Group 1 - The market capitalization of the Hong Kong securities market increased to HKD 44.9 trillion as of July 2025, representing a year-on-year growth of 44% from HKD 31.1 trillion [1] - The growth is attributed to favorable policies, the return of Chinese concept stocks, and reforms within the Hong Kong stock market, which enhances its financing capabilities and attracts more enterprises and capital [1] Group 2 - Baifu Holdings announced the sale of a 1.71% stake in Guangzhou Yujian Xiaomian for HKD 48 million, reducing its ownership from approximately 17.16% to 15.46% [2] - The company reported a 24.4% decline in revenue and a 59.5% increase in net loss for 2024, indicating financial struggles that may have prompted the sale [2] - Yujian Xiaomian has submitted a prospectus for an IPO on the Hong Kong main board, with CMB International as the sole sponsor [2] Group 3 - Zhongyu Land expects a shareholder loss of approximately HKD 40 million for the first half of the year, a significant decline from a profit of HKD 91 million in the same period last year [3] - The loss is primarily due to reduced contributions from joint ventures and decreased fair value gains from investment properties in the UK, partially offset by exchange gains from the appreciation of GBP against HKD [3] Group 4 - ZTE Corporation completed the issuance of HKD 3.584 billion in zero-coupon convertible bonds, maturing in 2030, with net proceeds of approximately RMB 35.43 billion after expenses [4] - The funds will be used to enhance research and development in computing power products, which is expected to strengthen ZTE's competitiveness in AI and 5G sectors [4] - The bonds have been listed on the Hong Kong Stock Exchange, with trading permissions effective from August 6 [4] Group 5 - The Hang Seng Index closed at 24,910.63, with a slight increase of 0.03% on August 6 [5] - The Hang Seng Tech Index rose by 0.20% to 5,532.17, while the National Enterprises Index decreased by 0.21% to 8,932.68 [5]

百福控股(01488)发布公告，卖方奇昕控股有限公司(公司的全资附属公司)与买方(即杜鸣先生、顾东生 先生及魏传发先生)订立日期为2025年7月31日的协议，据此，卖方同意出售而买方同意购买销售股权 (相当于目标公司广州遇见小面餐饮股份有限公司1.71%股权)，总代价为人民币4800万元。完成发生于 2025年8月5日。完成前，集团持有目标公司约17.16%股权。完成后，集团持有目标公司约15.46%股 权，而目标公司继续作为集团的联营公司入账。 目标公司是一家在中国大陆及中国香港地区经营川渝风味连锁面馆的餐饮企业。据弗若斯特沙利文报告 显示，中国城镇化进程加速、居民可支配收入提升以及数字化点餐及外卖平台的普及，共同推动了中国 面馆行业的蓬勃发展。目标公司的门店网络已从2022年12月31日的170家快速扩张至2024年12月31日的 360家。 目标公司是一家领先且快速发展的现代中式面馆运营商，于2014年在广州成立，旗下运营"遇见小面"品 牌，专注于川渝风味面食，业务遍布中国大陆及中国香港地区。于本公告日期，淮安市创韬企业管理合 伙企业(有限合伙)(由宋奇先生及苏旭翔先生分别持有66.67%及33.33% ...

Core Viewpoint - The company, Baifu Holdings, is selling a 1.71% stake in its associate company, Guangzhou Yujian Xiaomian Catering Co., Ltd., for RMB 48 million, reducing its ownership from 17.16% to 15.46% while maintaining significant influence as the second-largest shareholder [1][2]. Company Summary - Baifu Holdings' subsidiary, Qixin Holdings Limited, has entered into an agreement to sell a portion of its stake in Guangzhou Yujian Xiaomian, with the transaction expected to complete on August 5, 2025 [1]. - The target company operates a rapidly growing chain of modern Chinese noodle restaurants, focusing on Sichuan and Chongqing flavors, with a current presence in mainland China and Hong Kong [1][2]. - As of the announcement date, the ownership structure of the target company includes Huai'an Chuangtao Enterprise Management Partnership holding approximately 49.04%, while Baifu Holdings holds 17.16% [1]. Industry Summary - The Chinese noodle restaurant industry is experiencing robust growth driven by urbanization, rising disposable incomes, and the proliferation of digital ordering and delivery platforms [2]. - The target company's store network is projected to expand from 170 locations as of December 31, 2022, to 360 locations by December 31, 2024 [2]. - The board believes that the Chinese restaurant industry is in a growth phase, presenting numerous opportunities for investment and operational funding [2].

Group 1 - The company, Baifu Holdings (01488.HK), has entered into an agreement to sell 1.71% equity stake in its affiliate, Guangzhou Yujian Xiaomian Catering Co., Ltd., for RMB 48 million, with the transaction expected to complete on August 5, 2025 [1][2] - Following the sale, the company's ownership in the target company will decrease from approximately 17.16% to 15.46%, while the target company will continue to be accounted for as an associate [1][2] - The target company operates a rapidly growing chain of modern Chinese noodle restaurants, focusing on Sichuan and Chongqing flavors, with its store network expanding from 170 locations at the end of 2022 to a projected 360 by the end of 2024 [2] Group 2 - The board believes that the Chinese restaurant industry is currently in a growth phase, presenting numerous business opportunities, and the sale will allow the company to recoup initial investment costs to supplement working capital and seek new investment opportunities [2] - The proceeds from the sale are intended for general working capital, and the company views its remaining stake in the target company as a significant strategic investment, with no current plans to dispose of the remaining shares [2] - The company will remain the second-largest shareholder in the target company post-transaction, maintaining significant influence through shared directorships [2]

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之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不會就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 BEST FOOD HOLDING COMPANY LIMITED 百 福 控 股 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：01488） 須予披露交易 出售目標公司股權 出售事項 賣 方（ 本公 司 的 全資 附 屬 公司 ）與 買 方 訂 立日 期 為 2025 年 7 月 31 日 的 協 議， 據 此 ， 賣方 同 意 出 售 而 買 方 同 意 購 買 銷 售 股 權（ 相 當 於 目 標 公 司 1.71% 股 權 ）， 總 代 價 為 人 民 幣 48,000,000元。完成發生於2025年8月5日。 完成前，本集團持有目標公司約17.16%股權。完成後，本集團持有目標公司約15.46%股 權，而目標公司繼續作為本集團的聯營公司入賬。 上市規則的涵義 由於出售事項的最高適用百分比率（ 定義見上市規則第14.07條）超過5 %但低於25%，出售 事項構成本公司的須予披露 ...

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 | | | 致：香港交易及結算所有限公司 公司名稱: 百福控股有限公司 呈交日期: 2025年8月5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) | 01488 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,0 ...

格隆汇8月4日丨百福控股(01488.HK)宣布，董事会会议将于2025年8月20日（星期三）举行，藉以（其 中包括）批准公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，以及考虑派付中期 股息（如有）。 ...

（ 於開曼群島註冊成立之有限公司） （股份代號：01488） 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之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不會就本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 BEST FOOD HOLDING COMPANY LIMITED 百 福 控 股 有 限 公 司 * 百福控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董事會會議將於二零 二五年八月二十日（ 星期三 ）舉行，藉以（ 其中包括 ）批准本公司及其附屬公司截至二零二五 年六月三十日止六個月之中期業績及其發佈，以及考慮派付中期股息（ 如有）。 承董事會命 百福控股有限公司 主席 趙令歡 董事會會議通告 香港，二零二五年八月四日 於本公告日期，董事會包括三名執行董事，為趙令歡先生、王小龍先生及景慎先生；以及三名獨立非執行董 事，為梁貴基先生、羅維仁先生及卓平女士。 ...

Industry Competition and Market Trends - The catering industry faced intensified competition in 2024, requiring companies to have a profound understanding of industry development patterns to achieve solid returns[19]. - The intense competition in the catering industry has led to a decline in same-store sales and profit margins, increasing corporate losses[34]. - The Group aims to stabilize existing business and explore new growth opportunities despite intense competition in the catering sector[98]. Business Development and Strategy - Best Food Group has seen positive results from its business development model focused on investment and operational empowerment, particularly through franchise operations and digital user engagement[20]. - The Group aims to consolidate existing restaurant operations while expanding its franchise network to adapt to regional dining demands across China[21]. - Best Food is exploring new growth opportunities by leveraging industry resources to establish a closed-loop business model, driving corporate innovation and performance[22]. - The Group's commitment to its business development model emphasizes investment and operational empowerment as key to future success[23]. - Best Food's strategic focus includes both consolidating existing operations and exploring new business avenues to drive growth[22]. Financial Performance - The annual report was presented for the year ended December 31, 2024, highlighting the Group's strategic directions and operational achievements[18]. - The Group's total system sales for 2024 reached RMB3,526 million, a 6.1% increase compared to 2023[33]. - Revenue for 2024 decreased by 22.3% to RMB474 million from RMB610.6 million in 2023[41]. - Revenue from restaurant operations fell by 33.6% to RMB213.2 million, while delivery business revenue decreased by 21.0% to RMB168.6 million[41]. - The Group recorded a loss attributable to equity holders of approximately RMB 241.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB 151.7 million for the year ended December 31, 2023[59]. - The adjusted loss for the year was RMB 76.5 million for 2024, compared to RMB 51.5 million for 2023[67]. Cost Management - Raw material costs decreased by 14.4% to RMB199.3 million, with raw material costs as a percentage of revenue increasing from 38.1% to 42.0%[42]. - Employee benefit expenses decreased by 17.5% to RMB144.1 million, with expenses as a percentage of revenue rising from 28.6% to 30.4%[47]. - Online platform service charges and delivery fees decreased by 14.3% to RMB33.6 million, while their percentage of delivery revenue increased from 18.4% to 19.9%[46]. - Depreciation of right-of-use assets decreased from RMB 70.6 million for the year ended December 31, 2023, to RMB 55.7 million for the corresponding period of 2024, a decline of 21.1%[53]. - Other asset depreciation and amortization decreased from RMB 22.6 million for the year ended December 31, 2023, to RMB 16.8 million for the corresponding period of 2024, a decline of 25.7%[54]. - Property rental and related expenses decreased from RMB 18.3 million for the year ended December 31, 2023, to RMB 14.7 million for the corresponding period of 2024, a decline of 19.7%[55]. - Other expenses decreased by 12.7% from RMB 59.0 million for the year ended December 31, 2023, to RMB 51.5 million for the corresponding period of 2024[56]. Asset Management and Impairment - As of December 31, 2024, the Group recognized right-of-use assets amounting to RMB 95.3 million, down from RMB 149.0 million as of December 31, 2023, mainly due to restaurant closures[71]. - The impairment loss on investments in associates for the year ended December 31, 2024, was approximately RMB 71 million, significantly higher than RMB 1.9 million in the corresponding period of 2023, representing a substantial increase[74][79]. - The net book amount of the Group's trademarks decreased by 25.1% from RMB 373.0 million as of December 31, 2023, to RMB 279.5 million as of December 31, 2024, due to an impairment loss of RMB 93.5 million recognized in 2024[76][80]. - An impairment loss of RMB 93.5 million on trademarks was recorded for the year ended December 31, 2024, based on the higher of fair value less costs of disposal and value in use assessments[84]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code throughout the year ended December 31, 2024[145]. - The Board comprises three executive directors and three independent non-executive directors, with independent directors representing more than one-third of the Board[148]. - The Company has a share award scheme in place to incentivize employees and recognize their contributions since November 11, 2019[140]. - The Board is collectively responsible for promoting the Company's success through strategic decisions and oversight of performance[162][167]. - Independent non-executive Directors play a crucial role in ensuring effective corporate governance[170][175]. Employee and Operational Insights - The Group had a workforce of approximately 1,582 employees as of December 31, 2024, a decrease from about 1,779 employees in 2023[139]. - The Company has established food safety risk assessment and control mechanisms across various operations, including procurement and restaurant operations[136]. - The Company plans to adopt a more prudent restaurant opening strategy and introduce meal sets to enhance value for customers in response to potential declines in sales[138]. Financial Position and Ratios - The Group's total deficit as of December 31, 2024, was RMB 220.2 million, compared to total equity of RMB 46.8 million as of December 31, 2023[99]. - The current ratio was 0.17 as of December 31, 2024, down from 0.68 as of December 31, 2023[102]. - The Group's gearing ratio increased to 152% as of December 31, 2024, compared to 92% as of December 31, 2023[129]. - The net cash to equity ratio as of December 31, 2024, was -0.002, a significant decrease from 0.53 as of December 31, 2023[109]. - The Group's debt-to-equity ratio was 152%, up from 92% on December 31, 2023[133]. Investments and Market Position - The Group's significant investments include a 17.16% stake in Yujian Xiaomian valued at RMB 56.7 million and a 25.03% stake in Tianshuilai valued at RMB 54.3 million as of December 31, 2024[116]. - Yujian Xiaomian has expanded to over 300 stores nationwide, focusing on first-tier and new first-tier cities[117]. - Tianshuilai operates over 200 stores, primarily in first-tier and new first-tier cities, with a focus on premium dining experiences[118]. - The Group has established a multi-brand investment matrix to enhance value and investment returns across diverse catering categories[119].

Financial Performance - Revenue for the fiscal year 2024 decreased to RMB 474.2 million, down 22.3% from RMB 610.6 million in 2023[9]. - Restaurant operating revenue fell by 33.6% to RMB 213.2 million, while takeaway business revenue decreased by 21.0% to RMB 168.6 million[9]. - The adjusted loss for the year was RMB 76.5 million, compared to RMB 51.5 million in the previous year[3]. - The company recorded a loss attributable to equity holders of approximately RMB 241.8 million for the year ended December 31, 2024, compared to a loss of approximately RMB 151.7 million for the same period in 2023[19]. - The company's revenue for the year ended December 31, 2024, was RMB 474.2 million, a decrease of 22.3% compared to RMB 610.6 million for the year ended December 31, 2023[37]. - The group reported a total deficit of RMB 220.2 million as of December 31, 2024, compared to total equity of RMB 46.8 million as of December 31, 2023[97]. - The company reported a net loss attributable to equity holders of RMB 241.8 million for the year ended December 31, 2024, compared to a net loss of RMB 151.7 million for the year ended December 31, 2023[37]. - Basic and diluted loss per share attributable to equity holders was RMB 15.32 for the year ended December 31, 2024, compared to RMB 9.61 for the year ended December 31, 2023[38]. Operational Metrics - The total system sales for the fiscal year 2024 reached RMB 3,526 million, representing a 6.1% increase compared to the previous year[5]. - The number of stores reached 1,171 as of December 31, 2024, with over 110 new stores opened during the year[5]. - The inventory turnover days increased from 37 days to 43 days due to a decrease in revenue during the reporting period[30]. - The group reported a significant increase in convertible bonds from RMB 16,602,000 in 2023 to RMB 647,780,000 in 2024, reflecting a strategic shift in financing[40]. - The company aims to stabilize existing operations and strive for profitability while exploring new business growth opportunities[36]. Expenses and Costs - Employee benefits expenses decreased to RMB 144.1 million, down 17.5%, but as a percentage of revenue, it increased to 30.4%[12]. - The depreciation of right-of-use assets decreased to RMB 55.7 million, down 21.1%, with its percentage of revenue slightly increasing to 11.7%[13]. - Online platform service fees and delivery costs decreased to RMB 33.6 million, down 14.3%, while their percentage of takeaway revenue increased to 19.9%[11]. - Property rental and related expenses decreased from RMB 18.3 million for the year ended December 31, 2023, to RMB 14.7 million for the same period in 2024, a decline of 19.7%[15]. - Other expenses decreased from RMB 59.0 million for the year ended December 31, 2023, to RMB 51.5 million for the same period in 2024, a decline of 12.7%[16]. Assets and Liabilities - Total assets decreased from RMB 1,108,361,000 in 2023 to RMB 801,682,000 in 2024, a decline of approximately 27.6%[39]. - The company reported a total liability of RMB 1,021,859,000 in 2024, compared to RMB 1,061,608,000 in 2023, indicating a decrease of about 3.7%[40]. - Non-current assets decreased from RMB 906,779,000 in 2023 to RMB 648,936,000 in 2024, a reduction of approximately 28.4%[39]. - Cash and cash equivalents fell from RMB 35,636,000 in 2023 to RMB 21,325,000 in 2024, a decrease of about 40.2%[39]. - The current ratio decreased significantly to 0.17 as of December 31, 2024, down from 0.68 as of December 31, 2023, indicating a decline in short-term financial health[97]. Impairments and Provisions - The carrying amount of trademarks decreased from RMB 373.0 million as of December 31, 2023, to RMB 279.5 million as of December 31, 2024, a decline of 25.1%[26]. - The impairment loss on trademarks for the year ended December 31, 2024, was RMB 93.5 million, compared to RMB 95.3 million in 2023[26]. - The company recognized an impairment loss on investments in associates of approximately RMB 71.4 million for the year ended December 31, 2024, significantly up from RMB 1.9 million in 2023[24]. - The expected credit loss provision for trade receivables increased to RMB 1,694 thousand in 2024 from RMB 959 thousand in 2023[76]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year[112]. - The audit committee reviewed the audited annual results for the year ended December 31, 2024, and confirmed alignment with the financial statements[114]. - The company did not declare any dividends for the year ended December 31, 2024, consistent with the previous year[94]. - The company has adopted a share incentive plan since November 11, 2019, to reward employees for their contributions[109]. Market Focus and Strategy - The group has a significant focus on the Chinese market, with overseas sales contributing less than 10% to total revenue[54]. - The group has established a multi-brand investment matrix across regions and industries, focusing on enhancing investment returns and value creation[102]. - The company aims to enhance operational performance in the chain restaurant business while controlling costs and expenses to generate operating cash inflows[47].