1%[9] - Cash and cash equivalents decreased significantly to HKD 333,643,000 from HKD 557,722,000, a drop of approximately 40.2%[9] - The company's total liabilities decreased to HKD 1,251,688,000 in 2024 from HKD 1,152,286,000 in 2023, indicating a reduction of about 8.6%[10] - The company's bank loans decreased to HKD 763,863,000 in 2024 from HKD 900,107,000 in 2023, a reduction of approximately 15.1%[9] - The non-current liabilities to shareholders' equity ratio increased to 40.2% as of December 31, 2024, compared to 36.9% as of December 31, 2023, indicating a shift in capital structure[40] Investments and Development - The company is focusing on sustainable product development and has invested in R&D to achieve significant carbon reduction in its products[4] - The establishment of the "Rui Chuang World Qianjiang Technology Industrial Park" marks a significant milestone, expected to enhance cash flow stability and foster innovation across industries[6] - The company continues to invest in AI technology to optimize production processes and enhance supply chain integration, significantly improving operational agility and cost efficiency[31] - The company is committed to sustainable manufacturing practices, integrating eco-friendly materials and energy-saving processes into its business model[31] - The company has received multiple international certifications and industry awards for its green supply chain initiatives, enhancing its strategic partnerships with leading global brands[31] - The company aims to deepen its impact on sustainable development and strengthen its global presence in emerging markets through dynamic resource allocation and flexible strategic adjustments[32] Operational Efficiency - The company is enhancing its global supply chain network and digital transformation in fashion manufacturing to improve operational efficiency and strategic value[6] - The company has established a comprehensive reporting mechanism and complaint channels to ensure operational transparency and compliance with anti-corruption policies[40] - The company continues to monitor foreign currency risks, particularly related to RMB and USD, with a focus on mitigating risks associated with currency fluctuations[41] Employee and Dividend Information - The company has approximately 5,000 employees as of December 31, 2024, maintaining a focus on employee training and competitive compensation packages[46] - The company has decided not to declare a final dividend for the year, reflecting a cautious approach amid challenging market conditions[4] - The company did not recommend a final dividend for the year ending December 31, 2024, maintaining the interim dividend at HKD 0.035 per share[27] - The company did not declare a final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.12 per share totaling HKD 36.674 million in 2023[48]

Financial Performance - Shareholders' profit for the first half of 2024 was HKD 53.3 million[2] - Basic earnings per share were HKD 0.17[3] - The group's revenue for the first half of 2024 increased by 1.9% to HKD 1.643 billion compared to HKD 1.612 billion in the same period of 2023[8] - Gross profit decreased by 0.2% to approximately HKD 338 million, with a gross margin of 20.6%, down from 21.0% in the previous year[8] - Profit for the first half of 2024 was HKD 53.1 million, a decrease from HKD 58.6 million in the same period of 2023[8] - Basic earnings per share decreased by 10.5% to HKD 0.17 from HKD 0.19 in the previous year[8] - The company's profit attributable to shareholders for the six months ended June 30, 2024, was HKD 53,305,000, a decrease of 8.8% compared to HKD 57,899,000 for the same period in 2023[45] Revenue Breakdown - Revenue from China accounted for 58.1% of total revenue, increasing by 6.3% to HKD 955.1 million[8] - Revenue from the US and Europe decreased to HKD 408.8 million, representing 24.9% of total revenue, down from 27.2%[8] - The apparel manufacturing and trading segment generated revenue of HKD 1.578 billion, an increase of 1.4% from HKD 1.556 billion in the previous year[10] - The property investment and development segment's revenue rose to HKD 65.5 million from HKD 56.7 million in the same period of 2023[11] - Revenue for the six months ended June 30, 2024, reached HKD 1,643,045,000, an increase from HKD 1,612,439,000 in the same period of 2023, representing a growth of approximately 1.9%[36] - Revenue from customer contracts in the apparel manufacturing and trading segment was HKD 1,577,545,000, compared to HKD 1,555,728,000 in the previous year, indicating a growth of about 1.4%[37] - Rental income recognized under HKFRS 16 for the six months was HKD 65,500,000, up from HKD 56,711,000, reflecting an increase of approximately 15.5%[36] Cash Flow and Liquidity - For the first half of 2024, the net cash outflow from operating activities was approximately HKD 45.2 million, yet the company maintains confidence in its liquidity and financing capabilities[15] - The net cash inflow from operating activities for the six months ended June 30, 2024, was a net outflow of HKD 45,158, a significant decrease from a net inflow of HKD 100,507 in the same period last year[30] - The company reported a net cash increase of HKD 112,144 for the six months ended June 30, 2024, compared to a minimal increase of HKD 557 in the previous year[31] Capital Structure - The ratio of non-current liabilities to shareholders' equity was 43.2%[2] - Bank loans increased from HKD 1,642 million as of December 31, 2023, to HKD 1,930 million as of June 30, 2024, primarily for property construction and fixed asset investments in mainland China[15] - The ratio of non-current liabilities to shareholders' equity rose to 43.2% as of June 30, 2024, compared to 36.9% as of December 31, 2023, indicating a shift in capital structure[15] - The total liabilities as of June 30, 2024, were HKD 1,337,757, an increase from HKD 1,152,286 in the previous year[27] - The company's total non-current liabilities increased to HKD 1,337,757 from HKD 1,152,286 year-on-year, indicating a rise in long-term obligations[27] Investments and Expenditures - Capital expenditures during the period amounted to approximately HKD 47.7 million, aimed at enhancing production efficiency and environmental equipment[19] - The company has capital commitments of HKD 267.6 million for property, machinery, and construction projects as of June 30, 2024[20] - The group is expanding its project in Hangzhou, aiming to attract high-tech talent to enhance innovation and provide stable cash flow[11] Corporate Governance and Shareholder Information - The company maintains compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations[70] - Major shareholder Hinton Company Limited holds 170,867,620 shares, representing 55.91% of the company's issued capital[85] - The company’s major shareholder, Liang Shuk Ping, is considered to have an interest in 223,859,361 shares, accounting for 73.25% of the issued shares[85] - The issued share capital of the company as of June 30, 2024, is 305,615,420 shares[76] Sustainability and Strategic Focus - The company is focusing on sustainable development and integrating ESG into its business strategy[3] - The group is committed to sustainable development by integrating green technologies into production processes to reduce carbon emissions[10] - The company aims to strengthen its market competitiveness and risk resilience by expanding into emerging markets[7] Financial Reporting and Compliance - The company has applied revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the period[35] - The company has not engaged in any buybacks or sales of its listed securities during the six months ending June 30, 2024[72] - There were no transfers between Level 1, Level 2, and Level 3 financial assets and liabilities during the reporting period[65]