Financial Performance - Revenue decreased by 4.2% to RMB617.8 million compared to RMB644.6 million in 2024[7] - Loss attributable to owners of the Company amounted to RMB3.7 million, a significant decline from a profit of RMB41.7 million in 2024[7] - Whole store sales proceeds slightly decreased by 0.4% to RMB2,745.2 million, primarily due to a 13.5% drop in sales at Suzhou Jiuguang[21] - Gross profit fell by 9.5% to RMB327.8 million, with gross profit margin decreasing by 3.1 percentage points to approximately 53.1%[22] - Adjusted EBITDA decreased by 11.0% to RMB175.4 million from RMB197.1 million in the first half of 2024, primarily due to declines in sales and gross profit[40][41]. - For the six months ended June 30, 2025, profit before taxation decreased by 28.7% to RMB 117.0 million from RMB 164.2 million in the same period of 2024[43] - Profit for the period was RMB 72,076,000, representing a decline of 44.9% compared to RMB 130,916,000 in the prior year[137] - Total comprehensive income for the period was RMB 72,035,000, down from RMB 130,919,000 in the same period last year[137] Cost Management - Selling and distribution costs decreased by 7.2% to RMB268.6 million, representing 19.2% of total sales proceeds, down from 20.0% in the same period of 2024[28][34]. - General administrative expenses increased by 8.4% year-on-year to RMB128.9 million, primarily due to a one-off compensation payment of RMB9.6 million[29][35]. - Staff costs, excluding directors' remuneration, decreased by 7.5% to RMB98.7 million, with total full-time staff reduced to 1,056 from 1,104[30][36]. - Other income, gains, and losses decreased by 12.7% to RMB88.6 million, primarily due to an exchange loss of approximately RMB12.3 million[31][37]. - Total finance costs decreased by 12.0% to RMB82.2 million, with bank loan interest falling to RMB48.6 million due to a reduction in the Loan Prime Rate[33][39]. Market and Economic Context - China's GDP expanded by approximately 5.3% year on year in the first half of 2025, indicating resilience in the economy[15]. - Total retail sales of consumer goods in China reached RMB24.55 trillion in the first half of 2025, a year-on-year increase of approximately 5%[16]. - The Chinese government is maintaining a moderately accommodative monetary policy to stimulate consumption and investment growth amid economic challenges[78]. - The retail landscape is shifting towards rational consumption trends and service-oriented spending, prompting the Group to innovate and enhance customer experiences[79]. Strategic Initiatives - The Group is enhancing its membership system and accelerating digital transformation to adapt to changing consumer preferences[17]. - The Group executed innovative marketing campaigns and upgraded the shopping environment to attract more customers[20]. - The Group's strategy includes enriching merchandise categories and optimizing tenant mix to enhance consumer shopping satisfaction and address evolving market needs[54]. - The Group aims to leverage data-driven and AI technologies to deepen personalized marketing and achieve seamless omnichannel integration[84]. - The Group is committed to promoting green consumption and sustainability, collaborating with the government for initiatives like "zero-waste shopping malls"[85]. Operational Insights - Average concessionaire rate decreased to 18.8% from 19.3% in the first half of 2024 due to higher discounts offered to customers[22]. - The Group launched the Jiuguang AI Smart Service feature to enhance online member interactions and incentivize physical store visits[55]. - Shanghai Jiuguang Center's total store sales increased by approximately 8.6% to RMB 911.2 million, while total revenue decreased by about 2.0% year-on-year to RMB 160.7 million due to higher sales discounts and reduced rental income[60][65]. - Average daily footfall at Shanghai Jiuguang Center declined by 1.3% to approximately 33,500 visitors, while the average ticket size decreased from RMB 181 to RMB 175, despite a 10.6 percentage point increase in the stay-and-buy ratio to 85.9%[60][65]. Investment and Financing - As of June 30, 2025, the Group's net debt increased by 28.7% to approximately RMB 253.3 million from RMB 196.8 million as of December 31, 2024[45]. - Cash and bank balances, bank deposits, and structured bank deposits amounted to approximately RMB 2,945.4 million, slightly down from RMB 2,953.3 million at the end of 2024[44]. - The Group has pledged assets in China with a carrying amount of approximately RMB 3,445 million for securing a bank loan facility of RMB 3,300 million[47]. - The Group is focused on increasing rental income from the leasing of JGC's twin office towers to generate steady cash flow[93]. Shareholder Information - No interim dividend has been declared by the Board[7]. - As of June 30, 2025, Mr. Lau Luen Hung, Thomas holds 252,051,460 shares, representing 17.21% of the issued shares, and has interests in 844,988,832 shares through controlled corporations[102]. - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the previous year[113]. Legal and Compliance - The Company complied with the Corporate Governance Code during the six months ended June 30, 2025, except for the roles of Chairman and Chief Executive Officer not being segregated[115]. - Legal actions have been initiated by Beiren Group to recover outstanding trade receivables from debtors, which have defaulted since 2019[192]. - The likelihood of recoverability of Trade Receivables is considered extremely low by external legal counsel[200].

DESUN REAL ESTATE INVESTMENT SERVICES GROUP CO., LTD. 德商產投服務集團有限公 司 股份代號 : 2270 ( 於開曼群島註冊成立的有限公司 ) 中期報告 2025 目 錄 2 釋義 4 公司資料 6 主席報告 9 管理層討論及分析 20 企業管治及其他資料 27 中期簡明綜合財務報表審閱報告 28 中期簡明綜合損益及其他全面收益表 29 中期簡明綜合財務狀況表 31 中期簡明綜合權益變動表 32 中期簡明綜合現金流量表 33 中期簡明綜合財務報表附註 釋義 2025中期報告 2 「審核委員會」 指 董事會審核委員會 「董事會」 指 本公司董事會 「英屬處女群島」 指 英屬處女群島 「行政總裁」 指 本公司行政總裁 「企業管治守則」 指 上市規則附錄C1所載《企業管治守則》 「中國」 指 中華人民共和國，就本報告及僅供地域參考而言，除非文義另有所指，本報 告中「中國」不包括香港、中華人民共和國澳門特別行政區及台灣地區 「本公司」或「德商產投」 指 德商產投服務集團有限公司（前稱為Desun Real Estate Investment Services Li ...

