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10月31日 狀態: 新提交 | 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) | 01388 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 HKD | | 10,000,000 | 本月底法定/註冊股本總額： HKD 10,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 安莉芳控股有限 ...

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: 安莉芳控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01388 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 422,416,638 | | 0 | | 422,416,638 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 422,416,638 | | 0 | | 422,416,638 | 第 2 頁 共 10 頁 v 1.1.1 III.已發行股份及/或庫 ...

目錄 | 2 | 公司資料 | | --- | --- | | | 未經審核簡明綜合財務報表 | | 3 | 收益表 | | 4 | 全面收益表 | | 5 | 財務狀況表 | | 7 | 權益變動表 | | 9 | 現金流量表 | | 10 | 簡明綜合財務報表附註 | | 25 | 管理層討論及分析 | | 36 | 其他資料 | | 43 | 獨立審閱報告 | 公司資料 董 事 及 董 事 委 員 會 董 事 執行董事 岳明珠（主席 ） 鄭 碧 浩 （ 行 政 總 裁 ） 鄭 傳 全 鹿 群 獨立非執行董事 陳志安 劉紹基 李均雄 李天生 董事委員會 審核委員會 劉紹基（主席） 陳志安 李天生 薪酬委員會 李均雄（主席） 鄭碧浩 劉紹基 李天生 提名委員會 李天生（主席） 鄭碧浩 劉紹基 李均雄 合規主任 鍾景揚 公司秘書 蘇嘉敏 註冊辦事處 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1 - 1 1 1 1 C a y m a n I s l a n d s 總 辦 事 處 及 主 要 營 業 地 點 香 港 新 界 葵 涌 大 ...

Group 1 - Toronto-Dominion Bank has appointed Taylan Turan as Chief Operating Officer, effective September 29, 2023, who previously held a senior position at HSBC [3][5] - Simon Fish will join as General Counsel on September 15, 2023, coming from the Bank of Montreal [4] - The leadership changes are part of a strategic shift ahead of the investor day on September 29, where the new strategic direction will be announced [6] Group 2 - The bank has not traditionally had a COO, with the current CEO Raymond Chun having held the role temporarily before his appointment [5] - Paul Whitehead has been promoted to be Turan's deputy, starting December 1, 2023, focusing on client and colleague experience and marketing [5] - The management changes are aimed at enhancing "disciplined execution and client experience leadership" according to CEO Chun [6]

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 | 2025年8月31日 | | --- | | 截至月份: 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 安莉芳控股有限公司 呈交日期: 2025年9月3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) | 01388 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,0 ...

Core Insights - Anlifang Holdings (01388.HK) reported a revenue of HKD 604,528,000 for the six months ending June 30, 2025, compared to HKD 631,392,000 in 2024 [1] - The company experienced a reduction in property fair value changes and other asset impairments, leading to a narrowed loss attributable to shareholders of approximately HKD 57,959,000, down from HKD 82,235,000 in the previous period [1] - The loss per share improved to HKD 0.1372 from HKD 0.1947 in 2024 [1]

Core Viewpoint - Anlifang Holdings (01388) reported a revenue of HKD 605 million for the six months ending June 30, 2025, representing a year-on-year decrease of 4.25%. The loss attributable to shareholders narrowed to HKD 57.95 million, a reduction of 29.52% compared to the previous year, with a basic loss per share of HKD 0.1372 [1] Group 1 - In the first half of 2025, the domestic online consumption penetration rate stabilized, and the overall e-commerce market maintained steady growth. The flow channels underwent structural changes, shifting from "shelf e-commerce" to "content e-commerce" [1] - The company upgraded its e-commerce operation system, focusing on producing quality content and enhancing brand exposure across major platforms. It also established a comprehensive social media traffic matrix to respond to trends in real-time and collaborated deeply with key opinion leaders to connect with target customers through interactive content [1] - The sales revenue from the e-commerce channel increased by 7.6% year-on-year, accounting for 39% of the total revenue, with significant contributions from content-driven e-commerce models such as Douyin and video live streaming [1] Group 2 - The company capitalized on the online consumption trend by intensifying efforts to develop the online shopping market while strategically closing offline stores to improve the overall operational efficiency of the sales network. This adjustment aimed to achieve optimal channel coverage [2] - As of June 30, 2025, the company had a total of 761 retail points, with 629 sales counters and 132 specialty stores, reflecting a net decrease of 50 points compared to the end of 2024 [2] - In the first half of 2025, the company was granted three invention patents, six utility model patents, and two design patents in China. As of June 30, 2025, the company held a total of 145 patents, including 16 invention patents, 85 utility model patents, and 44 design patents [2]

