FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉士利集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01285 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.01 HKD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.01 HKD | | 80,000,000 | 本月底法定/ ...

NOTIFICATION LETTER 通知信函 Dear Non-Registered Shareholder(1) 嘉士利集團有限公司 Jiashili Group Limited (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註册成立的有限公司 ) (Stock Code 股份代號：1285) Jiashili Group Limited (the "Company") – Notification of publication of 2025 Interim Report (" Current Corporate Communications") The Current Corporate Communication of the Company, in both English and Chinese versions, is available on the websites of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and th ...

嘉士利集團有限公司 Jiashili Group Limited (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註册成立的有限公司 ) (Stock Code 股份代號：1285) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 26 September 2025 Jiashili Group Limited (the "Company") – Notification of publication of 2025 Interim Report (" Current Corporate Communications") You may at any time choose to receive Corporate Communication (Note) free of charge either in printed form or via the Company 's website ("Online Version"). Even if you have c ...

嘉士利集團有限公司 嘉士利集團有限公司 （於開曼群島註冊成立的有限公司） 股票代碼 : 1285 每一份美味 一粒米 一碗面 一塊餅乾 都源自精選天然原料 中期報告 INTERIM REPORT 2025 (Incorporated in the Cayman Islands with limited liability) Stock Code : 1285 每一份美味 都源自精選天然原料 一粒米 一碗面 一塊餅乾 2025 Interim Report 2025 中期報告 目錄 | 財務摘要 | 2 | | --- | --- | | 主席報告 | 3 | | 管理層討論及分析 | 4 | | 其他資料 | 9 | | 簡明綜合財務報表審閱報告 | 13 | | 簡明綜合損益及其他全面收益表 | 14 | | 簡明綜合財務狀況表 | 15 | | 簡明綜合權益變動表 | 17 | | 簡明綜合現金流量表 | 18 | | 簡明綜合財務報表附註 | 19 | 財務摘要 嘉士利集團有限公司（「本公司」或「嘉士利」）董事（「董事」）會（「董事會」）欣然呈列本公司及其附屬公司（統稱「本 集團」或「我們」）截至二零二 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 嘉士利集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01285 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 0.01 HKD | | | 80,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 8,000,000,000 | HKD | | 0.01 HKD | | | 80 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Overview of Financial Performance](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%A6%82%E8%A6%BD) The group's H1 2025 unaudited consolidated revenue decreased by 8.2% to **RMB 750.1 million**, with profit and attributable profit significantly down, but an interim dividend of **5.00 HK cents** per share was declared Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 750.1 | 817.0 | -8.2% | | Profit for the Period | 9.2 | 15.9 | -42.0% | | Profit Attributable to Owners of the Company | 11.8 | 21.6 | -45.2% | | EBITDA | 79.2 | 97.4 | -18.7% | | Interim Dividend (HK cents per share) | 5.00 | N/A | N/A | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Key Data from Statement of Profit or Loss](index=2&type=section&id=%E6%90%8D%E7%9B%8A%E8%A1%A8%E4%B8%BB%E8%A6%81%E6%95%B8%E6%93%9A) For H1 2025, the group's revenue was **RMB 750,100 thousand**, gross profit **RMB 205,642 thousand**, profit for the period **RMB 9,218 thousand**, and profit attributable to owners **RMB 11,816 thousand**, with basic EPS at **RMB 2.85 cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 750,100 | 817,001 | | Cost of Sales | (544,458) | (602,188) | | Gross Profit | 205,642 | 214,813 | | Other Income | 24,808 | 26,526 | | Selling and Distribution Expenses | (111,065) | (99,234) | | Administrative Expenses | (53,276) | (53,980) | | Profit Before Tax | 16,666 | 26,140 | | Income Tax Expense | (7,448) | (10,260) | | Profit for the Period | 9,218 | 15,880 | | Profit Attributable to Owners of the Company | 11,816 | 21,564 | | Basic Earnings Per Share (RMB cents) | 2.85 | 5.20 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Assets, Liabilities, and Equity Position](index=3&type=section&id=%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%AC%8A%E7%9B%8A%E7%8B%80%E6%B3%81) As of June 30, 2025, total assets were **RMB 2,136,651 thousand**, non-current assets **RMB 1,365,813 thousand**, net current liabilities **RMB (121,156) thousand**, and total equity **RMB 983,369 thousand** Condensed Consolidated Statement of Financial Position (As at June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 1,365,813 | 1,389,956 | | Current Assets | 770,838 | 878,048 | | Current Liabilities | (891,994) | (1,053,557) | | Net Current Liabilities | (121,156) | (175,509) | | Non-current Liabilities | (261,288) | (200,525) | | Net Assets | 983,369 | 1,013,922 | | Equity Attributable to Owners of the Company | 957,132 | 983,617 | | Total Equity | 983,369 | 1,013,922 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Basis of Preparation](index=5&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Condensed consolidated financial statements are prepared under IAS 34; despite current liabilities exceeding current assets by **RMB 121,156,000**, the Board expects sufficient resources for continued operation - As of June 30, 2025, the group's current liabilities exceeded current assets by approximately **RMB 121,156,000**[9](index=9&type=chunk) - The Board expects the group to have sufficient resources for continued operation, primarily relying on: - Available unutilized bank facilities of approximately **RMB 98,000,000** - Sufficient cash inflows from operating activities - Expected refinancing of short-term revolving bank borrowings of **RMB 392,536,000** upon maturity[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Accounting Policies](index=6&type=section&id=2.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Condensed consolidated financial statements are prepared on a historical cost basis, applying IFRS (Revised) with no material impact on current or prior period financial position or performance - The application of International Financial Reporting Standards (Revised), including IAS 21 (Revised), had no material impact on the group's financial position, performance, or disclosures for the current and prior periods[12](index=12&type=chunk) [3. Revenue from Contracts with Customers](index=6&type=section&id=3.%20%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E7%9B%8A) Group revenue primarily from food sales (recognized at a point in time) and hotel services (recognized over time), with revenue analysis forming part of management's segment information Revenue Recognition Timing (For the six months ended June 30) | Revenue Recognition Timing | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At a point in time | 739,924 | 807,942 | | Over time | 10,176 | 9,059 | | Total | 750,100 | 817,001 | [4. Operating Segments](index=7&type=section&id=4.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8) The group's main operating segments are biscuit, pasta, and flour products; segment performance is assessed by gross profit, with biscuit and flour revenue decreasing while pasta revenue grew - Key operating decision-makers review operating results and financial information by product or service category, assessing segment performance based on segment profit or loss (i.e., gross profit of each operating segment)[15](index=15&type=chunk) [Segment Revenue and Results](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%A5%AD%E7%B8%BE) In H1 2025, external sales were **RMB 553,052 thousand** for biscuit products, **RMB 86,985 thousand** for pasta, and **RMB 77,629 thousand** for flour products, with corresponding segment results of **RMB 174,619 thousand**, **RMB 18,783 thousand**, and **RMB 11,946 thousand** Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousand) | 2025 Results (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Biscuit Products | 553,052 | 174,619 | 621,581 | 188,872 | | Pasta Products | 86,985 | 18,783 | 68,089 | 14,858 | | Flour Products | 77,629 | 11,946 | 92,178 | 8,079 | | Others | 32,434 | 294 | 35,153 | 3,004 | | Total | 750,100 | 205,642 | 817,001 | 214,813 | [Revenue by Product Category](index=10&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E5%8A%83%E5%88%86%E7%9A%84%E6%94%B6%E7%9B%8A) In