达芙妮国际(00210) - 2025 - 中期业绩

Announcement Summary Key Financial Highlights Daphne International Holdings Limited demonstrated strong performance in the first half of 2025, with significant growth in revenue, operating profit, and profit attributable to owners of the Company, alongside an increase in basic earnings per share Key Financial Highlights for H1 2025 | Metric | H1 2025 (RMB million) | Change | | :--- | :--- | :--- | | Revenue | 198.3 | increased by 17% | | Operating profit | 70.5 | increased by 24% | | Profit attributable to owners of the Company | 64.7 | increased by 15% | | Basic EPS | RMB 0.033 | - | Interim Results Condensed Consolidated Statement of Profit or Loss During the reporting period, the company achieved substantial year-on-year growth in revenue and gross profit, with significant improvements in operating profit and profit for the period, reflecting strong operational efficiency and profitability Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 198,297 | 168,796 | | Cost of sales | (92,184) | (83,027) | | Gross profit | 106,113 | 85,769 | | Other income | 27,114 | 24,948 | | Operating profit | 70,518 | 56,732 | | Profit for the period | 64,599 | 55,860 | | Profit attributable to owners of the Company | 64,685 | 56,055 | | Basic earnings per share | 0.033 | 0.028 | Condensed Consolidated Statement of Comprehensive Income The company's total comprehensive income for the period increased year-on-year, primarily driven by higher profit for the period, but partially offset by other comprehensive loss from exchange differences on translating foreign operations Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 64,599 | 55,860 | | Exchange differences on translating foreign operations | (2,686) | 525 | | Total comprehensive income for the period | 61,913 | 56,385 | | Total comprehensive income attributable to owners of the Company | 61,999 | 56,580 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, non-current assets slightly decreased, while other financial assets within current assets significantly increased, and cash and cash equivalents decreased. Both current and non-current liabilities declined, with steady growth in net assets and equity attributable to owners Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Metric | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Non-current assets | 384,098 | 392,887 | | Current assets | 535,551 | 538,285 | | Current liabilities | 120,370 | 156,934 | | Non-current liabilities | 11,478 | 11,995 | | Net assets | 787,801 | 762,243 | | Equity attributable to owners of the Company | 784,193 | 758,549 | - Other financial assets within current assets significantly increased from RMB 30,477 thousand as of December 31, 2024, to RMB 133,819 thousand as of June 30, 2025[7] - Cash and cash equivalents decreased from RMB 476,170 thousand as of December 31, 2024, to RMB 376,643 thousand as of June 30, 2025[7] Notes to the Condensed Consolidated Interim Financial Statements 1 General Information Daphne International Holdings Limited and its subsidiaries primarily engage in the licensing, distribution, and sale of footwear products and accessories in Mainland China, with the company registered in the Cayman Islands and listed on the Hong Kong Stock Exchange - The Group primarily engages in the licensing, distribution, and sale of footwear products and accessories in Mainland China[8] - The Company is a limited company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[8] 2 Basis of Preparation The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and have been reviewed by the audit committee and approved by the Board, with no significant impact from new or revised standards adopted during the period - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[10] - This statement has been reviewed by the Company's Audit Committee and approved for issue by the Board of Directors on August 20, 2025[9] - The adoption of amendments to HKAS 21 and HKFRS 1 had no significant impact on the Group's operations or financial position[10] 3 Revenue and Segment Information The Group operates a single reportable segment, primarily deriving revenue from licensing fees and sales of goods to customers in Mainland China - The Group has only one reportable segment, with revenue derived from customers located in Mainland China[12] Composition of Revenue (For the six months ended June 30) | Source of Revenue | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | License fee income | 85,153 | 68,575 | | Sales of goods | 113,144 | 100,221 | | Total Revenue | 198,297 | 168,796 | 4 Other Income The Group's other income primarily