Core Viewpoint - Anlifang Holdings (01388) reported a net loss attributable to shareholders of HKD 57.959 million for the six months ending June 30, 2025, a year-on-year reduction of 29.52%, with total revenue decreasing by 4.25% to HKD 605 million [1][2] Group 1: Financial Performance - The company achieved a revenue of HKD 605 million for the first half of 2025, representing a decrease of 4.25% compared to the previous year [1] - The net loss attributable to shareholders was HKD 57.959 million, which is a 29.52% improvement year-on-year [1] - Basic loss per share was reported at HKD 0.1372 [1] Group 2: E-commerce Strategy - The company has adapted to the trend of online consumption, focusing on enhancing its e-commerce operations and producing quality content to increase brand exposure [1] - E-commerce channel sales grew by 7.6% year-on-year, accounting for 39% of total revenue, with significant contributions from content-driven e-commerce models such as Douyin and video live streaming [1] Group 3: Retail Network and Patents - As of June 30, 2025, the company had a total of 761 retail points, with a net reduction of 50 points compared to the end of 2024, including 629 sales counters and 132 specialty stores [2] - The company was granted three invention patents, six utility model patents, and two design patents in China during the first half of 2025, bringing the total to 145 patents, including 16 invention patents, 85 utility model patents, and 44 design patents [2]

[Performance and Operations Summary](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E5%8F%8A%E7%87%9F%E9%81%8B%E6%91%98%E8%A6%81) The company reported a net loss attributable to owners, primarily due to non-cash items, while enhancing brand exposure and achieving significant e-commerce sales growth H1 2025 Performance Summary ('000 HKD) | Metric | Amount ('000 HKD) | | :--- | :--- | | Revenue | 604,528 | | Gross Profit | 442,309 | | Loss Attributable to Owners | 57,959 | - Loss attributable to owners was primarily impacted by non-recurring, unrealized, and non-cash items, including fair value decreases in investment properties in Mainland China and Hong Kong, impairment of other assets in Shenzhen, and impairment provisions for right-of-use assets, totaling approximately **HKD 22.1 million**[3](index=3&type=chunk) - Increased brand exposure through celebrity endorsement effectively boosted sales of the Embry Form brand[3](index=3&type=chunk) - Enhanced e-commerce platform operations led to a **7.6% year-on-year increase** in overall e-commerce sales to **HKD 236.8 million**[3](index=3&type=chunk) [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](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company reported revenue of HKD 604,528 thousand and gross profit of HKD 442,309 thousand, with a loss attributable to owners of HKD 57,959 thousand due to fair value changes in investment properties and asset impairments, resulting in a basic loss per share of 13.72 HK cents Condensed Consolidated Statement of Profit or Loss ('000 HKD) | Metric | June 30, 2025 ('000 HKD) | June 30, 2024 ('000 HKD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 604,528 | 631,392 | -4.3% | | Cost of Sales | (162,219) | (153,068) | +6.0% | | Gross Profit | 442,309 | 478,324 | -7.5% | | Other Income and Gains, Net | 16,823 | 9,824 | +71.2% | | Selling and Distribution Expenses | (408,005) | (422,004) | -3.3% | | Administrative Expenses | (75,265) | (80,196) | -6.1% | | Fair Value Changes of Investment Properties | (14,349) | (43,674) | -67.2% | | Impairment of Other Assets | (5,484) | (22,065) | -75.1% | | Impairment of Right-of-Use Assets | (2,162) | (8,737) | -75.2% | | Loss Before Tax | (54,157) | (99,269) | -45.4% | | Income Tax Credit/(Expense) | (3,802) | 17,034 | N/A | | Loss for the Period Attributable to Owners of the Company | (57,959) | (82,235) | -29.5% | | Basic Loss Per Share (HK cents) | (13.72) | (19.47) | -29.5% | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's loss for the period was HKD 57,959 thousand, but total comprehensive income attributable to owners turned positive at HKD 4,858 thousand, significantly improving from a total comprehensive expense in the prior year, driven by exchange differences and revaluation surplus Condensed Consolidated Statement of Comprehensive Income ('000 HKD) | Metric | June 30, 2025 ('000 HKD) | June 30, 2024 ('000 HKD) | Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (57,959) | (82,235) | -29.5% | | Exchange Differences Arising from Translation of Foreign Operations | 59,132 | (45,817) | N/A | | Revaluation Surplus | 4,915 | 3,341 | +47.1% | | Deferred Tax Charged to Revaluation Reserve | (1,230) | (835) | +47.3% | | Total Comprehensive Income/(Expense) for the Period Attributable to Owners of the Company | 4,858 | (125,546) | N/A | [Condensed Consolidated Statement of Financial Position](index=4&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) As of June 30, 2025, the Group's total assets less current liabilities amounted to HKD 2,042,574 thousand, with net assets of HKD 1,727,410 thousand, reflecting an increase in net current assets and a significant rise in cash and cash equivalents Condensed Consolidated Statement of Financial Position ('000 HKD) | Metric | June 30, 2025 ('000 HKD) | December 31, 2024 ('000 HKD) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 1,653,224 | 1,634,025 | +1.2% | | Total