股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 利福中國集團有限公司 呈交日期: 2025年11月4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) | 02136 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.005 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.005 | HKD | | 20,000,000 | 本月 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02136 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,464,448,500 | | 0 | | 1,464,448,500 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,464,448,500 | | 0 | | 1,464,448,500 | 公司名稱: 利福中國集團有限公司 呈交日期: 2025年10月2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 | ...

LIFESTYLE CHINA GROUP LIMITED 利福中國集團有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號: 2136) N O T IF IC AT I ON LET TE R 通 知 信 函 Dear non-registered holder(s)(Note 1) , 11 September 2025 Lifestyle China Group Limited (the "Company") Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The bilingual version (English and Chinese) of the Company's Current Corporate Communication is available on the website of the Company at www ...

LIFESTYLE CHINA GROUP LIMITED 利福中國集團有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號: 2136) N O T IF IC AT I ON LET TE R 通 知 信 函 Dear registered shareholder(s), 11 September 2025 Lifestyle China Group Limited (the "Company") Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The bilingual version (English and Chinese) of the Company's Current Corporate Communication is available on the website of the Company at www.lifesty ...

Financial Performance - Revenue decreased by 4.2% to RMB617.8 million compared to RMB644.6 million in 2024[7] - Loss attributable to owners of the Company amounted to RMB3.7 million, a significant decline from a profit of RMB41.7 million in 2024[7] - Whole store sales proceeds slightly decreased by 0.4% to RMB2,745.2 million, primarily due to a 13.5% drop in sales at Suzhou Jiuguang[21] - Gross profit fell by 9.5% to RMB327.8 million, with gross profit margin decreasing by 3.1 percentage points to approximately 53.1%[22] - Adjusted EBITDA decreased by 11.0% to RMB175.4 million from RMB197.1 million in the first half of 2024, primarily due to declines in sales and gross profit[40][41]. - For the six months ended June 30, 2025, profit before taxation decreased by 28.7% to RMB 117.0 million from RMB 164.2 million in the same period of 2024[43] - Profit for the period was RMB 72,076,000, representing a decline of 44.9% compared to RMB 130,916,000 in the prior year[137] - Total comprehensive income for the period was RMB 72,035,000, down from RMB 130,919,000 in the same period last year[137] Cost Management - Selling and distribution costs decreased by 7.2% to RMB268.6 million, representing 19.2% of total sales proceeds, down from 20.0% in the same period of 2024[28][34]. - General administrative expenses increased by 8.4% year-on-year to RMB128.9 million, primarily due to a one-off compensation payment of RMB9.6 million[29][35]. - Staff costs, excluding directors' remuneration, decreased by 7.5% to RMB98.7 million, with total full-time staff reduced to 1,056 from 1,104[30][36]. - Other income, gains, and losses decreased by 12.7% to RMB88.6 million, primarily due to an exchange loss of approximately RMB12.3 million[31][37]. - Total finance costs decreased by 12.0% to RMB82.2 million, with bank loan interest falling to RMB48.6 million due to a reduction in the Loan Prime Rate[33][39]. Market and Economic Context - China's GDP expanded by approximately 5.3% year on year in the first half of 2025, indicating resilience in the economy[15]. - Total retail sales of consumer goods in China reached RMB24.55 trillion in the first half of 2025, a year-on-year increase of approximately 5%[16]. - The Chinese government is maintaining a moderately accommodative monetary policy to stimulate consumption and investment growth amid economic challenges[78]. - The retail landscape is shifting towards rational consumption trends and service-oriented spending, prompting the Group to innovate and enhance customer experiences[79]. Strategic Initiatives - The Group is enhancing its membership system and accelerating digital transformation to adapt to changing consumer preferences[17]. - The Group executed innovative marketing campaigns and upgraded the shopping environment to attract more customers[20]. - The Group's strategy includes enriching merchandise categories and optimizing tenant mix to enhance consumer shopping satisfaction and address evolving market needs[54]. - The Group aims to leverage data-driven and AI technologies to deepen personalized marketing