Core Viewpoint - The company, Maoye International (00848.HK), anticipates a net profit of approximately RMB 100 million to RMB 130 million for the six months ending June 30, 2025, a decrease compared to the net profit of RMB 950.3 million recorded for the same period ending June 30, 2024 [1] Group 1: Financial Performance - The expected net profit for the first half of 2025 represents a decline compared to the previous year, primarily due to a decrease in revenue from the department store retail business [1] - The decline in revenue is attributed to the overall stagnation and gradual transformation of the department store retail industry, which has directly impacted the company's revenue and profit [1] Group 2: Market Conditions - The report period experienced insufficient consumer spending power, leading to a general decline in consumer transaction values, which further pressured the company's performance [1] - Some new business models are still in the cultivation phase, resulting in relatively low revenue and growth during this period [1] Group 3: Strategic Adjustments - The company is actively updating its business models to better adapt to new trends in the retail industry, including adjustments to brands, products, and services [1] - The cultivation phase of some new business models is expected to yield lower returns initially, impacting overall performance [1]

公告称，集团2025年上半年凈利润较2024年同期减少的主要原因如下：2025年上半年，百货零售主业营 收下降，主要因为百货零售行业整体处于存量博奕及逐步转型之期，集团主业营收与利润均受直接影 响;再者，报告期间，居民消费动能不足，消费客单价普遍下降，亦致使业绩承压。为更好的适应零售 行业的新风尚，集团处于积极更新业态，调改品牌、商品与服务之期，部分新业态尚需培育期，在培育 期中回报处于相对较低阶段。 智通财经APP讯，茂业国际(00848)公布，预期该集团截至2025年6月30日止六个月将取得净利润约为人 民币1000万元至人民币1300万元之间。而截至2024年6月30日止6个月取得净利润为人民币9503万元(经 重述后)。 ...

格隆汇8月15日丨茂业国际(00848.HK)宣布，本公司将于2025年8月27日(星期三)举行董事会会议，藉以 （其中包括）批准刊发本公司及其附属公司截至2025年6月30日止六个月的综合中期业绩公告，以及考 虑派发中期股息（如有）。 ...

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，概不對本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。 Maoye International Holdings Limited 茂業國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：848） 內幕消息 盈利預警 本公告由茂業國際控股有限公司（「本公司」，連同其附屬公司統稱為「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(2)(a)條及香港法 例第571章《證券及期貨條例》第XIVA部項下內幕消息條文（定義見上市規則）而作出。 本公司董事會（「董事會」）謹此通知本公司股東及潛在投資者，根據本集團截至2025 年6月30日止六個月之未經審核綜合管理賬目以及董事會現時獲得的資料的初步評估， 預期本集團截至2025年6月30日止六個月將錄得淨利潤約為人民幣10百萬元至人民幣13 百萬元之間。而截至2024年6月30日止6個月（「2024年半年度」）錄得淨利潤為人民幣 95.03百萬元(經重述后）。本集團2025年上半年 ...

茂業國際控股有限公司 董事長 黃茂如先生 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，概不對本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。 MAOYE INTERNATIONAL HOLDINGS LIMITED 茂業國際控股有限公司 （於開曼群島註冊成立之有限公司） (股份代號: 848) 董事會會議召開日期 茂業國際控股有限公司 (「本公司」) 之董事會（「董事會」） 謹此宣佈，本公司將於 2025 年 8 月 27 日 (星期三) 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 2025 年 6 月 30 日止六個月之綜合中期業績公告，以及考慮派發中期股 息（如有）。 代表董事會 香港，2025 年 8 月 15 日 於本公告刊發日期，董事會包括三位執行董事，分別為黃茂如先生、盧小娟女士及唐 海峰先生；一位非執行董事黃維正先生；以及三位獨立非執行董事，分別為饒永先 生、浦炳榮先生及高亞軍先生。 ...

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: 茂業國際控股有限公司 呈交日期: 2025年8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) | 00848 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.1 | HKD | | 900,000,000 | 本月底法定/註冊股本 ...

