[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Interim Condensed Consolidated Financial Statements](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) The Group's unaudited consolidated financial statements for the six months ended June 30, 2025, show a significant decrease in both revenue and profit for the period, but an improved gross profit margin, with non-current assets increasing while current assets and liabilities decreased [Interim Condensed Consolidated Income Statement](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 116,206 | 143,943 | -19.3% | | Cost of sales | (77,865) | (101,926) | -23.6% | | Gross profit | 38,341 | 42,017 | -8.7% | | Profit before tax | 1,350 | 5,524 | -75.5% | | Profit for the period | 1,172 | 5,339 | -78.0% | | Profit attributable to owners of the parent | 1,173 | 5,341 | -78.0% | | Basic and diluted earnings per share | RMB 0.1 cent | RMB 0.4 cent | -75.0% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Profit for the period | 1,172 | 5,339 | -4,167 | | Exchange differences on translation of foreign operations (may be reclassified) | 3,253 | (2,143) | 5,396 | | Exchange differences on translation of foreign operations (will not be reclassified) | (5,754) | 2,213 | -7,967 | | Other comprehensive (loss)/income for the period, net of tax | (2,501) | 70 | -2,571 | | Total comprehensive (loss)/income for the period | (1,329) | 5,409 | -6,738 | | Total comprehensive (loss)/income attributable to owners of the parent | (1,328) | 5,411 | -6,739 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Total non-current assets | 538,833 | 489,830 | 49,003 | | Total current assets | 129,697 | 154,974 | -25,277 | | Total current liabilities | 193,322 | 214,735 | -21,413 | | Net current liabilities | (63,625) | (59,761) | -3,864 | | Total non-current liabilities | 121,001 | 74,533 | 46,468 | | Net assets | 354,207 | 355,536 | -1,329 | | Total equity | 354,207 | 355,536 | -1,329 | [Notes to Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section details the basis of preparation, changes in accounting policies, operating segment information, revenue composition, profit before tax breakdown, income tax policies, dividends, earnings per share calculation, property, plant and equipment changes, aging of receivables and payables, share capital structure, capital commitments, and related party transactions, providing deeper context for understanding the financial data [1. Basis of Preparation](index=6&type=section&id=1.%20Basis%20of%20Preparation) - The interim condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[8](index=8&type=chunk) - Despite the Group recording net current liabilities of approximately **RMB 63,625,000** as of June 30, 2025, the Board believes the Group has the ability to continue as a going concern, based on sufficient bank financing (**RMB 210,000,000** with **RMB 3,661,000** unutilized), the ability to renew short-term bank loans, and efforts to develop new customers and improve working capital[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Changes in Accounting Policies and Disclosures](index=6&type=section&id=2.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) - The accounting policies adopted in preparing the interim financial information are consistent with those in the 2024 annual consolidated financial statements, except for the initial adoption of revised Hong Kong Financial Reporting Standards[11](index=11&type=chunk) - The amendments to Hong Kong Accounting Standard 21 regarding lack of exchangeability have no impact on the Group's interim condensed consolidated financial information, as both the Group's transaction and functional currencies are exchangeable[12](index=12&type=chunk) [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) Segment Revenue and Results (RMB thousands) | Segment | 2025 Revenue | 2025 Results | 2024 Revenue | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | ODM Products | 98,356 | 25,373 | 125,297 | 30,887 | | Branded Products | 17,850 | (7,801) | 18,646 | (9,067) | | Total | 116,206 | 17,572 | 143,943 | 21,820 | Revenue from External Customers by Destination of Shipment (RMB thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Mainland China | 34,411 | 49,146 | | Germany | 33,079 | 24,563 | | United States of America | 19,897 | 37,903 | | Netherlands | 9,549 | 7,000 | | Canada | 9,140 | 14,823 | | Other Countries or Regions | 10,130 | 10,508 | | Total | 116,206 | 143,943 | - As of June 30, 2025, the Group's non-current assets are primarily located in Mainland China, totaling **RMB 538,683 thousands**, an increase from **RMB 489,680 thousands** as of December 31, 2024[15](index=15&type=chunk) [4. Revenue](index=9&type=section&id=4.