Interim Results Summary Provides a high-level overview of the company's financial performance for the interim period, highlighting key growth metrics Key Financial Data For the six months ended June 30, 2025, the company achieved explosive growth, with significant increases in sales performance, revenue, gross profit, profit before tax, and profit for the period, including a 251.0% year-on-year revenue growth and 285.8% profit for the period growth Key Financial Data (Thousand RMB) | Indicator (Thousand RMB) | 2025 (Unaudited) | 2024 (Unaudited) | Year-on-Year Change (%) | | :----------------------- | :--------------- | :--------------- | :---------------------- | | Sales Performance | 14,183,643 | 4,059,026 | 249.4 | | Revenue | 12,354,239 | 3,520,185 | 251.0 | | Gross Profit | 4,705,208 | 1,454,982 | 223.4 | | Profit Before Tax | 2,963,687 | 780,396 | 279.8 | | Profit for the Period | 2,267,554 | 587,812 | 285.8 | | Share-based Payment Expenses | 83,298 | 14,016 | 494.3 | | Non-IFRS Adjusted Net Profit | 2,350,852 | 601,828 | 290.6 | Interim Condensed Consolidated Financial Statements Presents the company's interim condensed consolidated financial statements, including the income statement and balance sheet Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company reported substantial growth in revenue and profit, with profit for the period reaching RMB2,267,554 thousand and basic earnings per share at RMB13.38 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Thousand RMB) | Indicator (Thousand RMB) | 2025 (Unaudited) | 2024 (Unaudited) | | :----------------------- | :--------------- | :--------------- | | Revenue | 12,354,239 | 3,520,185 | | Cost of Sales | (7,649,031) | (2,065,203) | | Gross Profit | 4,705,208 | 1,454,982 | | Profit Before Tax | 2,963,687 | 780,396 | | Income Tax Expense | (696,133) | (192,584) | | Profit for the Period | 2,267,554 | 587,812 | | Basic Earnings Per Share (RMB) | 13.38 | 4.11 | | Diluted Earnings Per Share (RMB) | 13.34 | 4.11 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets and shareholders' equity significantly increased, with a notable rise in net current assets, reflecting expanded scale and enhanced financial strength Interim Condensed Consolidated Statement of Financial Position (Thousand RMB) | Indicator (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------- | :------------------------ | :-------------------------- | | Total Non-current Assets | 713,312 | 503,476 | | Total Current Assets | 12,749,826 | 5,833,282 | | Total Current Liabilities | 5,582,232 | 2,248,566 | | Net Current Assets | 7,167,594 | 3,584,716 | | Net Assets | 7,660,860 | 3,920,323 | | Total Equity | 7,660,860 | 3,920,323 | Notes to the Interim Condensed Consolidated Financial Information Provides detailed explanatory notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, and key financial items 1. Company and Group Information Laopu Gold Co Ltd is incorporated in China, with its H-shares listed on the Hong Kong Stock Exchange since June 28, 2024, primarily engaging in jewelry production, sales, and maintenance services - The company is incorporated in China, with its H-shares listed on the Main Board of the Hong Kong Stock Exchange since June 28, 20246 - The Group's principal activities are the production and sale of jewelry and the provision of maintenance and repair services6 2.1 Basis of Preparation The interim condensed consolidated financial information is prepared in accordance with IAS 34, presented in RMB, with all figures rounded to the nearest thousand - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 347 - Financial data is presented in RMB, with all figures rounded to the nearest thousand7 2.2 Changes in Accounting Policies and Disclosures Accounting policies for the interim financial information remain consistent with the prior year, except for the initial adoption of revised IFRS, which had no material financial impact - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the Group’s annual consolidated financial statements for the prior year, except for the initial adoption of revised International Financial Reporting Standards8 - The adoption of the revised International Financial Reporting Standards had no material financial impact on the interim condensed consolidated financial information9 3. Operating Segment Information The Group operates as a single reportable segment, with management reviewing overall financial performance, and both Mainland China and overseas revenues showing significant growth, particularly overseas - The Group does not categorize its business units by services and