永旺(00984) - 2025 - 中期业绩

Company Information and Report Statement This section provides an overview of AEON Stores (Hong Kong) Co., Limited and the disclaimer regarding the interim results report Company Overview This report, issued by AEON Stores (Hong Kong) Co., Limited, discloses the unaudited interim results for the six months ended June 30, 2025 - Company Name: AEON STORES (HONG KONG) CO., LIMITED[2] - Stock Code: 984[2] - Reporting Period: Unaudited interim results for the six months ended June 30, 2025[3][4] Report Statement Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited bear no responsibility for this announcement, make no representation, and accept no liability for any loss - The Hong Kong Stock Exchange and HKEX are not responsible for the content of this announcement, make no statements, and assume no liability[1] Consolidated Financial Statements This section presents the group's consolidated statements of profit or loss, comprehensive income, and financial position for the reporting period Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, group revenue decreased by 3.0% to HKD 3,930.7 million, and loss for the period expanded by 29.9% to HKD 226.4 million Key Data from Consolidated Statement of Profit or Loss | Indicator | 6 Months Ended June 30, 2025 (HKD Thousand) | 6 Months Ended June 30, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,930,714 | 4,052,133 | -3.0% | | Other Income | 218,487 | 235,046 | -7.0% | | Investment Income | 5,432 | 7,790 | -30.3% | | Purchases of goods and changes in inventories | (2,829,827) | (2,902,908) | -2.5% | | Staff Costs | (417,893) | (487,956) | -14.4% | | Loss Before Tax | (225,629) | (173,440) | +30.1% | | Loss for the Period | (226,372) | (174,188) | +29.9% | | Loss Attributable to Owners of the Company | (217,394) | (171,176) | +27.0% | | Loss Per Share (Basic and Diluted) | (83.61) HK cents | (65.84) HK cents | +27.0% | Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the group's total comprehensive loss for the period was HKD 225.2 million, an increase from HKD 182.1 million in the prior year Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 6 Months Ended June 30, 2025 (HKD Thousand) | 6 Months Ended June 30, 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss for the Period | (226,372) | (174,188) | | Fair value gain/(loss) on equity securities at fair value through other comprehensive income | 3,128 | (7,532) | | Exchange differences arising on translation of foreign operations | (1,940) | (377) | | Other comprehensive income for the period, net of tax | 1,188 | (7,909) | | Total Comprehensive Loss for the Period | (225,184) | (182,097) | | Total Comprehensive Loss Attributable to Owners of the Company | (216,932) | (179,233) | Consolidated Statement of Financial Position As of June 30, 2025, the group's non-current and current assets both decreased, net current liabilities expanded, leading to a further increase in the deficit attributable to owners of the company Key Data from Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,419,596 | 3,609,049 | -5.3% | | Current Assets | 1,796,637 | 1,846,266 | -2.7% | | Current Liabilities | 3,210,713 | 3,045,539 | +5.4% | | Net Current Liabilities | (1,414,076) | (1,199,273) | +17.9% | | Total Assets Less Current Liabilities | 2,005,520 | 2,409,776 | -16.8% | | Non-current Liabilities | 2,661,445 | 2,840,517 | -6.3% | | Net Liabilities | (655,925) | (430,741) | +52.3% | | Deficit Attributable to Owners of the Company | (746,517) | (529,585) | +40.9% | Notes to the Financial Statements This section details the basis of preparation, accounting policy changes, revenue segmentation, and other financial disclosures Basis of Preparation and Going Concern This interim results report is prepared in accordance with HKAS 34. The group faces significant going concern uncertainties due to losses, cash outflows from operations, and net current liabilities, but management expects continued financial support from the ultimate holding company - This interim results report is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[7] - For the six months ended June 30, 2025, the group recorded a loss of HKD 226,372,000 and net cash outflows from operating activities and lease liabilities of HKD 80,135,000[8] - As of June 30, 2025, the group's net current liabilities were HKD 1,414,076,000, indicating a material uncertainty that may cast significant doubt on its ability to continue as a going concern[8][9] - Management expects to receive continued support from the ultimate holding company, AEON Co., Ltd., including extensions of loan repayments and additional sufficient financial resources[9] Changes in Accounting Policies The accounting policies