Financial Performance - The company's revenue for the first quarter of 2025 increased by 18.1% year-on-year to RMB 86.56 billion, compared to RMB 73.28 billion in the same period of 2024[10]. - Operating profit for the core local business segment reached RMB 13.49 billion, a 39.1% increase from RMB 9.7 billion in the previous year, with an operating margin improvement of 3.2 percentage points to 21.0%[11]. - Adjusted EBITDA for the first quarter was RMB 12.30 billion, reflecting a year-on-year growth of 52.4% from RMB 8.07 billion[6]. - The company achieved a net profit of RMB 10.06 billion, up 87.3% from RMB 5.37 billion in the same quarter last year[6]. - The adjusted net profit for the first quarter was RMB 10.95 billion, a 46.2% increase from RMB 7.49 billion in the previous year[6]. - The company reported a gross profit of RMB 32.4 billion in Q1 2025, up from RMB 25.7 billion in Q1 2024, reflecting a significant increase in profitability[21]. - Operating profit for Q1 2025 was RMB 10.6 billion, compared to RMB 5.2 billion in the same period last year, indicating strong operational performance[21]. - The net profit for Q1 2025 was RMB 10.1 billion, compared to RMB 5.4 billion in Q1 2024[39]. - Revenue for the three months ended March 31, 2025, was RMB 86,557,126 thousand, representing a 18.1% increase from RMB 73,275,884 thousand for the same period in 2024[69]. - Gross profit for the same period was RMB 32,413,689 thousand, up 26.2% from RMB 25,696,740 thousand year-over-year[69]. - Operating profit increased to RMB 10,566,110 thousand, a significant rise of 102.6% compared to RMB 5,209,392 thousand in the previous year[69]. - Net profit for the period was RMB 10,056,880 thousand, compared to RMB 5,368,979 thousand in the same quarter of 2024, marking an 87.5% increase[69]. Revenue Growth - Total revenue grew by 18.1% from RMB 73.3 billion in Q1 2024 to RMB 86.6 billion in Q1 2025, with both reporting segments showing revenue growth[22]. - The delivery service revenue grew by 22.1% year-on-year, while commission revenue increased by 20.1%[9]. - The revenue of the core local business segment increased by 17.8% from RMB 54.6 billion in Q1 2024 to RMB 64.3 billion in Q1 2025[25]. - In Q1 2025, the new business segment revenue increased by 19.2% year-on-year to RMB 22.2 billion, with operating losses narrowing by 17.5% to RMB 2.3 billion, improving the operating loss margin by 4.6 percentage points to 10.2%[18]. - Total revenue for Q1 2025 reached RMB 86.6 billion, with a significant contribution from other services and sales, which amounted to RMB 23.7 billion[24]. Expenses and Costs - Sales costs increased by 13.8% from RMB 47.6 billion in Q1 2024 to RMB 54.1 billion in Q1 2025, while the percentage of sales costs to revenue decreased from 64.9% to 62.6%[26]. - R&D expenses rose by 15.4% to RMB 5.8 billion in Q1 2025, reflecting increased investment in AI[29]. - Research and development expenses increased by 6.5% from RMB 5.42 billion in Q4 2024 to RMB 5.77 billion in Q1 2025, representing 6.7% of revenue[48]. - Sales and marketing expenses decreased by 10.1% from RMB 17.3 billion in Q4 2024 to RMB 15.55 billion in Q1 2025, accounting for 18.0% of revenue[47]. Cash Flow and Financial Position - Cash and cash equivalents, along with short-term investments, totaled RMB 115 billion and RMB 65.4 billion, respectively, as of March 31, 2025[10]. - Net cash flow from operating activities for Q1 2025 was RMB 10.1 billion, attributed to pre-tax profit adjustments and changes in working capital[65]. - Net cash flow from investing activities for Q1 2025 was RMB 34.8 billion, primarily from net inflows of financial investments[66]. - Net cash flow used in financing activities for Q1 2025 was RMB 506.5 million, mainly due to lease liability payments[67]. - The capital-to-debt ratio as of March 31, 2025, was approximately 30%, calculated as total borrowings and payables divided by total equity attributable to equity holders[68]. - Total assets as of March 31, 2025, were RMB 333,931,974 thousand, up from RMB 324,354,917 thousand at the end of 2024[70]. - Cash and cash equivalents increased to RMB 115,015,460 thousand from RMB 70,834,097 thousand, reflecting a growth of 62.5%[70]. - Total liabilities decreased to RMB 149,795,988 thousand from RMB 151,750,839 thousand, indicating a reduction of 1.3%[71]. Business Strategy and Development - The company plans to invest RMB 100 billion over the next three years to promote high-quality development in the industry[12]. - The company is committed to expanding support measures for merchants and optimizing the online operating environment to foster innovation and growth[19]. - The company aims to enhance user experience and operational efficiency through AI technology, responding to national strategies to boost consumption and expand domestic demand[19]. - The company is focused on expanding its market presence and enhancing its service offerings through new strategies and technologies[80]. - The