00389 通天酒业 公告及通告：截至二零二五年六月三十日止六个月中期业绩公布
— 1 —
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this anouncement, make no representation as to its acuracy or
completenes and expresly disclaim any liability whatsoever for any los howsoever arising from or in
reliance upon the whole or any part of the contents of this anouncement.
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布的内容概不负责，对其准确性
或完整性亦不发表任何声明，并明确表示，概不对因本公布全部或任何部分内容而产生或因倚赖
该等内容而引致的任何损失承担任何责任。
CHINA TONTINE WINES GROUP LIMITED
中国通天酒业集团有限公司
（于百慕达注册成立的有限公司）
（股份代号：389）
(Incorporated in Bermuda with limited liability)
(Stock Code: 389)
ANOUNCEMENT OF INTERIM RESULTS FOR
THE SIX MONTHS ENDED 30 JUNE 2025
截至二零二五年六月三十日止六个月中期业绩公布
FINANCIAL HIGHLIGHTS
财务摘要
- % to aproximately RMB59,695,000 (2024 coresponding
period: aproximately RMB56,141,000).
收益上升约6%至约人民币59,695,000元（二零二四年同期：约人民币56,141,000元）。
- % to aproximately RMB7,454,000 (2024
coresponding period: aproximately RMB6,737,000).
毛利增加约6%至约人民币7,454,000元（二零二四年同期：约人民币6,737,000元）。
• Profit and total comprehensive income for the period atributable to owners of the Company and
non-controling interests amounted to aproximately RMB460,000 (2024 coresponding period:
Los and total comprehensive expense for the period atributable to owners of the Company and
non-controling interests of aproximately RMB260,872,000).
本公司拥有人及非控股权益应占期内溢利及全面收益总额为约人民币460,000元（二零二四
年同期：本公司拥有人及非控股权益应占期内亏损及全面开支总额为约人民币260,872,000
元）。
- : Basic and
diluted los per share was RMB86.51 cents).
每股基本及摊薄盈利均为人民币0.02分（二零二四年同期：每股基本及摊薄亏损均为人民
币86.51分）。
— 2 —
CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOS AND OTHER COMPREHENSIVE
INCOME
For the six months ended 30 June 2025
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
NotesRMB’000RMB’000
附注人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Revenue
收益
3, 459,69556,141
Cost of sales销售成本(52,241)(49,404)
Gros profit毛利7,4546,737
Other income, gains and loses其他收入、收益及亏损5113(91,362)
Seling and distribution expenses销售及分销开支(2,059)(2,686)
Administrative and other operating
expenses
行政及其他经营开支
(4,448)(8,810)
Impairment los on biological asets生物资产减值亏损–(52,390)
Impairment los on inventories存货减值亏损–(21,890)
Impairment los on property, plant and
equipment
物业、厂房及设备减值
亏损–(58,920)
Impairment los on right-of-use asets使用权资产减值亏损–(5,103)
Impairment los on trade receivables and
other receivables, deposits and
prepayments, net of reversal
应收贸易账款及其他
应收款项、按金及
预付款项之减值亏损
（扣除拨回）92(21,282)
Share-based payments以股份为基础的付款–(5,222)
Finance costs融资成本6(10)–
Profit (los) before tax除税前溢利（亏损）642(260,928)
Income tax expense所得税开支7(182)(16)
Profit (los) and total comprehensive
income (expense) for the period
期内溢利（亏损）及
全面收益（开支）总额8460(260,944)
Profit (los) and total comprehensive
income (expense) for the period
atributable to:
应占期内溢利（亏损）
及全面收益（开支）
总额：
Owners of the Company本公司拥有人62(260,872)
Non-controling interests非控股权益398(72)
460(260,944)
Earnings (los) per share每股盈利（亏损）
Basic (RMB cent)基本（人民币分）100.02(86.51)
Diluted (RMB cent)摊薄（人民币分）0.02(86.51)
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
— 3 —
CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
For the six months ended 30 June 2025
30 June
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
NotesRMB’000RMB’000
附注人民币千元人民币千元
(Unaudited)(Audited)
（未经审核）（经审核）
Non-curent asets
非流动资产
Property, plant and equipment物业、厂房及设备21,10921,681
Right-of-use asets使用权资产7,1326,987
28,24128,668
Curent asets
流动资产
Inventories存货60,20548,700
Trade receivables贸易应收账款1171,01676,680
Other receivables, deposits and prepayments其他应收款项、按金及预
付款项20,82662,631
Bank and cash balances银行及现金结余38,060755
190,107188,766
Curent liabilities
流动负债
Trade payables贸易应付账款1216,26815,297
Other payables and acruals其他应付款项及应计费用33,37334,035
Amount due to a substantial shareholder应付一名主要股东款项10,60810,608
Lease liabilities租赁负债207–
Curent tax liabilities即期税项负债–169
60,45660,109
Net curent asets
流动资产净值
129,651128,657
Total asets les curent liabilities
总资产减流动负债
157,892157,325
Non-curent liability
非流动负债
Lease liabilities租赁负债107–
Net asets
资产净值
157,785157,325
Capital and reserves
资本及储备
Share capital股本25,82925,829
Reserves储备66,81066,748
Equity atributable to owners of the Company本公司拥有人应占权益92,63992,577
Non-controling interests非控股权益65,14664,748
TOTAL EQUITY
权益总额
157,785157,325
简明综合财务状况表
截至二零二五年六月三十日止六个月
— 4 —
1. BASIS OF PREPARATION
The condensed consolidated financial statements have ben prepared
in acordance with Hong Kong Acounting Standard 34 (“HKAS
34”) “Interim Financial Reporting” isued by the Hong Kong Institute
of Certified Public Acountants (“HKICPA”) as wel as the
aplicable disclosure requirements of the Rules Governing the Listing
of Securities on The Stock Exchange of Hong Kong Limited.
The condensed consolidated financial statements should be read in
conjunction with the 2024 anual financial statements. Other than
change in acounting policies resulting from aplication of
amendments to HKFRS Acounting Standards, the acounting
policies and methods of computation used in the preparation of those
condensed consolidated financial statements for the six months ended
30 June 2025 are consistent with those used in the Group’s anual
financial statements for the year ended 31 December 2024.
