Financial Performance - The company reported a revenue of 15,416 million in 2023, showing a significant increase from 11,547 million in 2021, representing a growth of approximately 33% over two years[12]. - The company aims to achieve a net profit margin of 15% in the upcoming fiscal year, up from 12% in 2023, driven by operational efficiencies and cost management strategies[12]. - The net loss attributable to owners of the parent for 2023 was approximately RMB 96,112,000, compared to a net profit of RMB 228,093,000 in 2022[28]. - Total operating revenue for 2023 was RMB 5,306,289, down 1.7% from RMB 5,395,975 in 2022[53]. - Operating profit for the year was RMB 1,012,323, a decline of 33% compared to RMB 1,510,410 in 2022[53]. - The Group's profit attributable to owners of the parent for the year was a loss of RMB 96,112, compared to a profit of RMB 228,093 in 2022[53]. - Basic earnings per share for 2023 were RMB (0.02), a decrease from RMB 0.04 in 2022[53]. Store Operations and Expansion - The retail network includes over 30 stores across various provinces, with the largest store located in Taiyuan, covering an area of 252,882 square meters[17]. - The company plans to expand its market presence by opening new shopping centers and department stores in key regions, aiming for a 10% increase in store count by the end of 2024[17]. - As of December 31, 2023, the Group operated 49 stores with a total gross floor area of approximately 3.1 million sq.m., with self-owned properties accounting for 78.1% of the total area[22]. - The Group has expanded into key cities across Southern, Eastern, Southwestern, and Northern China, becoming an industry leader in several regions[22]. - The company operates a total of 17 retail stores in Guangdong, Sichuan, Shandong, and Inner Mongolia, with a combined gross floor area of approximately 1,000,000 square meters[57][59]. - Future expansion plans include opening new stores in key provinces to enhance market presence and customer reach[59]. Digital Transformation and Technology - The management highlighted a focus on enhancing user experience through new technology integration, which is expected to improve customer engagement by 20%[17]. - The management discussion indicated a strong focus on digital transformation, with an investment of 10 million in technology upgrades planned for 2024[17]. - The Group will continue to develop and iterate digital infrastructures to expand into new areas of business growth[40]. - New product lines and technology enhancements are being developed to improve customer experience and operational efficiency[59]. Sustainability and Corporate Responsibility - The chairman's statement emphasized a commitment to sustainability, with plans to reduce carbon emissions by 25% over the next five years[17]. - The Group's commitment to corporate social responsibility includes conserving natural resources and minimizing environmental impact[155]. - The Group emphasizes environmental considerations in supplier negotiations, promoting sustainable practices and compliance with environmental regulations[94]. - The Group has implemented strict policies to prohibit the employment of individuals under the age of 16, ensuring compliance with labor laws[92]. Market Trends and Consumer Behavior - The domestic GDP for 2023 reached RMB 126 trillion, with a year-on-year growth of 5.2%[46]. - The total retail sales of consumer goods in 2023 amounted to RMB 47.1 trillion, reflecting a year-on-year increase of 7.2%[46]. - Online retail sales of physical goods grew by 8.4% year-on-year, accounting for 27.6% of total retail sales[46]. - The Group's stores achieved double-digit growth in sales through brand building and quality upgrades, particularly in the Qinhuangdao Maoye Complex[51]. Financial Position and Assets - Total assets decreased to RMB 49,043,358,000 in 2023 from RMB 50,236,899,000 in 2022, representing a decline of approximately 2.4%[28]. - Total liabilities decreased to RMB 33,120,868,000 in 2023 from RMB 33,898,808,000 in 2022, a reduction of about 2.3%[28]. - Total equity attributable to owners of the parent decreased to RMB 13,442,964,000 in 2023 from RMB 13,824,204,000 in 2022, reflecting a decline of approximately 2.8%[28]. - The Group's investment properties amounted to approximately RMB 21,806,780,000[188]. Governance and Compliance - The Company has a focus on corporate governance, with a dedicated report outlining its practices and policies[149]. - The Group's audit committee assists the directors in overseeing the financial reporting process[168]. - The Group has complied in material respects with relevant laws and regulations impacting its business and operations during the year ended December 31, 2023[182]. - The Group's independent auditor's report confirms compliance with International Financial Reporting Standards (IFRS) and the Hong Kong Companies Ordinance[159]. Employee Development and Training - The number of trained employees increased to 4,998 in 2023, representing a 122.38% increase from the previous year[90]. - The percentage of employees trained by gender and employee category is reported, indicating a focus on employee development[63]. - The average training hours completed per employee by gender and employee category are tracked to enhance workforce skills[63]. Mergers and Acquisitions - The company is exploring potential mergers and acquisitions to enhance its market position, targeting a deal that could increase market share by 15%[17]. - The litigation between Chongqing Jiefangbei Store and Xin Long Da has been resolved, allowing the Group to consider acquiring interests in Chongqing Jiefangbei Store and Maoye Wuxi Store[127].