Financial Performance - Total sales proceeds and rental income for the year ended December 31, 2024, were RMB 7,398,080,000, a decrease of 14.2% from RMB 8,622,913,000 in 2023[16] - Total operating revenue for 2024 was RMB 4,999,130,000, down 5.8% from RMB 5,306,289,000 in 2023[16] - Operating profit for 2024 was RMB 897,286,000, a decline of 26.0% compared to RMB 1,212,927,000 in 2023[16] - The company reported a loss for the year of RMB 99,921,000, compared to a loss of RMB 8,316,000 in 2023[16] - Basic loss per share for 2024 was RMB (0.02), compared to RMB (0.01) in 2023[16] - Total assets decreased to RMB 46,462,491,000 in 2024 from RMB 48,950,112,000 in 2023, representing a decline of 5.1%[21] - Total liabilities decreased significantly from RMB 33,120,868,000 in 2023 to RMB 24,227,987,000 in 2024, a reduction of 26.9%[21] - Total equity increased to RMB 22,234,504,000 in 2024 from RMB 15,829,244,000 in 2023, marking a growth of 40.3%[21] - The Group reported a net loss of RMB 99.9 million for 2024, an increase of 1,101.6% based on restated figures compared to the previous year[88] Business Strategy and Market Position - The Group aims to transform from traditional department store retail to a new retail business model, integrating online and offline business development[8] - The Group has expanded into key markets in Eastern, Southwestern, and Northern China, strengthening its leading position in the industry[7] - The company has been focusing on medium-to-high end commercial retail trends in China, leveraging its operational experience and brand resources[8] - The Group's unique operation model of "retail + commercial property" has supported its rapid growth and market expansion[6] - Future strategies include exploring new product lines and technologies to drive revenue growth and improve operational efficiency[25] - The Group aims to enhance consumer experience and attract new customers through a diversified product mix and creative marketing strategies[44] - The Group's focus on brand building and product optimization is part of its strategy to respond to changing consumer behaviors[34] Retail and Consumer Trends - In 2024, China's GDP was approximately RMB 135 trillion, with a year-on-year growth of 5.0%, while total retail sales of consumer goods reached RMB 48.8 trillion, growing by 3.5% year-on-year[31] - Retail sales of the 100 key large-scale retail enterprises in China decreased by 4.3% year-on-year in 2024[31] - The retail industry is increasingly focusing on experience and emotional value, leading to the emergence of new department store formats and brands[31] - The company focused on customer-centric transformation, enhancing product quality and service, and optimizing product mix to meet consumer needs[32] - The company aims to create a 'smart retail' business ecosystem, enhancing personalized shopping experiences for consumers[32] Operational Efficiency and Cost Management - The company implemented a strategy of concessionaire sales to leasing, improving operational efficiency and reducing costs through the use of big data and AI technologies[32] - The Group's operational quality and management have improved, leading to a gradual recovery in business performance and sustainable development[44] - The Group's control on operating costs showed remarkable results, with significant reductions in expenses enhancing overall efficiency[53] - The Group implemented strategies for precise optimization, streamlining, and cost control to enhance operational efficiency[53] - The Group introduced artificial intelligence and big data technologies to replace labor-intensive processes, significantly reducing labor costs[53] Digital Transformation and Technology Integration - The Group's online and offline omni-channel sales strategies were strengthened to capture market opportunities[34] - The Group achieved online full-price sales of approximately RMB 300 million for the full year of 2024, leveraging various applications to capture market traffic[56] - The total number of live broadcasts on Douyin reached 350, with a 16% increase in daily sales percentage[56] - The AI outbound call promotion function in the "Mao Le Hui" self-operated mall achieved a 40% intention rate, outperforming traditional SMS methods[61] - The Group actively integrated online and offline channels, achieving a high degree of digitalization in its operations[55] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended 31 December 2024, except for a deviation from code provision C.2.1[112] - The Board is responsible for overall management and control, including approval of strategic policies