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（于开曼群岛注册成立的有限公司）

（股份代号：1234）

截至二零二五年六月三十日止六个月

中期业绩公告

中国利郎有限公司（「本公司」）董事会（「董事会」）欣然宣布本公司及其附

属公司（统称「集团」）截至二零二五年六月三十日止六个月的未经审核综

合业绩。本公告列载本公司二零二五年中期报告全文，并符合香港联合交

易所有限公司证券上市规则中有关中期业绩初步公告附载的资料的要求。

Financial Highlights

财务摘要

Management Discusion and Analysis

管理层讨论及分析

Review Report of the Auditor

核数师审

阅

报告

Condensed Consolidated Statement of Profit or Los and

Other Comprehensive Income

简明综合损益及其他全面收益表

Condensed Consolidated Statement of Financial Position

简明综合财务状况表

Condensed Consolidated Statement of Changes in Equity

简明综合权益变动表

Condensed Consolidated Statement of Cash Flows

简明综合现金流量表

Notes to the Unaudited Interim Financial Report

未经审核中期财务报告附注

Other Information

其他资料

Six months ended 30 June
截至六月三十日止六个月
	2025	2024	Changes
	二零二五年	二零二四年	变幅
	(RMB million)	(RMB million)	(%)
	（人民币百万元）	（人民币百万元）

		(RMB cents)	(RMB cents)
		（人民币分）	（人民币分）	(%)

(% points)
		(%)	(%)	（百分点）

FINANCIAL HIGHLIGHTS

财务摘要

Revenue收入1,727.21,600.0+7.9

Gros profit毛利867.8800.5+8.4

Profit from operations经营利润260.1313.8-17.1

Profit atributable to equity

shareholders for the period

权益股东应占期内

利润242.5280.1-13.4

Earnings per share每股盈利

— Basic— 基本20.223.4-13.6

— Diluted— 摊薄20.223.4-13.6

Interim dividend per share每股中期股息HK11 cents

11港仙

HK13 cents

13港仙-15.4

Special interim dividend per share每股特别中期股息HK5 cents

5港仙

HK5 cents

5港仙—

Gros profit margin毛利率50.250.0+0.2

Operating profit margin经营利润率15.119.6-4.5

Margin of profit atributable to equity

shareholders

权益股东应占利润率

14.017.5-3.5

Return on average shareholders’

equity

(1)

平均股东权益回报

(1)

5.67.0-1.4

Efective tax rate有效税率17.818.0-0.2

Advertising, promotional and

renovation expenses

(as percentage of revenue)

广告、宣传及装修

开支

（占收入百分比）11.013.3-2.3

Average inventory turnover days

(2)

平均存货周转天数

(2)

Average trade receivables turnover

days

(3)

平均应收贸易账款

周转天数

(3)

Average trade payables turnover

days

(4)

平均应付贸易账款

周转天数

(4)

0303二零二五年中期报告 INTERIM REPORT 2025

FINANCIAL HIGHLIGHTS (CONTINUED)

财务摘要（续）

Notes:

’ equity is equal to the profit atributable to equity

shareholders for the period divided by the average of the begining and closing

balances of total shareholders’ equity.

(2) Average inventory turnover days is equal to the average of the begining and

closing inventory balances divided by cost of sales and multiplied by the number of

days in the relevant period.

(3) Average trade receivables turnover days is equal to the average of the begining

and closing trade receivables balances divided by revenue (including value-aded

tax) and multiplied by the number of days in the relevant period.

(4) Average trade payables turnover days is equal to the average of the begining and

closing trade and bils payables balance divided by cost of sales and multiplied by

the number of days in the relevant period.

附注：

(1) 平均股东权益回报以权益股东应占期内利润

除以股东权益总额的期初及期末平均结余计

算。

(2) 平均存货周转天数以期初及期末平均存货结

余除以销售成本，再乘以有关期内天数计算。

(3) 平均应收贸易账款周转天数以期初及期末平

均应收贸易账款结余除以收入（含增值税），

再乘以有关期内天数计算。

(4) 平均应付贸易账款周转天数以期初及期末平

均应付贸易账款及应付票据结余除以销售成

本，再乘以有关期内天数计算。

0404CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

In the first half of 2025, the United States

proclaimed heavy tarifs on gods

from diferent countries, making the

international trade environment harsh

and complex. In view of this, exporters

sped up shipments during the Sino-

US trade negotiation window, and that

butresed foreign trade performance.

In adition, with the mainland

government introducing consumption

subsidies, retail consumption had a

bost in the first half year, and China’s

gros domestic product (GDP) recorded

a moderate growth of 5.3% year-on-

year. More than half of the economic

growth in China was contributed by

consumption. In the first half year, total

retail sales of consumer gods in the

country increased by 5.0% year-on-year,

with consumer gods entitled to trade-

in policy performing outstandingly,

and retail sales of aparel, fotwear,

headwear and knitwear saw a 3.1%

growth

(1)

, reflective of consumers

being cautious with spending on non-

esential gods.

China Lilang Limited (the “Company”

or “China Lilang”, and together with

its subsidiaries, the “Group”) diligently

advanced its strategic transformation

during the period, plus continued

to implement its “Multi-brands and

Internationalization” development

strategy to expand busines. For the

six months ended 30 June 2025, the

Group’s revenue increased by 7.9% to

RMB1,727.2 milion. Profit atributable

to Equity Shareholders was RMB242.5

milion, earnings per share were

RMB20.2 cents. Taking into acount

the Group’s solid financial position

and suficient cash flow, the Board of

Directors has resolved to declare an

interim dividend of HK11 cents per

share and a special interim dividend

of HK5 cents per share, thereby

maintaining a stable payout ratio.

During the period, China Lilang

was comited to enhancing

competitivenes of its brands – the

core colection “LILANZ” and smart

casual colection “LES IS MORE”, so

as to improve operational eficiency

and increase market share. After

the “LILANZ” main series trialed a

transition to a Direct-to-Consumer

(“DTC”) model in certain regions last

year, operations showed significant

improvement. Consequently, in the

first half of this year, the Group further

acquired the operating rights of first-

tier distributors in Shandong Province

and Chongqing City to continue the

transition to the DTC model.

The Group also continued to optimize

its sales chanels, opening new stores

in shoping mals and outlet stores

in prime locations as planed, while

closing non-performing stores. As

at the end of June 2025, the Group

had a total of 2,774 stores with a

net increase of one store during the

period, with total retail flor area up

by 1.8% compared with the end of

the previous year. The store network

of the Group has continued to be its

most important sales chanel.

Thanks to the synergies betwen

its online and ofline busines

operations, the god development

momentum of new retail busines

has prevailed. During the period,

the Group continued to depen

presence on multiple popular sales

platforms, with targeted promotional

content and strategies designed to drive

overal sales growth, while strengthening

retailing capability for new products. The

suces of such eforts was reflected in

financial performance, with online sales

climbing year-on-year by 24.6% during

the period, beter than the Group’s overal

performance.

The Group also tok its “Multi-brands

and Internationalization” development

another step forward. It opened its first

overseas store in SkyAvenue, Resorts

World Genting, Malaysia in May, seling

products of its core colection. At the

same time, it comenced online sales

of its golf aparel brand MUNSINGWEAR

in the first half of the year and received

positive market response.

:/w.stats.gov.cn/sj/zxfb/202507/t20250715_1960406.html

0505二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

二零二五年上半年，美国向全球多

国商品大幅开征关税，国际贸易环

境更趋严峻复杂。有鉴于此，出口

商在中美贸易谈判的空窗期间加快

出货，有利于外贸表现，加上政府

推出消费补贴带动上半年的零售消

费，中国内生产总值(GDP)稳中有

升，同比增长5.3%。消费对经济贡

献率超过一半，社会消费品零售总

额上半年同比增长5.0%，其中以旧

换新补贴的消费品类表现突出，服

装、鞋帽、针纺织品类零售额的增

长为3.1%

(1)

，反映消费者对非必需品

的支出仍然谨慎。

中国利郎有限公司（「本公司」或「中

国利郎」，及其附属公司统称「集

团」）于期内积极推进战略转型，并

落实「多品牌、国际化」发展策略，

实现业务持续扩张。截至二零二五

年六月三十日止上半年，集团收入

增长7.9%至人民币1,727.2百万元。

权益股东应占利润为人民币242.5百

万元，每股盈利为人民币20.2分。基

于集团财政稳健，现金流充裕，董

事会决议派发中期股息每股11港仙

及特别中期股息每股5港仙，维持稳

定派息比率。

中国利郎于期内致力于提高「利

郎LILANZ」主系列及「利郎LES IS

MORE」轻商务系列的品牌竞争力，

提升经营效益，并扩大市场份额。

「利郎LILANZ」主系列去年在部份地

区试行向直面消费者（「DTC」）模式转

型后，营运有明显改善。因此，集

团于今年上半年再向山东省及重庆

市的一级分销售商的经营权，继续

向DTC转型。

集团继续优化销售渠道，按计划在

优质地段开设购物中心店及奥特莱

斯店，并关闭低效门店。截至二零

二五年六月底，集团共有2,774家门

市，期内净增加1家，总店舖门积较

去年底增加1.8%。门店网络继续是

集团最主要销售渠道。

新零售业务保持良好的发展势头，

有效地发挥线上线下的协同效应。

集团于期内继续深耕多个热门的销

售平台，针对性地设计推广内容和

策略，带动整体销售增长，同时加

强线上新品零售的能力，并且反映

到业绩上。网店零售额于期内同比

增加24.6%，优于集团总体表现。

「多品牌、国际化」发展再向前迈进

一步。集团历来第一家海外门店，

已于五月份在马来西亚云顶世界

SkyAvenue开业，销售主系列产品。

同时，集团旗下高尔夫球服品牌万

星威「MUNSINGWEAR」已上半年开展

网上销售，开业以来，市场反应正

面。

:/w.stats.gov.cn/sj/zxfb/202507/t20250715_1960406.html

Revenue by collection
按系列划分收入
	2025		2024
	二零二五年		二零二四年
Collections	RMB million	% of revenue	RMB million	% of revenue	Increase
系列	人民币百万	占收入	人民币百万	占收入	增加

0606CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

按产品类别划分，上衣类产品销售额同比

增长11.8%，占销售的61.7%。裤子类产品

同比增长6.9%，销售占比24.7%。

财务回顾

收入

在报告期内，集团总收入为人民币1,727.2

百万元，同比增长7.9%。主系列录得收入

为人民币1,190.6百万元，同比减少0.2%，

此乃由于集团因应渠道转型，在山东省及

重庆市收回分销商经营权令分销业务销售

收入下跌、向原分销商回购库存费用从销

售收入扣减，以为终止合作支付的补偿金

所致。轻商务及其他系列增长势头持续，

录得收入人民币536.6百万元，同比增长

31.8%，增长由轻商务在门店销售和新零售

的带动。

FINANCIAL REVIEW

Revenue

The Group’s revenue amounted to RMB1,727.2 milion for the period,

representing a year-on-year increase of 7.9%. Its core colection recorded

revenue of RMB1,190.6 milion, a decrease of 0.2% year-on-year, due to

the Group recovering distributor operating rights in Shandong Province

and Chongqing City as a move in chanel transformation. Revenue of

distribution busines decreased also from the Group having to repurchase

inventory from former distributors and pay compensation to them for

terminating coperation. As for the smart casual colection and other

colections, growth momentum continued. They brought in revenue of

RMB536.6 milion, a year-on-year increase of 31.8%, driven by in-store sales

of the smart casual colection and new retail busines.

Core colection主系列1,190.668.9%1,193.074.6%-0.2%

Smart casual and

other colections

轻商务及其他

系列536.631.1%407.025.4%31.8%

Total总计1,727.2100.0%1,600.0100.0%7.9%

By product category, tops acounted for 61.7% of sales, a year-on-year

increase of 11.8%. Pants acounted for 24.7% of sales, 6.9% more year-on-

year.

0707二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

按区域划分收入

各区域中，东北地区增长最突出，收入增

长361.3%，主要由于去年上半年将黑龙江

省业务由分销转DTC模式而产生一次性收

入扣减，令去年同期比对基数较低，加上

DTC模式带动的效益于二零二五年体现所

致。

西北及中南地区受惠于门店增长及店均销

售增长，收入分别增长7.2%及6.6%。

华东地区则因大部分电商销售额纳入华东

经营区域，故受惠于新零售销售表现理想

所带动。另一方面，期内终止与山东省分

销商的合作，作出一次性举措包括回购原

分销商库存，加上对分销商作出补偿，均

会扣减当期收入。期内华东地区收入增长

6.9%。

华北地区收入轻微增长1.4%，低于整体增

速，主要由于酷热天气导致推迟分销商提

货2025秋装影响所致。

西南地区的收入下跌11.4%，主要由于集团

于期内终止与重庆分销商的合作，产生包

括回购原分销商库存及作出补偿在内的一

次性开支，于期内从收入直接扣减，以及

因为业务调整期门店数目减少而导致销售

收入减少所致。

Revenue by Region

Among al regions, North-Eastern China saw the most outstanding

growth, with revenue up by 361.3%. This was mainly due to the lower

comparison base in the same period last year when the Group converted

the distribution busines in Heilongjiang Province in the first half of last year

to the new DTC model, resulting a one-of revenue deduction. In adition,

sales eficiency from the DTC model was realized in 2025.

North-Western China and Central and Southern China benefited from more

stores aded and sales growth in average store, with revenue increased by

7.2% and 6.6% respectively.

Eastern China benefited from the satisfactory sales performance of online

stores since the inclusion of the majority of e-comerce sales in its scope

of busines. With coperation with distributors in Shandong Province

was terminated during the period, one-of measures such as repurchase

of inventory from former distributors, and compensation paid to the

distributors, both led to deduction in revenue of curent period. Revenue in

Eastern China increased by 6.9% for the period.

Revenue in Northern China increased slightly by 1.4%, lower than the

overal growth rate of the Group’s busines, mainly due to the delay in

shipment of 2025 autumn colections as a result of hot weather.

Revenue in South-Western China decreased by 11.4%, mainly due to

the Group terminating coperation with Chongqing distributors during

the period, resulting in a one-of expenses from including repurchasing

inventory from and compensating former distributors, which were directly

deducted from revenue for the period, and the decrease in revenue due to

reduction in the number of stores during busines adjustment period.

Six months ended 30 June
截至六月三十日止六个月
	First half of 2025		First half of 2024
	二零二五年上半年		二零二四年上半年
Region	RMB million	% of revenue	RMB million	% of revenue	Changes (%)
区域	人民币百万	占收入%	人民币百万	占收入%	变动(%)

0808CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Revenue by region for the period is set out below:

Northern China

(1)

华北

(1)

127.17.4%125.37.8%1.4%

North-Eastern China

(2)

东北

(2)

80.24.6%17.41.1%361.3%

Eastern China

(3)

华东

(3)

766.044.3%716.844.8%6.9%

Central and Southern China

(4)

中南

(4)

389.522.6%365.322.8%6.6%

South-Western China

(5)

西南

(5)

181.910.5%205.412.8%-11.4%

North-Western China

(6)

西北

(6)

182.010.5%169.810.6%7.2%

Overseas

(7)

海外

(7)

0.50.1%—0.0%0.1%

Total总计1,727.2100.0%1,600.0100.0%7.9%

(1)

Northern China includes Beijing, Hebei, Shanxi, Tianjin and Iner Mongolia.

(2)

North-Eastern China includes Heilongjiang, Jilin and Liaoning.

(3)

Eastern China includes Jiangsu, Zhejiang, Shanghai, Anhui, Fujian, Shandong and

Jiangxi.

(4)

Central and Southern China includes Henan, Hubei, Hunan, Guangdong, Guangxi

and Hainan.

(5)

South-Western China includes Chongqing, Sichuan, Guizhou, Yunan and Xizang.