H1 2025, sweet single biscuit revenue was **RMB 211,557 thousand**, sandwich biscuits **RMB 197,895 thousand**; pasta revenue grew to **RMB 86,985 thousand**, while flour revenue decreased to **RMB 77,629 thousand** Revenue by Product Category (For the six months ended June 30) | Product Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sweet Single Biscuits | 211,557 | 245,758 | | Salty Single Biscuits | 15,260 | 22,702 | | Sandwich Biscuits | 197,895 | 191,769 | | Wafer Biscuits | 54,863 | 69,501 | | Coarse Grain Biscuits | 16,037 | 26,219 | | Other Biscuits | 57,440 | 65,632 | | Total Biscuits | 553,052 | 621,581 | | Pasta | 86,985 | 68,089 | | Flour | 77,629 | 92,178 | | Other Products | 22,258 | 26,094 | | Hotel Services | 10,176 | 9,059 | | Total | 750,100 | 817,001 | [5. Other Income](index=11&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) H1 2025 other income was approximately **RMB 24,808 thousand**, a 6.5% year-on-year decrease, mainly due to reduced interest income from loans receivable and government grants Other Income Details (For the six months ended June 30) | Income Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 4,411 | 6,528 | | Bank Deposit Interest Income | 870 | 1,621 | | Interest Income from Loans Receivable | 3,930 | 4,890 | | Sales of Scraps and Packaging Materials | 11,040 | 10,581 | | Rental Income | 3,280 | 2,294 | | Other Non-operating Income | 1,160 | 176 | | Total | 24,808 | 26,526 | [6. Other Expenses](index=11&type=section&id=6.%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) H1 2025 other expenses totaled approximately **RMB 39,134 thousand**, largely flat year-on-year, with R&D expenses at **RMB 23,860 thousand** Other Expenses Details (For the six months ended June 30) | Expense Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Research and Development Expenses | 23,860 | 25,939 | | Donation Expenses | 4,460 | 4,578 | | Cost of Scraps and Packaging Materials Sold | 8,118 | 5,953 | | Building Lease Expenses | 1,497 | 1,472 | | Other Non-operating Expenses | 1,199 | 1,165 | | Total | 39,134 | 39,107 | [7. Other Gains and Losses](index=12&type=section&id=7.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) H1 2025 net other gains and losses were **RMB 699 thousand**, primarily comprising fair value gains on financial assets at fair value through profit or loss of **RMB 1,326 thousand** and loss on disposal of property, plant and equipment of **RMB 624 thousand** Other Gains and Losses (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Exchange Loss | (16) | (3) | | Loss on Disposal of Property, Plant and Equipment | (624) | (1,542) | | Fair Value Gain on Financial Assets at Fair Value Through Profit or Loss | 1,326 | 3,843 | | Total | 699 | 2,285 | [8. Income Tax Expense](index=12&type=section&id=8.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) H1 2025 income tax expense decreased to **RMB 7,448 thousand** from **RMB 10,260 thousand** in the prior period, mainly composed of current and deferred tax Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC Enterprise Income Tax — Current Tax | 10,604 | 14,159 | | Deferred Tax | (3,156) | (3,899) | | Total | 7,448 | 10,260 | [9. Profit for the Period](index=13&type=section&id=9.%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9) Profit for the period was achieved after deducting various expenses, including total employee benefit expenses of **RMB 123,180 thousand** and total depreciation and amortisation of **RMB 51,179 thousand** Profit for the Period Deductions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Directors' and Chief Executive's Emoluments | 2,062 | 2,706 | | Other Employee Benefit Expenses | 121,118 | 129,806 | | Total Employee Benefit Expenses | 123,180 | 132,512 | | Depreciation of Property, Plant and Equipment | 38,182 | 39,550 | | Depreciation of Right-of-Use Assets | 5,729 | 5,888 | | Depreciation of Investment Properties | 529 | 955 | | Amortisation of Intangible Assets | 6,739 | 6,584 | | Total Depreciation and Amortisation | 51,179 | 52,977 | | Cost of Inventories Recognized as an Expense | 539,208 | 596,785 | [10. Reclassification of Discontinued Operations Held for Sale](index=13&type=section&id=10.%20%E6%8C%81%E4%BD%9C%E5%87%BA%E5%94%AE%E7%9A%84%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E4%B9%8B%E9%87%8D%E5%88%97) The soy milk business was reclassified from discontinued operations held for sale to continuing operations as the sale transaction is not expected to complete within 12 months due to a third-party payment default - The soy milk business (Guangdong Quancheng Great Health Beverage Co., Ltd.) was reclassified from discontinued operations held for sale to continuing operations due to the sale transaction not being completed within 12 months[30](index=30&type=chunk)[31](index=31&type=chunk) [11. Assets and Liabilities Held for Sale](index=14&type=section&id=11.%20%E6%8C%81%E4%BD%9C%E5%87%BA%E5%94%AE%E7%9A%84%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) The group classified equity interest in Jiangsu Casualife Food Co., Ltd. and a land parcel in Huaibei, Anhui, as assets and liabilities held for sale, with no impairment loss recognized as net proceeds are expected to exceed net book value - The group agreed to dispose of 100% equity interest in Jiangsu Casualife Food Co., Ltd. for a total cash consideration of **RMB 48,300,000**[32](index=32&type=chunk) - The group decided to transfer a land parcel located in Huaibei City, Anhui Province, China[32](index=32&type=chunk) Assets and Liabilities Classified as Held for Sale (As at June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Assets Classified as Held for Sale | 25,803 | 21,750 | | Total Liabilities Associated with Assets Classified as Held for Sale | (14,931) | (463) | [12. Dividends](index=15&type=section&id=12.%20%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of **5 HK cents** per ordinary share for the six months ended June 30, 2025, with no interim dividend declared in the prior period - The Board has resolved to declare an interim dividend of **5.00 HK cents** per ordinary share for the reporting period (H1 2024: Nil)[34](index=34&type=chunk) [13. Earnings Per Share](index=15&type=section&id=13.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share attributable to owners is calculated based on profit for the period and weighted average ordinary shares, with no diluted EPS presented due to the absence of potential ordinary shares Basic Earnings Per Share Calculation (For the six months ended June 30) | Item | 2025 (RMB thousand/thousand shares) | 2024 (RMB thousand/thousand shares) | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company for Basic EPS Calculation | 11,816 | 21,564 | | Weighted Average Number of Ordinary Shares for Basic EPS Calculation | 415,000 | 415,000 | | Basic Earnings Per Share (RMB cents) | 2.85 | 5.20 | [14. Property, Plant and Equipment, Right-of-Use Assets, Investment Properties and Intangible Assets](index=15&type=section&id=14.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E3%80%81%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E5%8F%8A%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) In H1 2025, the group added **RMB 22,089 thousand** in property, plant and equipment to enhance operations and recorded a gain of **RMB 624 thousand** from disposals, with no additions to investment properties, right-of-use assets, or intangible assets - In H1 2025, the group added property, plant and equipment of approximately **RMB 22,089 thousand**, a decrease from **RMB 45,090 thousand** in the prior period[37](index=37&type=chunk) - Disposal of certain plant and equipment generated a gain of **RMB 624 thousand** (H1 2024: loss of RMB 1,542 thousand)[39](index=39&type=chunk) - No additions to investment properties, right-of-use assets, or intangible assets were made during the period[39](index=39&type=chunk) [15. Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=15.