Financial Performance - Total retail sales (including leasing merchants) reached RMB 13,926.3 million[1] - Sales revenue amounted to RMB 7,402.8 million, a year-on-year decrease of 6.7%[1] - The company recorded a net loss of RMB 78.2 million, a year-on-year decline of 138.1%[1] - Excluding the impairment impact on the associate company, net profit for the year was RMB 72.3 million[1] - Basic loss per share for the year was RMB 1.9 cents, with a proposed final dividend of HKD 0.75 per share[1] - Total revenue for the year ended December 31, 2023, was RMB 5,306,289 thousand, a decrease from RMB 5,395,975 thousand in 2022, representing a decline of approximately 1.65%[39] - Operating profit for the year was RMB 997,289 thousand, compared to RMB 1,510,410 thousand in the previous year, indicating a decrease of about 34%[39] - The company reported a net profit of RMB 381,546 thousand for 2023, down from RMB 630,724 thousand in 2022, reflecting a decline of approximately 39.5%[39] Revenue and Income Sources - Total rental income increased to RMB 1,124.2 million, up 6.9% year-on-year[1] - Revenue from direct sales in 2023 was RMB 1,512,516 thousand, slightly up from RMB 1,502,247 thousand in 2022, showing a growth of about 0.18%[43] - Property sales revenue decreased significantly to RMB 464,366 thousand in 2023 from RMB 787,638 thousand in 2022, a decline of approximately 41%[43] - Total other income for 2023 reached RMB 1,125,475,000, an increase of 7.6% from RMB 1,046,285,000 in 2022[49] - The breakdown of revenue sources showed that franchise sales accounted for 69.1%, direct sales for 17.7%, and rental income for 13.2%[89] - Franchise sales totaled RMB 5,890.2 million, down 8.5% from 2022, while direct sales increased by 0.7% to RMB 1,512.5 million, and rental income rose by 6.9% to RMB 1,124.2 million[89] Expenses and Costs - The total cost of sales for the year was RMB 1,850,950 thousand, compared to RMB 1,850,950 thousand in 2022, indicating stable cost management[40] - Employee expenses totaled RMB 414,298,000 in 2023, a decrease of 8.8% compared to RMB 454,586,000 in 2022[49] - Financing costs amounted to RMB 965,288,000 in 2023, down 8.1% from RMB 1,050,310,000 in 2022[51] - Depreciation and amortization expenses were RMB 990.1 million, down 5.6% from RMB 1,049.2 million in 2022[101] - Other operating expenses rose by 3.1% to RMB 1,041.8 million, reflecting increased utility costs as operations normalized post-COVID[103] Assets and Liabilities - Non-current assets totaled RMB 37,511.3 million, down from RMB 38,516.9 million in 2022[9] - Total equity amounted to RMB 15,922.5 million, a decrease from RMB 16,338.1 million in 2022[11] - As of December 31, 2023, the group's current liabilities net amount is approximately RMB 6,232,484,000[14] - The total amount of trade payables as of December 31, 2023, was RMB 1,458,160,000, a decrease from RMB 1,600,620,000 in 2022[62] - The group’s total bank borrowings amounted to RMB 11,797.2 million as of December 31, 2023, down from RMB 12,864.3 million in 2022[136] Future Outlook and Strategy - The group expects to generate cash inflows from operating activities in 2024, which will support its ability to repay maturing debts[14] - The group expects stable recovery growth in 2024, driven by fiscal expansion and monetary easing policies[65] - The group plans to continue optimizing operations and management to capitalize on the recovery of the retail industry in 2024[84] - The group is actively pursuing a diversified and cross-regional development strategy to strengthen its core competitiveness[84] Operational Highlights - The group operated 49 stores across 21 cities in China as of December 31, 2023, with a total building area of approximately 3.1 million square meters[67] - The "Maoyuehui" membership management system added 1.09 million new members in 2023, bringing the total to 17.9 million, with total member spending reaching RMB 4.25 billion[79] - Online sales across all platforms reached RMB 540 million in 2023, with over 2 million visitors attracted through the "Maolehui" WeChat mini-program[77] - The group achieved a 27.6% increase in rental income at the Huaqiangbei store during the reporting period, driven by the ongoing strategy of transitioning from joint operations to leasing[72] - The group's hotel business revenue grew by 50.8% year-on-year, reaching a historical high in 2023[80] Financial Reporting and Standards - The financial statements are prepared in accordance with International Financial Reporting Standards and reflect historical cost accounting[14] - The group has adopted new and revised International Financial Reporting Standards during the year, with no significant impact on the financial statements[22] - The group has not yet applied certain revised International Financial Reporting Standards that have been issued but are not yet effective[26] - The company is currently evaluating the impact of the amendments to IFRS 10 and IAS 28 regarding the treatment of asset sales or contributions between investors and their associates or joint ventures, with no significant impact expected on the financial statements[27]