(6)

North-Western China includes Shanxi, Gansu, Qinghai, Ningxia and Xinjiang.

(7)

Overseas includes Malaysia.

Cost of Sales and Gros Profit Margin

Cost of sales increased by 7.5% year-on-year to RMB859.5 milion. Gros

profit margin increased by 0.2 percentage points year-on-year to 50.2%,

mainly due to the increase in average unit price as a result of higher

proportion of the direct-to-retail operation in sales revenue.

Other net income

Other net income amounted to RMB50.2 milion (first half of 2024: RMB66.2

milion), which included China’s local government grants of RMB48.2 milion

(first half of 2024: RMB62.3 milion). These grants are unconditional and

awarded at the discretion of relevant authorities.

下表按区域划分期内的收入：

(1)

华北包括北京、河北、山西、天津和内蒙古。

(2)

东北包括黑龙江、吉林、辽宁。

(3)

华东包括江苏、浙江、上海、安徽、福建、

山东和江西。

(4)

中南包括河南、湖北、湖南、广东、广西及

海南。

(5)

西南包括重庆、四川、贵州、云南和西藏。

(6)

西北包括陕西、甘肃、青海、宁夏和新疆。

(7)

海外包括马来西亚。

销售成本及毛利率

销售成本同比增加7.5%至人民币859.5百万

元。毛利率为50.2%，同比上升0.2个百分

点，主要由于由于直营销售占比上升提高

了平均单价所致。

其他收入净额

其他收入净额为人民币50.2百万元（二零

二四年上半年：人民币66.2百万元），其中

包括中国地区政府补助人民币48.2百万元

（二零二四上半年：人民币62.3百万元）。

中国地区政府补助为无条件授予，由有关

机构酌情决定。

0909二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Seling and distribution expenses

The Group’s seling and distribution expenses increased by RMB79.9

milion to RMB546.3 milion during the period. The increase was primarily

atributable to an increase in direct-to-retail store expenses, acounting

for 31.6% of total revenue, up by 2.5 percentage points against the same

period of the previous year.

Advertising and renovation expenses decreased by RMB23.7 milion to

RMB189.2 milion during the period, acounting for 11.0% (first half of 2024:

13.3%) of total revenue. Direct-to-retail store and e-comerce expenses

increased by RMB74.6 milion to RMB232.7 milion, acounting for 13.5% (first

half of 2024: 9.9%) of total revenue, mainly due to the increase in average

number of stores during the period as compared with the previous same

period.

Administrative expenses

Administrative expenses amounted to RMB111.6 milion, up by RMB31.7

milion relative to the same period last year, acounting for 6.4% of sales (first

half of 2024: 5.0%), primarily due to the decrease in write-back of provisions

for acounts receivable and the increase in staf costs owing to increase in

number of staf in the period.

Other operating expenses

Other operating expenses amounted to RMB0 milion (first half of 2024:

RMB6.6 milion), primarily due to reduced charitable donations.

Profit from operations

Profit from operations decreased by 17.1% to RMB260.1 milion, mainly

from the decrease in government grants and increase in direct-to-retail

store and e-comerce expenses. Operating profit margin narowed by 4.5

percentage point to 15.1%.

Net finance income

Net finance income was RMB31.8 milion, an increase of RMB4.0 milion

against the previous same period, mainly from increased foreign exchange

gain.

销售及分销开支

集团期内销售及分销开支增加人民币79.9

百万元至人民币546.3百万元，主要是由于

直营店费用增加所致，占总收入31.6%，较

去年同期增加2.5个百分点。

期内，广告开支及装修费用减少人民币

23.7百万元至人民币189.2百万元，占总收

入11.0%（二零二四年上半年：13.3%）。直

营店及电商费用增加人民币74.6百万元至

人民币232.7百万元，占总收入13.5%（二零

二四年上半年：9.9%），主要由于期内平均

直营数较去年同期增加所致。

行政开支

行政开支人民币111.6百万元，较去年同期

增加人民币31.7百万元，占销售6.4%（二零

二四年上半年：5.0%），主要由于应收账款

拨备回拨减少以及期内员工人数增加引致

的员工成本上升。

其他经营开支

其他经营开支人民币0元（二零二四年上半

年：6.6百万元），主要由于慈善捐款减少

所致。

经营利润

经营利润下跌17.1%至人民币260.1百万元，

主要由于政府补助减少以及自营店及电商

费用增加。经营利润率下降4.5个百分点至

15.1%。

融资收入净额

融资收入净额为人民币31.8百万元，较去

年同期增加人民币4.0百万元。增加主要汇

兑收益增加。

1010CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Income tax

The efective income tax rate for the year was 17.8%, representing a

decrease of 0.2 percentage points compared with last period. One of the

Group’s Chinese subsidiaries qualified as a high-tech enterprise, therefore

enjoys a preferential tax rate of 15%. The other thre subsidiaries of the

Group registered in Xizang also enjoy the local preferential tax rate of 15%.

Profit Atributable to Equity Shareholders

Profit atributable to equity shareholders for the period was RMB242.5

milion, a 13.4% decrease year-on-year. The profit margin atributable to

equity shareholders declined by 3.5 percentage points to 14.0%.

Earnings per share

Earnings per share were RMB20.2 cents, a decrease of 13.6% year-on-year.

Interim Dividend

The Board has recomended payment of an interim dividend of HK11

cents (2024: HK13 cents) per ordinary share and a special interim dividend

of HK5 cents (2024: HK5 cents) per ordinary share in respect of this financial

year, with total dividend payment for the year reaching aproximately

HK$191.6 milion (equivalent to aproximately RMB175.1 milion). The

interim dividend and special interim dividend wil be paid in cash on or

around 23 September 2025 to shareholders whose names apear on the

Company’s register of members on 5 September 2025.

BUSINES REVIEW

China Lilang prides a wel-diferentiated brand matrix that has enabled it

to penetrate and have a strong fothold in the menswear market. During

the period, it apealed to its target customer base through precise product

positioning and chanel strategies, and launched a number of “LILANZ”

and “LES IS MORE” brand products to met the neds of the consumer

market. In adition, the Group actively deployed omni-chanel marketing

to enhance the popularity of the Lilang brands and improve the eficiency

of online and ofline sales chanels to bost overal sales and operational

competence.

所得税

年内所得税有效税率为17.8%，较去年同期

下降0.2个百分点。集团旗下一家中国子公

司取得高新技术税务资格，享有优惠税率

15%，集团另外三家在西藏注册的子公司

亦享有当地的优惠税率15%。

权益股东应占利润

期内权益股东应占利润为人民币242.5百万

元，同比下跌13.4%；权益股东应占利润率

下降3.5个百分点至14.0%。

每股盈利

每股盈利为人民币20.2分，同比下跌

13.6%。

中期股息

董事会建议就本财政年度派发中期股息每

股普通股11港仙（二零二四年：13港仙）及

特别中期股息每股普通股5港仙（二零二四

年：5港仙），合共派息额约港币191.6百

万元（约相等于人民币175.1百万元）。中期

股息及特别中期股息将于二零二五年九月

二十三日或前后以现金支付予于二零二五

年九月五日名列本公司股东名册之股东。

业务回顾

中国利郎通过差异化品牌矩阵深耕男装

市场，于期内通过精准的产品定位与渠

道策略，锁定目标客群，推出多款「利郎

LILANZ」及「利郎LES IS MORE」品牌产品，

满足消费市场需求。此外，集团积极布局

全域营销，加强利郎品牌的知名度，提升

线上线下渠道销售效益，以推动整体销

售，提升营运效益。

1111二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

The core colection “LILANZ”

The core colection “LILANZ” has continued to consolidate its competitive

advantage in the traditional menswear market, especialy those in third-

and fourth-tier cities, by amplifying brand awarenes and increasing market

share. The Group reformed the colection and switched to adopting the

DTC model in some regions last year. On top of more precise resources

alocation, the new model has enabled the Group to more efectively met

consumer neds, strengthen direct conection betwen the brand and

consumers, thus enhance brand loyalty and market share. Conducive to the

Group’s refined operations in regional markets, the DTC model has injected

new impetus into the long-term development of the brand. The repurchase

and transformation of distribution and agency rights in North-Eastern

China and Jiangsu Province were completed by the end of December last

year. During the period, improvement in sales eficiency has initialy ben

reflected in the region’s performance, motivating the Group to repurchase

the operating rights from distributors in the entire Shandong province and

Chongqing city, and adopted the DTC model.

As at June 30, 2025, there were 2,443 stores for the core colection, with

a net closure of eight stores. There were 273 stores for the core colection

operating under the DTC model (31 December 2024: 203 stores),

acounting for 9.8% of the total, with retail flor area totaling aproximately

42,588 square meters, 33.0% more when compared with the end of last

year.

The smart casual colection “LES IS MORE”

The “LES IS MORE” smart casual colection that targets younger consumers

wil continue to operate in a fuly direct-to-retail mode. During the period,

the colection maintained strong results with the Group’s store image

aligning with its brand positioning and precise new retail marketing

strategy making the best of online and ofline chanels to beter met

the buying habits of the target customer group. The colection brought in

31.8% more revenue year-on-year.

「利郎LILANZ」主系列

「利郎LILANZ」主系列继续巩固在传统男装

市场，尤其在三、四线城市的竞争优势，

提升品牌知名度和扩大市场份额。主系列

自去年起，在部份地区向DTC模式改革转

型。有关改革，使资源配置更为精准，有

效地满足消费者需求，强化品牌与消费者

之间的直接联系，提升品牌忠诚度和市场

占有率，有利于集团在区域市场的精细化

运营，为品牌长远发展注入新动能。于去

年十二月底前已完成的东北地区及江苏省

的分销及代销权回购转制，营运效益已经

初步反映在地区期内业绩。乘势而上，集

团于期内再向山东全省和重庆市一级分销

商回购经营权，转以DTC模式转型。

截至二零二五年六月三十日止，主系列门

店共2,443家，净关店8家，以DTC模式经

营的主系列门店共有273家（二零二四年

十二月三十一日：203家），占门店总数

9.8%，总店舖面积42,588平方米，较年底

增加33.0%。

「利郎LES IS MORE」轻商务系列

针对较年轻消费者的「利郎LES IS MORE」

轻商务系列，继续以全直营模式经营，期

内，通过集团高度契合品牌定位的门店形

象及精准的新零售营销策略，实现线上线

下渠道互补，更好满足目标客户群的购买

习惯，令轻商务保持强劲业绩，收入同比

上涨31.8%。

1212CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

As at 30 June 2025, the smart casual colection had a total of 331 stores,

with a net increase of nine stores, and retail flor area totaling aproximately

64,766 square meters, an increase of 2.9% as compared with the end of last

year, al of which mainly in South-Western China and Central and Southern

China.

Store Location Strategy and Upgrade

The Group has ben diligently focusing on refining store layout to improve

brand apeal and drive sales growth. As at the end of June 2025, it had a

total of 2,774 retail stores, with a net increase of one store during the period,

with retail flor area totaling aproximately 468,674 square meters (31

December 2024: 460,205 square meters), up by 1.8% against the end of the

previous year.

The Group remained comited to opening high-quality shoping mal

stores and outlet stores during the period. As at June 30, 2025, the number

of stores located in shoping mals rose to 957 (31 December 2024: 933),

making up aproximately 34.5% of the total store count and aproximately

37.2% of the total store area. As for outlet stores, the store count increased

to 121 (31 December 2024: 103). The stores that were closed were mainly

les eficient stret stores.

To continuously enhance its brand image, the Group acelerated renovation

of its seventh-generation stores. By incorporating tech-savy visual

aesthetics and youthful, fashionable layouts, it has brought the brand’s

“Simplicity but not Simple” philosophy to life.

截至二零二五年六月三十日止，轻商务门

店331家，净开9家，总店舖面积64,766平

方米，较年底增加2.9%。轻商务新增门店

主要集中在西南及中南地区。

门店布局与升级

集团继续致力优化门店布局，以加强品牌

吸引力和提升销售。截至二零二五年六月

底，集团共有2,774家零售店，期内净增加

1家，总店舖面积约为468,674平方米（二

零二四年十二月三十一日：460,205平方

米），较去年底增加1.8%。

集团期内继续聚焦于优质购物商场店及奥

特莱斯店，于二零二五年六月三十日，

购物商场店增加至957家（二零二四年

十二月三十一日933家），占店舖总数目

约34.5%，约占总店舖面积37.2%；奥特莱

斯店则增加至121家（二零二四年十二月

三十一日：103家）。关店以效益较低的街

边店为主。

为持续提升品牌形象，集团加快推进第七

代门店形象升级，通过科技感的视觉设计

和年轻化的空间布局，将「简约不简单」的

品牌理念具象化呈现。

Number of Stores
店舖数量
Region 区域		As at 1 January 2025 于二零二五年一月一日	Opened during the year 期内开店	Closed during the year 期内关店	As at 30 June 2025 于二零二五年六月三十日

		30 June 2025			31 December 2024
		二零二五年六月三十日			二零二四年十二月三十一日
		Core Collection 主系列	Smart Casual Collection 轻商务系列	Total 总计	Core Collection 主系列	Smart Casual Collection 轻商务系列	Total 总计

1313二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

各区店舖的数量变动如下：Changes in the number of stores by region are as folows:

Northern China华北3102414320

North-Eastern China东北14144141

Eastern China华东7894343789

Central and Southern China中南7254824749

South-Western China西南4881868438

North-Western China西北320248336

Overseas海外—1—1

2,7731621612,774

The breakdown of the store numbers is as folows:

By operations以经营方式

Direct-to-retail stores直营店8132640764318382

Consignment代销店1,102—1,1029940994

Distribution分销店1,26051,2651,39341,397

Total number of stores总店数2,4433312,7742,4513222,773

By type of stores以店舖类型

Stret stores街边店1,32871,3351,415151,430

Stores in shoping mals

and outlet stores

购物商场店及

奥特莱斯店7942841,0787642721,036

Shop-in-shops in

department stores

百货店中店

Total number of stores总店数2,4433312,7742,4513222,773

店舖数目分类如下：

1414CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

新零售渠道拓展成效显著

集团新零售业务完成战略转型，从过往的

库存清理渠道升级为主力新品销售平台，

于期内收入录得24.6%的显著增长。集团

持续深耕天猫、京东、抖音等成熟销售平

台的同时，拓展了拼多、微信视频号、

得物等新兴渠道，形成多元化线上销售网

络。集团同时利用小红书、微博等社交平

台，持续输出高品质内容，强化内容电商

布局，从而深化与消费者的情感联结，并

拓展新的业务机遇。

「多品牌、国际化」发展战略

集团在推进「多品牌、国际化」发展战略方

面取得实质进展。万星威「MUNSINGWEAR」

作为集团多品牌战略的关键部署，上半年

完成交易交割，计划于下半年开设首批实

体门店。

此外，集团在马来西亚组开设首家门店的

计划顺利落实，并于五月份试业，是实现

海外拓展的成功一步。集团将以东南亚市

场为起点，逐步构建全球化运营网络，为

集团长远发展开辟新的增长空间。

Remarkable results achieved with new retail chanel expansion

The Group completed strategic transformation of its new retail busines,

upgrading it from an inventory clearance chanel into a major new product

sales platform, which reported a remarkable 24.6% increase in revenue for

the period. While continuing to strengthen its presence on established

sales platforms like Tmal, JD.com and TikTok, the Group has also expanded

into emerging chanels such as Pinduoduo, Wechat Chanels and Poizon,

creating diversified online sales network al together. It has kept enhancing

its e-comerce strategy and leveraged social media platforms such as

Xiaohongshu and Weibo to kep releasing high-quality content. This

aproach has depened its emotional conection with consumers and

presented it with new busines oportunities.

