股份代號：384 中國燃氣控股有限公司* CHINA GAS HOLDINGS LIMITED 創新驅動未來 惠澤千家萬戶 * 僅供識別 年報 2024/25 中國燃氣 關於 中國燃氣控股有限公司（「本公司」）及其附屬公司（統稱「本集團」、「中國燃氣」或「中燃」） 是中國最大的跨區域綜合能源供應及服務企業之一，主要於中國從事投資、建設、經營城鎮燃氣管道 基礎設施、燃氣碼頭、儲運設施和燃氣物流系統，向居民和工商業用戶輸送天然氣和液化石油氣，建 設和經營壓縮天然氣╱液化天然氣加氣站，開發與應用天然氣、液化石油氣相關技術。通過多年的發 展，中國燃氣成功構建了以管道天然氣業務為主導，液化石油氣、液化天然氣、智慧能源服務、燃氣 設備及廚房用具、網格私域「店」商新零售並舉的全業態發展結構。 目 錄 | 02 | 里程碑 | | --- | --- | | 04 | 財務概要 | | 05 | 營運概要 | | 06 | 天然氣 | | 10 | 天然氣營運位置 | | 12 | 液化石油氣 | | 16 | 液化石油氣營運位置 | | 18 | 增值服務 | | 20 | 綜合能源 | | 22 | 主席報告書 | | ...

波司登國際控股有限公司 於開曼群島註冊成立之有限責任公司 股份代號 ：3998 2024/25 年度報告 2025 年珠峰攀登窗口期，專業登山 運 動 員 李 生 濤（木 子）身 著 波 司 登 羽 絨服，成功完成珠穆朗瑪峰登頂的挑 戰。波司登以 49年的專業經驗和勇 攀高峰的精神，將守護融入每一個細 節，成為攀登者前行的底氣。以溫暖 點亮極寒之境，以無畏鑄就不朽傳 奇，在海拔 8,848 米的巔峰之上，波 司登與攀登者一同書寫中國登峰的輝 煌篇章。 波司登國際控股有限公司 | 年度報告 2024/25 公司簡介 波司登國際控股有限公司（「本公司」，連同其附屬公司統稱「本集 團」）是中華人民共和國（「中國」）知名的羽絨服裝品牌運營商。本 集團創始於1976年，在創始人高德康先生的引領下開啓艱苦卓 絕的創業歷程。2007年10月11日，本公司於聯交所主板上市， 股份代號3998。 本集團專心專注羽絨服領域，成為消費者公認的羽絨服專家，引 領行業發展。目前，本集團旗下羽絨服品牌包括波司登、雪中 飛、冰潔等，通過這些品牌，本集團得以滿足不同客戶群體的需 求及鞏固其在中國市場的領導地位。其中，波司登品牌羽絨服連 續3 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 QPL INTERNATIONAL HOLDINGS LIMITED | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | 3 | 301,451 | 262,699 | | 使用原材料及消耗品 | | (120,729) | (107,683) | | 製成品及半製成品之存貨變動 | | (1,253) | 1,751 | | 其他收入 | 4 | 17,423 | 21,879 | | 匯兌虧損淨額 | | (554) | (442) | | 按公允值計入損益（「按公允值計入損益」） | | | | | 之金融資產公允值虧損淨額 | | (4,165) | (21,997) | | 出售按公允值計入損益之金融資產之 | | | | | 已變現收益╱（虧損）淨額 | | 814 | (264) | | 應收 ...

[Global Distribution Network](index=1&type=section&id=Global%20Distribution%20Network) [Worldwide Distribution](index=1&type=section&id=Worldwide%20Distribution) As of March 31, 2025, the group's global store count decreased by 296 to 3,287, with self-operated stores increasing by 53 and franchised stores decreasing by 348 Global Store Count Changes (As of March 31) | Store Type | Region | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Self-operated Stores** | **Total** | **287** | **234** | **+53** | | | Mainland China | 193 | 150 | +43 | | | Hong Kong, Macau & Overseas | 94 | 84 | +10 | | **Franchised Stores** | **Total** | **2,983** | **3,331** | **-348** | | | Mainland China | 2,969 | 3,322 | -353 | | | Hong Kong, Macau & Overseas | 14 | 9 | +5 | | **Specialty Stores** | **Total** | **17** | **18** | **-1** | | | Mainland China | 17 | 18 | -1 | | **Global Total** | | **3,287** | **3,583** | **-296** | - By brand, the core 'Lukfook' brand saw a net decrease of **312 stores**, while the '3DG Jewellery' brand had a net increase of **21 stores**, reflecting the group's multi-brand strategy adjustments[6](index=6&type=chunk) [Mainland China Distribution](index=3&type=section&id=Mainland%20China%20Distribution) As of March 31, 2025, the group's total store count in Mainland China decreased by 311 to 3,179, with self-operated stores increasing by 43 but franchised and specialty stores decreasing by 354, primarily in Tier 4 and below cities Mainland China Store Distribution Changes by City Tier | City Tier | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | Tier 1 | +16 | -71 | -55 | | Tier 2 | +15 | -42 | -27 | | Tier 3 | -2 | -62 | -64 | | Tier 4 & Below | +14 | -179 | -165 | | **Total** | **+43** | **-354** | **-311** | Mainland China Store Distribution Changes by Region | Region | Self-operated Store Change | Franchised/Specialty Store Change | Total Change | | :--- | :--- | :--- | :--- | | North China | +23 | -73 | -50 | | East China | +9 | -53 | -44 | | South China | +3 | -86 | -83 | | Central China | +8 | -128 | -120 | | West China | 0 | -14 | -14 | | **Total** | **+43** | **-354** | **-311** | [Operational Highlights](index=4&type=section&id=Operational%20Highlights) [Revenue and Profit Analysis](index=4&type=section&id=Revenue%20and%20Profit%20Analysis) For FY2025, the group's overall revenue decreased by 12.9% and segment profit by 22.6%, with Hong Kong, Macau & Overseas markets contributing the most revenue but experiencing a 19.6% decline, while retail business remained the primary revenue source despite a decline in both revenue and profit [By Market](index=4&type=section&id=By%20Market) Hong Kong, Macau & Overseas market revenue decreased by 19.6% to HKD 8.068 billion, but adjusted segment profit increased by 7.8%, while Mainland China market revenue remained stable with a slight 0.2% decrease to HKD 5.273 billion, but segment profit and adjusted segment profit both significantly declined Revenue and Segment Profit by Market (Million HKD) | Market | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hong Kong, Macau & Overseas | 8,068 | -19.6% | 1,089 | -7.7% | 1,330 | +7.8% | | Mainland China | 5,273 | -0.2% | 577 | -40.7% | 829 | -17.6% | | **Overall** | **13,341** | **-12.9%** | **1,666** | **-22.6%** | **2,159** | **-3.6%** | [By Business](index=4&type=section&id=By%20Business) Retail business revenue decreased by 13.5% to HKD 11.031 billion, accounting for 82.7% of total revenue, while wholesale business revenue decreased by 8.8% with a sharp 92.4% drop in segment profit, and brand licensing business revenue also declined by 12.6% Revenue and Segment Profit by Business (Million HKD) | Business | Revenue | Revenue YoY | Segment Profit | Segment Profit YoY | Adjusted Segment Profit¹ | Adjusted Segment Profit YoY | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | 11,031 | -13.5% | 1,026 | -17.7% | 1,418 | +8.4% | | Wholesale | 1,406 | -8.8% | 14 | -92.4% | 115 | -45.7% | | Brand Business | 904 | -12.6% | 626 | -13.1% | 626 | -13.1% | [By Product](index=5&type=section&id=By%20Product) Despite a 15.0% decrease in sales of gold and platinum products to HKD 8.822 billion due to high gold prices, their gross profit increased by 16.2% due to a 7.1 percentage point rise in gross margin, while fixed-price jewellery sales decreased by 7.6% with stable gross profit Sales and Gross Profit by Product (Million HKD) | Product Category | Sales | Sales YoY | Gross Profit | Gross Profit YoY | Gross Margin | Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gold & Platinum | 8,822 | -15.0% | 2,325 | +16.2% | 26.4% | +7.1 p.p. | | Fixed-Price Jewellery | 3,615 | -7.6% | 1,424 | +0.1% | 39.4% | +3.0 p.p. | | **Overall** | **12,437** | **-13.0%** | **3,749** | **+9.5%** | **30.1%** | **+6.2 p.p.