第 2 頁 共 2 頁 v 1.1.1 EF002 | | 1712-1716室 | | --- | --- | | | 香港 | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 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，本公司董事為： | | | 執行董事： | | | 沈輝（首席執行官） | | | 非執行董事： 華裕能（主席） | | | 王冠男 梅夢雪 | | | 獨立非執行董事： | | | 張挹芬 | | | 陳尚偉 | | | 葉禮德 | | 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（可選擇貨幣）公告 | | 發行人名稱 | 高鑫零售有限公司 | | 股份代號 | ...

Financial Performance - Revenue for the six months ended September 30, 2025, was RMB 30,502 million, a decrease of 12.1% compared to RMB 34,708 million in the same period of 2024[3] - Gross profit for the same period was RMB 7,719 million, down 9.5% from RMB 8,526 million year-on-year[3] - Operating profit decreased significantly by 56.4% to RMB 271 million from RMB 621 million in the previous year[3] - The company reported a loss of RMB 127 million for the period, compared to a profit of RMB 186 million in the same period last year[3] - Total revenue for the six months ended September 30, 2025, was RMB 30,502 million, a decrease of 12.6% from RMB 34,708 million in the same period of 2024[21] - Revenue from customer contracts under HKFRS 15 was RMB 29,099 million, down from RMB 33,200 million, with a significant drop of 12.3% in point-in-time recognition revenue[21] - Rental income from tenants was RMB 1,403 million, a decrease of 6.9% compared to RMB 1,508 million in the previous year[22] - Interest income from financial assets measured at amortized cost was RMB 153 million, down 26.1% from RMB 207 million[22] - Pre-tax profit before deducting financial expenses was RMB 174 million, a decrease of 17.5% from RMB 211 million in the previous year[23] - Employee costs totaled RMB 3,788 million, down 7.8% from RMB 4,106 million in the same period last year[24] - Other income and net gains for the six months ended September 30, 2025, were RMB 0.566 billion, a decrease of RMB 0.055 billion or 8.9% from RMB 0.621 billion for the same period in 2024[56] Assets and Liabilities - Total assets as of September 30, 2025, were RMB 53,635 million, a decline of 4.2% from RMB 55,973 million as of March 31, 2025[3] - Net cash balance was RMB 11,958 million, down 4.6% from RMB 12,529 million[3] - Total liabilities stood at RMB 35,402 million, a slight decrease of 0.4% from RMB 35,545 million[3] - The company's equity attributable to shareholders decreased to RMB 18,246 million, down 10.7% from RMB 20,094 million[7] - Trade receivables, net of impairment provisions, decreased to RMB 392 million as of September 30, 2025, from RMB 496 million as of March 31, 2025, reflecting a decline of approximately 21%[41] - Total trade and other receivables amounted to RMB 1,748 million as of September 30, 2025, down from RMB 2,290 million as of March 31, 2025, indicating a decrease of about 23.7%[41] - The company reported a total of RMB 10,230 million in trade payables as of September 30, 2025, up from RMB 9,832 million as of March 31, 2025, representing an increase of approximately 4%[48] - The bank loans due within one year amounted to RMB 1,246 million as of September 30, 2025, compared to RMB 1,491 million as of March 31, 2025, reflecting a decrease of about 16.5%[50] - Lease liabilities as of September 30, 2025, were RMB 5,952 million, compared to RMB 5,833 million as of March 31, 2025, showing a slight increase[50] Cash Flow - Operating cash flow for the period was RMB 1,323 million, a significant improvement from a cash outflow of RMB 641 million in the previous year[9] - The company reported a net cash inflow from investment activities of RMB 1,980 million, compared to a cash outflow of RMB 2,125 million in the prior year[11] - Cash and cash equivalents increased by RMB 1,043 million, recovering from a decrease of RMB 2,406 million in the previous period[13] - Net cash inflow from operating activities for the six months ended September 30, 2025, was RMB 1.323 billion, an increase of RMB 1.964 billion compared to a net cash outflow of RMB 641 million for the same period in 2024[65] - Net cash outflow from financing activities for the six months ended September 30, 2025, was RMB 2.260 billion, a decrease of RMB 2.620 billion compared to a net cash inflow of RMB 360 million for the same period in 2024[69] Strategic Initiatives - The company's three-year strategy focuses on a retail model that emphasizes health products, enjoyable experiences, and attentive service to meet the needs of families and young consumers[74] - The company aims to enhance its supply chain efficiency and product differentiation through a dual-brand strategy and by optimizing store formats to transform them into community life centers[74] - The company plans to establish a dedicated transformation team to oversee the execution of its three-year strategy and improve team effectiveness through optimized incentive schemes[74] - The "1+1 dual brand matrix" strategy has launched over 500 products across more than 50 categories, achieving a sales growth of over 50% year-on-year, contributing over 2% to overall performance[77] - The logistics optimization has established a core storage matrix of 13 ambient warehouses and 25 cold chain warehouses, with an expected cumulative cost saving of over RMB 100 million in the coming years[78] - The company plans to complete over 30 store renovations this fiscal year and over 200 by the next fiscal year, with renovated stores showing double-digit growth in customer traffic[79] - The company aims to increase the online sales proportion to 40%-50% in the next three years[81] Employee and Governance - As of September 30, 2025, the group had 81,954 employees, down from 85,778 employees as of September 30, 2024[85] - Total employee benefits expenditure amounted to RMB 3,788 million, compared to RMB 4,106 million for the same period in 2024[85] - The company has adopted a stock option plan and a revised employee trust benefit plan to attract and retain high-quality talent[85] - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[88] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2025[90] - The company has confirmed compliance with the corporate governance code as of September 30, 2025[91] Dividend Information - The company declared an interim dividend of HKD 0.085 per share for the six months ended September 30, 2025, amounting to approximately HKD 811 million[18] - The interim dividend details will be included in the announcement section titled "Dividends"[99] - The expected payment date for the interim dividend is March 24, 2026, which is a change from the previous payment date in January 2025[94] - The record date for the proposed interim dividend is set for November 27, 2025[97] - The interim results announcement for the six months ending September 30, 2025, will be published on the Hong Kong Stock Exchange website and the company's website[98]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 高鑫零售有限公司 | | | 呈交日期: | 2025年11月6日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 (A). 股份期權（根據發行人的股份期權計劃） | 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) | 06808 | 說明 | | | | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 目 | 本月內變動 | | 本月底結存的股份期權數 目 | | 本月內因此發行的新股數 目 (A1) | 本月内因此自庫存轉讓的 庫存股 ...

Group 1 - The company announced that Ms. He Xingyu will resign as the company secretary and authorized representative effective from October 27, 2025 [1] - Ms. Wang Ruoyu has been appointed as the new company secretary and authorized representative, effective from October 27, 2025 [1]

Group 1 - The company announced that He Xingyu will resign as the company secretary and authorized representative effective from October 27, 2025 [1] - The board has appointed Wang Ruoyu as the new company secretary and authorized representative, effective from October 27, 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部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。 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立的有限公司） （股份代號：06808） 公司秘書 及授權代表變更 董事會亦宣佈委任王若禹女士（「王女士」）出任本公司的公司秘書及授權代表，自 二零二五年十月二十七日起生效。王女士的個人履歷詳情如下： 王女士自二零二五年十月加入本公司。彼為香港公司治理公會之特許秘書、公司 治理師及會員。王女士持有上海財經大學法學學士學位及香港中文大學法律碩士 學位，以及中華人民共和國法律職業資格證書。加入本公司前，王女士曾任職於 金融機構及聯交所上市公司，具備合規、公司秘書領域經驗。 1 本公司僅此感謝何女士於任內對本公司所作的寶貴貢獻，並歡迎王女士接受新任 命。 承董事會命 高鑫零售有限公司 高鑫零售有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，何幸諭女 士（「何女士」）已自二零二五年十月二十七日起辭任本公司的 ...

