Supply Stability - Despite continuous rainfall in Beijing and surrounding areas, the supply of fruits and vegetables remains stable, with the daily vegetable listing volume at approximately 20,000 tons and an average wholesale price of 2.62 yuan per kilogram [2][4] - The market has implemented measures to ensure supply stability, including the use of over 10,000 ice blocks daily to cool vegetables and the construction of rain shelters for normal trading [3][6] Price Trends - Prices for some leafy vegetables have seen a slight increase due to increased harvesting costs caused by rainy weather, with wholesale prices for certain items rising from 2 yuan to 2.5 yuan per jin [2] - Overall, vegetable prices are reported to be lower than the same period last year, attributed to an expansion in planting areas [2] Retail and E-commerce Response - Supermarkets and fresh food e-commerce platforms have increased stock levels significantly, with some items seeing a supply increase of 2-3 times compared to normal [4] - Retailers like Wumart and Yonghui have adjusted logistics strategies to ensure timely delivery during adverse weather, including using smaller vehicles for distribution [4][5] Emergency Preparedness - The Beijing New Agricultural Market has prepared for the first red rainstorm warning of the year by advising merchants to take precautions and monitoring low-lying areas [6] - Supermarkets have established emergency response teams to manage operations during severe weather, ensuring consumer safety and service continuity [4][5]

本报记者 马婧 折扣零售的"战火"正在市场蔓延。昨天，物美首批6家硬折扣店"物美超值"在北京亮相，成为北京首家 硬折扣超市品牌。这也是继盒马、家家悦之后，又一家入局社区硬折扣市场的商超。市场硝烟背后，既 是消费者理性消费浪潮的推动，也是企业供应链效率的激烈比拼。 硬折扣店不靠打折靠定价 昨天上午，虽然下着雨，但"物美超值"中信城店内，仍有不少前来体验的居民。记者走访看到，经过闭 店改造后，门店实现大幅"瘦身"，商品总数精简至1300种以内，仅为物美普通大卖场的15%，主要供应 水果蔬菜、鲜肉鲜鱼、烘焙、即食商品等。 不同于普通超市，硬折扣店不靠短期的打折等促销手段吸引顾客，而是直接提供较低的定价。店内的商 品真的"超值"吗？记者随机选取几件商品对比发现，120克规格的珊珂洁面乳在物美大兴龙湖店售价为 34.99元，在新开的硬折扣店售价为29.8元；舒适达多效护理牙膏售价从48.9元降至25.9元；12瓶装的怡 宝纯净水售价从12.9元降至9.8元。 2019年，奥乐齐在中国开设线下门店。中国连锁经营协会发布的《2024年中国超市TOP100》显示， 2024年奥乐齐中国的销售额为20亿元，同比实现翻倍增长，排 ...

Core Insights - Wumart Group has officially opened six value discount stores in five major areas of Beijing, attracting a significant number of consumers on the opening day [1] - The stores feature a total of 1,300 product categories, with a focus on high-quality goods and efficient operations, including direct box display methods to reduce labor costs [3] - The introduction of freshly baked products, such as rotisserie chicken and European-quality bread, highlights the store's commitment to quality at competitive prices [3] Group 1 - The opening day saw positive consumer feedback on the quality and affordability of fresh produce, meat, and baked goods, indicating a successful launch [5] - Wumart's strategy to maintain high quality and low prices is centered around focusing on consumer necessities and selecting high inventory, high turnover products [5] - Over 60% of the 1,300 product categories are private label brands, which helps reduce operational costs and inventory pressure through a streamlined product strategy [5] Group 2 - The company aims to reshape the consumer experience in Beijing through a hard discount model, leveraging supply chain upgrades and cost structure optimization [5] - Wumart Group plans to continue driving innovation to meet the increasing quality consumption demands of consumers in the retail sector [5]

