10月10日，北京百盛在公众号发布公告称，百盛集团正全面推进一场积极而全面的战略转型，对于受限于客观条件、难以在复合需求上实现均衡发展的门 店，经过慎重评估，将于2025年12月31日关闭北京百盛复兴门店。 据介绍，作为百盛集团在中国内地的首家门店，北京百盛复兴门店自1994年开业以来，受到了广大消费者的喜爱。这三十年发展，是百盛集团深度融入中 国市场、扎根深耕的重要阶段。以复兴门店为起点，百盛集团如今已在全国25个城市布局了43家多元化、多业态的门店。 此前，百盛集团发布自愿性公告，宣布其间接全资附属公司百盛商业发展有限公司，与中国工艺美术集团有限公司就百盛北京复兴门店相关物业订立租赁 终止协议。根据公告内容，该门店租赁协议将于2026年1月1日正式终止。 △百盛商业集团有限公司发布自愿 性公告，就百盛北京复兴门店相关物业订立租赁终止协议。（图片截自百盛商业集团官方公告） 公告显示，百盛集团的主要业务为在中国经营及管理百货店、购物中心、奥特莱斯及超市网络。百盛商业发展有限公司作为集团的间接全资附属公司，业 务范围包括零售、批发以及进出口。中国工艺美术集团的业务范围则包括艺术品、珠宝、礼品、旅游纪念品、展览以 ...

2025.10.10 == 尊敬的社会各界朋友们: 本 文字数：816，阅读时长大约2分钟 据北京商报，作为内地首店，北京百盛即将闭店。 10月10日，北京百盛在公众号发布公告称，百盛集团正全面推进一场积极而全面的战略转型，对于受限 于客观条件、难以在复合需求上实现均衡发展的门店，经过慎重评估，将于2025年12月31日关闭北京百 盛复兴门店。 北京百盛永远是您的伙伴! 北京百盛 2025年10月10日 16:55 北京 ☆星标 自中国百盛集团发布自愿性公告以来,北京百盛复 兴门店的相关话题引发了广泛关注。连日来,许多新老朋 友专程来到我们身边,与我们一同重温三十余载携手走 过的难忘岁月,续写着这份守望相助的深厚情谊。在此, 我们向每一位长期支持与信任百盛的朋友,致以最诚挚 的感谢;也因即将到来的调整给各位带来的不便,向大家 表达深深的歉意。 据介绍，作为百盛集团在中国内地的首家门店，北京百盛复兴门店自1994年开业以来，受到了广大消费 者的喜爱。这三十年发展，是百盛集团深度融入中国市场、扎根深耕的重要阶段。以复兴门店为起点， 百盛集团如今已在全国25个城市布局了43家多元化、多业态的门店。 爱企查App显示 ...

2025.10. 10 本文字数：816，阅读时长大约2分钟 据北京商报，作为内地首店，北京百盛即将闭店。 10月10日，北京百盛在公众号发布公告称，百盛集团正全面推进一场积极而全面的战略转型， 对于 受限于客观条件、难以在复合需求上实现均衡发展的门店，经过慎重评估，将于2025年12月31日关 闭北京百盛复兴门店。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 据介绍，作为百盛集团在中国内地的首家门店，北京百盛复兴门店自1994年开业以来，受到了广大 消费者的喜爱。这三十年发展，是百盛集团深度融入中国市场、扎根深耕的重要阶段。以复兴门店为 起点，百盛集团如今已在全国25个城市布局了43家多元化、多业态的门店。 爱企查App显示，百盛商业发展有限公司成立于1993年10月，法定代表人为钟珊珊，注册资本 1668万美元，经营范围包括餐饮服务、生活美容服务、理发服务、食品销售等，由Malverest (Hon ...

据介绍，作为百盛集团在中国内地的首家门店，北京百盛复兴门店自1994年开业以来，受得了广大消费 者的喜爱。这三十年发展，是百盛集团深度融入中国市场、扎根深耕的重要阶段。以复兴门店为起点， 百盛集团如今已在全国25个城市布局了43家多元化、多业态的门店。 百盛集团表示，零售行业的生命力源于对市场变化的敏锐洞察与灵活应对，基于这一理念，百盛集团持 续推动旗下门店的迭代升级，一方面，在现有硬件基础上注入个性化设计、创新服务元素与国际品牌首 店等新活力，目前全国多家门店正稳步推进此类焕新改造；另一方面，紧扣城市发展战略与细分需求， 通过新开设城市奥莱、购物中心等项目，进一步完善区域商业布局。 北京商报讯（记者 刘卓澜）作为内地首店，北京百盛即将闭店。10月10日，北京百盛在公众号发布公 告称，百盛集团正全面推进一场积极而全面的战略转型，对于受限于客观条件、难以在复合需求上实现 均衡发展的门店，经过慎重评估，将于2025年12月31日关闭北京百盛复兴门店。 当前，零售业正经历从"商业+"向"+商业"的深刻转型，非标商业成为破局关键。百盛集团表示，这要求 商业企业在有限的空间内，深度融合现代化、智能化、定制化与社交化元素 ...

FF301 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 第 1 頁 共 10 頁 v 1.1.1 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: 百盛商業集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6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) | 03368 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 7,500,000,000 | HKD | | 0.02 HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 7,500,000,000 | HKD | | 0.02 HKD ...

EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 百盛商業集團有限公司 | | 股份代號 | 03368 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 (修訂)截至2025年6月30日止6個月之中期股息 | | | 公告日期 | 2025年10月2日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更正匯率 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.02 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.02187 ...

發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，丹斯里鍾廷森及鍾珊珊女士為本公司執行董事；拿督斯里何國忠博士為本公司非執行董事；拿督胡亞橋、丘銘劍先 生及拿督孔令龍為本公司獨立非執行董事。 第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 EF001 EF001 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 百盛商業集團有限公司 | | 股份代號 | 03368 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止6個月之中期股息之更新資料 | | | 公告日期 | 2025年9月25日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新派息 ...