products, operating as a single reportable operating segment10 Revenue by Geographical Market (Thousand RMB) | Geographical Market | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :------------------ | :------------------ | :------------------ | | Mainland China | 10,757,701 | 3,232,628 | | Overseas | 1,596,538 | 287,557 | | Total | 12,354,239 | 3,520,185 | - For the six months ended June 30, 2025 and 2024, no revenue from sales to a single external customer or a group of external customers under common control accounted for 10% or more of the Group's revenue13 4. Revenue, Other Income and Gains The Group's revenue primarily stems from goods sales, predominantly pure gold products, with growth in maintenance services and other income mainly from interest and government grants Revenue by Type of Goods or Services (Thousand RMB) | Type of Goods or Services | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :------------------------ | :------------------ | :------------------ | | Sale of Goods | 12,352,193 | 3,519,833 | | Maintenance and Repair Services | 2,046 | 352 | | Total | 12,354,239 | 3,520,185 | Revenue by Product or Service Type (Thousand RMB) | Product or Service Type | 2025 (Thousand RMB) | 2024 (Thousand RMB) | | :---------------------- | :------------------ | :------------------ | | Pure Gold Products | 12,345,875 | 3,518,820 | | Others | 8,364 | 1,365 | | Total | 12,354,239 | 3,520,185 | Other Income and Gains (Thousand RMB) | Other Income and Gains (Thousand RMB) | 2025 | 2024 | | :------------------------------------ | :--- | :--- | | Interest Income | 2,792 | 596 | | Government Grants | 173 | 183 | | Exchange Differences | – | 555 | | Total | 3,993 | 1,847 | 5. Finance Costs For the six months ended June 30, 2025, finance costs significantly increased to RMB42,207 thousand, primarily due to a substantial rise in bank borrowing interest Finance Costs (Thousand RMB) | Finance Costs (Thousand RMB) | 2025 | 2024 | | :--------------------------- | :--- | :--- | | Interest on Bank Borrowings | 35,090 | 3,510 | | Interest on Lease Liabilities | 6,936 | 7,107 | | Others | 181 | 97 | | Total | 42,207 | 10,714 | 6. Profit Before Tax Profit before tax is calculated after deducting various expenses, including significantly increased cost of inventories sold, lease payments not measured as lease liabilities, equity-settled share-based payments, and employee benefit expenses Expenses Items (Thousand RMB) | Expense Item (Thousand RMB) | 2025 | 2024 | | :-------------------------- | :-------- | :-------- | | Cost of Inventories Sold | 7,649,031 | 2,065,203 | | Depreciation of Property, Plant and Equipment | 28,641 | 17,272 | | Depreciation of Right-of-use Assets | 88,424 | 63,214 | | Lease Payments Not Measured as Lease Liabilities | 816,840 | 192,944 | | Equity-settled Share-based Payments | 83,298 | 14,016 | | Employee Benefit Expenses (Wages and Salaries) | 323,550 | 202,004 | 7. Income Tax Expense The Group pays income tax based on rates in different jurisdictions, including China (25%), Hong Kong (8.25%-16.5%), Macau (3%-12%), and Singapore (17%), with a substantial increase in income tax expense for the period - Mainland China subsidiaries are subject to Enterprise Income Tax at a rate of 25%22 - Hong Kong profits tax is provided at a two-tiered tax rate of 8.25% to 16.5%23 Income Tax Expense (Thousand RMB) | Income Tax Expense (Thousand RMB) | 2025 | 2024 | | :-------------------------------- | :------ | :------ | | Current | 718,743 | 191,622 | | Deferred | (22,610) | 962 | | Total | 696,133 | 192,584 | 8. Dividends The company declared and paid a final dividend of RMB6.35 per share for 2024 and proposed an interim dividend of RMB9.59 per share for 2025 to reward investors - The company declared a final dividend of RMB6.35 per share for 2024 (totaling approximately RMB1,096 million), which has been fully paid27 - The Board recommends an interim dividend of RMB9.59 per share for the six months ended June 30, 2025, subject to shareholders' approval27 9. Earnings Per Share Attributable to Owners of the Company Both basic and diluted earnings per share are calculated based on profit attributable to owners and the weighted average number of ordinary shares outstanding, showing significant growth this period Earnings Per Share Calculation | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :-------- | :--------------- | :--------------- | | Profit attributable to owners of the company (Thousand RMB) | 2,267,554 | 587,812 | | Weighted average number of ordinary shares outstanding during the period | 169,485,871 | 143,011,218 | | Weighted average