2. ADOPTION OF REVISED HONG KONG FINANCIAL
REPORTING STANDARDS
In the curent interim period, the Group has aplied the folowing
amendments to a HKFRS Acounting Standard isued by the
HKICPA, for the first time, which are mandatorily efective for the
Group’s anual period begining on 1 January 2025 for the
preparation of the Group’s condensed consolidated financial
statements:
Amendments to HKAS 21Lack of Exchangeability
The aplication of the amendments to a HKFRS Acounting Standard
in the curent interim period has had no material impact on the
Group’s financial positions and performance for the curent and prior
periods and/or on the disclosures set out in these condensed
consolidated financial statements.
3. REVENUE
The Group manufactures and sels wine products to the customers.
Sales are recognised when control of the products has transfered,
being when the products are delivered to a customer, there is no
unfulfiled obligation that could afect the customer’s aceptance of
the products and the customer has obtained legal titles to the
products.
Sales to customers are normaly made with credit terms of 180 days.
For new customers, deposits or cash on delivery may be required.
Deposits received are recognised as a contract liability.
A receivable is recognised when the products are delivered to the
customers as this is the point in time that the consideration is
unconditional because only the pasage of time is required before the
payment is due.
1.
编制基准
简明综合财务报表已根据香港会计师公会
（「香港会计师公会」）颁布的香港会计准则
第34号（「香港会计准则第34号」）「中期财
务报告」以及香港联合交易所有限公司证
券上市规则的适用披露规定编制。
简明综合财务报表应与二零二四年度财
务报表一并阅读。除因应用香港财务报告
准则会计准则修订本而产生的会计政策变
动外，编制该等截至二零二五年六月三十
日止六个月的简明综合财务报表所采用的
会计政策及计算方法与本集团截至二零
二四年十二月三十一日止年度的年度财务
报表所采用者一致。
2.
应用经修订香港财务报告准则
于本中期间，本集团已首次应用香港会
计师公会颁布的以下经修订香港财务报告
准则会计准则，就编制本集团之简明综合
财务报表而言，有关修订于二零二五年一
月一日开始之年度期间强制生效：
香港会计准则第21号
之修订
缺乏可兑换性
于本中期间应用经修订香港财务报告准
则会计准则对本集团于本期间及过往期间
的财务状况及表现及╱或该等简明综合财
务报表所载的披露并无重大影响。
3.
收益
本集团生产并向其客户销售葡萄酒产品。
在产品的控制权已转让（即产品交付予客
户之时），且概无可能影响客户接受产品
的未履行责任及客户已获取产品的合法所
有权时，确认销售。
向客户作出之销售一般有180日之信贷期。
就新客户而言，其可能需要支付按金或于
交付时以现金结付。已收按金确认为合约
负债。
应收款项于向客户交付货品时确认，因从
那一刻开始，付款之到期前仅须时间的流
逝，故收取代价成为无条件。
— 5 —
4. SEGMENT INFORMATION
Segment information
The Group determines its reportable and operating segments based on
internal reports about components of the Group that are regularly
reviewed by the chief operating decision maker (i.e. the executive
directors) of the Company in order to alocate the resources to the
segment and to ases its performance. No operating segments
identified by chief operating decision maker have ben agregated in
arising at the reportable segments of the Group.
The Group is principaly engaged in the busines of manufacturing
and sales of wine products in the PRC. Since this is the only
reportable operating segment of the Group, no further operating
segment analysis thereof is presented.
Geographical information
In adition, the Group’s revenue, expenses, results, asets and
liabilities and capital expenditures are predominantly atributable to a
single geographical region, which is the PRC. Therefore, no analysis
by geographical regions is presented.
Information about major customers
Revenue from customers of the coresponding period contributing
over 10% of the total revenue of the Groups are as folows:
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Customer A
客户A
14,46814,925
Revenue mainly from Dry wines
Timing of revenue recognition
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
At a point in time于特定时间59,69556,141
4.
分类资料
分类资料
本集团根据有关本集团组成部分的内部报
告决定其可报告及经营分类，并定期由本
公司的主要经营决策人（即执行董事）审
阅，以将资源分配至有关分类及评估其表
现。主要经营决策人确定的经营分类并无
于产生时在本集团的可报告分类汇总。
本集团主要于中国从事制造及销售葡萄酒
产品的业务。由于此乃本集团唯一可报告
的经营分类，因此并无进一步呈列经营分
类分析。
地区资料
此外，本集团的收益、开支、业绩、资产
及负债以及资本支出主要来自於单一地
区，即中国。因此，并未按地区呈列分析。
主要客户资料
相应期间贡献超过本集团总收益10%的客
户收益如下：
收益主要来自干葡萄酒
收益确认时间
— 6 —
Revenue from major products
The folowing is an analysis of the Group’s revenue from its major
products.
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Swet wines甜葡萄酒5,1602,549
Dry wines干葡萄酒43,39844,850
Brandy白兰地4,8185,078
Others其他6,3193,664
59,69556,141
5. OTHER INCOME, GAINS AND LOSES
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Bank interest income银行利息收入99
Cash loses (note)现金亏损（附注）–(91,371)
Others其他104–
113(91,362)
Note:
Because of the los of certain acounting records and documents of
the Subject Subsidiaries and the fact that certain former key
personel and executive directors of the Group who were previously
responsible to the operations and busines Subject Subsidiaries
refused to provide the boks and records and relevant suporting
documents such as bank statements and al boks, records and
operations of the Subject Subsidiaries. For the period ended 30 June
2024, the Board recognised the cash loses in the condensed
consolidated financial statements of profit or los and other
comprehensive income.
主要产品的收益
以下为本集团主要产品的收益分析。
5.
其他收入、收益及亏损
附注：
由于标的附属公司遗失若干会计记录及文
件，以及本集团若干曾负责经营及业务标
的附属公司的前主要人员及执行董事拒绝
提供账册及记录及银行结单等相关证明文
件以及标的附属公司的所有账册、记录及
业务。截至二零二四年六月三十日止期
间，董事会已于简明综合损益及其他全面
损益表中确认现金亏损。
— 7 —
6. FINANCE COSTS
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Lease interests租赁利息10–
7. INCOME TAX EXPENSE
No provision for taxation in Hong Kong has ben made as the Group
did not have any asesable profit arising from Hong Kong during the
six months ended 30 June 2025 and 2024.