Current Assets | 803,303 | 731,186 | +9.9% | | Total Current Liabilities | 413,953 | 415,698 | -0.4% | | Net Current Assets | 389,350 | 315,488 | +23.4% | | Total Assets Less Current Liabilities | 2,042,574 | 1,949,513 | +4.8% | | Total Non-Current Liabilities | 315,164 | 226,961 | +38.9% | | Net Assets | 1,727,410 | 1,722,552 | +0.3% | | Cash and Cash Equivalents | 212,742 | 163,434 | +30.2% | | Trade Receivables | 61,725 | 38,015 | +62.4% | | Trade and Bills Payables | 37,025 | 39,020 | -5.1% | [Notes](index=5&type=section&id=%E9%99%84%E8%A8%BB) [Basis of Preparation](index=5&type=section&id=1.1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual consolidated financial statements - The financial statements are prepared in accordance with the Hong Kong Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[8](index=8&type=chunk) - The condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties which are measured at fair value[9](index=9&type=chunk) [Changes in Accounting Policies and Disclosures](index=5&type=section&id=1.2%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95%E5%8F%8A%E6%8A%AB%E9%9C%B2) The revised HKAS 21 "Lack of Exchangeability" was adopted for the first time this period, with no significant impact on the prepared and presented results and financial position - The revised Hong Kong Accounting Standard 21 "Lack of Exchangeability" was adopted for the first time[10](index=10&type=chunk) - The adoption of the new standard had no significant impact on the results and financial position of past or current accounting periods[10](index=10&type=chunk) [Revenue and Segment Information](index=6&type=section&id=2.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) For the six months ended June 30, 2025, total revenue from contracts with customers was HKD 604,528 thousand, primarily from the Mainland China market, accounting for 96.4% Revenue Analysis ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Sale of Goods | 604,528 | 631,392 | Revenue by Geographical Market ('000 HKD) | Geographical Market | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 582,494 | 611,286 | | Hong Kong | 14,800 | 17,581 | | Others | 7,234 | 2,525 | | **Total Revenue from Contracts with Customers** | **604,528** | **631,392** | [Other Income and Gains, Net](index=6&type=section&id=3.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%EF%BC%8C%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, other income and gains, net, amounted to HKD 16,823 thousand, a significant increase from the prior year, primarily due to a shift from exchange loss to gain Other Income and Gains, Net ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Subsidy Income | 2,469 | 207 | | Gross Rental Income from Operating Leases of Investment Properties | 8,276 | 8,276 | | Bank Interest Income | 970 | 1,415 | | Exchange Differences, Net | 2,503 | (4,698) | | **Total** | **16,823** | **9,824** | [Other Expenses](index=7&type=section&id=4.%20%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total other expenses amounted to HKD 486 thousand, primarily severance payments, representing a significant decrease from the prior year Other Expenses ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Loss on Disposal/Write-off of Property, Plant and Equipment Items, Net | - | 16 | | Severance Payments | 486 | 1,479 | | **Total** | **486** | **1,495** | [Finance Costs](index=7&type=section&id=5.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) For the six months ended June 30, 2025, total finance costs were HKD 7,538 thousand, mainly comprising interest on interest-bearing bank borrowings and lease liabilities, showing a decrease from the prior year Finance Costs ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Interest on Interest-Bearing Bank Borrowings | 6,547 | 8,028 | | Interest on Lease Liabilities | 991 | 1,218 | | **Total** | **7,538** | **9,246** | [Loss Before Tax](index=7&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) The Group's loss before tax has been reduced by various expenses, including cost of inventories sold, depreciation of fixed assets, depreciation of right-of-use assets, lease payments, advertising and counter decoration expenses, and impairment of right-of-use assets Loss Before Tax Deductions ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cost of Inventories Sold | 162,219 | 153,068 | | Depreciation of Fixed Assets | 18,889 | 26,398 | | Depreciation of Right-of-Use Assets | 14,682 | 18,027 | | Lease Payments Not Included in Lease Liabilities | 103,126 | 112,897 | | Advertising and Counter Decoration Expenses | 81,774 | 68,875 | | Impairment of Right-of-Use Assets | 2,162 | 8,737 | [Income Tax](index=8&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85) For the six months ended June 30, 2025, the Group recorded an income tax expense of HKD 3,802 thousand, compared to an income tax credit of HKD 17,034 thousand in the prior year, primarily due to changes in deferred tax Income Tax ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Current Tax – Mainland China | - | - | | Deferred Tax Expense/(Credit) | 3,802 | (17,034) | | **Total Tax Expense/(Credit) for the Period** | **3,802** | **(17,034)** | [Loss Per Share Attributable to Owners of the Company](index=8&type=section&id=8.