中期報告 2025 Interim Report INTERIM REPORT 2025 中期報告 | 目錄 | | --- | | 目錄 | 1 | | --- | --- | | 公司簡介 | 2 | | 公司資料 | 4 | | 財務摘要 | 5 | | 公司架構 | 6 | | 滌綸長絲及聚酯薄膜之生產過程 | 7 | | 生產廠區 | 8 | | 管理層討論及分析 | 10 | | 未經審核簡明綜合收益表 | 33 | | 未經審核簡明綜合全面收益表 | 34 | | 未經審核簡明綜合財務狀況表 | 35 | | 未經審核簡明綜合權益變動表 | 37 | | 未經審核簡明綜合現金流量表 | 38 | | 未經審核簡明綜合財務報表附註 | 39 | | 一般資料 | 62 | | 企業管治 | 66 | 公司簡介 使命 成為全球消費品原料優質 供應商致力於為人民提供 健康綠色產品 百宏實業控股有限公司（「本公司」或「百宏」）及其附屬公司（統稱「本集團」）為中華人民共和國（「中國」） 最大滌綸長絲開發商及生產商之一。本集團滌綸長絲產品位於國內外中高端市場，主要產品為拉伸變形 絲、全牽伸絲及預取向絲，而大 ...

Contents 目錄 2 Financial Highlights 財務摘要 4 Corporate Information 公司資料 7 Operational and Financial Review 業務及財務回顧 29 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收入表 31 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 33 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 34 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 35 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 68 Report on Review of Condensed C ...

Financial Performance - For the first half of 2025, the company reported operating revenue of approximately RMB 261 million, a decrease of about 56.4% year-on-year, primarily due to the absence of revenue from the Shanghai project sold last October[9]. - The company's loss attributable to equity holders was approximately RMB 191 million, a reduction in loss of about RMB 30 million compared to the same period last year, mainly due to significant losses in investment and fund operations[9]. - The group reported a revenue of approximately RMB 261 million for the six months ended June 30, 2025, a decline of about 56.4% from RMB 598 million in the same period of 2024[14]. - The gross profit for the same period was RMB 46,495,000, down 58.3% from RMB 111,422,000 year-over-year[41]. - The operating loss for the six months ended June 30, 2025, was RMB 25,803,000, compared to an operating profit of RMB 275,520,000 in the previous year[41]. - The net loss attributable to equity holders of the company was RMB 191,347,000 for the period, compared to a loss of RMB 221,217,000 in the prior year[41]. - The company reported a total comprehensive loss of RMB 130,467,000 for the six months ended June 30, 2025, compared to a loss of RMB 263,193,000 in the same period of 2024[44]. - The company reported a total loss of RMB 224,908,000 for the six months ended June 30, 2025, compared to a loss of RMB 207,140,000 for the same period in 2024, indicating an increase in losses of approximately 8.5%[64]. Sales and Revenue - The total sales area for the reporting period was 46,100 square meters, with total sales revenue of RMB 535 million, representing a year-on-year increase of 29.5%[10]. - The equity sales revenue was approximately RMB 251 million, showing a year-on-year increase of about 76.8%[10]. - The Hefei OCT International Town project achieved a contract sales revenue growth of approximately 235% year-on-year, despite challenging market conditions[11]. - The revenue from property sales was RMB 234,845 thousand, down 56.8% from RMB 516,567 thousand in the previous year[57]. - The company’s revenue from mainland China for the six months ended June 30, 2025, was RMB 258,590,000, down 56.7% from RMB 596,012,000 in the same period of 2024[66]. Assets and Liabilities - As of June 30, 2025, the total assets of the group were approximately RMB 11.528 billion, a decrease of about 0.6% compared to RMB 11.597 billion as of December 31, 2024[14]. - The group’s total equity was approximately RMB 1.066 billion as of June 30, 2025, down from RMB 1.197 billion as of December 31, 2024[21]. - The company’s total liabilities as of June 30, 2025, were RMB 10,461,774,000, an increase from RMB 10,400,221,000 as of December 31, 2024[64]. - The total assets of the reporting segments amounted to RMB 11,451,926 thousand, slightly down from RMB 11,572,007 thousand as of December 31, 2024[62]. - The total liabilities of the reporting segments decreased to RMB 4,575,894 thousand from RMB 4,791,267 thousand at the end of the previous year[62]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of RMB 250,455 thousand for the six months ended June 30, 2025, compared to a net outflow of RMB 682,079 thousand for the same period in 2024[51]. - The net cash generated from financing activities was a negative RMB 231,649 thousand, an improvement from a negative RMB 325,869 thousand in the prior year[56]. - The company recorded a net increase in cash and cash equivalents of RMB 60,302 thousand, contrasting with a net decrease of RMB 997,592 thousand in the same period last year[56]. - The financing costs for the period were RMB 181,237,000, down from RMB 240,181,000 in the previous year[41]. - Interest expenses for the six months ended June 30, 2025, were RMB 130,454,000, a decrease from RMB 172,688,000 in the prior year[91]. Management and Strategy - The company emphasizes "lean management and quality improvement" strategies to enhance operational cash flow and mitigate major risks[9]. - The company continues to implement flexible sales policies to enhance sales performance and adjust construction schedules based on market demand[11]. - In the second half of 2025, the company will focus on "de-stocking, asset management, and risk prevention" to optimize cash flow and support long-term transformation[27]. - The company plans to leverage policy opportunities for land acquisition and adjustment to accelerate the disposal of existing real estate projects[27]. Employee and Governance - The company employed 119 full-time employees as of June 30, 2025, with competitive salary levels reviewed annually[29]. - The company has adhered to the corporate governance code and standards throughout the reporting period[36]. - The board of directors confirmed compliance with the securities trading code during the reporting period[37]. - The company has appointed a new auditor, Hong Kong Shinewing Certified Public Accountants Limited, effective after the annual general meeting on June 27, 2025[30]. Investments and Acquisitions - There were no significant investments, acquisitions, or disposals during the reporting period, nor any approved major investment plans as of the report date[31]. - The company did not acquire any investment properties, plants, or equipment during the six months ended June 30, 2025, compared to a purchase cost of RMB 66,000 in the same period of 2024[75]. Market Outlook - The central bank's recent 10 basis point reduction in LPR and optimization of purchase restrictions are expected to support the real estate market's weak recovery[9]. - The company anticipates a GDP growth rate of over 5% for China in 2025, supported by coordinated fiscal and monetary policies[26].

2025 INTERIM REPORT 目錄 | 2 | 公司資料 | | --- | --- | | 3 | 主席報告 | | 6 | 財務回顧 | | 13 | 中期業績 | | 39 | 權益披露 | | 41 | 股份期權計劃 | | 43 | 其他資料 | GBA集團有限公司 公司資料 公司名稱 GBA集團有限公司 董事會及董事委員會 執行董事 王祖偉 （主席） 林珈莉 黃思語 獨立非執行董事 胡惠珊 梁家進 陳湘洳 審核委員會 胡惠珊 （主席） 梁家進 陳湘洳 薪酬委員會 陳湘洳 （主席） 胡惠珊 王祖偉 梁家進 提名委員會 王祖偉 （主席） 胡惠珊 梁家進 陳湘洳 公司秘書 張延， 香港會計師公會 授權代表 王祖偉 張延 主要往來銀行 交通銀行（香港）有限公司 註冊辦事處 Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda 總辦事處及香港主要營業地點 香港 銅鑼灣 禮頓道77號 禮頓中心14樓1415室 百慕達主要股份過戶登記處 Ocorian Management (Bermuda) Limited Victo ...