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section details the company's governance structure, registered and business offices, committee compositions, and key financial partners [Board of Directors and Key Personnel](index=3&type=section&id=Board%20of%20Directors%20and%20Key%20Personnel) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with Tan Sri Cheng Heng Jem as Chairman and Executive Director, and Zhou Jia as CEO - As of the reporting date, the Board members include Tan Sri Cheng Heng Jem (Chairman and Executive Director), Ms. Cheng San San (Executive Director), Dato' Sri Ho Kok Chung (Non-executive Director), and Dato' Foo Ah Hiang (Lead Independent Non-executive Director), Mr. Khoo Ming Kian, and Dato' Kong Ling Long[5](index=5&type=chunk)[6](index=6&type=chunk) - The Chief Executive Officer is Zhou Jia, and the Company Secretary is Yuan Yingxin[6](index=6&type=chunk)[7](index=7&type=chunk) [Registered and Business Offices](index=3&type=section&id=Registered%20and%20Business%20Offices) The company maintains its registered office in the Cayman Islands, with its head office and principal place of business in Shanghai, China, and a principal place of business in Hong Kong - The registered office is located at Vistra (Cayman) Limited, Cayman Islands[5](index=5&type=chunk)[6](index=6&type=chunk) - The head office and principal place of business are located at 5th Floor, Changfang International Plaza, 555 Loushanguan Road, Changning District, Shanghai, China[6](index=6&type=chunk)[7](index=7&type=chunk) - The principal place of business in Hong Kong is located at Unit 1010, 10th Floor, Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong[6](index=6&type=chunk)[7](index=7&type=chunk) [Committees and Registrars](index=4&type=section&id=Committees%20and%20Registrars) The company has an Audit Committee, Remuneration Committee, and Nomination Committee, along with its principal share registrar and Hong Kong branch share registrar - The Chairman of the Audit Committee is Dato' Foo Ah Hiang[9](index=9&type=chunk)[10](index=10&type=chunk) - The Chairman of the Remuneration Committee is Mr. Khoo Ming Kian[9](index=9&type=chunk)[10](index=10&type=chunk) - The Chairman of the Nomination Committee is Tan Sri Cheng Heng Jem[9](index=9&type=chunk)[10](index=10&type=chunk) - The Hong Kong branch share registrar is Tricor Investor Services Limited[9](index=9&type=chunk)[10](index=10&type=chunk) [Bankers and Auditor](index=5&type=section&id=Bankers%20and%20Auditor) The company lists its main bankers in China and Hong Kong, along with its auditor information - Major bankers in China include Shanghai Pudong Development Bank, Zheshang Bank, Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank, and Bank of Communications[11](index=11&type=chunk)[12](index=12&type=chunk) - Major bankers in Hong Kong include BNP Paribas Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong), and Bank of Communications (Hong Kong) Limited[11](index=11&type=chunk)[12](index=12&type=chunk) - The auditor is Grant Thornton Hong Kong Limited[11](index=11&type=chunk)[12](index=12&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) The Group's total operating revenue for the six months ended June 30, 2025, increased slightly by 0.9% to **RMB 1,962.8 million**, with significant growth in operating profit and profit attributable to owners despite declines in same-store sales and gross sales proceeds, and an interim dividend declared 2025 Half-Year Financial Highlights | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,962.8 | 1,944.7 | +0.9% | | Same-Store Sales (SSS) | - | - | -18.4% | | Gross Sales Proceeds (GSP) | 4,155.3 | 4,695.3 | -11.5% | | Operating Profit | 257.6 | 193.8 | +32.9% | | Profit/(Loss) Attributable to Owners of the Company | 22.5 | (18.6) | Turnaround to Profit | | Interim Dividend (per share) | RMB 0.02 | RMB 0.02 | 0% | [Independent Review Report](index=7&type=section&id=Independent%20Review%20Report) Grant Thornton Hong Kong Limited reviewed Parkson Retail Group Limited's interim financial information for the six months ended June 30, 2025, concluding no material non-compliance with IAS 34 - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, issued by the Hong Kong Institute of Certified Public Accountants, and does not express an audit opinion due to its limited scope[25](index=25&type=chunk)[27](index=27&type=chunk) - The review concluded that nothing has come to the attention of the reviewers that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34[26](index=26&type=chunk)[28](index=28&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=9&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's profit or loss statement for the six months ended June 30, 2025, shows a slight increase in total operating revenue, a successful turnaround from a loss to a profit attributable to owners of **RMB 22.5 million**, driven by controlled operating expenses and reduced finance costs Interim Condensed Consolidated Statement of Profit or Loss Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Revenue | 1,615,743 | 1,719,784 | (104,041) | | Other Operating Revenues | 347,087 | 224,942 | 122,145 | | **Total Operating Revenues** | **1,962,830** | **1,944,726** | **18,104** | | Total Operating Expenses | (1,705,191) | (1,750,947) | 45,756 | | **Operating Profit** | **257,639** | **193,779** | **63,860** | | Finance Income | 12,696 | 22,816 | (10,120) | | Finance Costs | (219,588) | (243,220) | 23,632 | | Share of Profit from Associates | 9,421 | 8,862 | 559 | | **Profit/(Loss) Before Tax** | **60,168** | **(17,763)** | **77,931** | | Income Tax Expense/(Credit) | (39,218) | 534 | (39,752) | | **Profit/(Loss) for the Period** | **20,950** | **(17,229)** | **38,179** | | Profit/(Loss) Attributable to Owners of the Company | 22,468 | (18,641) | 41,109 | | Profit/(Loss) Attributable to Non-controlling Interests | (1,518) | 1,412 | (2,930) | | Basic and Diluted Earnings/(Loss) Per Share | RMB 0.009 | (RMB 0.007) | Turnaround to Profit | [Interim Condensed Consolidated Statement of Comprehensive Income](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's comprehensive income statement for the six months ended June 30, 2025, shows a profit for the period of **RMB 20.95 million**, with total comprehensive income of **RMB 52.795 million** after accounting for exchange differences from translating overseas operations, a significant improvement from the prior year's total comprehensive expense Interim Condensed Consolidated Statement of Comprehensive Income Key Data (Six Months Ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 20,950 | (17,229) | | Exchange Differences Arising from Translation of Overseas Operations | 31,845 | (27,315) | | Exchange Differences Arising from Translation of the Company | – | (3,409) | | Other Comprehensive Income/(Expense) for the Period, Net of Tax | 31,845 | (30,724) | | **Total Comprehensive Income/(Expense) for the Period** | **52,795** | **(47,953)** | | Attributable to Owners of the Company | 54,313 | (49,365) | | Attributable to Non-controlling Interests | (1,518) | 1,412 | [Interim Condensed Consolidated Statement of Financial Position](index=11&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's statement of financial position shows a slight decrease in total assets but an improvement in financial structure with reduced current liabilities, leading to an increase in both net current assets and net assets Interim Condensed Consolidated Statement of Financial Position Key Data (As of June 30) | Indicator | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **8,305,641** | **8,500,259** | **(194,618)** | | Property, Plant and Equipment | 2,585,708 | 2,653,648 | (67,940) | | Right-of-use Assets | 2,524,934 | 2,697,334 | (172,400) | | **Current Assets** | **2,730,932** | **2,881,762** | **(150,830)** | | Inventories | 301,289 | 378,761 | (77,472) | | Cash and Bank Balances | 1,355,715 | 1,466,508 | (110,793) | | **Current Liabilities** | **2,402,667** | **2,538,884** | **(136,217)** | | Trade Payables | 423,656 | 586,181 | (162,525) | | **Net Current Assets** | **328,265** | **342,878** | **(14,613)** | | **Non-current Liabilities** | **5,494,017** | **5,756,043** | **(262,026)** | | Interest-bearing Bank Loans | 2,619,292 | 2,590,421 | 28,871 | | Lease Liabilities | 2,697,319 | 2,988,839 | (291,520) | | **Net Assets** | **3,139,889** | **3,087,094** | **52,795** | | **Total Equity** | **3,139,889** | **3,087,094** | **52,795** | [Interim Condensed Consolidated Statement of Changes in Equity](index=13&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The Group's statement of changes in equity for the six months ended June 30, 2025, shows an increase