华宝国际(00336) - 2025 - 中期财报

Corporate Information Board of Directors The company's Board of Directors comprises executive directors, co-chairmen, vice-chairmen, presidents, and independent non-executive directors, ensuring a diverse and independent corporate governance structure - Executive Directors include Ms. Chu Lam Yiu (Chairperson and CEO), Mr. Lam Ka Yu (Co-Chairman and Vice President), Mr. Hsia Li Chun (Vice Chairman and President), Mr. Poon Siu Kwok (Vice President and Company Secretary), Ms. Lam Ka Yan, and Ms. Choi Man Ha[5] - Independent Non-Executive Directors are Mr. Li Luk Shiu, Mr. Jonathan Jun YAN, and Mr. Hou Hai Tao[5] Committee Composition The company has an Audit Committee, Remuneration Committee, and Nomination Committee, with independent non-executive directors holding key positions to strengthen corporate governance and oversight functions - The Audit Committee Chairman is Mr. Li Luk Shiu, with members including Mr. Jonathan Jun YAN and Mr. Hou Hai Tao[5] - The Remuneration Committee Chairman is Mr. Li Luk Shiu, with members including Mr. Hou Hai Tao and Mr. Hsia Li Chun[7] - The Nomination Committee Chairman is Ms. Chu Lam Yiu, with members including Mr. Li Luk Shiu, Mr. Jonathan Jun YAN, Mr. Hou Hai Tao, and Ms. Lam Ka Yan[6][7] Key Advisors and Contacts The company appointed PricewaterhouseCoopers as auditor and Haiwen & Partners as legal advisor, listing key bankers, headquarters and registered office addresses, stock code, and company website - The auditor is PricewaterhouseCoopers[6] - The legal advisor is Haiwen & Partners[7] - Key bankers include China CITIC Bank, China Minsheng Bank, Hang Seng Bank, and Industrial Bank[9] - The company's stock code is The Stock Exchange of Hong Kong Limited: 00336[10] - The company website is www.hbglobal.com[11](index=11&type=chunk) Financial Highlights Key Financial Performance Indicators For the six months ended June 30, 2025, the company's revenue increased by 2.5% year-on-year to RMB 1.621 billion, with profit for the period surging by 158.5% to RMB 119.65 million, primarily due to reduced impairment provisions in the prior period Unaudited Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 1,621,157 | 1,582,285 | +2.5% | | Gross profit | 703,462 | 709,254 | -0.8% | | Gross profit margin | 43.4% | 44.8% | -1.4% | | EBITDA1 | 293,690 | 262,021 | +12.1% | | EBITDA margin | 18.1% | 16.6% | +1.5% | | Operating profit | 122,194 | 100,287 | +21.8% | | Operating profit margin | 7.5% | 6.3% | +1.2% | | Profit for the period | 119,650 | 46,286 | +158.5% | | Profit attributable to equity holders of the Company | 118,081 | 29,662 | +298.1% | | Net cash generated from operating activities | 214,058 | 113,507 | +88.6% | | Basic and diluted earnings per share (RMB cents) | 3.66 | 0.92 | - | | Proposed/Paid interim dividend per share (HK cents) | 1.2 | 0.3 | +300% | | Proposed/Paid special dividend per share (HK cents) | 3.2 | 3.2 | 0% | Unaudited Non-HKFRS Measures for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Percentage Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | 366,450 | 356,172 | +2.9% | | Adjusted EBITDA margin | 22.6% | 22.5% | +0.1% | | Adjusted operating profit | 194,954 | 194,438 | +0.3% | | Adjusted operating profit margin | 12.0% | 12.3% | -0.3% | | Adjusted profit for the period | 192,410 | 188,396 | +2.1% | Management Discussion and Analysis Overview In the first half of 2025, the global economy faced challenges such as high inflation, high interest rates, and geopolitical conflicts, while weak domestic consumption intensified market competition; the Group actively responded by leveraging AI technology to enhance operational efficiency, expanding into overseas markets in Southeast Asia, and strengthening risk management to maintain stable operations - The global economy was affected by changes in tariff policies and geopolitical conflicts, with slow growth in major economies, and negative impacts from high inflation, high interest rates, and supply chain disruptions[16] - Insufficient domestic consumer demand and intensified "price wars" among enterprises exacerbated market competition, eroding profit margins[16] - The Group introduced AI technology into operations and management, enhancing intelligence and digitalization levels[17][18] - Factories were built and put into operation in Southeast Asia, steadily advancing overseas market development[17][18] - Resources were invested to optimize operating procedures and improve regulations, reducing operational risks from various aspects including climate change, safety production, and compliance[17][18] Industry Overview During the reporting period, the tobacco industry accelerated harm reduction transformation, increasing sales of HNB and new smokeless products; the food and beverage industry trended towards health, emotional, and rational consumption; the daily chemical industry saw demand for natural, eco-friendly products; and the condiment industry faced slow growth in catering and price competition, necessitating enhanced digital marketing and supply chain management Overview of the Tobacco Industry In the first half of 2025, cigarette production increased by 0.8% year-on-year, with traditional cigarettes remaining dominant; the global tobacco industry accelerated its harm reduction transformation, with HNB products and new smokeless products like oral tobacco continuously increasing their sales share, becoming a mid-to-long-term strategic focus for industry chain enterprises - In the first half of 2025, cigarette production reached 27.513 million boxes, a 0.8% year-on-year increase[19][21] - The global tobacco industry accelerated its harm reduction transformation, with international tobacco companies increasing investment in technology, production capacity, and market for HNB tobacco products[19][21] - The competitiveness and supply capability of new smokeless products (such as HNB and oral tobacco) became a core strategic direction for industry chain enterprises[19][21] Overview of the Food, Beverage, and Daily Chemical Industries The food and beverage industry was influenced by health, emotional, and rational consumption trends, with consumers preferring healthy, functional, high-quality low-price, and sustainable products; the daily chemical industry saw increased demand for natural, eco-friendly, and additive-free products, driving product ingredient upgrades and increased R&D and marketing investment by companies, with social media and online stores becoming important sales channels Year-on-Year Growth in Value Added for Food, Beverage, and Daily Chemical Industries in H1 2025 | Industry | Year-on-Year Growth Rate | | :--- | :--- | | Agricultural and sideline food processing industry | 7.5% | | Food manufacturing industry | 6.3% | | Liquor, beverage, and refined tea manufacturing industry | 4.7% | - Key consumption trends in the food and beverage industry are healthy consumption, emotional consumption, and rational consumption, with consumers focusing on product health, functionality, cost-effectiveness, and sustainability[20][22] - Increased consumer demand for natural, eco-friendly, and additive-free products in the daily chemical industry drove product ingredient upgrades and increased investment in technology, R&D, and marketing by enterprises[20][22] - Social media and online stores increasingly became important sales channels for daily chemical brands[20][22] Overview of the Condiment Industry In the first half of 2025, national catering industry revenue grew by 4.3% year-on-year