** | [Retail Sales Performance](index=5&type=section&id=Retail%20Sales%20Performance) For FY2025, overall same store sales (SSS) decreased by 25%, a sharp contrast to the 32% growth in FY2024, with Hong Kong and Macau markets seeing a 28% decline and Mainland China a 12% decline, and gold and platinum products experiencing larger SSS drops than fixed-price jewellery in both markets Same Store Sales Growth Rate (SSS) | Market/Product | FY2025 | FY2024 | | :--- | :--- | :--- | | **Overall** | **-25%** | **+32%** | | Gold & Platinum | -28% | +38% | | Fixed-Price Jewellery | -14% | +16% | | **Hong Kong & Macau** | **-28%** | **+40%** | | Gold & Platinum | -32% | +46% | | Fixed-Price Jewellery | -15% | +22% | | **Mainland China** | **-12%** | **-2%** | | Gold & Platinum | -12% | +2% | | Fixed-Price Jewellery | -14% | -21% | [Financial Highlights](index=6&type=section&id=Financial%20Highlights) [Financial Performance](index=6&type=section&id=Financial%20Performance) For FY2025, the group's revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, while operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, and basic earnings per share decreased by 37.9% despite an increased payout ratio FY2025 Financial Performance Summary (Million HKD) | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | -12.9% | | Gross Profit | 4,417 | 4,174 | +5.8% | | Operating Profit | 1,412 | 2,116 | -33.3% | | Profit for the Year | 1,068 | 1,758 | -39.3% | | Profit Attributable to Equity Holders | 1,100 | 1,767 | -37.8% | | Basic Earnings Per Share (HKD) | 1.87 | 3.01 | -37.9% | | Full-Year Dividend Per Share (HKD) | 1.10 | 1.41 | -22.0% | | Payout Ratio | 59% | 47% | +12 p.p. | | Gross Margin | 33.1% | 27.2% | +5.9 p.p. | | Net Margin | 8.0% | 11.5% | -3.5 p.p. | [Key Financial Indicators](index=6&type=section&id=Key%20Financial%20Indicators) For FY2025, the group's inventory increased by 12.2% year-on-year, leading to a significant increase in average inventory turnover days from 310 to 427 days, and the company shifted from a net cash position of HKD 570 million to net borrowings of HKD 205 million due to a 53.8% increase in bank and gold borrowings, while Return on Equity (ROE) decreased from 13.7% to 8.3% FY2025 Key Financial Indicators | Metric | FY2025 | FY2024 | YoY Change | | :--- | :--- | :--- | :--- | | Inventory (Million HKD) | 10,739 | 9,567 | +12.2% | | Average Inventory Turnover Days | 427 | 310 | +117 days | | Net (Borrowings)/Cash (Million HKD) | (205) | 570 | -135.9% | | Debt-to-Equity Ratio | 36.0% | 31.0% | +5.0 p.p. | | Return on Equity (ROE) | 8.3% | 13.7% | -5.4 p.p. | [Corporate Profile](index=8&type=section&id=Corporate%20Profile) Luk Fook Group, established in 1991 and listed on the Hong Kong Stock Exchange in 1997, is a leading jewellery retailer in Hong Kong and Mainland China, primarily engaged in the procurement, design, wholesale, licensing, and retail of gold, platinum, and jewellery products, continuously expanding its market share and competitiveness through a multi-brand strategy, including the acquisition of 3DG Jewellery International's controlling stake in 2024 - The group primarily engages in the procurement, design, wholesale, trademark licensing, and retail of various gold, platinum, and jewellery products[34](index=34&type=chunk) - Currently, the group operates over **3,100 retail points** across **11 countries and regions** globally, continuously seeking new international market opportunities[34](index=34&type=chunk) - In January 2024, the group successfully acquired a controlling stake in 3DG Jewellery International to advance its multi-brand strategy and enhance market share and competitiveness[35](index=35&type=chunk) [Chairman's Statement](index=9&type=section&id=Chairman%27s%20Statement) [Performance Review](index=10&type=section&id=Performance%20Review) The Chairman noted that the group's business faced challenges in FY2025 due to macroeconomic uncertainties, rising gold prices, and inflationary pressures, resulting in a 12.9% decrease in total revenue and a 37.8% decline in profit attributable to equity holders, despite which the group responded by optimizing business models and improving efficiency, with a net reduction of 296 global stores FY2025 Performance Summary | Metric | Amount (HKD) | YoY Change | | :--- | :--- | :--- | | Total Revenue | 13.341 billion | -12.9% | | Profit Attributable to Equity Holders | 1.100 billion | -37.8% | | Basic Earnings Per Share | 1.87 | -37.9% | | Full-Year Dividend Per Share | 1.10 | -22.0% | | Full-Year Payout Ratio | 59% | +12 p.p. | - The total number of global stores decreased by **296** from 3,583 to **3,287**, with the 'Lukfook' brand seeing a net decrease of **312 stores** and the '3DG Jewellery' brand a net increase of **21 stores**[43](index=43&type=chunk) [Outlook](index=11&type=section&id=Outlook) The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and sees strong growth potential in overseas markets, planning to open a net of 50 new stores in Mainland China, 20 overseas, and 2 in Macau for FY2025/26, while implementing a new three-year corporate strategy focused on overseas market expansion, market-oriented products, and operational efficiency optimization - The group maintains a cautiously optimistic outlook for its medium-to-long-term business in Mainland China and plans to open a net of **50 new stores** in Mainland China, approximately **20** in overseas markets, and **2** in Macau for FY2025/26[49](index=49&type=chunk) - The three key pillars of the new three-year corporate strategy are: overseas market expansion, market-oriented products, and operational efficiency optimization[50](index=50&type=chunk) - 3DG Jewellery Group's performance has been strong post-merger, with revenue reaching **HKD 712 million** for the nine months ended March 31, 2025, a nearly **20% year-on-year increase**, and gross margin improving by **7 percentage points** to **35%**, positioning it as a significant growth driver for the group[48](index=48&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) [Financial Performance Review](index=14&type=section&id=Financial%20Performance%20Review) For FY2025, total revenue decreased by 12.9% to HKD 13.341 billion, but gross profit increased by 5.8% due to rising gold prices, despite which operating profit and profit for the year significantly declined by 33.3% and 39.3% respectively, primarily due to expanded gold hedging losses and a high base effect from a one-off acquisition gain in the prior year - Total revenue decreased by **12.9%** to **HKD 13.341 billion**, but gross profit increased by **5.8%** to **HKD 4.417 billion**, primarily due to an increase in gross margin from **27.2%** to **33.1%**[63](index=63&type=chunk) - Profit for the year decreased by **39.3%** to **HKD 1.068 billion**, mainly impacted by two factors: 1) gold hedging losses expanding from **HKD 121 million** to **HKD 493 million**; and 2) a one-off acquisition gain of **HKD 213 million** in the prior year[64](index=64&type=chunk) [Business Overview](index=15&type=section&id=Business%20Overview) Under its multi-brand strategy, the group operates 2 main brands and 4 sub-brands/product lines, with a global store count of 3,287 as of March 31, 2025, representing a net decrease of 296 stores year-on-year, specifically a net decrease of 312 'Lukfook' brand stores and a net increase of 21 '3DG Jewellery' brand stores Store Count by Brand (As of March 31) | Brand/Product Line | 2025 | 2024 | | :--- | :--- | :--- | | Lukfook Jewellery | 2,805 | 3,117 | | 3DG Jewellery | 239 | 218 | | Lukfook Joaillerie | 39 | 28 | | Goldstyle | 27 | 56 | | Heirloom Fortune | 160 | 146 | | Love LUKFOOK JEWELLERY | 17 | 18 | | **Total** | **3,287** | **3,583** | [Analysis by Business Segment](index=16&type=section&id=Analysis%20by%20Business%20Segment) Retail business remains the primary revenue source, accounting for 82.7% of total revenue, but its revenue decreased by 13.5% year-on-year, while wholesale business revenue declined by 8.8% and segment profit sharply dropped by 92.4% due to weak demand for diamond products in Mainland China and fewer franchised stores, and brand business revenue also decreased by 12.6% - Retail business revenue was **HKD 11.031 billion**, a **13.5% year-on-year decrease**; segment profit was **HKD 1.026 billion**, a **17.7% year-on-year decrease**[72](index=72&type=chunk) - Wholesale business revenue was **HKD 1.406 billion**, an **8.8% year-on-year decrease**; segment profit sharply declined by **92.4%** from **HKD 186 million** to **HKD 14.05 million**[73](index=73&type=chunk) - Brand business revenue was **HKD 904 million**, a **12.6% year-on-year decrease**; segment profit was **HKD 626 million**, a **13.1% year-on-year decrease**[74](index=74&type=chunk) [Analysis by Product Category](index=18&type=section&id=Analysis%20by%20Product%20Category) International gold prices increased by nearly 30% year-on-year, impacting consumer sentiment and leading to a 15.0% decrease in sales of gold and platinum products by weight, yet the rising gold prices also boosted their gross margin by 7.1 percentage points, resulting in a 16.2% increase in gross profit, while fixed-price jewellery sales decreased by 7.6% with stable gross profit, and overall same store sales declined by 25.1% - Gold and platinum product sales were **HKD 8.823 billion**, a **15.0% year-on-year decrease**, accounting for **70.9%** of total sales[82](index=82&type=chunk) - Fixed-price jewellery product sales were **HKD 3.615 billion**, a **7.6% year-on-year decrease**, accounting for **29.1%** of total sales[83](index=83&type=chunk) - The group's overall same store sales were **-25.1%**, with gold and platinum products at **-28.5%** and fixed-price jewellery products at **-14.1%**[84](index=84&type=chunk) [Business Review by Market](index=20&type=section&id=Business%20Review%20by%20Market) Hong Kong, Macau & Overseas markets experienced declines in both revenue and profit, primarily due to weak tourist spending, with same store sales decreasing by 26.2%, while Mainland China market revenue remained stable but profit significantly declined, though retail business improved in the second half of the fiscal year with same store sales decreasing by 11.9%, and Mainland China e-commerce revenue slightly increased by 0.4%, accounting for 58.4% of Mainland China retail revenue [Hong Kong, Macau and Overseas](index=21&type=section&id=Hong%20Kong,%20Macau%20and%20Overseas) Despite an increase in Mainland visitor numbers, per capita spending declined, leading to a decrease in Hong Kong and Macau retail revenue, with Hong Kong market retail revenue down 20.0% and Macau market down 28.5%, resulting in an overall regional revenue decrease of 19.6% to HKD 8.068 billion and a 7.7% decline in segment profit, with same store sales down 26.2% - Hong Kong market retail revenue decreased by **20.0%** to **HKD 5.087 billion**; Macau market revenue decreased by **28.5%** to **HKD 2.069 billion**[94](index=94&type=chunk) - Overall same store sales for Hong Kong, Macau & Overseas markets were **-26.2%**, with gold and platinum products at **-30.1%** and fixed-price jewellery products at **-14.1%**[105](index=105&type=chunk) [Mainland China](index=25&type=section&id=Mainland%20China) Mainland China's overall revenue slightly decreased by 0.2% to HKD 5.273 billion, but segment profit significantly declined by 40.7%, with retail business revenue increasing by 10.4% but wholesale business revenue decreasing by 12.2% and turning into a loss, and brand licensing business revenue also decreasing by 13.6%, while Mainland China e-commerce revenue slightly increased by 0.4% to HKD 1.844 billion, accounting for 58.4% of Mainland China retail revenue - Mainland China retail revenue increased by **10.4% year-on-year** to **HKD 3.160 billion**, but segment profit decreased from **HKD 194 million** to **HKD 57.38 million**[109](index=109&type=chunk) - Mainland China wholesale business revenue decreased by **12.2% year-on-year** to **HKD 1.259 billion**, turning from a profit of **HKD 105 million** to a loss of **HKD 55.30 million**[110](index=110&type=chunk) Mainland China E-commerce Business Performance | Metric | FY2025 | YoY Change | | :--- | :--- | :--- | | Revenue (Million HKD) | 1,844 | +0.4% | | Average Selling Price (RMB) | 2,200 | +22.2% | | % of Mainland China Retail Revenue | 58.4% | -5.8 p.p. | | % of Group Retail Revenue | 16.7% | +2.3 p.p. | [Financial Review](index=31&type=section&id=Financial%20Review) As of March 31, 2025, the group transitioned from a net cash position to net borrowings of HKD 205 million, primarily due to increased bank and gold borrowings, while inventory levels rose by 12.2% to HKD 10.739 billion, causing average inventory turnover days to significantly increase from 310 to 427 days, with gold products increasing by 96 days and fixed-price jewellery by 128 days - The group's cash and bank balances were **HKD 1.991 billion**, with total bank and gold borrowings of **HKD 2.196 billion**, resulting in net borrowings of **HKD 205 million**, compared to net cash of **HKD 570 million** in the prior year[126](index=126&type=chunk) Inventory Turnover Days (By Product) | Inventory Turnover Days | FY2025 | YoY Change | | :--- | :--- | :--- | | **Average Inventory Turnover Days** | | | | Gold | 276 | +96 | | Fixed-Price Jewellery | 866 | +128 | | Overall | 427 | +117 | | **Period-End Inventory Turnover Days** | | | | Gold | 306 | +115 | | Fixed-Price Jewellery | 879 | +126 | | Overall | 451 | +129 | [Outlook and Strategy](index=33&type=section&id=Outlook%20and%20Strategy) The group anticipates sustained high gold prices, but improved gross margins are expected to mitigate the impact of sales declines, and it will actively promote fixed-price gold products, with a positive start to the new fiscal year (April 1 to June 21) showing improved same store sales, including nearly 20% growth in Mainland China, as the group implements a new three-year strategy focused on expanding overseas markets, offering market-oriented products, and enhancing operational efficiency - The new fiscal year (April 1 to June 21, 2025) has started well, with Mainland China same store sales growing by nearly **20%** and Hong Kong and Macau markets remaining flat[147](index=147&type=chunk) - Future three-year goals include entering at least **3 new countries** and opening a net of **50 new overseas stores**[156](index=156&type=chunk) - Strategic priorities include: 1) Overseas market expansion (physical stores + e-commerce); 2) Market-oriented products (covering high-end and affordable luxury); 3) Operational efficiency optimization (supply chain, automation, big data, and AI technology)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk) [Multi-Brand Strategy](index=36&type=section&id=Multi-Brand%20Strategy) [Brand Portfolio Overview](index=36&type=section&id=Brand%20Portfolio%20Overview) To meet diverse consumer needs, the group implements a multi-brand strategy, with brands including Lukfook Jewellery, 3DG Jewellery, Heirloom Fortune, Goldstyle, Lukfook Joaillerie, and Love LUKFOOK JEWELLERY, each targeting different segments such as mass market, affordable luxury, traditional craftsmanship, fashion, high-end, and youth, and employing precise marketing through celebrity endorsements, IP collaborations, and themed events - **Lukfook Jewellery:** Focuses on the mass luxury market, featuring actor Cheng Yi as its global brand ambassador and launching the "Ice • Diamond Light Gold" series to enhance its youthful brand image[163](index=163&type=chunk)[168](index=168&type=chunk) - **3DG Jewellery:** Positioned in the affordable luxury market, announced Kelly Chen as its brand friend, and highlights personalized DIY matching with its "Love Lane" series[180](index=180&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk) - **Heirloom Fortune:** Specializes in ancient gold craftsmanship, launching series like "Song Rhyme Heirloom" and "Dunli Jinhuang" to preserve traditional culture, and has opened its first store in Hong Kong[187](index=187&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) - **Other Brands:** Goldstyle focuses on hard gold craftsmanship; Lukfook Joaillerie targets the high-end market and actively expands in Southeast Asia; Love LUKFOOK JEWELLERY targets young consumers and has opened its first overseas store in Thailand[195](index=195&type=chunk)[197](index=197&type=chunk)[205](index=205&type=chunk)[207](index=207&type=chunk) [Product Design, Quality and Service](index=43&type=section&id=Product%20Design,%20Quality%20and%20Service) The group emphasizes product design and quality, with its professional design team having accumulated 220 awards, ensuring product quality through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute, while service adheres to the "Six Heart Service" standard, optimizing e-commerce systems and O2O shopping experiences, and introducing three new store concepts—"Image Store," "Affordable Luxury Store," and "Concept Store"—to enhance the shopping environment - The group's professional jewellery design team has won numerous awards in various competitions, accumulating **220 awards** as of March 31, 2025[209](index=209&type=chunk)[211](index=211&type=chunk) - Professional appraisal and quality assurance services are provided through its wholly-owned subsidiaries, China Gemological Laboratory Limited and Victoria Gemological Institute[215](index=215&type=chunk)[218](index=218&type=chunk) - To enhance the shopping experience, the group has developed three new store concepts for "Lukfook Jewellery": "Image Store," "Affordable Luxury Store," and "Concept Store"[226](index=226&type=chunk) [Corporate Governance Report](index=47&type=section&id=Corporate%20Governance%20Report) This report outlines the company's corporate governance framework, culture, and practices, detailing the diverse board of directors comprising five executive, three non-executive, and four independent non-executive directors, along with the responsibilities, composition, and meeting attendance of its committees (Audit, Nomination, Remuneration), emphasizing risk management and internal controls through a dedicated Risk Management and Sustainability Committee, and covering shareholder rights, investor relations, and information disclosure policies - The company's Chairman and Chief Executive Officer are held by the same person (Mr Wong Wai Sheung), which the company believes aids business development in Mainland China, and the existing board structure ensures a balance of power[245](index=245&type=chunk)[246](index=246&type=chunk) - The Board has established an Audit Committee, a Nomination Committee, and a Remuneration Committee, with the Audit and Remuneration Committees composed entirely of independent non-executive directors, and the Nomination Committee predominantly comprising independent non-executive directors[284](index=284&type=chunk)[285](index=285&type=chunk)[297](index=297&type=chunk)[317](index=317&type=chunk) - The company has established risk management and internal control systems, and a Risk Management and Sustainability Committee is in place to oversee the risk management system, sustainability strategy, and related risk assessments[331](index=331&type=chunk)[339](index=339&type=chunk) [Report of the Directors](index=77&type=section&id=Report%20of%20the%20Directors) This report summarizes the company's principal activities, business review, key risks and uncertainties, financial highlights, and directors' and shareholders' interests, noting that the group primarily engages in the retail, wholesale, and brand licensing of jewellery