“Multi-brands and Internationalization” Development Strategy

The Group has made substantial progres in promoting its “multi-brands

and internationalization” development strategy. As a key initiative deployed

for the Group’s multi-brand strategy, the busines of “MUNSINGWEAR” was

sucesfuly handed over to the Group in the first half of the year. The Group

plans to open its first batch of physical stores in the second half of the year.

In adition, the Group has opened its first store in Malaysia, which started

trial operation, in May, marking a significant step in overseas expansion.

The Southeast Asia market wil serve as a launching pad for the Group

to gradualy establish its global operation network, creating for it new

oportunities for long-term growth.

1515二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

研发创新

集团致力在面料、工艺和技术上取得突

破，实现全产业链自主研发，加强品牌的

核心竞争优势。期内，集团在抗皱、快

干、耐洗等功能上取得多项认可，并应用

于多项新产品中。

集团的拒水羽绒3.0采用合隆Downtek PFC-

Fre™非氟系超强拒水绒，于期内荣获世界

纪录认证机构(WRCA)颁发的双项世界记录

认证，更横扫美国MUSE设计金奖等七项

国际大奖。

Research, Development and Inovation

The Group is comited to achieving breakthroughs in fabrics,

craftsmanship and technologies by pursuing proprietary research and

development acros its industrial chain, with the goal of enhancing

the brand’s core competitive advantages. During the period, the Group

obtained multiple certifications for the anti-wrinkle, quick-drying, and wash-

resistant features, which are aplied to a number of new products.

The Group’s “Water Repelent Down 3.0”, featuring Hoplion Downtek PFC

Fre™ non-fluorinated, ultra-strong water-repelent down, has earned

dual certifications from the World Record Certification Agency (WRCA).

Aditionaly, it has garnered seven international awards, including the Gold

Award at the MUSE Design Awards in the United States.

1616CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

The Group’s original durable white non-iron shirts have ben recognized by

the WRCA as “the world’s outstanding extra durable white non-iron shirt”

owed to its two durable white patented technologies and high-density and

high-knit long staple coton fabrics, seting a new quality standard for white

shirts.

The Group is also dedicated to developing products that are warm and

tailored for its target customer base. During the period, the winter LILANZ

X CHENPENG “Cheng Qi” capsule series, co-created by Chinese designer

Chen Peng and the Lilang team, drawing inspiration from the aesthetics of

traditional wod-fired ceramics of Jingdezhen, received rave reviews. Since

the series was launched in winter 2024, it has sen very enthusiastic sales

response and wel-received by consumers.

As at the end of June 2025, the Group’s research and development

department had a total of 377 staf members, representing 7.3% of the

Group’s entire workforce.

BRAND MARKETING

The Group continued to step up brand transformation aiming at youth

consumers, with emphasis on “inovation, quality and vitality”. By

harnesing celebrity influence, colaborating with cultural IPs, and

employing imersive marketing tactics, it has ben able to engage

consumers acros various age groups and city tiers.

During the Chinese New Year and on Valentine’s Day this year, the Group

to articaly organize the unique “#Loving You SO SMART#” weding season

event for Lilang SMART elite suit colection. Fourten couples doned

Lilang suits and set of on a romantic tour of their hometowns, blending

formal busines atire with warm and inviting weding-themed scenes,

exemplifying the brand’s “Simplicity but not Simple” philosophy.

集团首创的持久白免烫衬衫，通过双项持

久白专利技术结合高密高织长绒棉面料，

获得WRCA认证为「世界卓越的超强持久白

免烫衬衫」，重新定义白衬衫的品质标准。

集团重视致力于打造有温度且贴合目标客

群的产品，期内由中国设计师陈鹏与利郎

团队共创推出的冬季LILANZ X CHENPENG

「成器」胶囊系列，从景德镇柴烧陶器美学

中取得灵感，在二零二四年冬季推出后大

获好评，上市销售反应热烈，广受消费者

青睐。

于二零二五年六月底，集团研发部人员共

377人，占集团员工总数7.3%。

品牌营销

集团继续深化品牌年轻化战略，以「创新、

品质、年轻化」为核心，借助明星影响力、

文化IP联动及沉浸式场景营销，触达各线

城市及不同年龄层消费者。

二零二五年新春及情人节期间，集团为利

郎SMART精英西服别出心裁打造「#囍欢你

SO SMART#婚礼季」活动，14对新人身穿

利郎西服在家乡城市展开浪漫巡礼，巧妙

融合商务正装与婚庆场景，让「简约不简

单」的品牌理念在温馨场景中自然传递。

1717二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Aditionaly, the “Advice From the South” brand short film, produced by

the Group and New Wekly, discused the topic of damp South and chily

North, and induced the mesage of “True Cold Resistance: Stand Strong

Against Dampnes” to bring out the advantages of Water Repelent Down

3.0 – “Fearles of Wet and Cold, Water-Resistant and Warmer” – to apeal to

consumers in Southern China. In March, the actor Li Guangjie visited Lilang’s

product laboratory to gain an indepth understanding of the inovative

technology behind the ice touch polo shirts. The event strengthened the

brand’s profesional image in functional aparel.

五一前夕，利郎联合携程商旅，邀请喜

剧演员闫佩伦出任耐洗POLO推荐官，利

用「一键就出行」的高效理念与「一件就

出型」的时尚主张，触达商务人群，令产

品销量实现显著增长。入夏前夕发布与

PRONOUNCE珀琅汐25春夏联名系列「THE

ENDLES HOLIDAY出海去」，为「简约不简

单」注入当代艺术表达。

Just before the Labor Day Golden Wek, Lilang partnering with Biz Travel

enlisted the comedian Yan Peilun as the ambasador of its wash-resistant

polo shirts. Embracing the concepts of “one click to travel” and “one piece

to lok stylish”, the campaign focused on the shirts’ eficiency and fashion

apeal, which resonated with the busines crowd, resulting in a significant

bost to product sales. Steping into 2025, Lilang has unveiled its spring

and sumer colection “THE ENDLES HOLIDAY” in colaboration with

PRONOUNCE. The colection has contemporary artistic expresion infused

into the brand’s “Simplicity but not Simple” philosophy, impresing with

fresh and vibrant aesthetics.

集团又与《新周刊》共创的《南方忠告》品牌

短片，以秦岭为界，讨论南方湿冷与北方

干冷议题，「能抗湿冷才是真抗冷」的价

值主张引发共鸣，让拒水羽绒3.0「无惧湿

冷，拒水更保暖」的产品优势深入人心。

三月，演员李光洁深入产品实验室，通过

揭秘「冰菠萝衫」的科技面料，强化了品牌

在功能性服饰领域的专业形象。

1818CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

环境、社会及管治(ESG)

作为可持续发展的坚定践行者，集团将

ESG理念深度融入企业战略，持续推动绿

色创新与社会共赢。利郎于期内首次发布

独立编制的ESG报告《共创美好生活》，并

正式成立ESG管理委员会，将ESG治理纳

入战略规划和核心价值观中，展现集团对

长期价值的承诺。利郎MSCI ESG评级升至

B，跻身国内男装行业前列。

中国利郎秉持「取之于社会，回报于社

会」的宗旨，以务实行动在教育、医疗、

文化、环保等领域履行企业社会责任，彰

显「共创美好生活」的品牌使命。在美育教

育领域，利郎透过「美育公益计划」于期

内在河南、湖北两省共资助兴建两所项目

学校，落成两所「梦想中心」，至今已达25

所小学建成25间梦想中心，遍布全国八个

省份，累计受益学生达38,226名。在环境

保护领域，利郎志愿者团队于四月二十二

日世界地球日联合当地团委开展「旧衣零

抛弃」活动，单日旧衣回收量达2.3吨，并

100%环保处理。

公司治理方面，集团近百名中高层累计接

受逾200小时的ESG专项培训，以提升他们

的认识，并更有效地将ESG融入集团日常

营运之中。

Environmental, Social and Governance (ESG)

As a steadfast practitioner of sustainable development, the Group deply

integrated ESG concepts into its corporate strategy and continuously

promoted gren inovation and strove for mutual benefits with the society.

Lilang released “Create a Beter Life Together”, its first independent compiled

ESG report, during the period, and has duly established a ESG Management

Comite, incorporating ESG governance into into strategic planing and

core values to demonstrates the Group’s comitment to long-term value.

Lilang’s MSCI ESG rating has ben upgraded to B, placing it among the top-

tier corporates in the domestic menswear industry.

Embracing the principle of “taking from society and giving back to society”,

China Lilang has actively fulfiled its corporate social responsibility with

actions in areas such as education, medical care, culture and environmental

protection. This comitment underscores its brand mision of “creating

a beter life together”. In the realm of aesthetic education, as a part of its

“Aesthetic Education Charity Plan”, Lilang funded the establishment of two

Dream Centers in two project schols in Henan and Hubei Provinces during

the period. To date, the program has included a total of 25 Dream Centers in

25 primary schols in eight provinces acros the nation, benefiting 38,226

students. On 22 April, coinciding with Earth Day, the Lilang volunter team

in colaboration with the local youth league comite, launched the “Zero

Waste of Old Clothes” campaign. An impresive 2.3 tons of old clothes

were colected in just one day and recycled using comprehensive and

environmentaly friendly treatment methods.

As for corporate governance, nearly 100 midle and senior management

members of the Group have received acumulatively over 200 hours of ESG-

specific training to enhance their understanding, which helps integrating

ESG practices into the Group’s daily operations more efectively.

1919二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

前景

国际地缘政治冲突及贸易壁叠增加，外围

环境仍然复杂。外部不确定性，内部市

场竞争激烈。中国政府实施以旧换新等多

项提振消费措施，第二季整体消费市场回

暖，惟经济前景不明朗，中国消费市场发

展仍然存在挑战。中国利郎作为行业的领

先者，将继续发挥自身优势，因应消费市

场变化和科技创新发展，推动变革转型，

提升品牌影响力，实现销售及盈利长远持

续增长。

「利郎LILANZ」主系列及「利郎LES IS

MORE」轻商务系列实现创新转型后，各

自定位更为清晰，有利集团从产品开发设

计、营销推广和销售方面，做到更精准更

高效，成为集团长远增长动力。下半年，

集团将继续实现转型，主系列会继续在

东北地区、江苏省、山东省和重庆市发

挥DTC模式的经营优势，实现良好扩张，

又会按各个市场情况适度扩大规模，以提

升营运表现。全直营模式经营的轻商务系

列，亦要加强发展基础，保持目前高速发

展的势头。集团期望DTC模式在下半年加

大释放潜力，为销售增长作出贡献。

集团又会深化线上线下同步发展，以更全

面满足消费者对集团产品的需求。渠道布

局上，集团将充分利用销售渠道改革的优

势，二零二五年全年净开店目标50至100

家门店，继续聚焦省会城市及地级市优质

购物中心的核心位置，并关闭低效店舖，

以提升门店效率。奥特莱斯店数亦要增

加，以加快清理库存。

PROSPECTS

With international geopolitical conflicts escalating and trade bariers

increasing, China is facing a consistently complex external environment

while competition in the internal market intensifies. The PRC government

has implemented a number of consumption-bosting measures such as

the trade-in policy, as such the overal consumer market rebounded in

the second quarter. However, with the economic outlok stil uncertain,

development of the domestic consumer market continues to be

chalenging. As an industry leader, China Lilang wil pres on with aplying

its strengths, folowing shifts in the consumer market and technological

advancement, to promote transformation and to enhance brand influence,

achieving long-term and sustainable sales and profit growth.

The “LILANZ” core colection and the “LES IS MORE” smart casual colection

have both undergone inovative transformation, emerging with clearer

positioning. This wil enable the Group to enhance precision and eficiency

in product development, design, marketing promotion and sales, and

ultimately drive the long-term growth. In the second half year, the Group

wil continue to push forward with transformation. It wil continue to

capitalize on the operational advantages of the DTC model in North-

Eastern China, Jiangsu Province, Shandong Province and Chongqing City to

achieve healthy expansion, tailoring implementation taking into acount

the specific conditions of each market to achieve optimal operational

performance. The smart casual colection, which is operated entirely in the

direct-to-retail mode, wil have its development foundation strengthened

to help maintain its strong development momentum. The Group expects

the DTC model to unleash its potential further in the second half year and

contribute to sales growth.

The Group wil also step up development eforts both online and ofline

to beter met customers’ demand. In terms of network layout, it wil, via

chanel reforms, open 50 to 100 stores net in 2025, targeting primarily

prime locations in premium shoping mals in provincial capitals and

prefecture-level cities, and underperforming stores wil be closed to achieve

beter overal store performance. Moreover, more outlet stores wil be

aded to sped up inventory clearance.

2020CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

新零售业务业务方面，集团继续善用各个

平台，特别是通过抖音、小红书等直播

带货平台及自有电商渠道，提供个性化、

沉浸式购物体验，以瞄准年轻客户群。透

过多维度增加品牌曝光，目标新货品销售

占电商销售总金额的比重能提高至80%。

同时，集团会通过智慧物流园区的持续升

级，进一步优化供应链回应速度，满足消

费者需求。

集团目标于二零二五年实现新零售业务收

入增长20%或以上。整体销售增长目标不

少于10%。

品牌推广与国际化战略

集团将通过与跨界IP的合作，提升品牌知

名度。结合精准的社交媒体行销和会员计

划，集团将进一步增强与消费者的互动，

提升顾客黏性，提升市场份额。

凭借在国内的坚实基础，集团有信心加速

实现「多品牌、国际化」发展策略，丰富产

品组合，满足消费者多元化需求。万星威

「MUNSINGWEAR」作为多品牌策略的重点

项目，下半年会继续聚焦产品开发，满足

新中产阶级对个性化、功能性及可持续时

尚的需求。海外业务方面，集团下半年将

在马来西亚开设更多门店，进一步开拓马

来西亚的市场，并同时将积极部署把业务

计划扩大至东南亚其他市场。同时，集团

将继续巩固在国内男装行业的领导地位，

通过灵活的市场策略和持续创新，实现可

持续增长，为股东、员工及客户创造更大

价值。

For new retail busines, the Group wil continue to leverage various

platforms, especialy live-streaming platforms such as TikTok and

Xiaohongshu and its own e-comerce chanels, to provide personalized

and imersive shoping experience to young customer groups. By

increasing brand exposure through multi-dimensional initiatives, the Group

aims to increase online sales of new products, expecting a rise to 80%

of total e-comerce sales. It wil work on optimizing the respond time

of its suply chain to met customers’ neds, via including continuously

upgrading its the smart logistics center.

The Group aims for its new retail busines to achieve 20% or more growth

in 2025. Total sales growth target is 10% or more.

Brand Promotion and Internationalization Strategy

The Group wil promote its brand popularity through colaboration with IPs, as wel

as enhancing interaction with consumers through precise social media marketing

and membership programs to foster customer loyalty and capture biger market

share.

With a solid domestic foundation, the Group is confident of acelerating

implementation of its “Multi-brands and Internationalization” development

strategy and enriching its product portfolio to met diverse consumer neds. As

a key project of its multi-brand strategy, “MUNSINGWEAR” wil continue to focus

on product development in the second half year to met the neds of the new

midle clas for personalized, functional and sustainable fashion. For its overseas

busines, the Group wil open more stores in Malaysia in the second half year

to beter tap the Malaysian market, as wel as actively deploy plans to expand

busines coverage to other Southeast Asian markets. Furthermore, the Group wil

continue to reinforce its leadership in the domestic menswear sector and strive

to achieve sustainable growth through implementing flexible marketing strategy

and continuous inovation, to the ultimate end of generating greater value for

shareholders, its employes and customers.

