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: 大成食品（亞洲）有限公司（於開曼群島註冊成立之有限公司） 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) | 03999 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000, ...

Registered Shareholder's information (English name and address) 登記股東資料（英文姓名及地址） CHANGE REQUEST FORM 變更申請表格 To: DACHAN FOOD (ASIA) LIMITED 致：大成食品（亞洲）有限公司 (the "Company") (Stock Code: 3999) （「本公司」）（股份代號：3999） c/o, Tricor Investor Services Limited 經卓佳證券登記有限公司轉交 at 17/F, Far East Finance Centre 香港夏愨道 16 號 16 Harcourt Road, Hong Kong 遠東金融中心 17 樓 (or by email to 3999-ecom@vistra.com) （或電郵至 3999-ecom@vistra.com） I/We have chosen (or are deemed to have consented) to read the Current Corporate Communication posted o ...

本公司的是次公司通訊的中、英文版本已上載於本公司網站 www.dfa3999.com 及香港交易所披露易 （「披露易」）網站 www.hkexnews.hk，歡迎瀏覽。請在本公司網站主頁按「投資者關係」一項，再在「投 資者關係」項下選擇「最新財報」並使用 Adobe® Reader® 開啟是次公司通訊或在披露易網站瀏覽是次公 司通訊。 儘管 閣下早前曾向本公司作出公司通訊（附註 1）收取方式及╱或語言版本的指示，但仍可以隨時選擇 轉為以印刷本或網上方式收取及只收取英文或中文印刷本；或同時收取中、英文印刷本，費用全免。 如 閣下欲更新收取公司通訊之方式，請依隨附的變更申請表格上的指示填妥該表格，並經卓佳證券 登記有限公司（「香港證券登記處」）寄回本公司。香港證券登記處的地址為香港夏愨道 16 號遠東金融 中心 17 樓，其電郵為 3999-ecom@vistra.com 。變更申請表格也可在 www.dfa3999.com或披露易網站 www.hkexnews.hk內下載。 如 欲 更 改 閣 下 就 日 後 的 公 司 通 訊 語 言 版 本 或 收 取 方 式 的 選 擇， 請 以 書 面 方 式 或 電 ...

Non-Registered Shareholder's information (English name and address) 非登記股東資料（英文姓名及地址） REQUEST FORM 申請表格 To: DaChan Food (Asia) Limited 致：大成食品（亞洲）有限公司 (the "Company") (Stock Code: 3999) （「本公司」）（股份代號：3999） c/o Tricor Investor Services Limited 經卓佳證券登記有限公司轉交 at 17/F, Far East Finance Centre 香港夏愨道 16 號 16 Harcourt Road, Hong Kong 遠東金融中心 17 樓 (or by email to 3999-ecom@vistra.com) （或電郵至 3999-ecom@vistra.com） REMINDER 提示 As a Non-Registered Shareholder, if you wish to receive Corporate Communication(s) (Note 1) in e ...

中期報告 Interim Report 2025 目錄 CONTENTS | 2 | 公司資料 | Corporate Information | | --- | --- | --- | | 5 | 主席報告 | Chairman's Statement | | 13 | 管理層討論與分析 | Management Discussion and Analysis | | 24 | 綜合損益表 | Consolidated Income Statement | | 25 | 綜合損益及其他全面收益表 | Consolidated Statement of Profit or Loss and | | | | Other Comprehensive Income | | 26 | 綜合財務狀況表 | Consolidated Statement of Financial Position | | 28 | 綜合權益變動表 | Consolidated Statement of Changes in Equity | | 29 | 簡明綜合現金流量表 | Condensed Consolidated Stateme ...

香港联交所最新资料显示，8月14日，董事会主席兼行政总裁韦俊贤增持大成食品(03999)6.9万股，每股 作价0.63港元，总金额约为4.35万港元。增持后最新持股数目为33.1万股，最新持股比例为0.03%。 ...