%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) For the six months ended June 30, 2025, the basic loss per share attributable to owners of the company narrowed to 13.72 HK cents from 19.47 HK cents in the prior year, with share options having an anti-dilutive effect and thus not adjusting the total basic loss per share Loss Per Share Calculation ('000 HKD) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Loss for the Purpose of Calculating Basic Earnings Per Share | (57,959) | (82,235) | | Number of Ordinary Shares Outstanding During the Year | 422,416,638 | 422,416,638 | | Basic Loss Per Share (HK cents) | (13.72) | (19.47) | - Share options had an anti-dilutive effect, thus not adjusting the total basic loss per share[18](index=18&type=chunk) [Property, Plant and Equipment](index=8&type=section&id=9.%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) As of June 30, 2025, the net book value of property, plant and equipment was HKD 615,902 thousand, with additions of HKD 3,497 thousand and depreciation provision of HKD 18,889 thousand during the period Property, Plant and Equipment Net Book Value Movement ('000 HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Book Value at Beginning of Period/Year | 617,954 | 814,841 | | Additions | 3,497 | 8,325 | | Depreciation Provision for the Period/Year | (18,889) | (51,672) | | Exchange Adjustments | 23,447 | (24,678) | | **Book Value at End of Period/Year** | **615,902** | **617,954** | [Trade Receivables](index=9&type=section&id=10.%20%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE) As of June 30, 2025, the Group's total trade receivables amounted to HKD 65,651 thousand, with the majority due within 90 days, and an impairment provision of HKD 3,926 thousand Trade Receivables Ageing Analysis ('000 HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 Days | 59,288 | 35,021 | | 91 to 180 Days | 2,176 | 2,733 | | 181 to 360 Days | 981 | 1,640 | | Over 360 Days | 3,206 | 3,471 | | **Total** | **65,651** | **42,865** | | Less: Impairment Provision | (3,926) | (4,850) | | **Net** | **61,725** | **38,015** | [Trade and Bills Payables](index=9&type=section&id=11.%20%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%AC%E6%AC%BE%E5%8F%8A%E6%87%89%E4%BB%98%E7%A5%A8%E6%93%9A) As of June 30, 2025, the Group's total trade and bills payables amounted to HKD 37,025 thousand, with the highest proportion due within 90 days Trade and Bills Payables Ageing Analysis ('000 HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 Days | 33,545 | 35,218 | | 91 to 180 Days | 1,098 | 1,736 | | 181 to 360 Days | 806 | 814 | | Over 360 Days | 1,576 | 1,252 | | **Total** | **37,025** | **39,020** | [Commitments](index=9&type=section&id=12.%20%E6%89%BF%E6%93%94) As of June 30, 2025, the Group's contracted commitments for the acquisition of property, plant and equipment amounted to HKD 106,450 thousand, an increase from the end of 2024 Commitments ('000 HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted Commitments for Acquisition of Property, Plant and Equipment | 106,450 | 102,346 | [Management Discussion and Analysis](index=10&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business and Operations Review](index=10&type=section&id=%E6%A5%AD%E5%8B%99%E5%8F%8A%E7%87%9F%E9%81%8B%E5%9B%9E%E9%A1%A7) In H1 2025, facing a complex international environment and challenges in the Chinese economy, the Group responded to market changes and improved operational efficiency through a multi-brand strategy, strengthened e-commerce operations, optimized sales networks, increased product R&D, and green production [Macroeconomic Environment](index=10&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) In H1 2025, global economic recovery was weak, and while China's GDP grew by 5.3% year-on-year, domestic demand remained soft, with an uneven recovery in the consumer market, and the intimate apparel retail environment remained challenging - In H1 2025, China's GDP grew by **5.3% year-on-year**, but domestic demand was weak, and consumer market recovery was uneven[22](index=22&type=chunk) - Total retail sales of consumer goods increased by **5.0% year-on-year**, with clothing, footwear, headwear, and knitwear categories growing by only **3.1%**, indicating a challenging retail operating environment for intimate apparel[22](index=22&type=chunk) [Brand Management](index=10&type=section&id=%E5%93%81%E7%89%8C%E7%AE%A1%E7%90%86) Leveraging a multi-brand strategy, the Group adjusted marketing for seven brands, consolidating its flagship brand Embry Form, and effectively enhanced brand exposure and e-commerce sales through celebrity endorsement and optimized social media operations, achieving a 7.6% year-on-year increase in e-commerce channel sales, while actively promoting green development initiatives - Implemented a multi-brand