company plans to continue developing new products and technologies to drive future growth[80]. Corporate Governance and Compliance - The company has adopted the principles and code provisions of the corporate governance code, ensuring effective internal controls and transparency[75]. - The board of directors includes executive directors Wang Xing and Mu Rongjun, and independent non-executive directors[80]. - The financial information presented is based on unaudited management accounts and includes forward-looking statements related to business outlook and financial performance forecasts[80]. - The company emphasizes that forward-looking statements are subject to various risks and uncertainties, and should not be overly relied upon by investors[80]. Market and Consumer Engagement - The company launched the "Meituan Membership" program in March 2025, covering all business categories and enhancing consumer engagement through differentiated benefits[17]. - The hotel and travel business upgraded member benefits, including room upgrades and free breakfast, enhancing brand recognition and cross-selling opportunities[16]. - The number of "Meituan Lightning Warehouses" and their order share continued to rise, particularly in lower-tier markets, supporting the growth of instant retail[14]. - The company has received positive feedback for its overseas business, particularly for the Keeta platform in Saudi Arabia, which is rapidly gaining popularity[18]. Impairment and Other Financial Metrics - The company reported a decrease in impairment losses on financial and contract assets from RMB 1.75 billion in Q1 2024 to RMB 1.22 billion in Q1 2025[31]. - The company’s other income remained stable at RMB 1.4 billion in Q1 2025[33]. - Other income turned from a loss of RMB 933.3 million in Q4 2024 to a gain of RMB 1.42 billion in Q1 2025, mainly due to fluctuations in unrealized foreign exchange gains/losses[52]. - The fair value change of other financial investments increased from RMB 12.8 million in Q4 2024 to RMB 804.8 million in Q1 2025, reflecting fluctuations in the investment portfolio[51]. - The profit attributable to equity method investments decreased from RMB 316.5 million in Q4 2024 to RMB 18.5 million in Q1 2025 due to fluctuations in the financial performance of investees[56]. - Income tax expenses decreased from RMB 674.2 million in Q4 2024 to RMB 543.9 million in Q1 2025, primarily based on forecasts of taxable income for several entities[57].

Financial Performance - Total revenue for the year ended March 31, 2025, was 126,076 million JPY, a decrease of 3.3% compared to the previous year[4]. - Profit before tax was 6,067 million JPY, an increase of 11.6% compared to the previous year[4]. - Net profit attributable to owners for the period was 4,009 million JPY, an increase of 18.5% compared to the previous year[4]. - Basic earnings per share were 5.8 JPY[4]. - Total revenue for the fiscal year ending March 31, 2025, was 126,076 million JPY (approximately 6,560 million HKD), representing a 96.7% increase from the previous year[28]. - Consolidated operating profit for the same period was 10,972 million JPY (approximately 570 million HKD), reflecting a 122.1% increase year-over-year[28]. - Consolidated net profit reached 4,019 million JPY (approximately 208 million HKD), marking an increase of 118.7% compared to the previous fiscal year[28]. - Total revenue for the fiscal year ending March 31, 2025, is projected to be ¥126,076 million, compared to ¥130,363 million for the previous year[53]. - Net profit for the fiscal year ending March 31, 2025, is expected to be ¥4,019 million, up from ¥3,385 million in the previous year, indicating a growth of approximately 18.7%[54]. - Basic earnings per share for the fiscal year ending March 31, 2025, is projected at ¥5.8, compared to ¥4.8 for the previous year, reflecting a 20.8% increase[53]. Gaming Operations - The company operated 427 gaming halls as of March 31, 2025, down from 433 gaming halls the previous year[4]. - The company aims to standardize gaming hall types to control initial operating costs and focus on densely populated areas for new openings[13][14]. - The strategy includes acquiring other gaming hall operators to expand the network under the group[17]. - The company plans to develop new standard gaming halls in small commercial areas with populations between 30,000 and 50,000[14]. - The company emphasizes low-cost operations and multi-hall development to achieve economies of scale in purchasing gaming machines and prizes[11]. - Total betting amount decreased by 1.7% to 552,641 million JPY (approximately 28,754 million HKD) from 562,029 million JPY (approximately 29,060 million HKD) in the previous year[33]. - High-stakes gaming venues saw a slight decrease in total betting amount by 0.2% to 293,460 million JPY (approximately 15,269 million HKD) from 294,033 million JPY (approximately 15,203 million HKD)[34]. - Low-stakes gaming venues experienced a 3.3% decline