北京商报讯（记者 郭秀娟 王悦彤） 11月5日，老恒和酿造发布公告，由于其他业务承担及工作安排之 缘故，朱冰已辞任执行董事及首席执行官，辞任后，朱冰将不再担任集团内任何职位。同日，李清华已 获委任为执行董事及首席执行官，自2025年11月5日起生效。 ...

智通财经APP讯，老恒和酿造(02226)发布公告，朱冰先生已辞任执行董事及公司首席执行官，自2025年 11月5日起生效;及李清华先生已获委任为执行董事及首席执行官，自2025年11月5日起生效。 ...

格隆汇11月5日丨老恒和酿造(02226.HK)发布公告，朱冰已辞任执行董事及首席执行官；及李清华已获 委任为执行董事及首席执行官，均自2025年11月5日起生效。 ...

王艷萍女士 董事名單與其角色和職能 老恒和釀造有限公司的董事（「董事」）會（「董事會」）成員載列如下（ 自二零二五年 十一月五日起生效 ）： 執行董事 黃大春先生 （ 主席 ） 李清華先生 Honworld Group Limited 老 恒 和 釀 造 有 限 公 司* （於開曼群島註冊成立的有限公司） 非執行董事 （股份代號：2226） 附註： 獨立非執行董事 C 有關董事委員會的主席 M 有關董事委員會的成員 沈振昌先生 吳榮輝先生 香港，二零二五年十一月五日 孫熲先生 * 僅供識別 董事會設立三個委員會。下表提供各董事會成員在該等委員會中所擔任的職位資 料。 | | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 黃大春先生 | | | | | 李清華先生 | | | | | 王艷萍女士 | | | M | | 沈振昌先生 | M | C | M | | 吳榮輝先生 | C | M | M | | 孫熲先生 | M | M | C | ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公佈的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不就因本公佈全部或任何部分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。 Honworld Group Limited 老 恒 和 釀 造 有 限 公 司* （於開曼群島註冊成立的有限公司） （股份代號：2226） 執行董事及首席執行官變動 老恒和釀造有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈： 執行董事及首席執行官辭任 董事會宣佈，由於其他業務承擔及工作安排之緣故，朱先生已辭任執行董事及首 席執行官，自二零二五年十一月五日起生效。 於辭任後，朱先生將不再擔任本集團任何職位。朱先生已確認，彼與董事會之間 並無意見分歧，亦不知悉任何有關彼辭任的事宜須促請香港聯合交易所有限公司 （「聯交所」）及本公司股東垂注。 董事會謹藉此機會衷心感謝朱先生於在任期間為本公司作出寶貴貢獻。 – 1 – (1) 朱 冰 先 生（「 朱 先 生 」）已 辭 任 執 行 董 事 及 本 公 司 首 席 執 行 官（「 首 席 執 ...

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: 老恒和釀造有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02226 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | 本月底法定/註冊股 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 老恒和釀造有限公司 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 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02226 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | FF301 FF30 ...

各位非登記持有人 (附註 1) ： 老恒和釀造有限公司*（「本公司」） 2025 年中期報告之發佈通知（「本次公司通訊文件」）之發佈通知 本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站 www.hkexnews.hk 及本公司網站 www.hzlaohenghe.com，歡迎瀏覽。 閣下若因任何理由以致在收取或接收載 於本公司網址上的本次公司通訊文件出現困難， 閣下可將要求（註明 閣下的姓名、地址及要求）以電郵方 式發送到本公司之電郵地址 honworld@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過戶登記處 （「股份過戶處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後，盡快向 閣下免費發送有關本次公司通訊文件的印刷本。 Honworld Group Limited 老恒和釀造有限公司* （於開曼群島註冊成立的有限公司） (股份代號: 2226) 以電子方式發布公司通訊 (附註 2) 之安排 老恒和釀造有限公司*（「本公司」）謹此根據香港聯合交易所有限公司證券 ...

本公司的本次公司通訊文件備有中、英文版本，並已上載於香港聯合交易所有限公司（「香港交易所」）網站 www.hkexnews.hk 及本公司網站 www.hzlaohenghe.com，歡迎瀏覽。 閣下若因任何理由以致在收取或接收載於本公司網址上的本次公司通訊文件出現困難， 閣下可將要求（註 明 閣下的姓名、地址及要求）以電郵方式發送到本公司之電郵地址 honworld@computershare.com.hk 或以書面方式郵寄致本公司的香港股份過 戶登記處（「股份過戶處」）香港中央證券登記有限公司，地址為香港灣仔皇后大道東 183 號合和中心 17M 樓。本公司將於接到 閣下通知後， 盡快向 閣下免費發送有關本次公司通訊文件的印刷本。 以電子方式發布公司通訊 (附註1) 之安排 老恒和釀造有限公司（「本公司」）謹此根據香港聯合交易所有限公司證券上市規則第2.07A 條及本公司之經修訂及重列組織章程細則實施下列安排， 自本函日期起生效： 1. 於網上提供公司通訊 Honworld Group Limited 老恒和釀造有限公司* （於開曼群島註冊成立的有限公司） (股份代號: 2226) 各位股東： 老恒和釀造 ...