and achieve seamless omnichannel integration[84]. - The Group is committed to promoting green consumption and sustainability, collaborating with the government for initiatives like "zero-waste shopping malls"[85]. Operational Insights - Average concessionaire rate decreased to 18.8% from 19.3% in the first half of 2024 due to higher discounts offered to customers[22]. - The Group launched the Jiuguang AI Smart Service feature to enhance online member interactions and incentivize physical store visits[55]. - Shanghai Jiuguang Center's total store sales increased by approximately 8.6% to RMB 911.2 million, while total revenue decreased by about 2.0% year-on-year to RMB 160.7 million due to higher sales discounts and reduced rental income[60][65]. - Average daily footfall at Shanghai Jiuguang Center declined by 1.3% to approximately 33,500 visitors, while the average ticket size decreased from RMB 181 to RMB 175, despite a 10.6 percentage point increase in the stay-and-buy ratio to 85.9%[60][65]. Investment and Financing - As of June 30, 2025, the Group's net debt increased by 28.7% to approximately RMB 253.3 million from RMB 196.8 million as of December 31, 2024[45]. - Cash and bank balances, bank deposits, and structured bank deposits amounted to approximately RMB 2,945.4 million, slightly down from RMB 2,953.3 million at the end of 2024[44]. - The Group has pledged assets in China with a carrying amount of approximately RMB 3,445 million for securing a bank loan facility of RMB 3,300 million[47]. - The Group is focused on increasing rental income from the leasing of JGC's twin office towers to generate steady cash flow[93]. Shareholder Information - No interim dividend has been declared by the Board[7]. - As of June 30, 2025, Mr. Lau Luen Hung, Thomas holds 252,051,460 shares, representing 17.21% of the issued shares, and has interests in 844,988,832 shares through controlled corporations[102]. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[113]. Legal and Compliance - The Company complied with the Corporate Governance Code during the six months ended June 30, 2025, except for the roles of Chairman and Chief Executive Officer not being segregated[115]. - Legal actions have been initiated by Beiren Group to recover outstanding trade receivables from debtors, which have defaulted since 2019[192]. - The likelihood of recoverability of Trade Receivables is considered extremely low by external legal counsel[200].

| 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) | 02136 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | HKD | | 0.005 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 4,000,000,000 | HKD | | 0.005 | HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 利福中國集團有限公司 呈交日期 ...

Core Viewpoint - Li & Fung China (02136) reported a decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, primarily due to decreased sales from licensed counters and rental income from malls [1] Financial Performance - Revenue for the period was 618 million RMB, representing a year-on-year decrease of 4.16% [1] - The company recorded a shareholder loss of 3.73 million RMB, compared to a profit of 41.67 million RMB in the same period last year [1] - Basic loss per share was 0.003 RMB [1] Sales Performance - The decline in revenue was attributed to a drop in sales from licensed counters and rental income from malls [1] - Overall sales revenue decreased by 0.4%, despite growth in sales from the Shanghai Jiuguang Center and Shanghai Jiuguang [1] - The Suzhou Jiuguang store experienced a significant decline in sales, with a drop of approximately 13.5% [1] - The impact of the cessation of operations of the "Fresh Goods Pavilion" since March of the previous year also contributed to the revenue decline [1]

Core Viewpoint - Lifu China (02136) reported a decline in revenue and a shift from profit to loss for the six months ending June 30, 2025, primarily due to decreased sales from licensed counters and rental income from malls [1] Financial Performance - Revenue for the period was 618 million RMB, representing a year-on-year decrease of 4.16% [1] - The company recorded a shareholder loss of 3.73 million RMB, compared to a profit of 41.67 million RMB in the same period last year [1] - Basic loss per share was 0.003 RMB [1] Sales Performance - The decline in revenue was attributed to a drop in sales from licensed counters and rental income from malls [1] - Overall sales revenue decreased by 0.4%, despite growth in sales at Shanghai Jiuguang Center and Shanghai Jiuguang [1] - The Suzhou Jiuguang store experienced a significant sales decline of approximately 13.5% [1] - The impact of the closure of the "Fresh Goods Pavilion" in March of the previous year also contributed to the overall sales decline [1]

