Core Insights - Yanzhi House (1497.HK) reported a mid-year revenue of approximately 1.01 billion RMB, with a year-on-year net profit increase of 29.0% and an adjusted net profit growth of 35.5% [1][2] - The company's gross margin improved by 3.5 percentage points to 52.0% during the same period [1] Revenue and Profit Performance - The e-commerce revenue share increased to 62.4% [1] - The company achieved a net profit of 29.0% year-on-year and an adjusted net profit growth of 35.5% [1] Product Strategy and Innovation - Yanzhi House is focusing on product iteration and upgrading, expanding its product matrix to attract a broader consumer base [1] - The company is advancing its "pure bird's nest" product line with new offerings such as fresh cooked products and innovative categories [1] - The "bird's nest +" and "+ bird's nest" strategies are being implemented to enhance consumption scenarios, including the introduction of bird's nest porridge and functional products like bird's nest with probiotics [1] Market Expansion and Distribution - The company is optimizing its offline store network in key cities and expanding into county-level sales networks while accelerating its presence in supermarkets [2] - As of June 30, 2025, Yanzhi House operates 712 stores, including 111 self-operated and 601 dealer stores, securing the top market position in China for bird's nest specialty stores [2] Future Outlook - Yanzhi House plans to continue deepening its "bird's nest +" and "+ bird's nest" strategies, leveraging research to drive new business and product development [2]

[Corporate Information](index=3&type=section&id=CORPORATE%20INFORMATION) [Board of Directors and Committees](index=3&type=section&id=BOARD%20OF%20DIRECTORS%20AND%20COMMITTEES) This section lists the board members (including executive, non-executive, and independent non-executive directors), supervisors, and the composition of various specialized committees (Audit Committee, Remuneration and Appraisal Committee, Nomination Committee, Strategy Committee) of Xiamen Yan Palace Bird's Nest Industry Co., Ltd. - The board of directors comprises **4 executive directors** (Mr. Huang Jian as Chairman), **2 non-executive directors**, and **3 independent non-executive directors**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company has an Audit Committee, a Remuneration and Appraisal Committee, a Nomination Committee, and a Strategy Committee to improve its corporate governance structure[5](index=5&type=chunk)[6](index=6&type=chunk)[8](index=8&type=chunk) [Company Contact and Registration Information](index=4&type=section&id=COMPANY%20CONTACT%20AND%20REGISTRATION%20INFORMATION) This section provides detailed contact and registration information for the company, including joint company secretaries, H share registrar, authorized representatives, auditor, PRC registered office, headquarters and principal place of business in PRC, principal place of business in Hong Kong, principal bankers, Hong Kong legal adviser, and company website. - The joint company secretaries are Ms. Xiong Ting and Ms. Leung Kwan Wai, and the authorized representatives are Mr. Huang Jian and Ms. Xiong Ting[8](index=8&type=chunk) - The company's auditor is KPMG[8](index=8&type=chunk) - The company's headquarters and principal place of business in PRC are located at 22nd Floor, Caizihui, 188 Qianpu Road, Siming District, Xiamen City, Fujian Province, China[11](index=11&type=chunk) [Listing Information](index=5&type=section&id=LISTING%20INFORMATION) This section lists the company's listing date, stock short name, and stock code, indicating its listing on the Main Board of The Stock Exchange of Hong Kong Limited. - The company's listing date was **December 12, 2023**[12](index=12&type=chunk) - The stock short name is "Yan Palace" and the stock code is **1497**[12](index=12&type=chunk) [Results Highlights](index=6&type=section&id=RESULTS%20HIGHLIGHTS) [Key Financial Metrics](index=6&type=section&id=KEY%20FINANCIAL%20METRICS) In the first half of 2025, the company's revenue decreased by 4.22% year-on-year to RMB 1,014.58 million, but gross profit increased by 2.67% to RMB 527.53 million, net profit significantly grew by 28.98% to RMB 77.45 million, and adjusted net profit increased by 35.54% to RMB 81.39 million. 2025 H1 Key Financial Data | Indicator | 2025 H1 (RMB million) | 2024 H1 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,014.58 | 1,059.30 | -4.22% | | Gross Profit | 527.53 | 513.80 | +2.67% | | Net Profit | 77.45 | 60.05 | +28.98% | | Adjusted Net Profit (Non-IFRS) | 81.39 | 60.05 | +35.54% | [Management Discussion and Analysis](index=7&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) [Business Review](index=7&type=section&id=BUSINESS%20REVIEW) In the first half of 2025, Yan Palace consolidated its industry-leading position through product innovation, channel upgrades, R&D-driven initiatives, brand building, and intelligent manufacturing, against a backdrop of stable and improving Chinese economy; despite a slight revenue decline, the company achieved significant profit growth by optimizing cost structure and precise marketing. - In the first half of 2025, China's macro policies continued to unleash their effectiveness, with the economy showing stable and positive trends, making the big health industry a significant driver of economic growth[19](index=19&type=chunk)[23](index=23&type=chunk) - The company adheres to a prudent operating strategy, continuously consolidating and strengthening existing channels, focusing on KA channel expansion, actively exploring the potential of lower-tier markets, and accelerating overseas