and plans to enhance shareholder interests[114] - The Company is committed to enhancing corporate governance practices to align with statutory and professional standards[113] - The implementation and effectiveness of corporate governance mechanisms are reviewed annually, confirming proper implementation in 2024[128] - The Company has established mechanisms to ensure independent views and input are available to the Board[122] Future Outlook - The Group's future outlook anticipates a moderate rebound in the domestic macroeconomy and an optimistic trend in the department store retail industry due to policies promoting domestic demand[66] - The Group plans to transform traditional department stores into diversified formats, including shopping centers and experiential retailing[66] - The Group aims to enhance digital intelligence and integrate technology to improve operational efficiency and explore new business growth points[66] - The Group will continue to focus on innovation and multi-dimensional upgrades to adapt to the changing market landscape[66] Membership and Customer Engagement - The total number of "Mao Le Hui" members reached 3.6 million, a year-on-year increase of 5.2%, with a new member conversion rate of 84.76%, up 32% year-on-year[61] - The "Mao Le Hui" membership management system added 753,500 new members, bringing the total to 18.66 million, with total member consumption amounting to RMB3,148 million[63] - The average monthly user interaction and activity increased by 700% year-on-year, driven by corporate account promotions and private messaging groups[61] Financial Management and Audit - The Audit Committee held 4 meetings during the year ended December 31, 2024, discussing significant issues with external auditors[152] - The Audit Committee reviewed financial statements and reports, ensuring the accuracy and effectiveness of the Company's financial reporting system[150] - The Company has developed risk management procedures with a clear division of power and responsibility[176] - The external auditors reported on their responsibilities regarding the Company's financial statements for the year ended December 31, 2024[182]

Financial Performance - Total retail sales (including leased merchants) reached RMB 8,328.5 million[2] - Total revenue from sales and leasing income amounted to RMB 7,398.1 million[2] - The company recorded a pre-tax profit of RMB 158.4 million, with a net loss of RMB 99.9 million for the year[2] - Basic loss per share for the year was RMB 1.89, and the board recommended no final dividend for the year ended December 31, 2024[2] - Total revenue for the year was RMB 4,018.4 million, a decrease of 3.9% from RMB 4,180.8 million in 2023[3] - Operating profit decreased to RMB 897.3 million from RMB 1,212.9 million, reflecting a decline of 26%[3] - The company reported a comprehensive loss of RMB 394.8 million for the year, compared to a loss of RMB 247.4 million in 2023[5] - The company’s equity attributable to ordinary shareholders decreased to RMB 12,930.3 million from RMB 13,361.1 million[8] - Total sales and rental income for the year ended December 31, 2024, was RMB 7,398.1 million, a decrease of 14.2% compared to RMB 8,622.9 million in 2023[71] - The main business revenue for the year was RMB 4,018.4 million, down from RMB 4,180.8 million in 2023, a decrease of approximately RMB 162.4 million[72] Assets and Liabilities - Total assets decreased to RMB 46,462.5 million from RMB 48,950.1 million, a reduction of 5.1%[6] - Total liabilities decreased significantly to RMB 24,228.0 million from RMB 33,120.9 million, a decline of 26.8%[8] - As of December 31, 2024, the group's current liabilities net amount is approximately RMB 3,108,433,000, with current bank and other borrowings due within the next 12 months amounting to RMB 4,422,287,000[11] - The company reported a basic loss per share attributable to ordinary shareholders of RMB 97,178,000 for the year ended December 31, 2024, compared to a loss of RMB 34,738,000 for 2023[44]. - The company's trade payables as of December 31, 2024, amounted to RMB 1,263,464,000, a decrease from RMB 1,458,160,000 in 2023, reflecting a reduction of 13.4%[46]. Revenue Streams - Franchise sales accounted for 67.6% of total sales and rental income, direct sales accounted for 16.1%, and rental income accounted for 16.3%[70] - Revenue from property sales increased to RMB 772,430 thousand in 2024, up from RMB 464,366 thousand in 2023, representing a growth of approximately 66.2%[32] - Other income decreased to RMB 980,683 thousand from RMB 1,125,475 thousand in the previous year, reflecting a decline of about 