%20Revenue) Disaggregation of Revenue from Contracts with Customers (RMB thousands) | Segment | 2025 ODM Products | 2025 Branded Products | 2025 Total | | :--- | :--- | :--- | :--- | | Sale of goods | 98,356 | 17,850 | 116,206 | | Mainland China | 16,561 | 17,850 | 34,411 | | Germany | 33,079 | — | 33,079 | | United States of America | 19,897 | — | 19,897 | | Netherlands | 9,549 | — | 9,549 | | Canada | 9,140 | — | 9,140 | | Other Countries or Regions | 10,130 | — | 10,130 | | Timing of revenue recognition | Goods transferred at a point in time | Goods transferred at a point in time | Goods transferred at a point in time | [5. Profit Before Tax](index=11&type=section&id=5.%20Profit%20Before%20Tax) Key Items Affecting Profit Before Tax (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 77,865 | 101,926 | | Depreciation of property, plant and equipment | 4,596 | 5,597 | | Research and development costs | 8,296 | 8,563 | | Total employee benefit expenses | 34,194 | 38,947 | | Write-down of inventories to net realisable value | 600 | 1,792 | | (Gain)/loss on disposal of items of property, plant and equipment | (343) | 501 | | Net exchange differences | (858) | (1,057) | [6. Income Tax](index=12&type=section&id=6.%20Income%20Tax) - The Group is exempt from income tax in the Cayman Islands. Hong Kong profits tax rate is **16.5%**, with a two-tiered tax rate (first **HKD 2 million** at **8.25%**) applicable to some subsidiaries. The statutory tax rate in Mainland China is **25%**, but Zhejiang Bonnie Fashion Holding Group Co, Ltd, as a high-tech enterprise, enjoys a preferential tax rate of **15%**[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) Income Tax Expense (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current period expense | 178 | 185 | | Total tax deducted for the period | 178 | 185 | [7. Dividends](index=12&type=section&id=7.%20Dividends) - The Company did not declare or pay any dividends during the reporting period[24](index=24&type=chunk) [8. Earnings Per Share Attributable to Owners of the Parent](index=13&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic and Diluted Earnings Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the parent (RMB thousands) | 1,173 | 5,341 | | Weighted average number of ordinary shares in issue during the period (shares) | 1,471,123,710 | 1,200,000,000 | | Basic and diluted earnings per share (RMB) | 0.1 cent | 0.4 cent | - As of June 30, 2025 and 2024, the Group had no dilutive potential ordinary shares in issue[26](index=26&type=chunk) [9. Property, Plant and Equipment](index=13&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) - For the six months ended June 30, 2025, the Group acquired assets totaling **RMB 2,936,000** (2024: **RMB 4,824,000**)[28](index=28&type=chunk) - During the same period, the Group disposed of assets with a net book value of **RMB 31,000**, resulting in a net gain on disposal of **RMB 343,000** (2024: net loss on disposal of **RMB 501,000**)[28](index=28&type=chunk) [10. Trade Receivables](index=14&type=section&id=10.%20Trade%20Receivables) Aging Analysis of Trade Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 28,816 | 37,018 | | 3 to 6 months | 2,425 | 1,888 | | 6 to 12 months | 3,885 | 6,166 | | 1 to 2 years | 899 | 569 | | 2 to 3 years | 98 | 79 | | Total | 36,123 | 45,720 | [11. Trade Payables and Bills Payable](index=14&type=section&id=11.%20Trade%20Payables%20and%20Bills%20Payable) Aging Analysis of Trade Payables and Bills Payable (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 5,962 | 11,981 | | 3 to 6 months | 14,114 | 9,538 | | 6 to 12 months | 4,090 | 7,010 | | Over 12 months | 1,656 | 3,789 | | Total | 25,822 | 32,318 | [12. Share Capital](index=15&type=section&id=12.%20Share%20Capital) Issued and Fully Paid Ordinary Shares (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Ordinary shares (1,471,123,710 shares) | 100,114 | 100,114 | [13. Commitments](index=15&type=section&id=13.