in total equity attributable to owners from **RMB 3,015.374 million** to **RMB 3,069.687 million**, driven by profit for the period and an increase in exchange reserves Interim Condensed Consolidated Statement of Changes in Equity Key Data (Six Months Ended June 30) | Indicator | 2025 January 1 (RMB thousand) | Profit/(Loss) for the Period (RMB thousand) | Other Comprehensive Income for the Period (RMB thousand) | Transfer to PRC Statutory Reserve (RMB thousand) | 2025 June 30 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Issued Capital | 55,477 | – | – | – | 55,477 | | PRC Statutory Reserve | 282,937 | – | – | 5,347 | 288,284 | | Exchange Reserve | (554,375) | – | 31,845 | – | (522,530) | | Asset Revaluation Reserve | 251,412 | – | – | – | 251,412 | | Retained Earnings | 2,979,923 | 22,468 | – | (5,347) | 2,997,044 | | **Total Attributable to Owners of the Company** | **3,015,374** | **22,468** | **31,845** | **(5,347)** | **3,069,687** | | Non-controlling Interests | 71,720 | (1,518) | – | – | 70,202 | | **Total Equity** | **3,087,094** | **20,950** | **31,845** | **(5,347)** | **3,139,889** | [Interim Condensed Consolidated Statement of Cash Flows](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) The Group's cash flow statement for the six months ended June 30, 2025, shows net cash generated from operating activities of **RMB 149.295 million**, net cash from investing activities of **RMB 3.955 million**, and net cash used in financing activities of **RMB 301.749 million**, resulting in a net decrease in cash and cash equivalents of **RMB 148.499 million** Interim Condensed Consolidated Statement of Cash Flows Key Data (Six Months Ended June 30) | Activity Type | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 149,295 | 213,218 | (63,923) | | Net Cash Flows from Investing Activities | 3,955 | 24,738 | (20,783) | | Net Cash Flows Used in Financing Activities | (301,749) | (342,963) | 41,214 | | Net Decrease in Cash and Cash Equivalents | (148,499) | (105,007) | (43,492) | | Cash and Cash Equivalents at End of Period | 1,384,129 | 1,576,341 | (192,212) | [Notes to the Interim Condensed Consolidated Financial Information](index=17&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) These notes provide detailed explanations and supplementary information for the interim condensed consolidated financial statements, covering company overview, accounting policies, revenue breakdown, operating expenses, asset and liability details, lease arrangements, related party transactions, and fair value measurement of financial instruments, offering deeper insights into the Group's financial performance and position [1. Corporate Information](index=17&type=section&id=1.%20Corporate%20Information) The company is an investment holding company primarily operating department stores, shopping malls, outlets, and supermarket networks in China, and providing credit services in Malaysia, with Parkson Holdings Berhad as its ultimate holding company - The Company was incorporated in the Cayman Islands on August 3, 2005, as an investment holding company[44](index=44&type=chunk)[49](index=49&type=chunk) - The Group's principal activities are operating department stores, shopping malls, outlets, and supermarket networks in China, and providing credit services in Malaysia[45](index=45&type=chunk)[49](index=49&type=chunk) - The ultimate holding company is Parkson Holdings Berhad (PHB), a company incorporated and listed in Malaysia[46](index=46&type=chunk)[49](index=49&type=chunk) [2.1 Basis of Preparation](index=17&type=section&id=2.1%20BASIS%20OF%20PREPARATION) The interim financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read with the Group's annual consolidated financial statements for the year ended December 31, 2024; the company's functional currency changed from USD to RMB effective January 1, 2025, reflecting its primary financing and investing activities - The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[47](index=47&type=chunk)[50](index=50&type=chunk) - Effective January 1, 2025, the Company's functional currency changed from USD to RMB, as its largest liability, a syndicated loan, is denominated in RMB, and future financing and investing activities will primarily be in RMB[48](index=48&type=chunk)[51](index=51&type=chunk) [2.2 Adoption of Amended IFRS Accounting Standards](index=18&type=section&id=2.2%20ADOPTION%20OF%20AMENDED%20IFRS%20ACCOUNTING%20STANDARDS) The adoption of amendments to IAS 21 "Lack of Exchangeability" in the current period had no material impact on the Group's performance or financial position for current and prior periods - Amendments to IAS 21 "Lack of Exchangeability" effective January 1, 2025, have been adopted[54](index=54&type=chunk)[56](index=56&type=chunk) - These amendments had no material impact on the Group's performance and financial position for the current and prior periods[55](index=55&type=chunk)[56](index=56&type=chunk) [3. Revenues, Other Operating Revenues and Segment Information](index=18&type=section&id=3.%20REVENUES,%20OTHER%20OPERATING%20REVENUES%20AND%20SEGMENT%20INFORMATION) The Group's revenue primarily derives from customer contracts (self-operated sales, concessionaire sales commissions, consulting and management service fees) and other sources (gross rental income, credit services); despite a decrease in customer contract revenue, a significant increase in other operating revenues, particularly from lease modifications and terminations, led to a slight rise in total operating revenues, with the "Retail" segment being the main operating segment and most revenue and assets located in China Revenue Analysis (Six Months Ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | **1,181,179** | **1,348,418** | **(167,239)** | | Self-operated Sales | 884,586 | 995,320 | (110,734) | | Concessionaire Sales Commissions | 293,836 | 347,495 | (53,659) | | Consulting and Management Service Fees | 2,757 | 5,603 | (2,846) | | **Revenue from Other Sources** | **434,564** | **371,366** | **63,198** | | Gross Rental Income | 326,772 | 304,601 | 22,171 | | Credit Services | 107,792 | 66,765 | 41,027 | | **Total Revenue** | **1,615,743** | **1,719,784** | **(104,041)** | Other Operating Revenues (Six Months Ended June 30) | Other Operating Revenue Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | | :--- | :--- | :--- | :--- | | Credit Card Handling Fees | 10,151 | 12,173 | (2,022) | | Promotional Income | 23,473 | 24,927 | (1,454) | | Electricity and Water Charges | 64,957 | 63,681 | 1,276 | | Administrative Fees | 79,235 | 77,891 | 1,344 | | Rental Income from Exhibition Venues and Equipment | 27,852 | 29,346 | (1,494) | | Service Fees | 9,620 | 10,707 | (1,087) | | Government Grants | 3,135 | 1,555 | 1,580 | | Other Income from Net Investment in Subleases | 8,394 | – | 8,394 | | Other Income from Lease Modifications and Terminations | 111,610 | 1,176 | 110,434 | | Other Income | 8,660 | 3,486 | 5,174 | | **Total** | **347,087** | **224,942** | **122,145** | - The Group's main operating segment is "Retail," primarily operating department stores, shopping malls, outlets, and supermarkets in China, and consumer finance business in Malaysia[67](index=67&type=chunk)[70](index=70&type=chunk) [4. Profit/(Loss) Before Tax](index=22&type=section&id=4.%20PROFIT%2F%28LOSS%29%20BEFORE%20TAX) The Group's profit before tax turned from a loss to a profit compared to the prior year, primarily due to adjustments in operating expenses, including changes in depreciation and amortization, impairment of trade receivables, and impairment of goodwill Profit/(Loss) Before Tax Adjustment Items (Six Months Ended June 30) | Adjustment Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Staff Costs | 252,821 | 239,663 | | Rental Expenses for Leased Properties | 37,505 | 44,105 | | Gross Rental Income from Investment Properties | (103,727) | (98,907) | | Rental Income from Subleases of Properties under Operating Leases | (223,045) | (205,694) | | Cost of Inventories Recognized as Expense | 773,476 | 864,486 | | Depreciation and Amortization | 241,078 | 255,900 | | Impairment of Trade Receivables | 46,056 | 12,198 | | Impairment of Prepayments, Other Receivables and Other Assets | 1,711 | 21,029 | | Impairment of Property, Plant and Equipment | 9,347 | 81 | | Impairment of Goodwill | 24,400 | 8,258 | | Net Loss on Disposal of Property, Plant and Equipment | 1,053 | 492 | | Net Exchange Differences | 4,465 | 52,635 | | Auditor's Remuneration | 650 | 600 | | Direct Operating Expenses from Earning Rental Income from Investment Properties | 10,588 | 10,588 | - Goodwill impairment was primarily recognized for underperforming cash-generating units of Jiangxi Parkson Zhongshan City Department Store Co, Ltd[80](index=80&type=chunk) [5. Finance Income/(Costs)](index=23&type=section&id=5.