智通财经APP获悉，摩根士丹利发布研报称，调整部分内地消费品股目标价。在获该行"与大市同步"评 级内地消费品股中，认为H&H国际控股(01112)有较高的重新评级的可能性。 该行对H&H目标价由11.5港元升至13.4港元，评级"与大市同步"，认为下半年奶粉基数较低，且1-2阶段 奶粉产品需求强劲，预计未来几季表现改善。该行降H&H国际今明两年收入预测分别11%及10%，纯利 预测降29%及25%。 该行对高鑫零售(06808)目标价由2.4港元降至2.3港元，评级"与大市同步"，预期2026财年同店销售增长 稳定或轻微正增长。另外，新控股股东上场后，股东回报计划和新店模式可能成为股价驱动因素。该行 降高鑫今明两年收入预测分别1%及3%，纯利预测则分别降2%及上调5%。 该行对恒安国际(01044)目标价由24港元降至21港元，评级"与大市同步"，预计卫生巾销售受新兴品牌 及线上和直播促销的压力，令上半年公司销售下降15%至20%。考虑到卫生巾是公司主要盈利来源，若 下半年持续疲软，明年盈测可能面临进一步下调风险。该行降恒安国际今明两年收入预测分别2%及 1%，纯利预测降18%及13%。 ...

Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]

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 | | | | | 公司名稱: | 高鑫零售有限公司 | | | | 呈交日期: | 2025年8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 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) | 06808 | 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 | | | 9,540,504,700 | | 0 | | 9,540,504,700 | | 增加 / 減少 ...

鉴于目前预期市盈率已反映了营运效率改善带来的复苏，花旗将高鑫零售的评级从"买入"下调至"中 性"，并将目标价从2.09港元上调至2.35港元。 花旗报告指出，高鑫零售股价在公布优于预期的业绩后表现强劲。尽管管理层计划在2026财年优先推动 销售及毛利增长，但该行预计2026财年首季(今年4至6月)销售额将因平均售价下降而录得中至高单位数 跌幅，部分原因是电商平台实时零售业务扩张带来的短期价格压力。花旗将2026及2027财年的净利润预 测各下调3%，销售预测下调6%及7%。 ...

Core Viewpoint - Citi's research report indicates that after a better-than-expected performance announcement in May, the stock price of Gao Xin Retail has been strong. However, the company is expected to face challenges in the upcoming fiscal year 2026, particularly in the first quarter, with anticipated sales declines due to pricing pressures from e-commerce expansion [1] Group 1: Financial Performance - Management aims to prioritize sales and gross profit growth for fiscal year 2026 [1] - Sales for the first quarter of fiscal year 2026 (April to June 2023) are projected to decline in the mid to high single digits year-on-year, primarily due to a decrease in average selling prices [1] Group 2: Profit and Sales Forecasts - The net profit forecasts for fiscal years 2026 and 2027 have been reduced by 3% each, while sales forecasts have been lowered by 6% and 7% respectively [1] Group 3: Rating and Target Price Adjustments - The rating has been downgraded from "Buy" to "Neutral" as current expected price-to-earnings ratios reflect operational efficiency improvements and business recovery [1] - The target price has been adjusted from HKD 2.09 to HKD 2.35 [1]

比亚迪股份-R(81211)、中国海洋石油-R(80883)、美团-WR(83690)上一交易日沽空比率位于前三位，分 别为96.88%、80.42%、75.34%。美团-W(03690)、阿里巴巴-SW(09988)、快手-W(01024)的沽空金额位 居前三，分别为34.76 亿元、25.06 亿元、13.74 亿元。万科企业(02202)、中国海洋石油-R(80883)、比亚 迪股份-R(81211)的偏离值位居前三，分别为36.01%、35.40%、26.18%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | 偏离值 | | --- | --- | --- | --- | | 比亚迪股份-R(81211) | 496.68 万元 | 96.88% | 26.18% | | 中国海洋石油-R(80883) | 57.37 万元 | 80.42% | 35.40% | | 美团-WR(83690) | 715.97 万元 | 75.34% | 15.02% | | 商汤-WR(80020) | 88.77 万元 | 66.55% | 13.10% | | 阿里巴巴-SWR(89988 ...

智通财经APP获悉，百度集团-SWR(89888)、京东健康-R(86618)、友邦保险-R(81299)上一交易日沽空比 率位于前三位，分别为99.23%、92.28%、90.91%。理想汽车-W(02015)、阿里巴巴-SW(09988)、腾讯控 股(00700)的沽空金额位居前三，分别为24.66 亿元、18.28 亿元、17.98 亿元。友邦保险-R(81299)、百度 集团-SWR(89888)、京东健康-R(86618)的偏离值位居前三，分别为38.31%、34.96%、34.77%。 前十大沽空比率排行 | 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 百度集团-SWR(89888) | 201.23 万元 | 99.23% | 34.96% | | | 京东健康-R(86618) | 2.82 万元 | 92.28% | 34.77% | | | 友邦保险-R(81299) | 68.00 万元 | 90.91% | 38.31% | | | 比亚迪股份-R(81211) | 487.15 万元 | 74.06% ...

Core Insights - The community group buying model has significantly impacted the supermarket industry, leading to a decline in performance for many supermarkets in the first quarter [1][2] - Despite the challenges posed by community group buying, there is a recognition that it can complement physical supermarkets if managed correctly [1][6] - The rapid expansion of community group buying, fueled by capital investment, has led to a price war that undermines its original purpose of serving consumers and suppliers [3][6] Supermarket Performance - In the first quarter, 12 out of 13 supermarkets reported a year-on-year decline in revenue, with four experiencing double-digit declines [2] - Some supermarkets have noted a stabilization in sales performance compared to previous periods, despite the overall downturn [2] - The decline in foot traffic has been observed, although the average transaction value has increased, indicating a shift in consumer behavior [2][4] Community Group Buying Impact - Community group buying has introduced competitive advantages such as lower inventory and higher turnover rates, but the price differences between community group buying and supermarkets can be exaggerated due to capital influence [2][6] - The model has evolved into a low-price competition arena, which has led to conflicts with traditional supermarkets [3][6] - Regulatory interventions have started to bring some stability back to the community group buying sector [6] Consumer Behavior Changes - The pandemic has accelerated the shift towards online shopping, with consumers developing new purchasing habits [4][5] - Certain products, particularly those requiring sensory evaluation, continue to drive consumers to physical stores, highlighting the need for supermarkets to enhance their offerings [4][6] - Supermarkets are increasingly recognizing the importance of online sales and are adapting their strategies accordingly [4][6] Industry Adaptation - Supermarkets are adjusting their operations in response to the challenges posed by community group buying and e-commerce [5][6] - There is a focus on improving product offerings and service quality to better meet consumer needs [6][7] - The future of physical retail lies in differentiation rather than direct competition with e-commerce on standardized products [7]

Core Viewpoint - The controversy surrounding the marketing strategies of RT-Mart, which some perceive as targeting Sam's Club, has sparked discussions among consumers and prompted official responses from both companies [1] Group 1: RT-Mart's Marketing Strategy - RT-Mart has been accused of using promotional slogans that imply competition with Sam's Club, such as "similar membership store products" and "we are cheaper" [1] - Official customer service from RT-Mart clarified that these slogans are specific to individual stores and not part of a company-wide marketing strategy, denying any intention to target Sam's Club [1] - The company stated that it does not manage individual store promotions but will record consumer feedback for potential action regarding the slogans [1] Group 2: Sam's Club's Product Offering - Sam's Club has faced backlash from members for stocking various brands, including Good Friend, Panpan, Xu Fu Ji, and Liu Liu Mei, leading to trending discussions on social media [1] - In response to member concerns, Sam's Club confirmed that some products are currently out of stock, while Liu Liu Mei products remain available for sale [1] - The company indicated that member feedback will be considered in future product selection strategies [1]

Financial Highlights [Annual Performance Summary](index=4&type=section&id=%E5%B9%B4%E5%BA%A6%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The company achieved a significant turnaround this fiscal year, with operating profit shifting from a loss to a gain and profit attributable to owners reaching a positive figure, despite a slight revenue decrease, driven by effective cost control - Annual Performance Summary (For the Year Ended March 31) | Metric | For the Year Ended March 31, 2025 (RMB million) | For the Year Ended March 31, 2024 (RMB million) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 71,552 | 72,567 | (1.4)% | | Gross Profit | 17,236 | 17,958 | (4.0)% | | Operating Profit / (Loss) | 1,425 | (1,009) | N/A | | Profit / (Loss) Attributable to Owners of the Company | 405 | (1,605) | N/A | | Basic Earnings / (Loss) Per Share | RMB 0.04 | RMB (0.17) | N/A | - Financial Position Summary (As of March 31) | Metric | 2025 (RMB million) | 2024 (RMB million) | Percentage Change | | :--- | :--- | :--- | :--- | | Total Assets | 55,973 | 60,715 | (7.8)% | | Total Liabilities | 35,545 | 38,921 | (8.7)% | | Net Assets | 20,428 | 21,794 | (6.3)% | | Net Cash | 12,529 | 16,504 | (24.1)% | - Financial charts show that despite slight declines in revenue and gross profit over the past two years, operating profit and net profit achieved a **V-shaped reversal** this fiscal year, indicating a significant recovery in the company's profitability after last year's low point[12](index=12&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) Chairman's Statement [Chairman's Statement](index=6&type=section&id=%E4%B8%BB%E5%B8%AD%E8%87%B4%E8%A9%9E) The Chairman positions 2025 as a pivotal year for strategic transformation, emphasizing a return to retail fundamentals with a mission to be the preferred fresh food basket, focusing on product, price, experience, and service to reconstruct retail value - The strategic core focuses on the "vegetable basket project," prioritizing high-frequency, essential categories like fresh produce and cooked food, while ensuring the **lowest regional prices** and **zero tolerance for safety issues**[18](index=18&type=chunk) - The company will enhance customer memory points by redesigning store layouts and creating "peak-end experiences," and promote digital transformation across the marketing and procurement value chain to optimize inventory turnover and out-of-stock rates[18](index=18&type=chunk) - Facing the impact of new retail formats, the company adheres to a long-term development path, differentiating its formats: hypermarkets strengthen one-stop shopping, community supermarkets deepen community essential needs, and membership stores focus on "selection + experience"[19](index=19&type=chunk) CEO's Statement [CEO's Statement](index=7&type=section&id=%E9%A6%96%E5%B8%AD%E5%9F%B7%E8%A1%8C%E5%AE%98%E8%87%B4%E8%A9%9E) The CEO emphasizes returning to business fundamentals and long-term value, focusing on differentiated formats, upholding quality, price competitiveness, and service, while optimizing talent development to create value for all stakeholders - The company has clearly differentiated its three major formats: - **Hypermarkets**: Transforming into community living centers integrating shopping, experience, and services - **Mid-sized Supermarkets**: Focusing on efficiency improvements with a streamlined and efficient model for fast-paced needs - **Membership Stores**: Dedicated to enhancing customers' quality of life and shopping experience[24](index=24&type=chunk) - The company views employees as its most valuable asset, and will enable employees to realize personal value, achieve a sense of accomplishment and belonging by optimizing talent development mechanisms, providing scientific incentives, and clear career paths[22](index=22&type=chunk) Management Discussion and Analysis [Financial Review](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This fiscal year, the company achieved a significant profitability turnaround, with operating profit shifting from loss to gain, primarily due to substantial reductions in selling and marketing and administrative expenses, offsetting revenue and gross profit declines - Revenue Composition and Change | Revenue Category | FY2025 (RMB billion) | FY2024 (RMB billion) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Sales of Goods | 68.482 | 69.431 | -1.4% | | Membership Fees | 0.036 | 0.016 | +125.0% | | Rental Income | 3.034 | 3.120 | -2.8% | - Same-store sales growth (excluding supply chain business) was **0.6%**, primarily driven by a steady increase in average transaction value due to enhanced price competitiveness[26](index=26&type=chunk) - Online sales revenue achieved **mid-single-digit growth**[26](index=26&type=chunk) - Profitability Indicators | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit | RMB 17.236 billion | RMB 17.958 billion | -4.0% | | Gross Profit Margin | 24.1% | 24.7% | -0.6pp | | Operating Profit / (Loss) | RMB 1.425 billion | RMB (1.009) billion | Turnaround to Profit | | Operating Profit Margin | 2.0% | -1.4% | +3.4pp | | Profit / (Loss) for the Year | RMB 0.386 billion | RMB (1.668) billion | Turnaround to Profit | | Net Profit Margin | 0.5% | -2.3% | +2.8pp | - Significant achievements in cost control: - **Sales and Marketing Expenses**: Decreased by **16.2%** to **RMB 15.232 billion**, mainly due to reduced personnel expenses and impairment losses[30](index=30&type=chunk) - **Administrative Expenses**: Decreased by **24.1%** to **RMB 1.709 billion**, mainly due to reduced goodwill impairment and headquarters organizational optimization[33](index=33&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=12&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E6%AC%8A%E7%9B%8A%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group's net cash position decreased, while net cash inflow from operating activities significantly increased due to an accounting reclassification of restricted deposits, with improved inventory and trade payables turnover days indicating enhanced operational efficiency - Key Liquidity and Efficiency Indicators | Metric | March 31, 2025 | March 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | RMB 3.549 billion | RMB 0.926 billion | +283.3% | | Net Cash | RMB 12.529 billion | RMB 16.504 billion | -24.1% | | Gearing Ratio | 0.61 | 0.76 | Decrease | | Inventory Turnover Days | 50 days | 53 days | Improvement | | Trade Payables Turnover Days | 67 days | 72 days | Improvement | - The significant increase in net cash inflow from operating activities is misleading, primarily stemming from a **RMB 3.144 billion** change in restricted deposits[40](index=40&type=chunk) - To earn higher interest, the company reclassified some short-term restricted deposits to long-term, which appears as cash inflow from operating activities and cash outflow from investing activities on the books[40](index=40&type=chunk) [Investing and Financing Activities](index=13&type=section&id=%E6%8A%95%E8%B3%87%E8%88%87%E8%9E%8D%E8%B3%87%E6%B4%BB%E5%8B%95) This fiscal year, net cash outflow from investing activities sharply increased, primarily for restricted fixed deposits, while net cash outflow from financing activities also significantly rose due to higher bank loan repayments and increased dividend payments - Net cash outflow from investing activities was **RMB 4.913 billion**, a significant year-on-year increase, primarily reflecting: - Net investment of **RMB 3.459 billion** in restricted fixed deposits with maturities exceeding three months - Capital expenditure of **RMB 0.985 billion** for new store development and existing store renovation[42](index=42&type=chunk) - Net cash outflow from financing activities was **RMB 3.750 billion**, a **176.1%** year-on-year increase, mainly due to: - Repayment of bank borrowings exceeding proceeds from new borrowings - Increased dividends paid[43](index=43&type=chunk) [Business Review and Outlook](index=14&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) Amidst moderate economic growth and low consumer prices, the company executed a "low price, good quality" strategy, focusing on fresh produce standardization, optimizing supply chain efficiency through digitalization, and adjusting its store network by opening new M Member Stores while closing hypermarkets, aiming for a "daily low price + community living center" model - The core business strategy is "low price, good quality," reshaping price perception, vigorously developing the "standardization" of fresh produce categories, and accelerating the development of its private label "Super Save" series, emphasizing value for money[49](index=49&type=chunk) - Store Network Status (As of March 31, 2025) | Store Type | Number | Total GFA (million sq.m.) | | :--- | :--- | :--- | | Hypermarkets | 465 | 1,300.8 | | Mid-sized Supermarkets | 33 | 23.4 | | M Member Stores | 7 | 25.2 | | **Total** | **505** | **1,349.4** | - This fiscal year, new store openings included **1 hypermarket**, **4 mid-sized supermarkets**, and **4 M Member Stores**; concurrently, **8 hypermarkets** and **1 mid-sized supermarket** were closed, indicating the company is actively adjusting its format mix and increasing investment in the membership store model[52](index=52&type=chunk) - The future outlook is to build a "daily low price + community living center" model, combining enhanced product strength and optimized store layouts to improve customer experience and achieve a balance of cost, efficiency, and service[56](index=56&type=chunk) Directors' Report [Dividends](index=22&type=section&id=%E8%82%A1%E6%81%AF) The Board recommends a final dividend of HKD 0.17 per share, bringing the total annual distribution to HKD 0.34 per share, significantly higher than the previous year, with shareholders having currency options - Annual Dividend Distribution | Dividend Type | Amount Per Share (HKD) | Total Amount (approx. HKD million) | | :--- | :--- | :--- | | Interim Dividend (Paid) | 0.17 | 1,622 | | Proposed Final Dividend | 0.17 | 1,622 | | **Total Annual Dividend** | **0.34** | **3,244** | [Share Schemes](index=32&type=section&id=%E8%82%A1%E4%BB%BD%E8%A8%88%E5%8A%83) The Group utilizes share option and employee trust benefit schemes for talent retention, with no new options granted this fiscal year but some vesting, and plans to repurchase subsidiary equity held by employee trusts to achieve 100% control - As of March 31, 2025, **35,000,000 share options** remained unexercised under the share option scheme, of which **6,250,000** had vested and were exercisable[136](index=136&type=chunk) - No new options were granted during the reporting period, but **10,000,000 options** lapsed[136](index=136&type=chunk) - The employee trust benefit schemes (RT-Mart Scheme and Auchan Scheme) allow employees to hold equity in operating subsidiaries (Sun Art Retail Group Limited and Auchan Investment)[138](index=138&type=chunk)[140](index=140&type=chunk) - As of March 31, 2025, the trusts held approximately **2.015%** and **1.3834%** equity in Sun Art Retail Group Limited and Auchan Investment, respectively[138](index=138&type=chunk)[140](index=140&type=chunk) - On May 20, 2025, the Group entered into equity transfer agreements with the trustee, proposing to acquire the **2.015%** and **1.3834%** shares held by the trusts in Sun Art Retail (China) and Auchan (China) Investment, respectively, for a total consideration not exceeding **RMB 599 million** and **RMB 34 million**[165](index=165&type=chunk)[166](index=166&type=chunk) - Upon completion, the Group will achieve **100% control** over these two core operating subsidiaries[165](index=165&type=chunk)[166](index=166&type=chunk) [Continuing Connected Transactions](index=46&type=section&id=%E6%8C%81%E7%BA%8C%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93) The Group maintains multiple continuing connected transaction agreements with Alibaba Group affiliates for services like delivery, platform, and merchandise, with all transactions within annual caps and reviewed for fairness and shareholder interest - Major Continuing Connected Transactions with Alibaba Affiliates (For the Year Ended March 31, 2025) | Transaction Type | Annual Cap (RMB million) | Actual Transaction Amount (RMB million) | | :--- | :--- | :--- | | **Procurement** | | | | Procurement of Delivery Services | 2,400 | 1,269.7 | | Procurement of Platform Services | 525 | 246.5 | | Procurement of Merchandise | 320 | 73.9 | | Procurement of Payment Services | 100 | 48.3 | | **Provision** | | | | Provision of Joint Business Promotion Services | 595 | 292.9 | | Provision of Merchandise | 320 | 72.2 | | Provision of Delivery Services | 60 | 54.7 | - Independent non-executive directors have reviewed these continuing connected transactions and confirmed that they were conducted in the ordinary course of the Group's business, on normal commercial terms, fair and reasonable, and in the overall interests of the shareholders[210](index=210&type=chunk)[211](index=211&type=chunk) - The auditor also issued an unqualified opinion letter[210](index=210&type=chunk)[211](index=211&type=chunk) Risk Factors [Risks Related to the Group's Business](index=62&type=section&id=%E8%88%87%E6%9C%AC%E9%9B%86%E5%9C%98%E6%A5%AD%E5%8B%99%E6%9C%89%E9%97%9C%E7%9A%84%E9%A2%A8%E9%9A%AA) The company faces key business risks including challenges in expansion strategy execution, new store profitability, accurately meeting evolving consumer demands, and potential adverse impacts from product quality or health issues - Expansion capability is constrained by multiple factors, including the ability to find suitable locations, secure sufficient funding, attract and retain management talent, and effectively manage the costs of an expanded network[226](index=226&type=chunk)[227](index=227&type=chunk) - The profitability of new hypermarkets is uncertain, influenced by market positioning, supplier negotiations, marketing effectiveness, and competitive environment, and may not reach profitability within the expected timeframe[231](index=231&type=chunk)[232](index=232&type=chunk) - Business success depends on the ability to predict and timely respond to rapidly changing customer needs and preferences[233](index=233&type=chunk) - Failure to accurately select products that meet consumer demands could significantly and adversely affect the business[233](index=233&type=chunk) [Risks Related to the Industry in China](index=65&type=section&id=%E8%88%87%E4%B8%AD%E5%9C%8B%E8%A1%8C%E6%A5%AD%E6%9C%89%E9%97%9C%E7%9A%84%E9%A2%A8%E9%9A%AA) The company faces industry and macroeconomic risks in China, including the impact of infectious diseases on consumption, macroeconomic conditions affecting consumer spending, and RMB exchange rate fluctuations and foreign exchange controls impacting dividend payments - Any outbreak of severe infectious diseases in China (such as COVID-19) could lead to a contraction in consumption and may require temporary suspension of store operations due to employee or customer infections, significantly and adversely affecting performance[235](index=235&type=chunk) - The company's performance is closely linked to China's economic conditions[237](index=237&type=chunk) - An economic slowdown or recession could lead to reduced consumer spending, thereby significantly and adversely affecting the company's business, financial condition, and prospects[237](index=237&type=chunk) - Most of the company's revenue and expenses are denominated in RMB, which is not freely convertible[238](index=238&type=chunk) - Exchange rate fluctuations and foreign exchange controls could significantly and adversely affect the company's ability to pay foreign currency dividends to shareholders[238](index=238&type=chunk) Corporate Governance Report [Corporate Governance Report](index=66&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The company maintains high corporate governance standards, complying with all code provisions, detailing its governance structure, board and committee functions, board diversity policy, and practices in risk management, internal control, and shareholder communication - The Board of Directors comprises **seven directors**, including one executive director, three non-executive directors, and three independent non-executive directors, meeting the Listing Rules' requirements for the number and professional qualifications of independent non-executive directors[249](index=249&type=chunk)[256](index=256&type=chunk) - The company has adopted a Board Diversity Policy, and as of the reporting date, there are **three female members** on the Board, with at least one female member on each of the three Board committees, achieving gender diversity targets[273](index=273&type=chunk)[276](index=276&type=chunk) - The Board has established an Audit Committee, a Remuneration Committee, and a Nomination Committee, each with clear written terms of reference and chaired by an independent non-executive director[264](index=264&type=chunk) - The company has established a **three-tier ESG governance structure**, with the Board bearing ultimate responsibility, supported by an ESG Committee and an ESG Working Group, to effectively manage ESG risks[283](index=283&type=chunk) Independent Auditor's Report [Audit Opinion](index=84&type=section&id=%E5%AF%A9%E8%A8%88%E6%84%8F%E8%A6%8B) The auditor, PricewaterhouseCoopers, issued an unqualified opinion on the consolidated financial statements for the year ended March 31, 2025, confirming they fairly reflect the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards - The auditor issued a standard **unqualified audit opinion**, indicating that the financial statements fairly present the company's financial position in all material respects[314](index=314&type=chunk) [Key Audit Matters](index=85&type=section&id=%E9%97%9C%E9%8D%B5%E5%AF%A9%E8%A8%88%E4%BA%8B%E9%A0%85) The auditor identified three key audit matters involving significant management judgment and estimates: recognition of purchase rebates and discounts, valuation of non-returnable inventories, and impairment assessment of store assets, for which detailed audit procedures were performed - Key audit matters primarily focus on areas requiring significant management estimates and judgments: - **Recognition of purchase rebates and discounts**: Due to their large volume, complex arrangements, and volume-based rebates involving estimates of future purchases - **Valuation of non-returnable inventories**: Assessing the net realizable value of inventories involves significant estimates of future sales, selling prices, and costs - **Asset impairment assessment**: Determining the recoverable amount of store assets (property, plant, and equipment) involves significant judgments regarding future cash flows and discount rates[322](index=322&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=94&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This statement presents the Group's financial performance, including profit or loss and other comprehensive income, for the reporting period [Consolidated Statement of Financial Position](index=95&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This statement details the Group's assets, liabilities, and equity as of the reporting date, providing a snapshot of its financial position [Consolidated Statement of Changes in Equity](index=97&type=section&id=%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This statement illustrates the changes in the Group's equity during the reporting period, reflecting transactions with owners and other comprehensive income [Consolidated Statement of Cash Flows](index=99&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This statement provides information on the Group's cash inflows and outflows from operating, investing, and financing activities during the reporting period Five-Year Summary [Five-Year Financial Summary](index=209&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Five-year financial data indicates a downward trend in Group revenue since its FY2021 peak, though FY2025 saw the first positive growth in operating and net profit since FY2023, reversing prior losses, while total assets and equity continued to contract - Five-Year Financial Data Summary (RMB million) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 (15 months) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 71,552 | 72,567 | 83,662 | 88,134 | 124,612 | | Operating Profit / (Loss) | 1,425 | (1,009) | 1,177 | 18 | 5,757 | | Profit / (Loss) for the Year | 386 | (1,668) | 78 | (826) | 3,771 | | Total Assets | 55,973 | 60,715 | 64,118 | 65,746 | 69,227 | | Total Liabilities | 35,545 | 38,921 | 39,921 | 40,680 | 41,373 |