12.9%[27][36] Operational Efficiency - Employee expenses totaled RMB 394,844 thousand, down from RMB 414,298 thousand in 2023, showing a reduction of about 4.7%[27][38] - Financing costs decreased to RMB 690,243 thousand from RMB 965,288 thousand in the previous year, a decline of approximately 28.5%[27][39] - Capital expenditures for the year amounted to RMB 362,497 thousand, compared to RMB 730,440 thousand in 2023, indicating a significant decrease of about 50.5%[27][29] - A significant reduction in operational expenses has been achieved, further enhancing the company's profitability and operational momentum[58] Market Trends and Strategies - The retail sales of consumer goods in China for 2024 reached RMB 48.8 trillion, with a year-on-year growth of 3.5%[50]. - The company aims to enhance consumer confidence and adapt to market changes, anticipating a new business cycle in the traditional retail sector in 2025[51]. - The company continues to reshape its business model, focusing on shopping center transformation and joint leasing strategies, leading to an increase in rental income as a percentage of total revenue[54] - The introduction of popular brands, including domestic fashion and high-end cosmetics, has increased their presence in major stores, contributing to overall sales performance[57] - The group plans to embrace technological changes and consumer preference shifts, aiming for a seamless integration of online and offline channels while enhancing digital operations to drive new growth points[64] Digital Transformation - The company is committed to digital transformation, developing online marketing apps to capture market trends and enhance the integration of online and offline operations[59] - In 2024, the group's online sales reached nearly RMB 300 million, with a significant contribution of 45% from the newly launched distribution feature in the self-operated online mall "Maolehui" after its launch in September 2024[60] - The total number of members for "Maolehui" surpassed 3.6 million, representing a year-on-year growth of 5.2%, while the new member conversion rate reached 84.76%, up 32% from 2023[61] Corporate Governance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance company value[89] - The audit committee, composed of all independent non-executive directors, reviewed the group's performance for the year ended December 31, 2024[91] - The company's auditor, PwC, confirmed that the preliminary financial figures align with the draft consolidated financial report for the year ended December 31, 2024[91]

Store Operations and Expansion - As of June 30, 2024, the Group operated 49 stores across 21 cities in China, with a total gross floor area of approximately 3.1 million sq.m., of which 78.1% was attributable to self-owned properties[9]. - The Group has strengthened its leading position in Southern China and expanded into rapidly growing markets in Eastern, Southwestern, and Northern China[9]. - The Group's store distribution includes key cities such as Shenzhen, Chengdu, and Nanjing, indicating a strategic presence in major urban areas[18]. - The Group's total number of stores reached 49, with a gross floor area of 3,128,155 sq.m, indicating significant operational scale[19]. Financial Performance - For the six months ended June 30, 2024, total sales proceeds and rental income amounted to RMB 3,996,652 thousand, a decrease of 9.9% compared to RMB 4,437,879 thousand in the same period of 2023[10]. - Total operating revenue for the same period was RMB 3,018,329 thousand, up 7.1% from RMB 2,819,426 thousand in 2023[10]. - Operating profit decreased to RMB 628,878 thousand, down 11.3% from RMB 709,286 thousand in the previous year[10]. - Profit for the period attributable to owners of the parent increased to RMB 100,935 thousand, a rise of 20.9% compared to RMB 83,501 thousand in 2023[10]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 2.0 cents, up from RMB 1.6 cents in the same period of 2023[10][11]. Market Trends and Consumer Behavior - The GDP of mainland China reached RMB 61.68 trillion in the first half of 2024, representing a year-on-year increase of 5.0%[14]. - Total retail sales of social consumer goods in China reached approximately RMB 23.6 trillion, a year-on-year increase of 3.7%[15]. - Online retail sales increased by 9.8% year-on-year to RMB 7.0 trillion, with physical goods online retail sales rising by 8.8% to RMB 5.95 trillion[15]. - The Group's ongoing store upgrades and operational adjustments aimed to strengthen its competitive position in the market and ensure sustainable development[20]. Strategic Initiatives and Innovations - The Group is actively transforming from traditional department store retail to a new retail business model, integrating online and offline advantages[9]. - The Group focused on refined management of commodities and enhanced brand quality, aiming to adapt to evolving consumer trends and improve operational effectiveness[20]. - The Group implemented targeted optimization in its supply chain, reducing costs and increasing operational efficiency through refined management and technology innovations[24]. - The introduction of new consumer categories and cooperation with cost-effective brands was part of the Group's strategy to align with current consumer trends[23]. Membership and Customer Engagement - During the reporting period, the "Mao Yue Hui" membership management system attracted 454.6 thousand new members, bringing the total to 18.36 million members, with total member consumption reaching RMB 1,780 million[33][34]. - The "Mao Le Hui" platform generated a total sales volume (GMV) of RMB 105 million in the first half of 2024, attracting 66,000 new members with a conversion rate of 17%[32]. - The Group's marketing strategies adapted to new consumer trends, focusing on omni-channel marketing and integrating online and offline sales[30]. Financial Position and Liabilities - As of June 30, 2024, the Group had net current liabilities of approximately RMB 10,433.1 million[54]. - Cash and cash equivalents decreased to RMB 715.9 million from RMB 722.8 million as of December 31, 2023, a reduction of RMB 6.9 million[54]. - The Group reported a net cash inflow of RMB 891.0 million from operating activities during the first half of 2024[56]. - The interest-bearing gearing ratio was 23.5% and the net interest-bearing debt to equity ratio was 66.7%, compared to 24.1% and 69.6% as of December 31, 2023, respectively[57]. Related Party Transactions and Governance - The immediate holding company, Maoye Department Store Investment Limited, is wholly owned by Mr. Huang Mao Ru, who also holds 100% of the shares in MOY International Holdings Limited[62][64]. - The Group's ability to repay its debts relies heavily on future operating cash flows, the ability to renew bank borrowings, and continuous financial support from the Ultimate Controlling Shareholder[107]. - The Board does not recommend declaring an interim dividend for the six months ended June 30, 2024, consistent with the previous year[57]. Asset Management and Investments - The net carrying amount of investment properties as of June 30, 2024, is RMB 21,822,172,000, slightly up from RMB 21,806,780,000 as of December 31, 2023[151]. - The Group recognized an impairment loss of RMB 17,244,000 for its investment in Shenzhen UGO E-Commerce Co., Ltd. during the six months ended June 30, 2024, following an accumulated impairment allowance of RMB 200,604,000 recognized in 2023[157]. - The total carrying amount of prepayments and other receivables is RMB 2,425,962 as of June 30, 2024, compared to RMB 2,576,417 as of December 31, 2023, reflecting a decrease of approximately 5.8%[165]. Compliance and Corporate Governance - The Company has complied with the Corporate Governance Code provisions during the six months ended June 30, 2024, with a noted deviation regarding the roles of Mr. Huang Mao Ru as both Chairman and CEO[74]. - The Audit Committee, consisting of all independent non-executive directors, reviewed the unaudited interim results for the six months ended June 30, 2024[75]. - No incidents of non-compliance with the Employees Written Guidelines were noted during the six months ended June 30, 2024[74].

Financial Performance - Total retail sales reached RMB 4,524.5 million[1] - Sales revenue decreased by 13.4% year-on-year to RMB 3,363.7 million[1] - Total operating income grew by 7.1% year-on-year to RMB 3,018.3 million[1] - Net profit increased by 20.3% year-on-year to RMB 115.6 million[1] - Net profit attributable to equity holders of the parent company increased to RMB 100,935 thousand in 2024 from RMB 83,501 thousand in 2023, a growth of 20.9%[18][19] - Operating profit rose to RMB 628,878 thousand in 2024 from RMB 709,286 thousand in 2023, a decrease of 11.3%[18][19] - Total revenue increased to RMB 2,493,460 thousand in 2024 from RMB 2,249,230 thousand in 2023, an increase of 10.9%[18][19] - Basic earnings per share increased to RMB 0.0196 in 2024 from RMB 0.0162 in 2023, a growth of 21.0%[25] - The company's net profit for the first half of 2024 was RMB 115.6 million, an increase of 20.3% compared to the same period in 2023[53] - Operating profit for the first half of 2024 was RMB 628.9 million, a decrease of 11.3% compared