Core Insights - The rise of the "hard discount" model in Beijing's supermarket industry is redefining value for consumers, emphasizing high quality at low prices [1][4] - The launch of six new "Wumart Super Value Hard Discount" stores across five major districts in Beijing marks a significant shift in the retail landscape [1][3] Company Strategy - Wumart Group's strategy focuses on maintaining high product quality and competitive pricing, with regular product inspections and price comparisons to ensure value for consumers [3] - The selection strategy involves a "limited SKU" approach, with a total of 1,300 products centered around essential daily needs, which enhances operational efficiency and reduces costs [3] - Over 60% of the products in the stores are private label, which helps in cutting down marketing costs associated with traditional brands [3] Market Trends - The current retail environment is characterized by a shift towards rational consumer behavior, with a focus on efficient supply chains and streamlined operations rather than promotional gimmicks [4] - This new model may lead to the emergence of a new industry ecosystem, where the emphasis is on simplifying processes and improving turnover rates, potentially reshaping market dynamics [4]

Core Insights - Wumart Group has launched a new discount store format called Wumart Super Value, opening six stores in Beijing to cater to essential daily shopping needs [1][2] - The store offers a wide range of products, including fresh produce, meat, baked goods, and daily necessities, focusing on high-frequency consumer demands [1] - The bakery section features over 30 high-repurchase rate items, with a unique baking process ensuring fresh products are available throughout the day [1] Product Strategy - The total number of products in Wumart Super Value is limited to 1,300, focusing on six key categories: fruits and vegetables, fresh meat and fish, baked goods, ready-to-eat meals, fresh food, and groceries [1] - Over 60% of the 1,000+ products in the store are private label items, which directly connect with factories to reduce marketing costs [2] - The packaging strategy involves direct-to-store packaging, eliminating the need for secondary repackaging, which translates into visible savings for consumers [2] Pricing and Value Proposition - Wumart Super Value conducts 4 to 6 comprehensive product audits annually and weekly price comparisons across all channels to ensure competitive pricing [1] - The store emphasizes low prices year-round without relying on promotions, aiming to provide consumers with quality products at affordable prices [1]

Group 1 - The core concept of Wumart Group's new discount store format is to provide high-quality products at low prices, emphasizing efficiency in operations and a streamlined shopping experience for consumers [1][2] - The first six stores of Wumart Super Value opened in Beijing, covering five major districts, and aim to meet the daily shopping needs of consumers with a wide range of products [1] - The store's product selection strategy focuses on a limited number of SKUs, with a total of under 1,300 items, primarily in six categories, which helps reduce operational costs and pass savings onto consumers [1] Group 2 - Wumart Super Value implements a self-service shopping model, eliminating service counters to enhance efficiency and reduce shopping time for customers [2] - The company plans to open a total of 25 stores by the end of the year, indicating a rapid expansion strategy [3]

| 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論及分析 | 6 | | 董事及高級管理層履歷 | 12 | | 企業管治報告 | 15 | | 環境、社會及管治報告 | 33 | | 董事會報告 | 60 | | 獨立核數師報告 | 75 | | 綜合損益表 | 80 | | 綜合損益及其他全面收益表 | 81 | | 綜合財務狀況表 | 82 | | 綜合權益變動表 | 84 | | 綜合現金流量表 | 85 | | 綜合財務報表附註 | 87 | | 財務概要 | 164 | （於開曼群島註冊成立的有限公司） 股份代號： 1025 僅供識別 2025 年報 目錄 公司資料 董事會 執行董事 莊碩 （主席兼行政總裁） 莊斌 林志遠 徐永得 （於二零二四年十一月十八日獲委任） 吳宗梅 （於二零二四年十二月十六日獲委任） 董斌 （副主席）（於二零二五年一月二十日辭任） 黃浩賢 （於二零二四年四月十九日辭任） 非執行董事 胡仕林 （於二零二四年八月二十六日退任） 獨立非執行董事 陳繼忠 （於二零二四年十二月十六日獲委任） 劉冠業 袁景森 劉國勳 （於二零二四年十一月十 ...