Store Operations and Locations - As of June 30, 2023, the Group operated and managed a total of 49 stores across 21 cities, with a total gross floor area of approximately 3.1 million sq.m., of which 78.1% was attributable to self-owned properties[14] - The coverage of key cities includes major locations such as Shenzhen, Zhuhai, Chengdu, and Nanjing, indicating a strategic presence in economically significant areas[14] - The Group's self-owned property operating area accounted for 78.1% of the total gross floor area, with related party rental area reaching 84.5%[22] Financial Performance - The total operating revenue for the six months ended June 30, 2023, was RMB 83,501,000, a decrease from RMB 100,202,000 for the same period in 2022, representing a decline of approximately 16.6%[17] - The total sales proceeds and rental income for the Group amounted to RMB 4,437.9 million for the six months ended June 30, 2023, representing a decrease of 10.6% compared to the same period in 2022 due to insufficient market demand and a slow recovery in the domestic retail environment[52] - For the six months ended June 30, 2023, total sales proceeds and rental income amounted to RMB 4,437.9 million, a decrease of 10.6% compared to RMB 4,962.5 million for the same period in 2022[53] - The profit attributable to ordinary equity holders for the six months ended June 30, 2023, was RMB 83,501,000, a decline from RMB 100,202,000 for the same period in 2022[196] Revenue Streams - The Group's rental income and sales revenue included total sales from all stores, direct sales, and rental income, indicating a diversified revenue stream[17] - Franchise sales accounted for 68.9% of total sales, direct sales contributed 18.5%, and rental income made up 12.6%[53] - The total franchise sales for the first half of 2023 was RMB 3,059.9 million, down 13.6% year-on-year[53] - Direct sales revenue increased by 4.9% to RMB 823.1 million compared to the same period in 2022[53] - Rental income decreased by 12.8% to RMB 554.9 million year-on-year[53] Membership and Customer Engagement - The Group's Maoyuehui membership management system attracted 471,000 new members during the reporting period, bringing the total number of service members to 17.27 million, with total member consumption reaching RMB 2,339 million[37] - The Group conducted 202 mini program live broadcasts in the first half of 2023, with sales across the Maolehui platform reaching RMB 210 million[30] Strategic Initiatives - The Group aims to transform from traditional department store retail to a new retail business model by integrating online and offline advantages, enhancing customer experience[14] - The Group continues to focus on the development trend of medium-to-high-end physical retail in China, adapting to market changes and consumer preferences[14] - The Group is focusing on transforming its stores from traditional retail to experiential consumption formats, such as catering and entertainment, to enhance store performance[35] - The Group plans to continue promoting digital upgrades and scientific and technological innovation as core advantages to explore new business growth areas[45] - The Group's strategy includes high-quality merchant leasing management and in-depth data analysis to improve store performance and layout[35] - The Group's new strategy emphasizes diversified and cross-regional coordinated development in response to the comprehensive recovery of the domestic economy[46] Financial Health and Debt Management - The Group's overall interest-bearing debt decreased from RMB 12,864.3 million as of December 31, 2022, to RMB 12,403.6 million as of June 30, 2023, while financing costs reduced from RMB 534.8 million in the first half of 2022 to RMB 486.9 million in the first half of 2023[41] - The Group's net current liabilities as of June 30, 2023, were approximately RMB 5,506,391,000, indicating a significant liquidity position[112] - The Group's ability to repay debts relies heavily on future operating cash flow and the renewal of bank loans[112] - The directors believe that the Group can satisfy its financial obligations in the foreseeable future, preparing the interim financial report on a going concern basis[112] Employee and Operational Efficiency - As of June 30, 2023, the group employed a total of 3,460 employees, with salaries and benefits determined based on market terms and individual performance[87] - The management discussion highlights the ongoing efforts to enhance operational efficiency and market competitiveness amid challenging market conditions[18] Taxation and Expenses - Income tax expenses were RMB 113.7 million, a decrease of 28.8% from RMB 159.6 million in the previous year[59] - The total tax charge was RMB 113,725,000, a decrease of 28.8% from RMB 159,622,000 in the same period of 2022[141] Asset Management - The carrying amount of properties under development was RMB 2,888,739,000 as of June 30, 2023, a slight decrease from RMB 2,902,888,000 at the end of 2022[157] - The Group's inventories for resale amounted to RMB 294,779,000 as of June 30, 2023, compared to RMB 352,487,000 at the end of 2022, indicating a reduction in inventory levels[155] - The total prepayments and other receivables were RMB 2,479,201,000 as of June 30, 2023, down from RMB 2,721,783,000 at the end of 2022[161] Related Party Transactions - Related party transactions during the period included significant dealings with MAOYE INTERNATIONAL HOLDINGS LIMITED, although specific financial figures were not disclosed in the provided content[199] - The interim report highlights the importance of related party transactions in the Group's financial activities, suggesting ongoing strategic partnerships[200]

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，並明確表示概不就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。 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） 848 （股份代號： ） 2023 6 30 截至 年 月 日止六個月之中期業績 摘要 • 7,882.2 門店零售總額達人民幣 百萬元 • 4,437.9 10.6% 銷售所得款項及租賃收入總額為人民幣 百萬元，同比下降 • 2,819.4 6.9% 經營收入總額為人民幣 百萬元，同比下降 • 96.0 11.8% 淨利潤為人民幣 百萬元，同比增長 • 1.6 2023 6 30 期內每股基本盈利為人民幣 分，董事會不建議就截至 年 月 日止六 ...