Core Viewpoint - Lifo China (02136.HK) reported a revenue decline of 4.2% to RMB 617.8 million for the six months ending June 30, 2025, alongside a significant shift from profit to loss [1] Financial Performance - Revenue decreased by 4.2% to RMB 617.8 million [1] - The company recorded a loss attributable to owners of RMB 3.7 million, compared to a profit of RMB 41.7 million in 2024 [1] - Earnings per share turned negative at RMB 0.003, down from a profit of RMB 0.028 per share in 2024 [1] - The board of directors did not declare any interim dividend [1]

[Performance Summary](index=1&type=section&id=Performance%20Summary) Lifeng China Group faced challenges in the first half of 2025, with revenue decreasing by 4.2% year-on-year to RMB 617.8 million, turning from profit to loss with a net loss attributable to owners of the Company of RMB 3.7 million, resulting in a loss per share of RMB 0.003 and no interim dividend declared [Core Financial Indicators](index=1&type=section&id=Core%20Financial%20Indicators) The core financial indicators for H1 2025 show a 4.2% revenue decline to RMB 617.8 million, a shift from profit to a net loss of RMB 3.7 million, and a loss per share of RMB 0.003, leading to no interim dividend declaration 2025 H1 Core Financial Indicators | Indicator | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | RMB 617.8 million | RMB 644.6 million | | (Loss)/Profit attributable to owners of the Company | RMB (3.7) million | RMB 41.7 million | | (Loss)/Earnings per share | RMB (0.003) | RMB 0.028 | | Interim Dividend | Not declared | N/A | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The company's consolidated financial statements reflect a decline in revenue and gross profit, leading to a net loss attributable to owners of the Company [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue was RMB 618 million, a 4.2% year-on-year decrease, with gross profit falling 9.5% from RMB 362 million to RMB 328 million, resulting in a loss attributable to owners of the Company of RMB 3.7 million compared to a profit of RMB 41.7 million in the prior period Key Items from Consolidated Statement of Profit or Loss (For the six months ended June 30) | Item (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 617,766 | 644,603 | -4.2% | | Gross Profit | 327,785 | 362,066 | -9.5% | | Profit before tax | 117,031 | 164,227 | -28.7% | | Profit for the period | 72,076 | 130,916 | -45.0% | | (Loss)/Profit attributable to owners of the Company | (3,730) | 41,668 | Turned from profit to loss | | (Loss)/Earnings per share (RMB) | (0.003) | 0.028 | Turned from profit to loss | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As at June 30, 2025, the company's total assets were approximately RMB 16.81 billion, total liabilities approximately RMB 5.67 billion, and equity attributable to owners of the Company was RMB 9.37 billion, with net current assets increasing from RMB 1.59 billion to RMB 1.75 billion Key Items from Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current assets | 14,099,695 | 14,250,475 | | Current assets | 2,707,555 | 2,743,460 | | Net current assets | 1,750,352 | 1,587,680 | | Non-current liabilities | 4,708,335 | 4,768,478 | | Equity attributable to owners of the Company | 9,374,711 | 9,378,482 | [Notes to Financial Information](index=5&type=section&id=Notes%20to%20Financial%20Information) Detailed notes provide insights into the company's revenue composition, finance costs, earnings per share, and dividend policy [Revenue and Segment Information](index=6&type=section&id=3.%20Revenue%20and%20Segment%20Information) Total revenue decreased to RMB 618 million, primarily due to a 7.9% decline in revenue from concessionaire sales and an 8.0% decrease in rental income, while direct sales remained largely stable Revenue Composition (For the six months ended June 30) | Revenue Source (RMB thousand) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Sales of goods - direct sales | 262,183 | 262,424 | -0.1% | | Revenue from concessionaire sales | 186,699 | 202,619 | -7.9% | | Service income | 20,198 | 17,949 | +12.5% | | Rental income | 148,686 | 161,611 | -8.0% | | **Total Revenue** | **617,766** | **644,603** | **-4.2%** | - The Group's operating business is classified under a single operating segment, focusing on operating department stores, retail and related businesses, and property investment in China, with all non-current assets located in China[10](index=10&type=chunk) [Finance Costs](index=7&type=section&id=5.