目錄 | 2 | 二零二五年中期業績摘要 | | --- | --- | | 3 | 董事局主席報告 | | 3 | 中期業績及股息 | | 3 | 暫停辦理股份過戶登記 | | 4 | 業務回顧 | | 4 | 香港 | | 19 | 中國內地 | | 24 | 恒基兆業發展有限公司 | | 25 | 美麗華酒店企業有限公司 | | 27 | 聯營公司 | | 27 | 香港中華煤氣有限公司 | | 30 | 香港小輪（集團）有限公司 | | 31 | 陽光房地產投資信託基金 | | 32 | 集團財務 | | 32 | 可持續發展 | | 32 | 展望 | | 34 | 財務回顧 | | 47 | 獨立核數師審閱報告 | | | 簡明中期財務報表 | | 48 | 綜合損益表 | | 49 | 綜合損益及其他全面收益表 | | 50 | 綜合財務狀況表 | | 52 | 綜合權益變動表 | | 54 | 簡明綜合現金流量表 | | 55 | 簡明中期財務報表（未經審核）附註 | | 96 | 其他資料 | 99 披露權益資料 1 2025 中期報告 恒基兆業地產有限公司 二零二五年中期業績摘要 | | ...

[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential company details, including board composition, key personnel, registered offices, legal advisers, bankers, stock code, and website [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%91%98%E6%9C%83) This section outlines the company's Board of Directors, independent non-executive directors, and the composition of its committees - Mr. Fu Xi serves as **Chairman and Chief Executive Officer** and chairs the Nomination Committee[5](index=5&type=chunk) - The Audit Committee comprises Mr. Li Weizhong (Chairman), Ms. Wang Yuyun, and Mr. Huang Chengsi[5](index=5&type=chunk) - Ms. Wang Yuyun was appointed as a member of the Nomination Committee on June 27, 2025, while Mr. Huang Chengsi resigned on the same date[5](index=5&type=chunk) [Company Secretary and Authorized Representatives](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8%E5%8F%8A%E6%8E%88%E6%AC%8A%E4%BB%A3%E8%A1%A8) This section updates changes in the Company Secretary and Authorized Representatives, with Mr. Zhou Zihao succeeding Ms. Wu Jiawen - Mr. Zhou Zihao was appointed as **Company Secretary and Authorized Representative** on August 28, 2025, succeeding Ms. Wu Jiawen[5](index=5&type=chunk) [Registered Office and Headquarters](index=3&type=section&id=%E8%A8%BB%E5%86%8A%E辦%E4%BA%8B%E8%99%95%E5%8F%8A%E7%B8%BD%E9%83%A8) The company maintains its registered office in the Cayman Islands, with headquarters in Wuhan and a Hong Kong office - Cayman Islands registered office: Harneys Fiduciary (Cayman) Limited[5](index=5&type=chunk) - Principal place of business in China: 14th Floor, Building B27, Optics Valley Financial Port, No. 77 Guanggu Avenue, East Lake New Technology Development Zone, Wuhan, Hubei Province[6](index=6&type=chunk) - Principal place of business in Hong Kong: 31st Floor, Tower Two, Times Square, 1 Matheson Street, Causeway Bay[6](index=6&type=chunk) [Legal Advisers and Bankers](index=4&type=section&id=%E6%B3%95%E5%BE%8B%E9%A1%A7%E5%95%8F%E5%8F%8A%E9%8A%80%E8%A1%8C) The company engages three legal advisers and lists China Merchants Bank and Industrial Bank as its principal bankers - Hong Kong legal adviser: Jingtian & Gongcheng Attorneys at Law (Limited Liability Partnership)[7](index=7&type=chunk) - PRC legal adviser: Shanghai Zhonglian (Wuhan) Law Firm[7](index=7&type=chunk) - Principal bankers: China Merchants Bank Co., Ltd. Wuhan Financial Port Sub-branch, Industrial Bank Co., Ltd. Wuhan Branch[7](index=7&type=chunk) [Stock Code and Website](index=4&type=section&id=%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F%E5%8F%8A%E7%B6%B2%E7%AB%99) The company's stock code is 2101, and its official website is www.fulu.com - Stock Code: **2101**[8](index=8&type=chunk) - Company website: www.fulu.com[8](index=8&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section presents an unaudited financial overview for the first half of 2025, showing year-on-year declines in revenue and profit Overview of Financial Performance in First Half of 2025 (RMB thousands) | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 157,431 | 196,046 | (19.7) | | Gross Profit | 115,509 | 146,739 | (21.3) | | Gross Profit Margin | 73.4% | 74.8% | (1.4) | | Profit Before Tax | 32,022 | 44,751 | (28.4) | | Profit and Total Comprehensive Income for the Period | 28,495 | 35,247 | (19.2) | | Profit for the Period Attributable to Owners of the Parent | 30,136 | 36,320 | (17.0) | | Non-IFRS Adjusted Profit for the Period Attributable to Owners of the Parent | 31,222 | 36,925 | (15.4) | Overview of Financial Position as of June 30, 2025 (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Current Assets | 1,703,056 | 1,705,900 | (0.2) | | Non-current Assets | 64,114 | 58,125 | 10.3 | | Total Assets | 1,767,170 | 1,764,025 | 0.2 | | Current Liabilities | 456,047 | 480,551 | (5.1) | | Non-current Liabilities | 4,691 | 1,970 | 138.1 | | Total Liabilities | 460,738 | 482,521 | (4.5) | | Net Assets | 1,306,432 | 1,281,504 | 1.9 | | Total Equity | 1,306,432 | 1,281,504 | 1.9 | [Chairman's Report](index=6&type=section&id=%E8%91%A3%E4%BA%8B%E9%95%B7%E5%A0%B1%E5%91%8A) The Chairman's Report provides an overview of the company's performance, strategic responses to market challenges, and future outlook [Economic Environment and Business Strategy](index=6&type=section&id=%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83%E8%88%87%E7%B6%93%E7%87%9F%E7%AD%96%E7%95%A5) Amidst economic downturns and competition, the company focuses on core business value, management efficiency, and prudent business selection - The current economic environment faces downward pressure, accelerated changes in consumer market demand structure, and intensified industry competition[11](index=11&type=chunk) - The company prioritizes deepening core business value and enhancing internal management efficiency for sustainable high-quality development[11](index=11&type=chunk) - Business selection adopts a cautious approach, prioritizing **healthy cash flow**, **secure collections**, and **profit margin assurance**[12](index=12&type=chunk) [Financial Performance in First Half of 2025](index=6&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) In the first half of 2025, total revenue decreased by **19.7%** and profit attributable to owners of the parent decreased by **17.0%** Key Financial Indicators for First Half of 2025 (RMB thousands) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 157,431 | 196,046 | (19.7) | | Profit for the Period Attributable to Owners of the Parent | 30,136 | 36,320 | (17.0) | | Adjusted Profit for the Period Attributable to Owners of the Parent | 31,222 | 36,925 | (15.4) | - The company actively promotes management reforms, unleashes organizational efficiency, implements precise cost control, optimizes resource allocation, enhances operational efficiency, and reduces costs[12](index=12&type=chunk) - Cash and cash equivalents were **RMB 273,148 thousand**, ensuring stable working capital[15](index=15&type=chunk) [Measures to Enhance Management Efficiency](index=6&type=section&id=%E7%AE%A1%E7%90%86%E6%95%88%E8%83%BD%E6%8F%90%E5%8D%87%E8%88%89%E6%8E%AA) The company enhanced management efficiency through agile business closed-loops, independent subsidiary operations, and robust risk control - Building agile business closed-loops, accelerating the establishment of independent operating management systems for subsidiaries, and enhancing market response speed[13](index=13&type=chunk) - Improving scientific performance and incentive mechanisms to activate organizational vitality[13](index=13&type=chunk) - Strengthening risk control and compliance, upgrading the internal audit system, enhancing professional team building, and

