Dear registered shareholder(s), Sun Art Retail Group Limited (the "Company") - Notice of publication of 2025/2026 Interim Report (the "Current Corporate Communications") SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司） (Stock Code 股份代號：6808) 8 December 2025 The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.sunartretail.com (the "Company Website") and the website of Hong Kong ...

高鑫零售有限公司 （於香港註冊成立的有限公司） 股份代號：6808 最受顧客喜愛、信賴，員工引以為榮的零售商 成為三公里全客群首選的「菜籃子」，滿足家庭與年輕客群需求 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 中期業績摘要 | 3 | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 17 | | 審閱報告 | 40 | | 簡明綜合損益及其他全面收益表 | 42 | | 簡明綜合財務狀況表 | 43 | | 簡明綜合權益變動表 | 45 | | 簡明綜合現金流量表 | 47 | | 簡明綜合財務資料附註 | 50 | 1 高鑫零售有限公司 二零二五年中期報告 公司資料 董事 執行董事 李衛平 （首席執行官）（於二零二五年十二月一日 獲委任） 沈輝 （首席執行官）（於二零二五年十二月一日辭任） 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 審核委員會 香港銅鑼灣 希慎道33號 利園一期 19樓1928室 陳尚偉 （主席） 張挹芬 葉禮德 梅夢雪 薪酬委員會 張挹芬 （主席） 葉禮德 陳尚偉 華裕能 提名委員會 葉禮德 ...

Core Insights - The appointment of female CEOs by the top three supermarket companies in China—Walmart, Hema, and Gao Xin Retail—indicates a significant trend in leadership within the industry [2] Group 1: Company Developments - Gao Xin Retail has announced the appointment of Li Weiping as the new CEO, joining other major players in the industry who have also chosen female leadership [2] - Walmart, Hema, and Gao Xin Retail have all appointed female CEOs within a short timeframe, suggesting a potential shift in corporate governance practices in the Chinese supermarket sector [2] Group 2: Industry Trends - The trend of appointing female CEOs is not limited to the largest companies, as mid-sized firms like Aoleqi are also following suit, indicating a broader movement towards gender diversity in leadership roles within the supermarket industry [2]

Core Insights - The primary challenge for the newly appointed CEO Li Weiping is to address the company's declining performance, with a reported revenue of 30.502 billion yuan for the six months ending September 30, 2025, representing a year-on-year decrease of 12.01% and a loss attributable to equity shareholders of 123 million yuan [1][6] Company Transition - High-end retail company Gao Xin Retail has appointed Li Weiping as the new CEO, succeeding Shen Hui, who resigned due to family matters. This leadership change is effective from December 1, 2025 [3][4] - Shen Hui's tenure lasted less than two years, during which he focused on returning to the essence of retail and enhancing brand competitiveness [4][6] Industry Context - The retail industry in China is currently facing intense competition, with traditional supermarkets like Gao Xin Retail struggling against e-commerce platforms and various retail formats [6][10] - Experts suggest that the recent leadership changes in the retail sector reflect a demand for experience in efficiently integrating online and offline operations [4][6] Strategic Direction - Li Weiping's extensive experience in the retail sector, particularly with Alibaba's Hema Fresh, positions her to lead Gao Xin Retail through its transformation [4][5] - The company aims to enhance its product offerings and operational efficiency, focusing on a multi-format strategy that includes large supermarkets, medium-sized supermarkets, and membership stores [8][10] Financial Performance - Gao Xin Retail reported a significant decline in operating profit, with a 56.4% drop to 271 million yuan, and a shift from a profit of 206 million yuan in the previous year to a loss of 123 million yuan [6][10] - The company has initiated several reforms, including closing underperforming stores and restructuring its operational framework to improve efficiency and competitiveness [10][11] Challenges Ahead - The transition to a multi-format retail strategy poses challenges in resource allocation and operational coordination, which may hinder the company's ability to respond effectively to market demands [7][10] - Experts emphasize the need for a balanced approach to immediate cost-cutting measures and long-term strategic development to enhance product differentiation and brand reputation [10][11]

Core Insights - Walmart is developing its private label "Wojixian" as a response to the competitive pressures from e-commerce and emerging retailers, positioning it as a "budget version" of Sam's Club [1][2] - The shift towards private labels by traditional retailers like Walmart and RT-Mart is driven by the need to compete with e-commerce platforms and new entrants in the retail market [1][3] Group 1: Private Label Strategy - Walmart's "Wojixian" focuses on affordability and health, with visible pricing strategies such as "everyday low prices" [2][3] - RT-Mart is also enhancing its private label offerings, emphasizing low prices and health trends, but adopts a dual-brand strategy for its private labels [2][3] - The competition in the retail sector is prompting established players to adopt private labels as a core strategy to attract customers and improve profit margins [4][6] Group 2: Market Performance and Challenges - RT-Mart's parent company, Gao Xin Retail, reported a revenue decline of 12.1% year-on-year, highlighting the financial pressures faced by traditional retailers [3] - Walmart's performance in China is primarily driven by the success of Sam's Club, while its traditional hypermarket format is facing challenges, including store closures [3][4] - The competition for quality suppliers and production sources is intensifying as retailers like Hema and Dingdong Maicai have already established strong private label brands [4][6] Group 3: Supply Chain and Brand Development - Successful private label development requires strong supply chain management and the ability to create distinct brand value [6][7] - Retailers are increasingly focusing on sourcing high-quality suppliers, with Walmart currently evaluating a limited number of potential suppliers for its private label products [6][7] - The competition for premium suppliers and production capabilities is expected to escalate as traditional retailers enhance their private label strategies [6][7]