%20%E9%80%8F%E9%81%8E%E6%90%8D%E7%9B%8A%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E5%88%97%E8%B3%B9%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total financial assets at fair value through profit or loss amounted to **RMB 156,132 thousand**, primarily comprising unlisted equity investments and unlisted equity investment funds in PRC Financial Assets at Fair Value Through Profit or Loss (As at June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Unlisted Equity Investments in PRC | 27,024 | 26,000 | | Unlisted Equity Investment Funds in PRC | 129,108 | 128,806 | | Total | 156,132 | 154,806 | [16. Trade and Bills Receivables and Other Receivables and Deposits](index=17&type=section&id=16.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E4%BB%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%8C%89%E9%87%91) As of June 30, 2025, total trade and bills receivables and other receivables were approximately **RMB 193,452 thousand**, a 13.7% increase from December 31, 2024, with net trade and bills receivables at **RMB 30,970 thousand** Trade and Bills Receivables, Other Receivables and Deposits (As at June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gross Trade and Bills Receivables, Net of ECL Provision | 30,970 | 45,641 | | Prepayments for Purchase of Raw Materials | 60,712 | 17,643 | | Other Recoverable Taxes | 36,526 | 35,368 | | Other Receivables, Net of Provision | 47,286 | 32,120 | | Other Prepayments | 13,745 | 30,687 | | Total (under Current Assets) | 193,452 | 170,168 | [Trade and Bills Receivables](index=17&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) As of June 30, 2025, net trade and bills receivables (after ECL provision) totaled **RMB 30,970 thousand**, with **RMB 23,509 thousand** due within two months Aging Analysis of Trade and Bills Receivables (As at June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 2 months | 23,509 | 29,020 | | Over 2 months but within 3 months | 2,077 | 9,754 | | Over 3 months but within 6 months | 4,078 | 5,374 | | Over 6 months but within 1 year | 1,277 | 1,276 | | Over 1 year | 29 | 217 | | Total | 30,970 | 45,641 | [17. Impairment Assessment of Financial Assets under Expected Credit Loss Model](index=18&type=section&id=17.%20%E6%A0%B9%E6%93%9A%E9%A0%90%E6%9C%9F%E4%BF%A1%E8%B2%B8%E虧%E6%90%8D%E6%A8%A1%E5%BC%8F%E5%B0%B1%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E9%80%B2%E8%A1%8C%E4%B9%8B%E6%B8%9B%E5%80%BC%E8%A9%95%E4%BC%B0) In H1 2025, the group recognized a net impairment loss reversal of **RMB (854) thousand** under the ECL model, mainly due to a **RMB 4,000 thousand** impairment loss reversal for other receivables Impairment Loss (Reversal) Details (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loans to Non-controlling Shareholders of Subsidiaries | — | 1,579 | | Loans to an Associate | 98 | — | | Loans Receivable | 325 | 1,268 | | Amounts Due from Non-controlling Shareholders of Subsidiaries | 280 | 113 | | Trade Receivables | 2,443 | 3,785 | | Other Receivables | (4,000) | (394) | | Total | (854) | 6,351 | [18. Trade and Bills Payables and Other Payables](index=19&type=section&id=18.%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and bills payables and other payables were **RMB 199,617 thousand**, a significant decrease from **RMB 343,839 thousand** as of December 31, 2024 Trade and Bills Payables, Other Payables (As at June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and Bills Payables | 75,845 | 191,020 | | Accrued Expenses | 41,976 | 49,497 | | Payables for Transportation Costs | 14,726 | 19,427 | | Accrued Wages and Welfare | 27,554 | 39,354 | | Other Taxes Payable | 7,326 | 12,834 | | Other Payables | 32,190 | 31,707 | | Total | 199,617 | 343,839 | [Trade and Bills Payables](index=19&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, total trade and bills payables were **RMB 75,845 thousand**, with **RMB 72,745 thousand** due within three months Aging Analysis of Trade and Bills Payables (As at June 30) | Aging | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 72,745 | 182,381 | | Over 3 months but within 6 months | 1,757 | 6,697 | | Over 6 months but within 1 year | 284 | 468 | | Over 1 year | 1,059 | 1,474 | | Total | 75,845 | 191,020 | [19. Bank Borrowings](index=19&type=section&id=19.%20%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) In H1 2025, the group obtained **RMB 503,020 thousand** in new bank borrowings and repaid **RMB 390,889 thousand**, with total bank borrowings at **RMB 797,200 thousand** as of June 30, 2025, bearing interest at fixed or floating rates - In H1 2025, the group obtained new bank borrowings of **RMB 503,020 thousand** and repaid bank borrowings of **RMB 390,889 thousand**[48](index=48&type=chunk) - As of June 30, 2025, bank borrowings bore interest at fixed annual rates ranging from **1.50% to 3.25%** or floating annual rates ranging from **2.37% to 4.20%**[48](index=48&type=chunk) [Company Performance Review for H1 2025](index=20&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) [Industry Overview](index=20&type=section&id=%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A6%BD) In H1 2025, China's biscuit and snack industry showed resilient growth amid intense competition, evolving channels, and strong consumer demand for healthy, high-value products, with bulk snack stores and short-video e-commerce reshaping the market - The Mainland China biscuit and snack industry showed resilient growth in H1 2025, but faced intense competition and rapidly evolving channels[49](index=49&type=chunk) - Consumer demand shifted towards health-conscious, high-value-for-money products, seeking functional benefits and clean labels[49](index=49&type=chunk) - Channel transformation and fragmentation, with Douyin solidifying its position as a leading online snack sales channel and bulk snack stores emerging[49](index=49&type=chunk) [Business Review](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Casualife Group, with over 69 years of history, reported H1 2025 revenue of **RMB 750.1 million** (down 8.2%), gross profit of **RMB 205.6 million** (down 4.3%), and profit attributable to owners of **RMB 11.8 million** (down 45.2%) - The Casualife biscuit brand, with over 69 years of history, sells products across 31 provinces and 310 prefecture-level cities, and exports to other countries[50](index=50&type=chunk) - The group's product range includes biscuits (sweet and salty single, sandwich, wafer, etc.), pasta (spaghetti, macaroni), flour (wheat flour), and other products (crackers, cookies, candies, bread, mooncakes, etc.)[51](index=51&type=chunk) Core Financial Performance for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 750.1 | 817.0 | -8.2% | | Gross Profit | 205.6 | 214.8 | -4.3% | | Gross Margin | 27.4% | 26.3% | +1.1 percentage points | | Profit Attributable to Owners of the Company | 11.8 | 21.6 | -45.2% | [Our Business Model](index=21&type=section&id=%E6%88%91%E5%80%91%E7%9A%84%E6%A5%AD%E5%8B%99%E6%A8%A1%E5%BC%8F) The group prioritizes innovation through brand, product, and marketing strategies, accelerating R&D, product upgrades, and digital marketing, while strengthening channel advantages and optimizing team structure across various retail formats - The group highly values innovation, striving to strengthen core competitiveness through brand, product, and marketing innovation[53](index=53&type=chunk) - Accelerated new product R&D, product upgrades, and digital marketing, increased online investment, leveraged celebrity endorsements to expand traffic, and optimized product portfolios and conversion rates through big data analytics[53](index=53&type=chunk) - Continuously strengthened channel advantages by optimizing team structure, reorganizing distributors, and refining incentive policies, actively expanding traditional, modern, and new retail channels[53](index=53&type=chunk) [Revenue Changes](index=22&type=section&id=%E6%94%B6%E7%9B%8A%E8%AE%8A%E5%8B%95) H1 2025 group