in total betting amount, dropping to 259,181 million JPY (approximately 13,485 million HKD) from 267,996 million JPY (approximately 13,857 million HKD)[34]. - The company plans to renovate and reduce the number of traditional gaming machines by 115 while increasing the number of slot machines to enhance competitiveness[31]. - The introduction of new popular games, including smart slot machines launched in November 2022, continues to receive customer support, leading to an increase in installation rates[30]. Aircraft Leasing Business - The company acquired a total of 10 owned aircraft, 8 managed aircraft, and 2 ordered aircraft as of March 31, 2025[24]. - The total operating assets of owned aircraft amount to ¥77,232 million, with an average aircraft age of 2.9 years and an average remaining lease term of 5.2 years[24]. - The operating lease yield for owned aircraft is 8.8%, maintaining a high-quality asset portfolio[24][26]. - The company is focused on sustainable growth through its aircraft leasing business, capitalizing on the strong demand for air travel post-COVID-19[22]. - Aircraft leasing business revenue increased by ¥1,224 million (approximately HK$64 million) or 20.8% to ¥7,107 million (approximately HK$370 million) for the fiscal year ending March 31, 2025[43]. - Aircraft leasing expenses increased by ¥941 million (approximately HK$49 million) or 29.0% to ¥4,191 million (approximately HK$218 million) for the fiscal year ending March 31, 2025[45]. Financial Position - Total assets as of March 31, 2025, amounted to ¥366,045 million, an increase from ¥349,386 million in the previous year[55]. - Current assets were reported at ¥60,978 million, up from ¥48,042 million year-over-year[55]. - Total liabilities decreased to ¥305,734 million from ¥297,425 million, indicating a reduction in financial obligations[56]. - The net asset value remained stable at ¥131,336 million compared to ¥131,488 million in the previous year[56]. - The company reported a decrease in cash and cash equivalents to ¥50,109 million from ¥36,024 million, reflecting a significant increase in liquidity[55]. - The company’s non-current assets totaled ¥305,067 million, slightly up from ¥301,344 million[55]. - The company’s total equity attributable to shareholders was ¥131,323 million, a slight decrease from ¥131,485 million[56]. - The company’s current liabilities increased to ¥60,311 million from ¥51,961 million, indicating a rise in short-term financial obligations[56]. - The company’s long-term debt increased to ¥21,083 million from ¥18,425 million, reflecting a strategy to leverage for growth[56]. - The company’s retained earnings were reported at ¥107,343 million, up from ¥106,816 million, indicating a positive trend in profitability[56]. Market Outlook and Strategy - The outlook for the Japanese economy indicates a moderate recovery, although global political instability and inflation may impact future performance[29]. - The company plans to adopt a group tax allocation system starting from the fiscal year ending March 31, 2026, which may impact future tax expenses[80]. - The company has indicated plans for market expansion and new product development, although specific details were not disclosed in the conference call[53]. - The company plans to expand its market presence in Japan and Ireland, focusing on operational growth in these regions[76]. - Future guidance indicates a focus on increasing revenue streams and improving operational efficiency[76]. Corporate Governance - The company adheres to corporate governance principles aimed at enhancing shareholder value through prudent management practices[90]. - The board believes that the company has applied the principles and complied with all applicable governance rules during the reporting period, with some exceptions noted[91]. - The audit committee consists of three independent non-executive directors, responsible for reviewing financial statements and overseeing financial reporting procedures[94]. - The company has established an audit committee in accordance with listing rules to ensure proper governance and oversight[94]. - The board consists of a majority of independent non-executive directors, ensuring a balance of power and authority[92]. - The company has adopted standard rules to prevent insider trading, ensuring compliance by all directors during the reporting period[93]. Miscellaneous - The company has not engaged in any aircraft acquisitions, sales, or disposals during the reporting period[24]. - The company has not recognized or disclosed deferred tax assets and liabilities related to the GloBE rules as per the new international accounting standards[62]. - There are no significant post-reporting date events to disclose[88]. - The company operates under a tax regime that applies global minimum tax rules in certain European and Asian countries, with expected minimal impact[82]. - The company is a wholly-owned subsidiary of Yume Corporation, which is registered in Japan[100].