Under the Law of the PRC on Enterprise Income Tax (the “EIT
Law”) and Implementation Regulation of the EIT Law, the tax rate of
the PRC subsidiaries are i) 25%, i) 20% if regarded as smal and
micro enterprise by local tax bureau.
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
PRC Enterprise income tax:中国企业所得税：
Curent tax即期税项18216
8. PROFIT (LOS) FOR THE PERIOD
The Group’s profit (los) for the period is stated after charging the
folowings:
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Cost of inventories sold已售存货成本52,24149,404
Depreciation of property, plant and equipment物业、厂房及设备折旧6871,004
Depreciation of right-of-use asets使用权资产折旧202129
- “Cost of sales” in the condensed
consolidated statement of profit or los and other
comprehensive income.
6.
融资成本
7.
所得税开支
于截至二零二五年及二零二四年六月三十
日止六个月，本集团并无任何源自香港的
应课税溢利，故未对香港税项计提拨备。
根据中国企业所得税法（「企业所得税法」）
及企业所得税法实施条例，中国附属公司
的税率为：i)25%；i)若被地方税务局视
为小型微利企业则为20%。
8.
期内溢利（亏损）
本集团期内溢利（亏损）乃经扣除以下各
项后达致：
* 该项目已计入简明综合损益及其他
全面收益表中的「销售成本」。
— 8 —
9.
股息
于截至二零二五年及二零二四年六月三十
日止六个月内，并无为本公司普通股东
派付或建议派付任何股息，且自报告期间
结束后亦无建议派付任何股息。
10.
每股盈利（亏损）
* 截至二零二五年及二零二四年六月
三十日止六个月，由于行使本公司
尚未行使之购股权具反摊薄影响，
故并无呈列每股摊薄盈利（亏损）。
9. DIVIDENDS
No dividend was paid or proposed for ordinary shareholders of the
Company during the six months ended 30 June 2025 and 2024, nor
has any dividend ben proposed since the end of the reporting period.
10. EARNINGS (LOS) PER SHARE
Six months ended 30 June
截至六月三十日止六个月
二零二五年二零二四年
RMB’000RMB’000
人民币千元人民币千元
(Unaudited)(Unaudited)
（未经审核）（未经审核）
Profit (los) for the purpose of calculating basic and
diluted earnings (los) per share
用以计算每股基本及摊薄盈利
（亏损）之溢利（亏损）62(260,872)
Number of Shares
股份数目
30 June 202530 June 2024
二零二五年
六月三十日
二零二四年
六月三十日
’000’000
千股千股
Weighted average number of ordinary shares for
the purpose of basic and diluted earnings (los)
per share*
用以计算每股基本及摊薄盈利
（亏损）之普通股加权平均数
301,562301,562
* No diluted earnings (los) per share is presented for the six
months ended 30 June 2025 and 2024 on the exercise of the
Company’s outstanding share options would be anti-dilutive.
— 9 —
11.
贸易应收账款
本集团授予其贸易客户180天的信贷期，
惟新客户则须在葡萄酒产品交货时付款。
于报告期末按发票日期呈列的贸易应收账
款（扣除减值亏损拨备）的账龄分析如下。
贸易应收账款的亏损拨备对账：
截至二零二五年六月三十日止期间，董事
会于简明综合损益及其他全面收益表确认
贸易应收账款减值亏损约人民币105,000
元（截至二零二四年六月三十日止六个月：
人民币18,882,000元）。
11. TRADE RECEIVABLES
The Group alows a credit period of 180 days to its trade customers
except for the new customers which payment is made when wine
products are delivered. The folowing is the ageing analysis of trade
receivables net of impairment los alowance presented based on the
invoice date at the end of the reporting period.
At
30 June
At
31 December
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’000RMB’000
人民币千元人民币千元
(Unaudited)(Audited)
（未经审核）（经审核）
0 – 90 days0至90天65,95968,837
91 – 180 days91至180天7514,237
181 – 365 days181至365天821117
Over 365 days超过365天3,4853,489
71,01676,680
Reconciliation of los alowance for trade receivables:
RMB’000
人民币千元
Balance at 1 January 2025 (Audited)于二零二五年一月一日的结余（经审核）10,399
Net increase in los alowance for the period期内亏损拨备净增加105
Balance at 30 June 2025 (Unaudited)于二零二五年六月三十日的结余（未经审核）10,504
For the period ended 30 June 2025, the Board recognised the
impairment los on trade receivables of aproximately RMB105,000
(six months ended 30 June 2024: RMB18,882,000) in the condensed
consolidated statements of profit or los and other comprehensive
income.
— 10 —
12.
贸易应付账款
于报告期末按发票日期呈列的贸易应付账
款的账龄分析如下：
采购原材料的平均信贷期介乎两至十二个
月不等。
本集团已制定财务风险管理政策，从而确
保所有应付账款在信贷期内偿付。
12. TRADE PAYABLES
The folowing is the ageing analysis of trade payables presented
based on the invoice date at the end of the reporting period:
At
30 June
At
31 December
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’000RMB’000
人民币千元人民币千元
(Unaudited)(Audited)
（未经审核）（经审核）
0 – 90 days0至90天7,5627,973
91 – 180 days91至180天1,3374,385
181 – 365 days181至365天2,3592,627
Over 365 days超过365天5,010312
16,26815,297
The average credit period on purchase of raw materials ranges from
two to twelve months.
The Group has financial risk management policies in place to ensure
that al payables are setled within the credit timeframe.