number of ordinary shares for diluted EPS | 169,943,247 | 143,011,218 | 10. Inventories As of June 30, 2025, total inventories significantly increased to RMB8,684,720 thousand, primarily comprising finished goods, raw materials, and work-in-progress, to meet business growth demands Inventories (Thousand RMB) | Inventory Item (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :---------------------------- | :------------------------ | :-------------------------- | | Finished Goods | 5,530,415 | 2,547,046 | | Raw Materials | 2,032,615 | 837,219 | | Work-in-progress | 1,119,461 | 700,580 | | Total | 8,684,720 | 4,087,849 | - For the six months ended June 30, 2025, the amount of inventories written down to net realizable value was RMB1,511 thousand36 11. Trade Receivables Trade receivables, mainly from store sales and online platforms, typically have 30 or 60-day credit terms, with RMB844,463 thousand outstanding as of June 30, 2025, predominantly due within one month Trade Receivables (Thousand RMB) | Trade Receivables (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :------------------------------- | :------------------------ | :-------------------------- | | Trade Receivables | 851,859 | 812,001 | | Less: Net Impairment | (7,396) | (10,785) | | Total | 844,463 | 801,216 | Ageing Analysis of Trade Receivables (Thousand RMB) | Ageing Analysis (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------------- | :------------------------ | :-------------------------- | | Within 1 Month | 533,417 | 643,547 | | 1 to 2 Months | 122,511 | 73,703 | | 2 to 3 Months | 168,423 | 49,881 | | Over 3 Months | 20,112 | 34,085 | | Total | 844,463 | 801,216 | 12. Trade Payables As of June 30, 2025, total trade payables amounted to RMB503,844 thousand, with most due within one month, reflecting short credit terms Ageing Analysis of Trade Payables (Thousand RMB) | Ageing Analysis (Thousand RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :----------------------------- | :------------------------ | :-------------------------- | | Within 1 Month | 467,061 | 204,607 | | 1 to 2 Months | 34,633 | 17,862 | | 2 to 3 Months | 1,616 | 3,701 | | Over 3 Months | 534 | 2,027 | | Total | 503,844 | 228,197 | - Trade payables are generally settled within one to three months after the invoice date and are interest-free41 13. Interest-bearing Bank Borrowings As of June 30, 2025, total interest-bearing bank borrowings substantially increased to RMB3,183,029 thousand, primarily unsecured bank loans to support business development Interest-bearing Bank Borrowings (Thousand RMB) | Borrowing Type | Effective Interest Rate (%) | Maturity | June 30, 2025 (Thousand RMB) | December 31, 2024 (Thousand RMB) | | :------------------- | :-------------------------- | :------- | :--------------------------- | :------------------------------- | | Bank Loans – Unsecured | 2.54-5.00 | 2026 | 3,183,029 | 1,373,461 | | Total | | | 3,183,029 | 1,373,461 | - All borrowings are denominated in RMB, except for HKD78,000,000 which is denominated in HKD43 14. Share Capital As of June 30, 2025, the company's share capital increased to RMB172,676,700, mainly due to the initial public offering and placing of new ordinary shares Share Capital (RMB) | Share Capital (RMB) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :------------------ | :------------------------ | :-------------------------- | | Ordinary Shares of RMB1.00 each | 172,676,700 | 168,366,700 | - In 2024, 25,724,200 ordinary shares were issued due to the initial public offering and the exercise of the over-allotment option44 - In 2025, 4,310,000 ordinary shares were issued due to the placing of new ordinary shares44 Management Discussion and Analysis Provides management's perspective on the company's operational and financial performance, strategic initiatives, and future outlook Business Review Laopu Gold, as the leading brand in 'Ancient Gold Craftsmanship,' achieved substantial revenue and gross profit growth during the reporting period, driven by expanded brand influence, continuous product innovation, and active channel expansion - The company is certified by the China Gold Association as the "No 1 Professional Brand in Chinese Ancient Handcrafted Goldware"4547 - Revenue for the reporting period was approximately RMB12,354.24 million, representing a year-on-year increase of approximately 251.0%45 - Gross profit amounted to approximately RMB4,705.21 million, a year-on-year increase of approximately 223.4%45 Brand Influence and Market Advantages The company has cultivated significant brand advantages in the ancient gold industry, maintaining