		As at 30 June 2025	As at 31 December 2024
		于二零二五年六月三十日	于二零二四年十二月三十一日
		RMB million	RMB million
		人民币百万元	人民币百万元

2121二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

流动资金及财务资源

现金及银行结余及现金流量

LIQUIDITY AND FINANCIAL RESOURCES

Cash and Bank Balances and Cash Flows

Pledged bank deposits已抵押银行存款795.3995.7

Cash and cash equivalents现金及现金等价物517.0827.0

Fixed deposits held at banks银行定期存款1,611.71,334.7

Total cash and bank balance现金及银行结余总额2,924.03,157.4

As at 30 June 2025, the Group had fixed deposits totaling RMB2,363.5

milion (31 December 2024: RMB2,300 milion). The Group’s total cash and

bank balance was mainly denominated in Renminbi (88.3%).

As at 30 June 2025, the Group had bank loans maturing within one year

totaling RMB1,030.2 milion (31 December 2024: RMB513.8 milion) and no

bank loans maturing over one year (31 December 2024: RMB671.5 milion).

Al the bank loans caried interest at fixed rates.

Cash and cash equivalents balance decreased by RMB310.0 milion. Major

cash flow movements during the period were as folows:

— Net cash generated from operating activities amounting to RMB117.7

milion. The major reconciling item betwen the amount of net

operating cash inflow and the net profit for the period of RMB240.1

milion was the decrease in trade and other payable balances by

RMB190.0 milion.

— Net cash used in investing activities amounting to RMB80.1 milion,

comprising mainly placing of fixed deposits totaling RMB72.0 milion.

于二零二五年六月三十日，集团拥有定期

存款合共人民币2,363.5百万元（二零二四

年十二月三十一日：人民币2,300百万

元）。集团的现金及银行结余总额主要以人

民币计值（88.3%）。

于二零二五年六月三十日，集团有于一年

内到期的银行贷款合共人民币1,030.2百万

元（二零二四年十二月三十一日：人民币

513.8百万元），且概无于一年后到期的银

行贷款（二零二四年十二月三十一日：人

民币671.5百万元）。所有银行贷款以固定

利率计息。

现金及现金等价物结余减少人民币310.0百

万元。期内主要现金流量变动如下：

— 经营活动所产生现金净额为人民币

117.7百万元。经营现金流入净额与

期内净利润人民币240.1百万元之间

的主要对账项目，为贸易账款及其他

应付款项结余减少人民币190.0百万

元。

— 投资活动所用现金净额为人民币80.1

百万元，主要包括存放定期存款合共

人民币72.0百万元。

		Six months ended 30 June 2025	Year ended 31 December 2024	Six months ended 30 June 2024
		截至二零二五年六月三十日止六个月	截至二零二四年十二月三十一日止年度	截至二零二四年六月三十日止六个月

2222CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

— Net cash used in financing activities amounting to RMB347.3 milion,

mainly atributable to the net repayment of bank loans totaling

RMB146.5 milion, the payments of the final dividends totaling

RMB132.0 milion in respect of the year ended 31 December 2024,

and capital and interest elements of lease rentals paid totaling

RMB57.3 milion.

Trade Working Capital Turnover Days

Average inventory turnover days平均存货周转天数231183189

Average trade receivables

turnoverdays

平均应收贸易账款周转天数

Average trade payables turnover

days

平均应付贸易账款周转天数

INVENTORY TURNOVER DAYS

The Group’s average inventory turnover days was 231 days for the period, a

increase of 42 days as compared to the interim period last year. The increase

of average turnover days was mainly due to lower levels of inventory as

at the begining and interim period of 2024. The level of inventory was

growing with in line with the increase in the proportion of sales conducted

under the consignment model and direct retailing model.

Inventory balance decreased by RMB2.6 milion to RMB1,084.3 milion.

The inventory balance was maintained at similar level for the end of the

previous year.

As at 30 June 2025, a provision of RMB39.3 milion was made in acordance

with the Group’s inventory provision policy.

— 融资活动所用现金净额为人民币

347.3百万元，主要为银行贷款净还

款合共人民币146.5百万元、支付截

至二零二四年十二月三十一日止年

度的末期股息合共人民币132.0百万

元，以及已付租赁之租金本金及利息

部分合共人民币57.3百万元。

贸易营运资金周转天数

存货周转天数

期内集团平均存货周转天数为231天，与

去年中期相比增加42天。平均周转天数增

加乃主要由于在二零二四年初及中期间

存货水平较低。存货水平增长符合进行代

销模式及直营模式的销售比例增加。

存货结余减少人民币2.6百万元至人民币

1,084.3百万元。存货结余维持与去年底

相近的水平。

于二零二五年六月三十日，已按照集团之

存货拨备政策作出拨备人民币39.3百万元。

2323二零二五年中期报告 INTERIM REPORT 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

TRADE RECEIVABLES TURNOVER DAYS

The Group’s average trade receivables turnover days was 37 days for the

period, as compared to 39 days for the interim period last year. Turnover

days reduced as a result of more long outstanding receivables were

colected and increase in sales proportion of retail sales during the period.

As at 30 June 2025, a provision of RMB10.0 milion was made in acordance

with the Group’s trade receivables provision policy.

TRADE PAYABLES TURNOVER DAYS

The Group’s average trade and bils payables turnover days was 179 days for

the period, as compared to 162 days for the interim period last year. There

were no material changes in the payment terms with supliers. The increase

in trade payables turnover days is mainly because of the increase in usage

of bils payable which wil be setled in later stage.

PLEDGE OF ASETS

As at 30 June 2025, deposits with banks totaling RMB795.3 milion (31

December 2024: RMB995.7 milion) were pledged as securities for bils

payable and bank loans. The pledged bank deposits wil be released upon

the setlement of relevant bils payable and bank loans.

CAPITAL COMITMENTS AND CONTINGENCIES

As at 30 June 2025, the Group had total capital comitments of RMB10.9

milion, primarily related to the improvement project of automated plant

and production facilities, and fabric research centre.

These capital comitments are expected to be financed by internal

resources of the Group.

As at 30 June 2025, the Group had no material contingent liabilities.

应收贸易账款周转天数

期内集团平均应收贸易账款周转天数为37

天，而去年中期则为39天。由于所回收

的长期未收回应收款项增加，加上期内零

售额占销售额比重上升，因此周转天数减

少。

于二零二五年六月三十日，已按照集团之

应收贸易账款拨备政策作出拨备人民币

10.0百万元。

应付贸易账款周转天数

期内集团平均应付贸易账款及应付票据周

转天数为179天，而去年中期则为162天。

与供应商的付款条款并无重大变动。应付

贸易账款周转天数增加主要乃由于将于较

后阶段偿还的应付票据用量增加。

资产抵押

于二零二五年六月三十日，总额人民币

795.3百万元（二零二四年十二月三十一日：

人民币995.7百万元）的银行存款抵押为应

付票据及银行贷款的担保。已抵押银行存

款将于清偿相关应付票据及银行贷款后获

解除。

资本承担及或然负债

于二零二五年六月三十日，集团的资本承

担总额为人民币10.9百万元，主要与智能

厂房与生产设施以及面料研究中心改造项

目有关。

该等资本承担预期以集团的内部资源拨

付。

于二零二五年六月三十日，集团并无重大

或然负债。

2424CHINA LILANG LIMITED 中国利郎有限公司

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

FINANCIAL MANAGEMENT POLICIES

The Group continues to control financial risks in a prudent maner. The

functional curency of the Company is the Hong Kong Dolars and the

Company’s financial statements are translated into Renminbi for reporting

and consolidation purposes. Foreign exchange diferences arising from

the translation of financial statements are directly recognized in equity as a

separate reserve. As the Group conducts busines transactions principaly

in Renminbi, the exchange rate risk at the Group’s operational level is not

significant.

HUMAN RESOURCES

As at 30 June 2025, the Group had 5,191 staf. Total staf costs for the period

amounted to aproximately RMB290.9 milion (first half of 2024: RMB224.7

milion).

The Group places great emphasis on recruiting and training quality

personel. We recruit talents from universities and technical schols

and provide pre-employment and on-going training and development

oportunities to our staf members. Our training programs cover areas

such as sales and production, customer service, quality control, trade fairs

planing, workplace ethics and other areas relevant to the industry.

The Group ofers competitive remuneration packages to our employes

based on factors such as market rates, workload, responsibility, job

complexity as wel as the Group’s performance. The Group has also adopted

a share option scheme to recognize, reward and promote the contribution

of the employes to the growth and development of the Group. On 3

July 2020, the Group granted options to subscribe for a total of 11,500,000

shares of the Company to its employes under the share option scheme at

an exercise price of HK$4.31 per share. The options wil be vested during the

period from 3 July 2022 to 3 July 2024.

财务管理政策

集团继续审慎监控财务风险。本公司功能

货币为港元，而本公司财务报表因汇报和

编制综合账目而换算为人民币。因换算财

务报表而产生的汇兑差额直接于权益中确

认为独立储备。由于集团主要以人民币进

行业务交易，集团于营运上的汇率风险并

不重大。

人力资源

于二零二五年六月三十日，本集团有5,191

名员工。期内员工成本总额约为人民币

290.9百万元（二零二四年上半年：人民币

224.7百万元）。

集团非常重视招聘与培训高质素人才。我

们从大学到技术学院招募人才，并为员工

提供职前及持续培训和发展机会。我们的

培训课程涵盖销售与生产、客户服务、质

量监控、订货会规划、职场操守及其他与

行业相关的领域。

集团根据市场薪酬、工作量、职责、工作

难度和集团表现等因素，为其雇员提供具

竞争力的薪酬待遇。集团亦已采纳购股权

计划，以表扬、奖励以及鼓励雇员对集团

成长与发展作出贡献。于二零二零年七月

三日，集团根据购股权计划向其雇员授出

合共可认购11,500,000股本公司股份之购股

权，每股行使价为4.31港元。该等购股权

将于二零二年七月三日至二零二四年七

月三日期间归属。

2525二零二五年中期报告 INTERIM REPORT 2025

REVIEW REPORT OF THE AUDITOR

核数师审

阅

报告

REVIEW REPORT TO THE BOARD OF DIRECTORS OF CHINA LILANG

LIMITED

(Incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the interim financial report set out on pages 27 to

46, which comprises the condensed consolidated statement of financial

position of China Lilang Limited (the “Company”) as of 30 June 2025 and

the related condensed consolidated statement of profit or los and other

comprehensive income, condensed consolidated statement of changes

in equity and condensed consolidated statement of cash flows for the six-

month period then ended, and explanatory notes. The Rules Governing

the Listing of Securities on The Stock Exchange of Hong Kong Limited

require the preparation of an interim financial report to be in compliance

with the relevant provisions thereof and International Acounting Standard

34 Interim financial reporting as isued by the International Acounting

Standards Board. The directors are responsible for the preparation and

presentation of this interim financial report in acordance with International

Acounting Standard 34.

Our responsibility is to expres a conclusion, based on our review, on this

interim financial report and to report our conclusion solely to you, as a

body, in acordance with our agred terms of engagement, and for no

other purpose. We do not asume responsibility towards or acept liability

to any other person for the contents of this report.

SCOPE OF REVIEW

We conducted our review in acordance with Hong Kong Standard

on Review Engagements 2410, Review of interim financial information

performed by the independent auditor of the entity as isued by the Hong

Kong Institute of Certified Public Acountants. A review of interim financial

report consists of making enquiries, primarily of persons responsible for

financial and acounting maters, and aplying analytical and other review

procedures. A review is substantialy les in scope than an audit conducted

in acordance with Hong Kong Standards on Auditing and consequently

does not enable us to obtain asurance that we would become aware of al

significant maters that might be identified in an audit. Acordingly, we do

not expres an audit opinion.

审

阅

报告

致中国利郎有限公司董事会

（于开曼群岛注册成立的有限公司）

引言

我们已审阅列载于第27至46页的中期财务

报告，此中期财务报告包括中国利郎有限

公司（「贵公司」）截至二零二五年六月三十

日的简明综合财务状况表，以及截至该日

止六个月期间的相关简明综合损益及其他

全面收益表、简明综合权益变动表和简明

综合现金流量表及附注解释。《香港联合交

易所有限公司证券上市规则》规定，上市公

司必须遵守上市规则中的相关规定和国际

会计准则理事会颁布的《国际会计准则》第

34号「中期财务报告」的规定编制中期财

务报告。董事须负责根据《国际会计准则》

第34号编制及列报本中期财务报告。

我们的责任是根据我们的审阅对本中期财

务报告作出结论，并按照我们双方所协定

的应聘条款，仅向全体董事会报告。除此

以外，我们的报告不可用作其他用途。我

们概不就本报告的内容对任何其他人士负

责或承担法律责任。

审

阅

范围

我们已根据香港会计师公会颁布的《香港审

阅工作准则》第2410号「实体独立核数师对

中期财务资料的审阅」进行审阅。中期财

务报告审阅工作主要包括向负责财务会计

事项的人员询问，并实施分析和其他审阅

程序。由于审阅的范围远较按照《香港审计

准则》进行审核的范围为小，故不能保证我

们会注意到在审核中可能会被发现的所有

重大事项。因此，我们不会发表任何审核

意见。

2626CHINA LILANG LIMITED 中国利郎有限公司

REVIEW REPORT OF THE AUDITOR (CONTINUED)

核数师审

阅

报告（续）

CONCLUSION

Based on our review, nothing has come to our atention that causes us to

believe that the interim financial report as at 30 June 2025 is not prepared,

in al material respects, in acordance with International Acounting

Standard 34, Interim financial reporting.

KPMG

Certified Public Acountants

8th Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

12 August 2025

结论

根据我们的审阅工作，我们并没有注意到

任何事项，使我们相信于二零二五年六月

三十日的中期财务报告在所有重大方面没

有按照《国际会计准则》第34号「中期财务

报告」的规定编制。

毕马威会计师事务所

执业会计师

香港中环

遮打道10号

太子大厦8楼

二零二五年八月十二日

Six months ended 30 June
截至六月三十日止六个月
		2025	2024
		二零二五年	二零二四年
	Note	RMB’000	RMB’000
	附注	人民币千元	人民币千元

2727二零二五年中期报告 INTERIM REPORT 2025

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOS

AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2025 — unaudited (Expresed in Renminbi)

简明综合损益及其他全面收益表

截至二零二五年六月三十日止六个月 — 未经审核（以人民币为单位）

Revenue收入31,727,2151,600,043

Cost of sales销售成本(859,455)(799,515)

Gros profit毛利867,760800,528

Other net income其他收入净额50,19166,216

Seling and distribution expenses销售及分销开支(546,286)(466,409)

Administrative expenses行政开支(111,558)(79,921)

Other operating expenses其他经营开支—(6,588)

Profit from operations经营利润260,107313,826

Net finance income融资收入净额431,82727,836

Profit before taxation除税前利润5291,934341,662

Income tax所得税6(51,839)(61,520)

Profit for the period期内利润240,095280,142

Atributable to:归属于：

Equity shareholders of the company本公司权益股东242,525280,142

Non-controling interests非控股权益(2,430)—

Other comprehensive income for the

period

期内其他全面收益

Item that may be reclasified

subsequently to profit or los:

其后可能重新分类至损益之

项目：

Exchange diferences on translation of

financial statements of the Company

and subsidiaries outside the mainland

of the People’s Republic of China

(the “PRC”)

换算本公司及中华人民

共和国（「中国」）内地境外

附属公司财务报表的汇

兑

差额

(13,276)2,279

Total comprehensive income for the

period

期内全面收益总额

226,819282,421

Atributable to:归属于：

Equity shareholders of the company本公司权益股东229,249282,421

Non-controling interests非控股权益(2,430)—

Earnings per share每股盈利7

Basic (cents)基本（港仙）20.223.4

Diluted (cents)摊薄（港仙）20.223.4

The notes on pages 32 to 46 form part of this interim financial report.

Details of dividends payable to shareholders of the Company are set out in

note 18.