strategy, managing seven brands including Embry Form and Fandecie, to consolidate the flagship brand Embry Form[24](index=24&type=chunk) - Collaborated with celebrity endorser Song Yi, strengthened social media operations, and expanded diverse online content platforms, effectively enhancing brand exposure and traffic[24](index=24&type=chunk) - E-commerce channel sales increased by **7.6% year-on-year**, accounting for **39% of the Group's total revenue**, with content-driven e-commerce models (e.g., Douyin, WeChat Channels live streaming) contributing significantly[25](index=25&type=chunk) - Actively practiced green development concepts, launched environmental protection month activities and "Old Clothes for New" projects, reinforcing the image of "the preferred brand for green, healthy, high-quality intimate apparel"[25](index=25&type=chunk) [Sales Network](index=11&type=section&id=%E9%8A%B7%E5%94%AE%E7%B6%B2%E7%B5%B1) To counter weak physical retail consumption, the Group strategically closed offline stores, reducing net retail points by 50 to 761, while expanding online sales and synchronizing online and offline product information to optimize inventory allocation and management - Strategically closed offline stores, resulting in a net reduction of **50 retail points** to **761** (629 counters, 132 specialty stores)[26](index=26&type=chunk) - Intensified efforts to expand the online shopping market and implemented online mirror stores with synchronized product information with offline stores, optimizing inventory allocation and management[26](index=26&type=chunk) [Product Design and Research & Development](index=11&type=section&id=%E7%94%A2%E5%93%81%E8%A8%AD%E8%A8%88%E5%8F%8A%E7%A0%94%E7%99%BC) The Group continuously upgrades product design, uses green and environmentally friendly materials, and increases online product development to tap into the youth market, launching several new product series and securing 11 new patents in China, including three invention patents, bringing the total to 145 patents - Adhered to excellent product quality and comfortable wearing experience, using green, environmentally friendly, and pollution-free raw materials[27](index=27&type=chunk) - Increased online product development, optimizing product diversity, adaptability, and cost-effectiveness, launching several popular new product series[28](index=28&type=chunk) - During the period, **3 invention patents**, **6 utility model patents**, and **2 design patents** were granted in China, bringing the total to **145 patents** as of June 30, 2025[29](index=29&type=chunk) - Launched a new product series, "Fengchao Cup," using bio-based environmentally friendly materials and 3D large-hole honeycomb structure, embodying green and low-carbon principles[28](index=28&type=chunk) [Production Capacity](index=12&type=section&id=%E7%94%A2%E8%83%BD%E5%8A%9B) The Group operates production bases in Shandong and Jiangsu, equipped with intelligent finished goods and material warehouses, and adjusts supply flexibly through supply chain resources, with the Shandong Industrial Park utilizing geothermal heat pumps and other technologies for eco-friendly, low-carbon production, and independently developing automatic underwear packaging machines using biodegradable plastics - Established production bases in Shandong and Jiangsu, equipped with intelligent finished goods and material warehouses, flexibly adjusting supply[30](index=30&type=chunk) - The Shandong Industrial Park utilizes geothermal heat pumps and other technologies for eco-friendly, low-carbon production, and independently developed automatic underwear packaging machines using biodegradable plastics[30](index=30&type=chunk) [Human Resources](index=13&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group prioritizes employee training and welfare, reviews internal management culture to enhance belonging, and improves production technology with automated logistics systems to boost efficiency, with 3,865 employees and total staff costs of HKD 202,923 thousand as of June 30, 2025 - Prioritized employee training, welfare, and internal management culture to enhance employee belonging[31](index=31&type=chunk) - Improved production technology, coupled with automated logistics systems, to enhance production efficiency and alleviate cost pressures[31](index=31&type=chunk) Human Resources Data | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 3,865 | 3,949 | | Total Staff Costs ('000 HKD) | 202,923 | 210,021 | [Financial Position Review](index=14&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%9B%9E%E9%A1%A7) In H1 2025, the Group's revenue decreased by 4.3%, and gross profit margin fell to 73.2%, yet losses narrowed, driven by significant e-commerce sales growth, reduced operating expenses, and a substantial decrease in investment property impairment, maintaining robust liquidity despite an increased gearing ratio [Revenue](index=14&type=section&id=%E6%94%B6%E7%9B%8A) During the period, turnover was HKD 604,528 thousand, a 4.3% year-on-year decrease, with e-commerce