[Company Information](index=4&type=section&id=Company%20Information) [Board of Directors and Corporate Governance Committee](index=4&type=section&id=Board%20of%20Directors%20and%20Corporate%20Governance%20Committee) The company's board members changed during the reporting period, with Executive Director Mr. Chen Wei resigning and Mr. Huang Dachun and Mr. Zhu Bing being appointed, while audit, remuneration, and nomination committees ensure effective corporate governance - Executive Director changes: Mr. Huang Dachun and Mr. Zhu Bing were appointed Executive Directors on **June 3, 2025**, while Mr. Chen Wei resigned on the same day[6](index=6&type=chunk)[7](index=7&type=chunk) - The company has an Audit Committee (Chairman: Mr. Wu Ronghui), Remuneration Committee (Chairman: Mr. Shen Zhenchang), and Nomination Committee (Chairman: Mr. Sun Jiong) to oversee operations and governance[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Basic Information](index=5&type=section&id=Company%20Basic%20Information) The company is registered in the Cayman Islands, with its China headquarters in Huzhou, Zhejiang, and Hong Kong operations in Kowloon, listed under stock code 2226, with key banking and legal advisor information provided - Registered office is in the Cayman Islands, China headquarters and principal place of business in Huzhou, Zhejiang, and Hong Kong principal place of business in Kowloon[10](index=10&type=chunk)[11](index=11&type=chunk) - Company stock code is **2226**, website is http://www.hzlaohenghe.com[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=7&type=section&id=Business%20Review) As a leading Chinese condiment producer, the company achieved organic and FSSC22000 certifications and participated in industry standard revisions in H1 2025, enhancing competitiveness through quality, innovation, and channel reform despite slower consumer recovery and intensified competition - Lao Heng He yellow wine, soy sauce, fermented bean curd, rose rice vinegar, and other products successfully obtained **organic product certification**[18](index=18&type=chunk) - Subsidiary Huzhou Lao Heng He Winery Co., Ltd. obtained **FSSC22000 system certification** and was recognized as a **'Tax Outstanding Contribution Enterprise' for 2024**[18](index=18&type=chunk) - The company actively participated in revising the Zhejiang Manufacturing Standard for 'Shaoxing Fermented Bean Curd' and the Group Standard for 'Rose Rice Vinegar'[18](index=18&type=chunk) - Market challenges in H1 2025: consumer recovery fell short of expectations, catering procurement contracted, and intensified homogenization in the condiment industry led to **pressure on terminal prices** and **narrowed industry gross margins**[19](index=19&type=chunk) [Market Strategy and Promotion](index=8&type=section&id=Market%20Strategy%20and%20Promotion) In H1 2025, the company strengthened premium product packaging, promotional planning, and online/offline channel deployment, implementing multi-level strategies to build core markets and model stores, deepen supermarket and online channels, and enhance customer loyalty with a 'heritage brand, flagship product, premium, and high-value' strategy - Strengthened **premium product packaging**, promotional activity planning, online media platform layout, and offline key channel promotion[20](index=20&type=chunk)[22](index=22&type=chunk) - Implemented multi-level, multi-channel strategies, building core markets and model stores, deepening supermarket and online channels, concentrating resources on promoting flagship products, and enhancing customer loyalty[20](index=20&type=chunk)[22](index=22&type=chunk) - Adopted a strategy of **'heritage brand, flagship product, premium, and high-value national Chinese time-honored products'**, leveraging brand history and quality assurance to dominate the diversified condiment product market[20](index=20&type=chunk)[22](index=22&type=chunk) [Product Research and Development and Quality](index=8&type=section&id=Product%20Research%20and%20Development%20and%20Quality) The company continuously invests in product R&D and quality control, forming research teams, collaborating with universities on brewing theory, developing new products, and improving production line processes, while enhancing food safety and product quality through equipment acquisition, employee training, and a digital traceability system - Formed an external technical expert R&D team, established a comprehensive product R&D system and process, and collaborated with universities on brewing theory research[21](index=21&type=chunk)[23](index=23&type=chunk) - Successfully