%20Commitments) Contractual Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Buildings | 10,087 | 65,686 | [14. Related Party Transactions](index=16&type=section&id=14.%20Related%20Party%20Transactions) Related Party Transactions During the Period (RMB thousands) | Transaction Type | Related Party | 2025 | 2024 | | :--- | :--- | :--- | :--- | | Short-term lease | Deshipu New Material | 693 | — | | Long-term lease | Zhejiang Hongliu | 4,096 | — | | Payment of deposit | Deshipu New Material | 200 | — | | Payment of deposit | Zhejiang Hongliu | 500 | — | | Borrowing | Zhejiang Baicheng Trading Co, Ltd | 26,800 | 20,800 | Amounts Due from/to Related Parties (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total amounts due from related parties | 1,453 | 80 | | Total amounts due to related parties | — | 4,830 | | Lease liabilities (Zhejiang Hongliu) | 1,524 | — | - Mr Jin Guojun and Ms Gong Lijin provided guarantees for the Group's bank loans up to **RMB 250,000,000**, and non-executive director Ms Huang Jingyi provided guarantees for bank loans up to **RMB 200,000,000**[37](index=37&type=chunk) [15. Key Management Personnel Remuneration](index=18&type=section&id=15.%20Key%20Management%20Personnel%20Remuneration) Total Remuneration of Key Management Personnel (RMB thousands) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Short-term employee benefits | 1,255 | 1,507 | | Total remuneration | 1,255 | 1,507 | [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) The Group faced a complex and severe external environment in the first half of 2025, with significantly decreased revenue but improved gross profit margin due to cost control. Management has formulated strategies including market diversification, product innovation, and strengthening retail capabilities. Liquidity remains stable, and proceeds from the rights issue have been utilized as planned [Business and Financial Review](index=19&type=section&id=Business%20and%20Financial%20Review) - The Group primarily engages in the design, research and development, production, and sale of seamless and traditional intimate apparel products, offering one-stop ODM solutions and selling 'Bonnie' branded products in China[39](index=39&type=chunk) - In the first half of 2025, affected by international trade conditions (such as US tariff policies) and a weak domestic economy, the Group's ODM product export revenue decreased by approximately **13.7%**, domestic revenue decreased by **45.7%**, branded product revenue decreased by **4.3%**, and total revenue decreased by **19.2%**[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) Revenue Analysis by Business Segment and Sales Region (RMB thousands) | Sales Region/Segment | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Branded Products | 17,850 | 18,646 | -4.3% | | ODM Products - Germany | 33,079 | 24,563 | 34.7% | | ODM Products - United States of America | 19,897 | 37,903 | -47.5% | | ODM Products - Mainland China | 16,561 | 30,500 | -45.7% | | ODM Products - Netherlands | 9,549 | 7,000 | 36.4% | | ODM Products - Canada | 9,140 | 14,823 | -38.3% | | ODM Products - Other Countries or Regions | 10,130 | 10,508 | -3.6% | | Total | 116,206 | 143,943 | -19.3% | - Gross profit margin improved from **29.2%** in the same period last year to **33.0%**, primarily due to timely reduction of workshop shifts and outsourcing to control costs effectively[43](index=43&type=chunk) - Profit for the period was approximately **RMB 1.2 million**, a decrease of approximately **77.4%** from **RMB 5.3 million** in the same period last year, mainly due to decreased revenue, partially offset by improved gross profit margin and increased rental income[41](index=41&type=chunk)[49](index=49&type=chunk) - The Group closed its Yushan production base in the first half of 2025, which had accumulated losses exceeding **RMB 200 million**, with only the Yiwu Beiyuan production base remaining to meet current capacity demands[50](index=50&type=chunk) - The number of full-time employees decreased to **611** (December 31, 2024: **777**), and employee benefit expenses decreased by **12.1%**, mainly due to employee departures caused by reduced orders and organizational restructuring[51](index=51&type=chunk) [Outlook](index=24&type=section&id=Outlook) - Management anticipates continued trade protectionism, with domestic and international markets unlikely to improve