Market Overview - On July 10, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.48%, the Shenzhen Component Index up by 0.47%, and the ChiNext Index up by 0.22%, continuing a warming trend [1] - The China A50 Index led the mainstream indices with a rise of 0.64% [2] - In the Hong Kong market, the Hang Seng China Enterprises Index increased by 1.66%, while the Hang Seng Index rose by 0.57% [4][5] Sector Performance - The real estate sector led the gains with an increase of 3.19%, followed by oil and petrochemicals at 1.54%, and steel at 1.45%. Conversely, the automotive sector fell by 0.62%, media by 0.54%, and defense and military by 0.41% [7] Industry Highlights Photovoltaic Industry - The photovoltaic sector is witnessing a positive shift towards breaking the "involution" competition, with leading silicon material companies forming a platform company to acquire excess capacity in the industry. This aims to balance supply and demand by unifying production and sales [7] - Analysts suggest that this transformation will significantly alter the industry ecosystem, moving from "price wars" to "quality pricing," which could lead to an orderly exit of backward production capacity and improve supply-demand dynamics [7] Banking Sector - On July 10, A-share bank stocks strengthened, with the four major state-owned banks reaching historical highs. The banking sector is attracting funds due to its high dividend yield and stable operations [8] - Financial policies are accelerating, with a more flexible monetary policy expected to support credit growth. The focus on the cost of bank liabilities may alleviate net interest margin pressures, indicating positive fundamentals for the banking sector [8]

Group 1 - Southbound funds recorded a net purchase of approximately HKD 9.2 billion, with China Construction Bank leading at a net buy of about HKD 1.1 billion [1] - Alibaba-W and Meituan received net purchases of HKD 1.014 billion and HKD 833 million respectively [1] - Insurance capital's stake acquisition trend continues, with 20 instances of stake acquisitions in listed companies this year, matching last year's total [1] Group 2 - Hong Kong's banking sector is currently undergoing a value reassessment, benefiting from local economic recovery and increased cross-border financial activities [2] - The financial sector in Hong Kong is experiencing enhanced valuation recovery momentum, particularly for banks with cross-border business advantages [2] - Both institutions highlight the need to monitor the impact of overseas monetary policy changes on liquidity conditions [2]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a 17.9% revenue increase to HKD 64 million for FY2025, alongside a 16% decline in gross profit to HKD 6.3 million, while net loss slightly narrowed to HKD 23.8 million | Metric | Year Ended March 31, 2025 | Year Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | Approx. HKD 64,000,000 | Approx. HKD 54,300,000 | | Gross Profit | Approx. HKD 6,300,000 | Approx. HKD 7,500,000 | | Loss for the Year | Approx. HKD 23,800,000 | Approx. HKD 24,400,000 | | Basic and Diluted Loss Per Share | Approx. 45.7 HK cents | 51.1 HK cents | | Final Dividend | Not recommended | Nil | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) FY2025 revenue grew 17.9% to HKD 64 million, driven by sales volume, but higher cost of sales led to a 15.2% gross profit decline and a narrowed net loss of HKD 23.81 million | Item (HKD thousands) | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 63,995 | 54,312 | +17.9% | | Cost of Sales | (57,672) | (46,862) | +23.0% | | **Gross Profit** | **6,323** | **7,450** | **-15.1%** | | Administrative Expenses | (24,382) | (22,485) | +8.4% | | Finance Costs | (1,849) | (1,230) | +50.3% | | **Loss Before Tax** | **(23,806)** | **(24,443)** | **-2.6%** | | **Loss for the Year** | **(23,808)** | **(24,444)** | **-2.6%** | | **Basic Loss Per Share (HK cents)** | **(45.7)** | **(51.1)** | **Narrowed 10.6%** | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive expense attributable to owners for FY2025 was HKD 24.09 million, reduced from HKD 26.04 million, after accounting for the HKD 23.81 million loss for the year and other comprehensive expenses | Item (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss for the Year | (23,808) | (24,444) | | Other Comprehensive Expense for the Year (net of tax) | (278) | (1,598) | | **Total Comprehensive Expense Attributable to Owners of the Company for the Year** | **(24,086)** | **(26,042)** | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets were HKD 95.25 million, total liabilities HKD 67.97 million, and total equity declined 41.4% to HKD 27.28 million, with a shift to net current liabilities of HKD 6.26 million | Item (HKD thousands) | As at March 31, 2025 | As at March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **38,161** | **40,945** | **-6.8%** | | **Current