to the same period in 2023, mainly due to increased expected credit impairment losses and decreased fair value gains on investment properties[50] Rental and Property Income - Rental income increased by 14.1% year-on-year to RMB 632.9 million[1] - Investment properties increased slightly to RMB 21,822.172 million from RMB 21,806.780 million at the end of 2023[5] - Shop rental income increased by RMB 38,196 thousand (13.4%) to RMB 322,449 thousand for the six months ended June 30, 2024, compared to RMB 284,253 thousand in the same period of 2023[16] - Investment property rental income increased by RMB 45,144 thousand (14.0%) to RMB 368,230 thousand for the six months ended June 30, 2024, compared to RMB 323,086 thousand in the same period of 2023[16] - The company's total rental income increased by 14.1% year-over-year in the first half of 2024, with some stores showing improved rental income and gross margins[33] - Rental income increased by 14.1% year-over-year to RMB 632.9 million[41] Sales and Revenue Breakdown - Direct sales revenue decreased by RMB 131,885 thousand (16.0%) to RMB 691,236 thousand for the six months ended June 30, 2024, compared to RMB 823,121 thousand in the same period of 2023[16] - Property sales revenue increased significantly by RMB 362,269 thousand (119.8%) to RMB 664,624 thousand for the six months ended June 30, 2024, compared to RMB 302,355 thousand in the same period of 2023[16] - Department store revenue decreased to RMB 1,630,277 thousand in 2024 from RMB 1,761,329 thousand in 2023, a decline of 7.4%[18][19] - Property development revenue increased significantly to RMB 721,657 thousand in 2024 from RMB 354,796 thousand in 2023, a growth of 103.4%[18][19] - Total customer contract revenue increased by RMB 244,230 thousand (10.9%) to RMB 2,493,460 thousand for the six months ended June 30, 2024, compared to RMB 2,249,230 thousand in the same period of 2023[16] - Franchised counter sales accounted for 66.9% of total sales and rental income, with a total of RMB 2,672.5 million, a decrease of 12.7% year-over-year[41] - Direct sales revenue was RMB 691.2 million, a decrease of 16.0% compared to the same period in 2023[41] Assets and Liabilities - Total assets decreased to RMB 47,544.467 million from RMB 49,043.358 million at the end of 2023[5] - Total liabilities decreased to RMB 31,890.685 million from RMB 33,120.868 million at the end of 2023[6] - Total equity attributable to equity holders of the parent company remained stable at RMB 460,153 thousand as of June 30, 2024, unchanged from December 31, 2023[7] - Total reserves decreased by RMB 275,731 thousand (2.1%) to RMB 12,707,080 thousand as of June 30, 2024, compared to RMB 12,982,811 thousand at the end of 2023[7] - Total equity decreased by RMB 268,708 thousand (1.7%) to RMB 15,653,782 thousand as of June 30, 2024, from RMB 15,922,490 thousand at the end of 2023[7] - Total liabilities and equity decreased by RMB 1,498,891 thousand (3.1%) to RMB 47,544,467 thousand as of June 30, 2024, compared to RMB 49,043,358 thousand at the end of 2023[7] - Current liabilities net amount stood at RMB 10,433,096 thousand as of June 30, 2024, with RMB 5,545,505 thousand in bank loans due within 12 months and RMB 6,531,678 thousand in current balances payable to related parties[9] - Total bank borrowings as of June 30, 2024, were RMB 11,152.7 million, a decrease from RMB 11,797.2 million as of December 31, 2023[56] - Interest-bearing debt to asset ratio and net interest-bearing debt to equity ratio were 23.5% and 66.7%, respectively, as of June 30, 2024[56] Cash Flow and Financing - Cash and cash equivalents decreased to RMB 715.912 million from RMB 722.822 million at the end of 2023[5] - Net cash and cash equivalents decreased by RMB 6.9 million to RMB 715.9 million as of June 30, 2024, compared to RMB 722.8 million as of December 31, 2023[54] - Net cash inflow from operating activities was RMB 891.0 million, while net cash outflow from investing activities was RMB 22.4 million, including RMB 62.6 million for property, plant, and equipment purchases[54] - Net cash outflow from financing activities was RMB 875.6 million, including RMB 3,637.5 million for bank loan repayments and RMB 2,993.1 million from new bank loans[55] - The company's financing costs decreased by 28.7% year-over-year to RMB 347.2 million, driven by a reduction in interest-bearing liabilities and lower interest rates[51] - Total interest expense decreased to RMB 347,242 thousand in 2024 from RMB 486,918 thousand in 2023, a reduction of 28.7%[22] Expenses and Taxes - Current tax expense increased to RMB 144,786 thousand in 2024 