top average revenue and sales per square meter in Mainland China, achieving online sales breakthroughs, and attracting a high-overlap luxury consumer base - In the first half of 2025, the average sales performance per single shopping mall was approximately RMB459 million, ranking first in average revenue and sales per square meter among single shopping malls in Mainland China47 - During the 2025 Tmall 618 event, the Tmall flagship store topped the gold category sales performance list, with transaction volume exceeding RMB1,000 million49 - Loyal members reached approximately 480,000, an increase of 130,000 from the end of 202449 - The average overlap rate of consumers with the top five international luxury brands (e.g., Louis Vuitton, Hermès) was as high as 77.3%, validating the brand's high-end positioning49 Continuous Product Optimization and Innovation The company leads product development trends in ancient gold craftsmanship through original design and process innovation, holding over 2,100 original designs and multiple patents, consistently launching competitive distinctive products - The company is the first brand in China to promote the "Ancient Gold Craftsmanship" concept, the first to launch "Pure Gold Inlaid Diamond" products, and the first to introduce "Gold Filigree Enamel" products50 - As of June 30, 2025, over 2,100 original designs have been created, holding 273 domestic patents, 1,505 copyrights for works, and 246 overseas patents51 Channel Expansion and Store Optimization The company actively expanded its channels, operating 41 self-operated stores in 16 cities as of June 30, 2025, successfully opening its first overseas store in Singapore, and entering 9 of the top 10 domestic commercial centers - As of June 30, 2025, the company operated 41 self-operated stores across 16 cities, all located in 29 renowned commercial centers52 - In the first half of 2025, the company entered 3 new commercial centers and optimized and expanded 2 stores in existing commercial centers54 - On June 21, 2025, the Singapore Marina Bay Sands store opened, marking Laopu Gold's first overseas store55 - The company has completed its entry into 9 of the top 10 domestic commercial centers, with the remaining one (Shanghai Plaza 66) scheduled to open in mid-October 202555 Outlook and Prospects The company is confident in future growth, aiming to expand brand market momentum, continue original product design and process innovation, and pursue a 'brand internationalization and market globalization' strategy to become the world's leading gold brand - The company will consistently adhere to its brand positioning, expand brand market momentum, and continuously innovate in original product design and craftsmanship56 - It is committed to a market strategy of "brand internationalization and market globalization," actively expanding market reach and scope56 - The goal is to build the world's leading gold brand with significant intangible cultural heritage value and strong international competitiveness56 Revenue Analysis During the reporting period, revenue increased by 251.0% year-on-year to RMB12,354.24 million, with store sales remaining the primary source, online platform revenue slightly increasing, pure gold products contributing almost all revenue, and strong growth in overseas business aligning with internationalization strategy - Revenue for the reporting period was approximately RMB12,354.24 million, an increase of approximately 251.0% compared to the same period in 202458 - Same-store sales growth rate was approximately 200.8%60 Revenue by Sales Channel Store sales remain the main revenue source, accounting for approximately 86.9% of total revenue with a 243.2% year-on-year increase, while online platform revenue slightly grew to 13.1%, increasing by 313.3% Revenue by Sales Channel (Thousand RMB) | Sales Channel | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :------------ | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Stores | 10,736,238 | 86.9 | 3,128,721 | 88.9 | 243.2 | | Online Platforms | 1,618,001 | 13.1 | 391,464 | 11.1 | 313.3 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | Revenue by Product/Service Category Pure gold product sales contributed almost all revenue, growing by 250.9% year-on-year, while other products and services revenue increased by 512.7%, albeit from a very small base Revenue by Product/Service Category (Thousand RMB) | Product/Service Category | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :----------------------- | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Pure Gold Products | 12,345,875 | 99.9 | 3,518,820 | 100.0 | 250.9 | | Other Products and Services | 8,364 | 0.1 | 1,365 | –* | 512.7 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | Revenue by Geographical Region Mainland China revenue accounted for 87.1%, growing by 232.8% year-on-year, while overseas revenue, representing 12.9%, surged by 455.2%, demonstrating the effectiveness of the internationalization strategy Revenue by Geographical Region (Thousand RMB) | Geographical Market | 2025 Revenue (Thousand RMB) | 2025 Revenue Share (%) | 2024 Revenue (Thousand RMB) | 2024 Revenue Share (%) | Revenue Year-on-Year Change (%) | | :------------------ | :-------------------------- | :--------------------- | :-------------------------- | :--------------------- | :------------------------------ | | Mainland China | 10,757,701 | 87.1 | 3,232,628 | 91.8 | 232.8 | | Overseas | 1,596,538 | 12.9 | 287,557 | 8.2 | 455.2 | | Total | 12,354,239 | 100.0 | 3,520,185 | 100.0 | 251.0 | Gross Profit Margin and Net Profit Margin Gross profit margin slightly declined to approximately 38.1% due to rapid gold price increases, but non-IFRS adjusted net profit margin improved from 17.1% to 19.0%, benefiting from economies of scale driven by explosive performance growth - From January to April 2025, gold prices rapidly increased unilaterally, with a rise of 21.53%66 - The company's gross profit margin for the reporting period slightly declined to approximately 38.1% compared to previous periods66 - The non-IFRS adjusted net profit margin increased from 17.1% in the same period of 2024 to 19.0%66 Selling and Administrative Expenses, etc During the reporting period, selling and distribution expenses, administrative expenses, and R&D expenses all significantly increased, primarily due to business expansion, higher employee numbers and remuneration, and increased operational costs Expenses Items (Thousand RMB) | Expense Item (Thousand RMB) | 2025 | 2024 | Year-on-Year Change (%) | | :-------------------------- | :-------- | :------ | :---------------------- | | Selling and Distribution Expenses | 1,464,465 | 532,153 | 175.2 | | Administrative Expenses | 211,121 | 124,628 | 69.4 | | Research and Development Expenses | 24,511 | 6,555 | 273.9 | | Other Expenses, Net | 3,210 | 2,383 | 34.7 | | Total | 1,703,307 | 665,719 | 155.9 | Selling and Distribution Expenses Selling and distribution expenses increased by 175.2% to RMB1,464.47 million, mainly driven by higher mall rents and fees, as well as sales team expansion and increased remuneration - Over 97% of selling and distribution expenses originated from mall rental fees, e-commerce platform transaction service fees, sales team employee costs, depreciation, and amortization67 Administrative Expenses Administrative expenses increased by 69.4% to RMB211.12 million, primarily due to an increase in administrative staff and remuneration, along with higher bank charges and other expenses Research and Development Expenses R&D expenses increased by 273.9% to RMB24.51 million, primarily due to an increase in R&D staff and remuneration to support product development capabilities Other Expenses, Net Other expenses, net, increased by 34.7% to RMB3.21 million, primarily attributable to exchange losses Income Tax Expense Income tax expense for the reporting period was approximately RMB696.13 million, a significant increase from the prior year, primarily due to higher profit before tax - Income tax expense for the reporting period was approximately RMB696.13 million, compared to approximately RMB192.58 million in the same period of 202473 - The increase in income tax expense was primarily due to the growth in profit before income tax expense73 Non-IFRS Financial Measure Adjusted Net Profit To supplement IFRS, the company uses non-IFRS adjusted net profit, excluding share-based payment expenses, to better reflect operating performance, which showed substantial growth during the period - Non-IFRS adjusted net profit refers to net profit excluding share-based payment expenses75 Non-IFRS Adjusted Net Profit (Thousand RMB) | Indicator (Thousand RMB) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------- | :----------------------------- | :----------------------------- | | Profit for the Period | 2,267,554 | 587,812 | | Adjustment: Share-based Payment Expenses | 83,298 | 14,016 | | Non-IFRS Adjusted Net Profit | 2,350,852 | 601,828 | | Non-IFRS Adjusted Net Profit Margin | 19.0% | 17.1% | Current Assets, Financial Resources and Gearing Ratio The Group maintains prudent capital management, with significant increases in inventories, trade receivables, and cash and cash