revenue decreased by 8.2% to **RMB 750.1 million**, with biscuit segment revenue down 11.0% due to macroeconomic pressures and competition, while pasta revenue grew 27.8% and flour revenue decreased 15.8% Revenue Changes by Product Category (For the six months ended June 30) | Product Category | 2025 (RMB million) | 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Sweet Single Biscuits | 211.6 | 245.8 | –13.9% | | Salty Single Biscuits | 15.3 | 22.7 | –32.6% | | Sandwich Biscuits | 197.9 | 191.8 | 3.2% | | Wafer Biscuits | 54.9 | 69.5 | –21.0% | | Coarse Grain Biscuits | 16.0 | 26.2 | –38.9% | | Other Biscuits | 57.4 | 65.6 | –12.5% | | Total Biscuits | 553.1 | 621.6 | –11.0% | | Pasta | 87.0 | 68.1 | 27.8% | | Flour | 77.6 | 92.2 | –15.8% | | Others | 22.3 | 26.1 | –14.6% | | Total (excluding hotel business) | 740.0 | 808.0 | –8.4% | - The overall decline in the biscuit segment resulted from a combination of macroeconomic pressures, changing consumer behavior, intense industry competition, persistent inflation, and the growing popularity of alternative snacks[55](index=55&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) H1 2025 overall gross profit decreased to **RMB 205.6 million**, but gross margin slightly increased by **1.1 percentage points** to **27.4%**, primarily due to lower raw material costs for sugar and flour - The group's overall gross profit decreased by 4.3% from approximately **RMB 214.8 million** to approximately **RMB 205.6 million**[56](index=56&type=chunk) - The group's gross margin slightly increased by **1.1 percentage points** to **27.4%**, primarily due to lower input costs for certain raw materials, especially sugar and flour[56](index=56&type=chunk) - The biscuit segment's gross margin increased by **1.2 percentage points** to **31.6%**, while the pasta business segment's gross margin slightly decreased by **0.2 percentage points** to **21.6%**[56](index=56&type=chunk) [Other Income](index=23&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) H1 2025 other income was approximately **RMB 24.8 million**, a 6.5% year-on-year decrease, mainly due to reduced interest income from loans receivable and government grants - Other income was approximately **RMB 24.8 million**, a 6.5% decrease year-on-year, mainly due to reduced interest received from loans receivable and lower government grants[57](index=57&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) H1 2025 selling and distribution expenses increased by 11.9% to approximately **RMB 111.1 million** - Selling and distribution expenses were approximately **RMB 111.1 million**, an 11.9% increase year-on-year[58](index=58&type=chunk) [Administrative Expenses](index=23&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) H1 2025 administrative expenses slightly decreased by 1.3% to approximately **RMB 53.3 million** - Administrative expenses were approximately **RMB 53.3 million**, a slight decrease of 1.3% year-on-year[59](index=59&type=chunk) [Inventories](index=23&type=section&id=%E5%AD%98%E8%B2%A8) As of June 30, 2025, inventory balance decreased by approximately **RMB 38.8 million** to **RMB 181.7 million** due to early preparation for Chinese New Year sales, with inventory turnover days increasing by **8 days** to **67 days** - Inventory balance decreased by approximately **RMB 38.8 million** to approximately **RMB 181.7 million**, attributed to early product preparation for Chinese New Year sales[60](index=60&type=chunk) - Inventory turnover days for the reporting period were **67 days**, an increase of **8 days** compared to December 31, 2024[60](index=60&type=chunk) [Trade and Bills Receivables and Other Receivables](index=24&type=section&id=%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) As of June 30, 2025, trade and bills receivables and other receivables increased by 13.7% to approximately **RMB 193.5 million**, with turnover days remaining at **44 days** - Trade and bills receivables and other receivables were approximately **RMB 193.5 million**, a 13.7% increase from December 31, 2024[61](index=61&type=chunk) - Trade and bills receivables and other receivables turnover days for the reporting period remained at **44 days**, consistent with December 31, 2024[61](index=61&type=chunk) [Financial and Liquidity Position](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E7%8B%80%E6%B3%81) As of June 30, 2025, bank balances and cash were **RMB 279.4 million**, total bank borrowings **RMB 797.2 million** (up 16.4%), with both total and net debt-to-equity ratios rising, while net current liabilities improved and current ratio was **0.86** - Bank balances and cash were approximately **RMB 279.4 million**, a decrease from **RMB 379.1 million** as of December 31, 2024[62](index=62&type=chunk) - Total bank borrowings were approximately **RMB 797.2 million**, a 16.4% increase from December 31, 2024[62](index=62&type=chunk) Debt-to-Equity Ratios (As at June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Total Debt-to-Equity Ratio | 81.1% | 67.6% | | Net Debt-to-Equity Ratio | 52.7% | 30.2% | - Net current liabilities improved to approximately **RMB 121.2 million**, from **RMB 175.5 million** as of December 31, 2024[63](index=63&type=chunk) - The current ratio was **0.86**, an improvement from **0.83** as of December 31, 2024[63](index=63&type=chunk) [Outlook](index=25&type=section&id=%E5%B1%95%E6%9C%9B) The group will focus on product upgrades, expanding retail chain coverage, standardizing shelf presence, and launching small-pack products to drive channel expansion, while streamlining operations and enhancing brand quality, cautiously optimistic for satisfactory H2 results - The group will focus on streamlining operations and enhancing brand awareness, while maintaining and improving product quality[65](index=65&type=chunk) - Leveraging operational efficiencies and cost-saving measures to ensure better performance[65](index=65&type=chunk) - Cautiously optimistic that business operations in the second half of the year will achieve satisfactory results[65](index=65&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Human Resources and Employee Remuneration](index=25&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC) As of June 30, 2025, the group had **2,220 full-time employees**, a decrease from the prior year, with total employee benefit expenses of approximately **RMB 123.2 million** determined by position, performance, experience, and market trends - As of June 30, 2025, the group had **2,220 full-time employees** (June 30, 2024: 2,582 employees), a decrease in headcount[66](index=66&type=chunk) - Total employee benefit expenses for the six months ended June 30, 2025, were approximately **RMB 123.2 million** (H1 2024: approximately RMB 132.5 million)[66](index=66&type=chunk) [Corporate Governance Practices](index=25&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Board is committed to high corporate governance standards, adopting the Listing Rules' Corporate Governance Code; despite the Chairman and CEO roles being combined, the Board believes this ensures policy continuity and operational stability, balanced by independent non-executive directors - The Company has adopted the principles and applicable code provisions of the Corporate Governance Code set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by **Mr. Huang Xianming**, deviating from Code Provision C.2.1[68](index=68&type=chunk) - The Board believes this deviation is beneficial for maintaining policy continuity and operational stability, with four independent non-executive directors providing independent advice and checks and balances[68](index=68&type=chunk) [Directors' Compliance with the Model Code for Securities Transactions](index=26&type=section&id=%E8%91%A3%E4%BA%8B%E9%81%B5%E5%AE%88%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed compliance throughout the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 to the Listing Rules[69](index=69&type=chunk) - All directors