Financial Performance - For the three months ended March 31, 2025, total revenue was RMB 2,254.6 million, a decrease of 15.4% compared to RMB 2,666.5 million for the same period in 2024[5] - Same-store sales declined by 19.2% year-over-year for the three months ended March 31, 2025[5] - Operating profit for the same period was RMB 122.9 million, down 14.6% from RMB 143.9 million in the previous year[5] - Profit attributable to owners of the company was RMB 3.4 million, significantly lower than RMB 19.1 million for the same period in 2024[5] - The total operating revenue decreased from RMB 1,052.8 million for the three months ended March 31, 2024, to RMB 996.4 million for the three months ended March 31, 2025, a reduction of RMB 56.4 million or 5.4%[13] - Revenue from customer contracts, which includes self-operated sales, commission from franchised counters, and consulting and management service fees, accounted for 67.0% of total operating revenue, down 11.8% year-on-year[13] - Operating profit for the three months ended March 31, 2025, was RMB 122.9 million, a decrease of RMB 21.0 million or 14.6% from RMB 143.9 million for the same period in 2024[15] - Profit attributable to the owners of the company was RMB 3.4 million for the three months ended March 31, 2025, compared to RMB 19.1 million for the same period in 2024[16] Cash Flow and Assets - The group reported a net cash flow from operating activities of RMB 66.986 million for the three months ended March 31, 2025[9] - Total assets as of March 31, 2025, were RMB 8,414.1 million, compared to RMB 8,500.3 million as of December 31, 2024[7] - Non-current assets amounted to RMB 8,414.1 million, with property, plant, and equipment valued at RMB 2,619.3 million[7] - The group’s cash and cash equivalents at the end of the period were RMB 1,450.6 million, down from RMB 1,530.5 million at the beginning of the period[9] - The group’s total equity was RMB 3,090.8 million as of March 31, 2025, slightly up from RMB 3,087.1 million at the end of 2024[8] Operating Expenses and Sales Decline - Total operating expenses, excluding procurement of goods and changes in inventory, increased from RMB 427.7 million to RMB 434.5 million, an increase of RMB 6.9 million or 1.6%[14] - Same-store operating expenses, excluding procurement of goods and changes in inventory, decreased by 4.6%[14] - The decline in sales was attributed to increased external uncertainties, weak revenue growth expectations, and cautious consumer spending behavior[10] Store Operations - The company operates 43 Parkson stores across 27 cities in China and Laos, including department stores, shopping plazas, city outlets, "Parkson Beauty" concept stores, and supermarkets[16]

Financial Performance - For the six months ended March 31, 2025, the group's unaudited revenue was approximately HKD 8.6 million, a decrease of about 42.3% compared to the same period in 2024[11] - The group's unaudited gross profit for the same period was approximately HKD 1.3 million, down approximately 83.1% year-on-year[11] - The group recorded an unaudited net loss of approximately HKD 7.7 million for the six months ended March 31, 2025, compared to a net loss of approximately HKD 3.6 million for the same period in 2024[11] - Basic loss per share for the six months ended March 31, 2025, was HKD 0.77, compared to HKD 0.36 for the same period in 2024[11] - Revenue from financial printing services decreased to HKD 8,552,000 for the six months ended March 31, 2025, down 42.5% from HKD 14,892,000 in 2024[21] - The company reported a loss attributable to owners of the company of HKD 7,669,000 for the six months ended March 31, 2025, compared to a loss of HKD 3,556,000 in 2024[27] - Basic and diluted loss per share was HKD 0.77 for the six months ended March 31, 2025, compared to HKD 0.36 in 2024[27] - Other income decreased from HKD 1.6 million for the six months ended March 31, 2024, to HKD 1.2 million for the same period in 2025[40] Dividends and Shareholder Information - The board of directors decided not to declare any dividend for the six months ended March 31, 2025, consistent with the previous year[11] - The company did not declare any dividends for the six months ended March 31, 2025, consistent with the previous period[26] - The major shareholder, Baoting Management Limited, holds 557,800,000 shares, representing 55.8% of the company's equity[60] Assets and Liabilities - As of March 31, 2025, total assets less current liabilities amounted to HKD 53.251 million, compared to HKD 51.187 million as of September 30, 2024[14] - The total equity of the group as of March 31, 2025, was HKD 42.490 million, down from HKD 50.159 million as of September 30, 2024[14] - The group reported a decrease in trade receivables to HKD 4.901 million as of March 31, 2025, from HKD 8.163 million as of September 30, 2024[14] - Trade receivables totaled HKD 12.027 million as of March 31, 2025, down from HKD 15.289 million as of September 30, 2024, with a provision for credit losses of HKD 7.126 million[32] - The company's cash and bank balances, along with time deposits, were approximately HKD 47.3 million as of March 31, 2025, compared to HKD 60.2 million as of September 30, 2024[46] - The current ratio as of March 31, 2025, was 2.7 times, down from 3.5 times as of September 30, 2024[47] Cash Flow and Expenses - The company reported a net cash outflow from operating activities of HKD 9,402,000 for the six months ended March 31, 2025, compared to a net cash inflow of HKD 4,233,000 for the same period in 2024[16] - Cash inflow from investing activities was HKD 31,525,000 for the six months ended March 31, 2025, up from HKD 21,198,000 in 2024, primarily due to increased withdrawals from fixed deposits[16] - The company experienced a net cash outflow from financing activities of HKD 3,428,000 for the six months ended March 31, 2025, compared to HKD 4,666,000 in 2024[16] - Total cash and cash equivalents increased to HKD 47,259,000 as of March 31, 2025, from HKD 32,327,000 at the end of the previous period[16] - The company's administrative expenses for the six months ended March 31, 2025, were HKD 8.787 million, a decrease from HKD 11.136 million in the same period of 2024[13] - Employee benefits expenses totaled HKD 10,359,000 for the six months ended March 31, 2025, slightly down from HKD 10,767,000 in 2024[25] - The total cash outflow related to leases was approximately HKD 3,428,000 for the six months ended March 31, 2025, compared to HKD 4,666,000 in 2024[29] Capital Expenditures and Investments - Capital expenditure for the six months ended March 31, 2025, was approximately HKD 156,000[48] - The company acquired a 34% stake in Richwood International Holding Limited for approximately HKD 1,066,000 on March 7, 2025[31] - The group did not engage in any significant acquisitions or disposals of subsidiaries or joint ventures during the six months ending March 31, 2025, except for the acquisition of an associate[53] - The group had no significant investments or capital assets as of March 31, 2025[54] - The group had no mortgaged assets as of March 31, 2025[55] Employment and Corporate Governance - The total number of full-time employees decreased to 48 as of March 31, 2025, down from 51 on March 31, 2024[56] - The audit committee reviewed the unaudited consolidated results for the six months ending March 31, 2025, and confirmed compliance with applicable accounting standards[67] - The group had no significant events requiring disclosure after March 31, 2025, up to the report date[58]

Share Incentive Plan - A total of 3,539,589 shares were vested to five highest-paid employees and other employees under the share incentive plan adopted on May 31, 2022[3] - The weighted average closing price per share before the vesting date was HKD 5.00[3]

Financial Performance - The Group's revenue for the Relevant Period was $6.8 million, representing a slight decrease of $0.2 million or 3.3% compared to $7.1 million in the Previous Period[18]. - The Group's profit for the Relevant Period was $173,000, down from a profit of $506,000 in the Previous Period[19]. - Gross profit for the Relevant Period was $2.3 million, compared to $2.5 million in the Previous Period[20]. - Profit before taxation was $267,000, down from $596,000 in the Previous Period[20]. - Earnings per share for the Relevant Period were 0.02 cents, compared to 0.06 cents in the Previous Period[20]. - Total revenue for 2025H1 was $6,837,000, a decrease of 3.25% from $7,067,000 in 2024H1[39]. - Segment profit for tissue products was $2,048,000, down 5.52% from $2,168,000 in 2024H1[39]. - Revenue from external customers for hygiene-related products was $382,000, a decline of 14.36% from $446,000 in 2024H1[39]. - The Group's consolidated profit before taxation for 2025H1 was $267,000, a decrease of 55.32% compared to $596,000 in 2024H1[42]. - Basic earnings per share for 2025H1 was 0.02 cents, down from 0.06 cents in 2024H1[48]. - Net profit attributable to shareholders for the period was $173,000, down from $506,000 in the same period last year[83]. - Sales of hygiene-related products decreased by $64,000, representing a decrease of 14.3%[84]. Expenses and Costs - Selling and distribution expenses increased to $1.046 million from $0.914 million in the Previous Period[20]. - Administrative expenses remained relatively stable at $1.033 million compared to $1.021 million in the Previous Period[20]. - The Group's cost of sales for the Relevant Period was $4.5 million, slightly down from $4.6 million in the Previous Period[20]. - Total unallocated expenses increased to $2,079,000 in 2025H1 from $1,935,000 in 2024H1[42]. - The cost of inventories for 2025H1 was $3,905,000, a decrease from $4,152,000 in 2024H1[43]. - Selling and distribution expenses increased from $0.9 million to $1.0 million, an increase of 14.4% due to inflation and changes in the sales commission structure[75]. Assets and Liabilities - Total assets decreased slightly to $21,695,000 as of March 31, 2025, from $21,785,000 on September 30, 2024, representing a decline of approximately 0.4%[21]. - Total liabilities decreased to $3,331,000 as of March 