— 11 —
管理层讨论及分析
失去对若干附属公司之控制权
诚如本公司截至二零二四年十二月三十一日止
年度之年报所述，本公司由前执行董事持有之
附属公司已失去控制权，并须就会计目的采纳
附属公司非综合入账法。该等附属公司包括本
公司于中国通化的主要附属公司。尽管本公司
管理层已竭尽所能采取行动以挽回该等附属公
司之亏损（例如在中国对该等前执行董事采取法
律行动及申请法院命令以否认该等前执行董事
所进行之非法及未经授权交易等），该等附属公
司于本期间仍处于失去控制权之状况，因此本
集团于截至本期间止半年度仍未合并该等已撤
销合并之附属公司之财务状况。尽管如此，董事
会正制订其他措施，以尽量减少本公司在此情
况下的损失，并将于短期内就此作出进一步公告。
行业概览
二零二五年上半年，中国经济持续回暖，增速相
比去年同期保持回升状态。根据国家统计局数
据，二零二五年上半年社会消费品零售总额达
人民币24.5万亿元人民币，同比增长5.0%。其
中，烟酒类零售总额约为人民币3,316亿元，同
比增长5.5%。
尽管整体消费市场逐步回暖，葡萄酒行业无论
在国内还是海外，依然面临产量与消费量同步
下滑的困境，整体复苏态势尚未展开。根据工信
部发布的数据显示，2025年上半年，中国规模以
上酒类生产企业的葡萄酒产量为4.4万千升，同
比大幅减少26.7%，跌幅较去年明显扩大，显著
低于市场预期。国内消费者对葡萄酒的购买热
情并未因经济复苏而回升。
为了应对市场寒冬，
不少本土企业开始转型，朝「民酒化」、低度化
及年轻化方向发展，陆续推出平价白葡萄酒及
具潮流风格的饮品来吸引年轻消费族群。业界
普遍认为，未来行业能否突围，关键在于产品创
新与口感升级，然而目前整体市场环境依然充
满挑战。
在进口葡萄酒方面，市场出现了「量减额增」的
特征。根据海关总署公布的数据，2025年上半年
中国葡萄酒进口总量为1.14亿升，较去年同期减
少12.67%；但进口总额达人民币51.15亿元，反
而同比略为增加1.45%。
这一现象显示，中国消
费者在选购葡萄酒时，愈加倾向于追求品质与
规格的提升，显现出高端化消费趋势日益明显。
MANAGEMENT DISCUSION AND ANALYSIS
LOS OF CONTROL OF CERTAIN SUBSIDIARIES
As mentioned in the Company’s anual report for the year ended 31
December 2024, the Company’s subsidiaries held under by the Former EDs
were under los of control and deconsolidation of the subsidiaries had to be
adopted for acounting purposes. These subsidiaries included the Company’s
major subsidiaries in Tonghua of the PRC. While the Company’s
management has endeavour their best eforts to take actions to recover loses
in these subsidiaries (e.g. legal actions taken in the PRC against those Former
EDs and aplied court orders to deny the ilegal and unauthorised
transactions made by the Former EDs and etc.), these subsidiaries remained
in the conditions of los of control in the curent period and therefore, the
Group has stil not consolidated the financial positions of the Deconsolidated
Subsidiaries in this half year ended. Nevertheles, the Board is in the course
of devising other actions to minimise the Company’s loses in the
circumstances and further anouncement in this respect shal be made son.
INDUSTRY OVERVIEW
In the first half of 2025, China’s economy continued to recover, with growth
rates improving compared to the same period last year. Acording to data
from the National Bureau of Statistics, in the first half of 2025, the total
retail sales of consumer gods reached RMB24.5 trilion, representing a
year-on-year increase of 5.0%. Within this, retail sales in the tobaco and
alcohol sector amounted to aproximately RMB331.6 bilion, growing by
5.5% year-on-year.
Despite the gradual recovery of the broader consumer market, the wine
industry, both domesticaly and internationaly, continues to face chalenges
with simultaneous declines in production and consumption, with no clear
signs of recovery as yet. Data released by the Ministry of Industry and
Information Technology indicates that, in the first half of 2025, wine
production among China’s enterprises above a designated size totaled 44,000
kiloliters, a significant decrease of 26.7% year-on-year.
This decline marks
a notable aceleration compared to the previous year, faling considerably
short of market expectations. Domestic consumer demand for wine remains
subdued and has not rebounded alongside the broader economic recovery. In
response to these chalenging market conditions, numerous domestic
enterprises are shifting towards product strategies emphasizing mas-market
apeal, lower alcohol content, and youth-oriented branding. They have
introduced afordable white wines and trendy beverage products aimed at
atracting younger consumer demographics. Industry experts generaly agre
that product inovation and flavor enhancement wil be critical factors for
future breakthroughs, though the overal market environment continues to
pose substantial chalenges.
In the imported wine sector, the market has exhibited a “decrease in volume
but increase in value.” Acording to the General Administration of Customs,
China’s wine imports in the first half of 2025 totaled 114 milion liters,
representing a decline of 12.67% year-on-year. However, the total import
value reached RMB5.115 bilion, a slight increase of 1.45% over the
previous year.
This trend reflects a growing preference among Chinese
consumers for higher-quality, premium wine products, indicating a shift
toward premiumization in wine consumption.
- :/w.stats.gov.cn/sj/zxfb/202507/t20250715_1960409.html
- :/w.cnwinenews.com/html/2025/shuju_0717/130690.html
- :/zhuanlan.zhihu.com/p/1931283119782228128
— 12 —
财务回顾
葡萄酒行业过去三年均在低谷徘徊。二零二五
年上半年国内葡萄酒整体销量下降，库存积压
严重，促使价格战愈演愈烈。集团于上半年的业
绩无可避免地受到大环境的影响而同比出现调整。
截至二零二五年六月三十日止六个月期间（「回
顾期间」），集团录得总收益人民币59,695,000元，
较去年同期增加约6%；其中，甜葡萄酒及干葡
萄酒的销售收入于回顾期间合共占集团总收入
的81%。白兰地及其他酒类产品的销售收入占比
为19%。
于回顾期间，本集团的收益同比略为增加，主要
是因为中国及国内高端葡萄酒产品需求稳定增
长，导致集团部份高端葡萄酒销售额及毛利率
保持稳定。
于回顾期间内，本集团录得总盈利及全面收益
人民币460,000元。与二零二四年同期相比。因
无法获取通化附属公司财务资料导致对该部分
附属公司的流动资产进行全额减值人民币
132,143,000元，长期资产减值人民币118,813,000
元，共计减值人民币250,956,000元，以上导致本
集团于去年同期录得总亏损及全面开支总额人
民币260,944,000元。
FINANCIAL REVIEW
The wine industry has ben hovering at a low point for the past thre years.