Core Viewpoint - The chairman and CEO of Da Cheng Food (03999) increased his shareholding by purchasing 69,000 shares at a price of HKD 0.63 per share, totaling approximately HKD 43,500, which reflects confidence in the company's future prospects [1] Summary by Relevant Sections - **Shareholding Increase** - The chairman and CEO acquired 69,000 shares on August 14 [1] - The total amount spent on the purchase was approximately HKD 43,500 [1] - Following the acquisition, the total number of shares held by the chairman and CEO is now 331,000 [1] - **Current Shareholding Proportion** - The latest shareholding proportion of the chairman and CEO is 0.03% [1]

Core Viewpoint - Dachen Foods (03999.HK) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of 2.909 billion RMB, which represents a year-on-year increase of 4.11%. However, the company faced a shareholder loss of 35.07 million RMB, contrasting with a profit of 31.575 million RMB in the same period last year, resulting in a basic loss per share of 0.035 RMB [1]. Financial Performance - Revenue for the period reached 2.909 billion RMB, marking a 4.11% increase compared to the previous year [1]. - The company reported a shareholder loss of 35.07 million RMB, a significant decline from the profit of 31.575 million RMB recorded in the same period last year [1]. - Basic loss per share was reported at 0.035 RMB [1].

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported a 4.1% increase in operating revenue but a significant decline in gross profit and a shift from profit to loss for equity holders for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,909,838 | 2,794,444 | 4.1 | | Gross Profit | 305,500 | 362,471 | -15.7 | | Gross Profit Margin (%) | 10.5 | 13.0 | | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | -211.1 | | Basic (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Operating revenue increased to RMB 2,909,388 thousand, but a 15.7% decline in gross profit and a shift to a loss of RMB 35,070 thousand for equity holders were reported for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Revenue | 2,909,388 | 2,794,444 | | Cost of Sales | (2,604,338) | (2,431,973) | | Gross Profit | 305,500 | 362,471 | | Operating (Loss) / Profit | (12,317) | 68,266 | | (Loss) / Profit for the Period | (26,415) | 48,028 | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | | Basic and Diluted (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) A loss for the period of RMB 26,415 thousand, combined with exchange differences, resulted in a total comprehensive loss of RMB 24,792 thousand for the six months ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | (Loss) / Profit for the Period | (26,415) | 48,028 | | Exchange Differences on Translation of Financial Statements of Overseas Subsidiaries | 1,623 | (1,246) | | Total Comprehensive Income for the Period | (24,792) | 46,782 | | Attributable to Equity Holders of the Company | (33,330) | 30,197 | | Non-controlling Interests | 8,538 | 16,585 | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets and net assets decreased, with net current assets falling to RMB 472,712 thousand due to reduced inventories and receivables, while interest-bearing borrowings decreased and the current ratio remained stable as of June 30, 2025 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 2,170,428 | 2,209,335 | | Current Assets | 1,516,880 | 1,670,355 | | Current Liabilities | 1,044,168 | 1,079,364 | | Net Current Assets | 472,712 | 590,991 | | Total Assets Less Current Liabilities | 2,643,140 | 2,800,326 | | Non-current Liabilities | 244,557 | 370,635 | | Net Assets | 2,398,583 | 2,429,691 | | Total Equity Attributable to Equity Holders of the Company | 2,137,382 | 2,170,712 | | Total Equity | 2,398,583 | 2,429,691 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Presentation](index=6&type=section&id=Basis%20of%20Presentation) This interim financial report is prepared under HKEX Listing Rules and IAS 34, applying consistent accounting policies with the 2024 annual financial statements, except for anticipated 2025 changes - This interim financial report complies with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34[8](index=8&type=chunk) - The report is prepared based on management's judgments, estimates, and assumptions, and actual results may differ from these estimates[8](index=8&type=chunk) [Changes in Accounting Policies](index=6&type=section&id=Changes%20in%20Accounting%20Policies) The Group applied IFRS 21 (Revised) on exchange rate changes, which had no significant impact on its performance or financial position during this accounting period - The Group has applied International Accounting Standard 21 (Revised), which did not have a significant impact on the financial statements[9](index=9&type=chunk) - The Group has not applied any new standards or interpretations that are not yet effective[10](index=10&type=chunk) [Operating Revenue and Segment Reporting](index=7&type=section&id=Operating%20Revenue%20and%20Segment%20Reporting) The Group's three segments are processed food, livestock feed, and meat products, with processed food generating the highest revenue and most gross profit for the six months ended June 30, 2025 | Segment | 2025 Operating Revenue (RMB thousands) | 2024 Operating Revenue (RMB thousands) | 2025 Segment Gross Profit (RMB thousands) | 2024 Segment Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Processed Food | 1,302,264 | 1,249,661 | 227,719 | 268,719 | | Livestock Feed | 826,528 | 827,086 | 55,150 | 69,205 | | Meat Products | 781,046 | 717,697 | 22,631 | 24,547 | | Total | 2,909,838 | 2,794,444 | 305,500 | 362,471 | - The Processed Food segment primarily produces and distributes reprocessed or ready-to-eat meat products, mainly chicken[14](index=14&type=chunk) - The Livestock Feed segment produces and distributes complete feed, base mix feed, and premix feed for pigs, laying hens, broilers, ducks, and breeding poultry[14](index=14&type=chunk) - The Meat Products segment engages in broiler breeding, hatching of broiler eggs, contract farming, and processing and trading of chilled and frozen chicken meat[14](index=14&type=chunk) [Other Operating Income and Other Net (Losses) / Gains](index=8&type=section&id=Other%20Operating%20Income%20and%20Other%20Net%20(Losses)%20%2F%20Gains) Other operating income slightly decreased, while other net gains turned into net losses in the first half of 2025, primarily due to foreign exchange losses and asset disposals | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Other Operating Income** | | | | Interest Income | 2,688 | 4,441 | | Government Grants | 4,028 | 2,509 | | Rental Income | 3,644 | 3,767 | | **Total** | **10,360** | **10,717** | | **Other Net (Losses) / Gains** | | | | Foreign Exchange (Losses) / Gains | (711) | 1,858 | | Net (Losses) / Gains on Disposal of Property, Plant and Equipment | (2,554) | (1,738) | | Others | (3,402) | 635 | | **Total** | **(6,667)** | **755** | [(Loss) / Profit Before Tax](index=8&type=section&id=(Loss)%20%2F%20Profit%20Before%20Tax) The Group reported a loss before tax of RMB 18,212 thousand for the six months ended June 30, 2025, a shift from profit, driven by increased depreciation and inventory write-downs despite reduced finance costs | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Costs | (7,416) | (13,008) | | Amortisation of Prepaid Lease Payments | (2,175) | (2,163) | | Depreciation of Property, Plant and Equipment | (90,721) | (78,822) | | Net Reversal / (Provision) for Impairment of Trade Receivables | 813 | (619) | | Net (Recognition) / Reversal of Write-down of Inventories | (4,154) | 13,111 | [Income Tax](index=9&type=section&id=Income%20Tax) Income tax expense was RMB 8,203 thousand for the six months ended June 30, 2025, with varying tax rates applied across different jurisdictions, including 25% for Mainland China and 16.5% for Hong Kong | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax | (7,354) | (6,404) | | Deferred Tax | (849) | (2,220) | | Total | (8,203) | (8,624) | - Mainland China companies are subject to a corporate income tax rate of **25%**[17](index=17&type=chunk) - Hong Kong profits tax is calculated at **16.5%**, with the first HKD 2 million for eligible companies taxed at **8.25%**[17](index=17&type=chunk) [(Loss) / Earnings Per Share](index=10&type=section&id=(Loss)%20%2F%20Earnings%20Per%20Share) Basic loss per share was RMB 0.035 as of June 30, 2025, a shift from prior year's earnings, primarily due to the loss attributable to ordinary equity holders | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | (Loss) / Profit Attributable to Ordinary Equity Holders of the Company (RMB thousands) | (35,070) | 31,575 | | Weighted Average Number of Ordinary Shares in Issue | 1,016,189,000 | 1,016,189,000 | | Basic (Loss) / Earnings Per Share (RMB) | (0.035) | 0.031 | - There were no potential dilutive ordinary shares outstanding during the period, thus diluted earnings per share were the same as basic earnings per share[18](index=18&type=chunk) [Property, Plant and Equipment](index=10&type=section&id=Property%2C%20Plant%20and%20Equipment) Cost of purchases of property, plant and equipment decreased to RMB 68,668 thousand in the first half of 2025, with disposals resulting in a loss of RMB 2,554 thousand | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Purchases of Property, Plant and Equipment | 68,668 | 98,284 | | Net Book Value of Property, Plant and Equipment Disposed Of | 843 | 1,145 | | Loss on Disposal | 2,554 | 1,738 | [Trade Receivables](index=10&type=section&id=Trade%20Receivables) Total trade