platform sales growing 7.6% to HKD 236,828 thousand, accounting for 39.2% of total revenue, and flagship brand Embry Form contributing 64.7% of total revenue with a 1.5% increase, while women's intimate apparel remained the core product line, representing 83.7% of revenue Revenue Overview ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Turnover | 604,528 | 631,392 | -4.3% | | E-commerce Platform Sales | 236,828 | N/A | +7.6% | | Retail Turnover | 346,363 | N/A | -11.9% | | Mainland China Market Turnover | 582,494 | N/A | -3.2% (Fixed Exchange Rate) | - E-commerce sales increased from **34.9%** of total revenue in the prior year to **39.2%**[32](index=32&type=chunk) Revenue by Brand ('000 HKD) | Brand | H1 2025 | Proportion | Change | | :--- | :--- | :--- | :--- | | Embry Form | 391,105 | 64.7% | +1.5% | | Other Brands | 206,189 | 34.1% | N/A | Revenue by Product Line ('000 HKD) | Product Line | H1 2025 | Proportion | | :--- | :--- | :--- | | Intimate Apparel | 505,936 | 83.7% | | Sleepwear | 72,568 | 12.0% | | Swimwear | 9,020 | 1.5% | [Gross Profit](index=14&type=section&id=%E6%AF%9B%E5%88%A9) During the period, gross profit was approximately HKD 442,309 thousand, a 7.5% year-on-year decrease, with the overall gross profit margin falling by 2.6 percentage points to 73.2%, primarily due to increased promotional efforts and higher discount rates Gross Profit Overview ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 442,309 | 478,324 | -7.5% | | Gross Profit Margin | 73.2% | 75.8% | -2.6 percentage points | - The decrease in gross profit margin was mainly due to the Group's increased promotional efforts and higher discount rates to drive sales volume and stabilize overall turnover[34](index=34&type=chunk) [Operating Expenses](index=15&type=section&id=%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF) Selling and distribution expenses decreased by 3.3% year-on-year to HKD 408,005 thousand, primarily due to reduced rent and staff wages from fewer stores, while administrative expenses decreased by 6.1% year-on-year to HKD 75,265 thousand Operating Expenses ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | 408,005 | 422,004 | -3.3% | | As % of Revenue | 67.5% | 66.8% | +0.7 percentage points | | Administrative Expenses | 75,265 | 80,196 | -6.1% | | As % of Revenue | 12.5% | 12.7% | -0.2 percentage points | - The decrease in selling and distribution expenses was mainly due to a reduction in the number of counters and specialty stores, leading to lower related rental expenses and sales staff wages[35](index=35&type=chunk) - The Group continued to invest resources in sales and marketing, including hiring endorsers and coordinating promotional activities, to enhance brand awareness and drive future sales[35](index=35&type=chunk) [Fair Value Changes of Investment Properties and Impairment of Other Assets](index=15&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD%E5%85%AC%E5%B9%B3%E5%80%BC%E8%AE%8A%E5%8B%95%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC) During the period, the fair value of investment properties decreased by approximately HKD 14,349 thousand, and other asset impairments amounted to approximately HKD 5,484 thousand, both significantly lower than the prior year, reflecting a subdued property market but alleviated impairment pressure Fair Value Changes of Investment Properties and Impairment of Other Assets ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Decrease in Fair Value of Investment Properties | 14,349 | 43,674 | -67.2% | | Impairment of Other Assets | 5,484 | 22,065 | -75.1% | - The reduction in impairment was mainly due to the continued subdued property market in Mainland China and Hong Kong, but the magnitude of impairment narrowed[36](index=36&type=chunk) [Impairment of Right-of-Use Assets and Other Expenses](index=15&type=section&id=%E4%BD%BF%E7%94%A8%E6%AC%8A%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E5%8F%8A%E5%85%B6%E4%BB%96%E9%96%8B%E6%94%AF) The Group made an impairment provision of approximately HKD 2,162 thousand for right-of-use assets related to specialty stores and counters, with other expenses totaling HKD 486 thousand, both significantly lower than the prior year Impairment of Right-of-Use Assets and Other Expenses ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Impairment Provision for Right-of-Use Assets | 2,162 | 8,737 | -75.2% | | Other Expenses | 486 | 1,495 | -67.5% | [Income Tax](index=15&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) During the period, income tax expense was approximately HKD 3,802 thousand, compared to an income tax credit of HKD 17,034 thousand in the prior year Income Tax ('000 HKD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Income Tax Expense/(Credit) | 3,802 | (17,034) | [Loss](index=15&type=section&id=%E虧%E6%90%8D) The loss attributable to owners of the company was HKD 57,959 thousand, a reduction from HKD 82,235 thousand in the prior year, primarily due to operating losses, fair value changes in investment properties, and impairment of other assets Loss