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 （於香港註冊成立之有限公司） （股份代號：06808） 二零二五年十二月四日下午五時正 舉行之股東特別大會的表決結果 茲提述高鑫零售有限公司（「本公司」）日期為二零二五年十一月十四日的通函（「通 函」），其中包括本公司於二零二五年十二月四日下午五時正舉行的股東特別大會 （「股東特別大會」）通告（「通告」）。除文義另有所指外，本公告所用詞彙與通函所 界定者具有相同涵義。 於股東特別大會當日，已發行股份總數為9,540,504,700股，即賦予股份持有人權 利以出席股東特別大會並於會上對普通決議案投票的股份總數。本公司概無持有 庫存股份（包括由香港中央結算有限公司設立並營運的中央結算及交收系統持有 或寄存的任何庫存股份），因此概無庫存股份的投票權於股東特別大會上獲行使。 概無股份賦予股份持有人權利以出席股東特別大會但須根據《香港聯合 ...

+ CCS3638 SARH THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件 請即處理 If you are in any doubt as to any aspect of this document or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. SUN ART RETAIL GROUP LIMITED 高鑫零售有限公司 (Incorporated in Hong Kong with limited liability) (於香港註冊成立之有限公司) (Stock Code 股份代號：06808) DIVIDEND CURRENCY ELECTION FORM FOR THE INTER ...

Core Viewpoint - The appointment of Li Weiping as CEO of Gao Xin Retail is seen as a strategic move to revitalize the company during a critical transition period, with expectations for her to enhance product differentiation and supply chain efficiency [1][2]. Group 1: Leadership Transition - Li Weiping has a strong background in retail, having held various significant positions at Hema, including CEO and Chief Merchandise Officer [2]. - Gao Xin Retail has undergone a leadership change, with Li Weiping taking over from Shen Hui, who resigned due to personal reasons [1][2]. - The company has high hopes for Li Weiping to implement its three-year strategy effectively, focusing on product and supply chain improvements [1][2]. Group 2: Financial Performance - Gao Xin Retail reported a 12.1% year-on-year decline in revenue for the first half of the 2026 fiscal year, amounting to 30.502 billion yuan, with a loss of 123 million yuan compared to a profit of 206 million yuan in the previous year [2]. - The company aims to achieve profitability in the 2025 fiscal year, targeting a net profit of 386 million yuan [3]. Group 3: Strategic Initiatives - Gao Xin Retail is actively pursuing store renovations, planning to complete over 30 store renovations in the current fiscal year and over 200 by the next fiscal year [4]. - The company is focusing on increasing its own brand sales, which currently represent a low percentage of total sales, as part of its transformation strategy [5]. Group 4: Market Positioning - Gao Xin Retail is differentiating itself from competitors like Hema and Yonghui by seeking to optimize its unique advantages in the retail space [3][4]. - The company recognizes the importance of integrating online and offline operations, with online sales accounting for over 30% of revenue [4]. Group 5: Governance and Challenges - The company is facing challenges related to governance and internal management, highlighted by recent corruption cases involving senior executives [5]. - Strengthening internal governance and increasing the proportion of private label products are key objectives for Gao Xin Retail moving forward [5].

Core Viewpoint - High-end retail company Gao Xin Retail has appointed its third CEO in 20 months, with Li Weiping taking over from Shen Hui due to personal reasons, effective December 1 [2][3] Company Overview - Gao Xin Retail operates several brands including RT-Mart and M Membership stores, with a total of 462 large stores, 32 medium-sized supermarkets, and 7 M Membership stores as of the end of September [2] Leadership Transition - Li Weiping, aged 47, has over 20 years of experience in the retail industry, having previously worked at China Resources and Lotte Supermarket before joining Hema in 2018 [2][3] - The company is currently undergoing a critical transformation period, with a shift in control from Alibaba to Dehong Capital, which has set a three-year strategic plan for Gao Xin [3][6] Financial Performance - For the period from April to September, Gao Xin reported revenues of approximately 30.5 billion yuan, with core sales declining by 12.4% to 29.08 billion yuan, and a net loss of 123 million yuan [6][11] Strategic Focus - Dehong Capital's strategy includes enhancing product differentiation and supply chain efficiency, particularly in fresh produce, and aims to increase online sales to 40%-50% within three years [6][7] - The company plans to remodel 200 stores before the next fiscal year and is focused on achieving quick results from these changes [11] Expectations for New CEO - Li Weiping's extensive background in procurement and supply chain management aligns well with the company's needs during this transformation phase [7][8] - The company has established a three-year service agreement with Li, offering a base salary of 3.36 million yuan and annual bonuses [9]

Group 1 - UBS expresses an optimistic view on the transformation plan of Gao Xin Retail (06808) but remains cautious about the short-term outlook due to intense market competition in delivery platforms [1] - The target price for the stock is maintained at HKD 2.4, with a rating of "Buy" [1] - Management aims to increase the sales proportion of private label products from the current 3% to 10% within three years, and to 20% in the long term [1] Group 2 - The plan includes reducing the number of SKUs and shrinking store sizes to accelerate the launch of new products, which is expected to enhance the product strength of RT-Mart [1]