[About Li Ning Group](index=2&type=section&id=%E9%97%9C%E6%96%BC%E6%9D%8E%E5%AF%A7%E9%9B%86%E5%9C%98) Li Ning Group is a leading Chinese sports brand enterprise, focusing on professional and casual sportswear, equipment, and accessories, with a comprehensive operational ecosystem [Company Overview](index=2&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) Li Ning Company Limited is a leading Chinese sports brand, specializing in professional and casual sportswear, equipment, and accessories, with robust R&D, design, and distribution capabilities - Li Ning Company Limited is a leading Chinese sports brand enterprise, primarily engaged in professional and casual sports footwear, apparel, equipment, and accessories under the Li Ning brand[4](index=4&type=chunk)[5](index=5&type=chunk) - The Group possesses comprehensive R&D, design, manufacturing, marketing, distribution, and retail management capabilities, supported by an extensive retail distribution network and supply chain management system in China[4](index=4&type=chunk)[5](index=5&type=chunk) - In addition to its core Li Ning brand, the Group also operates Double Happiness table tennis products, AIGLE outdoor sports products, and Kason badminton products[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Information](index=4&type=section&id=2.2%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Key company information includes board members, committee structures, registered and operational offices, auditor, legal counsel, and principal bankers - Board members include Executive Directors Li Ning (Executive Chairman and Co-CEO), Takeshi Kosaka (Co-CEO), Li Qilin, and Independent Non-executive Directors Koo Fook Sun, Wang Ya Fei, Chan Chun Bun, and Wang Ya Juan[7](index=7&type=chunk) - The Audit Committee is chaired by Koo Fook Sun, the Remuneration Committee by Wang Ya Fei, and the Nomination Committee by Li Ning[7](index=7&type=chunk) - The company's registered office is in the Cayman Islands, its principal place of business in Hong Kong is on Electric Road, Fortress Hill, and its operational headquarters is in Beijing, China[7](index=7&type=chunk)[8](index=8&type=chunk) - The auditor is Ernst & Young, and legal counsel includes Messrs. Yeung & Chung, Solicitors LLP (Hong Kong law) and Tahota Law Firm (Mainland China law)[9](index=9&type=chunk) [Five-Year Financial Summary](index=8&type=section&id=%E4%BA%94%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section summarizes Li Ning Group's key financial data from 2021 to H1 2025, including turnover and profit attributable to equity holders, highlighting half-year and full-year trends H1 2021-2025 Turnover and Profit Attributable to Equity Holders (RMB Million) | Indicator | H1 2025 | H1 2024 | H1 2023 | H1 2022 | H1 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Turnover | 14,817 | 14,345 | 14,019 | 12,409 | 10,197 | | Profit Attributable to Equity Holders | 1,737 | 1,952 | 2,121 | 2,189 | 1,066 | - H1 2025 turnover was **RMB 14,817 million**, an increase from H1 2024's RMB 14,345 million[13](index=13&type=chunk) - H1 2025 profit attributable to equity holders was **RMB 1,737 million**, a decrease from H1 2024's RMB 1,952 million[13](index=13&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section analyzes the Group's financial performance, business operations, and future outlook for the reporting period [Financial Review](index=9&type=section&id=3.1%20%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) H1 2025 saw revenue grow 3.3% to RMB 14.817 billion, but profit attributable to equity holders declined 11.0% to RMB 1.737 billion, impacted by lower gross margin, higher tax rates, and increased administrative expenses H1 2025 Key Operating and Financial Indicators (RMB Thousand) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 14,816,763 | 14,345,288 | 3.3 | | Gross Profit | 7,414,803 | 7,235,602 | 2.5 | | Operating Profit | 2,438,485 | 2,401,895 | 1.5 | | Profit Attributable to Equity Holders | 1,737,422 | 1,952,032 | (11.0) | | Basic Earnings Per Share (RMB cents) | 67.43 | 75.80 | (11.0) | | Gross Profit Margin (%) | 50.0 | 50.4 | -0.4pp | | Operating Profit Margin (%) | 16.5 | 16.7 | -0.2pp | | Effective Tax Rate (%) | 33.3 | 25.3 | +8.0pp | | Profit Margin Attributable to Equity Holders (%) | 11.7 | 13.6 | -1.9pp | | Return on Equity Attributable to Equity Holders (%) | 6.5 | 7.8 | -1.3pp | | Staff Costs to Revenue Ratio (%) | 7.7 | 8.5 | -0.8pp | | Advertising and Marketing Expenses to Revenue Ratio (%) | 9.0 | 8.7 | +0.3pp | | Research and Product Development Expenses to Revenue Ratio (%) | 2.3 | 2.2 | +0.1pp | | Average Inventory Turnover Days | 61 | 62 | -1 day | | Average Trade Receivables Turnover Days | 14 | 15 | -1 day | | Average Trade Payables Turnover Days | 44 | 46 | -2 days | | Debt to Equity Ratio (%) (2025/06/30 vs 2024/12/31) | 35.4 | 36.8 | -1.4pp | | Net Asset Value Per Share (RMB cents) (2025/06/30 vs 2024/12/31) | 1,054.73 | 1,013.56 | +41.17 cents | - Revenue increased by **3.3%** year-on-year to **RMB 14.817 billion**, primarily driven by a **7.4%** increase in e-commerce channel revenue and a **4.4%** increase in franchised dealer revenue[17](index=17&type=chunk) - Retail channel revenue decreased by **3.4%** year-on-year, mainly due to adjustments in directly operated store layouts and shifts in consumption scenarios[17](index=17&type=chunk) - Gross profit margin decreased by **0.4 percentage points** to **50.0%**, primarily due to channel structure adjustments (lower proportion of direct-to-consumer channel revenue) and intensified promotional competition in directly operated stores[23](index=23&type=chunk) - Administrative expenses increased by **0.5 percentage points** year-on-year to **5.2%**, mainly due to the full impairment of goodwill of **RMB 72.387 million** from the acquisition of Kason brand in 2009, recognized in the current period[25](index=25&type=chunk)[26](index=26&type=chunk) - The effective tax rate significantly increased to **33.3%** (2024: 25.3%), primarily due to comprehensive factors such as exchange rate fluctuations and capital yield rates, leading to the provision for withholding income tax[31](index=31&type=chunk) - Net cash generated from operating