31, 2025, down from $3,594,000, representing a reduction of about 7.3%[21]. - Trade and other receivables increased to $2,381,000 as of March 31, 2025, up from $2,273,000, indicating a rise of about 4.8%[21]. - Trade receivables as of March 31, 2025, were $2,187,000, slightly up from $2,183,000 as of September 30, 2024[52]. - Trade payables as of March 31, 2025, were $457,000, down from $546,000 as of September 30, 2024[63]. - Cash and cash equivalents at the end of the period rose to $3,682,000, compared to $2,868,000 at the end of the first half of 2024, marking an increase of approximately 28.4%[23]. - The Group had cash and bank balances of $3.7 million as of March 31, 2025, up from $3.5 million as of September 30, 2024[87]. Shareholder Information - The Board has resolved not to declare the payment of dividend for the Relevant Period[18]. - The Group has not declared any dividends for 2025H1, consistent with 2024H1[49]. - Mr. Chua Liang Sie holds a long position of 552,000,000 shares, representing 69% of the total issued shares[116]. - Mr. Chua Liang Chui also holds a long position of 552,000,000 shares, representing 69% of the total issued shares[116]. - YJH Group Limited is approximately 82.76% owned by Mr. Chua Liang Sie and 17.24% by Mr. Chua Liang Chui[117]. - The company’s retained earnings increased to $4,318,000 as of March 31, 2025, compared to $3,916,000, reflecting a growth of approximately 10.3%[22]. Corporate Governance and Compliance - The unaudited financial statements are prepared in accordance with International Accounting Standard 34, ensuring compliance with applicable regulations[29]. - The Company has adopted the Required Standard of Dealings, and all Directors confirmed compliance during the Relevant Period[129]. - The Audit Committee consists of three independent non-executive Directors, who have reviewed the unaudited condensed consolidated financial statements for the Relevant Period[140]. - The Company has adopted and complied with the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and Chief Executive Officer being held by the same individual[139]. - The company maintains compliance with the GEM Listing Rules regarding the disclosure of interests and positions[120]. Future Outlook and Strategy - The company is optimistic about industry growth in Singapore, emphasizing the necessity of tissue products[67][68]. - The company aims to achieve sustainable growth and greater returns for shareholders through continuous evaluation of development opportunities[68]. - Future outlook indicates a projected revenue growth of 15% for FY2025 compared to FY2024[149]. - The company plans to invest in new technology for tissue production, aiming to increase efficiency by 20%[150]. - The company is exploring potential acquisitions to strengthen its supply chain and distribution network[150]. - New product lines are expected to launch in Q3 2024, targeting both domestic and international markets[149]. - Ongoing research and development efforts are focused on sustainable materials, with a target of 30% recycled content in products by 2025[149]. - The company aims to enhance shareholder value through strategic initiatives and operational improvements[150].

Equity Incentive Plan - The total number of shares available for issuance under the equity incentive plan is 67,196,300 shares, which is approximately 0.54% of the company's issued shares as of the report date, totaling 12,370,150,983 shares[3] - The equity incentive plan's authorized limit is 111,711,100 shares, from which 44,514,800 stock options have been granted but are considered expired or used[3] Corporate Governance - The chairman of the company is He Xi, and the board includes both executive and non-executive directors[6] - The announcement was made on May 23, 2025, indicating ongoing corporate governance and compliance[6] - The company does not accept responsibility for the accuracy or completeness of the announcement's content[1] Reporting and Future Outlook - The company will publish its annual report for the year ending December 31, 2024, on April 24, 2025[2] - The announcement does not disclose any additional information beyond what is stated in the annual report[4] - There are no new product developments or market expansion strategies mentioned in the announcement[4] - The company has not provided any future outlook or performance guidance in this announcement[4] Company Information - The company is registered in Hong Kong and operates under the stock code 2380[2]

| | 附註 | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | | 千港元 | 千港元 | | 收益 | 4 | 2,049,385 | 1,699,491 | | 銷售成本 | | (1,968,126) | (1,631,819) | | 毛利 | | 81,259 | 67,672 | | 其他收入 | | 13,377 | 12,075 | | 分銷及銷售開支 | | (25,034) | (23,294) | | 行政開支 | | (92,059) | (86,383) | | 其他虧損淨額 | | (12,624) | (18,133) | | 經營虧損 | | (35,081) | (48,063) | | 融資收入 | | 2,355 | 2,664 | | 融資成本 | | (1,442) | (407) | | 融資收入淨額 | 5(a) | 913 | 2,257 | 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文件的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件 全部或任何部份內容而產生或因倚賴該等內 ...