Store Operations and Strategy - As of December 31, 2022, the Group operated 48 stores across 21 cities in China, with a total building area of approximately 3.1 million square meters, of which 77.9% were owned properties[16] - The Group's operational strategy focuses on upgrading store formats and optimizing content to enhance consumer shopping experiences, with an emphasis on transforming stores into shopping centers and community lifestyle hubs[18] - The Group aims to strengthen its operational efficiency and optimize store layouts while empowering technological development as a core advantage[14] - The Group's strategic focus includes introducing high-quality brands and trendy products to continuously update store offerings and improve product quality[18] - The Group's retail network covers key cities including Shenzhen, Chengdu, Wuxi, and Taiyuan, among others[16] - The Group operated and managed a total of 48 stores across 21 cities with a gross floor area of approximately 3.1 million sq.m., with 77.9% of the operating area attributable to self-owned properties[41] - The Group's store transformation initiatives included introducing trendy consumption experiences to meet evolving consumer preferences[36] - The Group aims to enhance its service capacity and optimize store layout while focusing on technological innovation for digital upgrading and business growth[48] Financial Performance - The Group's rental income and total operating revenue for the reporting period were not specified, but the focus remains on increasing market share and sales performance in core categories such as light luxury and cosmetics[18] - Total sales proceeds from concessionaire sales decreased to RMB 6,435.8 million in 2022, down 25.2% from RMB 8,601.0 million in 2021[50] - Direct sales income and rental income totaled RMB 1,502.2 million and RMB 1,051.3 million respectively in 2022, compared to RMB 1,768.5 million and RMB 1,177.7 million in 2021, reflecting a decline of 15.1% and 10.7%[50] - Overall total sales proceeds and rental income for 2022 amounted to RMB 8,989.4 million, a decrease of 22.2% from RMB 11,547.2 million in 2021[52] - The group's main business revenue for the year ended December 31, 2022, was RMB 4,349.7 million, a decrease of 16.9% from RMB 5,234.6 million in 2021[53] - Net profit for 2022 was RMB 205.2 million, representing an increase of 85.5% compared to RMB 110.6 million in 2021[55] - The group reported a net cash inflow of RMB 1,249.5 million from operating activities in 2022[55] - Cash inflow from the disposal of financial assets at fair value through profit or loss was RMB 395.7 million in 2022[55] - The Group's interest-bearing liabilities were further reduced as of December 31, 2022, leading to decreased financial costs and improved profitability[47] Digital Transformation and E-commerce - Online sales experienced rapid growth due to continuous updates and iterations of the Group's digital operation platforms[35] - The online platform "Mao Le Hui" attracted over 2 million visits throughout the year, with more than 300 brands available, and annual online sales for brands like Lancome, SK-II, and Shiseido exceeded RMB 20 million each[45] - The total sales of the entire online platform reached RMB 640 million in 2022[45] - The implementation of a cloud POS system has improved operational efficiency and user experience by integrating mobile payment methods and additional functionalities[76] - The Group's "Xiao Hong Mao" merchant service platform has been optimized to enhance convenience and timeliness of merchant services, improving merchant satisfaction[76] Environmental Responsibility - The Group implemented energy-saving measures and prepared statistical analysis reports to monitor energy consumption effectively[32] - The Group promotes environmentally responsible shopping by using recycled paper bags and charging customers for plastic bags to reduce consumption[112] - The Group is committed to enhancing energy conservation and emission reduction management through various policies and measures[110] - The Group encourages the use of environmentally friendly materials and energy-efficient equipment in construction projects[112] - The Group's initiatives include promoting a paperless office operation and implementing double-sided printing to reduce paper consumption[110] - The Group's electricity consumption decreased by 30.75% in 2022, totaling 267,569,820.37 kWh compared to 386,362,695.46 kWh in 2021[156] - Carbon dioxide emissions in 2022 were 197,084.51 tonnes, a reduction of 28.66% from 276,442.43 tonnes in 2021[177] - The Group has established a sound environmental responsibility system for waste management from construction and restaurant operations[172] Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2022, except for a deviation from code provision C.2.1[63] - The Board has delegated responsibilities to executive directors and senior management for day-to-day operations, with periodic reviews of these functions[66] - The Company believes that the current structure of having the same person serve as both Chairman and CEO does not affect the balance of power between the board and management[99] - The Company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific areas[102] - The Audit Committee's main duties include reviewing financial statements and reports, and monitoring the independence and efficiency of external auditors[104] Employee Management - The Group has established a sound compensation system to ensure competitive remuneration and welfare policies for employees[149] - During the reporting period, there were no violations of labor-related laws and regulations[150] - As of December 31, 2022, the Group had 4,001 employees, a decrease of 24.85% compared to 2021[184] - Employee turnover in 2022 was 2,340, accounting for 58.49% of the total workforce, an increase from 37.72% in 2021[187] Future Outlook - The Group is committed to exploring new business growth areas and promoting digital upgrades to create a diversified business ecosystem[14] - Future strategies include leveraging technology for operational empowerment and exploring new business growth areas through digital upgrades[79] - The Group aims to enhance store operational efficiency and optimize store layouts in response to the recovery of retail business post-pandemic[79]

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） 848 （股份代號： ） 2022 12 31 截至 年 月 日止年度全年業績公告 摘要 • 14,461.6 門店零售總額達到人民幣 百萬元 • 8,989.4 22.2% 銷售所得款項及租賃收入總額為人民幣 百萬元，同比下降 • 5,396.0 15.7% 經營收入總額為人民幣 百萬元，同比下降 • 205.2 85.5% 本年錄得淨利潤為人民幣 百萬元，同比增長 • 4.44 2022 12 31 年內每股基本盈利為人民幣 分，董事會建議派付截至 年 月 日止 ...