第32至46页的附注乃本中期财务报告的组

成部分。应向本公司股东派付的股息详情

载于附注18。

	30 June 2025	31 December 2024
	二零二五年六月三十日	二零二四年十二月三十一日
Note	RMB’000	RMB’000
附注	人民币千元	人民币千元

2828CHINA LILANG LIMITED 中国利郎有限公司

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL

POSITION

At 30 June 2025 — unaudited (Expresed in Renminbi)

简明综合财务状况表

于二零二五年六月三十日 — 未经审核（以人民币为单位）

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备81,129,7821,163,421

Investment properties投资物业9245,509248,936

Right-of-use asets使用权资产10246,769260,510

Intangible asets无形资产93,7392,716

Deposits for purchases of plant and

equipment

购买厂房及设备订金

15,0934,543

Lease rental deposits租赁之租金按金53,10650,078

Pledged bank deposits已抵押银行存款13—741,195

Fixed deposits held at banks with

maturity over thre months

于三个月后到期的银行定期

存款14263,143497,871

Defered tax asets递延税项资产55,06646,230

2,102,2073,015,500

Curent asets流动资产

Inventories存货111,084,2721,086,918

Trade and other receivables应收贸易账款及其他应收款项12822,445827,797

Prepaid income tax预付所得税4,9405,031

Pledged bank deposits已抵押银行存款13795,329254,549

Fixed deposits held at banks with

maturity over thre months

于三个月后到期的银行定期

存款141,348,508836,848

Cash and cash equivalents现金及现金等价物14516,960826,980

4,572,4543,838,123

Curent liabilities流动负债

Bank loans银行贷款151,030,248513,776

Trade and other payables应付贸易账款及其他应付款项16959,6571,147,384

Lease liabilities租赁负债1777,89482,349

Contract liabilities合同负债39,94040,747

Curent tax payable应付即期税项253,606266,453

2,361,3452,050,709

Net curent asets流动资产净值2,211,1091,787,414

Total asets les curent liabilities资产总值减流动负债4,313,3164,802,914

Non-curent liabilities非流动负债

Bank loans银行贷款15—671,486

Defered tax liabilities递延税项负债21,62224,815

Lease liabilities租赁负债1743,72951,407

65,351747,708

Net asets资产净值4,247,9654,055,206

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

2929二零二五年中期报告 INTERIM REPORT 2025

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

At 30 June 2025 — unaudited (Expresed in Renminbi)

简明综合财务状况表（续）

于二零二五年六月三十日 — 未经审核（以人民币为单位）

于二零二五年八月十二日于香港经董事会

授权刊发。

第32至46页的附注乃本中期财务报告的组

成部分。

Capital and reserves资本及储备

Share capital股本105,517105,517

Reserves储备4,017,4173,920,206

Total equity atributable to equity

shareholders of the company

本公司权益股东应占权益总值

4,122,9344,025,723

Non-controling interests非控股权益125,03129,483

Total equity权益总额4,247,9654,055,206

Authorised for isue by the board of directors in Hong Kong on 12 August

2025.

Mr. Wang Dong XingMr. Wang Liang XingMr. Wang Cong Xing

王冬星先生王良星先生王聪星先生

ChairmanChief Executive OficerExecutive Director

主席行政总裁执行董事

The notes on pages 32 to 46 form part of this interim financial report.

	Attributable to equity shareholders of the company								Total equity
本公司权益股东应占
	Share capital	Share premium	Statutory reserve	Capital reserve	Exchange reserve	Retained profits	Total	Non- controlling interests
	股本	股份溢价	法定储备	资本储备	汇储备	保留溢利	总额	非控股权益	权益总额
	RMB’000	RMB’000	RMB’000	RMB’000	兑 RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
	人民币千元	人民币千元	人民币千元	人民币千元	人民币千元	人民币千元	人民币千元	人民币千元	人民币千元

3030CHINA LILANG LIMITED 中国利郎有限公司

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN

EQUITY

For the six months ended 30 June 2025 — unaudited (Expresed in Renminbi)

简明综合权益变动表

截至二零二五年六月三十日止六个月 — 未经审核（以人民币为单位）

As at 1 January 2024于二零二四年一月一日105,51731,411272,86931,917(31,714)3,557,3923,967,392—3,967,392

Changes in equity for the six

months ended 30 June 2024:

截至二零二四年

六月三十日止六个月的

权益变动：

Profit for the period期内利润—280,142280,142—280,142

Other comprehensive income for

the period

期内其他全面收益

—2,279—2,279—2,279

Total comprehensive income for

the period

期内全面收益总额

—2,279280,142282,421—282,421

Equity-setled share-based

payment

以股份为基础的股权结算

开支—431—431—431

Dividends aproved in respect of

the previous year

已批准上一年度股息

—(196,712)(196,712)—(196,712)

Apropriation to statutory reserve转拨至法定储备—6—(6)—

As at 30 June 2024于二零二四年六月三十日105,51731,411272,87532,348(29,435)3,640,8164,053,532—4,053,532

As at 1 January 2025于二零二五年一月一日105,51731,411282,82432,352(36,740)3,610,3594,025,72329,4834,055,206

Changes in equity for the six

months ended 30 June 2025:

截至二零二五年

六月三十日止六个月的

权益变动：

Profit for the period期内利润—242,525242,525(2,430)240,095

Other comprehensive income for

the period

期内其他全面收益

—(13,276)—(13,276)—(13,276)

Total comprehensive income for

the period

期内全面收益总额

—(13,276)242,525229,249(2,430)226,819

Equity-setled share-based

payment

以股份为基础的股权结算

开支—(61)—(61)—(61)

Capital contribution by

non-controling interests of

a subsidiary

附属公司非控股权益出资

—62—6297,97898,040

Dividends aproved in respect of

the previous year

已批准上一年度股息

—(132,039)(132,039)—(132,039)

As at 30 June 2025于二零二五年六月三十日105,51731,411282,82432,353(50,016)3,720,8454,122,934125,0314,247,965

The notes on pages 32 to 46 form part of this interim financial report.第32至46页的附注乃本中期财务报告的组

成部分。

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

3131二零二五年中期报告 INTERIM REPORT 2025

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2025 — unaudited (Expresed in Renminbi)

简明综合现金流量表

截至二零二五年六月三十日止六个月 — 未经审核（以人民币为单位）

Operating activities经营活动

Cash generated from operations经营业务所产生现金194,319284,153

Tax paid已付税项(76,624)(64,533)

Net cash generated from operating activities经营业务所产生现金净额117,695219,620

Investing activities投资活动

Payments for the purchases of property, plant

and equipment, and intangible asets

购买物业、厂房及设备以及无形

资产的付款(52,264)(48,946)

Net refund of lease rental deposits租赁之租金按金的退款净额(3,028)(3,400)

Interest income received已收利息收入42,40512,007

Net placements of fixed deposits held at banks

with maturity over thre months

于三个月后到期的银行定期存款

存入净额(71,998)(85,000)

Other cash inflows arising from investing

activities

投资活动其他现金流入

4,835517

Net cash used in investing activities投资活动所用现金净额(80,050)(124,822)

Financing activities融资活动

Capital contribution by non-controling interests

of a subsidiary

附属公司非控股权益出资

5,241—

Proceds from bank loans银行贷款所得款项350,000270,400

Repayment of bank loans偿还银行贷款(496,500)(286,800)

Dividends paid已付股息(132,039)(196,712)

Interest expense paid已付利息开支(16,788)(2,575)

Capital element of lease rentals paid已付租赁之租金之本金部分(54,970)(47,372)

Interest element of lease rentals paid已付租赁之租金之利息部分(2,280)(2,754)

Net cash used in financing activities融资活动所用现金净额(347,336)(265,813)

Net decrease in cash and cash equivalents现金及现金等价物减少净额(309,691)(171,015)

Cash and cash equivalents at 1 January于一月一日的现金及现金等价物826,9801,077,225

Efect of foreign exchange rate changes外币汇率变动的影响(329)260

Cash and cash equivalents at 30 June于六月三十日的现金及现金

等价物516,960906,470

The notes on pages 30 to 44 form part of this interim financial report.第30至44页的附注乃本中期财务报告的组

成部分。

3232CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT

(Expresed in Renminbi)

未经审核中期财务报告附注

（以人民币为单位）

1. BASIS OF PREPARATION

This interim financial report has ben prepared in acordance with

the aplicable disclosure provisions of the Rules Governing the Listing

of Securities on The Stock Exchange of Hong Kong Limited, including

compliance with International Acounting Standard (“IAS”) 34, Interim

financial reporting, isued by the International Acounting Standards Board

(“IASB”). It was authorised for isue on 12 August 2025.

The interim financial report has ben prepared in acordance with the

same acounting policies adopted in the 2024 anual financial statements,

except for the acounting policy changes that are expected to be reflected

in the 2025 anual financial statements. Details of these changes in

acounting policies are set out in note 2.

The preparation of an interim financial report in conformity with IAS 34

requires management to make judgements, estimates and asumptions

that afect the aplication of policies and reported amounts of asets and

liabilities, income and expenses on a year to date basis. Actual results may

difer from these estimates.

The interim financial report contains condensed consolidated financial

statements and selected explanatory notes which do not include al of

the information required for a ful set of financial statements prepared

in acordance with IFRS Acounting Standards. The notes include

an explanation of events and transactions that are significant to an

understanding of the changes in financial position and performance of the

Group since the 2024 anual financial statements.

The interim financial report is unaudited, but has ben reviewed by the

Company’s auditor, KPMG, in acordance with Hong Kong Standard

on Review Engagements 2410, Review of interim financial information

performed by the independent auditor of the entity , isued by the

Hong Kong Institute of Certified Public Acountants (“HKICPA”). KPMG’s

independent review report to the Board of Directors is included on pages

25 to 26.

The financial information relating to the financial year ended 31 December

2024 that is included in the interim financial report as comparative

information does not constitute the Company’s statutory anual

consolidated financial statements for that financial year but is derived from

those financial statements. Statutory financial statements for the year ended

31 December 2024 are available from the Company’s registered ofice. The

auditor has expresed an unqualified opinion on those financial statements

in their report dated 18 March 2025.

1. 编制基础

本中期财务报告乃按照香港联合交易所有

限公司证券上市规则适用披露条文，包括

遵守国际会计准则理事会（「国际会计准则

理事会」）颁布的《国际会计准则》（「国际会

计准则」）第34 号「中期财务报告」而编制。

本中期财务报告于二零二五年八月十二日

获授权刊发。

除预期将于二零二五年度财务报表内反

映之会计政策变动外，编制中期财务报告

采纳的会计政策与编制二零二四年度财

务报表所采纳者相同。该等会计政策变动

之详情载于附注2。

按照国际会计准则第34 号编制中期财务报

告需要管理层作出判断、估计和假设，此

举会影响政策的应用和资产及负债、收入

及开支于年初至今的呈报金额，实际结果

可能与该等估计有所不同。

本中期财务报告载有简明综合财务报表及

节选解释附注，未有包括根据国际财务报

告会计准则编制的全套财务报表所规定所

有资料。附注包括对了解自二零二四年

度财务报表以来本集团财务状况及表现变

动属重要的事件及交易说明。

本中期财务报告未经审核，惟已由本公司

核数师毕马威会计师事务所按照香港会计

师公会（「香港会计师公会」）颁布的《香港

审阅工作准则》第2410 号「实体独立核数

师对中期财务资料的审阅」审阅。毕马威

会计师事务所致董事会的独立审阅报告载

于第25页至26页。

本中期财务报告内有关截至二零二四年

十二月三十一日止财政年度的财务资料乃

作为比较资料，概不构成本公司于该财政

年度的法定年度综合财务报表，惟该等资

料乃源自该等财务报表。截至二零二四年

十二月三十一日止年度的法定财务报表可

于本公司的注册办事处索阅。核数师已于

其日期为二零二五年三月十八日的报告内

就该等财务报表发表无保留意见。

3333二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

2. 会计政策变更

本集团于当前会计期间，已将由国际会计

准则理事会所颁布的国际会计准则第21号

（修订本），外汇率变动之影响－缺乏可

兑换性应用于本中期财务报告。该等修订

本不会对本中期财务报告构成重大影响，

乃由于本集团并无进行任何其外币不可兑

换至另一种货币的外币交易。

本集团并无采用任何在当前会计期间尚未

生效的新准则或诠释。

3. 收入

本集团的主要业务为于中国制造及销售品

牌男装及相关配饰。收入指已售货品销售

额扣除退货、折扣及增值税（「增值税」）。

收入在商品控制权转移至客户时确认。

本集团收入、开支、业绩、资产及负债绝

大部分来自单一地区（即中国内地）。因

此，概无呈列地区分析。

2. CHANGES IN ACOUNTING POLICIES

The Group has aplied the amendments to IAS 21, The efects of changes in

foreign exchange rates – Lack of exchangeability isued by the IASB to this

interim financial report for the curent acounting period. The amendments

do not have a material impact on this interim report as the Group has

not entered into any foreign curency transactions in which the foreign

curency is not exchangeable into another curency.

The Group has not aplied any new standard or interpretation that is not

yet efective for the curent acounting period.

3. REVENUE

The principal activities of the Group are manufacturing and sale of branded

menswear and related acesories in the PRC. Revenue represents the sales

value of gods sold les returns, discounts and value-aded taxes (“VAT”).

Revenue is recognised at the point in time when the control of the gods is

transfered to customers.

The Group’s revenue, expenses, results, asets and liabilities are

predominantly atributable to a single geographical region, which is

mainland China. Therefore, no analysis by geographical regions is presented.

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

Six months ended 30 June 截至六月三十日止六个月
		2025	2024
		二零二五年	二零二四年
		RMB’000	RMB’000
		人民币千元	人民币千元

3434CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

5. 除税前利润

除税前利润已扣除╱（计入）：

4. 融资收入净额4. NET FINANCE INCOME

Interest income利息收入39,83344,949

Interest on bank loans银行贷款利息(8,275)(13,204)

Interest on lease liabilities租赁负债利息(2,280)(2,752)

Net foreign exchange gain/(los)汇兑收益╱（亏损）净额2,549(1,157)

31,82727,836

5. PROFIT BEFORE TAXATION

Profit before taxation is arived at after charging/(crediting):

Amortisation of intangible asets无形资产摊销2,1271,638

Depreciation折旧

— owned property, plant and equipment－自有物业、厂房及设备72,47266,056

— investment properties－投资物业3,4273,485

— right-of-use asets－使用权资产57,48950,574

Short-term lease rental expenses短期租赁的租金开支17,6273,606

Research and development costs研发成本64,03052,934

Subcontracting charges (Note (i)分包费用（附注(i)）196,605192,044

Inventory write-down (Note 11(b)存货撇减（附注11(b)）17,82814,875

Reversal of impairment loses on trade

receivables (Note 12)

应收贸易账款减值亏损拨回

（附注12）(1,428)(13,917)

Reversal of impairment loses on right-of-use

asets (Note 10)

使用权资产减值亏损拨回

（附注10）—(2,800)

Note:

(i) Subcontracting charges include service charges and auxiliary raw material costs

payable to subcontractors.

附注：

(i) 分包费用包括应付分包商的服务费用及辅

助原材料成本。

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

3535二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

附注：

(i) 根据开曼群岛及英属处女群岛（「英属处女

群岛」）的条例及规例，本集团毋须缴纳任

何开曼群岛及英属处女群岛的所得税。

(i) 由于本集团于截至二零二五年及二零二四

年六月三十日止六个月毋须缴纳香港利得

税的应课税利润，故并无就香港利得税作

出拨备。

(i) 本集团中国附属公司的税项以该等附属公

司所适用的所得税率计算。根据相关中

国企业所得税法、条例及实施指引附注，

其中一家附属公司已获授高新技术企业资

格，有权于二零二五年享有15% 的较低所

得税率。此外，本集团其中三家于中国

西藏自治区注册成立的附属公司有权于二

零二五年享有15% 的较低所得税率。

(iv) 根据企业所得税法及其实施条例，非中国

居民企业获中国企业派发股息时，将按

10% 税率缴付预扣税。此外，根据中国内

地与香港的避免双重征税安排及其相关法

规，合资格香港税务居民如属中国公司的

「实益拥有人」及持有其25% 或以上的股本

权益，该香港税务居民将须承担源自中国

的股息收入的5% 预扣税。就此而言，递

延税项负债已基于该等附属公司在可见将

来就二零八年一月一日以来所产生的利

润分派预期股息作出拨备。

6. 所得税6. INCOME TAX

Curent tax — PRC Corporate Income Tax即期

税

项－中国企业所得税63,86861,365

Defered tax递延

税

项(12,029)155 51,83961,520

51,83961,520

Notes:

(i) Pursuant to the rules and regulations of the Cayman Islands and British Virgin

Islands (“BVI”), the Group is not subject to any income tax in the Cayman Islands

and the BVI.