receivables slightly decreased to RMB 255,027 thousand as of June 30, 2025, with an increase in overdue amounts but a reduction in doubtful debt provision | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 233,820 | 243,896 | | Overdue 1 to 180 days | 21,951 | 19,292 | | Overdue 181 to 365 days | 1,892 | 2,437 | | Overdue over 365 days | 5,616 | 4,509 | | Total Overdue Amount | 29,459 | 26,238 | | Less: Provision for Doubtful Debts | (8,252) | (9,049) | | Total | 255,027 | 261,085 | - The Group generally allows customers a credit period of **30-60 days**[20](index=20&type=chunk) [Other Receivables and Prepayments](index=11&type=section&id=Other%20Receivables%20and%20Prepayments) Total other receivables and prepayments decreased to RMB 228,814 thousand as of June 30, 2025, mainly due to reduced recoverable VAT and deposits | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Recoverable Value Added Tax | 240,553 | 245,785 | | Deposits and Prepayments | 71,393 | 77,964 | | Advances to Employees | 3,482 | 3,262 | | Others | 11,565 | 9,326 | | Total | 326,993 | 336,337 | | Less: Non-current Recoverable Value Added Tax | 98,179 | 98,179 | | Net Amount | 228,814 | 238,158 | [Trade Payables](index=11&type=section&id=Trade%20Payables) Total trade payables decreased to RMB 387,347 thousand as of June 30, 2025, with reductions in both current and short-term overdue amounts | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current | 200,750 | 234,542 | | Overdue less than 30 days | 143,534 | 182,338 | | Overdue 31 to 60 days | 25,729 | 18,961 | | Overdue 61 to 90 days | 8,517 | 4,056 | | Overdue over 90 days | 8,817 | 5,976 | | Total Overdue Amount | 186,597 | 211,331 | | Total | 387,347 | 445,873 | [Other Payables](index=12&type=section&id=Other%20Payables) Total other payables decreased to RMB 332,364 thousand as of June 30, 2025, mainly due to reduced sales rebates, salaries, and performance deposits | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales Rebates | 17,034 | 23,859 | | Salaries, Wages, Bonuses and Other Welfare Payables | 54,925 | 67,375 | | Accrued Expenses | 103,420 | 100,458 | | Performance Deposits | 49,667 | 64,168 | | Payables for Purchases of Property, Plant and Equipment | 62,920 | 66,270 | | Amounts Due to Related Parties | 42,600 | 42,600 | | Others | 1,798 | 11,635 | | Total | 332,364 | 376,365 | [Dividends](index=12&type=section&id=Dividends) No interim dividend was declared for the six months ended June 30, 2025, consistent with the prior year - No interim dividend was declared for the six months ended June 30, 2025[24](index=24&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=13&type=section&id=Performance%20Review) Operating revenue grew 4.1% in H1 2025, but a shift to loss for equity holders was driven by falling chicken prices, while the processed food segment showed resilience with 4.2% growth and operating cash flow remained positive | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,909,838 | 2,794,444 | 4.1 | | Gross Profit | 305,500 | 362,471 | -15.7 | | Gross Profit Margin (%) | 10.5 | 13.0 | | | (Loss) / Profit Attributable to Equity Holders of the Company | (35,070) | 31,575 | -211.1 | - The primary reason for the loss was the significant drop in chicken prices due to supply-demand imbalance in the domestic broiler industry, leading to substantial losses in the slaughtering business[26](index=26&type=chunk) - The Processed Food segment achieved a year-on-year growth of **4.2%** in the first half, serving as a core business support[26](index=26&type=chunk) - Net cash inflow from operating activities reached **RMB 60 million** in the first half[26](index=26&type=chunk) [Processed Food Segment](index=16&type=section&id=Processed%20Food%20Segment) Operating revenue for the Processed Food segment grew 4.2% in H1, but gross profit fell 15.3% due to competition, prompting cost reduction, R&D investment, and market expansion efforts | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,302,264 | 1,249,661 | 4.2 | | Total Gross Profit | 227,719 | 268,719 | -15.3 | | Total Gross Profit Margin (%) | 17.5 | 21.5 | | - In the second quarter, the food business operating revenue increased by **8.8%** year-on-year, while gross profit decreased by **5.6%** year-on-year, a narrower decline compared to the first quarter[33](index=33&type=chunk) - The domestic sales team collaborates across R&D, quality control, procurement, and production departments to drive cost reduction and efficiency improvements for key products, while increasing investment in R&D, supply chain, quality control, and digitalization[34](index=34&type=chunk) - The export sales team continues to deepen its presence in the Japanese market, actively expanding new product categories, channels, and customers, and intensifying development