products, facing key risks including global economic conditions, geopolitical factors, raw material price fluctuations, and intense market competition, and detailing the shareholdings of directors and major shareholders in the company and its associated companies, such as 3DG Jewellery International - The group faces key risks including: economic risks (global economic slowdown), political risks (geopolitics, trade policies), operational risks (rent, raw material prices, intense competition, inventory turnover), and regulatory risks (legal changes, intellectual property)[409](index=409&type=chunk)[410](index=410&type=chunk)[412](index=412&type=chunk)[415](index=415&type=chunk) Five-Year Financial Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 13,341 | 15,326 | 11,978 | 11,738 | 8,861 | | Profit Attributable to Equity Holders | 1,100 | 1,767 | 1,285 | 1,392 | 1,017 | | Total Assets | 17,898 | 16,854 | 14,929 | 16,220 | 14,512 | | Total Liabilities | 4,756 | 3,990 | 2,708 | 4,142 | 3,188 | - As of March 31, 2025, Chairman Mr Wong Wai Sheung and his family trust collectively held approximately **44.54%** of the company's shares[518](index=518&type=chunk) [Independent Auditor's Report](index=110&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued a standard unqualified audit opinion, affirming that the group's consolidated financial statements fairly and accurately reflect its financial position and operating results, with two key audit matters identified: the existence and valuation of inventory, and the impairment assessment of goodwill and trademarks - Auditor's Opinion: The consolidated financial statements present fairly, in all material respects, the consolidated financial position of the group as at March 31, 2025, and its consolidated financial performance and consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards[591](index=591&type=chunk) - Key Audit Matter 1: The existence and valuation of inventory, due to its high value and portability, posing theft risk, and the significant management judgment and estimation involved in assessing its net realizable value[600](index=600&type=chunk)[601](index=601&type=chunk)[605](index=605&type=chunk) - Key Audit Matter 2: Impairment assessment of goodwill and trademarks, where the estimation of recoverable amounts involves high inherent risk and relies on significant assumptions made by management in calculating discounted cash flows using the value-in-use or fair value less costs of disposal methods[615](index=615&type=chunk)[626](index=626&type=chunk) [Financial Statements](index=123&type=section&id=Financial%20Statements) [Consolidated Income Statement](index=123&type=section&id=Consolidated%20Income%20Statement) For FY2025, revenue was HKD 13.341 billion, a 12.9% year-on-year decrease, while gross profit was HKD 4.417 billion, a 5.8% year-on-year increase, but operating profit decreased by 33.3% to HKD 1.412 billion due to expanded other net losses (primarily gold hedging losses) and increased operating expenses, resulting in a profit for the year of HKD 1.068 billion, a 39.3% year-on-year decrease Consolidated Income Statement Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 13,341,295 | 15,325,962 | | Cost of Sales | (8,924,289) | (11,151,623) | | **Gross Profit** | **4,417,006** | **4,174,339** | | Other Income | 132,540 | 197,181 | | Other (Losses)/Gains, Net | (523,516) | 92,206 | | Selling & Distribution Expenses | (2,233,305) | (2,043,459) | | Administrative Expenses | (379,928) | (254,107) | | **Operating Profit** | **1,412,051** | **2,115,623** | | Profit Before Income Tax | 1,379,443 | 2,085,004 | | **Profit for the Year** | **1,067,858** | **1,757,838** | | **Profit Attributable to Equity Holders of the Company** | **1,099,864** | **1,767,305** | [Consolidated Balance Sheet](index=125&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2025, total assets were HKD 17.898 billion, a 6.2% year-on-year increase driven primarily by increased inventory, while total liabilities were HKD 4.756 billion, a 19.2% year-on-year increase mainly due to higher bank and gold borrowings, and total equity slightly increased by 2.2% to HKD 13.142 billion Consolidated Balance Sheet Summary (Thousand HKD) | Item | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 4,305,795 | 4,521,756 | | Current Assets | 13,591,860 | 12,332,308 | | *Of which: Inventory* | *10,738,527* | *9,567,062* | | *Of which: Cash & Bank Balances* | *1,913,986* | *1,998,219* | | **Total Assets** | **17,897,655** | **16,854,064** | | **Equity & Liabilities** | | | | Total Equity | 13,142,122 | 12,863,898 | | Non-current Liabilities | 432,712 | 473,357 | | Current Liabilities | 4,322,821 | 3,516,809 | | *Of which: Bank & Gold Borrowings* | *2,196,369* | *1,427,805* | | **Total Liabilities** | **4,755,533** | **3,990,166** | | **Total Equity & Liabilities** | **17,897,655** | **16,854,064** | [Consolidated Statement of Cash Flows](index=129&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For FY2025, net cash inflow from operating activities significantly decreased to HKD 919 million from HKD 1.663 billion in the prior year, while net cash outflow from investing activities was HKD 182 million, and net cash outflow from financing activities was HKD 805 million, primarily for loan repayments and dividend payments, resulting in a net decrease in cash and cash equivalents of HKD 68.33 million Consolidated Statement of Cash Flows Summary (Thousand HKD) | Item | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 919,196 | 1,662,913 | | Net Cash Outflow from Investing Activities | (182,483) | (777,336) | | Net Cash Outflow from Financing Activities | (805,045) | (1,257,335) | | **Net Decrease in Cash & Cash Equivalents** | **(68,332)** | **(371,758)** | | Cash & Cash Equivalents at Beginning of Year | 1,930,611 | 2,347,651 | | Exchange Differences | (1,443) | (45,282) | | **Cash & Cash Equivalents at End of Year** | **1,860,836** | **1,930,611** |

Section Head Section Date 關於富臨集團 富臨集團於1992年成立，一直秉承「三優理 念：優質出品、優質服務、優質環境」的精 神，致力革新及不斷追求卓越。發展至今，富 臨集團已成為香港聲譽卓著的餐飲集團。除 提供大眾化及高檔粵式餐飲服務外，本集團 近年亦致力發展多元化品牌策略，推出不同 菜系及定位的餐館，以迎合本地飲食潮流。 目錄 2 公司資料 3 摘要 4 主席的話 7 日程表 8 管理層討論與分析 14 董事及高級管理層履歷 19 企業管治報告 32 董事會報告 51 獨立核數師報告 54 綜合損益及其他全面收益表 55 綜合財務狀況表 57 綜合權益變動表 58 綜合現金流量表 60 綜合財務報表附註 118 五年財務概要 公司資料 董事會 執行董事 楊維先生 （主席） 楊浩宏先生 （行政總裁） 楊潤基先生 梁兆新先生 楊振年先生 非執行董事 鄔錦安先生 （副主席）（於2025年4月1日辭任） 獨立非執行董事 伍毅文先生 （於2024年9月27日辭任） 黃偉樑先生 陳振邦先生 黃麗梅女士 （於2024年9月27日獲委任） 公司秘書 陳耀光先生 授權代表 楊維先生 楊浩宏先生 審核 ...