In the first half of 2025, the overal sales volume of domestic wine declined,
and the inventory backlog was serious, which led to an intensified price war.
The Group’s performance in the first half of the year was inevitably afected
by the macro environment and adjusted year-on-year.
For the six months ended June 30, 2025 (the “Review Period”), the Group
recorded total revenue of RMB59,695,000, an increase of aproximately 6%
from the same period last year; among them, the sales revenue of swet wine
and dry wine acounted for 81% of the Group’s total revenue during the
Review Period. The sales revenue of brandy and other alcoholic products
acounted for 19%.
During the Review Period, the Group’s revenue increase slightly year-on-
year, mainly because of the financial information of the steady growth in
China and the domestic demand for high-end wine products, the
consequently sales and gros profit margin of some of the Group’s high-end
wines remain stable.
During the Review Period, the Group recorded a total earnings and
comprehensive income of RMB460,000. Compared to the same period in
2024. Due to the inability to obtain the financial information of the Tonghua
subsidiary, the curent asets of these subsidiaries were fuly impaired by
RMB132,143,000, and the long-term asets were impaired by
RMB118,813,000, with a total impairment of RMB250,956,000, these made
the Group recorded a total los and comprehensive expenses of
RMB260,944,000 in the same period last year.
— 13 —
经营回顾
二零二五年一月至六月中国的国内生产总值达
人民币66万0,536亿元，假设以相同基价计算，
同比增长5.3%，分季度看，一季度国内生产总值
同比增长5.4%，二季度增长5.2%。
根据国家统
计局数据显示，二零二五年上半年中国经济复
苏速度较去年有所提升，社会消费品零售总额
同比增长5.0%。然而，尽管整体市场逐渐回暖，
消费者信心与购买意愿仍受到经济增速放缓的
影响，消费行为呈现出更加理性与审慎的趋势
日益明显。尤其在葡萄酒产业方面，国产葡萄酒
产量大幅下跌，进口葡萄酒市场规模的增长也
明显放缓，国内市场尚未出现明显的需求转折
点，整体产业环境依旧面临诸多挑战。
面对消费端对「高质」与「个性化」诉求的持续攀
升，集团正加速中高端产品线的研发与推广，重
点围绕原产地溯源、限量定制等创新模式，推出
一系列礼品定制与纪念版酒款，以提升品牌溢
价能力与市场影响力。同时，公司不断丰富中端
与大众市场布局，延伸包含低度、有机、低糖等
健康导向产品，精准覆盖家庭用餐、潮流饮宴以
及年轻消费者的多元需求，确保在不同价位段
拥有全面且富有竞争力的产品组合。
为了进一步夯实管道优势并提高运营效率，集
团持续优化线上线下融合（O2O）销售网路，探
索直播带货及社群运营等创新服务模式，以增
强品牌参与感与客户忠诚度。在供应链管理方
面，公司正加速引入大资料和人工智慧技术，不
仅用于精准行销，更在仓储、物流及防伪溯源等
环节进行智慧化升级，力图通过资料赋能实现
库存优化与快速回应，全面提升整体运营效能
和风险管控能力。
OPERATION REVIEW
From January to June 2025, China’s Gros Domestic Product (GDP) reached
RMB66.0536 trilion, representing a year-on-year growth of 5.3% when
calculated at comparable prices. Quarterly breakdown reveals GDP growth
of 5.4% in the first quarter and 5.2% in the second quarter.
Acording to
data released by the National Bureau of Statistics, China’s economic
recovery acelerated slightly during the first half of 2025, with total retail
sales of consumer gods rising by 5.0% year-on-year. Despite the overal
market gradualy recovering, consumer confidence and purchasing
wilingnes remain constrained by the slower pace of economic growth,
prompting consumers to adopt increasingly cautious and rational spending
habits. This trend is particularly evident in the wine industry, where
domestic wine production has experienced significant declines, and growth
in the imported wine segment has noticeably slowed. A clear turning point
in domestic demand has yet to emerge, and the industry continues to face
substantial chalenges.
In response to consumers’ growing demand for high-quality and
personalized products, the Group is acelerating the development and
promotion of mid-to-high-end product lines, focusing on inovative
aproaches such as traceability of origin and limited-edition customization.
The Group has introduced various customized gift sets and comemorative
editions, aimed at enhancing brand premiumization and market influence.
Concurently, the Group continues to diversify its mid-tier and mas-market
product oferings by expanding into low-alcohol, organic, and low-sugar
health-oriented products. This strategy is tailored to efectively target
diverse consumer segments, including household dining, trendy social
gatherings, and younger demographics, thereby ensuring a comprehensive
and competitive product portfolio acros multiple price points.
To further strengthen its chanel advantages and improve operational
eficiency, the Group continues optimizing its integrated online-to-ofline
(O2O) sales network, and exploring inovative service models such as
livestream marketing and comunity engagement. These initiatives aim to
enhance consumer participation and brand loyalty. Aditionaly, in terms of
suply chain management, the company is acelerating the integration of big
data and artificial inteligence technologies. These technologies are being
utilized not only for precision marketing but also for smart upgrades in
warehousing, logistics, and anti-counterfeiting traceability. Through data
empowerment, the Group seks to optimize inventory management and
enhance responsivenes, comprehensively improving overal operational
eficiency and risk management capabilities.
- :/w.gov.cn/zhuanti/2025zgjbnb/index.htm
— 14 —
产品产出
截至二零二五年六月三十日止六个月期间，集
团位于山东白洋河的生产基地产出3,475公吨各
类产品，去年同期2,530公吨，相较去年同期增
加约37.35%。
回顾期间，华东地区稳健的经济发展，成熟红酒
消费文化和相对较高人均收入，继续支撑这个
行业的葡萄酒消费。于回顾期间内，华东地区市
场录得收入为人民币46,066,000元，去年同期人
民币44,280,000元，比去年同期增长4%。
华东地区于集团总收入中占比最大，达78%。华
北地区占比12%，中南地区占比7%，西南地区占
比2%。
回顾期间，集团继续拓宽线上营销管道的策略，
并与多位知名网络红人签约以获得更大的销售
成效，二零二五年上半年线上销售占60%，线下
销售占40%。
Product output
During the six months ended June 30, 2025, the output of the Group’s
production base in Baiyanghe, Shandong Province produced 3,475 tons of
various products, compared with 2,530 tons in the same period last year, an
increase of aproximately 37.35% over the same period last year.