adopted in this interim report are consistent with the 2024 annual financial statements, with no significant impact from the first-time application of HKAS 21 amendments on foreign exchange rate changes - The accounting policies and methods of computation adopted in the interim financial report are consistent with those presented in the group's annual financial statements for the year ended December 31, 2024[10] - The first-time application of amendments to HKAS 21 (Effect of Foreign Exchange Rate Changes – Lack of Exchangeability) had no significant impact on the financial position and performance for the current and prior periods[11] Revenue and Segment Information Group revenue primarily derives from direct sales and franchise sales in two reportable segments: Hong Kong and Mainland China. Total revenue decreased year-on-year, with both segments reporting expanded losses - Revenue represents the invoiced value of goods sold to customers, net of discounts, and franchise sales income, recognized when control of the goods is transferred to the customer[12] - The chief operating decision maker identifies Hong Kong and Mainland China as two reportable segments[12] Revenue by Geographical Segment For the six months ended June 30, 2025, the group's total revenue decreased by 3.0% year-on-year, with Hong Kong operations revenue down 5.97% and Mainland China operations revenue slightly down 0.4% Revenue from Contracts with Customers by Segment | Segment | 6 Months Ended June 30, 2025 (HKD Thousand) | 6 Months Ended June 30, 2024 (HKD Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong | | | | | Direct Sales | 1,663,378 | 1,763,823 | -5.7% | | Franchise Sales Income | 120,750 | 133,602 | -9.6% | | Subtotal (Hong Kong) | 1,784,128 | 1,897,425 | -5.97% | | Mainland China | | | | | Direct Sales | 2,044,964 | 2,048,419 | -0.2% | | Franchise Sales Income | 101,622 | 106,289 | -4.4% | | Subtotal (Mainland China) | 2,146,586 | 2,154,708 | -0.4% | | Total | 3,930,714 | 4,052,133 | -3.0% | Segment Results by Geographical Segment For the six months ended June 30, 2025, Hong Kong segment loss expanded by 12.3% to HKD 162.0 million, and Mainland China segment loss expanded by 78.7% to HKD 66.1 million Segment Loss | Segment | 6 Months Ended June 30, 2025 (HKD Thousand) | 6 Months Ended June 30, 2024 (HKD Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Hong Kong Segment Loss | (162,024) | (144,259) | +12.3% | | Mainland China Segment Loss | (66,050) | (36,971) | +78.7% | | Total Segment Loss | (228,074) | (181,230) | +25.8% | - Segment loss represents the loss generated by each segment, excluding investment income and finance costs[14] Other Income and Gains/Losses For the six months ended June 30, 2025, other income decreased by 7.0% year-on-year, mainly due to reduced platform collaboration income. Other gains and losses shifted from a gain to a loss, primarily due to exchange losses Other Income | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Rental income from investment properties | 155,300 | 158,390 | -1.95% | | Tenant management fees and other income | 32,635 | 34,512 | -5.58% | | Platform collaboration income | 16,861 | 27,323 | -38.3% | | Government grants | 360 | - | N/A | | Sales of scrap materials | 1,355 | 1,406 | -3.63% | | Others | 11,976 | 13,415 | -10.7% | | Total | 218,487 | 235,046 | -7.0% | Other Gains and Losses | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Exchange (loss)/gain, net | (21,089) | 11,271 | Shifted from gain to loss | | Loss on disposal/write-off of property, plant and equipment | (777) | (390) | Loss expanded | | Gain on lease modification | - | 1,058 | Shifted from gain to zero | | Total | (21,866) | 11,939 | Shifted from gain to loss | Income Tax Expense For the six months ended June 30, 2025, the group's income tax expense was HKD 743 thousand, primarily from deferred tax and China withholding income tax. No Hong Kong profits tax or China corporate income tax was provided due to continuous tax losses in both regions Income Tax Expense | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Current tax - China withholding income tax | 89 | - | | Deferred tax | 654 | 748 | | Income tax expense for the period | 743 | 748 | - The group continuously incurred tax losses in Hong Kong and Mainland China, thus no Hong Kong profits tax or China corporate income tax was provided[16][17] Dividends No dividends were declared to ordinary shareholders for the six months ended June 30, 2025, or after the reporting period - No dividends were declared to ordinary shareholders for the six months ended June 30, 2025, and June 30, 2024, or after the reporting period[18] Loss Per Share For the six months ended June 30, 2025, the basic loss per share attributable to owners of the company was HKD 83.61 cents, an increase from HKD 65.84 cents in the prior year Loss Per Share | Indicator | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the period attributable to owners of the company | HKD 217,394,000 | HKD 171,176,000 | | Number of ordinary shares in issue | 260,000,000 shares | 260,000,000 shares | | Basic loss per share | (83.61) HK cents | (65.84) HK cents | - No diluted loss per share is presented as there were no dilutive potential ordinary shares in issue during both periods[20] Trade Receivables The group's trade receivables primarily arise from retail transactions settled by credit cards and electronic payments, with an average settlement period of 10 days. As of the reporting date, most receivables are due within 30 days, with no significant overdue balances or default risks - The group's trade receivables arise from retail transactions settled by credit cards or other electronic payment methods[21] - The average settlement period for amounts due from these credit card and other electronic payment service providers is 10 days[21] - As of the reporting date, HKD 28,959,000 (December 31, 2024: HKD 28,726,000) is due within 30 days, with no significant overdue balances and no expected defaults[21] Trade Payables As of June 30, 2025, the group's total trade payables increased to HKD 1,060.8 million, with approximately 86.8% due within 60 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | | 0 to 60 Days | 920,921 | 872,264 | | 61 to 90 Days | 44,501 | 43,839 | | Over 90 Days | 95,426 | 89,151 | | Total | 1,060,848 | 1,005,254 | Performance Review This section reviews the group's performance in Hong Kong and Mainland China, considering macroeconomic factors and operational strategies Macroeconomic Environment In the first half of 2025, Hong Kong and Mainland China economies gradually recovered, but consumer confidence remained low due to high interest rates, a declining property market, and the US-China trade war, pressuring the overall retail market - In the first half of 2025, the economies of Hong Kong and Mainland China gradually recovered, but consumer confidence remained low[23] - Key influencing factors included high interest rates, a continued downturn in the property market, and the US-China trade war[23] Hong Kong Operations Review Hong Kong's retail sector performed weakly in the first half, impacted by cross-border consumption, e-commerce competition, and changing tourist spending patterns. The group responded with product reforms, store network optimization, structural reforms, and digital transformation, yet revenue and losses worsened - In the first half of 2025, the provisional estimate of total retail sales value in Hong Kong decreased by 3.3% compared to the same period last year, indicating weak overall consumption[24] - The group's own brand sales grew by over 30%, and it launched the popular Japanese cartoon character 'Opanchu Usagi' series merchandise[24] - AEON STYLE Kai Tak grandly opened, AEON STYLE Kornhill reopened, and the group actively expanded small specialty stores such as 'Mono Mono', DAISO Japan, and Living PLAZA by AEON[25] - Structural reforms were implemented through optimizing human resource allocation, negotiating rent reductions with landlords, and enhancing product management efficiency[25] - The application of electronic shelf labels, self-checkout systems, and 'Mobile Assistant' was expanded and optimized, leading to good growth in AEON App sales[25] Hong Kong Operations Financial Performance | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,784.1 | 1,897.4 | -5.97% | | Business Loss | 162.0 | 144.3 | +12.3% | | Adjusted Loss for the Period (excluding exchange factors) | 140.8 | 155.6 | -9.5% | Mainland China Operations Review Mainland China's economy saw a steady recovery with growth in total retail sales of consumer goods. The group improved gross profit margin, increased online sales, opened five new independent supermarkets in the Greater Bay Area, and adjusted its store network for efficiency. However, business revenue slightly decreased, and losses expanded - Mainland China's GDP grew by 5.2% year-on-year in Q2 and 5.3% in the first half. Total retail sales of consumer goods increased by 5.0% year-on-year[27] - The gross profit margin of the Mainland China segment slightly improved, mainly due to a significant increase in own brand sales[28] - Online sales recorded a year-on-year increase, demonstrating the effectiveness of the group's e-commerce strategy[28] - During the period, five new independent supermarkets were opened, including Shenzhen Longgang Renheng Store, Foshan MixC Store, Guangzhou Hengbao Store, Guangzhou Link Store, and Guangzhou Chengguanghui Store, further expanding the market presence in the Greater Bay Area[28] - The store network layout was adjusted by closing the Shenzhen Bao'an Store and completing the lease renewal for the Guangzhou Tianhe Store[28] Mainland China Operations Financial Performance | Indicator | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,146.6 | 2,154.7 | -0.4% | | Business Loss | 66.1 | 37.0 | +78.7% | Business Outlook This section outlines the group's strategic plans and capital expenditure for its Hong Kong and Mainland China operations Hong Kong Operations Outlook Facing challenges from the US-China trade war, changing tourist consumption patterns, and prevalent online shopping, the group will continue product reforms, increase digital transformation investment, expand small specialty stores, and optimize operational management systems in the second half to enhance profitability - In the second half, the group will continue to advance product reforms, increase sales of higher-margin own brands, seek more cartoon IP brand collaborations, and boost direct imports from regions like Japan and Southeast Asia[29] - Investment in digital transformation and e-commerce will be increased, introducing smart shopping carts and intelligent loss prevention systems, optimizing member management, launching a linkage program with Mainland company members, and launching a WeChat mini-program in July[30] - The group will focus on expanding small specialty store businesses such as 'Mono Mono', Living PLAZA by AEON, and DAISO Japan, planning to open at least 3 'Mono Mono' stores and 1 DAISO Japan store in the second half[31] - Existing operating and management systems will be continuously reviewed and reformed, logistics costs optimized, and TOPVALU vending machines introduced to control labor costs and boost sales[31] Mainland China Operations Outlook The group maintains a cautiously optimistic outlook for Mainland China operations, expecting government stimulus measures to boost demand, especially in the Greater Bay Area. Three new AEON stores are planned for the Greater Bay Area in the second half to accelerate market expansion - The group holds a cautiously optimistic view on the future development of its Mainland China operations, expecting various government-introduced consumption stimulus measures to effectively boost retail demand[32] - In the second half, the group plans to open 3 new AEON stores in the Greater Bay Area (AEON Guangzhou Panyu K11 Store, AEON Jiangmen Lihe Store, and AEON Guangzhou Tower Plaza Store), further expanding its store network[32] Group Capital Expenditure Plan According to the 2025 investment plan, the group anticipates total capital expenditure of approximately HKD 108.0 million in the second half, primarily for new store openings, store renovations, and IT system upgrades - Based on the 2025 investment plan, the group's total capital expenditure for the second half is estimated to be approximately HKD 108.0 million[33] - Capital expenditure is primarily allocated to new store openings, store renovations, and upgrades to information technology systems[33] Financial Review This section provides a detailed financial review, covering overall performance, cash flow, liquidity, and adjusted EBITDA reconciliation Overall Financial Performance In the first half of 2025, group revenue decreased by 3.0%, and gross profit margin fell by 0.4%. Staff costs decreased as a percentage of revenue, but other operating expenses increased. Exchange losses caused other gains and losses to turn from profit to loss, ultimately expanding the loss attributable to owners of the company Key Data on Overall Financial Performance | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 3,930.7 million | HKD 4,052.1 million | -3.0% | | Gross Profit Margin | 28.0% | 28.4% | -0.4% | | Other Income | HKD 218.5 million | HKD 235.0 million | -7.0% | | Staff Costs | Decreased 14.4% | | Percentage of revenue decreased to 10.6% (2024: 12.0%) | | Lease-related expenses | Decreased 1.6% | | Ratio to revenue increased to 13.0% (2024: 12.8%) | | Other operating expenses | Increased 3.8% | | Ratio to revenue increased to 13.4% (2024: 12.5%) | | Exchange Loss | HKD 21.1 million | Exchange gain HKD 11.3 million | Shifted from gain to loss | | Loss Attributable to Owners of the Company | HKD 217.4 million | HKD 171.2 million | Loss increased by HKD 46.2 million | | Adjusted EBITDA | Loss HKD 158.3 million | Loss HKD 145.8 million | Loss increased by HKD 12.5 million | | Capital Expenditure | HKD 73.1 million | | | | Additions to right-of-use assets | HKD 170.0 million | HKD 787.3 million | | | Additions to lease liabilities | HKD 172.3 million | HKD 826.8 million | | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[35] Cash Flow and Liquidity As of June 30, 2025, the group maintained a net cash position, though cash and bank balances slightly decreased. The gearing ratio increased, primarily due to new borrowings from the ultimate holding company. Net current liabilities expanded, but the Board believes sufficient funding sources exist to meet financial obligations Key Data on Cash Flow and Liquidity | Indicator | June 30, 2025 (HKD Million) | December 31, 2024 (HKD Million) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and bank balances and short-term time deposits | 814.9 | 830.6 | -1.9% | | Gearing Ratio | -57.23% | -53.32% | Increased | | Pledged bank deposits (for lease deposits) | 34.4 | 36.8 | -6.6% | | Pledged bank deposits (for stored value cards) | 7.1 | 7.0 | +1.4% | | Total lease liabilities | 3,261.2 | 3,463.9 | -5.8% | | Lease liabilities due within one year | 722.7 | 757.6 | -4.6% | | Net Current Liabilities | 1,414.1 | 1,199.3 | +17.9% | - The increase in gearing ratio was due to new borrowings of HKD 145.7 million from the ultimate holding company, AEON Co Ltd[37] - The Directors believe that the group has sufficient funding sources to finance its operations for the foreseeable future and to meet its financial obligations as they fall due[38] Adjusted EBITDA Reconciliation Management believes Adjusted EBITDA more accurately reflects the group's operating earnings. For the six months ended June 30, 2025, Adjusted EBITDA loss was HKD 158.3 million, an increase from HKD 145.8 million in the prior year - Management believes that Adjusted EBITDA more accurately reflects the group's operating earnings[39] Adjusted EBITDA Reconciliation Table | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | | :--- | :--- | :--- | | Loss for the Period | (226,372) | (174,188) | | Income tax expense | 743 | 748 | | Depreciation of investment properties | 36,429 | 37,659 | | Depreciation of property, plant and equipment | 70,791 | 67,231 | | Depreciation of right-of-use assets | 334,687 | 320,461 | | Interest on lease liabilities | 110,010 | 96,616 | | Investment income | (5,432) | (7,790) | | Interest income on lease deposits | (6,032) | (5,236) | | Other gains and losses | 21,866 | (11,939) | | Finance costs | 2,987 | - | | Repayment of lease liabilities | (387,997) | (372,751) | | Interest on lease liabilities | (110,010) | (96,616) | | Adjusted EBITDA | (158,325) | (145,800) | Other Information This section covers human resources, securities transactions, public float, corporate governance, and interim report publication details Human Resources As of June 30, 2025, the group employed approximately 4,929 full-time and 4,023 part-time staff. The group is committed to providing education and career development opportunities, fostering a positive work environment to enhance employee skills and ultimately benefit customers - As of June 30, 2025, the group employed approximately 4,929 full-time and 4,023 part-time staff in Hong Kong and Mainland China[41] - The group provides education and career development opportunities to enhance employee skills and professional knowledge, and creates a positive work environment[41] Purchase, Sale or Redemption of Listed Securities For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025[42] - As of June 30, 2025, and up to the date of this report, the company held no treasury shares[42] Sufficient Public Float Based on public information and the directors' knowledge, the company maintained a sufficient public float for the six months ended June 30, 2025, and up to the date of this announcement - The company maintained a sufficient public float for the six months ended June 30, 2025, and up to the date of this announcement[43] Corporate Governance For the six months ended June 30, 2025, the company's Board of Directors complied with the Code Provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules and adopted the Model Code for Securities Transactions by Directors - The company's Board of Directors has consistently complied with the Code Provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[44] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions and confirmed compliance[44] Publication of Interim Report The company's Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2025, and the interim report will be published on the Stock Exchange and the company's website - The company's Audit Committee, together with management, has reviewed the unaudited interim results for the six months ended June 30, 2025[45] - The interim report for the six months ended June 30, 2025, will be published on the Stock Exchange and the company's website, respectively[46]