efforts in export markets beyond Japan[35](index=35&type=chunk) [Livestock Feed Segment](index=17&type=section&id=Livestock%20Feed%20Segment) Operating revenue for the Livestock Feed segment was flat in H1, but gross profit fell 20.3%, prompting deeper cooperation with large farms, expansion into niche feed, and cost efficiency through integration | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 826,528 | 827,086 | -0.1 | | Gross Profit | 55,150 | 69,205 | -20.3 | | Gross Profit Margin (%) | 6.7 | 8.4 | | - In the second quarter, the feed business operating revenue increased by **3.8%** year-on-year, while gross profit decreased by **13.8%** year-on-year, a narrower decline compared to the first quarter[37](index=37&type=chunk) - Actively adjusting operating strategies, deepening cooperation with medium-to-large farms, and increasing R&D investment and channel expansion for niche feed categories like ruminant feed[37](index=37&type=chunk) - Accelerating middle-platform functional integration, strengthening cross-departmental collaboration, and achieving cost reduction and efficiency improvements through measures such as using alternative raw materials[37](index=37&type=chunk) [Meat Products Segment](index=18&type=section&id=Meat%20Products%20Segment) Operating revenue for the Meat Products segment grew 8.8% in H1, but gross profit fell 7.8% due to declining chicken prices, prompting a shift to a sales-driven model, refined processing, and channel expansion | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 781,046 | 717,697 | 8.8 | | Gross Profit | 22,631 | 24,547 | -7.8 | | Gross Profit Margin (%) | 2.9 | 3.4 | | - In the second quarter, the meat products business operating revenue increased by **12.7%** year-on-year, while gross profit decreased by **40.5%** year-on-year[40](index=40&type=chunk) - The business model is shifting from "production-driven" to "sales-driven" to increase supply chain flexibility[40](index=40&type=chunk) - Optimizing cooperation with contract farmers, promoting production automation and lean management, focusing on refined processing and differentiated product development, and collaborating with the food business to expand into high-quality channels[40](index=40&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) Cash and bank balances decreased, interest-bearing borrowings declined, and capital expenditure was funded by long-term bank loans in H1 2025, while the RMB appreciated, interest expenses reduced, and the Group maintained stable ratios with capital commitments - Other operating income amounted to **RMB 10,360 thousand**, and other net losses were **RMB 6,667 thousand**, primarily impacted by foreign exchange losses and net losses on disposal of property, plant and equipment[41](index=41&type=chunk) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 402,391 | 469,747 | | Interest-bearing Borrowings | 508,234 | 567,237 | | Interest-bearing Borrowings to Equity Ratio | 21.2% | 23.3% | | Current Ratio | 1.45 times | 1.55 times | - Capital expenditure in the first half was **RMB 68,668 thousand**, primarily for purchases of property, plant and equipment, funded by long-term bank loans[43](index=43&type=chunk) - The RMB appreciated by **0.42%** against the USD, with no significant impact on the Group's operations[44](index=44&type=chunk) - Interest expenses decreased by **43.0%** to **RMB 7,416 thousand**, mainly due to interest subsidies received for borrowings related to the Bengbu new plant project[45](index=45&type=chunk) - As of June 30, 2025, the Group had no assets pledged as collateral for bank credit facilities[46](index=46&type=chunk) - As of June 30, 2025, contracted but unprovided capital expenditure amounted to **RMB 120,449 thousand**, and authorized but uncontracted capital expenditure was **RMB 39,947 thousand**[47](index=47&type=chunk) [Market Environment and Strategic Outlook](index=13&type=section&id=Market%20Environment%20and%20Strategic%20Outlook) Facing global uncertainties and domestic overcapacity, the company is shifting focus to processed food investment, reducing broiler and feed inputs, and enhancing digital capabilities, while anticipating improved economic conditions and pursuing a "scaled food, value-added meat, diversified feed" strategy in H2 - The global economy faces multiple uncertainties, including trade frictions, tariff wars, technological barriers, and geopolitical conflicts[27](index=27&type=chunk) - Domestic economic structural overcapacity and insufficient effective demand have not been fundamentally alleviated, with slow recovery in catering channel demand[27](index=27&type=chunk) - The domestic white feather broiler industry faces oversupply, low chicken prices, and suppressed profit margins due to low pork prices weakening the chicken