in the short term, leading to a challenging operating environment and an unoptimistic outlook[52](index=52&type=chunk) - Countermeasures include: continuously monitoring tariff trends and adjusting product pricing; actively exploring diversified international markets and deepening domestic market penetration; enhancing product quality and design innovation capabilities; strengthening self-operated retail capabilities, strictly controlling new store openings, and developing core customers[53](index=53&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=Liquidity%20and%20Financial%20Resources) Overview of Liquidity and Financial Resources (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 7,600 | 7,700 | | Interest-bearing liabilities | 213,500 | 167,900 | | Gearing ratio | 44.05% | 42.57% | | Net current liabilities | 63,600 | 59,761 | - The Group primarily funds its operations through internal cash flows and bank financing, with interest-bearing liabilities carrying annual interest rates ranging from approximately **4.25%** to **4.85%**[52](index=52&type=chunk) [Foreign Exchange Risk](index=25&type=section&id=Foreign%20Exchange%20Risk) - The Group's monetary assets and liabilities are primarily denominated in RMB, USD, and HKD, managed by regularly reviewing net foreign exchange exposure, but no forward foreign exchange or hedging contracts were entered into during the reporting period[54](index=54&type=chunk) [Material Acquisitions and Disposals](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals) - During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[55](index=55&type=chunk) [Capital Commitments](index=25&type=section&id=Capital%20Commitments) - As of June 30, 2025, the Group's total capital commitments amounted to **RMB 10.1 million** (December 31, 2024: **RMB 65.7 million**), primarily related to the construction of the sixth factory building at the Beiyuan production base, expected to be funded by internal and external resources[56](index=56&type=chunk)[57](index=57&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities[58](index=58&type=chunk) [Pledged Assets](index=25&type=section&id=Pledged%20Assets) - The Group pledged buildings, machinery and equipment (net book value of **RMB 167.9 million**), investment properties (book value of **RMB 303.3 million**), and leasehold land (net book value of **RMB 20.6 million**) located in Mainland China to secure general banking facilities[59](index=59&type=chunk) [Use of Net Proceeds from Rights Issue](index=26&type=section&id=Use%20of%20Net%20Proceeds%20from%20Rights%20Issue) - The Company completed a rights issue on September 10, 2024, issuing **271,123,710 shares** and raising net proceeds of approximately **HKD 65.0 million**[60](index=60&type=chunk) Allocation and Use of Net Proceeds from Rights Issue (HKD millions) | Purpose | Allocated Amount | Amount Utilized | Unutilized Amount | | :--- | :--- | :--- | :--- | | General working capital | 54.1 | 54.1 | 0.0 | | Purchase of equipment | 7.4 | 4.8 | 2.6 | | New product R&D | 3.5 | 3.5 | 0.0 | | Total | 65.0 | 62.4 | 2.6 | [Events After the Reporting Period](index=26&type=section&id=Events%20After%20the%20Reporting%20Period) - As of the date of this announcement, no significant events have occurred that would materially affect the Group's operations and financial performance[62](index=62&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) This section covers the Group's remuneration policy, significant investments, future capital plans, dealings in listed securities, corporate governance measures, and committee operations. The company is committed to maintaining high corporate governance standards and has complied with most code provisions, with the exception of the Chairman and Chief Executive Officer positions being held by the same individual. No interim dividends were declared during the reporting period [Remuneration Policy](index=27&type=section&id=Remuneration%20Policy) - The Group remunerates employees based on performance, qualifications, and operating results, including basic salary and performance bonuses. Remuneration for directors and senior management is benchmarked against comparable companies, time commitment, and the Group's performance, and is reviewed regularly[63](index=63&type=chunk) - The Company adopted a share option scheme on March 19, 