[Performance Overview](index=1&type=section&id=2025%20Interim%20Results%20Announcement) [Financial Highlights](index=14&type=section&id=Financial%20Highlights) The Group's consolidated profit increased by 33% to HKD 51.10 million in H1 2025, with revenue growing 3.2% to HKD 390 million and gross margin improving to 39.9% Key Financial Indicators (HKD million) | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | +33% | | Profit Attributable to Owners of the Company | 49.60 | 37.60 | +31.9% | | Consolidated Revenue | 390 | 378 | +3.2% | | Gross Profit | 156 | 140 | +11.6% | | Gross Profit Margin (%) | 39.9 | 36.9 | +3.0 p.p. | - As of June 30, 2025, cash and bank balances increased to **HKD 250 million** from HKD 217 million as of December 31, 2024, with total net assets maintained at **HKD 669 million**[35](index=35&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) This section provides unaudited consolidated financial statements, including the income statement, comprehensive income, and financial position, for the six months ended June 30, 2025 [Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) The Group's revenue grew 3.2% to HKD 390 million, with operating profit surging 45.7% to HKD 61.75 million and basic EPS reaching 13.3 HKD cents Consolidated Income Statement Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 390,286 | 378,094 | +3.2% | | Gross Profit | 155,727 | 139,534 | +11.6% | | Operating Profit | 61,749 | 42,369 | +45.7% | | Profit Before Tax | 61,564 | 42,138 | +46.1% | | Profit for the Period | 51,089 | 38,510 | +32.7% | | Basic Earnings Per Share (HKD cents) | 13.3 | 10.1 | +31.7% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income for the period increased by 38.8% to HKD 52.48 million, driven by higher profit and exchange gains from overseas subsidiaries Consolidated Statement of Comprehensive Income Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 51,089 | 38,510 | | Exchange Differences | 1,391 | (711) | | **Total Comprehensive Income for the Period** | **52,480** | **37,799** | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets reached HKD 798 million and net assets HKD 669 million, with net current assets improving to HKD 301 million Consolidated Statement of Financial Position Highlights (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 403,622 | 404,602 | | Current Assets | 394,327 | 354,604 | | **Total Assets** | **797,949** | **759,206** | | Current Liabilities | (92,899) | (86,962) | | Non-current Liabilities | (36,455) | (37,450) | | **Total Liabilities** | **(129,354)** | **(124,412)** | | **Net Assets** | **668,595** | **634,794** | [Notes to the Interim Financial Report](index=5&type=section&id=Notes%20to%20the%20Interim%20Financial%20Report) This section details the interim financial report's preparation basis, accounting policies, revenue, segment data, taxation, dividends, EPS calculation, and key balance sheet items [Basis of Preparation & Accounting Policies](index=5&type=section&id=1%20%26%202%20Basis%20of%20Preparation%20%26%20Changes%20in%20Accounting%20Policies) This interim financial report, prepared under HKAS 34 and reviewed by the audit committee, maintains consistent accounting policies with no significant impact from new standards - The report is prepared in accordance with **Hong Kong Accounting Standard 34** 'Interim Financial Reporting'[12](index=12&type=chunk) - The report is unaudited but has been reviewed by the **Company's Audit Committee**[13](index=13&type=chunk) - The adoption of newly revised Hong Kong Financial Reporting Standards has not had a **significant financial impact** on the Group's results and financial position[14](index=14&type=chunk) [Revenue and Segment Information](index=6&type=section&id=3%20Revenue%20and%20Segment%20Information%20Reporting) The Group's primary business is beer manufacturing and distribution, with Hong Kong and the Philippines being key revenue contributors by segment and customer location, respectively Revenue by Operating Segment (HKD thousand) | By Operating Segment | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Hong Kong | 250,054 | 235,383 | | Mainland China | 140,232 | 142,711 | | **Total** | **390,286** | **378,094** | Revenue by Customer Geographical Location (HKD thousand) | By Customer Geographical Location | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Philippines | 240,960 | 222,454 | | Hong Kong | 112,136 | 118,620 | | Mainland China | 32,045 | 30,902 | | Others | 5,145 | 6,118 | | **Total** | **390,286** | **378,094** | [Profit Before Tax](index=10&type=section&id=4%20Profit%20Before%20Tax) Profit before tax reflects deductions for finance costs, staff costs (HKD 77.71 million), and depreciation, with cost of inventories at HKD 233 million Key Deductions from Profit Before Tax (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Finance Costs | 185 | 231 | | Staff Costs | 77,714 | 74,853 | | Depreciation | 10,339 | 12,123 | | Cost of Inventories | 233,419 | 237,896 | [Income Tax](index=11&type=section&id=5%20Income%20Tax) Income tax expense surged to HKD 10.48 million due to deferred tax reversals, with no Hong Kong profits tax provision and a 25% corporate income tax rate for Mainland China operations - Due to carried forward accumulated tax losses, no provision for **Hong Kong profits tax** was made for the Company and other Hong Kong subsidiaries for the years 2025 and 2024[26](index=26&type=chunk) - The applicable income tax rate for Mainland China operations is **25%**[26](index=26&type=chunk) [Dividends](index=11&type=section&id=6%20Dividends) The Board decided not to declare an interim dividend for the six months ended June 30, 2025, following the payment of a HKD 0.05 final dividend for the prior year - The Board decided not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[27](index=27&type=chunk) [Earnings Per Share](index=12&type=section&id=7%20Earnings%20Per%20Share) Basic earnings per share increased to 13.3 HKD cents, calculated based on HKD 49.64 million profit and 374 million shares, with no diluted EPS presented due to absence of dilutive instruments - Basic earnings per share of **13.3 HKD cents** were calculated based on profit attributable to owners of the Company of **HKD 49,644,000** and **373,570,560** ordinary shares in issue[30](index=30&type=chunk) - Diluted earnings per share were not presented as the Company had no dilutive potential ordinary shares in existence[31](index=31&type=chunk) [Trade and Other Receivables & Payables](index=12&type=section&id=8%20%26%209%20Trade%20and%20Other%20Receivables%20%26%20Trade%20and%20Other%20Payables) Trade receivables totaled HKD 30 million and trade payables HKD 28.75 million at period-end, with the Group maintaining credit policies and monitoring credit risk - Total trade receivables (net of loss allowance) amounted to **HKD 29.97 million**, of which **HKD 27.87 million** were current[32](index=32&type=chunk) - Total trade payables amounted to **HKD 28.75 million**, of which **HKD 28.73 million** were current and due within one month[34](index=34&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's H1 financial and business performance, highlighting growth driven by exports and South China operations, and outlines future strategies focusing on brand and cost management [Financial Performance Review](index=14&type=section&id=Financial%20Performance) In H1 2025, consolidated profit grew 33% to HKD 51.10 million, driven by 3.2% revenue growth and improved gross margin, with profit attributable to owners reaching HKD 49.60 million Key Financial Performance Indicators (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | | Consolidated Revenue | 390 | 378 | | Gross Profit | 156 | 140 | [Business Review](index=14&type=section&id=Business%20Review) Hong Kong operations saw total sales rise 14% due to exports despite local decline, while South China operations achieved 23% operating profit growth, supported by group-wide marketing efforts - Hong Kong operations: Total local sales decreased by **4%**, but a significant increase in export sales led to a **14%** rise in total sales and a substantial increase in operating profit[37](index=37&type=chunk) - South China operations: Local sales recorded a **3%** increase, and despite a decrease in export volume, operating profit still reached **RMB 16.90 million**, a **23%** year-on-year increase[39](index=39&type=chunk) - The Group launched a series of marketing activities in both markets, including TV commercials, social media promotions, gift redemptions, and collaborations with KOLs, to strengthen brand connection and drive sales[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) [Outlook](index=16&type=section&id=Outlook) The Group maintains cautious optimism for future growth despite challenges, focusing strategically on strengthening brand equity, enhancing operational efficiency, and deepening consumer engagement - The Group maintains a **'cautiously optimistic'** outlook for the future, acknowledging challenges including tightening financial conditions, changing consumer behavior, and geopolitical uncertainties[41](index=41&type=chunk) - Future strategic priorities will focus on: strengthening **brand equity**, enhancing **operational efficiency**, deepening **consumer engagement** through targeted promotional activities, and effective **cost management**[41](index=41&type=chunk) [Other Disclosures](index=16&type=section&id=Other%20Disclosures) This section provides standard disclosures on securities dealings and corporate governance, noting no share repurchases and general compliance with the Corporate Governance Code [Securities Dealings](index=16&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed its listed securities[42](index=42&type=chunk) [Corporate Governance](index=17&type=section&id=Corporate%20Governance) The Company generally complied with the Corporate Governance Code during the period, with a minor deviation in meeting arrangements planned for rectification within the current year - The Company consistently adopted the principles of the Corporate Governance Code during the reporting period, with one deviation concerning the arrangements for Board and other meetings, which the Company plans to align with the Code's provisions within the current year[43](index=43&type=chunk)

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This announcement supplements Green Leader Holdings Group Limited's FY2024 annual report, disclosing two unannounced construction contracts and updating on the auditor's disclaimer of opinion [Purpose of Announcement](index=1&type=section&id=Purpose%20of%20Announcement) This announcement supplements the 'Management Discussion and Analysis' section of the annual report with additional information on significant investments and acquisitions - This announcement aims to supplement additional information regarding significant investments and acquisitions within the 'Management Discussion and Analysis' section of the annual report[4](index=4&type=chunk) - Key content includes the disclosure of details for the Changcheng and Hongxin Contracts, and an update on the auditor's disclaimer of opinion regarding going concern[3](index=3&type=chunk)[5](index=5&type=chunk)[24](index=24&type=chunk) [Discloseable Transactions – Construction Contracts](index=1&type=section&id=Discloseable%20Transactions%20%E2%80%93%20Construction%20Contracts) The company discloses two previously unannounced construction contracts, the Changcheng and Hongxin Contracts, which constitute discloseable transactions [Changcheng Contract](index=2&type=section&id=Changcheng%20Contract) The company disclosed two construction contracts with Changcheng totaling approximately **RMB 3.25 million** for coal mine facilities Changcheng Contract Details | Contract | Date | Contracting Parties | Contract Value (RMB, excl. tax) | Scope of Work | | :--- | :--- | :--- | :--- | :--- | | **Changcheng Contract A** | September 10, 2021 | Gujiao Bolong (Project Owner) <br> Changcheng (Contractor) | 2,733,944.95 RMB | Construction of new equipment storage, rainwater collection pool, and retaining wall (combined scope) | | **Changcheng Contract B** | September 10, 2021 | Gujiao Bolong (Project Owner) <br> Changcheng (Contractor) | 519,266.06 RMB | Construction of new equipment storage, rainwater collection pool, and retaining wall (combined scope) | - Payment terms include 70% upon completion, up to 90% after third-party audit, and a 10% quality retention released after a 12-month defect liability period[8](index=8&type=chunk)[10](index=10&type=chunk) [Hongxin Contract](index=4&type=section&id=Hongxin%20Contract) The company disclosed a construction contract with Hongxin valued at approximately **RMB 17.65 million** for coal mine shaft engineering Hongxin Contract Details | Item | Content | | :--- | :--- | | **Date** | January 10, 2023 | | **Contracting Parties** | Gujiao Fuchang (Project Owner) <br> Hongxin (Contractor) | | **Contract Value** | 17,652,229.36 RMB (excluding 9% VAT) | | **Scope of Work** | Construction of coal mine shaft anchor networks, anchor cables, auxiliary treatment systems, and waste rock discharge at the Fuchang Coal Mine area | - Payment terms are similar to the Changcheng Contract, involving phased payments and a 10% quality retention[14](index=14&type=chunk) [Reasons for and Benefits of Entering into Contracts](index=6&type=section&id=Reasons%20for%20and%20Benefits%20of%20Entering%20into%20Contracts) The Board views these contracts as essential for coal mining operations, with fair