activities decreased year-on-year, mainly due to reduced collections from lower retail revenue and increased tax payments[36](index=36&type=chunk)[37](index=37&type=chunk) - As of June 30, 2025, cash and cash equivalents amounted to **RMB 11.798 billion**, a net increase of **RMB 4.299 billion** from the end of 2024[36](index=36&type=chunk) [Revenue Breakdown](index=11&type=section&id=3.1.1%20%E6%94%B6%E5%85%A5%E6%98%8E%E7%B4%B0) H1 2025 revenue grew 3.3%, driven by footwear and equipment sales, while apparel revenue slightly declined, with e-commerce and franchised dealers showing strong growth Revenue Breakdown by Product Category (RMB Thousand) | Product Category | 2025 | % of Total Revenue | 2024 | % of Total Revenue | Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Footwear | 8,230,716 | 55.6 | 7,844,159 | 54.7 | 4.9 | | Apparel | 5,192,797 | 35.0 | 5,375,222 | 37.5 | (3.4) | | Equipment & Accessories | 1,393,250 | 9.4 | 1,125,907 | 7.8 | 23.7 | | Total | 14,816,763 | 100.0 | 14,345,288 | 100.0 | 3.3 | Percentage of Revenue by Sales Channel | Sales Channel | 2025 % of Revenue | 2024 % of Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Sales to Franchised Dealers | 46.5 | 46.0 | 0.5 | | Direct Operating Sales | 22.8 | 24.4 | (1.6) | | E-commerce Channel Sales | 29.0 | 27.9 | 1.1 | | Other Regions | 1.7 | 1.7 | – | | Total | 100.0 | 100.0 | – | Revenue Breakdown by Region (RMB Thousand) | Region | 2025 | % of Revenue | 2024 | % of Revenue | Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | North | 7,034,893 | 47.5 | 6,841,952 | 47.7 | 2.8 | | South | 7,531,794 | 50.8 | 7,255,024 | 50.6 | 3.8 | | Other Regions | 250,076 | 1.7 | 248,312 | 1.7 | 0.7 | | Total | 14,816,763 | 100.0 | 14,345,288 | 100.0 | 3.3 | [Cost of Sales and Gross Profit](index=12&type=section&id=3.1.2%20%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E5%8F%8A%E6%AF%9B%E5%88%A9) H1 2025 cost of sales was RMB 7.402 billion, resulting in a 50.0% gross profit margin, a 0.4 percentage point decrease due to channel adjustments and direct retail competition - Total cost of sales was **RMB 7,401,960,000** (2024: RMB 7,109,686,000)[23](index=23&type=chunk) - Overall gross profit margin was **50.0%** (2024: 50.4%), a year-on-year decrease of **0.4 percentage points**[23](index=23&type=chunk) - The decline in gross profit margin was primarily due to channel structure adjustments (decreased revenue proportion from direct-to-consumer channels) and intensified promotional competition in directly operated stores, leading to increased discounts by the Group[23](index=23&type=chunk) [Selling and Distribution Expenses](index=12&type=section&id=3.1.3%20%E9%8A%B7%E5%94%AE%E5%8F%8A%E7%B6%93%E9%8A%B7%E9%96%8B%E6%94%AF) H1 2025 selling and distribution expenses were RMB 4.293 billion, 29.0% of revenue, a 0.8% decrease, driven by closing inefficient stores and strategic marketing investments - Total selling and distribution expenses were **RMB 4,292,730,000** (2024: RMB 4,326,883,000), representing **29.0%** of total revenue (2024: 30.2%)[24](index=24&type=chunk) - Selling and distribution expenses decreased slightly by **0.8%** compared to the same period last year, primarily by reducing operating costs through closing inefficient directly operated stores[24](index=24&type=chunk) - To strengthen brand competitiveness and long-term growth momentum, the company strategically increased marketing investments, focusing on sports marketing and high-end brand building[24](index=24&type=chunk) [Administrative Expenses](index=13&type=section&id=3.1.4%20%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) H1 2025 administrative expenses were RMB 777 million, 5.2% of revenue, a 0.5 percentage point increase, primarily due to the full impairment of RMB 72.387 million goodwill from the 2009 Kason acquisition - Total administrative expenses were **RMB 776,642,000** (2024: RMB 680,297,000), representing **5.2%** of total revenue (2024: 4.7%), a year-on-year increase of **0.5 percentage points**[25](index=25&type=chunk) - The increase in administrative expenses was mainly due to the full impairment of goodwill of **RMB 72,387,000** arising from the acquisition of Kason brand in 2009, recognized in the current period[26](index=26&type=chunk) [Share of Profits of Joint Ventures and Associates](index=13&type=section&id=3.1.5%20%E4%BA%AB%E6%9C%89%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E5%8F%8A%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%BA%A2%E5%88%A9%E4%BB%BD%E9%A1%8D) H1 2025 share of profits from joint ventures and associates increased to RMB 134 million from RMB 111 million in the prior year - Share of profits of joint ventures and associates was **RMB 133,724,000** (2024: RMB 110,860,000)[27](index=27&type=chunk) [EBITDA](index=13&type=section&id=3.1.6%20%E6%81%AF%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%E5%8A%A0%E6%8A%98%E8%88%8A%E5%8F%8A%E6%94%A4%E9%8A%B7(EBITDA)) H1 2025 EBITDA for the Group increased by 2.0% year-on-year to RMB 3.513 billion - Earnings before interest, tax, depreciation, and amortization (EBITDA) was **RMB 3,512,607,000** (2024: RMB 3,443,608,000), a year-on-year increase of **2.0%**[28](index=28&type=chunk) Reconciliation of EBITDA to Profit for the Period (RMB Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period | 1,737,422 | 1,952,032 | | Income tax expense | 869,094 | 661,098 | | Finance income | (193,993) | (221,238) | | Finance expenses | 159,686 | 120,863 | | Depreciation of property, plant and equipment | 344,022 | 470,250 | | Impairment of property, plant and equipment | 48,430 | 18,389 | | Amortisation of land use rights and intangible assets | 33,236 | 31,145 | | Impairment of intangible assets - trademark rights | 4,041 | – | | Depreciation of right-of-use assets | 250,817 | 319,210 | | Impairment of right-of-use assets | 104,311 | 50,820 | | Depreciation of investment properties | 49,603 | 41,039 | | Impairment of investment properties | 105,938 | – | | EBITDA | 3,512,607 | 3,443,608 | [Net Finance Income](index=14&type=section&id=3.1.7%20%E8%9E%8D%E8%B3%87%E6%94%B6%E5%85%A5%EF%BC%8D%E6%B7%A8%E9%A1%8D) H1 2025 net finance income decreased to RMB 34.307 million, mainly due to higher exchange losses and reduced interest income from lower rates - Net finance income was **RMB 34,307,000** (2024: RMB 100,375,000)[30](index=30&type=chunk) - The year-on-year decrease in net finance income was primarily due to increased exchange losses and lower interest income resulting from declining interest rates in the current period[30](index=30&type=chunk) [Income Tax Expense](index=14&type=section&id=3.1.8%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) H1 2025 income tax expense was RMB 869 million, with an