Financial Performance - Revenue for the first quarter of 2025 increased by 13.2% year-on-year to RMB 4,377.4 million, compared to RMB 3,866.3 million in the first quarter of 2024[3] - Adjusted EBITDA for the first quarter of 2025 rose by 41.3% year-on-year to RMB 1,159.4 million, with an adjusted EBITDA margin increasing from 21.2% to 26.5%[3] - Adjusted net profit for the first quarter of 2025 increased by 41.1% year-on-year to RMB 788.2 million, with an adjusted net profit margin improving from 14.4% to 18.0%[3] - Total revenue increased by 13.2% from RMB 3,866.3 million in Q1 2024 to RMB 4,377.4 million in Q1 2025[22] - Revenue from the core online travel platform rose by 18.4% to RMB 3,792.4 million, driven by a 23.3% increase in accommodation booking services and a 15.2% increase in transportation ticketing services[23] - Gross profit increased to RMB 3,012.5 million, up from RMB 2,514.8 million, reflecting a gross margin improvement[22] - Operating profit surged to RMB 817.3 million, compared to RMB 455.0 million in the previous year[22] - The company recorded a net profit of RMB 678.5 million in Q1 2025, compared to RMB 400.3 million in Q1 2024[44] - The net profit for the three months ended March 31, 2025, was RMB 678,501,000, a significant increase of 69.5% compared to RMB 400,256,000 for the same period in 2024[46] - Total comprehensive income for the period amounted to RMB 671,205,000, up from RMB 399,626,000, reflecting a growth of 67.9% year-over-year[46] User Growth and Engagement - Average monthly paying users grew by 9.2% year-on-year to 46.5 million in the first quarter of 2025, up from 42.6 million in the first quarter of 2024[6] - Annual paying users reached a record high of 247.3 million, representing a year-on-year increase of 7.8%[8] - Cumulative service users for the twelve months ended March 31, 2025, increased by 7.3% year-on-year to 1,959.5 million[6] - Over 87% of registered users reside in non-first-tier cities in China, with more than 68% of new paying users from these areas[8] - The company has strengthened its operational efficiency and user engagement through effective user acquisition strategies and interactive marketing[9] - The self-owned app has shown significant growth in daily active users, supported by continuous product optimization and creative content on social media platforms[9] Revenue Breakdown - In Q1 2025, transportation ticketing service revenue increased by 15.2% year-over-year to RMB 2,002.2 million, driven by enhanced value-added products and improved marketing ROI[11] - Accommodation business revenue grew by 23.3% year-over-year to RMB 1,189.6 million, with international hotel room nights increasing by over 50%[12] - Other business revenue rose by 20.0% year-over-year to RMB 602.6 million, supported by strong performance in hotel management and PMS[13] - Vacation segment revenue decreased by 11.8% to RMB 585.0 million, primarily due to reduced outbound travel income from Southeast Asia[24] Strategic Initiatives - The company announced the acquisition of 100% equity in Wanda Hotel Management, which is expected to enhance its brand matrix and profitability in the high-end hotel sector[13] - The company upgraded its self-developed travel industry model and launched the AI assistant DeepTrip, which integrates booking services for a seamless user experience[15] - The company aims to enhance user value by enriching product offerings and improving user experience while expanding its outbound tourism business[18] - The hotel management business is set to continue its growth, with over 2,500 hotels currently operating and more than 1,400 in preparation[13] Market Outlook - The company continues to capture market opportunities, driven by diverse travel demands and experiential tourism trends in China[7] - The outlook for the Chinese tourism market remains optimistic, with government support and a steady recovery in international flight capacity[17] Financial Position - Non-current assets totaled RMB 19,351,722,000 as of March 31, 2025, slightly down from RMB 19,536,635,000 at the end of December 2024[47] - Current assets increased to RMB 18,972,316,000 from RMB 18,240,561,000, indicating a growth of 4.0%[47] - The total assets reached RMB 38,324,038,000, compared to RMB 37,777,196,000, representing a 1.5% increase[48] - Total liabilities stood at RMB 16,949,790,000, slightly up from RMB 16,814,889,000, reflecting a 0.8% increase[48] - The equity attributable to the company's shareholders increased to RMB 20,403,671,000 from RMB 20,001,471,000, marking a growth of 2.0%[48] Governance and Compliance - The company has adhered to the corporate governance code throughout the reporting period, ensuring compliance with relevant standards[51] - The board of directors consists of executive directors and independent non-executive directors, including co-chairmen Wu Zhixiang and Liang Jianzhang[58][59] - Tencent Holdings Limited is listed on the Hong Kong Stock Exchange with stock code 700, established under Cayman Islands law[59] Expenses and Income - Selling and marketing expenses rose by 6.2% to RMB 1,453.5 million, accounting for 33.0% of total revenue[28] - Administrative expenses increased by 15.9% to RMB 307.4 million, representing 5.8% of total revenue[29] - Financial asset impairment losses recorded a net amount of RMB 8.8 million, compared to a reversal of RMB 6.4 million in the previous year[30] - Other income increased by 24.8% to RMB 17.9 million, mainly due to higher government subsidies received[32] - Other income net amount increased from RMB 0.6 million in Q1 2024 to RMB 31.0 million in Q1 2025, primarily due to foreign exchange gains in Q1 2025[33] - Income tax expense rose significantly from RMB 52.1 million in Q1 2024 to RMB 126.6 million in Q1 2025, attributed to an increase in taxable profits[34]