developed new products and improved the production process for new soy sauce and soybean paste production lines, which were successfully put into operation[21](index=21&type=chunk)[23](index=23&type=chunk) - Strengthened food safety technical assurance capabilities by acquiring testing instruments, enhancing employee training, establishing a **full-process digital food safety traceability system**, and developing emergency plans[21](index=21&type=chunk)[23](index=23&type=chunk) [Production Plant Management](index=9&type=section&id=Production%20Plant%20Management) In H1 2025, the company upgraded existing equipment, refined processes, established standardized systems, and acquired new machinery to improve labor efficiency and reduce production costs, thereby enhancing product market competitiveness - Upgraded and renovated existing equipment, refined and innovated processes, established standardized systems, and optimized operational procedures[24](index=24&type=chunk)[27](index=27&type=chunk) - Acquired some equipment to **improve workshop labor efficiency**, **reduce production costs**, and enhance core product competitiveness[24](index=24&type=chunk)[27](index=27&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) In H1 2025, the company's revenue remained flat year-on-year, but gross profit and margin declined due to product mix adjustments and increased promotions, leading to a 1.6% increase in loss attributable to ordinary equity holders and a higher net loss margin, facing risks from rising production costs, intensified competition, and new product market acceptance H1 2025 Key Financial Indicators (RMB thousand) | Indicator | H1 2025 | H1 2024 | Period-on-period change (%) | | :--- | :--- | :--- | :--- | | Revenue | 144,422 | 144,277 | 0.1 | | Gross Profit | 42,055 | 47,108 | (10.7) | | Loss Attributable to Ordinary Equity Holders of the Company | (251,677) | (247,604) | 1.6 | | Loss Before Interest, Tax, Depreciation and Amortisation (LBITDA) | (138,156) | (132,196) | 4.5 | | Loss Per Share (RMB) | (0.43) | (0.43) | 0 | | Gross Margin (%) | 29.1 | 32.7 | (11.0) | | Net Loss Margin Attributable to Ordinary Equity Holders of the Company (%) | (174.3) | (171.6) | 1.6 | | LBITDA Loss Margin (%) | (95.7) | (91.6) | 4.5 | | Capital Gearing Ratio (%) (2025/06/30 vs 2024/12/31) | 427.8 | 393.5 | 8.7 | - Profitability is influenced by **product pricing**, **cost of sales**, **marketing strategies**, **product structure and mix**, and **company reform factors**[30](index=30&type=chunk)[32](index=32&type=chunk) - Risks include: **significant increases in production costs** (agricultural products, packaging, labor), **changing consumer habits** and multi-channel competition, higher-than-expected market expansion and selling expenses, **low market acceptance for new products**, difficulties faced by distributors leading to complex sales policies and credit management, and uncertainties from the new economic landscape[30](index=30&type=chunk)[32](index=32&type=chunk) [Revenue](index=14&type=section&id=Revenue) In H1 2025, total revenue was approximately **RMB 144.4 million**, flat year-on-year, with cooking wine revenue growing **4.0%** to **RMB 95.9 million** (66.4% of total), while soy sauce, rice vinegar, and other products revenue decreased **6.9%** to **RMB 48.5 million** H1 2025 Revenue Composition (RMB million) | Product Category | H1 2025 | H1 2024 | Period-on-period change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 144.4 | 144.3 | 0.1 | | Cooking Wine Products Revenue | 95.9 | 92.2 | 4.0 | | Soy Sauce, Rice Vinegar and Other Products Revenue | 48.5 | 52.1 | (6.9) | - Cooking wine product revenue growth was primarily driven by **new product launches**, **optimization of existing product structure**, and **increased promotional efforts**[46](index=46&type=chunk)[54](index=54&type=chunk) - The decline in soy sauce, rice vinegar, and other product revenue was due to **product portfolio adjustments**, reducing the production of underperforming products[47](index=47&type=chunk)[50](index=50&type=chunk) [Cost of Sales](index=14&type=section&id=Cost%20of%20Sales) Cost of sales increased by **5.3%** to **RMB 102.4 million** in H1 2025, primarily due to a higher proportion of lower-margin mid-range products sold Cost of Sales (RMB million) | Indicator | H1 2025 | H1 2024 | Period-on-period change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 102.4 | 97.2 | 5.3 | - The increase in cost of sales was mainly attributable to a **higher proportion of lower-margin mid-range products** in revenue[48](index=48&type=chunk)[51](index=51&type=chunk) [Gross