effective tax rate of 33.3%, a significant increase due to withholding tax provisions from capital structure planning - Income tax expense was **RMB 869,094,000** (2024: RMB 661,098,000)[31](index=31&type=chunk) - The effective tax rate was **33.3%** (2024: 25.3%), primarily due to comprehensive factors such as exchange rate fluctuations and capital yield rates, leading the company to make more reasonable plans for its domestic and overseas capital structure, thus providing for corresponding withholding income tax, which resulted in a higher tax rate for the current period[31](index=31&type=chunk) [Comprehensive Profitability Indicators](index=14&type=section&id=3.1.9%20%E7%B6%9C%E5%90%88%E7%9B%88%E5%88%A9%E6%8C%87%E6%A8%99) H1 2025 profit attributable to equity holders was RMB 1.737 billion, with profit margin at 11.7% and return on equity at 6.5%, both declining due to lower gross margin and higher tax rates - Profit attributable to equity holders was **RMB 1,737,422,000** (2024: RMB 1,952,032,000)[32](index=32&type=chunk) - Profit margin attributable to equity holders was **11.7%** (2024: 13.6%)[32](index=32&type=chunk) - Return on equity attributable to equity holders was **6.5%** (2024: 7.8%)[32](index=32&type=chunk) - The decline in comprehensive profitability indicators was mainly affected by a year-on-year decrease in gross profit margin and a significant increase in the income tax rate[32](index=32&type=chunk) [Inventory Provision](index=14&type=section&id=3.1.10%20%E5%AD%98%E8%B2%A8%E6%92%A5%E5%82%99) As of June 30, 2025, cumulative inventory provision reached RMB 188 million, an increase from 2024 year-end, with ongoing focus on inventory age and turnover management - As of June 30, 2025, the cumulative inventory provision was **RMB 187,934,000** (December 31, 2024: RMB 166,817,000)[33](index=33&type=chunk) - The Group will continue to control inventory age structure and turnover rate to maintain them at reasonable levels[33](index=33&type=chunk) [Expected Credit Loss Provision](index=15&type=section&id=3.1.11%20%E9%A0%90%E6%9C%9F%E4%BF%A1%E8%B2%B8%E虧%E6%90%8D%E6%92%A5%E5%82%99) As of June 30, 2025, cumulative expected credit loss provision was RMB 46.484 million, with RMB 41.631 million for trade receivables, emphasizing ongoing monitoring of aging and collections - As of June 30, 2025, the cumulative expected credit loss provision was **RMB 46,484,000** (December 31, 2024: RMB 45,678,000)[35](index=35&type=chunk) - Of this, the cumulative expected credit loss provision for trade receivables was **RMB 41,631,000** (December 31, 2024: RMB 41,658,000)[35](index=35&type=chunk) - The Group will continue to monitor the aging structure and collection status to maintain good performance in trade receivables turnover[35](index=35&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=3.1.12%20%E8%B3%87%E9%87%91%E6%B5%81%E5%8B%95%E6%80%A7%E5%8F%8A%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) H1 2025 net cash from operations decreased to RMB 2.411 billion, with cash and equivalents increasing by RMB 4.299 billion, as the Group prioritizes cash flow management and details top-up placement proceeds - Net cash generated from operating activities was **RMB 2,411,101,000** (2024: RMB 2,730,305,000), a year-on-year decrease[36](index=36&type=chunk) - As of June 30, 2025, cash and cash equivalents amounted to **RMB 11,798,043,000**, a net increase of **RMB 4,299,447,000** from December 31, 2024[36](index=36&type=chunk) - **RMB 529,434,000** of net proceeds from the top-up placement remained unused, primarily allocated for investing in infrastructure restructuring and further enhancing the supply chain system, expected to be fully utilized by December 31, 2026[37](index=37&type=chunk) - As of June 30, 2025, the Group's credit facilities amounted to **RMB 14,741,000,000**, with no outstanding borrowings[38](index=38&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=3.1.13%20%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) Operating mainly in China with RMB settlements, the Group holds foreign currency cash and pays some expenses in HKD/USD, but without hedging, exchange rate fluctuations could impact financials - The Group primarily operates in Mainland China, with most transactions settled in RMB, and its reporting currency is RMB[40](index=40&type=chunk) - Some cash and bank deposits are denominated in HKD, USD, EUR, KRW, GBP, MOP, and SGD[40](index=40&type=chunk) - During the period, the Group did not undertake any hedging arrangements for exchange rate fluctuation risks, and any significant exchange rate fluctuations between foreign currencies and RMB may have a financial impact on the Group[41](index=41&type=chunk) [Significant Investments](index=17&type=section&id=3.1.14%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) In January 2024, the Group acquired a Hong Kong property for RMB 2.013 billion to expand international business and serve as its headquarters, with a book value of RMB 1.847 billion as of June 30, 2025 - The Group signed an agreement in December 2023 and completed the acquisition of the entire share capital of Vansittart Investment Limited in January 2024, which primarily invests in a property in Hong Kong comprising 22 floors of commercial/office space and two retail levels[42](index=42&type=chunk)[44](index=44&type=chunk) - The adjusted total consideration for the acquisition was **HKD 2.221 billion** (approximately **RMB 2.013 billion**), funded by net proceeds from the top-up placement and internal resources[42](index=42&type=chunk)[44](index=44&type=chunk) - A portion of the property will serve as the Group's Hong Kong headquarters, with a book value of **RMB 1,847,079,000** after depreciation and impairment as of June 30, 2025, representing approximately **5.0%** of the Group's total assets[44](index=44&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=18&type=section&id=3.1.15%20%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%92%8C%E8%99%95%E7%BD%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%92%8C%E5%90%88%E8%B3%87%E4%BC%81%E6%A5%AD) The Group made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures in H1 2025 - For the six months ended June 30, 2025, the Group did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[45](index=45&type=chunk) [Future Plans for Significant Investments and Capital Assets](index=18&type=section&id=3.1.16%20%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%92%8C%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group plans a RMB 3.3 billion investment in Guangxi, China, for a smart manufacturing, flexible supply chain, and R&D center, with RMB 1.945 billion invested as of June 30, 2025 - The Group plans to build a supply chain base