from RMB 113,725 thousand in 2023, a growth of 27.3%[23] - The company's tax expenses increased by 27.3% year-over-year to RMB 144.8 million, primarily due to higher operating profit and land value-added tax[52] - Capital expenditure decreased to RMB 160,016 thousand in 2024 from RMB 481,557 thousand in 2023, a reduction of 66.8%[18][19] - Interest income increased to RMB 4,833 thousand in 2024 from RMB 2,235 thousand in 2023, a growth of 116.2%[21] Accounts Receivable and Payable - Accounts receivable within 90 days increased to RMB 18,799 thousand in June 2024 from RMB 17,355 thousand in December 2023, showing a growth of 8.3%[26] - Accounts receivable over 360 days increased to RMB 25,906 thousand in June 2024 from RMB 20,382 thousand in December 2023, indicating a rise of 27.1%[26] - Accounts payable within 90 days increased to RMB 937,842 thousand in June 2024 from RMB 869,889 thousand in December 2023, reflecting a growth of 7.8%[27] Market and Economic Context - China's GDP in the first half of 2024 reached RMB 61.68 trillion, with a year-on-year growth of 5.0%[28] - Total retail sales of consumer goods in the first half of 2024 amounted to approximately RMB 23.6 trillion, with a year-on-year growth of 3.7%[28] - Online retail sales in the first half of 2024 reached RMB 7.0 trillion, with a year-on-year growth of 9.8%[28] Store Operations and Strategy - The company operates 49 stores across 21 cities, with a total building area of 3.1 million square meters, of which 78.1% is self-owned property[30] - The company's Huabei store achieved a total sales of RMB 30.92 million in cosmetics, showing a continuous growth trend[31] - The company introduced new brands such as Huawei flagship store, Uniqlo, and UR in the Southwest region, and KKV collection store, Mi Cun Mixed Rice, and Xi Ta Old Lady in Qinhuangdao Maoye Tiandi[31] - The company implemented a "one store, one strategy" approach, expanding the dining area and introducing 36 popular brands at the Qinhuangdao Maoye Tiandi store, improving both store efficiency and revenue[32] - The company optimized its supply chain by reducing intermediaries, adopting AI technology, and increasing self-operation of goods and services, leading to cost reduction and efficiency improvement[32] - The company's Chengdu Yanshikou Maoye Tiandi North Area reconstruction project's conceptual design was approved by the Chengdu Urban Planning Committee, with construction progress to be steadily advanced[36] - The company's top-performing store, Shenzhen Huaqiangbei, generated sales and rental income of RMB 713.5 million, with a store age of 20.8 years and a business area of 63,243 square meters[37] Digital Transformation and Online Sales - The "Maolehui" platform achieved a total sales of RMB 105 million in the first half of 2024, with 66,000 new members added and a new member conversion rate of 17%[35] - The "Maoyuehui" membership management system added 454,600 new members, reaching a total of 18.36 million members by June 30, 2024, with total member spending reaching RMB 1.78 billion[35] - The company's online cosmetics sales remained strong, with brands like Lancôme, Estée Lauder, Shiseido, and La Mer exceeding RMB 10 million in sales, and over 20 brands surpassing RMB 1 million in sales[35] - The "Maolehui" mini-program generated a total transaction volume of RMB 24.04 million, with 12 "Cloud Store" events attracting nearly RMB 2 million in advertising investment[35] - The company's TikTok live-streaming platform achieved a daily sales peak of RMB 23,000, with the Armani lip gloss selling over 500 units in a single day[35] - The company's Xiaohongshu platform achieved a single-day sales record of over RMB 600,000 in its first collaboration with the brand DARPHIN[35] - The company plans to focus on digital transformation, exploring new digital operation models, and enhancing online and offline business integration to drive future growth[39] Other Financial Metrics - Total sales and rental income for the first half of 2024 was RMB 3,996.7 million, a decrease of 9.9% compared to the same period in 2023, primarily due to the transition from department store direct sales and franchised counters to shopping center leasing[40] - The company recorded a net foreign exchange loss of RMB 0.8 million during the reporting period, with no foreign exchange risk hedging arrangements in place[58] - No interim dividend was recommended for the six months ended June 30, 2024[59] - The company maintained sufficient public float as required by the listing rules[63] - The interim results were reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410[62]