2019, as an incentive. Employees of Chinese subsidiaries participate in a central pension scheme, contributing a certain percentage of their salaries[63](index=63&type=chunk) [Material Investments Held](index=27&type=section&id=Material%20Investments%20Held) - As of June 30, 2025, the Group held no material investments in the equity of any other company[64](index=64&type=chunk) [Future Plans for Material Investments and Capital Assets](index=27&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) - As of June 30, 2025, the Group had no other future plans for material investments and capital assets[65](index=65&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[66](index=66&type=chunk) [Corporate Governance Measures](index=28&type=section&id=Corporate%20Governance%20Measures) - The Company is committed to maintaining high standards of corporate governance and has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[67](index=67&type=chunk) - During the reporting period, the Company complied with all applicable code provisions, except for code provision C.2.1 (the roles of chairman and chief executive should be separate), as Mr Jin Guojun serves as both Chairman and Chief Executive Officer[67](index=67&type=chunk)[68](index=68&type=chunk) [Audit Committee](index=28&type=section&id=Audit%20Committee) - The Audit Committee comprises three independent non-executive directors, with Mr Chan Yin Chung as Chairman. The Committee has reviewed the interim condensed consolidated financial information and accounting principles, and believes the Company has complied with applicable accounting standards and made appropriate disclosures[69](index=69&type=chunk) [Remuneration Committee](index=29&type=section&id=Remuneration%20Committee) - The Remuneration Committee consists of two independent non-executive directors and one executive director, with Dr Wei Zhongzhe as Chairman. Its primary responsibilities include evaluating the performance of directors and senior management and making recommendations on their remuneration packages[70](index=70&type=chunk) [Nomination Committee](index=29&type=section&id=Nomination%20Committee) - The Nomination Committee comprises one executive director, one non-executive director, and three independent non-executive directors, with Mr Jin Guojun as Chairman. Its primary responsibilities include considering and recommending Board members and regularly reviewing the Board's structure[71](index=71&type=chunk) [Standard Code for Securities Transactions by Directors](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) - The Company has adopted a code of conduct for directors' securities transactions, with terms no less exacting than the Standard Code set out in Appendix C3 to the Listing Rules. All directors confirmed compliance with the Standard Code during the reporting period[72](index=72&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) - The Board did not declare an interim dividend for the reporting period (June 30, 2024: nil)[73](index=73&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) - The Group's interim results announcement for the reporting period has been published on the Stock Exchange website and the Company's website, and the interim report will be dispatched to shareholders and published on the website in due course[74](index=74&type=chunk) [Board Information](index=30&type=section&id=Board%20Information) - As of the date of this announcement, the Board comprises executive directors Mr Jin Guojun and Mr Zhao Hui; non-executive directors Ms Gong Lijin and Ms Huang Jingyi; and independent non-executive directors Mr Chan Yin Chung, Mr Chow Chi Hang, and Dr Wei Zhongzhe[76](index=76&type=chunk)

Group 1 - The board meeting of Bonny Holdings (01906.HK) is scheduled for August 28, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also consider the declaration and distribution of an interim dividend, if any [1]

BONNY INTERNATIONAL HOLDING LIMITED 博尼國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1906） 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。 董事會召開日期 博尼国际控股有限公司（「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二十八日（星期四）舉行，藉以（其中包括）審議 及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期間之中期 業績及其發佈，並考慮宣派及派發中期股息（如有）。 承董事會命 博尼国际控股有限公司 主席 金國軍 香港，二零二五年八月十一日 於本公告日期，董事會由執行董事金國軍先生及趙輝先生；非執行董事龔麗瑾女士及黃靜 怡女士；及獨立非執行董事陳彥璁先生、周志恒先生及魏中哲博士組成。 ...

Core Viewpoint - Bonny Holdings (01906.HK) expects a significant decline in profit and revenue for the half-year ending June 30, 2025, primarily due to ongoing international trade disputes and a cautious consumer market [1] Financial Performance - The company anticipates a profit attributable to shareholders of no more than 1.5 million RMB, representing a year-on-year decrease of over 70% [1] - Total revenue is projected to be approximately 110 million to 120 million RMB, reflecting a year-on-year decline of about 23.6% to 16.6% [1] Business Segments - The decline in profit and revenue is attributed to decreased income from both the original design manufacturer (ODM) business and self-owned brand business [1]

Core Viewpoint - Bonny Holdings (01906) anticipates a significant decline in profit for the half-year ending June 30, 2025, projecting a profit attributable to shareholders of no more than RMB 1.5 million, which represents a decrease of over 70% compared to approximately RMB 5.3 million for the half-year ending June 30, 2024 [1] Financial Performance - The company expects total revenue for the reporting period to be approximately RMB 110 million to RMB 120 million, a decrease of about 23.6% to 16.6% compared to approximately RMB 143.9 million in the same period last year [1] Business Challenges - The board attributes the decline in profit to ongoing international trade disputes, a sluggish market, and cautious consumer spending, which have led to a decrease in revenue from both original design manufacturing and self-owned brand businesses [1]

Group 1 - The core viewpoint of the article indicates that Bonny Holdings (01906.HK) expects a significant decline in profit for the half-year period ending June 30, 2025, with anticipated profit attributable to shareholders not exceeding RMB 1.5 million, representing a decrease of over 70% compared to approximately RMB 5.3 million in the same period last year [1] - The board of directors attributes the decline in profit to ongoing international trade disputes, a weak market, and cautious consumer spending, which have led to decreased revenues in both the original design manufacturing and self-owned brand businesses [1] - The company anticipates total revenue for the reporting period to be approximately RMB 110 million to RMB 120 million, a reduction of about 23.6% to 16.6% compared to approximately RMB 143.9 million in the same period last year [1]

Core Viewpoint - Bonny Holdings (01906) expects a significant decline in profit for the half-year ending June 30, 2025, projecting a profit attributable to shareholders of no more than RMB 1.5 million, a decrease of over 70% compared to RMB 5.3 million for the half-year ending June 30, 2024 [1] Financial Performance - The company anticipates total revenue for the reporting period to be approximately RMB 110 million to RMB 120 million, representing a decrease of about 23.6% to 16.6% compared to approximately RMB 143.9 million in the same period last year [1] Business Challenges - The board attributes the decline in profit to ongoing international trade disputes, a sluggish market, and cautious consumer spending, which have negatively impacted both the original design manufacturer business and self-branded business revenues [1]

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分內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 BONNY INTERNATIONAL HOLDING LIMITED 博尼國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1906） 盈利警告 本公告乃博尼国际控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及證券及 期貨條例（香港法例第571章）第XIVA部項下內幕消息條文（定義見上市規則） 而作出。 本公司董事會（「董事會」）謹此知會公司股東（「股東」）及潛在投資者，基於本 集團截至二零二五年六月三十日止半年度（「報告期」）之未經審核綜合管理帳 目之初步審閱及對董事會目前可得資料之初步評估，本集團預期報告期內錄 得本公司擁有人應佔溢利不超過人民幣 1.5百萬元，與二零二四年六月三十日 止半年度（「去年同期」）本公司擁有人應佔溢利約人民幣5.3百萬元相比，下降 幅度超70%。 根據現時可得之資料，董事會認為 ...