%20Finance%20Costs) Total finance costs decreased by 12.0% year-on-year to RMB 82.2 million, mainly due to a 19.4% reduction in interest expense on bank borrowings following a decrease in the Loan Prime Rate Finance Costs Details (For the six months ended June 30) | Item (RMB thousand) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Interest on bank borrowings | 48,581 | 60,302 | -19.4% | | Interest on lease liabilities | 33,659 | 33,203 | +1.4% | | **Total** | **82,240** | **93,505** | **-12.0%** | [(Loss)/Earnings Per Share](index=8&type=section&id=9.%20(Loss)Earnings%20Per%20Share) Due to the turn from profit to loss attributable to owners of the Company, basic and diluted loss per share was RMB 0.003, compared to earnings per share of RMB 0.028 in the prior period, with the weighted average number of ordinary shares remaining unchanged (Loss)/Earnings Per Share Calculation | Item | For the six months ended June 30, 2025 | For the six months ended June 30, 2024 | | :--- | :--- | :--- | | (Loss)/Profit attributable to owners of the Company (RMB thousand) | (3,730) | 41,668 | | Weighted average number of ordinary shares (thousand shares) | 1,464,449 | 1,464,449 | | **Basic and Diluted (Loss)/Earnings Per Share (RMB)** | **(0.003)** | **0.028** | [Dividends](index=8&type=section&id=8.%20Dividends) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the policy in the prior period - The Company did not pay or declare any dividends for the six months ended June 30, 2025 (2024: nil)[15](index=15&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of market conditions, financial performance, business operations, and future strategies [Market Overview](index=11&type=section&id=Market%20Overview) In the first half of 2025, China's economy maintained robust growth of 5.3% amidst global slowdowns, with social consumer retail sales increasing by approximately 5%, prompting the Group to optimize product structure, integrate online-offline channels, and enhance its membership system - China's economy demonstrated resilience, with GDP growing approximately **5.3%** year-on-year in the first half of 2025, and total retail sales of consumer goods increasing by approximately **5%** year-on-year[19](index=19&type=chunk) - Consumer demand is becoming more diversified and segmented, with greater emphasis on quality, brand influence, and environmental sustainability; the Group is responding by adjusting product structure, strengthening omnichannel experience, promoting green consumption, and accelerating digital transformation[20](index=20&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) Revenue and gross profit decreased by 4.2% and 9.5% respectively, leading to a loss attributable to shareholders, primarily due to reduced concessionaire sales and rental income, coupled with a 15.7% decline in profit from associates, while adjusted EBITDA decreased by 11.0% - Revenue decreased by **4.2%** to **RMB 617.8 million**, mainly due to a decline in revenue from concessionaire sales and rental income; total sales proceeds from all stores slightly decreased by **0.4%**[22](index=22&type=chunk) - Loss attributable to shareholders was **RMB 3.7 million** (compared to a profit of RMB 41.7 million in the prior period), primarily due to a decrease in sales and gross profit, as well as a **15.7%** year-on-year decrease in profit from associate Beijing Renmin Group[24](index=24&type=chunk) Adjusted EBITDA (For the six months ended June 30) | Item (RMB thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Profit before tax | 117,031 | 164,227 | | **Adjusted EBITDA** | **175,380** | **197,060** | [Business Review](index=15&type=section&id=Business%20Review) The performance of the Group's key stores varied, with Shanghai Jiuguang Centre and Shanghai Jiuguang showing growth, while Suzhou Jiuguang experienced a significant decline, and profit from associate Beijing Renmin Group decreased [Shanghai Jiuguang Centre](index=15&type=section&id=Shanghai%20Jiuguang%20Centre) Shanghai Jiuguang Centre's total sales proceeds increased by 8.6% to RMB 911 million, but revenue decreased by 2.0% due to higher discount rates and some rental reductions, while office leasing progressed with occupancy rates of 65% (East Tower) and 21% (West Tower) Shanghai Jiuguang Centre H1 Operating Data | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Total sales proceeds | RMB 911.2 million | +8.6% | | Revenue | RMB 160.7 million | -2.0% | | Average daily footfall | Approx. 