During the Review Period, the steady economic development, mature red
wine consumption culture and relatively high per capita income in East
China continued to suport wine consumption in this sector. During the
Review Period, the East China market recorded revenue of RMB46,066,000,
compared with RMB44,280,000 in the same period last year, an increase of
4% over the same period last year.
The East China region acounts for the largest proportion of the Group’s
total revenue, reaching 78%. North China acounts for 12%, Central and
South China acounts for 7%, and Southwest China acounts for 2%.
During the Review Period, the Group continued to expand its online
marketing chanel strategy and secured contracts with many wel-known
internet celebrities to achieve greater sales results. In the first half of 2025,
online sales acounted for 60% and ofline sales acounted for 40%.
— 15 —
业务前景
二零二五年上半年，中国葡萄酒市场延续结构
性调整，整体仍在低迷状态中。消费端更加关注
品质与性价比，渠道端去库存与出清持续推进，
价格带与品牌格局继续重塑。「取消双反」后的
澳洲酒回归正趋于常态。初期补货热度已降温。
比起「双反」政策带来的进口酒冲击，整体葡萄
酒市场的萎靡更是一个亟需面对的挑战。
线上仍是增量引擎。尼尔森IQ披露，二零二四年
一月至十一月全渠道快消线上保持双位数增速（约
+10.8%）
，电商的渗透进一步提升；今年「618」
期间，淘系酒类核心品牌销售额同比增加72%，
其中包含葡萄酒在内的多品类实现双位数增长
，
直播╱即时零售强化了「低门槛、快触达」的转
化能力。集团预计，电商与社交电商将继续承接
行业出清后的结构性需求。
二零二五年上半年的中国葡萄酒行业仍处于历
史性的低谷阶段。但本集团认为新的结构性机
会正在显现，底部往是格局重塑的起点：在传
统干红优势相对收缩的背景下，低醇╱无醇等「轻
饮、易饮」赛道更受青睐，餐酒化、健康化与多
场景饮用正成为产业共识，品类多元化亦将成
为中长期趋势。顺应这一方向，公司将引入清酒
等日系酒品，凭借‘低度、易饮、餐配友好’的属
性，瞄准年轻与女性客群，强化餐饮╱夜间即时
零售与直播品鉴等场景，并以小规格与礼盒化
切入、轻库存高周转推进，打造「葡萄酒+日系轻
饮」的第二增长曲线。若能顺势完成产品结构的
重构、加大社交电商与会员私域的精细化运营，
则有望在行业分化中获得份额提升与利润修复。
BUSINES PROSPECTS
During the first half of 2025, China’s wine market continued its structural
adjustment and remained subdued overal. On the consumer side, there is
greater focus on quality and value for money, while chanels kept advancing
destocking and clean-up; price bands and the brand landscape continued to
be reshaped. Folowing the removal of anti-dumping and countervailing
duties on Australian wine, its return to China is normalizing, and the initial
restocking fever has coled. Compared with the import shock brought by the
policy change, the broader weaknes of the wine market is the more urgent
chalenge to adres.
Online remains the growth engine. Acording to NielsenIQ, from January to
November 2024, online FMCG sales acros chanels maintained double-
digit growth (about +10.8%)
as e-comerce penetration increased further;
during this year’s “618” shoping festival, core alcohol brands on Alibaba’s
platforms recorded a 72% year-on-year increase in sales, with multiple
categories–including wine–achieving double-digit growth
. Live comerce
and on-demand retail have strengthened conversion with “low bariers and
rapid reach”. The Group expects e-comerce and social comerce to
continue absorbing structural demand folowing the industry shake-out.
In the first half of 2025, China’s wine industry remained at a historic trough.
However, the Group believes new structural oportunities are emerging, and
the botom often marks the starting point for reshaping the landscape: as the
traditional advantage of dry reds narows, low-/no-alcohol “light, easy-
drinking” segments are gaining favor; meal-pairing, health orientation, and
multi-ocasion consumption are becoming industry consensus, and portfolio
diversification wil be an important medium– to long-term trend. In line with
this direction, the Company wil introduce Japanese beverages such as sake,
leveraging their “low-ABV, easy-drinking, and fod-friendly” atributes to
target younger and female consumers; it wil strengthen scenarios such as
fodservice, late-night on-demand delivery, and live-stream tastings, and
enter with smal formats and gift boxes while operating with light inventory
and high turnover to build a “wine + Japanese light drinks” second growth
curve. If the product-mix reset is caried through and precision operations in
social comerce and member private-domain (owned) chanels are
enhanced, the Group expects to gain share and restore profitability as the
industry diverges.
- :/w.cbmexpochina.com/china-retail-chanel-report-2025/?utm_source=chatgpt.com
- :/finance.sina.com.cn/tech/rol/2025-06-05/doc-ineyzhcf8321568.shtml?utm_source=chatgpt.com
— 16 —
财务管理和财资政策
本集团的收入、开支、资产及负债绝大部分以人
民币（「人民币」）列值，因此并不承受外汇波动
的重大风险。
鉴于外币汇兑风险极微，董事将密切监察外币
波动，而不会订立任何外汇对冲安排。
本集团将继续寻求审慎的财资管理政策，目前
流动资金稳健，并具备充足现金以应付日常营
运及未来发展所需的资本。
本集团拥有充裕的现金和银行结余，处于净现
金状况，因此本集团所面对的与利率波动相关
的财务风险极微。
中期股息
董事会并不建议就截至二零二五年六月三十日
止六个月支付任何中期股息（二零二四年同期：
无）。
流动资金及财务资源
于回顾期间内，我们均维持稳健和正数的营运
资金，而本集团是以经营所得的内部现金流来
拨资业务运作。
于二零二五年六月三十日，因无法获取通化附
属公司财务资料，无法得知其现金余额。除此之
外，本集团的现金及现金等价物大部分以人民
币计值，约为人民币38,060,000元。
FINANCIAL MANAGEMENT AND TREASURY
POLICY
The Group’s revenues, expenses, asets and liabilities were substantialy
denominated in Renminbi (“RMB”). Acordingly, there has ben no
significant exposure to foreign exchange fluctuation.