Financial Performance - The company's total revenue for the year ended December 31, 2024, was approximately RMB 266.7 million, an increase of about 50.1% compared to RMB 177.7 million in 2023[7]. - The ODM product segment generated revenue of approximately RMB 230.8 million, while the brand product segment contributed about RMB 35.9 million[7]. - The company recorded a loss attributable to owners of approximately RMB 16.7 million, an improvement from a loss of RMB 45.3 million in 2023[7]. - Gross profit for the reporting period was approximately RMB 78.9 million, an increase of about RMB 37.2 million or approximately 89.2% compared to RMB 41.7 million in the same period last year, with gross margin rising from 23.5% to 29.6%[16]. - Other income and gains amounted to approximately RMB 20.8 million, an increase of about RMB 2.1 million or approximately 11.2% from RMB 18.7 million in the previous year[18]. - The group recorded a loss attributable to ordinary equity holders of approximately RMB 16.7 million, a reduction of 63.1% from a loss of RMB 45.3 million in the same period last year[25]. - The company's return on equity (ROE) for 2024 is projected to be 4.7%, an improvement from -14.5% in 2023[6]. Retail Network and Operations - The company's retail network included 105 self-operated retail stores and 11 franchise stores as of December 31, 2024, after opening 14 new stores and closing 22 loss-making stores during the year[8]. - The group aims to maintain a minimum of 100 directly operated stores and will close underperforming stores[15]. - The company operates a retail network of 105 stores across 13 provinces, municipalities, and autonomous regions in China as of December 31, 2024[104]. Employee and Workforce - The company employed 777 full-time staff as of December 31, 2024, an increase from 607 staff in 2023[12]. - The overall employee turnover rate for 2024 was 71%, with male turnover at 83% and female turnover at 61%[159]. - The turnover rate for employees aged 30 or below was 120%, while it was 52% for those aged 31-50 and 73% for those aged 51 and above[159]. - All employees received training during the reporting period, with 100% participation among male employees and 96% among female employees[167]. - The average training hours for male employees were 20 hours, while female employees received an average of 17 hours of training[167]. - As of December 31, 2024, the company employed a total of 777 full-time employees, with a gender distribution of 322 males and 455 females[159]. Research and Development - Research and development expenses for product design and development were approximately RMB 18.3 million, compared to RMB 17.1 million in 2023[10]. - The company has a strong focus on research and development in the intimate apparel industry, with key personnel having extensive experience in production and quality control[57]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as per the Listing Rules to ensure proper regulation of business activities and decision-making processes[60]. - The board currently consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[62]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[60]. - The company has established appropriate director liability insurance to cover responsibilities incurred by board members during company activities[72]. - The board is responsible for the overall development strategy and monitoring the operational and financial performance of the group[68]. Environmental, Social, and Governance (ESG) Initiatives - The group published its sixth Environmental, Social, and Governance (ESG) report, demonstrating commitment to corporate social responsibility and sustainable development[105]. - The report adheres to the Hong Kong Stock Exchange's ESG reporting guidelines, ensuring compliance with mandatory disclosure requirements[107]. - The group emphasizes the importance of stakeholder feedback and conducts internal assessments to identify significant sustainability issues[110]. - The company is actively researching the feasibility of sustainable development in equipment and technology while producing seamless and traditional intimate apparel[119]. - The company aims to increase the proportion of clothing production that meets green low-carbon requirements through the application of green fibers, energy-saving dyeing, and recycling of waste fibers[119]. Supply Chain Management - The group collaborated closely with 241 suppliers, with 238 from mainland China, 1 from Hong Kong, and 2 from other countries[149]. - A total of 17 major suppliers were evaluated during the reporting period to ensure quality of raw materials[152]. - The group has established a comprehensive supplier management system, including annual assessments based on procurement and material management standards[152]. - The group emphasizes sustainable supply chain management, prioritizing suppliers that comply with local environmental policies[151]. Health and Safety - The company maintains a zero fatality rate in workplace incidents over the past three years, with only 40 workdays lost due to injuries during the reporting period[165]. - The company has established an Environmental, Health, and Safety (EHS) team to continuously improve occupational health and safety systems[165]. - The company strictly adheres to labor laws and regulations, ensuring no instances of child or forced labor were reported during the reporting period[160]. Environmental Impact - Total non-hazardous waste decreased to 137.5 tons in 2024 from 140.3 tons in 2023, achieving a density of 0.52 tons per million RMB revenue[174]. - Total greenhouse gas emissions rose to 6,123.93 tons CO2 equivalent in 2024 from 4,161.94 tons in 2023, with a density of 22.96 tons CO2 equivalent per million RMB revenue[180]. - The company has implemented various waste reduction measures, including recycling initiatives and promoting digital communication to minimize paper usage[174]. - The company has achieved ISO 14001:2015 environmental management system certification, ensuring compliance with national standards[172].