33,500 persons | -1.3% | | Average transaction value | RMB 175 | -3.3% | | Stay-to-purchase ratio | 85.9% | +10.6 percentage points | [Shanghai Jiuguang](index=16&type=section&id=Shanghai%20Jiuguang) Shanghai Jiuguang successfully navigated market challenges by adjusting its operating strategy and merchant mix, leading to a 1.0% increase in total sales proceeds to RMB 1.30 billion despite a 9.0% decrease in average daily footfall, driven by a significant 20.9% rise in average transaction value Shanghai Jiuguang H1 Operating Data | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Total sales proceeds | RMB 1,300.3 million | +1.0% | | Average daily footfall | 42,600 persons | -9.0% | | Average transaction value | RMB 458 | +20.9% | | Stay-to-purchase ratio | 36.8% | -3.3 percentage points | [Suzhou Jiuguang](index=17&type=section&id=Suzhou%20Jiuguang) Suzhou Jiuguang's performance was weak during the period, with total sales proceeds decreasing by 13.5% to RMB 534 million, despite a 12.3% increase in average daily footfall, primarily due to a significant 15.5 percentage point drop in the stay-to-purchase ratio Suzhou Jiuguang H1 Operating Data | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Total sales proceeds | RMB 533.7 million | -13.5% | | Average daily footfall | Approx. 16,100 persons | +12.3% | | Average transaction value | RMB 542 | +12.3% | | Stay-to-purchase ratio | 33.7% | -15.5 percentage points | [Investment in Associates](index=17&type=section&id=Investment%20in%20Associates) The Group's share of net profit from associate Beijing Renmin Group decreased by 15.7% year-on-year to RMB 81.0 million, despite a 3.9% increase in Beijing Renmin Group's sales revenue, due to a significant reduction in bank interest income and increased depreciation and interest expenses - Share of net profit from associate Beijing Renmin Group decreased by **15.7%** year-on-year to **RMB 81.0 million**[46](index=46&type=chunk) [Outlook and Plans](index=18&type=section&id=Outlook%20and%20Plans) The Group plans to leverage the Jiuguang brand, advance digital and intelligent transformation using AI for personalized marketing and operational efficiency, and actively respond to green consumption trends to maintain high-quality development - Leverage the Jiuguang brand advantage, promote digital transformation, and utilize data-driven and AI technologies to deepen personalized marketing and enhance customer experience[48](index=48&type=chunk) - Actively respond to green consumption concepts, create "waste-free shopping malls," and continuously optimize merchant and product portfolios by introducing environmentally friendly and unique brands[49](index=49&type=chunk)[50](index=50&type=chunk) - Improve the membership program, use AI technology to analyze member preferences, provide personalized recommendations, and leverage social media platforms to enhance brand exposure[51](index=51&type=chunk)[52](index=52&type=chunk) - Continue to advance the leasing efforts for Shanghai Jiuguang Centre's office buildings to increase rental income and stabilize cash flow[54](index=54&type=chunk) [Other Disclosure Information](index=20&type=section&id=Other%20Disclosure%20Information) This section covers details regarding the company's employees, interim dividend policy, and corporate governance practices [Employees](index=20&type=section&id=Employees) As at June 30, 2025, the Group employed 1,056 staff, a decrease from the prior year, with staff costs decreasing by 7.5% year-on-year to RMB 98.7 million primarily due to a one-off severance payment in the prior period Employees and Costs | Indicator | As at June 30, 2025 | For the six months ended June 30, 2025 | | :--- | :--- | :--- | | Total number of employees | 1,056 persons | N/A | | Staff costs (excluding directors' emoluments) | N/A | RMB 98.7 million | [Interim Dividend](index=20&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[56](index=56&type=chunk) [Corporate Governance](index=20&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code during the period, with the only deviation being the undifferentiated roles of Chairman and Chief Executive Officer, which the company believes benefits business strategy execution and operational efficiency - The Company complied with the Corporate Governance Code, with the only deviation being that the roles of Chairman and Chief Executive Officer are not segregated, which the Company believes is beneficial for the development and execution of business strategies[57](index=57&type=chunk)