In view of the minimal foreign curency exchange risk, the Directors wil
closely monitor the foreign curency movement instead of entering into any
foreign exchange hedging arangement.
The Group wil continue to pursue a prudent treasury management policy
and is now in a god and healthy liquidity position with suficient cash to
cope with daily operations and capital for future development neds.
With strong cash and bank balances, the Group is in a net cash position and
is thus exposed to minimal financial risk on interest rate fluctuation.
Interim Dividend
The Board does not recomend the payment of any interim dividend for the
six months ended 30 June 2025 (2024 coresponding period: nil).
LIQUIDITY AND FINANCIAL RESOURCES
During the Review Period, we maintained a healthy and positive working
capital, and the Group financed its busines operations with internal cash
flows from operations.
As of June 30, 2025, the cash balance of the Tonghua subsidiary was
unknown due to the lack of aces to financial information. In adition, the
Group’s cash and cash equivalents, which are mostly denominated in RMB,
amounted to aproximately RMB38,060,000.
— 17 —
资本承担及资产抵押
本集团所作的资本开支承担中，自通化附属公
司无法获取到数据；烟台附属公司无此类资本
开支。
于二零二五年六月三十日，概无本集团的资产
抵押。
聘用和薪酬政策
优秀和热诚的员工是我们最重要的资产，是我
们在竞争激烈的市场上取得成功所不可或缺的。
作为本公司企业文化的一部分，我们致力确保
雇员之间有强大的团队精神，共同为企业目标
努力。为了达到这个目的，我们向香港和中国雇
员提供与行内水平相称且具竞争力的薪酬待遇，
并提供多项额外福利，包括培训、医疗、保险以
及退休福利。本公司亦采纳购股权计划，主要目
的是激励本集团雇员为本集团作出更大贡献，
并且就彼等的表现和努力给予奖励。我们鼓励
雇员参加外界的专业和技术研讨会，以及其他
培训计划和课程，以更新彼等的技术知识和技
能、提升彼等的市场触觉和改善彼等对业务的
敏锐度。本集团会参考地方法例、市况、行业惯
例及对本集团和个别雇员（包括董事）的表现评
核，定期检讨其人力资源和薪酬政策。
于二零二五年六月三十日，本集团在香港及中国
雇佣的劳动力人数为82名（不包括通化附属公司
雇员数目，原因为无法自通化附属公司取得相关
资料）（二零二四年十二月三十一日：由于未能从
通化附属公司取得相关资料，故不包括通化附属
公司的雇员人数为82名）。于回顾期间，总薪金
和相关成本（包括董事袍金）约为人民币1,460,000
元（二零二四年同期：人民币9,149,000元）。
购股权计划
于二零二五年六月三十日，根据新计划已授出
但尚未行使的购股权所涉及的股份总数为
29,405,480股，相当于本公司于该日已发行股份
的10%。
未经本公司股东事先批准，于任何12个月期间内
向任何个别人士已授出及可能授出的购股权涉
及的已发行及将予发行股份数目不得超过本公
司于任何时候已发行股份的1%。授出的购股权
必须于授出购股权当日起计二十一日内接纳，
并就每次授出支付1港元。
购股权可于接纳购股权当日起至本公司董事决
定的日期为止期间随时行使，但在任何情况下
有关期间不得超过十年。行使价乃由本公司董
事厘定，且不会低于以下三者的最高者：(i)本公
司股份于授出日期的收市价；(i)紧接授出日期
前五个营业日股份的平均收市价；及(i)本公司
股份的面值。
Capital comitments and charges on asets
The Group’s capital expenditure comitments could not be obtained from
the Tonghua subsidiary; the Yantai subsidiary had no such capital
expenditures.
As at 30 June 2025, none of the Group’s asets was pledged.
Employment and remuneration policy
Quality and dedicated staf are our most important asets and are
indispensable to our suces in the competitive market. As part of our
corporate culture, we strive to ensure a strong team spirit among our
employes for them to contribute towards our corporate objectives. In
achieving the goal, we ofer competitive remuneration packages
comensurate with the industry level and provide various fringe benefits,
including trainings, medical, insurance coverage as wel as retirement
benefits to the employes in Hong Kong and in China. The Company has
also adopted share option scheme with the primary purpose of motivating
employes of the Group to optimize their contributions to the Group and to
reward them for their performance and dedications. Employes are
encouraged to enrol in external profesional and technical seminars, and
other training programs and courses to update their technical knowledge and
skils, enhance their market awarenes and improve their busines acumen.
The Group reviews its human resources and remuneration policies
periodicaly with reference to local legislation, market conditions, industry
practice and asesment of the performance of the Group and individual
employes (including Directors).
As at 30 June 2025, the Group employed a work force of 82 (excluding the
number of employes of Tonghua subsidiary since relevant information
could not obtained from Tonghua subsidiary) in Hong Kong and in the PRC
(31 December 2024: excluding the number of employes of Tonghua
subsidiary since relevant information could not obtained from Tonghua
subsidiary was 82). The total salaries and related costs (including Directors’
fe) for the Review Period amounted to aproximately RMB1,460,000 (2024
coresponding period: RMB9,149,000).
Share Option Scheme
As at 30 June 2025, the total number of shares covered by options granted
but not yet exercised under the New Scheme was 29,405,480 shares,
representing 10% of the Company’s isued shares as at that date.
Without the prior aproval of the Company’s shareholders, the number of
shares isued and to be isued in respect of options granted and may be
granted to any individual in any 12-month period shal not exced 1% of the
Company’s isued shares at any time. Options granted must be acepted
within 21 days of the date of grant of the option, on payment of HK$1 per
grant.