substitution effect[28](index=28&type=chunk) - The company's strategy focuses on investment in processed food production, R&D, and sales, reducing resource allocation to broiler farming, slaughtering, and feed processing, with processed food leading performance growth[28](index=28&type=chunk) - Advancing agile organizational structure, digital system upgrades, professional talent pipeline development, and the penetration of a "customer-centric" corporate culture to achieve deep business model transformation[29](index=29&type=chunk) - Looking ahead to the second half, the domestic economic fundamentals are expected to continue to improve, and the supply-demand relationship in the white feather broiler industry may gradually improve[30](index=30&type=chunk) - Future strategic directions include: 1) using the food business as a performance growth engine; 2) optimizing the meat products business operating model to be "sales-driven" and developing high value-added products; 3) expanding diversified channels and developing new customers for the feed business[30](index=30&type=chunk) [Other Information](index=20&type=section&id=Other%20Information) [Employee Remuneration and Training](index=20&type=section&id=Employee%20Remuneration%20and%20Training) As of June 30, 2025, the Group had 8,264 employees, offering competitive remuneration and focusing on training and development to enhance skills and meet business needs - As of June 30, 2025, the Group had **8,264** employees[48](index=48&type=chunk) - The company provides competitive remuneration based on industry practice, financial performance, and employee work performance, offering various training programs to enhance employee skills and knowledge[48](index=48&type=chunk) [Corporate Governance Code](index=20&type=section&id=Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, with the Chairman and CEO roles combined for efficiency, and the company secretary, though external, ensures compliance through designated contacts - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wei Junxian, a structure the Board believes facilitates business strategy execution and enhances operational efficiency[49](index=49&type=chunk) - Ms. Cao Yiping, the company secretary, is a partner at an external legal firm and ensures timely access to Group development information through a designated senior management contact, complying with listing rule requirements[50](index=50&type=chunk) [Standard Code for Securities Transactions by Directors](index=21&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted a code for directors' securities transactions, no less exacting than Listing Rules Appendix C3, with all directors confirming compliance during the reporting period - The company has adopted a code no less exacting than the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[51](index=51&type=chunk) - All directors confirmed compliance with the Standard Code and the company's code of conduct throughout the reporting period[51](index=51&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities for the six months ended June 30, 2025 - Neither the company nor its subsidiaries purchased, redeemed, or sold any of the company's listed securities for the six months ended June 30, 2025[52](index=52&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee, comprising independent non-executive directors, reviewed the interim results and accounting policies, providing oversight on financial reporting, internal control, and risk management systems - The Audit Committee is responsible for evaluating financial statements and providing opinions on financial reporting, internal control, and risk management systems[53](index=53&type=chunk) - The Audit Committee has reviewed the interim results and raised no objections to the accounting policies adopted by the company[53](index=53&type=chunk) - The Audit Committee members include Mr. Ding Yushan (Chairman), Mr. Hsia Lii-Yan, Ms. Tsai Yu-Ling, and Mr. Kao Kung-Lien, all of whom are independent non-executive directors[53](index=53&type=chunk) [Board Composition](index=22&type=section&id=Board%20Composition) As of the announcement date, the Board of Directors consists of two executive directors, five non-executive directors, and four independent non-executive directors - The Board of Directors comprises **2** executive directors, **5** non-executive directors, and **4** independent non-executive directors[55](index=55&type=chunk)

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 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) | 03999 | 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 | | | | 1,016,189,000 | | 0 | | 1,016,189,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 1,016,189,000 | | 0 | | 1,016,189,000 | 公司名稱: 大成食品（亞洲）有限公司（於開曼群島註冊成立之有限公司） 呈交日期: 2025年8月 ...