Revenue Growth - Revenue increased by 18.9% year-on-year to RMB 4,427.0 million (USD 610.1 million) for the quarter ended March 31, 2025[9]. - Revenue for the quarter reached RMB 4,427.0 million (USD 610.1 million), marking an 18.9% year-over-year increase, primarily driven by a 16.5% increase in average store count[16]. - Revenue from the Miniso brand reached RMB 3,506,657 thousand in 2024, representing a year-on-year growth of 16.5%[49]. Profitability - Gross profit increased by 21.1% year-on-year to RMB 1,958.0 million (USD 269.8 million), with a gross margin of 44.2%, up from 43.4% in the same period last year[9]. - Adjusted EBITDA rose by 7.5% year-on-year to RMB 1,037.3 million (USD 142.9 million), with an adjusted EBITDA margin of 23.4%[11]. - Adjusted net profit was RMB 587.2 million (USD 80.9 million), compared to RMB 616.9 million in the same period last year, with an adjusted net profit margin of 13.3%[9]. - Operating profit was RMB 709.8 million (USD 97.8 million), slightly down from RMB 743.3 million in the previous year[20]. - Adjusted net profit margin decreased to 13.3% from 16.6% year-over-year[22]. Store Expansion - Total number of stores reached 7,768 as of March 31, 2025, with a net addition of 978 stores year-on-year[11]. - The number of MINISO stores in mainland China was 4,275, with a net addition of 241 stores year-on-year[11]. - The number of overseas MINISO stores reached 3,213, with a net addition of 617 stores year-on-year[11]. - TOP TOY store count reached 280, with a net addition of 120 stores year-on-year, and began expanding into overseas markets starting from the December 2024 quarter[11]. - The total number of stores increased to 6,790 as of March 31, 2024, from 5,812 a year earlier, representing a growth of 16.5%[13]. Cash Position - Cash position as of March 31, 2025, was RMB 7,255.3 million (USD 999.8 million), up from RMB 6,698.1 million as of December 31, 2024[11]. - Cash and cash equivalents stood at RMB 7,255.3 million (USD 999.8 million) as of March 31, 2025, compared to RMB 6,698.1 million at the end of 2024[24]. - Cash and cash equivalents are expected to rise from RMB 6,328,121 in 2024 to RMB 6,839,406 in 2025, showing a growth of about 8%[37]. Future Projections - Revenue for 2024 is projected to be RMB 3,723,531, increasing to RMB 4,427,044 in 2025, representing a growth of approximately 19%[42]. - Gross profit for 2024 is RMB 1,616,458, with an increase to RMB 1,958,037 in 2025, indicating a gross margin improvement[42]. - Operating profit for 2024 is RMB 743,285, expected to decrease to RMB 709,787 in 2025, reflecting a decline of about 4.5%[42]. - The company anticipates a decrease in net profit from RMB 585,954 in 2024 to RMB 416,459 in 2025, a decline of approximately 29%[42]. - Basic earnings per share are expected to decrease from 0.47 in 2024 to 0.34 in 2025, a decline of approximately 28%[43]. Inventory and Liabilities - The company reported a significant increase in inventory from RMB 2,750,389 in 2024 to RMB 2,833,354 in 2025, reflecting a growth of about 3%[37]. - The total liabilities are projected to increase from RMB 7,764,606 in 2024 to RMB 15,507,801 in 2025, indicating a growth of about 99%[41]. Company Strategy and Operations - The company has established a significant global retail presence since opening its first store in China in 2013, now operating a vast network of stores worldwide[29]. - The company emphasizes high-quality, aesthetically pleasing, and cost-effective products as core attributes of its offerings[29]. - The company plans to continue expanding its product offerings and enhancing its IP design capabilities to attract a broader consumer base[29]. - The company aims to provide a pleasant shopping experience that appeals to all demographics through its diverse product range[29]. - The management team will discuss financial performance during the earnings call scheduled for May 23, 2025[26]. Financial Metrics and Definitions - The adjusted net profit is defined as excluding certain non-cash and other adjustments, providing a clearer view of operational performance[31]. - The adjusted EBITDA is calculated by adding back depreciation, amortization, and financial costs to the adjusted net profit, allowing for a more comprehensive assessment of profitability[31]. - The adjusted net profit margin is calculated based on the adjusted net profit divided by revenue, providing insight into profitability relative to sales[31]. - The company encourages investors to review its financial data comprehensively rather than relying solely on individual financial metrics[33].