Store Operations and Expansion - As of June 30, 2022, the Group operated 48 stores across 21 cities in China, with a total gross floor area of approximately 3.1 million sq.m., of which 77.9% was attributable to self-owned properties[17] - The Group has expanded into key cities in Southern, Eastern, Southwestern, and Northern China, strengthening its leading position in the retail industry[17] - The Group's coverage of key cities includes major locations such as Shenzhen, Chengdu, and Nanjing, indicating a strategic focus on urban markets[32] - The Group operates a total of 48 stores with a gross floor area of 3,098,399 sq.m. across various regions in China[34] Financial Performance - The financial highlights for the six months ended June 30, 2022, compared to the same period in 2021, are summarized in the interim report[23] - For the six months ended June 30, 2022, total sales proceeds and rental income amounted to RMB 4,962,488 thousand, a decrease from RMB 5,848,965 thousand in the same period of 2021, representing a decline of approximately 15%[24] - Total operating revenue for the same period was RMB 3,028,567 thousand, down from RMB 3,274,081 thousand year-on-year, indicating a decrease of about 7.5%[24] - The operating profit for the six months was RMB 789,633 thousand, compared to RMB 967,961 thousand in the previous year, reflecting a decline of approximately 18.5%[24] - Profit attributable to owners of the parent for the period was RMB 100,202 thousand, an increase from RMB 74,523 thousand in the prior year, marking a growth of around 34.5%[24] - The Group's earnings per share for the six months ended June 30, 2022, was RMB 1.9 cents, compared to RMB 1.4 cents in the same period of 2021[24] Market Trends and Consumer Behavior - The retail sales of consumer goods in China for the first half of 2022 reached RMB 21.04 trillion, showing a year-on-year decrease of 0.7%[27] - The total retail sales of national 100 key large-scale retail enterprises decreased by 14.1% year-on-year in the first half of 2022, indicating significant challenges in the retail sector[28] - The proportion of online consumption continued to increase, reflecting a shift in consumer behavior towards e-commerce during the pandemic[28] Digital Transformation and Innovation - The Group aims to transform from traditional department store retail to new retail by integrating online and offline advantages, enhancing consumption experiences[18] - The Group has implemented a cloud POS system in offline stores, enhancing operational efficiency and user experience through mobile payment methods and integrated functions[44] - The Group's online business has been upgraded, focusing on digital retail and smart business through marketing apps and social media platforms[46] - The integration of offline store sales with the online marketing APPs has been deepened, enhancing the synchronization of online and offline products[50] - The Group has begun integrating the supermarket business of some offline stores into the online platform to enhance overall operational efficiency[50] Customer Experience and Service Enhancement - The Group has enhanced customer experience by upgrading store facilities, including parking systems and customer service areas[39] - The three-in-one merchant service platform "Xiao Hong Mao" has been optimized to improve merchant service convenience and payment reconciliation timeliness[44] - The Group has focused on high-quality merchant management and deepened store value management systems to improve store performance[37] Financial Management and Liabilities - The Group's interest-bearing liabilities were reduced as of June 30, 2022, contributing to lower financial expenses and improved profitability[55] - As of June 30, 2022, total bank borrowings and corporate bonds amounted to approximately RMB 13,782.0 million, with an interest-bearing gearing ratio of 27.0% and a net interest-bearing debt to equity ratio of 78.6%[87] - The Group recorded a net loss on foreign exchange of approximately RMB 4.0 million during the reporting period, with no exposure to foreign exchange fluctuation risks due to its focus on mainland China[89] Future Outlook and Strategic Plans - The Group plans to enhance service capabilities and optimize store layouts in response to ongoing economic uncertainties and challenges[63] - The Group aims to promote digital upgrades and explore new business growth areas to adapt to the transformation of online and offline consumption formats[63] - The Group is actively promoting the reconstruction of the Maoye Complex (North) in Chengdu and planning for the original Jincheng art palace project[54] - The company plans to focus on market expansion and new product development in the upcoming quarters[198] - Future outlook remains cautious due to market conditions, with a focus on cost management and operational efficiency[198] Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code provisions during the six months ended June 30, 2022, except for the deviation regarding the dual role of Mr. Huang Mao Ru as Chairman and CEO[117] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2022, discussing accounting principles, risk management, and internal control systems[119] - The interim financial information is prepared in accordance with International Accounting Standard 34, with no significant issues identified during the review[136] Shareholder Information - As of June 30, 2022, Mr. Huang Mao Ru holds 100% of the ordinary shares in MOY International Holdings Limited[107] - As of June 30, 2022, Mrs. Huang Jingzhang holds 4,250,000,000 shares, representing approximately 82.68% of the Company's issued share capital[114] - Maoye Department Store Investment Limited and MOY International Holdings Limited each hold 4,200,000,000 shares, representing approximately 81.71% of the Company's issued share capital[114]