Assets** | **57,089** | **69,189** | **-17.5%** | | Total Assets | 95,250 | 110,134 | -13.5% | | **Current Liabilities** | **63,353** | **58,658** | **+8.0%** | | **Non-current Liabilities** | **4,620** | **4,945** | **-6.6%** | | Total Liabilities | 67,973 | 63,603 | +6.9% | | **Net Current (Liabilities)/Assets** | **(6,264)** | **10,531** | **From positive to negative** | | **Net Assets (Total Equity)** | **27,277** | **46,531** | **-41.4%** | [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Financial Performance Analysis](index=15&type=section&id=Business%20Review%20and%20Financial%20Performance%20Analysis) FY2025 revenue grew 17.9% to HKD 64 million, driven by bridesmaid dress sales, but rising costs led to a gross margin decline to 9.8%, with overall performance pressured by trade disputes and economic uncertainty - The Group's core business is a one-stop solution provider for bridesmaid dresses, wedding gowns, and special occasion wear, primarily selling products to US branded apparel companies and offering value-added services from design and sourcing to production and inventory management[48](index=48&type=chunk) - Revenue growth was primarily driven by a significant increase in bridesmaid dress sales from **97,900 units** in the prior year to **150,500 units** in the current year, despite a decrease in average selling price[54](index=54&type=chunk)[55](index=55&type=chunk) - The decline in gross profit and gross margin was primarily attributable to the increase in cost of sales in the current year[57](index=57&type=chunk) - The reduction in loss for the year was mainly due to an increase in other income and a decrease in share of loss of an associate[64](index=64&type=chunk) [Outlook and Future Strategies](index=16&type=section&id=Outlook%20and%20Future%20Strategies) The Group plans to diversify revenue streams by reviewing existing operations and entering China's petrochemical business, focusing on natural gas, through a non-binding MOU with Hao Hui Xing Ye Limited, to mitigate trade and economic uncertainties - The new year is expected to be challenging due to persistent US-China trade disputes and uncertainties in post-pandemic economic recovery[51](index=51&type=chunk) - The Group will actively seek potential business opportunities to broaden its revenue base. On May 2, 2025, the Group entered into a memorandum of understanding with Hao Hui Xing Ye Limited, intending to cooperate in developing petrochemical business in China[52](index=52&type=chunk) - The petrochemical business cooperation focuses on natural gas production, processing, collection services, and related industrial operations[52](index=52&type=chunk) [Liquidity, Financial Resources, and Risk Management](index=19&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Risk%20Management) The Group faced liquidity pressure at fiscal year-end, with net current liabilities of HKD 6.3 million and a current ratio decline to 0.9 times, while the gearing ratio significantly rose to 78.0% due to reduced equity | Metric | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Bank Balances and Cash | Approx. HKD 6,800,000 | Approx. HKD 4,400,000 | | Net Current (Liabilities)/Assets | Approx. (HKD 6,300,000) | Approx. HKD 10,500,000 | | Current Ratio | Approx. 0.9 times | Approx. 1.2 times | | Gearing Ratio | 78.0% | 48.3% | - The Group has pledged leasehold land, buildings, and investment properties with a total carrying value of approximately **HKD 35.9 million** to secure bank financing and other loans[69](index=69&type=chunk) - The Group faces foreign exchange risk as some transactions are denominated in functional currencies other than HKD, but currently has no foreign currency hedging policy[70](index=70&type=chunk) [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) [Company Information and Going Concern](index=6&type=section&id=Company%20Information%20and%20Going%20Concern) Registered in the Cayman Islands, the company, primarily engaged in garment manufacturing, maintains a going concern basis despite FY2025 losses and net current liabilities, supported by recent financing and business plans - The company's principal activity is investment holding, with its subsidiaries primarily engaged in the manufacturing and trading of garment products[15](index=15&type=chunk) - Despite recording a loss and net current liabilities, the Board believes the company has sufficient working capital to continue as a going concern, based on financing measures undertaken, including obtaining loans and completing a rights issue[22](index=22&type=chunk)[25](index=25&type=chunk) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) FY2025 total revenue was HKD 64 million, with bridesmaid dresses as the largest product segment and the US as the primary market, while revenue concentration