terms determined through negotiation and funded by internal resources - These construction projects are integral to the operational process of mining and exploring coal reserves in the relevant areas[17](index=17&type=chunk) - Contract values were determined through fair negotiation, considering scope, complexity, estimated costs, and market prices[15](index=15&type=chunk) - The Board considers the contract terms fair and reasonable, entered into on normal commercial terms, and in the overall interests of shareholders[17](index=17&type=chunk) [Information on Contracting Parties](index=6&type=section&id=Information%20on%20Contracting%20Parties) The project owners were Group subsidiaries, while contractors Changcheng and Hongxin are independent third parties - Gujiao Bolong and Gujiao Fuchang were Group subsidiaries engaged in mining operations prior to consolidation termination[18](index=18&type=chunk)[19](index=19&type=chunk) - Changcheng and Hongxin are independent Chinese construction companies unrelated to the Group[20](index=20&type=chunk)[21](index=21&type=chunk) [Listing Rules Implications and Remedial Actions](index=7&type=section&id=Listing%20Rules%20Implications%20and%20Remedial%20Actions) The company addresses the implications of the unannounced discloseable transactions under Listing Rules and outlines remedial measures [Implications under Listing Rules](index=7&type=section&id=Implications%20under%20Listing%20Rules) The Changcheng and Hongxin Contracts are discloseable transactions, and their untimely disclosure was an unintentional oversight - The Changcheng and Hongxin Contracts are discloseable transactions, with applicable percentage ratios between **5% and 25%**[22](index=22&type=chunk) - Untimely disclosure resulted from miscommunication with Shanxi Coal Transportation management regarding Listing Rules compliance[22](index=22&type=chunk) [Remedial Actions](index=8&type=section&id=Remedial%20Actions) The company has implemented internal controls, including a dedicated team and Board approval for significant contracts, to ensure future Listing Rules compliance - A dedicated team, including the company secretary and group financial controller, will monitor and evaluate all construction and fixed asset procurement contracts[25](index=25&type=chunk) - Before contract execution, the team will calculate Listing Rules percentage ratios, requiring Board approval for any contract exceeding **5%**[25](index=25&type=chunk) - The company will seek legal and professional advice as needed to ensure full Listing Rules compliance[25](index=25&type=chunk) [Update on Disclaimer of Opinion](index=8&type=section&id=Update%20on%20Disclaimer%20of%20Opinion) The company provides an update on its action plan and progress in addressing the auditor's disclaimer of opinion regarding going concern [Company's Action Plan and Expected Timetable](index=8&type=section&id=Company%27s%20Action%20Plan%20and%20Expected%20Timetable) The company's action plan addresses the auditor's disclaimer of opinion by seeking debt restructuring, negotiating with creditors, and developing its coal business by end of 2025 - The auditor issued a disclaimer of opinion on the FY2024 consolidated financial statements due to significant going concern uncertainties[24](index=24&type=chunk) - The action plan involves seeking potential investors for debt restructuring, negotiating extensions for **RMB 119.7 million** in payables, negotiating repayment terms with associates, and continuing coal business development[26](index=26&type=chunk) Action Plan Expected Timetable | Date (2025) | Action | | :--- | :--- | | April to August | Seek potential investors and conduct negotiations | | April to August | Negotiate settlement/extension with 2017 noteholders | | April to September | Negotiate with other creditors and associates | | By end of December | Complete potential restructuring and various settlement/extension agreements | [Latest Progress of Action Plan](index=10&type=section&id=Latest%20Progress%20of%20Action%20Plan) The company is actively negotiating with a potential state-owned investor and various creditors, with a key tripartite meeting scheduled for late July or early August - The company is discussing a potential investment with a Chinese state-owned enterprise to support debt restructuring[29](index=29&type=chunk) - Discussions have been held with the potential investor, noteholders, other creditors, and associates via meetings and calls[30](index=30&type=chunk) - A key tripartite meeting with the company, 2017 noteholders, and the potential investor is planned for late July or early August[30](index=30&type=chunk) [Definitions](index=10&type=section&id=Definitions) This section provides clear definitions for key terms used throughout the announcement to ensure consistent understanding [Definitions of Key Terms](index=10&type=section&id=Definitions%20of%20Key%20Terms) This section defines specific terms used in the announcement, such as 'Changcheng Contract,' 'Hongxin Contract,' 'the Company,' and 'the Group,' to ensure consistent reader understanding - This section provides clear definitions for key terms used in the announcement, facilitating consistent understanding[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk)

2024/25 年報 股份代號: 216 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 主席報告 | 4 | | 董事及高級管理人員履歷 | 9 | | 企業管治報告 | 15 | | 董事會報告 | 27 | | 獨立核數師報告 | 53 | | 綜合損益表 | 59 | | 綜合全面收益表 | 60 | | 綜合財務狀況表 | 61 | | 綜合權益變動表 | 63 | | 綜合現金流量表 | 65 | | 財務報表附註 | 68 | | 五年財務摘要 | 170 | | 物業之詳細資料 | 171 | 公司資料 董事 王承偉 （主席） 陳遠強 （副主席兼董事總經理） 林燕勝 王妍 羅志豪 * 范偉立 * Randall Todd Turney* 徐英略 * * 獨立非執行董事 審核委員會 范偉立 （主席） 羅志豪 Randall Todd Turney 薪酬委員會 范偉立 （主席） 羅志豪 Randall Todd Turney 王承偉 陳遠強 提名委員會 羅志豪 （主席） 范偉立 Randall Todd Turney 王承偉 王妍 公司秘書 尹嘉怡 主要往來銀行 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2359） 截至2025年6月30日止六個月未經審計中期業績公告 財務摘要 | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | | | 2025年 | 2024年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | （百分比除外）（百分比除外） | | | | 收入 | 20,799.3 | 17,240.9 | 20.6% | | 毛利 | 9,112.2 | 6,700.9 | 36.0% | | 毛利率 | 43.8% | 38.9% | | | 母公司持有者之應佔淨溢利 | 8,287.3 | 4,239.8 | 95.5% | | 母公司持有者之應佔溢利淨利率 | 39.8% | 24.6% | | | 經調整非《國際財務報告準則》之 | | | | | 母公司持有者之應佔淨溢利 ...

股份代號: 160 2024/25 年報 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 主席報告 | 4 | | 董事及高級管理人員履歷 | 9 | | 企業管治報告 | 16 | | 董事會報告 | 30 | | 獨立核數師報告 | 53 | | 綜合損益表 | 59 | | 綜合全面收益表 | 60 | | 綜合財務狀況表 | 61 | | 綜合權益變動表 | 63 | | 綜合現金流量表 | 64 | | 財務報表附註 | 66 | | 五年財務摘要 | 166 | | 物業之詳細資料 | 167 | 公司資料 董事 王承偉 （主席） 林燕勝 （董事總經理） 李曉平 王妍 林炳麟 方文靜 * 馬德瑋 * 陳家俊 * 周明祖 * * 獨立非執行董事 審核委員會 陳家俊 （主席） 方文靜 馬德瑋 薪酬委員會 馬德瑋 （主席） 方文靜 陳家俊 王承偉 林炳麟 提名委員會 方文靜 （主席） 馬德瑋 陳家俊 王承偉 王妍 公司秘書 尹嘉怡 主要往來銀行** 交通銀行（香港）有限公司 東亞銀行有限公司 創興銀行有限公司 大新銀行有限公司 富邦銀行（香港）有限公司 恒生銀行有限公 ...