Group 1: Industry Performance Overview - The Hong Kong stock market has seen significant performance reports from various sectors, including non-ferrous metals, insurance, and telecommunications, with leading companies in non-ferrous metals and insurance showing rapid growth, while telecommunications leaders maintain stable performance [1] - Resource stocks, particularly in the rare earth sector, have reported substantial increases in earnings, with Jinli Permanent Magnet achieving a revenue of 5.373 billion yuan, up 7.16%, and a net profit of 515 million yuan, up 161.81% [2][3] - Zijin Mining reported a revenue of 254.2 billion yuan, a 10.33% increase, and a net profit of 37.864 billion yuan, up 55.45%, with its gold business being a significant profit driver [2][3] Group 2: Insurance Sector Growth - Major insurance companies have reported rapid earnings growth, with China Pacific Insurance expecting a net profit increase of 40% to 60% for the first three quarters of 2025 [6] - China Life Insurance anticipates a net profit of approximately 156.785 billion to 177.689 billion yuan, reflecting a growth of 50% to 70% [7] - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan, a year-on-year increase of 45% to 65% [7] Group 3: Telecommunications Sector Stability - The three major telecommunications operators, China Mobile, China Telecom, and China Unicom, reported stable growth, with China Mobile achieving a revenue of 794.7 billion yuan, up 0.4%, and a profit of 115.4 billion yuan, up 4% [8][9] - China Telecom's revenue reached 396.998 billion yuan, a 0.6% increase, while China Unicom reported a revenue of 293 billion yuan, up 1% [9] Group 4: Retail Sector Losses - High-end retail giant Gao Xin Retail reported a projected net loss of 110 to 140 million yuan for the six months ending September 30, 2025, compared to a profit of 186 million yuan in the same period last year [10][11] - The loss is attributed to increased market competition and weak consumer demand, leading to a decline in average transaction value and revenue [11]

Core Insights - The article highlights the contrasting financial health of the retail company Pang Dong Lai, which holds 4.1 billion cash with no debt, against the backdrop of struggling competitors facing significant losses and closures [1][3][4]. Financial Performance - Pang Dong Lai's sales exceeded 18.4 billion in 2025, showing a growth from 16.9 billion in 2024, with a projected net profit nearing 1 billion, maintaining a profit margin of around 5% [7]. - In contrast, competitors like Yonghui Supermarket reported a cumulative loss of over 8 billion in three years, with a net loss of 241 million in the first half of 2025 [6][14]. Business Strategy - Pang Dong Lai's strategy focuses on quality and efficiency rather than aggressive expansion, with a stable fresh produce loss rate of 0.8%, significantly lower than the industry average of 3.5% [7][8]. - The company maintains a high customer repurchase rate of 80%, double the industry average, indicating strong customer loyalty [7]. Management Practices - The management practices at Pang Dong Lai emphasize rigorous standards across all operations, from product sourcing to employee treatment, with 42% of revenue allocated to employee compensation [11][12]. - The company has a comprehensive internal management manual that covers various operational aspects, ensuring consistency and quality in service [11]. Market Position - Despite being perceived as less ambitious due to its limited expansion (only 13 stores), Pang Dong Lai's approach has proven to be effective, generating over 10 billion in revenue with a strong cash position [12][15]. - The article suggests that the focus on quality over quantity is a sustainable path for long-term success in the retail industry, especially as market conditions change [20][23].

Core Viewpoint - Gao Xin Retail expects a shareholder loss of between 110 million to 140 million RMB for the six months ending September 30, 2025, compared to a net profit of 186 million RMB and a shareholder profit of 206 million RMB in the same period last year [1] Revenue and Profit Analysis - The decline in revenue is primarily attributed to intensified market competition, weak consumer spending leading to a drop in average transaction value, and the calendar effect of the combined National Day and Mid-Autumn Festival [1] - Profit decline is also impacted by one-time costs, including adjustments in street store revenue, organizational optimization in the Central China region amounting to approximately 150 million RMB, and reduced interest income [1] Online Business Performance - The company's online B2C business achieved low single-digit positive growth, indicating its operational advantages and resilience in online operations [1] - The performance of adjusted stores met expectations and still has room for growth [1]

Core Viewpoint - The company, Gao Xin Retail, anticipates a net loss of approximately RMB 110 million to RMB 140 million for the six months ending September 30, 2025, compared to a net profit of RMB 186 million in the same period last year [1] Revenue and Profit Analysis - Revenue is under pressure due to intensified market competition and weak consumer demand, leading to a decline in average transaction value and product prices [1] - The company experienced a double-digit year-on-year revenue decline, exacerbated by the calendar effect of the combined Mid-Autumn Festival and National Day [1] - Profitability is impacted by multiple factors, including a significant cost reduction initiative that offset revenue declines, and one-time impacts such as revenue drops during store adjustments and approximately RMB 150 million loss attributed to organizational optimization in the Central China region and reduced interest income [1] - Despite the pressure on net profit, the company's net cash position remains better than the same period last year [1]