Attributable to Owners of the Company ('000 HKD) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners | 57,959 | 82,235 | -29.5% | - The narrowing of loss was mainly attributable to operating losses, fair value changes of investment properties, and impairment of other assets[39](index=39&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a robust financial position, with cash and cash equivalents increasing to HKD 212,742 thousand, while interest-bearing bank borrowings rose to HKD 402,561 thousand, leading to an increased gearing ratio of 23.3% Liquidity and Financial Resources ('000 HKD) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 212,742 | 163,434 | +30.2% | | Interest-Bearing Bank Borrowings | 402,561 | 323,253 | +24.5% | | Equity Attributable to Owners of the Company | 1,727,410 | 1,722,552 | +0.3% | | Gearing Ratio | 23.3% | 18.8% | +4.5 percentage points | [Capital Expenditure](index=16&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure for the period amounted to HKD 3,497 thousand, primarily for vehicles and computer software, with capital expenditure commitments totaling HKD 106,450 thousand as of June 30, 2025 Capital Expenditure and Commitments ('000 HKD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Capital Expenditure | 3,497 | 5,615 | | Capital Expenditure Commitments (Period-end) | 106,450 | 102,346 (December 31, 2024) | - Capital expenditure was primarily for vehicles and computer software[41](index=41&type=chunk) [Pledges of the Group's Assets](index=16&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged investment properties, buildings, and right-of-use assets in Hong Kong and Changzhou, as well as buildings in Shenzhen, to banks for financing loans, with a total net book value of approximately HKD 429,975 thousand - Investment properties, buildings, and right-of-use assets in Hong Kong and Changzhou (net book values of **HKD 227,874 thousand**, **HKD 186,546 thousand**, and **HKD 14,325 thousand** respectively) were pledged to banks[42](index=42&type=chunk) - Buildings in Shenzhen (net book value of **HKD 1,234 thousand**) were pledged to banks[42](index=42&type=chunk) [Capital Structure](index=16&type=section&id=%E8%B3%87%E6%9C%AC%E7%B5%90%E6%A7%8B) As of June 30, 2025, the company's total issued share capital was HKD 4,224 thousand, comprising 422,416,638 ordinary shares with a par value of HKD 0.01 each, consistent with the end of 2024 Capital Structure ('000 HKD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Issued Share Capital | 4,224 | 4,224 | | Number of Ordinary Shares | 422,416,638 | 422,416,638 | [Material Investments, Acquisitions and Disposals of Subsidiaries and Associates](index=16&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E9%97%9C%E8%81%AF%E5%85%AC%E5%8F%B8) During the period, the Group held no material investments and made no material acquisitions or disposals of subsidiaries and associates - No material investments, acquisitions, or disposals of subsidiaries and associates occurred during the period[44](index=44&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group primarily conducts trading transactions in Hong Kong Dollars and Renminbi and does not use derivative financial instruments to hedge against foreign exchange fluctuation risks - Primarily conducts trading transactions in Hong Kong Dollars and Renminbi[45](index=45&type=chunk) - Does not use derivative financial instruments to hedge against foreign exchange fluctuation risks[45](index=45&type=chunk) [Contingent Liabilities](index=16&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group provided bank guarantees of HKD 646 thousand for property leases and utility deposits, with no other significant contingent liabilities or litigation Contingent Liabilities ('000 HKD) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Guarantees (Property Leases and Utility Deposits) | 646 | 646 | - Aside from bank guarantees, there are no other significant contingent liabilities or litigation[46](index=46&type=chunk) [Outlook](index=17&type=section&id=%E5%89%8D%E6%99%AF) Looking ahead to the second half, while global economic recovery remains weak and the Chinese economy faces internal and external pressures, it is expected to continue its recovery trajectory, with the intimate apparel industry facing intense competition and consumers seeking quality and value, prompting the Group to deepen online product development, enhance product adaptability, strengthen collaboration with low-carbon suppliers, and fully launch eco-friendly products, while optimizing business strategies to seize e-commerce growth opportunities, reinforce social media and e-commerce platform operations, consolidate online retail advantages, and continue celebrity endorsement strategies, alongside flexible capacity and supply chain resource allocation, utilizing intelligent warehousing and logistics to improve supply efficiency and delivery speed, and promoting energy conservation and emission reduction - Looking ahead to the second half, global economic recovery momentum is weak, and the