consists of gross rental income and interest income, with government grants and other miscellaneous income contributing a smaller portion Composition of Other Income (For the six months ended June 30) | Source of Income | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gross rental income | 20,941 | 19,281 | | Interest income | 5,487 | 4,703 | | Government grants | 9 | 553 | | Others | 677 | 411 | | Total Other Income | 27,114 | 24,948 | 5 Other (Losses)/Gains — Net The Group's other net losses were primarily impacted by exchange losses, partially offset by fair value gains on financial assets at fair value through profit or loss and gains on disposal of property, plant and equipment Other (Losses)/Gains — Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair value gain on financial assets at fair value through profit or loss | 230 | 158 | | Gain on disposal of property, plant and equipment | 6 | - | | Net exchange (loss)/gain | (874) | 545 | | Net | (638) | 703 | 6 Operating Profit Operating profit is stated after deducting various expenses, with cost of inventories sold, employee benefit expenses, and marketing and promotion expenses being major components, and inventory provision significantly decreased year-on-year Operating Profit Deductions (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 1,003 | 1,083 | | Cost of inventories sold | 92,184 | 83,027 | | Depreciation of investment properties | 8,388 | 8,405 | | Depreciation of property, plant and equipment | 675 | 520 | | Depreciation of right-of-use assets | 1,551 | 2,149 | | Employee benefit expenses | 25,613 | 23,129 | | Marketing and promotion expenses | 11,117 | 5,241 | - Cost of inventories sold includes an inventory provision of RMB 1,180,000 (2024: RMB 3,339,000), representing a significant year-on-year decrease[16] 7 Finance Costs Finance costs primarily consist of interest on lease liabilities, which decreased year-on-year during the reporting period Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on lease liabilities | 112 | 193 | 8 Income Tax Expense Income tax expense significantly increased year-on-year, primarily due to tax charges from the utilization of deferred tax assets related to tax losses and the net impact of tax credits from the reversal of excess provisions for deferred income tax liabilities related to unremitted earnings in China Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax – Mainland China | 660 | 732 | | Deferred income tax | 5,178 | - | | Total Income Tax Expense | 5,838 | 732 | - The increase in income tax expense was primarily due to tax charges arising from the utilization of deferred tax assets related to tax losses, and the net impact of tax credits from the reversal of excess provisions for deferred income tax liabilities related to unremitted earnings in China from the previous year[18] 9 Earnings Per Share Both basic and diluted earnings per share increased, with diluted earnings per share calculation considering the impact of share option exercises Earnings Per Share Calculation (For the six months ended June 30) | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic earnings per share | 0.033 | 0.028 | | Diluted earnings per share | 0.032 | 0.028 | - In the first half of 2025, the exercise of share options had a dilutive effect on earnings, with the adjusted weighted average number of shares being 2,028,219,774[19] - In the corresponding period of 2024, share options had no dilutive effect as their exercise price was higher than the average market price of the Company's shares, resulting in identical basic and diluted earnings per share[20] 10 Dividends The Board does not recommend an interim dividend for the first half of 2025, but the final dividend for 2024, which was accrued or paid, increased compared to the previous year Dividends Accrued or Paid (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Final dividend for the year ended December 31, 2024 | 36,355 | 17,934 | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[22] 11 Trade Receivables Net trade receivables decreased year-on-year, with a lower proportion of receivables within 30 days and an increased proportion of receivables over 60 days in the ageing analysis Net Trade Receivables and Ageing Analysis | Metric | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables – net | 5,844 | 7,235 | | Ageing analysis (net of loss allowance): | | | | 0 to 30 days | 2,794 | 5,433 | | 31 to 60 days | 957 | 1,251 | | Over 60 days | 2,093 | 551 | - The Group generally grants credit terms of 30 to 60 days to its trade customers[23] 12 Trade Payables Total trade payables slightly decreased year-on-year, with the majority of payables still falling within the 0 to 30 days ageing category Ageing Analysis of Trade Payables | Ageing | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 33,074 | 34,729 | | 31 to 60 days | 278 | 43 | | Over 60 days | 2,091 | 2,119 | | Total Trade Payables | 35,443 | 36,891 | Management Discussion and Analysis Business Review In H1 2025, despite global uncertainties, China's economy showed resilience with 5.3% GDP growth, and 'trade-in' policies boosted retail sales amid rational consumer behavior and rising e-commerce competition, prompting the Group to adopt a balanced strategy of brand licensing, wholesale, and direct retail to achieve steady revenue and operating profit growth Macroeconomic and Market Environment In H1 2025, global geopolitical conflicts and market volatility created uncertainty, yet China's GDP grew by 5.3%, demonstrating economic resilience, while 'trade-in' policies boosted retail sales, but consumers shifted to rational spending, and e-commerce continued to grow amidst intensifying competition and the rise of content-driven platforms - In the first half of 2025, China's Gross Domestic Product (GDP) increased by 5.3% year-on-year[25] - China's 'trade-in' policy for consumer goods boosted retail sales, with total retail sales of consumer goods increasing by 5.0% year-on-year[25] - In the first half of 2025, national online retail sales reached RMB 7.43 trillion, representing an 8.5% year-on-year increase[26] Group Performance The Group implemented a robust and forward-looking strategy, balancing brand licensing, wholesale, and direct retail to strengthen its core 'Daphne' brand and cultivate 'Daphne.Lab', achieving steady growth in revenue and operating profit despite market challenges through optimized operations, enhanced brand licensing, and lean supply chain management - The Group adopted a dual-focus strategy, consolidating the industry-leading position of its core brand 'Daphne' while actively cultivating the 'Daphne.Lab' brand[27] - For the six months ended June 30, 2025, the Group's total revenue increased by 17% year-on-year to approximately RMB 198.3 million, and operating profit increased by 24% to approximately RMB 70.5 million[28] - Basic earnings per share were RMB 0.033, compared to RMB 0.028 in the corresponding period of 2024[29] Brand Licensing and Distribution Business The Group continues to strengthen the 'Daphne' brand's leading position in China's women's footwear industry through brand revitalization, celebrity endorsements, product innovation, and multi-channel marketing, enhancing brand image and market penetration, with significant growth in both license fee income and wholesale sales of goods, and continued expansion of online and offline store count - The 'Daphne' brand announced Chinese celebrity Victoria Song as its global brand ambassador in May 2025 and launched the 'Free Rebirth' fashion campaign[31] - The Group actively strengthened its brand licensing business, consolidating its influence on mainstream e-commerce platforms like Tmall and JD.com, while also achieving considerable growth on emerging channels such as Douyin and Pinduoduo[32] Brand Licensing and Distribution Business Revenue (For the six months ended June 30) | Source of Revenue | 2025 (RMB million) | 2024 (RMB million) | Year-on-year growth | | :--- | :--- | :--- | :--- | | License fee income | 85.2 | 68.6 | +24% | | Wholesale sales of goods | 102.7 | 91.5 | +12% | - As of June 30, 2025, the Group had 116 physical stores and 1,150 online stores, all operated by franchisees under the Group's licensing arrangements[33] Retail Business The Group's avant-garde fashion brand 'Daphne.Lab' received acclaim for its unique aesthetics and brand image, enhancing brand awareness and e-commerce growth through collaborations with trendy artists, K-pop dance community events, and celebrity/influencer partnerships, while actively exploring offline retail models and continuously optimizing its supply chain for increased competitiveness - The 'Daphne.Lab' brand received widespread acclaim for its bold and avant-garde aesthetic style and distinct brand image, attracting attention and affection from numerous renowned Chinese and Korean celebrities and K-pop girl group members[34] - This spring, 'Daphne.Lab' collaborated with a trendy artist to launch the 'Slightly Floral Lollipop Generation 2' co-branded slippers, which received a positive market response[35] - Currently, the Group operates 2 directly-managed offline and 6 online 'Daphne.Lab' stores, continuously refining its offline strategy based on consumer trends and retail dynamics[36] - The Group continuously optimizes its supply chain processes to enhance overall efficiency and ensure stringent quality control, enabling a swift response to market demands[36] Financial Review The Group achieved double-digit growth in revenue, operating profit, and profit attributable to owners in H1 2025, with improved operating profit margin and increased basic earnings per share; cash and cash equivalents decreased, but equity attributable to owners grew, and asset liquidity ratio and net debt ratio remained healthy, despite a significant increase in income tax expense Financial Summary The Group achieved double-digit growth in revenue, operating profit, and profit attributable to owners in H1 2025, with improved operating profit margin and increased basic earnings per share; cash and cash equivalents decreased, but equity attributable to owners grew, and asset liquidity ratio and net debt ratio remained healthy Financial Summary (For the six months ended June 30) | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 198.3 | 168.8 | +17% | | Other income | 27.1 | 24.9 | +9% | | Operating profit | 70.5 | 56.7 | +24% | | Profit attributable to owners of the Company | 64.7 | 56.1 | +15% | | Operating profit margin (%) | 35.6 | 33.6 | +2.0 percentage points | | Net profit margin (%) | 32.6 | 33.2 | -0.6 percentage points | | Basic earnings per share (RMB) | 0.033 | 0.028 | +18% | | Balance Sheet Metrics: | | | | | Cash and cash equivalents (RMB million) | 376.6 | 476.2 | -21% | | Equity attributable to owners of the Company (RMB million) | 784.2 | 758.5 | +3% | | Current ratio (times) | 4.4 | 3.4 | +29% | | Net debt ratio (%) | Net cash | Net cash | N/A | Revenue and Gross Profit The Group's total revenue increased by 17% year-on-year, primarily driven by growth in license fee income, wholesale sales of goods, and retail business, with the gross profit margin for sales of goods improving to 18.5%, reflecting better cost and inventory control Composition of Revenue and Gross Profit (For the six months ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | License fee income | 85.2 | 68.6 | +24% | | Sales of goods – wholesale | 102.7 | 91.5 | +12% | | Sales of goods – retail | 10.4 | 8.7 | +20% | | Total sales of goods | 113.1 | 100.2 | +13% | | Cost of sales | (92.2) | (83.0) | +11% | | Gross profit from sales of goods | 20.9 | 17.2 | +22% | | Gross profit margin from sales of goods | 18.5% | 17.2% | +1.3 percentage points | | Total revenue | 198.3 | 168.8 | +17% | | Total gross profit | 106.1 | 85.8 | +24% | - The increase in license fee income was primarily due to an overall increase in the number of footwear and other product categories licensed to online franchisees[40] - The improvement in gross profit margin from sales of goods was mainly due to better cost and inventory control[41] Other Income Other income increased by 9% year-on-year, primarily benefiting from higher rental income from investment properties, partly due to the recovery of long-outstanding rents - For the six months ended June 30, 2025, the Group's other income was approximately RMB 27.1 million (2024: RMB 24.9 million), primarily comprising gross rental income from investment properties of approximately RMB 20.9 million (2024: RMB 19.3 million)[42] - The increase in gross rental income was mainly due to the recovery of long-outstanding rents from certain tenants[42] Operating Expenses Overall operating expenses increased, primarily driven by higher marketing and promotion expenses and employee benefit expenses - During the review period, the Group's operating expenses were approximately RMB 62.7 million, compared to approximately RMB 54.0 million in the corresponding period of 2024[43] - The overall increase in operating expenses was primarily attributable to higher marketing and promotion expenses and employee benefit expenses[43] Operating Profit The Group's operating profit increased by 24% year-on-year, reaching approximately RMB 70.5 million, demonstrating strong profitability - For the first half of 2025, the Group recorded an operating profit of approximately RMB 70.5 million, an increase of approximately RMB 13.8 million or 24% compared to approximately RMB 56.7 million in the corresponding period of 2024[44] Finance Costs Finance costs primarily consisted of interest on lease liabilities, which decreased year-on-year during the reporting period - During the review period, interest on lease liabilities was approximately RMB 0.1 million (2024: RMB 0.2 million)[45] Income Tax Expense Income tax expense significantly increased, mainly due to the net impact of deferred tax asset utilization and the reversal of excess provisions for deferred income tax liabilities - For the six months ended June 30, 2025, the Group's income tax expense was approximately RMB 5.8 million, compared to approximately RMB 0.7 million in the corresponding period last year[46] - The increase in income tax expense was primarily due to tax charges arising from the utilization of deferred tax assets related to tax losses, and the net impact of tax credits from the reversal of excess provisions for deferred income tax liabilities related to unremitted earnings in China from the previous year[46] Profit Attributable to Owners of the Company Profit attributable to owners of the Company increased by 15% year-on-year, with basic earnings per share rising to RMB 0.033 - For the six months ended June 30, 2025, profit attributable to owners of the Company was approximately RMB 64.7 million (2024: RMB 56.1 million), representing an increase of approximately RMB 8.6 million or 15% compared to the corresponding period of 2024[47] - During the review period, basic earnings per share were RMB 0.033 (2024: RMB 0.028)[47] Liquidity, Financial Resources and Capital Structure As of June 30, 2025, cash and cash equivalents decreased primarily due to fixed deposit placements and dividend payments, but the Group maintained a net cash position and an improved current ratio, holding financial investments to optimize returns on surplus cash Net Change in Cash and Cash Equivalents (For the six months ended June 30) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 38.5 | 45.9 | | Placement of fixed deposits with original maturity over three months | (102.6) | - | | Dividends paid to owners of the Company | (35.8) | (14.9) | | Net (decrease)/increase in cash and cash equivalents | (96.9) | 43.3 | - As of June 30, 2025, the Group's cash and cash equivalents were approximately RMB 376.6 million (as of December 31, 2024: RMB 476.2 million)[48] - The Group maintained a net cash position for its net debt ratio, and the current ratio further improved to 4.4 times (as of December 31, 2024: 3.4 times)[50] Foreign Exchange Risk Management The Group primarily faces foreign exchange risks related to HKD and USD, which are managed through regular review of net foreign exchange exposure, though no forward foreign exchange contracts were entered into for hedging during the reporting period - The Group is primarily exposed to foreign exchange risks related to HKD and USD[51] - For the six months ended June 30, 2025, the Group did not enter into any forward foreign exchange contracts for hedging foreign exchange risks[51] Material Investments As of June 30, 2025, the Group had no material investments - As of June 30, 2025, the Group had no material investments[52] Future Plans for Material Investments and Capital Assets As of June 30, 2025, the Group had no future plans for any material investments or capital assets - As of June 30, 2025, the Group had no future plans for any material investments or capital assets[53] Pledged Assets As of the end of the reporting period, the Group had no pledged or charged assets - As of June 30, 2025, and December 31, 2024, the Group had no pledged or charged assets[54] Capital Expenditure and Commitments Capital expenditure during the reporting period primarily related to leasehold improvements and office equipment, decreasing compared to the prior year, with no material capital commitments - During the review period, the Group's capital expenditure was approximately RMB 0.2 million (2024: RMB 0.4 million), primarily for leasehold improvements and office equipment[55] - As of June 30, 2025, and December 31, 2024, the Group had no material capital commitments[55] Contingent Liabilities As of the end of the reporting period, the Group had no material contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had no material contingent liabilities[56] Human Resources The Group's total employee count slightly increased, with employee benefit expenses growing by 11% year-on-year, mainly due to an increase in headcount, discretionary performance bonuses, and staff benefits and allowances, as the Group values talent and provides competitive compensation and benefits - As of June 30, 2025, the Group's total number of employees in Mainland China and Hong Kong was 113 (as of December 31, 2024: 109)[57] - During the review period, employee benefit expenses were approximately RMB 25.6 million (2024: RMB 23.1 million), representing an 11% year-on-year increase[57] - The increase in employee benefit expenses was primarily due to an increase in headcount, discretionary performance bonuses, and staff benefits and allowances[57] Outlook Looking ahead to H2 2025, despite global economic complexities, China's long-term economic fundamentals remain robust, with the retail sector transitioning towards value-driven consumption, and the Group will continue to optimize its strategy, integrating brand licensing, direct retail, and wholesale businesses, strengthening the positioning of 'Daphne' and 'Daphne.Lab' brands, and advancing its omnichannel strategy for sustainable growth - The Group will continue to adopt a diversified business model, integrating brand licensing, direct retail, and wholesale businesses to enhance adaptability and long-term competitiveness[58] - The 'Daphne' brand plans to collaborate with a designer brand during Paris Fashion Week in October to launch the 'Cloud Soft' new collection and leverage its global brand ambassador for live stream promotions[59] - The 'Daphne.Lab' brand plans to hold a fashion show and launch a designer brand collaboration series at Shanghai Fashion Week in October to reinforce its avant-garde fashion image[59] - The Group will further advance its omnichannel strategy, continuously strengthening its presence on traditional and emerging e-commerce platforms, and expanding its offline retail network with a proactive yet prudent approach[60] Other Information Purchase, Sale or Redemption of the Company's Shares During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares[61] Material Acquisitions and Disposals of Subsidiaries, Associates or Joint Ventures During the reporting period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[62] Securities Transactions by Directors The company's directors confirmed compliance with the 'Model Code for Securities Transactions by Directors of Listed Issuers' during the reporting period, with no breaches by senior management or employees identified - Following specific enquiries made to all Directors, all Directors confirmed that they had complied with the requirements set out in the Model Code for the six months ended June 30, 2025[63] Changes in Directors' Information Effective June 19, 2025, Mr. Huang Shuncai resigned as an independent non-executive Director, and Ms. Xu Wenguan was appointed as an independent non-executive Director, Chairman of the Nomination Committee, and a member of the Audit and Remuneration Committees - Effective June 19, 2025, Mr. Huang Shuncai resigned as an independent non-executive Director[64] - Effective June 19, 2025, Ms. Xu Wenguan was appointed as an independent non-executive Director and the Chairman of the Nomination Committee, as well as a member of the Audit Committee and Remuneration Committee, respectively[64] Compliance with Corporate Governance Code The company complied with all applicable code provisions of the Corporate Governance Code during the reporting period and will continue to strengthen its corporate governance practices - For the six months ended June 30, 2025, the Company complied with all applicable code provisions set out in the Corporate Governance Code[65] Sufficient Public Float As of the end of the reporting period and the announcement date, the company maintained a sufficient public float, representing over 25% of its total issued share capital - For the six months ended June 30, 2025, and up to the date of this announcement, the Company maintained a sufficient public float, representing over 25% of its total issued share capital, in accordance with the Listing Rules[66] Events After the Reporting Period From the end of the reporting period to the date of this announcement, the Directors were not aware of any material events affecting the Group - From June 30, 2025, to the date of this announcement, the Directors were not aware of any material events affecting the Group[67] Review of Condensed Consolidated Interim Financial Statements The Audit Committee reviewed and confirmed that the condensed consolidated interim financial statements were prepared in accordance with applicable accounting standards - The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and considered them to be prepared in accordance with applicable accounting standards[68] Publication of Interim Results and Interim Report This announcement has been published on the company's website and HKEXnews website, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement has been published on the Company's website (www.daphneholdings.com) and the HKEXnews website (www.hkexnews.hk)[69](index=69&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders and published on the aforementioned websites in due course[69]