in Guangxi Zhuang Autonomous Region, China, for the production and packaging of high-end sports equipment, as well as R&D and experience centers, with an estimated maximum investment of approximately **RMB 3.3 billion**[46](index=46&type=chunk) - As of June 30, 2025, the book value of non-current assets in this investment was **RMB 1,945,279,000**, representing approximately **5.3%** of the Group's total assets[47](index=47&type=chunk) - The remaining investment amount will be funded by unused net proceeds from the top-up placement and internal resources[47](index=47&type=chunk) [Pledge of Assets](index=18&type=section&id=3.1.17%20%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The Group had no pledged assets as of June 30, 2025, or December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no assets pledged[48](index=48&type=chunk) [Contingent Liabilities](index=19&type=section&id=3.1.18%20%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The Group faces a contingent liability of HKD 1.955 billion related to a claimed HKD 500 million short-term loan from Suntime Information (Hong Kong) Limited, which the Group intends to actively defend - The target company received a statutory demand claiming Active Legend had provided a short-term loan with a principal of **HKD 500,000,000**, with an outstanding total of **HKD 1,955,338,833**[50](index=50&type=chunk) - The target company applied for an injunction to restrain the liquidator from commencing winding-up proceedings; the liquidator subsequently withdrew the statutory demand, but Active Legend and Vast Gold have served writs of summons on the target company[50](index=50&type=chunk)[51](index=51&type=chunk) - The Group believes the target company has no obligation to repay the loan and will actively defend against the allegations in the writs of summons[51](index=51&type=chunk) [Business Review](index=19&type=section&id=3.2%20%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) H1 2025 saw Li Ning Group solidify its operations, meeting expectations through product upgrades, brand marketing, channel optimization, and Olympic strategy, driving innovation across key sports categories - The consumer market experienced a moderate recovery in the first half, but consumer confidence fluctuated, and purchasing behavior became more rational, with the Group's performance largely meeting expectations[52](index=52&type=chunk) - The Group firmly implemented its core "single brand, multi-category, multi-channel" strategy, continuously increasing R&D investment and technological innovation, and promoting aerospace technology to empower sports innovation[53](index=53&type=chunk) - In brand marketing, the Group successfully signed as the official sportswear partner for the Chinese Olympic Committee and Chinese Sports Delegation for 2025-2028, and integrated traditional cultural elements into products through collaboration with the Palace Museum[53](index=53&type=chunk)[55](index=55&type=chunk) - In channel optimization, the Group continued to build an omni-channel matrix, promoting online-offline synergistic development, strengthening online governance and control, optimizing single-store efficiency and service quality offline, and advancing AI digital empowerment[54](index=54&type=chunk) [Deepening Olympic Marketing Strategy, Solidifying Professional Sports Brand Positioning](index=20&type=section&id=3.2.1%20%E6%B7%B1%E5%8C%96%E5%A5%A7%E9%81%8B%E7%87%9F%E9%8A%B7%E6%88%B0%E7%95%A5%EF%BC%8C%E5%A0%85%E5%AF%A6%E5%B0%88%E6%A5%AD%E9%81%8B%E5%8B%95%E5%93%81%E7%89%8C%E5%AE%9A%E4%BD%8D) Li Ning Group partnered with the Chinese Olympic Committee for 2025-2028, enhancing its professional image through "Chinese Glory, Li Ning Together" marketing, store refreshes, digital interactions, and integrating aerospace technology into sports equipment - Li Ning Group successfully signed as the official sportswear partner for the Chinese Olympic Committee and Chinese Sports Delegation for 2025-2028[55](index=55&type=chunk) - With "Chinese Glory, Li Ning Together" as the core marketing theme, the brand reinforced its professional image as a steadfast supporter of Chinese sports[55](index=55&type=chunk) - Through nationwide store visual refreshes, joint LOGO displays, exclusive core visual presentations, and the "Glory is Mine, Sports China" mini-program interactive experience, the Group deeply engaged **5,209 stores** nationwide, attracting over **156,000 participants**[55](index=55&type=chunk) - In collaboration with the Aerospace Technology Innovation Application Platform, an aerospace technology innovation application laboratory was established to apply advanced aerospace technology to Li Ning's professional sports equipment, launching "Aerospace Quick-Dry" and "Aerospace Sun Protection" technological achievements[56](index=56&type=chunk) [Deepening "Single Brand, Multi-Category, Multi-Channel" Strategic Layout, Promoting Li Ning Experience Value Upgrade](index=21&type=section&id=3.2.2%20%E6%B7%B1%E5%8C%96%E3%80%8C%E5%96%AE%E5%93%81%E7%89%8C%E3%80%81%E5%A4%9A%E5%93%81%E9%A1%9E%E3%80%81%E5%A4%9A%E6%B8%A0%E9%81%93%E3%80%8D%E6%88%B0%E7%95%A5%E4%BD%88%E5%B1%80%EF%BC%8C%E6%8E%A8%E5%8B%95%E6%9D%8E%E5%AF%A7%E5%BC%8F%E7%B6%93%E9%A9%97%E5%83%B9%E5%80%BC%E5%8D%87%E7%B4%9A) The Group focused on six core categories and expanded into new sports segments, leveraging technological innovation, omni-channel marketing, and Chinese cultural heritage to enhance product strength, brand influence, and consumer experience - Focused on running, basketball, training, badminton, table tennis, and sports casual six core categories, while actively expanding into new niche sports categories such as outdoor sports, tennis, and pickleball[57](index=57&type=chunk) - Empowered product upgrades with technological innovation, increased investment in professional sports resources, and strengthened differentiated brand advantages by solidifying professional sports mindset, showcasing athletic fashion aesthetics, and inheriting Chinese cultural values[57](index=57&type=chunk) [Running Category](index=21&type=section&id=3.2.2.1%20%E8%B7%91%E6%AD%A5%E5%93%81%E9%A1%9E) Li Ning's running category, driven by technology, sold over 5.26 million pairs of its three core running shoe IPs, launched the "Jing Hong" women's shoe, and sponsored marathons, securing 44 championships - Total sales of the three core running shoe IPs "Chao Qing," "Chi Tu," and "Fei Dian" exceeded **5.26 million pairs** during the period[59](index=59&type=chunk) - Launched iterated and upgraded products, with the "Fei Dian" family fully upgrading to "BOOM" midsole technology, achieving an energy return rate of up to **89%**[59](index=59&type=chunk) - The "Jing Hong" running