Chinese economy faces internal and external pressures, but is expected to continue its recovery trend[47](index=47&type=chunk) - The intimate apparel industry faces fierce competition, with expected performance lagging the overall consumer market as consumers become more rational, seeking products that combine quality and value[47](index=47&type=chunk) - The Group will continue to deepen online product development, enhance product adaptability, strengthen cooperation with low-carbon suppliers, and fully launch eco-friendly products[47](index=47&type=chunk) - Future plans include optimizing business strategies, seizing e-commerce growth opportunities, strengthening social media and e-commerce platform operations, consolidating online retail advantages, and continuing celebrity endorsement strategies[48](index=48&type=chunk) - In terms of production, the Group will flexibly allocate production capacity and supply chain resources, utilize intelligent warehousing and logistics to improve supply efficiency and delivery speed, and promote energy conservation and emission reduction[48](index=48&type=chunk) [Other Information](index=18&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Review of Interim Financial Information](index=18&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) The Audit Committee has reviewed the Group's adopted accounting principles, interim financial statements, risk management, internal controls, and financial reporting matters, and the external auditor has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee has reviewed accounting principles, interim financial statements, risk management, internal controls, and financial reporting matters[49](index=49&type=chunk) - The external auditor has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410[49](index=49&type=chunk) [Interim Dividend](index=18&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved on August 29, 2025, not to declare an interim dividend for the six months ended June 30, 2025, to conserve cash and maintain the Group's long-term financial strength - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[50](index=50&type=chunk) - No dividend is declared to conserve cash and maintain the Group's long-term financial strength[23](index=23&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=18&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%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - No purchase, sale, or redemption of any of the company's listed securities occurred during the period[51](index=51&type=chunk) - As of June 30, 2025, the company held no treasury shares[52](index=52&type=chunk) [Compliance with Corporate Governance Code](index=18&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Directors believe that the company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the period - The company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[53](index=53&type=chunk) [Standard Code for Securities Transactions](index=18&type=section&id=%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 has adopted a code of conduct for securities transactions by Directors and employees consistent with Appendix C3 of the Listing Rules, and all Directors and senior management have confirmed compliance with this code - The company has adopted a code of conduct for securities transactions by Directors and employees consistent with Appendix C3 of the Listing Rules[54](index=54&type=chunk) - All Directors and senior management have confirmed compliance with the code for securities transactions[54](index=54&type=chunk) [Publication of 2025 Interim Results Announcement and Interim Report](index=18&type=section&id=%E5%88%8A%E7%99%BC%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%94%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This results announcement has been published on the websites of Hong Kong Exchanges and Clearing Limited and the company, and the 2025 interim report containing all information required by the Listing Rules will be published in due course - The results announcement has been published on the websites of Hong Kong Exchanges and the company[54](index=54&type=chunk) - The 2025 interim report will be published on the aforementioned websites in due course[54](index=54&type=chunk)

Market Overview - On Monday, the three major US stock indices showed mixed results, while the Hang Seng Index ADR declined, closing at 25,129.61 points, down by 47.24 points or 0.19% compared to the Hong Kong closing [1]. Company Performance - Most large-cap blue-chip stocks experienced declines, with HSBC Holdings closing at HKD 99.979, up by 1.55% compared to the Hong Kong closing; Tencent Holdings closed at HKD 586.613, down by 0.07% [3]. - Notable stock movements include Alibaba W, which closed at HKD 118.600, up by 0.500 or 0.42%; and Xiaomi Group-W, which closed at HKD 53.050, up by 0.200 or 0.38% [4]. - Other significant performers include AIA Group, which closed at HKD 74.600, down by 0.350 or 0.47%; and JD Group-SW, which closed at HKD 124.000, up by 3.200 or 2.65% [4].