Business Operations - As of December 31, 2021, the Group operated 48 stores with a total gross floor area of approximately 3.098 million sq.m., of which self-owned properties accounted for 77.91%[7] - The Group aims to transform from traditional department store retail to new retail by integrating online and offline advantages, enhancing customer experience through multi-scenario and high-efficiency consumption[7] - The Group has expanded into key cities across China, including Shenzhen, Zhuhai, Chengdu, and Nanjing, strengthening its market presence in Southern and Eastern China[7] - The Group's unique operation model of "retail + commercial property" has facilitated rapid growth and scale expansion since its establishment[7] - The Group is actively leveraging low-cost land acquisitions to support its physical retail operations and property development[7] - The Group's strategic focus includes empowering new retail and enhancing the offline consumption experience[7] - The Group has maintained a leading position in Southern China and is recognized as an industry leader in several regions[7] - The company operates a total of 34 retail stores across various provinces in China, with a significant presence in Guangdong and Shandong provinces[15] - The largest store is located in Taiyuan, Shanxi, with a gross floor area of 252,882 sq.m., opened in November 2014[17] - The company has a mix of owned and leased properties, with a total of 22 owned stores and 12 leased stores[15] - The retail formats include department stores and shopping centers, with a focus on expanding shopping center formats[17] - The company opened 5 new stores in 2021, contributing to an increase in total retail space[18] - The gross floor area of the Wuxi Shopping Mall is 200,433 sq.m., making it one of the largest shopping centers in Jiangsu province[17] - The company plans to continue expanding its retail network, particularly in the Jiangsu and Shandong regions[18] - The average size of department stores is approximately 40,000 sq.m., while shopping centers average around 100,000 sq.m.[15] - The company reported a year-on-year increase in foot traffic across its stores, indicating a recovery in consumer spending[18] Financial Performance - Total operating revenue for 2021 was RMB 6,399,996,000, a decrease of 20.2% from RMB 8,016,385,000 in 2020[11] - Operating profit for 2021 increased to RMB 1,614,821,000, up from RMB 1,304,819,000 in 2020, representing a growth of 23.7%[11] - Profit attributable to owners of the parent for 2021 was RMB 65,685,000, compared to a loss of RMB 174,636,000 in 2020[11] - Total assets as of December 31, 2021, were RMB 51,744,914,000, an increase from RMB 51,307,134,000 in 2020[13] - Total liabilities decreased to RMB 35,477,911,000 in 2021 from RMB 35,851,470,000 in 2020, a reduction of 1.0%[13] - Total equity increased to RMB 16,267,003,000 in 2021, up from RMB 15,455,664,000 in 2020, reflecting a growth of 5.2%[13] - Basic earnings per share for 2021 was RMB 0.01, recovering from a loss of RMB 0.03 per share in 2020[11] - The company reported total sales proceeds and rental income of RMB 11,547,236,000 in 2021, compared to RMB 10,688,894,000 in 2020, marking an increase of 8.0%[11] - Attributable equity to owners of the parent rose to RMB 13,715,262,000 in 2021 from RMB 12,968,145,000 in 2020, an increase of 5.8%[13] - Minority interests increased slightly to RMB 2,551,741,000 in 2021 from RMB 2,487,519,000 in 2020, showing a growth of 2.6%[13] - The Group's total sales and rental income reached RMB 11,547.2 million, representing an 8.0% year-on-year increase; net profit was RMB 110.6 million, up 144.4% year-on-year[36] - Revenue from the Group's main business decreased to RMB 5,234.6 million, down RMB 1,677.2 million from RMB 6,911.8 million in 2020, primarily due to a decrease in property sales income[70] - Other income increased to RMB 1,165.4 million, up RMB 60.8 million from RMB 1,104.6 million in 2020, with administration and management fee income rising by RMB 16.3 million and promotion income by RMB 34.2 million[73] Strategic Initiatives - The Group's mission is to create a happy life through intelligence, reflecting its commitment to innovation and customer satisfaction[9] - Future strategies include enhancing customer experience through technology integration in stores[18] - The Group plans to focus on digitalization and enhance omni-channel solutions to adapt to the post-epidemic retail environment[30] - The Group aims to promote diversified and cross-regional development through industrial investment and capital operation[30] - The Group continues to dispose of non-core assets to concentrate on its core business for future growth[25] - The Group's operational efficiency was improved through strategic measures, including upgrading existing business formats and enhancing brand cooperation[23] - The Group's focus on emotional marketing and innovative scenario-based activities successfully attracted diverse consumer experiences and increased foot traffic and sales[39] - The Group's marketing strategy emphasized online traffic attraction and offline experiences, utilizing social media platforms like Douyin and WeChat to deepen brand recognition[39] Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended December 31, 2021, except for a deviation from code provision C.2.1[108] - The board of directors is responsible for overall management and control, focusing on enhancing shareholder interests[110] - The company is committed to maintaining high standards of corporate governance practices as a key component of its business operations and growth[107] - The Company has adopted the Model Code for Securities Transactions, confirming compliance by all existing directors from January 1, 2021, to the date of the annual report[126] - The Company has established written guidelines for employees regarding securities transactions, with no incidents of non-compliance noted[127] - The Company encourages all directors to participate in relevant training courses, with costs covered by the Company[129] - The Company has engaged in various government policy committees, enhancing its influence in urban planning and public housing matters[99] - The Company emphasizes the importance of Board diversity, considering factors such as gender, age, and professional experience in its nomination policy[141] Stakeholder Engagement - The ESG report identifies key stakeholder concerns, including "product responsibility" and "community investment," with a focus on improving resource use, health and safety, and employment practices[192] - Major concerns include compliance with relevant laws, tax payments, promotion of employment, and social contributions[199] - Communication channels with stakeholders include general meetings, investor forums, and annual reports[199] - The company engages in public welfare activities and community education to promote employment and community involvement[199] - Customer satisfaction is assessed through surveys and complaint hotlines, highlighting service quality and privacy protection[199] - Employee health and safety, occupational development, and compensation are key focus areas for the company[199]