equivalents; operating cash flow was a net inflow after excluding gold procurement, and the gearing ratio slightly increased but remains reasonable - The Group adopts a conservative and prudent capital management and financial policy in its overall business operations77 Inventories Inventories increased by 112.5% from RMB4,087.85 million at year-end 2024 to RMB8,684.72 million as of June 30, 2025, primarily to meet demand from store optimization, new store expansion, and performance growth, with inventory turnover days decreasing from 195 to 150 - The increase in inventories was mainly to meet the product increment demand for the company's store optimization, new store expansion, and performance growth77 - Inventory turnover days decreased from 195 days in 2024 to 150 days in the reporting period77 Trade Receivables Trade receivables increased from RMB801.22 million at year-end 2024 to RMB844.46 million as of June 30, 2025, with turnover days shortening from 25 to 12, mainly due to the adoption of self-checkout models in more directly operated stores - Trade receivables turnover days were 12 days, a reduction from 25 days in 202478 - The shortening of turnover days was primarily due to the company's implementation of self-checkout models in more directly operated stores within shopping malls78 Cash and Cash Equivalents Cash and cash equivalents increased from RMB732.65 million at year-end 2024 to RMB2,515.84 million as of June 30, 2025, primarily driven by sales collections and financing activities - The increase in cash and cash equivalents was primarily due to sales collections and financing activities79 Operating Cash Flow Operating cash flow for the reporting period was a net outflow of approximately RMB2,215.36 million, which would be a net inflow of approximately RMB154.05 million if excluding the impact of proceeds used for gold raw material procurement - Operating cash flow for the reporting period was a net outflow of approximately RMB2,215.36 million80 - Excluding the impact of approximately RMB2,369.41 million of placing proceeds used for gold raw material procurement, operating cash flow would be a net inflow of approximately RMB154.05 million80 Bank Loans Interest-bearing bank borrowings increased by 131.8% from RMB1,373.46 million at year-end 2024 to RMB3,183.03 million as of June 30, 2025, primarily to meet product increment demand for store optimization, new store expansion, and performance growth - Interest-bearing bank borrowings increased by approximately 131.8% compared to the end of 202483 - This increase was primarily to meet the product increment demand for the company's store optimization, new store expansion, and performance growth83 Gearing Ratio As of June 30, 2025, the Group's gearing ratio was approximately 43.10%, an increase from 38.1% at year-end 2024 - As of June 30, 2025, the Group's gearing ratio was approximately 43.10% (December 31, 2024: 38.1%)82 Material Investments, Acquisitions and Disposals As of June 30, 2025, the company held no material investments and had no material acquisitions or disposals - As of June 30, 2025, the company held no material investments (each individual investment held did not constitute 5% or more of the Group's total assets)84 - For the six months ended June 30, 2025, the company had no material acquisitions or disposals84 Future Plans for Material Investments or Capital Assets The company has no specific plans for material investments or capital assets, other than expanding offline stores and establishing new overseas entities - The company has no specific plans for material investments or capital assets, other than expanding offline stores and establishing new overseas entities85 Pledges of Assets As of June 30, 2025, the company had no pledges of assets - As of June 30, 2025, the company had no pledges of assets86 Contingent Liabilities As of June 30, 2025, the company had no contingent liabilities - As of June 30, 2025, the company had no contingent liabilities87 Exchange Rate Risk Management Management considers foreign currency exchange risk immaterial as most business transactions are completed in RMB; the company currently has no foreign currency hedging policy but monitors and considers hedging significant risks - Management considers foreign currency exchange risk to be immaterial, as most business transactions are conducted in Mainland China and settled in RMB88 - As of June 30, 2025, the company had no foreign currency hedging policy but monitors foreign exchange risk and considers hedging when necessary88 Capital Expenditure Capital expenditure for the reporting period was