(i) No provision for Hong Kong Profits Tax has ben made as the Group did not have

asesable profits subject to Hong Kong Profits Tax for the six months ended 30

June 2025 and 2024.

(i) Taxation for the Group’s PRC subsidiaries is calculated using the income tax rates

aplicable to the subsidiaries. In acordance with the relevant PRC Corporate

Income Tax Law, regulations and implementation guidance notes, one of the

subsidiaries had ben granted Advanced and New Technology Enterprise status

and was entitled to a reduced income tax rate at 15% for 2025. In adition, thre

of the Group’s subsidiaries incorporated in the Xizang Autonomous Region of the

PRC are entitled to a reduced income tax rate of 15% in 2025.

(iv) Acording to the Corporate Income Tax Law and its implementation rules,

dividends receivable by non-PRC corporate residents from PRC enterprises are

subject to witholding tax at a rate of 10%. In adition, under the Sino-Hong

Kong Double Tax Arangement and its relevant regulations, a qualified Hong

Kong tax resident wil be liable for witholding tax at the rate of 5% for dividend

income derived from the PRC if the Hong Kong tax resident is the “beneficial

owner” and holds 25% or more of the equity interests of the PRC company.

Defered tax liabilities have ben provided for in this regard based on the

expected dividends to be distributed from these subsidiaries in the foreseable

future in respect of the profits generated since 1 January 2008.

		2025	2024
		二零二五年	二零二四年
		RMB’000	RMB’000
		人民币千元	人民币千元

3636CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

7. EARNINGS PER SHARE

(A) Basic Earnings Per Share

The calculation of basic earnings per share is based on the profit atributable

to equity shareholders of the Company for the period of RMB242,525,000

(2024: RMB280,142,000) and the weighted average number of ordinary

shares in isue of 1,197,485,000 (2024: 1,197,485,000).

(B) Diluted Earnings Per Share

There were no dilutive potential ordinary shares for the six months ended

30 June 2025 and 2024; therefore, dilutive earnings per share are equivalent

to the basic earnings per share.

8. PROPERTY, PLANT AND EQUIPMENT

Net bok value, as at 1 January于一月一日的账面净值1,163,4211,193,679

Aditions添置43,64639,434

Disposals (net carying amount)出售（账面净值）(4,835)(3,508)

Depreciation charge for the period期内折旧费用(72,472)(66,056)

Exchange adjustment汇兑调整22— 1,129,7821,163,549

Net bok value, as at 30 June于六月三十日的账面净值1,129,7821,163,549

7. 每股盈利

(A) 每股基本盈利

每股基本盈利乃按期内本公司权益股东应

占利润人民币242,525,000元（二零二四年：

人民币280,142,000元），以及已发行普通

股加权平均股数1,197,485,000股（二零二四

年：1,197,485,000股）计算。

(B) 每股摊薄盈利

截至二零二五年及二零二四年六月三十日

止六个月，概无潜在摊薄普通股；因此每

股摊薄盈利相当于每股基本盈利。

、厂房及设备

		2025	2024
		二零二五年	二零二四年
		RMB’000	RMB’000
		人民币千元	人民币千元

		2025	2024
		二零二五年	二零二四年
		RMB’000	RMB’000
		人民币千元	人民币千元

3737二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

投资物业按成本减累计折旧及减值亏损列

账。折旧是根据投资物业的估计可用年期

（自完成日期起计不超过40年），在扣除估

计剩余价值（如有）后以直线法撇销其成本

计算。

10. 使用权资产

9. INVESTMENT PROPERTIES

Net bok value, as at 1 January于一月一日的账面净值248,936259,989

Depreciation charge for the period期内折旧费用(3,427)(3,485)

Transfer from property, plant and equipment转拨自物业、厂房及设备—7,030

Transfer to property, plant and equipment转拨至物业、厂房及设备—(6,227) 245,509257,307

Net bok value, as at 30 June于六月三十日的账面净值245,509257,307

Investment properties are stated at cost les acumulated depreciation

and impairment loses. Depreciation is calculated to write of the cost of

items of investment properties, les their estimated residual value, if any, on

a straight-line basis over the estimated useful life being no more than 40

years after the date of completion.

10. RIGHT-OF-USE ASETS

Net bok value, as at 1 January于一月一日的账面净值260,510248,977

Aditions添置52,31254,617

Disposals出售(8,688)(3,620)

Depreciation charge for the period期内折旧费用(57,489)(50,574)

Reversal of impairment loses减值亏损拨回—2,800

Exchange adjustment汇兑调整124—

Net bok value, as at 30 June于六月三十日的账面净值246,769252,200

The Group’s right-of-use asets contain the land use rights and properties

leased for own use. The interest of land use rights in the PRC are prepaid

upon acquisition. The leases related to properties are typicaly run for

an initial period of one to five years. Lease terms are negotiated on an

individual basis and contain a wide range of diferent terms and conditions.

As at 30 June 2025, rental deposits of RMB53,106,000 (31 December 2024:

RMB50,078,000) were paid for the leases, which wil be held by the lesors

throughout the respective lease terms.

9. 投资物业

本集团使用权资产包括土地使用权及租赁

作自用的物业。中国土地使用权之权益于

购买时预付。有关物业的租赁初步期限通

常为一至五年。租期按个别基准磋商，并

载有广泛类别的不同条款及条件。于二零

二五年六月三十日，就该等租赁已支付租

金按金人民币53,106,000元（二零二四年

十二月三十一日：人民币50,078,000元），

租金按金将于相应租赁期内由出租人持

有。

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

3838CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

11. 存货

(a) 简明综合财务状况表内的存货包

括：

11. INVENTORIES

(a) Inventories in the condensed consolidated statement of financial

position comprise:

Raw materials原材料141,072119,970

Work in progres在制品29,42743,390

Finished gods制成品913,773923,558

1,084,2721,086,918

(b) An analysis of the amount of inventories recognised as an expense

and included in profit or los is as folows:

Carying amount of inventories sold已出售存货的账面值841,627784,640

Write-down of inventories (Note 5)存货撇减（附注5）17,82814,875

859,455799,515

(b) 确认为开支并计入损益的存货金额

分析如下：

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

3939二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

12. 应收贸易账款及其他应收款项12. TRADE AND OTHER RECEIVABLES

Trade receivables应收贸易账款378,297432,093

Les: Los alowance减：亏损拨备(9,984)(11,412)

Trade receivables, net of los alowance应收贸易账款，扣除亏损拨备368,313420,681

Prepayments to supliers预付供应商款项44,0191,582

Prepaid advertising expenses预付广告开支631584

VAT deductible可抵扣增值税310,147311,507

Other deposits, prepayments and receivables其他按金、预付款项及应收款项99,33593,443

822,445827,797

Trade and other receivables, net of los alowance, are expected to be

recovered or recognised as expense within one year.

An ageing analysis of the trade receivables, based on the invoice date and

net of los alowance, is as folows:

Within 3 months三个月内292,529389,893

Over 3 months but within 6 months超过三个月但六个月内63,98825,597

Over 6 months but within 1 year超过六个月但一年内11,7965,191

368,313420,681

The Group grants a credit period of 30 to 180 days (31 December 2024: 30

to 180 days) to its debtors.

预期应收贸易账款及其他应收款项（扣除

亏损拨备）将于一年内收回或确认为开支。

应收贸易账款（按发票日期计算并扣除亏

损拨备）的账龄分析如下：

本集团授予其债务人的信贷期为30至180

天（二零二四年十二月三十一日：30至180

天）。

		2025	2024
		二零二五年	二零二四年
		RMB’000	RMB’000
		人民币千元	人民币千元

4040CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

12. TRADE AND OTHER RECEIVABLES (CONTINUED)

The movement in the los alowance acount for trade receivables during

the period is as folows:

As at 1 January于一月一日11,41229,171

Reversal of impairment loses for the period

(Note 5)

期内减值亏损拨回（附注5）

(1,428)(13,917)

As at 30 June于六月三十日9,98415,254

The Group measures los alowance for trade receivables at an amount

equal to lifetime expected credit loses, which is calculated using a

provision matrix.

The Group keps asesing the expected los rates based on the Group’s

historical credit los experience over the past years, adjusted for factors

that are specific to the debtors, and an asesment of both the curent and

forecast general economic conditions at the end of the reporting period

over the expected lives of the receivables.

Normaly, the Group does not obtain colateral from customers.

13. PLEDGED BANK DEPOSITS

Bank deposits have ben pledged as security for bank loans (se note 15)

and bils payable (se note 16). The pledged bank deposits wil be released

upon the setlement of the relevant bank loans and bils payable.

12. 应收贸易账款及其他应收款项

（续）

期内应收贸易账款的亏损拨备账变动如

下：

本集团透过使用拨备矩阵计量相当于整个

存续期的预期信贷亏损之金额计量应收贸

易账款之亏损拨备。

本集团按其过往年度之历史信贷亏损经验

持续评估预期亏损率，并按针对债务人的

特定因素及对报告期末应收款项之预期年

限之当前及预测整体经济状况的评估进行

调整。

一般而言，本集团并无取得客户的抵押

品。

13. 已抵押银行存款

银行存款已作抵押，作为银行贷款（见附

注15）及应付票据（见附注16）的担保。已

抵押银行存款将于偿还有关银行贷款及应

付票据后获解除。

		As at 30 June 2025	As at 31 December 2024
		于二零二五年六月三十日	于二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

4141二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

14. CASH AND CASH EQUIVALENTS AND FIXED DEPOSITS

HELD AT BANKS

Cash and cash equivalents in the condensed

consolidated statement of financial position

and the condensed consolidated statement of

cash flows

简明综合财务状况表及

简明综合现金流量表内的

现金及现金等价物

— Cash at bank and in hand— 银行及手头现金516,960826,980

Fixed deposits held at banks with maturity over

thre months

于三个月后到期的银行定期存款

1,611,6511,334,719

Pledged bank deposits (Note 13)已抵押银行存款（附注13）795,329995,744

Total总计2,923,9403,157,443

15. BANK LOANS

As at 30 June 2025 and 31 December 2024, the analysis of the repayment

schedule of bank loans were as folows:

Within 1 year or on demand一年内或按要求1,030,248513,776

After 1 year but within 2 years一年后但两年内—671,486

Total总计1,030,2481,185,262

14. 现金及现金等价物及银行定期

存款

15. 银行贷款

于二零二五年六月三十日及二零二四年

十二月三十一日，银行贷款还款时间表分

析如下：

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

4242CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

15. BANK LOANS (CONTINUED)

As at 30 June 2025, bank loans of RMB645,000,000 (31 December

2024: RMB830,500,000) was secured by the pledged bank deposit of

RMB700,000,000 (31 December 2024: RMB900,000,000).

As at 30 June 2025, bank loans of RMB350,000,000 (31 December 2024:

RMB311,000,000), which were discounted bank aceptance bils (financing

in nature), were secured by the bank deposit of RMB20,000,000 (31

December 2024: RMB36,380,000). Discounted bank aceptance bils

(financing in nature) were bils of exchange which were denominated at

Renminbi, measured at amortised cost and repayable within one year.

16. TRADE AND OTHER PAYABLES

Trade payables应付贸易账款482,281586,567

Bils payable应付票据289,590328,330

Trade and bils payables应付贸易账款及应付票据771,871914,897

Acrued salaries and wages应计薪金及工资49,81868,630

Payables for purchase of property, plant and

equipment

购买物业、厂房及设备

应付款项12,2239,981

Retirement benefit contribution payable应付退休福利供款25,52425,524

Other payables and acruals其他应付款项及应计款项100,221128,352 100,221128,352

959,6571,147,384

Al of the trade and other payables are expected to be setled or recognised

as income within one year or are repayable on demand. Bils payable were

secured by pledged bank deposits of RMB23,473,000 (31 December 2024:

RMB1,080,000) as disclosed in Note 13 (se note 13).

预期所有应付贸易账款及其他应付款项将

于一年内结清或确认为收入，或应要求偿

还。诚如附注13所披露，应付票据乃以

已抵押银行存款人民币23,473,000元（二零

二四年十二月三十一日：人民币1,080,000

元）作抵押（见附注13）。

（续）

于二零二五年六月三十日，银行贷款人民

币645,000,000元（二零二四年十二月三十一

日：人民币830,500,000元）由已抵押银行存

款人民币700,000,000元（二零二四年十二

月三十一日：人民币900,000,000元）作抵

押。

于二零二五年六月三十日，属于已贴现银

行承兑票据（融资性质）的银行贷款人民币

350,000,000元（二零二四年十二月三十一

日：人民币311,000,000元）由银行存款人民

币20,000,000元（二零二四年十二月三十一

日：人民币36,380,000元）作抵押。已贴现

银行承兑票据（融资性质）为以人民币计值

的汇票，按摊销成本计量，并须于一年内

偿还。

16. 应付贸易账款及其他应付款项

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

At 30 June 2025		At 31 December 2024
于二零二五年六月三十日		于二零二四年十二月三十一日
Present value of the minimum lease payments	Total minimum lease payments	Present value of the minimum lease payments	Total minimum lease payments
最低租赁付款之现值	最低租赁付款总额	最低租赁付款之现值	最低租赁付款总额
RMB’000	RMB’000	RMB’000	RMB’000
人民币千元	人民币千元	人民币千元	人民币千元

4343二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

16. TRADE AND OTHER PAYABLES (CONTINUED)

An ageing analysis of the Group’s trade and bils payables based on the

invoice date is as folows:

Within 3 months三个月内570,823655,490

Over 3 months but within 6 months超过三个月但六个月内178,005256,646

Over 6 months but within 1 year超过六个月但一年内22,5632,185

Over 1 year超过一年480576

771,871914,897

17. LEASE LIABILITIES

The remaining contractual maturities of the Group’s lease liabilities at the

end of the reporting period are as folows:

Within 1 year一年内77,89479,47482,34983,797

After 1 year but within 2 years一年后但两年内32,14833,72537,89740,295

After 2 years but within 5 years两年后但五年内11,58112,61313,45415,122

After 5 years超过五年—5669

121,623125,812133,756139,283

Les: Total future interest expenses减：未来利息开支总额(4,189)(5,527)

Present value of lease liabilities租赁负债之现值121,623133,756

16. 应付贸易账款及其他应付款项

（续）

本集团应付贸易账款及应付票据按发票日

期的账龄分析如下：

17. 租赁负债

本集团于报告期末的租赁负债的余下合约

到期日如下：

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

4444CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

18. 股息

应付本公司股东期内应占股息：

18. DIVIDENDS

Dividends payable to shareholders of the Company atributable to the

period:

Declared and payable after interim period:于中期后宣派及应付：

Interim dividend of HK11 cents per ordinary

share (2024: HK13 cents per ordinary share)

中期股息

每股普通股11港仙

（二零二四年：

每股普通股13港仙）120,380145,516

Special interim dividend of HK5 cents per

ordinary share (2024: HK5 cents per ordinary

share)

特别中期股息

每股普通股5港仙

（二零二四年：

每股普通股5港仙）54,71855,968

175,098201,484

The interim dividend and special interim dividend have not ben

recognised as liabilities as at 30 June 2025.