confirmed compliance with the standards of dealing as set out in the Model Code throughout the reporting period[69](index=69&type=chunk) [Audit Committee](index=26&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed accounting principles, internal controls, and financial reporting, discussing interim results with no disagreements on accounting treatments - The Audit Committee comprises three independent non-executive directors, responsible for reviewing accounting principles, internal controls, and financial reporting matters[70](index=70&type=chunk) - The Audit Committee has reviewed and discussed the group's interim results for the six months ended June 30, 2025, with no disagreements on the accounting treatments adopted by the Company[70](index=70&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[71](index=71&type=chunk) [Interim Dividend](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of **5.00 HK cents** per ordinary share for the reporting period, payable to shareholders on record as of September 16, 2025 - The Board has resolved to declare an interim dividend of **5.00 HK cents** per ordinary share for the reporting period (H1 2024: Nil)[72](index=72&type=chunk) [Closure of Register of Members](index=27&type=section&id=%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) To determine eligibility for the 2025 interim dividend, the Company's share register will be closed from **September 15 to September 16, 2025**, with the record date on **September 16, 2025**, and dividend payment expected on **September 26, 2025** - To determine the entitlement to the 2025 interim dividend, the Company's register of members will be closed from **September 15, 2025, to September 16, 2025**[73](index=73&type=chunk) - The record date for determining entitlement to the 2025 interim dividend is **September 16, 2025**[73](index=73&type=chunk) - The payment date for the 2025 interim dividend is expected to be **September 26, 2025**[73](index=73&type=chunk) [Publication of Interim Results](index=27&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited and the Company - This interim results announcement has been published on the website of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company's website (http://www.gdjsl.com)[74](index=74&type=chunk)

Core Viewpoint - 嘉士利集团 reported a decline in its financial performance for the six months ending June 30, 2025, with significant reductions in both revenue and profit compared to the previous year [1] Financial Performance - The unaudited consolidated revenue for the period was approximately RMB 750.1 million, representing a decrease of 8.2% year-on-year [1] - The unaudited profit for the period was approximately RMB 9.2 million, down 42.0% from the same period last year [1] - The unaudited profit attributable to owners of the company was approximately RMB 11.8 million, reflecting a decrease of 45.2% compared to the previous year [1] Dividend Declaration - The board of directors has decided to declare an interim dividend of 5.00 Hong Kong cents, compared to no dividend declared in the same period last year [1]

Core Viewpoint - 嘉士利集团(01285) reported a significant decline in both revenue and profit for the mid-year results of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company's revenue for the period was approximately 750 million, representing a year-on-year decrease of 8.2% [1] - The profit attributable to the company's owners was around 11.8 million, which reflects a substantial year-on-year decline of 45.2% [1] - Earnings per share were reported at 2.85 cents, with an interim dividend of 5.00 Hong Kong cents [1]

EF001 免責聲明 | 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。 | 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 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 嘉士利集團有限公司 | | 股份代號 | 01285 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年六月三十日止中期股息 | | 公告日期 | 2025年8月29日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.05 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.05 HKD | | 匯率 | 1 HKD : 1 HKD | | 除 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Key Financial Indicators](index=1&type=section&id=1.1%20%E9%97%9C%E9%8D%B5%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) Jiasili Group's H1 2025 consolidated revenue decreased 8.2% to RMB 750.1 million, with profit for the period down 42.0% and owners' profit down 45.2% | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 750.1 | 817.0 | -8.2% | | Profit for the Period | 9.2 | 15.9 | -42.0% | | Profit Attributable to Owners of the Company | 11.8 | 21.6 | -45.2% | | EBITDA | 79.2 | 97.4 | -18.7% | | Interim Dividend (HK cents per share) | 5.00 | N/A | N/A | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=2.1%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) In H1 2025, Group revenue was RMB 750,100 thousand, with gross profit RMB 205,642 thousand and profit for the period RMB 9,218 thousand | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 750,100 | 817,001 | | Cost of Sales | (544,458) | (602,188) | | Gross Profit | 205,642 | 214,813 | | Other Income | 24,808 | 26,526 | | Selling and Distribution Expenses | (111,065) | (99,234) | | Administrative Expenses | (53,276) | (53,980) | | Other Expenses | (39,134) | (39,107) | | Profit Before Tax | 16,666 | 26,140 | | Income Tax Expense | (7,448) | (10,260) | | Profit for the Period | 9,218 | 15,880 | | Profit Attributable to Owners of the Company | 11,816 | 21,564 | | Profit Attributable to Non-controlling Interests | (2,598) | (5,684) | | Basic Earnings Per Share (RMB cents) | 2.85 | 5.20 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=2.2%20%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, Group non-current assets were RMB 1,365,813 thousand, current assets RMB 745,035 thousand, and net current liabilities RMB (121,156) thousand | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total Non-current Assets | 1,365,813 | 1,389,956 | | Total Current Assets | 745,035 | 856,298 | | Assets Classified as Held for Sale | 25,803 | 21,750 | | **LIABILITIES** | | | | Total Current Liabilities | 877,063 | 1,053,094 | | Liabilities Directly Associated with Assets Classified as Held for Sale | 14,931 | 463 | | Total Non-current Liabilities | 261,288 | 200,525 | | **EQUITY** | | | | Equity Attributable to Owners of the Company | 957,132 | 983,617 | | Non-controlling Interests | 26,237 | 30,305 | | Total Equity | 983,369 | 1,013,922 | | **KEY RATIOS** | | | | Net Current Liabilities | (121,156) | (175,509) | | Net Assets | 983,369 | 1,013,922 | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [Basis of Preparation](index=5&type=section&id=3.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared under IAS 34 and Listing Rules; the Board expects sufficient resources for continued operation despite net current liabilities - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **RMB 121,156,000**, but the Board expects the Group to have sufficient resources for continued operation[9](index=9&type=chunk) - Measures to mitigate liquidity include: available unutilized bank facilities of approximately **RMB 98,000,000**; expected sufficient cash inflows from operating activities; and anticipated refinancing of short-term revolving bank borrowings of **RMB 392,536,000** upon maturity[10](index=10&type=chunk) [Accounting Policies](index=6&type=section&id=3.2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with 2024 annual statements, and new IFRS standards had no significant impact - The condensed consolidated financial statements are prepared on a historical cost basis, with accounting policies consistent with the 2024 annual financial statements, except for the application of amended IFRS standards[11](index=11&type=chunk) - The first-time application of IAS 21 (Amendment) "Lack of Exchangeability" during this interim period had no significant impact on the Group's financial position and performance[12](index=12&type=chunk) [Revenue from Contracts with Customers](index=6&type=section&id=3.3%20%E5%AE%A2%E6%88%B6%E5%90%88%E7%B4%84%E6%94%B6%E7%9B%8A) The Group's H1 2025 revenue totaled RMB 750,100 thousand, primarily from food sales and hotel services, with distributors and mainland China as main contributors | Sales Channels | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Distributors | 687,611 | 771,139 | | Supermarkets | 1,298 | 1,475 | | Retail customers | 61,191 | 44,387 | | **Total** | **750,100** | **817,001** | | **Timing of Revenue Recognition** | | | | At a point in time | 739,924 | 807,942 | | Over time | 10,176 | 9,059 | | **Geographical Markets** | | | | China | 749,090 | 815,840 | | Others | 1,010 | 1,161 | [Operating Segments](index=7&type=section&id=3.4%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8) The Group's main operating segments include biscuit, noodle, and flour products; H1 2025 external sales revenue for biscuit products was RMB 553,052 thousand, noodle products RMB 86,985 thousand, and flour products RMB 77,629 thousand - Key operating decision-makers review operating results and financial information by product or service category and assess operating segment performance based on segment profit or loss (gross profit)[15](index=15&type=chunk) | Segment Revenue (External Sales) | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Biscuit products | 553,052 | 621,581 | | Noodle products | 86,985 | 68,089 | | Flour products | 77,629 | 92,178 | | Others | 32,434 | 35,153 | | **Total** | **750,100** | **817,001** | | Segment Results (Gross Profit) | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Biscuit products | 174,619 | 188,872 | | Noodle products | 18,783 | 14,858 | | Flour products | 11,946 | 8,079 | | Others | 294 | 3,004 | | **Total** | **205,642** | **214,813** | [Other Income](index=11&type=section&id=3.5%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for H1 2025 totaled RMB 24,808 thousand, primarily from government grants, interest income, and sales of scrap and packaging materials | Income Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants | 4,411 | 6,528 | | Interest income (bank deposits) | 870 | 1,621 | | Interest income (loans receivable) | 3,930 | 4,890 | | Sales of scrap and packaging materials | 11,040 | 10,581 | | Rental income | 3,280 | 2,294 | | Other non-operating income | 1,160 | 176 | | **Total** | **24,808** | **26,526** | [Other Expenses](index=11&type=section&id=3.6%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) Total other expenses for H1 2025 amounted to RMB 39,134 thousand, mainly including R&D, donation, and cost of scrap materials sold | Expense Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Research and development expenses | 23,860 | 25,939 | | Donation expenses | 4,460 | 4,578 | | Cost of scrap and packaging materials sold | 8,118 | 5,953 | | Building lease expenses | 1,497 | 1,472 | | Other non-operating expenses | 1,199 | 1,165 | | **Total** | **39,134** | **39,107** | [Other Gains and Losses](index=12&type=section&id=3.7%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E8%99%8B%E6%90%8D) Net other gains and losses for H1 2025 were RMB 699 thousand, primarily from property disposal loss and fair value gain on financial assets | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net exchange loss | (3) | (16) | | Loss on disposal of property, plant and equipment | (624) | (1,542) | | Fair value gain on financial assets at fair value through profit or loss | 1,326 | 3,843 | | **Total** | **699** | **2,285** | [Income Tax Expense](index=12&type=section&id=3.8%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for H1 2025 was RMB 7,448 thousand, mainly composed of current tax and deferred tax | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC enterprise income tax (current tax) | 10,604 | 14,159 | | Deferred tax | (3,156) | (3,899) | | **Total** | **7,448** | **10,260** | [Components of Profit for the Period](index=13&type=section&id=3.9%20%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E6%A7%8B%E6%88%90) Profit for the period is derived after deducting directors' emoluments, employee benefits, depreciation, short-term lease expenses, and inventory costs | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Directors' and chief executive's emoluments | 2,062 | 2,706 | | Total employee benefits expense | 123,180 | 132,512 | | Total depreciation and amortization | 51,179 | 52,977 | | Cost of inventories recognized as expense | 539,208 | 596,785 | [Reclassification of Discontinued Operations Held for Sale](index=13&type=section&id=3.10%20%E6%8C%81%E4%BD%9C%E5%87%BA%E5%94%AE%E7%9A%84%E5%B7%B2%E7%B5%82%E6%AD%A2%E7%B6%93%E7%87%9F%E6%A5%AD%E5%8B%99%E4%B9%8B%E9%87%8D%E5%88%97) Guangdong Quancheng Great Health Beverage Co., Ltd. (soy milk business) was reclassified as a continuing operation in H1 2025 due to its sale not being completed as scheduled - The sale of Guangdong Quancheng Great Health Beverage Co., Ltd. (soy milk business) was not completed as scheduled, thus its comparative figures in the condensed consolidated statement of profit or loss and other comprehensive income for H1 2025 have been reclassified as continuing operations[30](index=30&type=chunk)[31](index=31&type=chunk) [Assets and Liabilities Held for Sale](index=14&type=section&id=3.11%20%E6%8C%81%E4%BD%9C%E5%87%BA%E5%94%AE%E7%9A%84%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) The Group classified 100% equity of Jiangsu Jiasili Food Co., Ltd. (plant leasing) and a Huaibei land plot as assets and liabilities held for sale, expecting net proceeds to exceed net book value - The Group agreed to dispose of 100% equity interest in Jiangsu Jiasili Food Co., Ltd. (plant leasing business) for a total cash consideration of **RMB 48,300,000**[32](index=32&type=chunk) - The Group decided to transfer a land plot in Huaibei, Anhui Province, and return previously received government grants[32](index=32&type=chunk) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Assets Classified as Held for Sale | 25,803 | 21,750 | | Total Liabilities Directly Associated with Assets Classified as Held for Sale | (14,931) | (463) | [Dividends](index=15&type=section&id=3.12%20%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HK 5 cents per ordinary share for H1 2025, with no interim dividend for the corresponding period in 2024 - The Board has resolved to declare an interim dividend of **HK 5 cents** per ordinary share for the six months ended June 30, 2025 (H1 2024: nil)[34](index=34&type=chunk) [Earnings Per Share](index=15&type=section&id=3.13%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic earnings per share for H1 2025 was RMB 2.85 cents, lower than RMB 5.20 cents in H1 2024; diluted EPS is not presented due to no potential ordinary shares | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company for basic EPS calculation (RMB thousand) | 11,816 | 21,564 | | Weighted average number of ordinary shares (thousand shares) | 415,000 | 415,000 | | **Basic Earnings Per Share (RMB cents)** | **2.85** | **5.20** | [Property, Plant and Equipment, Right-of-Use Assets, Investment Properties and Intangible Assets](index=15&type=section&id=3.14%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99%E3%80%81%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E3%80%81%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E5%8F%8A%E7%84%A1%E5%BD%A2%E8%B3%87%E7%94%A2) In H1 2025, the Group acquired RMB 22,089 thousand in property, plant and equipment, generated gains from disposals, and had no additions to investment properties, right-of-use assets, or intangible assets - In H1 2025, the Group acquired property, plant and equipment of approximately **RMB 22,089 thousand** (H1 2024: RMB 45,090 thousand)[37](index=37&type=chunk) - Gains of **RMB 624 thousand** were generated from the disposal of certain plant and equipment (H1 2024: loss on disposal of RMB 1,542 thousand)[39](index=39&type=chunk) - There were no additions to investment properties, right-of-use assets, and intangible assets in H1 2025[39](index=39&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=3.15%20%E9%80%8F%E9%81%8E%E6%90%8D%E7%9B%8A%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E5%88%97%E8%B3%BCC%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) As of June 30, 2025, total financial assets at fair value through profit or loss amounted to RMB 156,132 thousand, primarily from unlisted equity investments and funds in China | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unlisted equity investments in China | 27,024 | 26,000 | | Unlisted equity investment funds in China | 129,108 | 128,806 | | **Total** | **156,132** | **154,806** | [Trade and Bills Receivables, Other Receivables and Deposits](index=17&type=section&id=3.16%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E5%8F%8A%E6%8C%89%E9%87%91) As of June 30, 2025, net total trade and bills receivables were RMB 30,970 thousand, with total trade and bills receivables, other receivables, and deposits at RMB 194,868 thousand | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net total trade and bills receivables | 30,970 | 45,641 | | Prepayments for raw materials | 60,712 | 17,643 | | Other recoverable taxes | 36,526 | 35,368 | | Other receivables (net of allowance) | 47,286 | 32,120 | | Other prepayments | 13,745 | 30,687 | | **Total** | **194,868** | **171,175** | | Ageing of Trade and Bills Receivables | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 2 months | 23,509 | 29,020 | | Over 6 months but within 1 year | 1,277 | 1,276 | | Over 1 year | 29 | 217 | [Impairment Assessment of Financial Assets](index=18&type=section&id=3.17%20%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E8%A9%95%E4%BC%B0) In H1 2025, the Group recognized a net impairment loss reversal of RMB (854) thousand on financial assets, mainly due to reversal on other receivables | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Loans to non-controlling shareholders of subsidiaries | — | 1,579 | | Loans to an associate | 98 | — | | Trade receivables | 2,443 | 3,785 | | Other receivables (reversal) | (4,000) | (394) | | **Total (reversal) / impairment loss recognized** | **(854)** | **6,351** | [Trade and Bills Payables and Other Payables](index=19&type=section&id=3.18%20%E8%B2%BF%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and bills payables were RMB 75,845 thousand, with total trade and bills payables and other payables at RMB 199,617 thousand | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade and bills payables | 75,845 | 191,020 | | Accrued expenses | 41,976 | 49,497 | | Wages and welfare payables | 27,554 | 39,354 | | Other payables | 32,190 | 31,707 | | **Total** | **199,617** | **343,839** | | Ageing of Trade and Bills Payables | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 72,745 | 182,381 | | Over 1 year | 1,059 | 1,474 | [Bank Borrowings](index=19&type=section&id=3.19%20%E9%8A%80%E8%A1%8C%E5%80%9F%E6%AC%BE) In H1 2025, the Group incurred RMB 503,020 thousand in new bank borrowings and repaid RMB 390,889 thousand, with interest rates from 1.50% to 4.20% - In H1 2025, the Group incurred new bank borrowings of **RMB 503,020 thousand** and repaid bank borrowings of **RMB 390,889 thousand**[48](index=48&type=chunk) - As of June 30, 2025, bank borrowings bore interest at fixed annual rates ranging from **1.50% to 3.25%** or floating annual rates ranging from **2.37% to 4.20%**[48](index=48&type=chunk) [Review of Company Performance for the First Half of 2025](index=20&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%85%AC%E5%8F%B8%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) [Industry Overview](index=20&type=section&id=4.1%20%E8%A1%8C%E6%A5%AD%E6%A6%82%E8%A7%80) In H1 2025, China's biscuit and snack industry showed resilient growth amid fierce competition, with consumers shifting to healthier, value-for-money products and channel changes dominated by bulk snack stores and short-video e-commerce - China's mainland biscuit and snack industry demonstrated resilient growth in H1 2025, facing intense competition and rapidly evolving channels[49](index=49&type=chunk) - Consumer demand is shifting towards healthy, value-for-money products, seeking functional benefits and clean labels[49](index=49&type=chunk) - Channel transformation is significant, with Douyin solidifying its position as a leading online sales channel for snacks, and bulk snack stores emerging and expanding market share[49](index=49&type=chunk) [Business Review and Strategy](index=20&type=section&id=4.2%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E6%88%B0%E7%95%A5) Jiasili, with over 69 years of history, saw H1 2025 revenue decline 8.2%, gross profit 4.3%, and owners' profit 45.2%, responding with accelerated R&D, product upgrades, digital marketing, and channel optimization - The Jiasili brand has over **69 years** of history, with products sold in **31 provinces and cities** and **310 prefecture-level cities**, and exported to other countries[50](index=50&type=chunk) - In H1 2025, revenue was approximately **RMB 750.1 million**, a YoY decrease of **8.2%**; gross profit was approximately **RMB 205.6 million**, a YoY decrease of **4.3%**; and profit attributable to owners of the Company was approximately **RMB 11.8 million**, a YoY decrease of **45.2%**[52](index=52&type=chunk) - The Group prioritizes innovation, accelerating new product R&D, product upgrades, and digital marketing, engaging consumers through social media platforms like Douyin and Xiaohongshu, and strategically expanding into the mass e-commerce sector[53](index=53&type=chunk) [Revenue Variation Analysis](index=22&type=section&id=4.3%20%E6%94%B6%E7%9B%8A%E8%AE%8A%E5%8B%95%E5%88%86%E6%9E%90) In H1 2025, Group total revenue decreased 8.2% YoY, with biscuit series revenue down 11.0%, noodle business revenue up 27.8%, and flour business revenue down 15.8% | Product Category | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sweet single-slice biscuits | 211.6 | 245.8 | –13.9% | | Savory single-slice biscuits | 15.3 | 22.7 | –32.6% | | Sandwich biscuits | 197.9 | 191.8 | 3.2% | | Wafer biscuits | 54.9 | 69.5 | –21.0% | | Whole grain biscuits | 16.0 | 26.2 | –38.9% | | Other biscuits | 57.4 | 65.6 | –12.5% | | **Total Biscuit Series** | **553.1** | **621.6** | **–11.0%** | | Noodles | 87.0 | 68.1 | 27.8% | | Flour | 77.6 | 92.2 | –15.8% | | Others | 22.3 | 26.1 | –14.6% | | **Total** | **740.0** | **808.0** | **–8.4%** | - The overall decline in the biscuit segment resulted from a combination of macroeconomic pressures, changing consumer behavior, intense competition, inflation, and the popularity of alternative snacks[55](index=55&type=chunk) [Gross Profit Analysis](index=23&type=section&id=4.4%20%E6%AF%9B%E5%88%A9%E5%88%86%E6%9E%90) In H1 2025, Group gross profit decreased 4.3% to RMB 205.6 million, but gross margin increased 1.1 percentage points to 27.4% due to lower raw material costs; biscuit segment gross profit declined 7.5% - Group gross profit decreased by **4.3%** YoY to **RMB 205.6 million**, but gross margin slightly increased by **1.1 percentage points** to **27.4%**[56](index=56&type=chunk) - Gross margin growth was primarily due to lower input costs for certain raw materials such as sugar and flour[56](index=56&type=chunk) | Segment | H1 2025 Gross Profit (RMB million) | H1 2024 Gross Profit (RMB million) | YoY Change (%) | H1 2025 Gross Margin (%) | H1 2024 Gross Margin (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Group Total | 205.6 | 214.8 | -4.3% | 27.4% | 26.3% | +1.1 | | Biscuit Segment | 174.6 | 188.8 | -7.5% | 31.6% | 30.4% | +1.2 | | Noodle Business | 18.8 | 14.8 | +26.4% | 21.6% | 21.8% | -0.2 | [Expense Analysis](index=23&type=section&id=4.5%20%E8%B2%BB%E7%94%A8%E5%88%86%E6%9E%90) In H1 2025, Group other income decreased 6.5% YoY, selling and distribution expenses increased 11.9% YoY, and administrative expenses slightly decreased 1.3% YoY [Other Income](index=23&type=section&id=4.5.1%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) - Other income was approximately **RMB 24.8 million**, a YoY decrease of **6.5%**, mainly due to reduced interest received on loans receivable and lower government grant income[57](index=57&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=4.5.2%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) - Selling and distribution expenses were approximately **RMB 111.1 million**, a YoY increase of **11.9%**[58](index=58&type=chunk) [Administrative Expenses](index=23&type=section&id=4.5.3%20%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) - Administrative expenses were approximately **RMB 53.3 million**, a slight YoY decrease of **1.3%**[59](index=59&type=chunk) [Working Capital Management](index=23&type=section&id=4.6%20%E7%87%9F%E9%81%8B%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) As of June 30, 2025, Group inventory balance decreased, inventory turnover days increased, and trade and bills receivables and other receivables increased with stable turnover days [Inventories](index=23&type=section&id=4.6.1%20%E5%AD%98%E8%B2%A8) - Inventory balance decreased by approximately **RMB 38.8 million** to **RMB 181.7 million** (December 31, 2024: RMB 220.5 million)[60](index=60&type=chunk) - Inventory turnover days increased by **8 days** to **67 days**, primarily attributed to early product preparation for Chinese New Year sales[60](index=60&type=chunk) [Trade and Bills Receivables, Other Receivables](index=24&type=section&id=4.6.2%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) - Trade and bills receivables and other receivables were approximately **RMB 193.5 million**, an increase of **13.7%** compared to December 31, 2024[61](index=61&type=chunk) - Trade and bills receivables and other receivables turnover days remained at **44 days** (December 31, 2024: 44 days)[61](index=61&type=chunk) [Financial and Liquidity Position](index=24&type=section&id=4.7%20%E8%B2%A1%E5%8B%99%E5%8F%8A%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E7%8B%80%E6%B3%81) As of June 30, 2025, bank balances and cash decreased to RMB 279.4 million, total bank borrowings increased 16.4% to RMB 797.2 million, total debt-to-equity ratio rose to 81.1%, and current ratio was 0.86 | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank balances and cash | 279.4 | 379.1 | -26.3% | | Total bank borrowings | 797.2 | 685.1 | +16.4% | | Total debt-to-equity ratio | 81.1% | 67.6% | +13.5pp | | Net debt-to-equity ratio | 52.7% | 30.2% | +22.5pp | | Net current liabilities | 121.2 | 175.5 | -31.0% | | Current ratio | 0.86 | 0.83 | +0.03 | - The Board believes the Group's financial position is healthy and robust, with sufficient resources to support working capital needs and meet foreseeable capital expenditures[63](index=63&type=chunk) [Outlook](index=25&type=section&id=4.8%20%E5%89%8D%E6%99%AF%E5%B1%95%E6%9C%9B) The Group anticipates product upgrades as a key biscuit market driver, focusing on streamlining operations, enhancing brand awareness and product quality, and leveraging efficiencies, maintaining cautious optimism for H2 - Product upgrades in the biscuit market will be a significant driver, with companies possessing premium advantages capturing more market share[65](index=65&type=chunk) - The Group will focus on streamlining operations, enhancing brand awareness, maintaining and improving product quality, and leveraging operational efficiencies and cost-saving measures[65](index=65&type=chunk) - The Group maintains cautious optimism for satisfactory results in the second half of the current year's business operations[65](index=65&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Human Resources and Employee Remuneration](index=25&type=section&id=5.1%20%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90%E5%8F%8A%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group had 2,220 full-time employees, a YoY decrease, with total employee benefits expense amounting to RMB 123.2 million - As of June 30, 2025, the Group had **2,220 full-time employees** (June 30, 2024: 2,582 employees)[66](index=66&type=chunk) - Total employee benefits expense (including directors' and chief executive's emoluments) was approximately **RMB 123.2 million** (H1 2024: approximately RMB 132.5 million)[66](index=66&type=chunk) [Corporate Governance Practices](index=25&type=section&id=5.2%20%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The Board is committed to high corporate governance standards, adopting the Listing Rules' Corporate Governance Code; the combined Chairman and CEO role deviates but is deemed beneficial with adequate checks and balances - The Board has adopted the Corporate Governance Code set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[67](index=67&type=chunk) - The roles of Chairman and Chief Executive Officer are performed by Mr. Huang Xianming, deviating from Code Provision C.2.1[68](index=68&type=chunk) - The Board believes this combined role is beneficial for maintaining policy continuity and operational stability, with adequate checks and balances in place[68](index=68&type=chunk) [Standard Code for Securities Transactions by Directors](index=26&type=section&id=5.3%20%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Standard Code for Securities Transactions by Directors per Listing Rules Appendix 10, and all directors confirmed compliance during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules[69](index=69&type=chunk) - All Directors confirmed compliance with the required standards of dealing throughout the reporting period[69](index=69&type=chunk) [Audit Committee](index=26&type=section&id=5.4%20%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising three independent non-executive directors, reviewed H1 2025 interim results, finding no disagreements on accounting treatments - The Audit Committee, comprising three independent non-executive directors, reviewed and discussed the Group's interim results for the six months ended June 30, 2025[70](index=70&type=chunk) - The Audit Committee had no disagreements regarding the accounting treatments adopted by the Company[70](index=70&type=chunk) [Listing of Securities Transactions](index=26&type=section&id=5.5%20%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93) In H1 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities - In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[71](index=71&type=chunk) [Interim Dividend](index=26&type=section&id=5.6%20%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board declared an interim dividend of HK 5.00 cents per ordinary share for H1 2025, payable to shareholders on record as of September 16, 2025 - The Board has resolved to declare an interim dividend of **HK 5.00 cents** per ordinary share for the reporting period[72](index=72&type=chunk) - The interim dividend will be paid to shareholders of the Company whose names appear on the register of members on September 16, 2025[72](index=72&type=chunk) [Share Registrar](index=27&type=section&id=5.7%20%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) To determine eligibility for the 2025 interim dividend, the company will suspend share transfer registration from September 15 to September 16, 2025 - To determine eligibility for the 2025 interim dividend, the Company will suspend share transfer registration from **September 15 to September 16, 2025**[73](index=73&type=chunk) - The record date for determining eligibility for the 2025 interim dividend is **September 16, 2025**[73](index=73&type=chunk) [Publication of Results](index=27&type=section&id=5.8%20%E6%A5%AD%E7%B8%BE%E5%88%8A%E7%99%BC) This interim results announcement has been published on the websites of The Stock Exchange of Hong Kong Limited and the company - This interim results announcement has been published on the website of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company's website (http://www.gdjsl.com)[74](index=74&type=chunk)