shoe, designed for female runners, became a popular choice[59](index=59&type=chunk) - Running apparel introduced the "Long Que" racing vest and the "Chuan Shan Jia" trail running jacket[59](index=59&type=chunk) - Successfully sponsored the "Wuxi Marathon" and "Beijing Half Marathon," helping athletes win a total of **44 championships** in international and domestic competitions during the first half[60](index=60&type=chunk) [Basketball Category](index=22&type=section&id=3.2.2.2%20%E7%B1%83%E7%90%83%E5%93%81%E9%A1%9E) Li Ning's basketball category focuses on professional, "Wade," and "Counterflow" series, boosting brand exposure through leagues and new product launches like "ULTRALIGHT 2025" and "Wade 808 ULTRA," with "Counterflow" targeting outdoor enthusiasts - Focused on three major product series: professional basketball, "Wade" basketball, and "Counterflow" basketball[61](index=61&type=chunk) - Professional basketball enhanced brand exposure through the CBA league and NBA draft, launching the new hit product "ULTRALIGHT 2025," with cumulative sales exceeding **100,000 pairs** across all channels[61](index=61&type=chunk) - "Wade" basketball released the new generation "Wade 808 ULTRA" and launched the signature shoe "DLO1," achieving **100% sell-out** at the Fanatics Fest international stage[62](index=62&type=chunk) - "Counterflow" basketball shoes target Chinese outdoor basketball enthusiasts, launching the "Guerrilla" series, "Pursuit" series, and the all-around outdoor battle shoe "Counterflow," featuring new "BOOM" technology and ultra-durable rubber[63](index=63&type=chunk) [Training Category](index=23&type=section&id=3.2.2.3%20%E7%B6%9C%E8%A8%93%E5%93%81%E9%A1%9E) Li Ning's training category, driven by technology, boosted men's and women's fitness markets with innovative products like "smart protection" windbreakers and "air-conditioning cool-feel T-shirts," achieving millions in functional pants shipments and high sell-through for instant-dry T-shirts - The training category, with technological innovation as its strategic core, successfully built a sports equipment product matrix that combines technological empowerment with market advantages[64](index=64&type=chunk) - Women's products include windbreakers with "smart protection technology" and hoodies/pants offering exclusive softness, as well as "air-conditioning cool-feel T-shirts" certified by aerospace technology[64](index=64&type=chunk) - Men's training products focused on functional technology, with core "functional pants" achieving million-level shipments, and "instant-dry T-shirts" driving performance growth with high sell-through rates[65](index=65&type=chunk) - Marketing fully leveraged the dual endorsement advantages of aerospace technology and professional athletes, achieving leading performance in both online communication volume and interaction[65](index=65&type=chunk) [Badminton Category](index=24&type=section&id=3.2.2.4%20%E7%BE%BD%E6%AF%9B%E7%90%83%E5%93%81%E9%A1%9E) Li Ning's badminton category expanded its influence through tech innovation and product upgrades, with "Zhan Ji 2.0" shoes and "Thunder" rackets driving sales, while marketing efforts solidified its professional image through event sponsorships and athlete endorsements - The badminton competition apparel series applied top-tier fabric technology processes such as integrated weaving and COOLMAX yarn, receiving positive feedback from Indonesian and Singaporean teams[66](index=66&type=chunk) - The "Zhan Ji 2.0" badminton shoe, a key product in the all-around balanced series, continued to sell well in the first half[66](index=66&type=chunk) - Equipment product sales maintained rapid growth, with professional products like "Thunder 80 Light" and "Thunder 90NEW" launched[67](index=67&type=chunk) - Marketing adopted "Good Products, Made by Li Ning, Made in China" as its category communication theme, completing sponsorships for events such as the China (Ruichang) International Badminton Master Tournament and the 2025 Singapore Open, and renewing its contract with the Indonesian national team[67](index=67&type=chunk) [Table Tennis Category](index=24&type=section&id=3.2.2.5%20%E4%B9%92%E4%B9%93%E7%90%83%E5%93%81%E9%A1%9E) Li Ning's table tennis category maintained market leadership through product innovation like "BOOM Silk Technology" footwear and aerospace material apparel, covering all user levels, and achieved significant marketing success as a WTT series partner, with Weibo topic readership exceeding 16.08 billion - Table tennis shoe uppers adopted breakthrough "BOOM Silk Technology," achieving a perfect balance of lightweight and strong support; innovatively developed partitioned midsole system integrated multiple core technologies[69](index=69&type=chunk) - Apparel products utilized aerospace material technology and original yarn antibacterial processes to enhance moisture-wicking and quick-drying performance[69](index=69&type=chunk) - In product portfolio strategy, a multi-level product matrix was built, covering professional athletes (Champion Series), advanced users (Elite Series), and entry-level enthusiasts (Rookie Series)[69](index=69&type=chunk) - As an official partner of the WTT series, it deeply engaged with **18 international top-tier events**, achieving breakthrough results in the Doha World Table Tennis Championships marketing campaign, with Weibo topic readership exceeding **16.08 billion**[70](index=70&type=chunk) [Sports Casual Category](index=25&type=section&id=3.2.2.6%20%E9%81%8B%E5%8B%95%E4%BC%91%E9%96%92%E5%93%81%E9%A1%9E) Li Ning's sports casual series, rooted in Chinese culture, launched successful co-branded collections, saw steady growth in footwear like "Bu Ou" and "Cat Claw," and "China Li Ning" expanded international influence through collaborations with trendy brands, while "LI-NING 1990" upgraded its golf offerings - With Chinese culture as its core anchor, deeply integrating traditional aesthetics with modern design, it launched the Forbidden City co-branded series and Disney co-branded series[71](index=71&type=chunk) - Sports casual footwear showed steady growth, with key products "Bu Ou" and "Cat Claw" achieving significant year-on-year sales increases, the "SOFT

Stock Code 97 ફᴥᇲༀ 2025 INTERIM REPORT 目錄 37 38 董事局主席報告 38 中期業績及股息 38 業務回顧 43 集團財務 43 展望 44 財務回顧 46 獨立核數師審閱報告 簡明中期財務報表 47 綜合損益表 48 綜合損益及其他全面收益表 49 綜合財務狀況表 50 綜合權益變動表 51 簡明綜合現金流量表 52 簡明中期財務報表（未經審核）附註 67 其他資料 69 披露權益資料 2025 中期報告 恒基兆業發展有限公司 董事局主席報告 中期業績及股息 集團截至二零二五年六月三十日止六個月，股東應佔（未經審核）虧損為港幣四千一百萬元，對比去年同期錄得 虧損港幣六千九百萬元。每股虧損為港幣1.3仙（二零二四年：港幣2.3仙）。 由於期內錄得虧損，董事局宣佈不派發中期股息（二零二四年：無）。 業務回顧 中央政府於去年年底恢復並擴展深圳居民赴港「一簽多行」個人遊簽注；加上啟德體育園於本年三月啟用後， 本港積極舉辦更多國際盛事及大型活動，吸引國內外旅客來港消費。然而，港人熱衷北上消費娛樂，令本港 零售業持續受壓。據政府統計處資料顯示，本港零售業整體總銷貨價值於二零二五 ...