Dividends payable to shareholders of the Company atributable to the

previous financial year, aproved and paid during the period:

Final dividend in respect of the previous financial

year of HK9 cents per ordinary share (2024:

HK13 cents per ordinary share)

过往财政年度的末期股息

每股普通股9港仙

（二零二四年：

每股普通股13港仙）99,029142,070

Special final dividend in respect of the previous

financial year of HK3 cents per ordinary share

(2024: HK5 cents per ordinary share)

过往财政年度的特别末期股息

每股普通股3港仙

（二零二四年：

每股普通股5港仙）33,01054,642

132,039196,712

中期股息及特别中期股息于二零二五年六

月三十日并未确认为负债。

已于期内批准及派付的应付本公司股东过

往财政年度股息：

		Exercise price	No. of options
		行使价	购股权数目

		30 June 2025	31 December 2024
		二零二五年六月三十日	二零二四年十二月三十一日
		RMB’000	RMB’000
		人民币千元	人民币千元

4545二零二五年中期报告 INTERIM REPORT 2025

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

19. 以股份为基础的股权结算交易

本公司已根据于二零一九年四月二十三日

获本公司股东通过之普通决议案采纳购股

权计划（「购股权计划」），作为对本集团作

出贡献的合资格参与者提供激励及奖赏。

于二零二零年七月三日，本集团根据购股

权计划向其雇员授出合共可认购11,500,000

股本公司股份之购股权，每股行使价为

4.31港元。该等购股权将于二零二年七

月三日至二零二四年七月三日期间归属。

期内根据购股权计划授出的购股权的数目

及加权平均行使价详情如下：

19. EQUITY-SETLED SHARE-BASED TRANSACTIONS

The Company has adopted a share option scheme (the “Share Option

Scheme”) pursuant to an ordinary resolution pased by the shareholders

of the Company on 23 April 2019 for the purposes of providing incentives

and rewards to eligible participants who contribute to the Group. On 3

July 2020, the Group granted options to subscribe for a total of 11,500,000

shares of the Company to its employes under the Share Option Scheme at

an exercise price of HK$4.31 per share. The options wil be vested during the

period from 3 July 2022 to 3 July 2024. Details of the number and weighted

average exercise price of share options granted under the Share Option

Scheme during the period were as folows:

Outstanding at 1 January 2025于二零二五年一月一日

尚未行使

HK$4.31

4.31港元

10,806,000

Lapsed during the period期内失效HK$4.31

4.31港元

(67,000)

Outstanding at 30 June 2025于二零二五年六月三十日

尚未行使

HK$4.31

4.31港元

10,739,000

Exercisable at 30 June 2025于二零二五年六月三十日

可行使

HK$4.31

4.31港元

10,739,000

The share options outstanding under the Share Option Scheme at 30 June

2025 had a weighted average remaining contractual life of 5 years.

20. COMITMENTS

Capital comitments of the Group in respect of property, plant and

equipment, and computer system and software outstanding at 30 June

2025 not provided for in the financial statements were as folows:

Contracted for已订约2,6624,522

Authorised but not contracted for已授权但未订约8,20012,034

10,86216,556

于二零二五年六月三十日购股权计划项下

尚未行使之购股权加权平均剩余合约年期

为5年。

20. 承担

于二零二五年六月三十日，本集团在物

业、厂房及设备与计算机系统和软件方面

未在财务报表中计提拨备的尚未履行的资

本承担如下：

Six months ended 30 June
截至六月三十日止六个月
	2025	2024
	二零二五年	二零二四年
	RMB’000	RMB’000
	人民币千元	人民币千元

4646CHINA LILANG LIMITED 中国利郎有限公司

NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT (CONTINUED)

(Expresed in Renminbi)

未经审核中期财务报告附注（续）

（以人民币为单位）

21. MATERIAL RELATED PARTY TRANSACTIONS

(A) Key Management Personel Remuneration

Remuneration of key management personel of the Group for the period,

including amounts paid to the Directors, was as folows:

Short-term employe benefits短期雇员福利6,4156,302

Contributions to defined contribution retirement

benefit scheme

定额供款退休福利计划的

供款177120

Share-based compensation以股份为基础的报酬—115

6,5926,537

(B) Balances with Related Parties

The Group did not have any outstanding balances with related parties as at

30 June 2025 and 31 December 2024.

(B) 与关连方之结余

于二零二五年六月三十日及二零二四年

十二月三十一日，本集团概无任何与关连

方之未偿还结余。

21. 重大关连方交易

(A) 主要管理人员酬金

期内本集团主要管理人员的酬金（包括已

付予董事的金额）如下：

Name of shareholder 股东姓名	Name of Group company/ associated corporation 本集团成员公司╱ 相联法团名称	Capacity/nature of interest 身份╱权益性质	Number of shares 股份数目	Number of underlying shares 相关股份数目	Approximate percentage of shareholding 股权概约百分比
			(Note 1)	(Note 1&2)
			（附注1）	（附注1及2）

4747二零二五年中期报告 INTERIM REPORT 2025

OTHER INFORMATION

其他资料

DISCLOSURE OF INTERESTS

Directors’ and Chief Executives’ Interests and Short Positions in

Shares, Underlying Shares and Debentures

As at 30 June 2025, the interests and short positions of the Directors and

chief executives of the Company in the shares, underlying shares and

debentures of the Company and its asociated corporations (within the

meaning of Part XV of the Securities and Futures Ordinance (“SFO”), as

recorded in the register required to be kept by the Company under Section

352 of the SFO or as otherwise notified to the Company and The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the

Model Code for Securities Transactions by Directors of Listed Isuers (“Model

Code”) contained in Apendix 10 to the Rules Governing the Listing of

Securities on the Stock Exchange (the “Listing Rules”) were as folows:

Mr. Wang Dong Xing

王冬星先生

The Company

本公司

Beneficial owner

实益拥有人

22,950,000 shares (L)

22,950,000股份(L)

—1.917%

Xiao Sheng International

Limited (“Xiao Sheng

International”) (Note 3)

晓升国际有限公司

（「晓升国际」）（附注3）

Beneficial owner

实益拥有人

2,550 shares of

US$1.00 each (L)

2,550股每股面值

1.00美元的股份(L)

—26.289%

The Company

本公司

Interest of spouse

配偶权益

1,448,000 shares (L)

1,448,000股份(L)

—0.121%

Mr. Wang Liang Xing

王良星先生

The Company

本公司

Beneficial owner

实益拥有人

22,950,000 shares (L)

22,950,000股份(L)

—1.917%

Xiao Sheng International

(Note 3)

晓升国际（附注3）

Beneficial owner

实益拥有人

2,550 shares of

US$1.00 each (L)

2,550股每股面值

1.00美元的股份(L)

—26.289%

权益披露

董事及主要行政人员于股份、相关股份

及债权证的权益及淡仓

于二零二五年六月三十日，董事及本公司

主要行政人员于本公司及其相联法团（定

义见证券及期货条例（「证券及期货条例」）

第XV部）的股份、相关股份及债权证中，

拥有须记入本公司根据证券及期货条例第

352条须予存置的登记册内的权益及淡仓

或须根据香港联合交易所有限公司（「联交

所」）证券上市规则（「上市规则」）附录十所

载上市发行人董事进行证券交易的标准守

则（「标准守则」）另行知会本公司及联交所

的权益及淡仓如下：

Name of shareholder 股东姓名	Name of Group company/ associated corporation 本集团成员公司╱ 相联法团名称	Capacity/nature of interest 身份╱权益性质	Number of shares 股份数目	Number of underlying shares 相关股份数目	Approximate percentage of shareholding 股权概约百分比
			(Note 1)	(Note 1&2)
			（附注1）	（附注1及2）

4848CHINA LILANG LIMITED 中国利郎有限公司4848CHINA LILANG LIMITED 中国利郎有限公司

OTHER INFORMATION (CONTINUED)

其他资料（续）

Mr. Wang Cong Xing

王聪星先生

The Company

本公司

Beneficial owner

实益拥有人

22,950,000 shares (L)

22,950,000股份(L)

—1.917%

Xiao Sheng International

(Note 3)

晓升国际（附注3）

Beneficial owner

实益拥有人

2,550 shares of

US$1.00 each (L)

2,550股每股面值

1.00美元的股份(L)

—26.289%

Mr. Cai Rong Hua

蔡荣华先生

The Company

本公司

Beneficial owner

实益拥有人

1,810,000 shares (L)

1,810,000股份(L)

—0.151%

The Company

本公司

Setlor of a discretionary

trust (Note 4)

全权信托委托人（附注4）

7,200,000 shares (L)

7,200,000股份(L)

—0.601%

Mr. Hu Cheng Chu

胡诚初先生

The Company

本公司

Beneficial owner

实益拥有人

4,500,000 shares (L)

4,500,000股份(L)

—0.376%

Mr. Pan Rong Bin

潘荣彬先生

The Company

本公司

Beneficial owner

实益拥有人

3,171,000 shares (L)

3,171,000股份(L)

—0.264%

The Company

本公司

Interest of spouse

配偶权益

—150,000 shares (L)

150,000股份(L)

0.013%

Xiao Sheng International

(Note 3)

晓升国际（附注3）

Beneficial owner

实益拥有人

300 shares of

US$1.00 each (L)

300股每股面值

1.00美元的股份(L)

—3.093%

Mr. Wang Jun Hong

王俊宏先生

The Company

本公司

Beneficial owner

实益拥有人

522,000 shares (L)

522,000股份(L)

350,000 shares (L)

350,000股份(L)

0.007%

Mr. Wang Zhi Yong

王智勇先生

The Company

本公司

Beneficial owner

实益拥有人

2,517,000 shares (L)

2,517,000股份(L)

350,000 shares (L)

350,000股份(L)

0.24%

The Company

本公司

Interest of spouse

配偶权益

760,000 shares (L)

760,000股份(L)

—0.006%

4949二零二五年中期报告 INTERIM REPORT 20254949二零二五年中期报告 INTERIM REPORT 2025

OTHER INFORMATION (CONTINUED)

其他资料（续）

附注：

「L」代表董事于本公司或有关相联

法团股份中的好仓。

2. 于相关股份的权益指根据本公司购股权计划

授出的购股权益，有关详情载于下文「购股

权计划」一段。

，晓升国际由王

冬星先生、王良星先生及王聪星先生各自

拥有26.289%、蔡汉超先生（附注4）拥有

8.247%、胡捷女士拥有5.155%、潘荣彬先生

拥有3.093%、陈维进先生拥有2.062%、许天

民先生、王翠榕女士及王惠榕女士各自拥有

0.515%、王铭鸿先生及王铭杰先生各自拥有

0.412%以及王巧星先生拥有0.206%。

,200,000股本公司股份的权

益透过佳发国际有限公司（「佳发国际」）持

有。佳发国际的全部已发行股本由Vistra Trust

(Singapore) Pte. Limited以不可撤回全权信托

的受托人身份持有，该信托由委托人蔡荣华

先生设立。信托受益人为蔡先生及其家族成

员。作为该全权信托的委托人，蔡先生被视

为于该等股份中拥有权益。

除上文所披露者外，于二零二五年六月

三十日，董事及本公司主要行政人员概无

于本公司及其相联法团（定义见证券及期

货条例第XV部）的股份、相关股份或债权

证中，拥有或被视作拥有记入本公司须根

据证券及期货条例第352条所存置的登记

册内或须根据标准守则另行知会本公司及

联交所的任何权益或淡仓。

Notes:

1. The leter “L” denotes the Directors’ long position in the shares of the Company or the

relevant asociated corporation.

2. The interests in underlying shares represent the interests in share options granted

pursuant to the Company’s share option scheme, details of which are set out in the

paragraph below headed “Share Option Scheme”.

3. As at 30 June 2025, Xiao Sheng International was owned as to 26.289% by each of

Mr. Wang Dong Xing, Mr. Wang Liang Xing and Mr. Wang Cong Xing, 8.247% by Cai

Hanchao (note 4), 5.155% by Mr. Hu Jie, 3.093% by Mr. Pan Rong Bin, 2.062% by Mr.

Chen Wei Jin, 0.515% by each of Mr. Xu Tian Min, Ms. Wang Cui Rong and Ms. Wang

Hui Rong, 0.412% by each of Mr. Wang Ming Hong and Mr. Wang Ming Jie and 0.206%

by Mr. Wang Qiao Xing.

4. The interests of Mr. Cai Rong Hua in 7,200,000 shares of the Company are held

through Jia Fa International Limited (“JFIL”). The entire isued share capital of JFIL

is held by Vistra Trust (Singapore) Pte. Limited in its capacity as the truste of

an irevocable discretionary trust set up by Mr. Cai Rong Hua as the setlor. The

beneficiaries under the trust are Mr. Cai and his family members. Mr. Cai is demed

to be interested in these shares as the setlor of the discretionary trust.

Save as disclosed above, as at 30 June 2025, none of the Directors and

chief executives of the Company had or was demed to have any interests

or short position in the shares, underlying shares or debentures of the

Company and its asociated corporations (within the meaning of Part XV of

the SFO) which was recorded in the register maintained by the Company

pursuant to section 352 of the SFO or which had otherwise ben notified to

the Company and the Stock Exchange pursuant to the Model Code.

5050CHINA LILANG LIMITED 中国利郎有限公司5050CHINA LILANG LIMITED 中国利郎有限公司

OTHER INFORMATION (CONTINUED)

其他资料（续）

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL

SHAREHOLDERS

As at 30 June 2025, the persons or corporations (not being a Director or

chief executive of the Company) who had an interest or short position

in the shares and underlying shares of the Company as recorded in the

were as folows:

Name of shareholder

股东名称

Capacity/nature of interest

身份╱权益性质

Number of shares

股份数目

Aproximate

percentage of

shareholding

股权概约百分比

(Note 1)

（附注1）

Xiao Sheng International

晓升国际

Beneficial owner

实益拥有人

692,345,000 shares (L)

(Note 2)

692,345,000股份(L)

（附注2）

58.77%

Ming Lang Investments Limited

(“Ming Lang Investments”)

铭郎投资有限公司

（「铭郎投资」）

Beneficial owner

实益拥有人

74,905,000 shares (L)

(Note 3)

74,905,000股份(L)

（附注3）

6.26%

主要股东的权益及淡仓

于二零二五年六月三十日，于本公司股份

及相关股份中拥有记入本公司须根据证券

及期货条例第336条所存置的登记册内的

权益或淡仓的人士或法团（并非董事或本

公司主要行政人员）如下：

5151二零二五年中期报告 INTERIM REPORT 20255151二零二五年中期报告 INTERIM REPORT 2025

OTHER INFORMATION (CONTINUED)

其他资料（续）

Notes:

“L” denotes the person’s long position in the shares of the Company.

, Xiao Sheng

International was owned as to 26.289% by each of Mr. Wang Dong Xing, Mr. Wang

Liang Xing and Mr. Wang Cong Xing, 8.247% by Mr. Cai Han Chao, 5.155% by Ms.

Hu Jie, 3.093% by Mr. Pan Rong Bin, 2.062% by Mr. Chen Wei Jin, 0.515% by each of

Mr. Xu Tian Min, Ms. Wang Cui Rong and Ms. Wang Hui Rong, 0.412% by each of Mr.

Wang Ming Hong and Mr. Wang Ming Jie and 0.206% by Mr. Wang Qiao Xing.

, Ming Lang

Investments was owned as to 26.289% by each of Mr. Wang Dong Xing, Mr. Wang

Liang Xing and Mr. Wang Cong Xing, 8.247% by Mr. Cai Han Chao, 5.155% by Ms.

Hu Jie, 3.093% by Mr. Pan Rong Bin, 2.062% by Mr. Chen Wei Jin, 0.515% by each of

Mr. Xu Tian Min, Ms. Wang Cui Rong and Ms. Wang Hui Rong, 0.412% by each of Mr.