Revenue and Profitability - Revenue for the year ended December 31, 2024, increased to RMB 266,737,000, representing a 50.1% growth compared to RMB 177,671,000 in 2023[2] - Gross profit for the same period rose to RMB 78,864,000, up 89.1% from RMB 41,668,000 in the previous year[2] - The company reported a pre-tax loss of RMB 16,665,000, significantly improved from a loss of RMB 40,224,000 in 2023, marking a 58.6% reduction in losses[3] - The net loss for the year was RMB 16,733,000, compared to a net loss of RMB 45,210,000 in 2023, indicating a 63.0% improvement[3] - Customer contract revenue for 2024 reached RMB 266,737,000, a 50% increase from RMB 177,671,000 in 2023[24] - The company recorded a loss attributable to owners of approximately RMB 16.7 million, a decrease from a loss of RMB 45.3 million in 2023[69] Assets and Liabilities - Total assets less current liabilities increased to RMB 430,069,000, up from RMB 400,691,000 in the previous year[6] - Non-current assets totaled RMB 489,830,000, an increase from RMB 459,417,000 in 2023[5] - Cash and cash equivalents rose to RMB 7,667,000, compared to RMB 3,649,000 in the previous year, reflecting a 110.5% increase[5] - The company’s total equity increased to RMB 355,536,000, up from RMB 312,677,000 in 2023, representing a 13.7% growth[6] - The total carrying amount of investment properties as of December 31, 2024, is RMB 268,103,000, up from RMB 228,070,000 in 2023, indicating a growth of approximately 17.5%[46] - The total interest-bearing bank and other borrowings increased from RMB 133,587,000 in 2023 to RMB 167,877,000 in 2024, representing a growth of approximately 25.6%[61] Sales and Market Performance - ODM product sales accounted for RMB 230,838,000, while brand product sales were RMB 35,899,000, indicating a shift in revenue sources[18] - Major customer sales generated RMB 140,568,000 in 2024, up from RMB 59,239,000 in 2023, highlighting increased reliance on key clients[22] - Revenue from the United States increased significantly to RMB 84,568,000 in 2024 from RMB 39,613,000 in 2023, reflecting strong market performance[20] - ODM product segment revenue was approximately RMB 230.8 million, up about RMB 95.8 million or approximately 71.0% from RMB 135.0 million in the same period last year[78] Expenses and Costs - The cost of goods sold for 2024 was RMB 187,873,000, compared to RMB 136,003,000 in 2023, reflecting a significant increase[28] - Research and development costs for 2024 amounted to RMB 18,325,000, an increase from RMB 17,123,000 in 2023[28] - The company’s gross profit from ODM products was RMB 55,797,000, while brand products reported a loss of RMB 18,435,000, indicating challenges in the brand segment[18] Shareholder Information - The basic loss per share attributable to ordinary equity holders of the parent company for 2024 is RMB 0.0128, compared to RMB 0.0377 for 2023, reflecting a decrease in loss per share by approximately 66%[39] - The average number of ordinary shares outstanding for 2024 is 1,310,454,240, an increase from 1,200,000,000 shares in 2023, representing an increase of about 9.2%[39] - The group did not declare or pay any dividends during the reporting period[36] Corporate Governance and Compliance - The company has complied with all applicable code provisions of the corporate governance code during the reporting period, except for a deviation related to the roles of the chairman and CEO[106] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, and discussed audit, internal control, and financial reporting matters[108] - The financial information provided does not constitute audited accounts but is extracted from the consolidated financial statements audited by Ernst & Young[113] Future Outlook and Strategy - The company plans to adopt new and revised Hong Kong Financial Reporting Standards, which may impact future financial reporting[15] - The company plans to diversify its market and reduce reliance on exports due to ongoing geopolitical risks and trade protectionism affecting the apparel export sector[76] - The company aims to maintain close communication with overseas clients and explore new markets to mitigate tariff pressures and enhance profitability[76]