approximately RMB57.28 million, primarily for new store openings and store upgrade renovations - Capital expenditure for the reporting period was approximately RMB57.28 million89 - This was primarily used for new store openings and store upgrade renovations89 Human Resources, Employees and Remuneration Policy The company offers comprehensive remuneration and benefits, embraces diversity and inclusion, and uses equity incentive plans to attract and retain talent; as of June 30, 2025, the Group had 1,629 employees, with sales and marketing personnel being the largest group - The company provides comprehensive remuneration and benefits, including wages, bonuses, maternity leave, and other allowances90 - Equity incentive plans are used to motivate, attract, and retain outstanding talent91 Employee Distribution by Function | Function | Number | Percentage of Total (%) | | :---------------- | :----- | :---------------------- | | Administrative | 363 | 22 | | Sales and Marketing | 719 | 44 | | Production | 526 | 33 | | Research and Design | 21 | 1 | | Total | 1,629 | 100 | Restricted Share Unit Scheme The company adopted a Restricted Share Unit Scheme on February 26, 2025, to attract, retain, and incentivize eligible participants by aligning their interests with the company and shareholders, with a total of 717,000 award shares granted - The scheme aims to attract, retain, and reward eligible participants who contribute significantly to the Group's long-term growth, aligning their interests with those of the company and its shareholders93 - A total of 597,000 award shares were granted to 27 employees, with an additional 120,000 award shares granted to 21 employees94 - The maximum total number of H-shares that may be issued under the scheme's authorized limit is 9,477,486 H-shares94 Events After the Reporting Period As of the announcement date, no material events requiring further disclosure or adjustment occurred after the reporting period, other than those disclosed in this interim results announcement - As of the date of this interim results announcement, no material events requiring further disclosure or adjustment occurred after the reporting period96 Use of Net Proceeds from Listing The net proceeds from the company's H-share listing, approximately HKD957.1 million, were primarily allocated to expanding the sales network; as of June 30, 2025, most funds were utilized as planned, with approximately HKD62.3 million remaining - The net proceeds from the global offering and the exercise of the over-allotment option totaled approximately HKD957.1 million97 Use of Net Proceeds from Listing (Million HKD) | Intended Use of Net Proceeds | Allocation Percentage (%) | Net Proceeds Utilized as of June 30, 2025 (Million HKD) | Net Proceeds Unutilized as of June 30, 2025 (Million HKD) | | :--------------------------- | :------------------------ | :------------------------------------------------------ | :-------------------------------------------------------- | | Expanding Sales Network | 73.3 | 222.4 | – | | Maintaining Brand Positioning and Enhancing Brand Awareness | 11.3 | 12.9 | 18.6 | | Optimizing Internal IT Systems and Enhancing Automation and Informatization | 2.7 | 2.7 | 19.8 | | Strengthening R&D Capabilities | 2.7 | 1.3 | 23.9 | | General Working Capital and General Corporate Purposes | 10.0 | – | – | | Total | 100.0 | 239.3 | 62.3 | Use of Net Proceeds from Placing In May 2025, the company completed a placing of 4,310,000 new H-shares, generating net proceeds of approximately HKD2,698.04 million, primarily for core business development, including Mainland China store expansion, existing store optimization, and supporting same-store sales growth, with most funds utilized - The placing of 4,310,000 new H-shares at a placing price of HKD630.00 per share generated net proceeds of approximately HKD2,698.04 million99 Use of Net Proceeds from Placing (Million HKD) | Intended Use of Net Proceeds from Placing | Allocation Percentage (%) | Amount Utilized During Reporting Period (Million HKD) | Amount Unutilized as of June 30, 2025 (Million HKD) | | :---------------------------------------- | :------------------------ | :---------------------------------------------------- | :-------------------------------------------------- | | For Core Business Development | 80.0 | 2,058.43 | 100.00 | | - Mainland China Store Expansion | 20.7 | 558.00 | – | | - Optimization and Expansion of Existing Store Locations | 10.3 | 279.00 | – | | - Supporting Rapid Growth in Same-Store Sales | 49.0 | 1,221.43 | 100.00 | | For Replenishing Working Capital and General Corporate Purposes | 20.0 | 539.61 | – | | Total | 100.0 | 2,598.04 | 100.00 | Interim Dividends The Board recommends an interim dividend of RMB9.59 per share for the six months ended June 30, 2025, with the total dividend amount referencing 50% of the Group's undistributed profits to reward investors - The Board recommends an interim dividend of RMB9.59 per share (June 30, 2024: nil)103 - The proposed total dividend amount is referenced by the Board as 50% of the Group's undistributed profits as of June 30, 2025103 Closure of Register of Members To determine eligibility for attending the EGM and receiving interim dividends, the company will suspend H-share transfer registration from November 13 to November 18, 2025, and from November 24 to November 27, 2025, respectively - To determine the H-share shareholders entitled to attend the EGM, the H-share transfer registration will be suspended from November 13 to November 18, 2025104 - To determine the shareholders entitled to receive the interim dividend, the H-share transfer registration will be suspended from November 24 to November 27, 2025105 Corporate Governance Outlines the company's commitment to maintaining high standards of corporate governance, including compliance with the Corporate Governance Code and securities trading standards Corporate Governance Code The Group is committed to high corporate governance standards and has complied with the Corporate Governance Code, with deviations noted for the combined roles of Chairman and CEO, and the dividend policy not yet being effective - The company has consistently complied with all applicable code provisions of the Corporate Governance Code106 - Deviating from code provision C.2.1, the roles of Chairman and Chief Executive Officer are combined and held by Mr Xu, which the Board believes benefits the Group's management107 - Deviating from code provision F.1.1, the Board has approved the proposed adoption of a dividend policy, which will only become effective after approval by the shareholders at a general meeting108 Standard Code for Securities Transactions The company adopted the Standard Code for securities transactions by directors and supervisors as per Appendix C3 of the Listing Rules, with all directors and supervisors confirming compliance during the reporting period - The company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as its code of conduct for securities transactions by directors and supervisors109 - Each director and supervisor has confirmed compliance with the required standards set out in the Standard Code throughout the reporting period109 Purchase, Sale or Redemption of Listed Securities or Sale of Treasury Shares During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, nor did they sell any treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities110 - As of June 30, 2025, the company held no treasury shares110 Audit Committee and Review of Interim Results The Audit Committee, comprising three independent non-executive directors, reviewed and confirmed that the Group's interim financial results for the six months ended June 30, 2025, comply with relevant accounting standards, rules, and regulations, with timely and appropriate disclosures - The Audit Committee, composed of three independent non-executive directors, has reviewed the company's interim results for the six months ended June 30, 2025111 - The Audit Committee reviewed and concluded that the interim financial results comply with relevant accounting standards, rules, and regulations, and that appropriate disclosures have been made in a timely manner111 - Ernst & Young, the auditor, has conducted an independent review of the Group's unaudited interim financial information111 Publication of Interim Results Announcement and 2025 Interim Report on HKEX and Company Website This interim results announcement has been published on the HKEX and company websites, and the 2025 Interim Report, containing all required information, will be published and dispatched to H-share shareholders in due course - This interim results announcement is published on the HKEX website www.hkexnews.hk and the company's website www.lphj.com[112](index=112&type=chunk) - The 2025 Interim Report, containing all information required by the Listing Rules, will be published on the HKEX and company websites in due course and dispatched to H-share shareholders according to their chosen communication method112 Definitions and Glossary This section provides definitions for key terms and phrases used in the interim results announcement to ensure clear understanding of the report content
老铺黄金(06181) - 2025 - 中期业绩