Wang Ming Hong and Mr. Wang Ming Jie and 0.206% by Mr. Wang Qiao Xing.

Save as disclosed above, as at 30 June 2025, the Directors were not aware

of any other person or corporation having an interest or short position in

shares and underlying shares of the Company as recorded in the register

required to be kept by the Company pursuant to section 336 of the SFO.

附注：

「L」代表股东于本公司股份中的好

仓。

。于二零二五年六

月三十日，晓升国际由王冬星先生、王良星

先生及王聪星先生各自拥有26.289%、Cai Han

Chao先生拥有8.247%、胡捷女士拥有5.155%、

潘荣彬先生拥有3.093%、陈维进先生拥有

2.062%、许天民先生、王翠榕女士及王惠榕

女士各自拥有0.515%、王铭鸿先生及王铭杰

先生各自拥有0.412%，以及王巧星先生拥有

0.206%。

。于二零二五年六

月三十日，铭郎投资由王冬星先生、王良星

先生及王聪星先生各自拥有26.289%、Cai Han

Chao先生拥有8.247%、胡捷女士拥有5.155%、

潘荣彬先生拥有3.093%、陈维进先生拥有

2.062%、许天民先生、王翠榕女士及王惠榕

女士各自拥有0.515%、王铭鸿先生及王铭杰

先生各自拥有0.412%，以及王巧星先生拥有

0.206%。

除上文所披露者外，于二零二五年六月

三十日，董事并不知悉有任何其他人士或

法团于本公司股份及相关股份中，拥有记

入本公司根据证券及期货条例第336条须

予存置的登记册内的权益或淡仓。

Number of options 购股权数目
Name or category of participants 参与者姓名或类别	As at 1 January 2025 于二零二五年一月一日	Exercised 已行使	Cancelled 已注销	Lapsed 已失效	As at 30 June 2025 于二零二五年六月三十日	Exercise price 行使价	Date of grant 授出日期	Exercise period 行使期

5252CHINA LILANG LIMITED 中国利郎有限公司5252CHINA LILANG LIMITED 中国利郎有限公司

OTHER INFORMATION (CONTINUED)

其他资料（续）

SHARE OPTION SCHEME

The Company has adopted a share option scheme (the “Share Option

Scheme”) pursuant to an ordinary resolution pased by the shareholders

of the Company on 23 April 2019 for the purposes of providing incentives

and rewards to eligible participants who contribute to the Group. Details

of the Share Option Scheme are set out in the 2024 Anual Report of the

Company.

Details of the movements of the options during the period are set out

below:

Mr. Chen Wei Jin (note 1(a)

陈维进先生（附注1(a)）

433,000—433,000HK$4.31港元3 July 2020

二零二零年

七月三日

Note 2(a)

附注2(a)

Mr. Wang Jun Hong (note 1(b)

王俊宏先生（附注1(b)）

350,000—350,000HK$4.31港元3 July 2020

二零二零年

七月三日

Note 2(b)

附注2(b)

Mr. Wang Zhi Yong (note 1(c)

王智勇先生（附注1(c)）

350,000—350,000HK$4.31港元3 July 2020

二零二零年

七月三日

Note 2(b)

附注2(b)

Ms. Chen Zhi Mei (note 1(d)

陈志梅女士（附注1(d)）

150,000—150,000HK$4.31港元3 July 2020

二零二零年

七月三日

Note 2(b)

附注2(b)

Employes

雇员

9,523,000—(67,000)9,456,000HK$4.31港元3 July 2020

二零二零年

七月三日

Note 2(c)

附注2(c)

10,806,000—(67,000)10,739,000

购股权计划

本公司已根据于二零一九年四月二十三日

获本公司股东通过之普通决议案采纳购股

权计划（「购股权计划」），作为对本集团作

出贡献的合资格参与者提供激励及奖赏。

有关购股权计划之详情载列于本公司二零

二四年报。

期内购股权变动详情载列如下：

5353二零二五年中期报告 INTERIM REPORT 20255353二零二五年中期报告 INTERIM REPORT 2025

OTHER INFORMATION (CONTINUED)

其他资料（续）

Notes:

1 Options granted to asociates (as defined in the Listing Rules):

, the head of the group ordering department of the Group, is

the brother-in-law of Mr. Wang Dong Xing, an non-executive Director and a

controling shareholder of the Company.

, general manager of Lilang (China) Co., Ltd* (Lilang China*),

is the son of Mr. Wang Dong Xing, a non-executive Director and a controling

shareholder of the Company. He was apointed as an executive Director of the

Company on 5 February 2024.

, the sales chanel director of Lilang China’s marketing

center, is the son of Mr. Wang Liang Xing, an executive Director and a

controling shareholder of the Company. He was apointed as an executive

Director of the Company on 5 February 2024.

, the asistant to the head of the sales and marketing

department of the Group, is the wife of Mr. Pan Rong Bin, an executive Director

of the Company.

2 Exercisable periods of options:

a. The options are exercisable by the grante during the period comencing

from the day imediately folowing the expiry of the two year period after the

date of grant, and ending on the day faling ten years after the date of grant,

during which, (i) up to 129,000 options granted may be exercised on or prior to

the end of the third year after the date of grant; (i) subject to (i), up to 130,000

options granted may be exercised on or prior to the end of the fourth year after

the date of grant; and (i) subject to (i) and (i), al outstanding options may

be exercised prior to the expiry of the said exercise period, failing which the

options wil lapse and no longer be exercisable.

b. The options are exercisable by the grantes during the period comencing

from the day imediately folowing the expiry of the two year period after the

date of grant, and ending on the day faling ten years after the date of grant,

during which, (i) up to 30% of the options granted may be exercised on or prior

to the end of the third year after the date of grant; (i) subject to (i), up to 60%

of the options granted may be exercised on or prior to the end of the fourth

year after the date of grant; and (i) subject to (i) and (i), al outstanding options

may be exercised prior to the expiry of the said exercise period, failing which

the options wil lapse and no longer be exercisable.

附注：

1 授予联系人（定义见上市规则）之购股权：

，为

本公司非执行董事兼控股东王冬星先

生的姻亲兄弟。

（中国）有限公司（「利郎中国」）总经

理王俊宏先生，为本公司非执行董事兼

控股东王冬星先生的儿子。彼于二零

二四年二月五日获委任为本公司执行董

事。

c. 利郎中国营销中心销售渠道总监王智勇

先生，为本公司执行董事兼控股东王

良星先生的儿子。彼于二零二四年二月

五日获委任为本公司执行董事。

为本公司执行董事潘荣彬先生的妻子。

2 购股权可予行使期间：

a. 购股权可由承授人于自紧随授出日期两

年届满后之日起，至授出日期后十年止

的期间内行使，期间：(i)不超过129,000

份获授购股权可于授出日期后第三年

底或之前行使；(i)不超过130,000份获授

购股权可于授出日期后第四年底或之

前行使（惟须受(i)的规限）；及(i)所有尚

未行使的购股权可于所述行使期间届满

之前行使（惟须受(i)及(i)的规限），否则

购股权将告失效及不可再获行使。

b. 购股权可由承授人于自紧随授出日期两

年届满后之日起，至授出日期后十年止

的期间内行使，期间：(i)不超过30%的

获授购股权可于授出日期后第三年底

或之前行使；(i)不超过60%的获授购股

权可于授出日期后第四年底或之前行

使（惟须受(i)的规限）；及(i)所有尚未行

使的购股权可于所述行使期间届满之前

行使（惟须受(i)及(i)的规限），否则购股

权将告失效及不可再获行使。

5454CHINA LILANG LIMITED 中国利郎有限公司5454CHINA LILANG LIMITED 中国利郎有限公司

OTHER INFORMATION (CONTINUED)

其他资料（续）

c. The options are exercisable by the grantes during the period comencing

from the day imediately folowing the expiry of two year period after the date

of grant and ending on the day faling ten years after the date of grant, during

which, (a) up to 2,811,000 options granted may be exercised on or prior to the

end of the third year after the date of grant; (b) subject to (a), up to 2,850,000

options granted may be exercised on or prior to the end of the fourth year after

the date of grant; and (c) subject to (a) and (b), al outstanding options may

be exercised prior to the expiry of the said exercise period, failing which the

options wil lapse and no longer be exercisable.

CORPORATE GOVERNANCE

The Company had complied with al code provisions of the Corporate

Governance Code and Corporate Governance Report as set out in Apendix

14 to the Listing Rules during the six months ended 30 June 2025.

The Company has adopted the Model Code as the Company’s code of

conduct regarding securities transactions by Directors. The Company

has made specific enquiries of al the Directors, who confirmed their

compliance with the required standards set out in the Model Code during

the six months ended 30 June 2025.

REVIEW OF INTERIM RESULTS

The Audit Comite comprises four independent non-executive Directors.

The principal responsibilities of the Audit Comite are to review and

supervise the financial reporting proces and internal control systems of the

Group. The interim results of the Group for the six months ended 30 June

2025 have not ben audited but they have ben reviewed by KPMG, the

auditor of the Company, and the Audit Comite.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S

LISTED SECURITIES

Neither the Company nor any of its subsidiaries had purchased, sold or

redemed any of the Company’s listed securities during the six months

ended 30 June 2025.

c. 购股权可由承授人于自紧随授出日期后

两年期间届满后之日起，至授出日期后

十年止的期间内行使，期间：(a)不超

过2,811,000份获授购股权可于授出日期

后第三年底或之前行使；(b)不超过

2,850,000份获授购股权可于授出日期后

第四年底或之前行使（惟须受(a)的规

限）；及(c)所有尚未行使的购股权可于所

述行使期间届满之前行使（惟须受(a)及(b)

的规限），否则购股权将告失效及不可再

获行使。

企业管治

截至二零二五年六月三十日止六个月，本

公司一直遵守上市规则附录十四所载《企业

管治守则》及《企业管治报告》全部守则条

文。

本公司已采纳标准守则作为本公司董事进

行证券交易的行为守则。本公司已向全体

董事作出具体查询，全体董事均确认彼等

于截至二零二五年六月三十日止六个月一

直遵守标准守则所载必守标准。

中期业绩审

阅

审核委员会由四名独立非执行董事组成。

审核委员会的主要职责是检讨及监督本集

团的财务报告程序及内部监控系统。本集

团截至二零二五年六月三十日止六个月的

中期业绩未经审核，但已由本公司核数师

毕马威会计师事务所及审核委员会审阅。

购买、出售或赎回本公司上市证券

截至二零二五年六月三十日止六个月，本

公司或其任何附属公司均无购买、出售或

赎回任何本公司上市证券。

5555二零二五年中期报告 INTERIM REPORT 20255555二零二五年中期报告 INTERIM REPORT 2025

OTHER INFORMATION (CONTINUED)

其他资料（续）

CLOSURE OF REGISTER OF MEMBERS

In order to determine the entitlements to the proposed interim dividend

and special interim dividend, the register of members wil be closed

from Friday, 5 September 2025 to Monday, 8 September 2025 (both days

inclusive) during which period no transfer of shares wil be efected. In order

to qualify for the proposed interim dividend and special interim dividend,

al transfers acompanied by the relevant share certificate must be lodged

with the Company’s share registrar and transfer ofice in Hong Kong,

Computershare Hong Kong Investor Services Limited at Shops 1712-1716,

17/F., Hopewel Centre, 183 Quen’s Road East, Wanchai, Hong Kong not

later than 4:30 p.m. on Thursday, 4 September 2025 for registration.

APRECIATION

I would like to thank our felow Directors for their contribution and suport

throughout the period, and our management and staf for their dedication

and hard work.

I would like to expres our sincere apreciation to our shareholders,

customers and supliers as wel as our busines asociates for their

continuing suport.

By Order of the Board

WANG DONG XING

Chairman

Hong Kong, 12 August 2025

暂停股份过户登记

为确定收取拟派中期股息及特别中期股息

的资格，本公司将于二零二五年九月五日

（星期五）至二零二五年九月八日（星期一）

（首尾两天包括在内）暂停股份过户登记，

期间不会办理任何股份过户登记手续。为

符合资格收取拟派中期股息及特别中期股

息，股东最迟须于二零二五年九月四日（星

期四）下午四时三十分前，将所有过户文

件连同有关股票一并送达本公司于香港的

股份过户登记处香港中央证券登记有限公

司，地址为香港湾仔皇后大道东183号合

和中心17楼1712-1716号舖，以办理登记

手续。

鸣谢

本人感谢各董事于期内的贡献及支持，以

及管理层和员工的奉献及努力。

本人谨向本集团的股东、客户、供应商及

商业伙伴一直以来的支持致以衷心感谢。

承董事会命

主席

王冬星

香港，二零二五年八月十二日

5656CHINA LILANG LIMITED 中国利郎有限公司5656CHINA LILANG LIMITED 中国利郎有限公司

OTHER INFORMATION (CONTINUED)

其他资料（续）

BOARD

Executive Directors

Mr. Wang Liang Xing (Chief Executive Oficer)

Mr. Wang Cong Xing

Mr. Pan Rong Bin

Mr. Wang Jun Hong

Mr. Wang Zhi Yong

Non-executive Directors

Mr. Wang Dong Xing (Chairman)

Mr. Cai Rong Hua

Mr. Hu Cheng Chu

Independent Non-executive Directors

Mr. Lai Shixian

Mr. Zhang Shengman

Prof. Liao Jianwen

Prof. Jiang Zhan

SHARE INFORMATION

Listing date: 25 September 2009

Board lot size: 1,000 shares

Number of shares in isue: 1,197,484,919 shares

(as at 30 June 2025)

IR CONTACT

If You Have Any Inquiries, Please Contact:

China Lilang Limited

Suite 3402, 34F, Tower One, Lipo Centre,

89 Quensway, Hong Kong

Telephone: (852) 2526-6968

Fax: (852) 2526-6655

Email: ir@lilanz.com.hk

Website: w.lilanz.com

董事会

执行董事

王良星先生（行政总裁）

王聪星先生

潘荣彬先生

王俊宏先生

王智勇先生

非执行董事

王冬星先生（主席）

蔡荣华先生

胡诚初先生

独立非执行董事

赖世贤先生

章晟曼先生

廖建文教授

蒋展教授

股份资料

上市日期：二零九年九月二十五日

每手买卖股数：1,000股

已发行股份数目：1,197,484,919股

（于二零二五年六月三十日）

投资者关系联络

如有查询，请联系：

中国利郎有限公司

香港金钟道89号力宝中心一座34楼

3402室

电话：(852) 2526-6968

传真：(852) 2526-6655

电邮：ir@lilanz.com.hk

网站：w.lilanz.com

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概

不负责，对其准确性或完整性亦不发表任何声明，并表明不会就本公告全

部或任何部分内容而产生或因依赖该等内容而引致的任何损失承担任何责

任。

截至二零二五年六月三十日止六个月

中期业绩公告

中国利郎有限公司（「本公司」）董事会（「董事会」）欣然宣布本公司及其附

属公司（统称「集团」）截至二零二五年六月三十日止六个月的未经审核综

合业绩。本公告列载本公司二零二五年中期报告全文，并符合香港联合交

易所有限公司证券上市规则中有关中期业绩初步公告附载的资料的要求。

CONTENTS

目录

FINANCIAL HIGHLIGHTS

财务摘要

FINANCIAL HIGHLIGHTS (CONTINUED)

财务摘要（续）

Notes:

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

Revenue by region for the period is set out below:

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

The breakdown of the store numbers is as folows:

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

REVIEW REPORT OF THE AUDITOR

核数师审

阅

报告

REVIEW REPORT OF THE AUDITOR (CONTINUED)

核数师审

阅

报告（续）

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOS

AND OTHER COMPREHENSIVE INCOME

简明综合损益及其他全面收益表

Atributable to:归属于：

Atributable to:归属于：

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL

POSITION

简明综合财务状况表

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

简明综合财务状况表（续）

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN