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 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]

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 ...

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]

Core Viewpoint - UBS expresses optimism regarding the transformation plan of Gao Xin Retail (06808), but maintains a cautious outlook on the short-term prospects due to intense competition in the delivery platform market and the challenges of upgrading offline food retail stores [1] Group 1: Transformation Strategy - The management aims to reduce the number of SKUs and decrease store sizes while accelerating the launch of new products, which is expected to enhance the product strength of RT-Mart [1] - The goal is to increase the sales proportion of private label products from the current 3% to 10% within three years, and to reach 20% in the long term [1] Group 2: Stock Rating and Price Target - UBS maintains a target price of HKD 2.4 for the stock and rates it as "Buy" [1]

Group 1: Nestlé and Wyeth Nutrition Merger - Nestlé plans to merge its Wyeth Nutrition business with its infant nutrition business in the Greater China market, officially establishing Nestlé Nutrition by January 1, 2026 [1] - This merger aims to integrate brand, channel, and R&D advantages, aligning with Nestlé's global strategy to simplify its organization and enhance resource synergy and market responsiveness [1] - The consolidation of leading foreign brands in the infant nutrition sector is expected to intensify market competition and drive the industry towards greater scale and quality amid declining birth rates and accelerated domestic alternatives [1] Group 2: Hermès Heir Fraud Case - The heir of Hermès, Nicolas Puech, has accused his wealth manager of orchestrating a scheme that led to the loss of $15 billion in Hermès shares [2] - This case highlights trust risks and regulatory gaps in ultra-high-end wealth management, prompting leading companies in the luxury sector to strengthen shareholding lock-in and internal control mechanisms [2] - The incident serves as a warning for the stock market regarding asset allocation for high-net-worth individuals, emphasizing the need for transparency in corporate share structures and risk management in entrusted wealth management [2] Group 3: Maxigenes Counterfeit Milk Powder Incident - Maxigenes has responded to concerns regarding counterfeit "Blue Fatty" milk powder being sold through unofficial channels, asserting that their product is 100% imported from Australia [3] - The counterfeit issue poses a risk to Maxigenes' brand reputation and tests its channel management and quality control capabilities, potentially affecting investor perceptions of its market operational efficiency [3] - This incident is likely to accelerate the industry's focus on channel compliance and traceability technology, prompting leading brands to enhance their official channel strategies and anti-counterfeiting systems [3] Group 4: Leadership Change at Gao Xin Retail - Gao Xin Retail has appointed Li Weiping as the new CEO, effective December 1, 2025, following the resignation of Shen Hui due to personal reasons [4] - Li Weiping brings over 20 years of management experience in the retail industry, having previously held significant positions at Hema, including CEO [4] - This leadership change occurs during a critical period for Gao Xin Retail as it seeks to recover from losses and transition towards community-based operations, with Li's experience expected to accelerate operational upgrades and enhance investor confidence in the company's transformation [4]

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11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: | 高鑫零售有限公司 | | | 呈交日期: | 2025年12月2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 (-) | | | 0 | ...

Core Viewpoint - The appointment of Li Weiping as the new CEO of Gao Xin Retail marks a significant management change under the new controlling shareholder, Dehong Capital, indicating a new phase of strategic transformation for the company [1][4]. Management Change - Li Weiping, with over 20 years of retail experience, has signed a three-year service agreement with Gao Xin Retail, receiving an annual salary of 3.36 million yuan [2]. - Li previously worked at Hema for over seven years, where she held various leadership roles and was known for her strong execution style and regional operational experience [2][3]. Strategic Transformation - Gao Xin Retail has introduced a three-year strategy focusing on "healthy products + joyful experiences + thoughtful services," aiming to transform stores into community life centers through a multi-format approach [3][5]. - The company has faced significant financial challenges, with a net loss of 1.23 billion yuan reported for the six months ending September 30, 2025, alongside a 12.1% decrease in revenue [4][5]. Operational Adjustments - The company has initiated a front warehouse project to enhance delivery efficiency and has established front warehouses in five locations, with plans to increase online sales contribution to 40-50% over the next three years [5][6]. - Gao Xin Retail is actively promoting store renovations, with plans to complete over 200 store adjustments by the next fiscal year, focusing on product differentiation and enhancing private label offerings [6].