business development[20](index=20&type=chunk)[23](index=23&type=chunk) - The company further solidified its industry-leading position with certifications such as "No. 1 in High-end Bird's Nest Sales", "Top in Traceable Bird's Nest Imports", and "No. 1 in Brand Power Index"[20](index=20&type=chunk)[23](index=23&type=chunk) [Product Innovation and Exploration to Expand Consumer Groups](index=7&type=section&id=PRODUCT%20INNOVATION%20AND%20EXPLORATION%20TO%20EXPAND%20CONSUMER%20GROUPS) The company firmly implements "Pure Bird's Nest", "Bird's Nest+", and "+Bird's Nest" product strategies, launching "Supercritical Fresh Hot Bird's Nest" with patented technology, deploying "Bird's Nest+Probiotics" functional products, achieving a 6.28% sales increase for "Xiaoyannong Bird's Nest Porridge" which consistently ranks first on e-commerce platforms, and introducing YANPEP Bird's Nest Peptide series to meet diverse consumer demands. - The company firmly implements the "Pure Bird's Nest", "Bird's Nest+", and "+Bird's Nest" strategies, building a systematic product development system encompassing R&D, iteration, and innovation[21](index=21&type=chunk)[24](index=24&type=chunk) - Launched "Yan Palace • Supercritical Fresh Hot Bird's Nest" for an efficient, warm, and fresh ready-to-eat experience; deployed "Bird's Nest+Probiotics" functional products targeting emerging needs such as sleep and gut health[22](index=22&type=chunk)[24](index=24&type=chunk) - "Xiaoyannong Bird's Nest Porridge" achieved sales revenue of **RMB 43.82 million** in the first half of 2025, a year-on-year increase of **6.28%**, consistently ranking first in the bird's nest porridge category on both Tmall and JD platforms[26](index=26&type=chunk)[29](index=29&type=chunk) - Established the YANPEP Bird's Nest Peptide brand, launching products with bird's nest peptide as the core ingredient, including oral bird's nest peptide, bird's nest peptide collagen essence drink, and bird's nest peptide natural strontium-rich water[27](index=27&type=chunk)[29](index=29&type=chunk) [Strategic Upgrade of Sales Channels to Optimize Consumer Experience](index=8&type=section&id=STRATEGIC%20UPGRADE%20OF%20SALES%20CHANNELS%20TO%20OPTIMIZE%20CONSUMER%20EXPERIENCE) In the first half of 2025, the company optimized and upgraded offline channels, actively expanded online distribution, KA, and overseas emerging channels, achieving total operating revenue of RMB 1,014.58 million; offline business accounted for 37.64% of revenue with 712 stores, including 11 new 3.0 flagship stores, deepening penetration into lower-tier markets; e-commerce business accounted for 62.36% of revenue, with a focus on Douyin live streaming and strengthening customer loyalty through Jinyanhui member activities and stadium collaborations; international markets steadily advanced, KA channels successfully entered multiple supermarket systems, and cultural tourism business also saw revenue growth. - During the reporting period, the company's operating revenue was **RMB 1,014.58 million**[28](index=28&type=chunk)[30](index=30&type=chunk) - Overall offline business revenue was **RMB 381.92 million**, accounting for **37.64%** of the company's total revenue; as of June 30, 2025, the sales network comprised **111 self-operated stores** and **601 distributor stores**, totaling **712 stores**[31](index=31&type=chunk)[34](index=34&type=chunk) - In the first half of 2025, Yan Palace Tianjin MixC Store, Nanjing Deji Plaza Store, Xi'an Flagship Store, and 8 other 3.0 flagship stores officially commenced operations, marking a new phase for the company's offline channels[32](index=32&type=chunk)[34](index=34&type=chunk) - Overall e-commerce business revenue was **RMB 632.66 million**, accounting for **62.36%** of the company's total revenue; the company operates **41 self-operated online stores**, **65 distributor online stores**, and **20 e-commerce platform clients** on mainstream e-commerce and social media platforms such as JD, Tmall, and Douyin[36](index=36&type=chunk)[40](index=40&type=chunk) - The company's Jinyanhui member base exceeded **540,000**, with cumulative registered members across various online platforms reaching **8.71 million**, enhancing customer loyalty through golf events, exclusive member activities, and concert box services[38](index=38&type=chunk)[41](index=41&type=chunk) - In the first half of 2025, the company steadily advanced its international market business, opening overseas stores in New York, USA, Singapore, and other locations; accelerated KA channel expansion, successfully entering supermarket systems such as Ole, Tianhong, China Resources Vanguard, and Yuanchu[42](index=42&type=chunk)[45](index=45&type=chunk) [Driving Industry Development with R&D and Innovation](index=11&type=section&id=DRIVING%20INDUSTRY%20DEVELOPMENT%20WITH%20R%26D%20AND%20INNOVATION) Yan Palace continuously drives R&D innovation through its Bird's Nest Research Institute and the "1+7+N Scientific Research Platform"; in bird's nest technology, it completed protein component analysis of bird's nest from different origins, collaborated with universities on sialic acid structure and efficacy and the hypotensive effect of bird's nest, and human trials confirmed bird's nest can increase blood sialic acid levels, improve physique and skin quality; in bird's nest peptide technology, it focused on in-depth research and application, published papers on whitening activity and skin repair efficacy, obtained the "world's first independently invented patent authorization for bird's nest peptide with clear efficacy and application" through patented preparation technology, and launched the independent brand "YANPEP Bird's Nest Peptide" series with completed human efficacy evaluations. - The company established the Yan Palace Bird's Nest Research Institute in **2008** and built a "1+7+N Scientific Research Platform" by establishing joint laboratories with multiple universities and research institutions[44](index=44&type=chunk)[46](index=46&type=chunk) - For the six months ended June 30, 2025, the company obtained **27 new authorized national patents** and published **5 papers**[44](index=44&type=chunk)[46](index=46&type=chunk) - In bird's nest raw material research, the company completed component analysis and content difference studies of bird's nest protein groups from various origins[47](index=47&type=chunk)[50](index=50&type=chunk) - Collaborated with Nanchang University and Jiangnan University to research the structure and efficacy of bird's nest sialic acid; a paper on the hypotensive effect of bird's nest, co-researched with Jiangnan University, was published in an international SCI journal[48](index=48&type=chunk)[51](index=51&type=chunk) - In collaboration with Xiamen University, human trial data confirmed that bird's nest can effectively increase blood sialic acid levels, improving physique and skin quality[48](index=48&type=chunk)[51](index=51&type=chunk) - In bird's nest peptide research, results on high whitening activity bird's nest peptide and bioactive peptides promoting mechanical skin damage repair were published in international SCI journals[54](index=54&type=chunk)[56](index=56&type=chunk) - Obtained the "world's first independently invented patent authorization for bird's nest peptide with clear efficacy and application" with the patent "A preparation method and application of bird's nest peptide with cell repair, high moisturizing, and whitening efficacy"[58](index=58&type=chunk)[61](index=61&type=chunk) - Launched the independent brand "YANPEP Bird's Nest Peptide" and three new products, with YANPEP Oral Bird's Nest Peptide completing human efficacy evaluation, demonstrating excellent performance in boosting energy, improving sleep, and enhancing skin quality[59](index=59&type=chunk)[61](index=61&type=chunk) [Integration of High-Quality Resources to Boost Brand Development and Enhance Industry Leadership](index=15&type=section&id=INTEGRATION%20OF%20HIGH-QUALITY%20RESOURCES%20TO%20BOOST%20BRAND%20DEVELOPMENT%20AND%20ENHANCE%20INDUSTRY%20LEADERSHIP) Yan Palace has topped the China Brand Power Index SM (C-BPI®) bird's nest brand ranking for six consecutive years, achieving broad consumer reach and enhanced brand exposure through a multi-dimensional endorser matrix including Gong Li and Wang Yibo, and IP collaborations; concurrently, the company partnered with restaurants and hotels to launch "Bird's Nest Afternoon Tea" and "Bird's Nest Banquets", transforming bird's nest from a traditional tonic into a modern consumer product with both health and social attributes, further solidifying its brand image. - The company has topped the China Brand Power Index SM (C-BPI®) bird's nest brand ranking for **six consecutive years**, leading the industry in brand influence[62](index=62&type=chunk)[65](index=65&type=chunk) - Leveraging a multi-dimensional endorser matrix comprising Gong Li and Wang Yibo, the company achieved broad reach across different consumer groups and gradually initiated IP collaborations, effectively enhancing brand exposure[63](index=63&type=chunk)[65](index=65&type=chunk) - Continuously collaborated with restaurants and hotels to launch "Bird's Nest Afternoon Tea" and "Bird's Nest Banquets", creating high-frequency social consumption scenarios and extending bird's nest from a traditional tonic to a modern consumer product with both health and social attributes[64](index=64&type=chunk)[65](index=65&type=chunk) [Empowerment of Supply Chain Efficiency Upgrades with Intelligent Manufacturing](index=16&type=section&id=EMPOWERMENT%20OF%20SUPPLY%20CHAIN%20EFFICIENCY%20UPGRADES%20WITH%20INTELLIGENT%20MANUFACTURING) Yan Palace's Xiamen Bird's Nest Intelligent Factory achieved digital transformation with the acceptance of MES, WES, WMS, and intelligent automated warehouses, significantly improving production efficiency and optimizing operating costs; AI intelligent sorting equipment and lean management effectively enhanced efficiency across all stages; the company also led the drafting of the "Carbon Footprint Accounting Method for Bird's Nest Products" and obtained green environmental system certifications, actively practicing green intelligent manufacturing; future plans include building a supply chain center BI mid-end to further enhance informatization and intelligent production levels. - The MES, WES, WMS, and intelligent automated warehouse of Xiamen Yan Palace Bird's Nest Intelligent Factory passed acceptance and completed digital transformation, significantly improving production efficiency and effectively optimizing operating costs[66](index=66&type=chunk)[67](index=67&type=chunk) - In the sorting process, automatic strip cutting, cleaning equipment, and soaking equipment improved bird's nest soaking efficiency, while AI intelligent sorting equipment significantly increased efficiency[66](index=66&type=chunk)[67](index=67&type=chunk) - The company led the drafting of the "Carbon Footprint Accounting Method for Bird's Nest Products", filling an industry gap and leading the industry's green and low-carbon transformation[68](index=68&type=chunk)[71](index=71&type=chunk) - Yan Palace Bird's Nest Intelligent Factory obtained green environmental system certifications, including "Product Carbon Footprint Verification Statement" and "Greenhouse Gas Verification Statement", in **January 2025**[68](index=68&type=chunk)[71](index=71&type=chunk) - In the future, the company will build a supply chain center BI mid-end to break down system data barriers, establish an integrated production, sales, and inventory information command center, and conduct "Intelligent Manufacturing 3.0" evaluation and audit[66](index=66&type=chunk)[67](index=67&type=chunk) [Outlook](index=17&type=section&id=OUTLOOK) Looking ahead to 2025, as the big health industry enters a strategic development period, Yan Palace will deepen its core strategy of "deepening bird's nest value and expanding the health ecosystem" through three paths: "brand elevation", "product innovation", and "channel expansion", to consolidate its leading position in the blue ocean market of health consumption; specific measures include multi-dimensional enhancement of brand value, continuous product innovation (including iteration of pure bird's nest products and R&D of new products like bird's nest porridge and bird's nest peptide), and improvement of the sales network (optimizing stores in core cities, building county-level sales networks, expanding KA channels, and developing overseas markets). - The company will continue to deepen its core strategy of "deepening bird's nest value and expanding the health ecosystem", focusing on the diverse and personalized needs of consumer groups to launch more comprehensive nourishing solutions[69](index=69&type=chunk)[72](index=72&type=chunk) - The company will implement its core strategy through three paths: "brand elevation", "product innovation", and "channel expansion"[69](index=69&type=chunk)[72](index=72&type=chunk) - In the "Pure Bird's Nest" segment, core products such as Bowl Bird's Nest and Fresh Stewed Bird's Nest will be iterated; in the "Bird's Nest+" and "+Bird's Nest" segments, new product R&D will be accelerated, launching new series like bird's nest porridge and bird's nest peptide, and developing innovative forms such as "Yan Xiaoping"[74](index=74&type=chunk)[77](index=77&type=chunk) - To further improve the sales network, the company will focus on optimizing stores in core cities, building county-level sales networks, expanding KA channels, and developing overseas markets, using Singapore as a hub to radiate to more regions[75](index=75&type=chunk)[77](index=77&type=chunk) - The company will uphold its corporate vision of "leading the global bird's nest industry and building a century-old national brand", further solidifying its industry-leading position based on excellent product capabilities, extensive channel layout, and strong scientific research strength[76](index=76&type=chunk)[78](index=78&type=chunk) [Financial Review](index=19&type=section&id=FINANCIAL%20REVIEW) In the first half of 2025, Yan Palace's revenue decreased by 4.22% year-on-year to RMB 1,014.58 million, primarily due to reduced sales of pure bird's nest products; despite the revenue decline, gross margin improved from 48.50% to 51.99% and gross profit increased by 2.67% due to cost structure optimization from intelligent manufacturing upgrades and process improvements; selling and distribution expenses decreased by 8.70%, R&D expenses decreased by 8.17%, while administrative expenses increased by 6.36% due to higher share-based payment expenses; net profit for the period increased by 28.98% to RMB 77.45 million, and adjusted net profit increased by 35.54%; the company maintained healthy liquidity, with cash and cash equivalents increasing by 23.25%, and the gearing ratio remaining stable. 2025 H1 Revenue Breakdown by Product Category | Product Category | 2025 H1 (RMB thousand) | Share (2025) | 2024 H1 (RMB thousand) | Share (2024) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Pure Bird's Nest Products | 896,817 | 88.4% | 926,319 | 87.4% | -3.18% | | Bird's Nest+ and +Bird's Nest Products | 111,003 | 10.9% | 124,698 | 11.8% | -10.99% | | Others | 6,761 | 0.7% | 8,287 | 0.8% | -18.46% | | **Total** | **1,014,581** | **100.0%** | **1,059,304** | **100.0%** | **-4.22%** | - Cost of sales decreased by **10.72%** from RMB 545.51 million in the first half of 2024 to **RMB 487.05 million** in the first half of 2025[87](index=87&type=chunk)[91](index=91&type=chunk) Gross Profit and Gross Margin Changes | Indicator | 2025 H1 | 2024 H1 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB million) | 527.53 | 513.80 | +2.67% | | Gross Margin | 51.99% | 48.50% | +3.49% | - Selling and distribution expenses decreased by **8.70%** to **RMB 333.48 million**, primarily due to reduced advertising expenses and adjustments in sales strategies[90](index=90&type=chunk)[93](index=93&type=chunk) - Administrative expenses increased by **6.36%** to **RMB 66.58 million**, primarily due to an increase in equity-settled share-based payment expenses[95](index=95&type=chunk)[100](index=100&type=chunk) - Research and development expenses decreased by **8.17%** to **RMB 11.35 million**, mainly due to optimization and streamlining of experimental protocols[96](index=96&type=chunk)[101](index=101&type=chunk) - Profit for the period increased by **28.98%** to **RMB 77.45 million**[106](index=106&type=chunk)[108](index=108&type=chunk) - Adjusted net profit (non-IFRS measure) increased by **35.54%** to **RMB 81.39 million**[107](index=107&type=chunk)[110](index=110&type=chunk) - As of June 30, 2025, total cash and cash equivalents were **RMB 518.29 million**, an increase of **23.25%** compared to December 31, 2024, primarily due to increased retained earnings[113](index=113&type=chunk)[116](index=116&type=chunk) - As of June 30, 2025, net current assets were **RMB 375.88 million**, a decrease from RMB 402.04 million as of December 31, 2024, mainly due to a reduction in inventories reflecting seasonal sales fluctuations[132](index=132&type=chunk)[135](index=135&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 172.97% | 165.75% | | Gearing Ratio | 17.06% | 16.96% | [Corporate Governance and Other Information](index=27&type=section&id=CORPORATE%20GOVERNANCE%20AND%20OTHER%20INFORMATION) [Interests and Short Positions of the Directors, Supervisors and the Chief Executive of Our Company in the Shares, Underlying Shares and Debentures of Our Company and Its Associated Corporations](index=27&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20THE%20DIRECTORS,%20SUPERVISORS%20AND%20THE%20CHIEF%20EXECUTIVE%20OF%20OUR%20COMPANY%20IN%20THE%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20OUR%20COMPANY%20AND%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, the company's directors, supervisors, and chief executive held interests and short positions in the company's shares; key directors such as Mr. Huang Jian, Mr. Zheng Wenbin, and Mr. Li Youquan held significant shares directly and through controlled corporations or jointly owned interests. - As of June 30, 2025, Mr. Huang Jian held a **long position of 4,335,000 H shares**, and through jointly owned interests with another person, held **75,147,185 H shares**, and through controlled corporate interests, held a **long position of 91,785,560 H shares** and a **short position of 29,000,000 H shares**[145](index=145&type=chunk) - Mr. Zheng Wenbin held a **long position of 33,273,040 H shares**, and through jointly owned interests, held a **long position of 137,578,025 H shares** and a **short position of 29,000,000 H shares**, with his spouse holding a **long position of 8,625,000 H shares**[147](index=147&type=chunk) - Mr. Li Youquan held a **long position of 33,249,145 H shares**, and through jointly owned interests, held a **long position of 146,226,920 H shares** and a **short position of 29,000,000 H shares**[147](index=147&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=30&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, apart from directors, supervisors, or the chief executive, Xiamen Shuangdanma, Ms. Xue, Guangyao Tianxiang Limited Partnership, and others were substantial shareholders of the company, holding interests or short positions in the company's shares or underlying shares. - As of June 30, 2025, Xiamen Shuangdanma held a **beneficial interest of 91,785,560 H shares (long position)** and a **short position of 29,000,000 H shares**[153](index=153&type=chunk) - Ms. Xue held a **beneficial owner's interest of 8,625,000 H shares (long position)**, and through spouse's interest, held a **long position of 170,851,065 H shares** and a **short position of 29,000,000 H shares**[153](index=153&type=chunk) - Guangyao Tianxiang Limited Partnership held a **beneficial interest of 60,000,000 H shares (long position)**[153](index=153&type=chunk) [Employee Incentive Scheme](index=32&type=section&id=EMPLOYEE%20INCENTIVE%20SCHEME) The company adopted an employee incentive scheme on December 26, 2020, aiming to attract and retain talent and promote shared interests between shareholders and the management team; the scheme granted shares to core management and technical personnel, with 8,208,320 shares granted and subscribed by 43 participants as of June 30, 2025, representing approximately 1.76% of the company's total issued share capital. - The Employee Incentive Scheme was adopted on **December 26, 2020**, aiming to attract and retain talent for the Group and promote shared interests between shareholders and the management team[156](index=156&type=chunk)[159](index=159&type=chunk) - Eligible participants must be full-time employees of the company and core management or technical personnel with a direct or relatively significant impact on the company's operating performance and sustainable development[157](index=157&type=chunk)[160](index=160&type=chunk) - As of June 30, 2025, all shares involved in the Employee Incentive Scheme, totaling **8,208,320 shares**, representing approximately **1.76%** of the company's total issued share capital, have been granted to and subscribed by **43 participants**[162](index=162&type=chunk)[165](index=165&type=chunk) - The limited partnership interests subscribed by the incentive recipients in Jinyan Tengfei Limited Partnership are subject to certain transfer and disposal restrictions, including the completion of a qualified listing, expiry of the lock-up period, and within **36 months** from the scheme's implementation date[168](index=168&type=chunk)[171](index=171&type=chunk) [H Share Incentive Scheme](index=36&type=section&id=H%20SHARE%20INCENTIVE%20SCHEME) The H Share Incentive Scheme was approved on March 25, 2024, to promote the company's long-term sustainable development, align the interests of incentive recipients with shareholders, and attract, motivate, and retain core talent; the scheme's cap is 5% of the company's total issued shares (23,275,000 H shares); trust beneficial interests will vest in three tranches: 40% in July 2026, 30% in July 2027, and 30% in July 2028. - The H Share Incentive Scheme was approved and adopted on **March 25, 2024**, aiming to promote the company's long-term sustainable development, enhance cohesion, and attract, motivate, and retain talent who have made outstanding contributions to the company[177](index=177&type=chunk)[181](index=181&type=chunk) - The scheme's cap is **5%** of the company's total issued shares at the time of adoption of the H Share Incentive Scheme, which is **23,275,000 H shares**[183](index=183&type=chunk)[188](index=188&type=chunk) - Trust beneficial interests will vest in three tranches: **40%** in July 2026, **30%** in July 2027, and **30%** in July 2028[194](index=194&type=chunk)[205](index=205&type=chunk) - In **December 2024**, trust beneficial interests equivalent to a total of **6,284,500 relevant H shares** were granted to **70 eligible individuals** at a grant price of **HKD 4.85 per H share**[201](index=201&type=chunk)[203](index=203&type=chunk) - In **April 2025**, trust beneficial interests equivalent to a total of **993,000 relevant H shares** were granted to **11 eligible individuals** at a grant price of **HKD 4.85 per H share**[202](index=202&type=chunk)[203](index=203&type=chunk) [Interim Dividend](index=42&type=section&id=INTERIM%20DIVIDEND) The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025. - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025[213](index=213&type=chunk)[216](index=216&type=chunk) [Compliance with the Corporate Governance Code](index=42&type=section&id=COMPLIANCE%20WITH%20THE%20CG%20CODE) The company has adopted the Corporate Governance Code as its own corporate governance code and complied with all applicable code provisions during the reporting period. - The company has adopted the Corporate Governance Code as its own corporate governance code[214](index=214&type=chunk)[217](index=217&type=chunk) - During the reporting period, the company complied with all applicable code provisions contained in the Corporate Governance Code[214](index=214&type=chunk)[217](index=217&type=chunk) [Compliance with the Model Code for Securities Transactions](index=43&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code for Securities Transactions as the code of conduct for directors, supervisors, and relevant employees dealing in company securities, and all directors and supervisors confirmed compliance with the code during the reporting period. - The company has adopted the Model Code as its code of conduct for dealings in the company's securities by its directors, supervisors, and relevant employees who may possess inside information of the company[219](index=219&type=chunk)[224](index=224&type=chunk) - All directors and supervisors have confirmed compliance with the Model Code for the six months ended June 30, 2025[219](index=219&type=chunk)[224](index=224&type=chunk) [Changes of Information of Directors and Supervisors](index=43&type=section&id=CHANGES%20OF%20INFORMATION%20OF%20DIRECTORS%20AND%20SUPERVISORS) There were no changes in the information of directors and supervisors for the six months ended June 30, 2025, and up to the date of this report. - There were no changes in the information of directors and supervisors for the six months ended June 30, 2025, and up to the date of this report[220](index=220&type=chunk)[225](index=225&type=chunk) [Continuing Disclosure Obligations Pursuant to the Listing Rules](index=43&type=section&id=CONTINUING%20DISCLOSURE%20OBLIGATIONS%20PURSUANT%20TO%20THE%20LISTING%20RULES) As of June 30, 2025, the company had no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22. - As of June 30, 2025, the company had no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22[221](index=221&type=chunk)[226](index=226&type=chunk) [Audit Committee and Review of Interim Financial Results](index=43&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20INTERIM%20FINANCIAL%20RESULTS) The Audit Committee, established in accordance with the Listing Rules, is responsible for reviewing and overseeing the company's financial reporting, risk management, and internal control systems; as of the date of this interim report, the Audit Committee comprises three independent non-executive directors and has reviewed and confirmed the accounting principles and policies adopted by the Group, and reviewed the interim results for the six months ended June 30, 2025. - The Audit Committee was established in accordance with Listing Rules 3.21 and 3.22, primarily responsible for reviewing and overseeing the company's financial reporting, risk management, and internal control systems[222](index=222&type=chunk)[227](index=227&type=chunk) - As of the date of this interim report, the Audit Committee comprises **three independent non-executive directors**, with Mr. Chen Aihua serving as Chairman[223](index=223&type=chunk)[227](index=227&type=chunk) - The Audit Committee has reviewed and confirmed the accounting principles and policies adopted by the Group, and reviewed the Group's interim results for the six months ended June 30, 2025[229](index=229&type=chunk)[234](index=234&type=chunk) [Purchase, Sale or Redemption of the Listed Securities of the Company](index=44&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20LISTED%20SECURITIES%20OF%20THE%20COMPANY) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities; as of June 30, 2025, the company held no treasury shares. - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[231](index=231&type=chunk)[235](index=235&type=chunk) - As of June 30, 2025, the company held no treasury shares[231](index=231&type=chunk)[235](index=235&type=chunk) [Arrangement to Purchase Shares or Debentures](index=44&type=section&id=ARRANGEMENT%20TO%20PURCHASE%20SHARES%20OR%20DEBENTURES) For the six months ended June 30, 2025, neither the company nor its subsidiaries participated in any arrangements enabling directors or supervisors to acquire benefits through the acquisition of shares or debentures of the company or any other body corporate. - For the six months ended June 30, 2025, neither the company nor its subsidiaries participated in any arrangements enabling directors or supervisors to acquire benefits through the acquisition of shares or debentures of the company or any other body corporate[232](index=232&type=chunk)[236](index=236&type=chunk) [Directors' Responsibilities for Financial Reporting in Respect of the Financial Statements](index=44&type=section&id=DIRECTORS'%20RESPONSIBILITIES%20FOR%20FINANCIAL%20REPORTING%20IN%20RESPECT%20OF%20THE%20FINANCIAL%20STATEMENTS) Directors confirm their responsibility for preparing the financial statements for the six months ended June 30, 2025, and for providing a balanced, clear, and understandable assessment of annual and interim reports, inside information announcements, and other disclosures; management provides monthly updates to the Board on the company's performance, position, and prospects. - Directors confirm their responsibility for preparing the company's financial statements for the six months ended June 30, 2025[233](index=233&type=chunk)[237](index=237&type=chunk) - The Board is responsible for providing a balanced, clear, and understandable assessment of annual and interim reports, inside information announcements, and other disclosures required by the Listing Rules and other statutory and regulatory requirements[238](index=238&type=chunk)[242](index=242&type=chunk) - Management provides monthly updates to all Board members regarding the company's performance, position, and prospects[238](index=238&type=chunk)[242](index=242&type=chunk) [Employees, Training and Remuneration Policies](index=45&type=section&id=EMPLOYEES,%20TRAINING%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the company had 1,590 employees, with staff costs of approximately RMB 148.78 million; the company determines employee remuneration based on performance, qualifications, position, and seniority, and enhances its incentive mechanism through the H Share Incentive Scheme; the company is committed to the continuous education and development of its directors and maintains good working relationships with employees, with no significant labor disputes. - As of June 30, 2025, the company had **1,590 employees**[239](index=239&type=chunk)[243](index=243&type=chunk) - For the six months ended June 30, 2025, staff costs, including directors' and supervisors' emoluments and share-based payment expenses, amounted to approximately **RMB 148.78 million**[239](index=239&type=chunk)[243](index=243&type=chunk) - The company determines employee remuneration based on each employee's performance, qualifications, position, and seniority, and enhances its incentive mechanism through the H Share Incentive Scheme[240](index=240&type=chunk)[243](index=243&type=chunk) - The company is committed to the continuous education and development of its directors and maintains good working relationships with employees, with no significant labor disputes[241](index=241&type=chunk)[243](index=243&type=chunk)[247](index=247&type=chunk)[250](index=250&type=chunk) [Use of Proceeds from the Global Offering](index=46&type=section&id=USE%20OF%20PROCEEDS%20FROM%20THE%20GLOBAL%20OFFERING) The company's H shares were listed on December 12, 2023, with net proceeds from the global offering of approximately HKD 256.46 million (equivalent to approximately RMB 233.2 million); as of June 30, 2025, RMB 225.2 million had been utilized, with RMB 8.0 million remaining; the company expects to fully utilize all net proceeds by December 31, 2028. - Net proceeds received from the global offering were approximately **HKD 256.46 million** (equivalent to approximately **RMB 233.2 million**)[248](index=248&type=chunk)[251](index=251&type=chunk) Use of Proceeds from Global Offering (As of June 30, 2025) | Purpose | Net Proceeds (RMB million) | Utilized as of June 30, 2025 (RMB million) | Unutilized Proceeds as of June 30, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | R&D Activities | 23.3 | 20.5 | 2.8 | | Expand and Consolidate Sales Network | 58.3 | 54.7 | 3.6 | | Strengthen Brand Building and Marketing Promotion | 35.0 | 35.0 | – | | Enhance Supply Chain Management Capabilities | 81.6 | 81.6 | – | | Strengthen Digital Infrastructure | 11.7 | 10.1 | 1.6 | | Working Capital and Other General Corporate Purposes | 23.3 | 23.3 | – | | **Total** | **233.21** | **225.2** | **8.0** | - The Board currently does not expect to change the proposed use of net proceeds as previously disclosed in the prospectus and anticipates fully utilizing the net proceeds raised from the global offering by **December 31, 2028**[254](index=254&type=chunk) [Events After the Reporting Period](index=48&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) As of the date of this interim report, there were no other significant matters requiring disclosure, except for the company's repurchase of 501,200 H shares on the Stock Exchange on July 29, 2025. - On **July 29, 2025**, the company repurchased **501,200 H shares** on the Stock Exchange for a total consideration of approximately **HKD 4,262,000**[454](index=454&type=chunk) [Review Report of the Auditors](index=49&type=section&id=REVIEW%20REPORT%20OF%20THE%20AUDITORS) [Introduction](index=49&type=section&id=INTRODUCTION) KPMG has reviewed the interim financial report of Xiamen Yan Palace Bird's Nest Industry Co., Ltd. for the six months ended June 30, 2025, which was prepared in accordance with the Listing Rules of the Hong Kong Stock Exchange and International Accounting Standard 34; directors are responsible for the preparation and presentation of this interim financial report. - KPMG has reviewed the company's interim financial report for the six months ended June 30, 2025[258](index=258&type=chunk)[261](index=261&type=chunk) - The interim financial report was prepared in accordance with the Listing Rules of The Stock Exchange of Hong Kong Limited and International Accounting Standard 34 "Interim Financial Reporting"[258](index=258&type=chunk)[261](index=261&type=chunk) [Scope of Review](index=49&type=section&id=SCOPE%20OF%20REVIEW) The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants, primarily involving inquiries of personnel responsible for financial and accounting matters, and performing analytical and other review procedures; the scope of a review is substantially less than an audit, thus no audit opinion is expressed. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[260](index=260&type=chunk)[262](index=262&type=chunk) - The scope of a review is substantially less than the scope of an audit conducted in accordance with Hong Kong Standards on Auditing, and consequently, no audit opinion is expressed[260](index=260&type=chunk)[262](index=262&type=chunk) [Conclusion](index=50&type=section&id=CONCLUSION) Based on the review, KPMG found no matters that cause them to believe that the interim financial report as of June 30, 2025, is not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting". - Based on the review, no matters were found that cause the auditor to believe that the interim financial report as of June 30, 2025, is not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[264](index=264&type=chunk)[265](index=265&type=chunk) [Consolidated Statement of Profit or Loss](index=51&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS) [Profit or Loss Statement Overview](index=51&type=section&id=PROFIT%20OR%20LOSS%20STATEMENT%20OVERVIEW) For the six months ended June 30, 2025, the company achieved revenue of RMB 1,014,581 thousand, gross profit of RMB 527,530 thousand, and profit for the period of RMB 77,451 thousand; compared to the same period in 2024, revenue decreased, but both gross profit and net profit increased. 2025 H1 Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousand) | 2024 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,014,581 | 1,059,304 | | Cost of Sales | (487,051) | (545,505) | | Gross Profit | 527,530 | 513,799 | | Operating Profit | 113,255 | 81,538 | | Profit Before Taxation | 110,049 | 78,006 | | Income Tax | (32,598) | (17,961) | | **Profit for the Period** | **77,451** | **60,045** | | Basic and Diluted Earnings Per Share (RMB) | 0.16 | 0.12 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=52&type=section&id=CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) [Comprehensive Income Statement Overview](index=52&type=section&id=COMPREHENSIVE%20INCOME%20STATEMENT%20OVERVIEW) For the six months ended June 30, 2025, the company's profit for the period was RMB 77,451 thousand, with other comprehensive income of RMB (7,027) thousand, primarily affected by the net change in fair value reserve for equity investments designated at fair value through other comprehensive income; total comprehensive income for the period was RMB 70,424 thousand. 2025 H1 Consolidated Statement

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1497） 截至二零二五年六月三十日止六個月之中期業績公告 廈門燕之屋燕窩產業股份有限公司（「本公司」，連同其子公司統稱「本集團」）董事 （「董事」）會（「董事會」）欣然宣佈本集團截至二零二五年六月三十日止六個月的未 經審計綜合中期業績。本公告載列本公司二零二五年中期報告全文，並遵守香港 聯合交易所有限公司證券上市規則中有關中期業績初步公告隨附資料的相關規定。 承董事會命 廈門燕之屋燕窩產業股份有限公司 董事長兼執行董事 黃健 香港，二零二五年八月二十九日 於本公告日期，董事會包括(i)執行董事黃健先生、鄭文濱先生、李有泉先生及黃 丹艷女士；(ii)非執行董事劉震先生及王亞龍先生；及(iii)獨立非執行董事肖偉先 生、陳 ...

燕之屋(01497.HK)拟8月29日举行董事会会议批准中期业绩 燕之屋(01497.HK)7月29日耗资426万港元回 购50.1万股 格隆汇8月18日丨燕之屋(01497.HK)宣布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及通 过本集团截至2025年6月30日止的六个月中期业绩，以及处理其他事项。 相关事件 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 XIAMEN YAN PALACE BIRD'S NEST INDUSTRY CO., LTD. 廈門燕之屋燕窩產業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 廈門燕之屋燕窩產業股份有限公司 董事長兼執行董事 黃健 香港，2025年8月18日 於本公告日期，董事會包括(i)執行董事黃健先生、鄭文濱先生、李有泉先生及黃 丹艷女士；(ii)非執行董事劉震先生及王亞龍先生；及(iii)獨立非執行董事肖偉先 生、陳愛華先生及林曉波先生。 （股份代號：1497） 董事會會議召開日期 廈門燕之屋燕窩產業股份有限公司（「本公司」及其附屬公司「本集團」）董事會 （「董事會」）茲通告謹定於2025年8月29日（星期五）舉行董事會會議，以考慮及通 過本集團截至2025年6月30日止的六個月中期業績，以及處理其他事項。 承董事會命 ...

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7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: 廈門燕之屋燕窩產業股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01497 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 465,500,000 | RMB | | 0.2 RMB | | 93,100,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 465,500,000 | RMB | | 0.2 RMB | | 93,100,000 | 本 ...

智通财经APP获悉，首佳科技(00103)、潍柴动力(02338)、枫叶教育(01317)、VITASOY INT'L(00345)、 普华和顺(01358)、捷利交易宝(08017)、名创优品(09896)、HYPEBEAST(00150)、燕之屋(01497)、首程 控股(00697)、亚洲联合基建控股(00711)、中国东方航空股份(00670)、美的集团(N23078)于2025年7月29 日进行了回购。其中，回购金额最大的为首程控股(00697)，回购数量1765.00 万，回购金额3230.10 万 元。 | 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/ | | --- | --- | --- | --- | --- | | | | | (股) | 总股本 | | 首程控股(00697) | 1765.00 万 | 3230.10 万 | 3674.60 万 | 0.504% | | 美的集团(N23078) | 25.34 万 | 1992.33 万 | 25.34 万 | 0.039% | | 潍柴动力(02338) | 76.99 万 | 1174.17 万 | ...

北京商报讯（记者 郭秀娟 实习记者 王悦彤） 7月29日，燕之屋发布公告称，公司以每股8.370港元至 8.520港元的价格回购50.12万股，回购金额达426.20万港元。据了解，此次为燕之屋上市后的首次回 购。根据回购授权的决议，公司可回购的股份总数为4655万股，已回购股份50.12万股，占回购授权决 议通过时已发行股份的0.1077%。 ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.07.29 | 50.12 | 8.520 | 8.370 | 426.20 | （文章来源：证券时报网） 证券时报·数据宝统计，燕之屋在港交所公告显示，7月29日以每股8.370港元至8.520港元的价格回购 50.12万股，回购金额达426.20万港元。该股当日收盘价8.760港元，上涨1.27%，全天成交额459.68万港 元。（数据宝） 燕之屋回购明细 ...

燕之屋(1497.HK)公告，今日斥资426.2万港元回购50.12万股公司股份，回购均价为8.5036港元。此为燕 之屋上市后的首次回购。 根据公司6月发布的回购授权决议，公司计划回购的股份总数为不超过4655万 股，此次已回购股份50.12万股，占计划回购股份总数的1.08%。 本文源自：金融界AI电报 ...