%20FINANCE%20INCOME%2F%28COSTS%29) The Group's finance income primarily consists of bank interest and finance income from net investment in subleases, while finance costs mainly include interest on lease liabilities and interest on interest-bearing bank loans, resulting in a decrease in net finance costs for the period Finance Income/(Costs) Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | **Finance Income** | **12,696** | **22,816** | | Bank Interest Income | 6,591 | 12,821 | | Gain on Redemption of Financial Assets at Fair Value Through Profit or Loss | 285 | – | | Fair Value Change of Financial Assets at Fair Value Through Profit or Loss | 467 | 704 | | Finance Income from Net Investment in Subleases | 5,353 | 9,291 | | **Finance Costs** | **(219,588)** | **(243,220)** | | Interest on Lease Liabilities | (147,527) | (133,229) | | Interest on Interest-bearing Bank Loans and Other Borrowings | (72,061) | (109,991) | [6. Income Tax Expense/(Credit)](index=24&type=section&id=6.%20INCOME%20TAX%20EXPENSE%2F%28CREDIT%29) The Group pays income tax in various jurisdictions, including China and Malaysia, with Chinese companies generally subject to a 25% corporate income tax rate, though some entities enjoy a preferential 15% rate; the current period saw an income tax expense of **RMB 39.218 million**, compared to an income tax credit in the prior period - The Group's PRC companies are subject to a corporate income tax rate of **25%**, with three entities approved to enjoy a preferential tax rate of **15%**[83](index=83&type=chunk)[85](index=85&type=chunk) - Malaysian income tax is provided at a rate of **24%**[84](index=84&type=chunk)[85](index=85&type=chunk) Income Tax Expense/(Credit) Analysis (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | 39,188 | 40,036 | | Deferred Tax | 30 | (40,570) | | **Total** | **39,218** | **(534)** | [7. Earnings/(Loss) Per Share Attributable to Ordinary Equity Holders of the Company](index=25&type=section&id=7.%20EARNINGS%2F%28LOSS%29%20PER%20SHARE%20ATTRIBUTABLE%20TO%20ORDINARY%20EQUITY%20HOLDERS%20OF%20THE%20COMPANY) The company's basic and diluted earnings per share for the six months ended June 30, 2025, was **RMB 0.009**, a turnaround from a loss per share of **RMB 0.007** in the prior year, primarily due to increased profit attributable to owners of the company Earnings/(Loss) Per Share Calculation (Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Ordinary Equity Holders of the Company (RMB thousand) | 22,468 | (18,641) | | Weighted Average Number of Ordinary Shares Outstanding for the Period (thousand shares) | 2,634,532 | 2,634,532 | | **Basic and Diluted Earnings/(Loss) Per Share** | **RMB 0.009** | **(RMB 0.007)** | - The Group had no potentially dilutive ordinary shares outstanding for the six months ended June 30, 2025, and 2024[88](index=88&type=chunk)[89](index=89&type=chunk) [8. Interim Dividend](index=26&type=section&id=8.%20INTERIM%20DIVIDEND) The Board of Directors recommended an interim dividend of **RMB 0.02** per share, totaling **RMB 52.691 million**, consistent with the prior year Interim Dividend (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Proposed Interim Dividend (RMB 0.02 per ordinary share) | 52,691 | 52,691 | [9. Property, Plant and Equipment](index=26&type=section&id=9.%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) The Group acquired assets totaling **RMB 14.636 million** and disposed of assets with a net book value of **RMB 1.053 million**, incurring a net loss on disposal, for the six months ended June 30, 2025, with certain buildings pledged as collateral for bank loans - Asset acquisitions for the period amounted to **RMB 14,636,000**, compared to **RMB 13,910,000** in the prior period[94](index=94&type=chunk)[97](index=97&type=chunk) - Assets with a net book value of **RMB 1,053,000** were disposed of during the period, resulting in a net loss on disposal of **RMB 1,053,000**[94](index=94&type=chunk)[97](index=97&type=chunk) - As of June 30, 2025, buildings with a net book value of approximately **RMB 1,303,954,000** were pledged as collateral for the Group's bank loans[95](index=95&type=chunk)[97](index=97&type=chunk) [10. Leases](index=26&type=section&id=10.%20LEASES) As a lessee, the Group holds right-of-use assets for leased properties and other equipment, recognizing corresponding lease liabilities; as a lessor, the Group leases out investment properties and right-of-use assets through operating and finance leases, generating rental income and net investment in subleases Right-of-Use Assets Movement (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 2,697,334 | 2,081,520 | | Additions from New Leases | 56,956 | 7,515 | | Depreciation Expense for the Period | (158,313) | (162,060) | | Increase from Lease Modification | 63,537 | 348,649 | | Decrease from Lease Termination | (127,119) | – | | Decrease from Subleases | (7,461) | (11,391) | | **At June 30** | **2,524,934** | **2,264,233** | Lease Liabilities Movement (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 3,490,394 | 3,017,563 | | Additions from New Leases | 56,956 | 7,515 | | Interest Accrued During the Period | 147,527 | 133,229 | | Payments | (331,450) | (400,836) | | Increase from Lease Modification | 2,924 | 333,669 | | Decrease from Lease Termination | (178,115) | – | | Exchange Adjustments | 90 | 162 | | **At June 30** | **3,188,326** | **3,091,302** | | Current Portion | 491,007 | 587,871 | | Non-current Portion | 2,697,319 | 2,503,431 | - As of June 30, 2025, leasehold land with a net book value of approximately **RMB 299,222,000** was pledged as collateral for the Group's bank loans[101](index=101&type=chunk) - The Group recognized rental income from operating leases of **RMB 326,772,000** for the six months ended June 30, 2025[108](index=108&type=chunk)[109](index=109&type=chunk) Net Investment in Subleases Movement (Six Months Ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At January 1 | 146,755 | 241,266 | | Additions from New Leases | 17,058 | 9,745 | | Interest Accrued During the Period | 5,353 | 9,291 | | Decrease from Lease Modification | (1,109) | (112) | | Decrease from Lease Termination | (12,119) | (20,549) | | Proceeds from Subleases | (45,180) | (52,685) | | **At June 30** | **110,758** | **186,956** | | Current Portion | 84,165 | 94,326 | | Non-current Portion | 26,593 | 92,630 | [11. Other Assets](index=32&type=section&id=11.%20OTHER%20ASSETS) Other assets primarily comprise the non-current portion of net investment in subleases, totaling **RMB 26.593 million** as of June 30, 2025, a decrease from December 31, 2024 Other Assets (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Net Investment in Subleases | 26,593 | 55,369 | [12. Inventories](index=32&type=section&id=12.%20INVENTORIES) The Group's inventories, primarily consisting of merchandise and consumables, totaled **RMB 301.289 million** as of June 30, 2025, a decrease from December 31, 2024 Inventory Composition (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Merchandise | 298,562 | 375,889 | | Consumables | 2,894 | 3,039 | | Less: Impairment | (167) | (167) | | **Total** | **301,289** | **378,761** | [13. Trade Receivables](index=33&type=section&id=13.%20TRADE%20RECEIVABLES) Trade receivables primarily arise from credit card consumption and credit services, with a typical credit period of one month; as of June 30, 2025, the total amounted to **RMB 1,188.461 million**, with Parkson Credit's trade receivables and unbilled receivables pledged as collateral for bank loans Trade Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | **Current** | **398,437** | **366,390** | | Third Parties | 409,426 | 373,982 | | Less: Impairment Allowance | (10,989) | (7,592) | | **Non-current** | **790,024** | **677,133** | | Third Parties | 814,131 | 687,137 | | Less: Impairment Allowance | (24,107) | (10,004) | | **Total** | **1,188,461** | **1,043,523** | - The credit period for trade receivables is generally **one month**, and the Group strictly controls credit risk through its credit monitoring department[125](index=125&type=chunk) - As of June 30, 2025, Parkson Credit's trade receivables of **RMB 529,087,000** and unbilled receivables of **RMB 132,450,000** were pledged as collateral for its bank loans[127](index=127&type=chunk)[128](index=128&type=chunk) [14. Prepayments and Other Receivables](index=35&type=section&id=14.%20PREPAYMENTS%20AND%20OTHER%20RECEIVABLES) Prepayments and other receivables include rental deposits, operating lease receivables, and the current portion of net investment in subleases, totaling **RMB 532.576 million** as of June 30, 2025, slightly higher than December 31, 2024 Prepayments and Other Receivables (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Prepaid Rent for Variable Lease Payments | 27,847 | 11,230 | | Rental Deposits | 186,710 | 195,130 | | Prepayments to Suppliers | 13,405 | 25,202 | | Operating Lease Receivables | 169,751 | 149,516 | | Prepaid Taxes | 18,166 | 5,122 | | Accrued Interest | 720 | 1,790 | | Other Prepayments | 24,991 | 40,658 | | Net Investment in Subleases | 84,165 | 91,386 | | Other Receivables | 62,554 | 64,232 | | **Total** | **588,309** | **584,266** | | Less: Impairment Allowance | (55,733) | (54,022) | | **Net Amount** | **532,576** | **530,244** | [15. Financial Assets at Fair Value Through Profit or Loss](index=35&type=section&id=15.%20FINANCIAL%20ASSETS%20AT%20FAIR%20VALUE%20THROUGH%20PROFIT%20OR%20LOSS) The Group's financial assets at fair value through profit or loss primarily consist of wealth management products managed by licensed financial institutions in China, investing in bonds and trusts, with a fair value of **RMB 73.745 million** as of June 30, 2025 Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 73,745 | 66,685 | - These wealth management products are managed by licensed financial institutions in China, primarily investing in bonds, trusts, cash funds, bond funds, or unlisted equity investments[134](index=134&type=chunk) [16. Cash and Cash Equivalents and Time Deposits](index=36&type=section&id=16.%20CASH%20AND%20CASH%20EQUIVALENTS%20AND%20TIME%20DEPOSITS) The Group's cash and cash equivalents, primarily denominated in RMB, totaled **RMB 1,384.129 million** as of June 30, 2025, with restricted cash and time deposits, some of which are pledged as performance guarantees Cash and Cash Equivalents and Time Deposits (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,355,715 | 1,466,508 | | Restricted Cash | 28,414 | 63,999 | | Short-term Deposits (over three months but less than one year) | 40,756 | 9,175 | | Long-term Deposits | 26,202 | 26,202 | | **Total** | **1,451,087** | **1,565,884** | | Less: Pledged Deposits and Unsecured Short-term Time Deposits | (67,958) | (36,377) | | **Cash and Cash Equivalents** | **1,384,129** | **1,530,507** | - As of June 30, 2025, the Group's cash and bank balances, restricted cash, and time deposits denominated in RMB amounted to **RMB 1,249,736,000**[137](index=137&type=chunk)[139](index=139&type=chunk) - The Group holds pledged deposits of **RMB 27,202,000** in designated bank accounts as performance guarantees[138](index=138&type=chunk)[139](index=139&type=chunk) [17. Trade Payables](index=37&type=section&id=17.%20TRADE%20PAYABLES) The Group's trade payables significantly decreased to **RMB 423.656 million** as of June 30, 2025, from **RMB 586.181 million** on December 31, 2024, with most balances falling within three months Trade Payables Aging Analysis (As of June 30) | Aging | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Within Three Months | 391,161 | 562,875 | | Four to Twelve Months | 13,276 | 3,430 | | Over One Year | 19,219 | 19,876 | | **Total** | **423,656** | **586,181** | [18. Other Payables and Accruals](index=37&type=section&id=18.%20OTHER%20PAYABLES%20AND%20ACCRUALS) Other payables and accruals primarily include rental payables, supplier deposits, accrued salaries and bonuses, and other accrued operating expenses, totaling **RMB 605.383 million** as of June 30, 2025, largely consistent with December 31, 2024 Other Payables and Accruals (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Rental Payables | 17,794 | 23,108 | | Other Taxes Payable | 3,465 | 7,389 | | Supplier Deposits | 167,968 | 158,508 | | Construction Payables | 29,997 | 39,776 | | Accrued Salaries and Bonuses | 32,372 | 43,174 | | Accrued Interest | 3,983 | 2,885 | | Other Payables and Accruals | 349,804 | 330,416 | | **Total** | **605,383** | **605,256** | - Other payables and accruals primarily include accrued operating expenses, deposits, and tenant prepaid rent[145](index=145&type=chunk) [19. Contract Liabilities](index=38&type=section&id=19.%20CONTRACT%20LIABILITIES) Contract liabilities primarily arise from customer prepayments received and loyalty points program provisions, totaling **RMB 554.375 million** as of June 30, 2025, a decrease from December 31, 2024 Contract Liabilities (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Contract Liabilities from Customer Prepayments Received | 541,867 | 591,111 | | Loyalty Points Program Provision | 12,508 | 13,197 | | **Total** | **554,375** | **604,308** | [20. Interest-Bearing Bank Loans](index=38&type=section&id=20.%20INTEREST-BEARING%20BANK%20LOANS) The Group's interest-bearing bank loans, comprising current and non-current portions, are primarily denominated in RMB and MYR, totaling **RMB 2,923.618 million** as of June 30, 2025, an increase from December 31, 2024, and secured by various pledged assets Interest-Bearing Bank Loans (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | **Current** | **304,326** | **220,075** | | Secured Bank Loans Denominated in MYR | 204,326 | 120,075 | | Secured Bank Loans Denominated in RMB | 100,000 | 100,000 | | **Non-current** | **2,619,292** | **2,590,421** | | Secured Bank Loans Denominated in RMB | 2,270,000 | 2,320,000 | | Secured Bank Loans Denominated in MYR | 349,292 | 270,421 | | **Total** | **2,923,618** | **2,810,496** | - Bank loans are secured by pledges of investment properties, buildings, leasehold land, and assignments of trade receivables and unbilled receivables[152](index=152&type=chunk) - As of June 30, 2025, bank credit facilities of **RMB 17,510,000** remained unutilized[152](index=152&type=chunk) [21. Issued Capital](index=40&type=section&id=21.%20ISSUED%20CAPITAL) As of June 30, 2025, the company's issued and fully paid share capital consisted of **2,634,532 thousand** ordinary shares with a par value of **RMB 55.477 million**, remaining unchanged during the period Issued Capital (As of June 30) | Item | Number of Ordinary Shares ('000) | Par Value (RMB thousand) | | :--- | :--- | :--- | | Authorized: Ordinary Shares of HKD 0.02 each | 7,500,000 | 156,000 | | Issued and Fully Paid: As of June 30, 2025 | 2,634,532 | 55,477 | - There were no transactions in the Company's issued share capital for the six months ended June 30, 2025, and for the year ended December 31, 2024[155](index=155&type=chunk)[156](index=156&type=chunk) [22. Commitments](index=40&type=section&id=22.%20COMMITMENTS) The Group has contracted but unprovided capital commitments at the end of the reporting period, primarily for construction in progress and renovation of leased properties, in addition to an uncommenced lease contract involving future lease payments Capital Commitments (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | | :--- | :--- | :--- | | Contracted, but not provided for: Construction in Progress and Renovation of Leased Properties | 4,386 | 46 | - As of June 30, 2025, the Group had an uncommenced lease contract with total future lease payments of **RMB 421,395,000** (of which **RMB 68,136,000** is for years 2 to 5, and **RMB 353,259,000** is for after five years)[158](index=158&type=chunk) [23. Related Party Transactions](index=41&type=section&id=23.%20RELATED%20PARTY%20TRANSACTIONS) The Group engaged in various related party transactions, including interest income, property management expenses, consulting income, and franchise expenses, with franchise expenses paid to a fellow subsidiary constituting a continuing connected transaction exempted from disclosure due to its small amount Related Party Transactions (Six Months Ended June 30) | Transaction Type | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income | 3,208 | 5,444 | | Property Management Expenses | – | 4,788 | | Consulting Income | 660 | 660 | | Franchise Expenses | 613 | 855 | - Franchise expenses paid to fellow subsidiary Parkson Services Pte Ltd for the use of the "Parkson" trademark in China constitute a continuing connected transaction, but are exempted from Listing Rules disclosure requirements as the relevant percentage ratios are below **0.1%**[162](index=162&type=chunk)[164](index=164&type=chunk) Key Management Personnel Remuneration (Six Months Ended June 30) | Remuneration Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fees | 663 | 654 | | Salaries, Allowances, Bonuses and Other Benefits | 4,883 | 4,656 | | **Total** | **5,546** | **5,310** | [24. Fair Value and Fair Value Hierarchy of Financial Instruments](index=43&type=section&id=24.%20FAIR%20VALUE%20AND%20FAIR%20VALUE%20HIERARCHY%20OF%20FINANCIAL%20INSTRUMENTS) The fair value measurement of the Group's financial instruments is managed by the finance department and reviewed by the Audit Committee, with unlisted wealth management products measured using a discounted cash flow valuation model, classified as Level 3 in the fair value hierarchy, with an expected return rate of **1.7%** - Policies and procedures for fair value measurement of financial instruments are managed by the finance department, led by the directors, and reviewed by the Audit Committee twice a year[169](index=169&type=chunk)[174](index=174&type=chunk) - Unlisted wealth management products are valued using a discounted cash flow valuation model to estimate fair value, classified as Level 3 in the fair value hierarchy[171](index=171&type=chunk)[173](index=173&type=chunk)[175](index=175&type=chunk) Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | 2025 (RMB thousand) | 2024 December 31 (RMB thousand) | Valuation Technique and Key Inputs | Significant Unobservable Inputs | Weighted Average Expected Return Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | Wealth Management Products | 73,745 | 66,685 | Discounted Cash Flow | Expected Return Rate | 1.7% (2024 December 31: 2.0%) | [25. Approval of the Interim Financial Information](index=44&type=section&id=25.%20APPROVAL%20OF%20THE%20INTERIM%20FINANCIAL%20INFORMATION) The interim financial information was approved and authorized for issue by the Board of Directors on August 21, 2025 - The interim financial information was approved and authorized for issue by the Board of Directors on **August 21, 2025**[180](index=180&type=chunk) [Management Discussion and Analysis](index=45&type=section&id=Management%20Discussion%20and%20Analysis) This section outlines the Group's performance amidst a complex global and Chinese economic environment, achieving significant operating profit growth through operational innovation, store transformation, and strategic expansion despite consumer market challenges, with plans for further business development in the second half of the year [Global and PRC Economic Environment](index=45&type=section&id=Global%20and%20PRC%20Economic%20Environment) During the review period, the global economy faced a "low growth, high volatility" new normal, while the Chinese consumer market experienced a moderate but increasingly differentiated recovery, with the Group actively leveraging government fiscal incentives and industry support policies - The global economic environment remains under pressure, with increasing uncertainty, entering a new normal of "low growth, high volatility"[182](index=182&type=chunk)[186](index=186&type=chunk) - The Chinese consumer market is experiencing a moderate recovery with increasing differentiation[182](index=182&type=chunk)[186](index=186&type=chunk) - The Chinese government has implemented targeted stimulus measures, including fiscal incentives and specific industry support policies, to boost economic activity[183](index=183&type=chunk)[186](index=186&type=chunk) [Financial Results Overview](index=45&type=section&id=Financial%20Results%20Overview) The Group's gross sales proceeds decreased by **11.5%** and same-store sales by **18.4%**, primarily due to cautious consumer spending, yet operating profit increased by **RMB 63.8 million** year-on-year to **RMB 257.6 million**; as of June 30, 2025, the Group operated **43 Parkson stores** and **2 Parkson Newcore City Malls** in China and Laos Financial Results Overview (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Gross Sales Proceeds (GSP, including VAT) | 4,155.3 | 4,695.3 | -11.5% | | Same-Store Sales (SSS) | - | - | -18.4% | | Operating Profit | 257.6 | 193.8 | +32.9% | - The decline in sales was primarily due to increased external uncertainty and weakened income growth expectations leading to more cautious consumer spending behavior[184](index=184&type=chunk)[187](index=187&type=chunk) - As of June 30, 2025, the Group and its associates operated and managed **43 Parkson stores** and **2 Parkson Newcore City Malls** across **26 cities** in China and Laos[185](index=185&type=chunk)[187](index=187&type=chunk) [Operational Review](index=46&type=section&id=Operational%20Review) The Group actively responds to changing Chinese consumer behavior by transforming its stores from "merchandise sales markets" into "lifestyle innovation centers," successfully converting Hefei Parkson into an anime-themed commercial complex and opening Datong Parkson Outlet to enhance the urban commercial ecosystem through differentiated positioning - Chinese consumer spending behavior continues to shift, with a greater focus on value for money, quality, brand recognition, service, and emotional and experiential aspects[189](index=189&type=chunk)[194](index=194&type=chunk) - The Group is committed to becoming an excellent innovator of commercial spaces, transforming stores into "dynamic lifestyle innovation centers" by optimizing brand portfolios, curating merchandise categories, and designing experiential space layouts[190](index=190&type=chunk)[194](index=194&type=chunk) - Hefei Parkson successfully transformed into an experiential anime-themed commercial complex, becoming a new landmark for youth trends in Hefei and receiving coverage from CCTV News[191](index=191&type=chunk)[194](index=194&type=chunk) - Datong Parkson Outlet officially opened in May 2025, serving as a "commercial + cultural tourism" complex in the North China region, creating differentiated positioning with other Datong stores to promote synergistic upgrades in the urban commercial ecosystem[193](index=193&type=chunk)[195](index=195&type=chunk) [Outlook and Future Plans](index=47&type=section&id=Outlook%20and%20Future%20Plans) Facing increasingly diverse consumer demands and intense market competition, the Group will continue to deepen its core business and drive operational innovation to maintain agility and competitiveness, with plans to open a new shopping center in Mianyang, Sichuan, in the second half of the year to meet diverse customer needs and enhance the shopping experience - The Group will continue to deepen its core business and drive operational innovation to maintain agility and competitiveness in a rapidly changing market[197](index=197&type=chunk)[200](index=200&type=chunk) - The Group actively seeks strategic business expansion opportunities, capturing growth in existing regions and continuously investing in store revitalization and upgrades[198](index=198&type=chunk)[200](index=200&type=chunk) - A new shopping center is planned to open in Mianyang City, Sichuan Province, in the second half of the year, which will be the Group's fifth store in Mianyang, aiming to provide an excellent shopping and lifestyle experience[196](index=196&type=chunk)[199](index=199&type=chunk) [Financial Review](index=48&type=section&id=Financial%20Review) This financial review analyzes the Group's H1 2025 performance, showing a slight increase in total operating revenue despite declining gross sales and same-store sales, driven by increased income from lease changes and credit services; structural adjustments in operating expenses, particularly higher impairment provisions, impacted some costs, but ultimately led to significant improvements in operating profit and profit before tax, maintaining robust liquidity [GSP and Total Operating Revenues](index=48&type=section&id=GSP%20AND%20TOTAL%20OPERATING%20REVENUES) In H1 2025, the Group's gross sales proceeds (including VAT) decreased by **11.5%** to **RMB 4,155.3 million**, with same-store sales declining by **18.4%**, primarily due to increasingly cautious consumer spending behavior Gross Sales Proceeds and Total Operating Revenues (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Gross Sales Proceeds (GSP, including VAT) | 4,155.3 | 4,695.3 | -11.5% | | Gross Sales Proceeds (GSP, excluding VAT) | 3,767.5 | - | - | | Same-Store Sales (SSS) | - | - | -18.4% | - The softening sales performance was primarily due to increased external uncertainty and weakened income growth expectations leading to more cautious consumer spending behavior[202](index=202&type=chunk)[203](index=203&type=chunk) [Total Merchandise Sales](index=48&type=section&id=TOTAL%20MERCHANDISE%20SALES) In H1 2025, the Group's total merchandise sales decreased by **17.6%** to **RMB 2,983.098 million**, with declines in both concessionaire sales and direct sales Total Merchandise Sales by Channel (Six Months Ended June 30) | Channel | 2025 (RMB thousand) | Percentage of Total (%) | 2024 (RMB thousand) | Percentage of Total (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Concessionaire Sales | 2,098,512 | 70.3% | 2,624,925 | 72.5% | (20.1%) | | Direct Sales | 884,586 | 29.7% | 995,320 | 27.5% | (11.1%) | | **Total** | **2,983,098** | **100.0%** | **3,620,245** | **100.0%** | **(17.6%)** | [Merchandise Gross Margin](index=48&type=section&id=MERCHANDISE%20GROSS%20MARGIN) The Group's merchandise gross margin increased from **13.2%** in H1 2024 to **13.6%** in H1 2025 Merchandise Gross Margin (Six Months Ended June 30) | Indicator | 2025 Half-Year | 2024 Half-Year | | :--- | :--- | :--- | | Merchandise Gross Margin | 13.6% | 13.2% | [Total Operating Revenues](index=49&type=section&id=TOTAL%20OPERATING%20REVENUES) In H1 2025, the Group's total operating revenues slightly increased by **0.9%** to **RMB 1,962.8 million**, primarily driven by higher other income from lease modifications and terminations and increased credit service income, offsetting reductions in self-operated sales and concessionaire sales commissions Total Operating Revenues (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenues | 1,962.8 | 1,944.7 | +0.9% | | Revenue from Contracts with Customers Percentage | 60.2% | - | - | | Revenue from Contracts with Customers Change | -167.2 | - | -12.4% | - The increase in total operating revenues was primarily due to higher other income from lease modifications and terminations and increased credit service income, partially offset by decreases in self-operated sales and concessionaire sales commissions[208](index=208&type=chunk)[214](index=214&type=chunk) [Operating Expenses](index=49&type=section&id=OPERATING%20EXPENSES) The Group's operating expenses varied in H1 2025: cost of purchases and changes in inventories aligned with declining direct sales, staff costs increased due to store closure-related expenses, depreciation and amortization decreased due to fully depreciated store renovations and closure of underperforming stores, rental expenses fell due to reduced variable rent and store closures, and other operating expenses rose due to impairment provisions for credit service business receivables and store closure costs Operating Expense Changes (Six Months Ended June 30) | Operating Expense Item | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Cost of Purchases and Changes in Inventories | 773.5 | 864.5 | -10.5% | | Staff Costs | 252.8 | 239.7 | +5.5% | | Depreciation and Amortization | 241.1 | 255.9 | -5.8% | | Rental Expenses | 37.5 | 44.1 | -15.0% | | Other Operating Expenses | 400.3 | 346.8 | +15.4% | - Staff costs as a percentage of gross sales proceeds increased from **5.7%** in H1 2024 to **6.7%** in H1 2025[212](index=212&type=chunk)[216](index=216&type=chunk) - The increase in other operating expenses was primarily due to impairment provisions for receivables from the credit service business and costs incurred for closing stores[220](index=220&type=chunk)[225](index=225&type=chunk) [Profit from Operations](index=50&type=section&id=PROFIT%20FROM%20OPERATIONS) In H1 2025, the Group's operating profit was **RMB 257.6 million**, an increase of **RMB 63.8 million** from the prior year, with operating profit as a percentage of gross sales proceeds rising from **4.6%** to **6.8%** Operating Profit (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (RMB million) | | :--- | :--- | :--- | :--- | | Operating Profit | 257.6 | 193.8 | +63.8 | | Operating Profit as Percentage of GSP | 6.8% | 4.6% | +2.2% | [Finance Income/(Costs)](index=51&type=section&id=FINANCE%20INCOME%2F%28COSTS%29) In H1 2025, the Group's net finance costs were **RMB 206.9 million**, a decrease of **RMB 13.5 million** from the prior year, primarily due to reduced interest on bank loans and other borrowings Finance Income/(Costs) (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | Year-on-Year Change (RMB million) | | :--- | :--- | :--- | :--- | | Net Finance Costs | 206.9 | 220.4 | -13.5 | | Interest Expense on Lease Liabilities | 147.5 | 133.2 | +14.3 | | Interest Income from Net Investment in Subleases | 5.4 | 9.3 | -3.9 | - The reduction in finance costs was primarily due to decreased interest on bank loans and other borrowings[228](index=228&type=chunk)[232](index=232&type=chunk) [Share of Profit from Associates](index=51&type=section&id=SHARE%20OF%20PROFIT%20FROM%20ASSOCIATES) In H1 2025, the Group's share of profit from associates slightly increased to **RMB 9.4 million** from **RMB 8.9 million** in the prior year Share of Profit from Associates (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | | :--- | :--- | :--- | | Share of Profit from Associates | 9.4 | 8.9 | [Profit/(Loss) Before Tax](index=51&type=section&id=PROFIT%2F%28LOSS%29%20BEFORE%20TAX) In H1 2025, the Group's profit before tax was **RMB 60.2 million**, successfully reversing a prior-year tax loss of **RMB 17.8 million**, with profit before tax as a percentage of gross sales proceeds at **1.6%** Profit/(Loss) Before Tax (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | | :--- | :--- | :--- | | Profit/(Loss) Before Tax | 60.2 | (17.8) | | Profit/(Loss) Before Tax as Percentage of GSP | 1.6% | (0.4%) | [Income Tax Expense/(Credit)](index=52&type=section&id=INCOME%20TAX%20EXPENSE%2F%28CREDIT%29) In H1 2025, the Group's income tax expense was **RMB 39.2 million**, compared to an income tax credit of **RMB 0.5 million** in the prior year Income Tax Expense/(Credit) (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | | :--- | :--- | :--- | | Income Tax Expense/(Credit) | 39.2 | 0.5 | [Profit/(Loss) for the Period](index=52&type=section&id=PROFIT%2F%28LOSS%29%20FOR%20THE%20PERIOD) In H1 2025, the Group recorded a profit for the period of **RMB 20.9 million**, successfully reversing a loss of **RMB 17.2 million** in the prior year Profit/(Loss) for the Period (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 20.9 | (17.2) | [Profit/(Loss) Attributable to Owners of the Company](index=52&type=section&id=PROFIT%2F%28LOSS%29%20ATTRIBUTABLE%20TO%20OWNERS%20OF%20THE%20COMPANY) In H1 2025, the Group recorded a profit attributable to owners of the company of **RMB 22.5 million**, a significant improvement from a loss of **RMB 18.6 million** in the prior year Profit/(Loss) Attributable to Owners of the Company (Six Months Ended June 30) | Indicator | 2025 Half-Year (RMB million) | 2024 Half-Year (RMB million) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company | 22.5 | (18.6) | [Liquidity and Financial Resources](index=52&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group held cash and bank balances of **RMB 1,355.7 million**, with a total debt-to-total assets ratio of **26.5%**, indicating robust liquidity and financial resources Liquidity and Financial Resources (As of June 30) | Indicator | 2025 (RMB million) | 2024 December 31 (RMB million) | | :--- | :--- | :--- | | Cash and Bank Balances | 1,355.7 | 1,466.5 | | Time Deposits | 67.0 | 35.4 | | Financial Assets at Fair Value Through Profit or Loss | 73.7 | 66.7 | | Restricted Cash | 28.4 | 64.0 | | Total Debt to Total Assets Ratio | 26.5% | 24.7% | - The Group's cash and cash equivalents are primarily denominated in RMB, with the remainder in USD, HKD, MYR, and other currencies[239](index=239&type=chunk)[244](index=244&type=chunk) [Current Assets and Net Assets](index=52&type=section&id=CURRENT%20ASSETS%20AND%20NET%20ASSETS) As of June 30, 2025, the Group's current assets amounted to **RMB 2,730.9 million**, and net assets were **RMB 3,139.9 million** Current Assets and Net Assets (As of June 30) | Indicator | 2025 (RMB million) | | :--- | :--- | | Current Assets | 2,730.9 | | Net Assets | 3,139.9 | [Information on the Financial Products](index=53&type=section&id=INFORMATION%20ON%20THE%20FINANCIAL%20PRODUCTS) The Group's financial assets at fair value through profit or loss are non-principal-protected wealth management products, with a fair value of **RMB 73.7 million** as of June 30, 2025, representing approximately **0.7%** of total assets - Financial assets at fair value through profit or loss refer to non-principal-protected wealth management products subscribed by the Group from licensed banks operating in China[247](index=247&type=chunk)[250](index=250&type=chunk) Financial Product Information (As of June 30) | Indicator | 2025 (RMB million) | | :--- | :--- | | Fair Value | 73.7 | | Percentage of Total Assets | 0.7% | [Pledge of Assets](index=53&type=section&id=PLEDGE%20OF%20ASSETS) As of June 30, 2025, the Group pledged trade receivables, buildings, investment properties, leasehold land, and unbilled receivables to secure general banking facilities, in addition to deposits in designated bank accounts for performance guarantees - The Group pledged trade receivables of **RMB 529.1 million**[248](index=248&type=chunk)[251](index=251&type=chunk) - Pledged buildings, investment properties, and leasehold land had net book values of approximately **RMB 1,304.0 million**, **RMB 513.2 million**, and **RMB 299.2 million**, respectively[248](index=248&type=chunk)[251](index=251&type=chunk) - The Group also pledged unbilled receivables of **RMB 132.5 million** due within 48 months, and deposits of **RMB 27.2 million** in designated bank accounts as performance guarantees[248](index=248&type=chunk)[251](index=251&type=chunk) [Interim Dividend](index=54&type=section&id=Interim%20Dividend) The Board of Directors has approved an interim cash dividend of **RMB 0.02** per share, payable in HKD on October 15, 2025, to shareholders on record at the close of business on September 25, 2025 - The Board of Directors has approved the payment of an interim dividend of **RMB 0.02** per share[253](index=253&type=chunk)[254](index=254&type=chunk) - The interim dividend will be paid in HKD, with the amount calculated based on the People's Bank of China's RMB to HKD central parity rate announced on **September 25, 2025**[253](index=253&type=chunk)[254](index=254&type=chunk) - The dividend will be paid on **October 15, 2025**, to shareholders whose names appear on the Company's register of members at the close of business on **September 25, 2025**[253](index=253&type=chunk)[254](index=254&type=chunk) [Closure of Register of Members](index=55&type=section&id=Closure%20of%20Register%20of%20Members) To determine eligibility for the interim dividend, the company's register of members will be closed from September 24, 2025, to September 25, 2025, inclusive, requiring shareholders to submit share transfer documents to the Hong Kong branch share registrar by 4:30 p.m. on September 23, 2025 - The Company's register of members will be closed from **September 24, 2025**, to **September 25, 2025** (both dates inclusive)[255](index=255&type=chunk)[256](index=256&type=chunk) - To be eligible for the interim dividend, all share transfer documents must be lodged with the Company's Hong Kong branch share registrar, Tricor Investor Services Limited, by **4:30 p.m. on Tuesday, September 23, 2025**, for registration[255](index=255&type=chunk)[256](index=256&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares](index=56&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This section discloses the long and short positions of the company's directors and chief executive, particularly Tan Sri Cheng Heng Jem, in the shares of the company and its associated corporations as of June 30, 2025, in compliance with the SFO and Listing Rules disclosure requirements [Tan Sri Cheng Heng Jem's Long Positions in the Company's Share Capital](index=56&type=section&id=Long%20positions%20of%20Tan%20Sri%20Cheng%20Heng%20Jem%20in%20the%20share%20capital%20of%20the%20Company) As of June 30, 2025, Tan Sri Cheng Heng Jem was deemed to hold a long position in **1,448,270,000** ordinary shares of the company through corporate interests, representing **54.97%** of the issued share capital Tan Sri Cheng Heng Jem's Long Positions in the Company's Share Capital (As of June 30) | Nature of Interest | Name of Registered Holder | Number and Class of Securities | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Corporate Interest | PRG Corporation Limited | 1,438,300,000 Ordinary Shares | 54.59% | | Corporate Interest | East Crest International Limited | 9,970,000 Ordinary Shares | 0.38% | | **Total** | **-** | **1,448,270,000 Ordinary Shares** | **54.97%** | - Tan Sri Cheng Heng Jem and his wife are deemed to have an interest in the Company's shares held by PRG Corporation and East Crest through their interests in Parkson Holdings Berhad (PHB)[260](index=260&type=chunk)[261](index=261&type=chunk) [Tan Sri Cheng Heng Jem's Long Positions in the Share Capital of the Company's Associated Corporations](index=57&type=section&id=Long%20positions%20of%20Tan%20Sri%20Cheng%20Heng%20Jem%20in%20the%20share%20capital%20of%20the%20Company's%20associated%20corporations) Tan Sri Cheng Heng Jem holds long positions in several associated corporations, including PHB, East Crest, and Parkson Retail Asia Limited, with shareholdings ranging from **54.56%** to **100%**, primarily through beneficial and corporate interests - Tan Sri Cheng Heng Jem holds **54.56%** beneficial and corporate interests in PHB[263](index=263&type=chunk) - He holds **100%** corporate interests in several associated corporations, including East Crest, Puncak Pelita Sdn Bhd, and Parkson Properties Holdings Co, Ltd[263](index=263&type=chunk) - He holds **68.03%** beneficial and corporate interests in Parkson Retail Asia Limited[264](index=264&type=chunk) [Tan Sri Cheng Heng Jem's Short Positions in the Share Capital of the Company's Associated Corporations](index=63&type=section&id=Short%20positions%20of%20Tan%20Sri%20Cheng%20Heng%20Jem%20in%20the%20share%20capital%20of%20the%20Company's%20associated%20corporations) As of June 30, 2025, Tan Sri Cheng Heng Jem was deemed to hold a short position in **40,000,142** ordinary shares of PHB through corporate interests, representing **3.48%** of PHB's total issued shares Tan Sri Cheng Heng Jem's Short Positions in PHB Share Capital (As of June 30) | Name of Associated Corporation | Nature of Interest | Number and Class of Securities | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | PHB | Corporate Interest | 40,000,142 Ordinary Shares | 3.48% | - Save as disclosed above, as at June 30, 2025, none of the Directors or chief executive of the Company had any interests or short positions in the shares, underlying shares and/or debentures of the Company or any of its associated corporations as recorded in the register required to be kept under the SFO or the Model Code[271](index=271&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=64&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) This section discloses the interests and short positions of substantial shareholders, other than directors or the chief executive, in the company's shares as of June 30, 2025, and individuals holding **10% or more** equity in Group member companies, including PHB, Puan Sri Chan Chow Thye, Mr. Chan Kin, Mr. Wang Heng, and their family-related entities Substantial Shareholders' Long Positions in the Company's Shares (As of June 30) | Shareholder Name | Long/Short Position | Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | PHB | Long Position | Corporate Interest | 1,448,270,000 | 54.97% | | Puan Sri Chan Chow Thye | Long Position | Spouse Interest | 1,448,270,000 | 54.97% | | Mr. Chan Kin | Long Position | Corporate Interest | 955,975,517 | 36.28% | | Argyle Street Management Holdings Limited | Long Position | Corporate Interest | 955,975,517 | 36.28% | | Argyle Street Management Limited | Long Position | Investment Manager | 955,975,517 | 36.28% | | ASM Connaught House General Partner II Limited | Long Position | Corporate Interest | 940,584,517 | 35.70% | | ASM Connaught House Fund II LP | Long Position | Corporate Interest | 940,584,517 | 35.70% | | Bishan Street Limited | Long Position | Beneficial and Charged Interest | 933,845,517 | 35.44% | | Mr. Wang Heng | Long Position | Beneficial and Trustee | 429,935,500 | 16.32% | | Ms. Wang Xu Zhenxian | Long Position | Spouse Interest and Trust Beneficiary | 429,935,500 | 16.32% | | GEICO Holdings Limited | Long Position | Corporate Interest | 421,646,346 | 16.00% | | Golden Eagle International Retail Group Limited | Long Position | Beneficial Interest | 421,646,346 | 16.00% | | Wang Dorothy S L | Long Position | Trust Beneficiary | 421,646,346 | 16.00% | | Wang Janice S Y | Long Position | Trust Beneficiary | 421,646,346 | 16.00% | - PHB is deemed to have an interest in the Company's shares held by PRG Corporation through its wholly-owned subsidiary, East Crest[275](index=275&type=chunk) - Mr. Chan Kin is deemed to have an interest in the Company's shares through several companies directly or indirectly controlled by him, including an interest in **9,645,517** cash-settled unlisted derivative instruments[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk) - Mr. Wang Heng holds some shares as a beneficial owner and some as a trustee; his wife, Ms. Wang Xu Zhenxian, is deemed to have an interest in the shares held by Mr. Wang Heng[280](index=280&type=chunk) - As of June 30, 2025, Wuxi Supply and Marketing Group Co, Ltd, Guizhou Shenqi Industrial Co, Ltd, and E-Land Fashion Hong Kong Limited, among others, held **10% or more** equity in Group member compani

FF301 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: 百盛商業集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月1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) | 03368 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,500,000,000 | HKD | | 0.02 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 7,500,000,000 | HKD | | 0.02 | HKD | | ...