from the top three customers exceeded 60% Product Category (HKD thousands) | Product Category (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Bridesmaid Dresses | 33,427 | 25,233 | | Special Occasion Wear | 11,696 | 9,749 | | Accessories | 11,606 | 11,002 | | Wedding Gowns | 2,527 | 4,285 | | Others | 4,739 | 4,043 | | **Total** | **63,995** | **54,312** | Geographical Market (HKD thousands) | Geographical Market (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | United States of America | 31,001 | 22,548 | | Hong Kong | 22,684 | 19,689 | | United Kingdom | 4,784 | 5,489 | | Europe | 4,467 | 5,078 | | Australia | 1,059 | 1,508 | | **Total** | **63,995** | **54,312** | Major Customers (HKD thousands) | Major Customers (HKD thousands) | FY2025 | FY2024 | | :--- | :--- | :--- | | Customer A | 18,533 | Not applicable* | | Customer B | 11,606 | 11,002 | | Customer C | 7,352 | 6,772 | [Dividends and Loss Per Share](index=11&type=section&id=Dividends%20and%20Loss%20Per%20Share) No dividends were recommended for FY2025, and basic and diluted loss per share narrowed to 45.7 HK cents, primarily due to a slight reduction in the loss for the year - For the years ended March 31, 2025 and 2024, the company neither paid nor proposed any dividends[34](index=34&type=chunk) Loss Per Share Calculation | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss for the Year used for calculation (HKD thousands) | (23,808) | (24,444) | | Weighted average number of ordinary shares (thousands) | 52,094 | 47,836 | | **Basic Loss Per Share (HK cents)** | **(45.7)** | **(51.1)** | [Capital Structure and Changes](index=14&type=section&id=Capital%20Structure%20and%20Changes) The company restructured its capital during the period, including a 20-to-1 share consolidation and a placement of 168 million new shares raising HKD 5.31 million, resulting in HKD 10.11 million issued share capital by year-end - On October 31, 2024, the company consolidated every twenty issued and unissued shares of HKD 0.01 par value into one consolidated share of **HKD 0.20** par value[47](index=47&type=chunk) - On October 15, 2024, the company placed and issued **168,486,000** new ordinary shares at **HKD 0.0315** per share, raising gross proceeds of approximately **HKD 5.31 million**[47](index=47&type=chunk) Share Capital Movement | Item | Number of Shares | Share Capital (HKD thousands) | | :--- | :--- | :--- | | As at April 1, 2024 (pre-consolidation) | 842,432,607 | 8,424 | | Shares placed | 168,486,000 | 1,685 | | Share consolidation (20-to-1) | (960,372,677) | – | | **As at March 31, 2025 (post-consolidation)** | **50,545,930** | **10,109** | [Other Company and Shareholder Information](index=20&type=section&id=Other%20Company%20and%20Shareholder%20Information) [Events After Reporting Period](index=20&type=section&id=Events%20After%20Reporting%20Period) Post-reporting period, the company completed a rights issue on April 11, 2025, raising HKD 41.6 million net by issuing 152 million new shares at HKD 0.29 each, and extended property leases to enhance liquidity and support operations - On April 1, 2025, the Group modified and extended the leases for its factory properties and staff quarters for one year[73](index=73&type=chunk) - On April 11, 2025, the company completed a rights issue on the basis of 'three rights shares for every one existing share held', issuing approximately **152 million** ordinary shares at a subscription price of **HKD 0.29** per share[74](index=74&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2025, the Group had 206 employees, a reduction from 227, with total staff costs of approximately HKD 26.2 million, reflecting cost control efforts and market-based remuneration Employee Statistics | Item | As at March 31, 2025 | As at March 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 206 | 227 | | Total Staff Costs (HKD thousands) | Approx. 26,200 | Approx. 26,300 | [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The company largely complied with HKEX Corporate Governance Code, with the only deviation being the combined Chairman and CEO role, which the Board believes provides strong leadership; the Audit Committee reviewed the annual financial results - The company has complied with the Corporate Governance Code throughout the reporting period, with the exception of Code Provision C.2.1, which stipulates that the roles of chairman and chief executive officer should be separate[81](index=81&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Zhuang Shuo. The Board believes this arrangement provides strong and consistent leadership for the company, facilitating effective planning and implementation of business decisions and strategies[82](index=82&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's audited consolidated financial results for the year ended March 31, 2025[85](index=85&type=chunk)