Company Overview - The Company was incorporated in the Cayman Islands on August 8, 2007, and its shares were listed on the Hong Kong Stock Exchange on May 5, 2008[18]. - The Group has been operating since 1997, with a strong emphasis on development and careful planning over the past 20 years[18]. - The Group operated and managed a total of 48 stores across 21 cities, with a total gross floor area of approximately 3.0 million sq.m., of which 77.2% was attributable to self-owned properties[18]. - As of June 30, 2021, the Group's coverage included key cities such as Shenzhen, Zhuhai, Chengdu, and Nanjing, among others[18]. Strategic Transformation - The Group's strategic transformation aims to integrate online and offline advantages, creating new full-time, multi-scenario, and high-efficiency offline consumption experiences[18]. - The Company is committed to achieving a strategic transformation from traditional department store retail to new retail models[18]. - The Group's focus is on the development trend of medium-to-high end physical retail in China, aiming to empower new retail through innovative strategies[18]. Financial Performance - For the six months ended June 30, 2021, the Group achieved total sales proceeds and rental income of RMB5,848.965 million, representing a year-on-year increase of 29.7%[37]. - The Group recorded a net profit of RMB107.192 million for the same period, a decrease of 15.8% compared to RMB127.276 million in the first half of 2020[37]. - Basic earnings per share for the period were RMB1.4 cents, down from RMB2.7 cents in the corresponding period of 2020[23]. - Total operating revenue for the six months ended June 30, 2021, was RMB 3,274,081, a decrease of 11.6% compared to RMB 3,703,495 for the same period in 2020[153]. - Profit for the period was RMB 107,192, down 15.8% from RMB 127,276 in the previous year[155]. - The Group's total revenue for the six months ended June 30, 2021, was RMB 2,688,170,000, a decrease from RMB 3,185,687,000 in the same period of 2020, representing a decline of approximately 15.6%[188]. Market Trends - The total retail sales of consumer goods in China increased by 23% year-on-year in the first half of 2021, indicating a steady recovery in the consumer market[29]. - The average growth rate of retail sales over the two years was 4.4%, reflecting a gradual recovery from the pandemic[29]. - The retail market has not yet recovered to the levels seen in 2019, with key large-scale retail enterprises experiencing a 22.5% year-on-year increase in sales due to a low base effect[30]. Operational Strategies - The Group has focused on enhancing consumer experience and diversifying its product mix to attract both new and existing customers[39]. - The Group's management emphasized the importance of digitalization and continuous upgrades to maintain sustainable development in the retail industry[31]. - The company accelerated the adjustment of its product portfolio and strengthened strategic cooperation with brands to enhance product sales capabilities, introducing key opinion leader (KOL) brand stores and flagship stores[45]. - The company enhanced offline shopping experiences by introducing diversified consumption scenarios, such as dining and entertainment, to increase customer dwell time and boost sales[49]. - The company explored innovative payment methods, including mobile cashier systems, to improve consumer satisfaction and reduce operational costs[50]. Membership and Online Platforms - During the reporting period, the membership management system of "Mao Yue Hui" added 710,000 new members, achieving a conversion rate of 31%[55]. - The "Mao Le Hui" online beauty platform generated sales of RMB 260 million, representing a year-on-year growth of 61%, with newly registered members exceeding 347,000, a growth of 64%[57]. - The Group's strategic cooperation with Douyin and Tencent Huiju enhanced its online customer acquisition capabilities through various digital marketing methods[55]. Financial Position and Cash Flow - As of June 30, 2021, cash and cash equivalents totaled RMB 1,185.8 million, an increase of RMB 139.1 million from RMB 1,046.7 million at the end of 2020[91]. - The Group experienced a net cash inflow of RMB 26.4 million from operating activities, while investment activities resulted in a net cash outflow of RMB 159.5 million[91]. - The net cash inflow from financing activities was approximately RMB267.3 million, primarily from bank loans and borrowings totaling RMB3,216.1 million[94]. - The Group's ability to repay debts relies heavily on future operating cash flow and the ability to renew bank loans and other borrowings[177]. Employee and Management Information - The Group employed a total of 5,123 employees as of June 30, 2021[131]. - The company is committed to cultivating talent and improving employee satisfaction to achieve simultaneous growth for both employees and the organization[40]. - The Board believes that having Mr. Huang Mao Ru serve as both Chairman and CEO is in the best interest of the Group for effective management and business development[131]. Compliance and Governance - The Group's interim results for the six months ended 30 June 2021 were reviewed by the Audit Committee, focusing on accounting principles, risk management, and financial reporting[134]. - The Group's financial statements were prepared in compliance with International Accounting Standard 34 for interim financial reporting[144]. - The directors are responsible for the preparation and presentation of the interim financial information[145].

Financial Performance - Total operating revenue for 2020 was RMB 10,688.9 million, a decrease from RMB 15,415.7 million in 2019, representing a decline of approximately 30%[11] - Operating profit for 2020 was RMB 1,304.8 million, down from RMB 2,701.9 million in 2019, indicating a decrease of about 52%[11] - The company reported a loss for the year of RMB 249.0 million, compared to a profit of RMB 471.0 million in 2019, marking a significant turnaround[11] - Basic loss per share for 2020 was RMB (0.03), compared to earnings of RMB 0.04 per share in 2019[11] - Total assets as of December 31, 2020, were RMB 51,307,134,000, a decrease of 4.2% from RMB 53,830,059,000 in 2019[16] - Total liabilities decreased to RMB 35,851,470,000 in 2020 from RMB 37,675,030,000 in 2019, representing a decline of 4.9%[16] - Total equity attributable to owners of the parent was RMB 12,968,145,000 in 2020, down from RMB 13,030,346,000 in 2019, a decrease of 0.5%[16] - The net loss attributable to owners of the parent for the year ended December 31, 2020, was approximately RMB 174,636,000, compared to a net profit of RMB 186,262,000 in 2019[17][21] - Basic loss per share for 2020 was calculated based on 5,140,326,000 shares, resulting in a loss of approximately RMB 0.034[17] - The Group recorded a net loss of RMB 249.0 million, a decrease of 152.9% year-on-year; excluding non-operating gains and losses, net profit was RMB 377.0 million, down 35.2% year-on-year[56] Market and Operational Strategy - The Group aims to transform from traditional department store retail to new retail by integrating online and offline advantages[6] - The Group has expanded into key markets in Eastern, Southwestern, and Northern China, becoming an industry leader in several regions[6] - The company is focused on developing medium-to-high end physical retail in China, enhancing customer experience through multi-scenario consumption[6] - The Group's unique operation model combines retail and commercial property, creating a closed ecological cycle that supports its core business[6] - The company plans to expand its retail network, focusing on both owned and leased properties in key regions[25] - The Group plans to enhance customer acquisition, optimize membership systems, and integrate online and offline operations in 2021[43] - The Group aims to strengthen business innovation and transformation to adapt to the new retail landscape and ensure long-term sustainable development[44] Impact of COVID-19 - The company provided rent reduction and exemption for its merchants in response to the COVID-19 pandemic[38] - The company actively engaged in epidemic prevention and control, promoting various contactless shopping channels to resume operations[38] - The Group recorded other losses of RMB825.9 million, a decrease of 383.0% compared to a net gain of RMB291.8 million in 2019, mainly due to asset impairment provisions and decreased rental market conditions caused by COVID-19[97] - The Group implemented various measures to enhance store traffic and improve business operations during the pandemic[59] - The Group's total sales proceeds and rental income in 2020 were significantly impacted by the challenges brought by COVID-19[93] Membership and Online Business - The membership management system "Mao Yue Hui" added 1,120,000 new members in 2020, achieving a conversion rate of over 32%[64] - The "Mao Le Hui" online beauty platform registered over 540,000 new members, representing a 160% year-on-year growth in sales[65] - The accumulated transaction volume of online consumption exceeded RMB 300 million, with the highest transaction volume in a single live streaming session exceeding RMB 3 million[66] - The Group enhanced online marketing capabilities through social media, achieving low-cost precision marketing and effectively creating private domain traffic[66] - The Group accelerated the expansion of online business and improved online operation capabilities, focusing on "digital retail, intelligent business"[60] Governance and Management - The management team has extensive experience in the department store and commercial real estate industries, with key executives having over 20 years of relevant experience[111][113] - The Group's strategic planning and overall development are overseen by its founder and CEO, Mr. Huang Mao Ru, who has been in the industry for over 20 years[111] - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2020, except for a deviation from code provision A.2.1[129] - The Board is responsible for overall management and control, approving strategic policies and plans to enhance shareholder interests[131] - The Company emphasizes the importance of financial oversight through its Audit Committee chaired by Mr. Rao[121] - The Company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with defined written terms of reference[158] Financial Position and Cash Flow - As of December 31, 2020, the Group's cash and cash equivalents amounted to RMB1,046.7 million, down RMB185.9 million from RMB1,232.6 million as of December 31, 2019[100] - Net cash inflow from operating activities was RMB904.9 million[102] - Net cash outflow from investment activities was RMB248.5 million, including RMB240.5 million for investments in properties and equipment[102] - Net cash outflow from financing activities was RMB874.9 million, primarily due to repayment of bank loans and other borrowings totaling RMB12,017.2 million[102] - The Group paid approximately RMB1,028.6 million in interest expenses during the year[102] Acquisitions and Investments - The Group acquired 100% equity interests in Chengdu Renhe Investment Co., Ltd. on September 30, 2020, to enhance its influence in the Chengdu region[39] - The acquisition of 100% equity interests in Renhe Investment was completed for a consideration of RMB1.45 billion, enhancing the Group's commercial retail business in Chengdu[108] - The land parcel acquired is strategically located in the center of Chengdu, adjacent to key landmarks, which is expected to generate synergy effects for the Group's regional stores[109] Economic Environment - In 2020, the gross domestic product of China exceeded RMB 100 trillion, representing a year-on-year increase of 2.3% compared to 2019[38] - The total retail sales of consumer goods in China for 2020 exceeded RMB 39 trillion, reflecting a year-on-year decrease of 3.9% compared to 2019[38] - The overall economic environment in China showed resilience with a GDP exceeding RMB 100 trillion in 2020, reflecting a year-on-year increase of 2.3%[48] - The retail market faced challenges, with the top 100 nationwide retailers experiencing a 13.8% year-on-year decrease in retail sales[50]