Options may be exercised at any time from the date of aceptance of the
option to a date determined by the Company’s directors, but in any case the
relevant period shal not exced 10 years. The exercise price is determined
by the directors of the Company and wil not be les than the highest of: (i)
the closing price of the Company’s shares on the date of grant; (i) the
average closing price of the shares for the five busines days imediately
preceding the date of grant; and (i) the par value of the Company’s shares.
— 18 —
截至二零二五年六月三十日止期间，概无购股
权获行使（二零二四年同期：无）、失效（二零
二四年同期：无）、被没收（二零二四年同期：无）
或授出（二零二四年同期：无）。于二零二五年
六月三十日尚未行使的购股权的加权平均剩余
合约年期为0.46年，行使价为0.92港元。
29,405,480份购股权于二零二三年十二月十五日
授出，归属期为一年。2,940,548份购股权已授予
王光远先生及王丽君女士之胞弟王光新先生，
而余下26,464,932份购股权已授予本集团九名全
职雇员。于该等日期授出的购股权的估计公平
值约为11,452,000港元（约人民币10,444,000元）。
截至二零二五年六月三十日止六个月期间，本
公司根据二零二三年购股权计划授出的购股权
的变动如下：
附注： 截至二零二五年六月三十日止六个月，概
无购股权获行使或失效。
截至二零二五年六月三十日止六个月期间，根
据二零二三年购股权计划，概无购股权已获行
使及概无购股权已失效。
购买、出售或赎回本公司的上市证券
于回顾期间内，本公司及其任何附属公司概无
购买、出售或赎回本公司任何上市证券。
遵守证券交易的标准守则
本公司已采纳上市规则附录C3所载上市发行人
董事进行证券交易的标准守则（「标准守则」），
作为董事进行证券交易的行为守则。本公司已
对全体董事作出具体查询，且全体董事已确认
于本期间内一直遵守标准守则所规定的标准。
During the period ended June 30, 2025, no options were exercised (same
period in 2024: Nil), lapsed (same period in 2024: Nil), forfeited (same
period in 2024: Nil) or granted (same period in 2024: Nil). The weighted
average remaining contract life of the options outstanding as at June 30,
2025 was 0.46 years and the exercise price was HK$0.92. 29,405,480
options were granted on 15 December 2023 with a vesting period of one
year. 2,940,548 options were granted to Mr. Wang Guangxin, the brother of
Mr. Wang Guangyuan and Ms. Wang Lijun, while the remaining 26,464,932
options were granted to nine ful-time employes of the Group. The
estimated fair value of the options granted on these dates was aproximately
HK$11,452,000 (aproximately RMB10,444,000).
During the six months period ended 30 June 2025, the movements in the
options granted by the Company under the 2023 Share Option Scheme were
as folows:
Category of
grantesDate of grantVesting date
Exercisable
period
Exercise
price per
Share
Closing
price per
Share on
date of
grant
As at
1 January
Granted
during
the Year
Exercised
during
the Year
Canceled
during
the Year
Lapsed
during
the Year
As at
30 June
承授人类别授出日期归属日期行使期间每股行使价
于授出日期
的每股
收市价
于
二零二五年
一月一日年度内授出年度内行使年度内撤销年度内失效
于
二零二五年
六月三十日
(d/m/y)(d/m/y)(d/m/y)HK$HK$
（日╱月╱年）（日╱月╱年）（日╱月╱年）港元港元
Employes 15/12/202315/12/2023
– 14/12/2024
15/12/2024
– 14/12/2025
0.920.9229,405,480–29,405,480
雇员
Total 29,405,480
(Note)
–29,405,480
总计（附注）
Note: No share options were exercised or lapsed during the six months
ended 30 June 2025.
During the six months period ended 30 June 2025, no options had ben
exercised and no share options had ben lapsed under the 2023 Share Option
Scheme.
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 Review Period.
COMPLIANCE WITH THE MODEL CODE FOR
SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by
Directors of Listed Isuers (the “Model Code”) as set out in Apendix C3 to
the Listing Rules as the code of conduct for directors’ securities
transactions. Al Directors, after specific enquiries by the Company,
confirmed their compliance with the required standards set out in the Model
Code throughout the Period.
— 19 —
企业管治
于回顾期间内，本公司已采用上市规则附录C1
所载之企业管治守则（「企业管治守则」）之原则，
并遵守企业管治守则所载之守则条文及若干建
议最佳常规，惟偏离企业管治守则之守则条文
第C.2.1条除外，其载列主席与行政总裁（「行政
总裁」）的职能应有所区分及不应由同一人担任。
孙佳良先生（「孙先生」）负责本集团整体业务策
略以及发展与管理。董事会认为，本公司董事会
主席兼行政总裁孙先生可领导董事会为本集团
作出主要业务决策，并让董事会有效地作出决
定，对本集团业务的管理和发展有利。因此，尽
管有所偏离，孙先生仍出任本公司董事会主席
兼行政总裁的双重职务。
审核委员会
本公司之审核委员会（「审核委员会」）（目前包括
三名独立非执行董事李良先生、雷美嘉女士及
陈伟杰先生）连同管理层已审阅本集团所采纳之
会计原则及惯例，并已讨论（其中包括）财务申
报事宜，当中包括审阅本集团截至二零二五年
六月三十日止六个月之未经审核中期业绩。
于本公司及联交所网站公布中期业绩
本中期业绩公布已刊载于联交所网站
(htp:/w.hkex.com.hk)及本公司网站
(htp:/w.00389.hk)。本公司将于适当时候向
本公司股东寄发本期间中期报告，当中载有上
市规则规定的一切资料，同时亦于上述网站可
供阅览。
致谢
本人谨代表董事会对各股东、投资者、业务伙伴
和客户一直以来对我们的支持表示衷心感谢，
对高级管理团队和各同事多年的努力付出致以
诚挚谢意。
CORPORATE GOVERNANCE
Throughout the Review Period, the Company had aplied the principles in
the Corporate Governance Code (the “CG Code”) contained in Apendix C1
to the Listing Rules and complied with the code provisions and certain
recomended best practices set out in the CG Code, save for the deviation
from code provision C.2.1 of the CG Code, which states that the roles of
chairman and the chief executive oficer (“CEO”) should be segregated and
should not be performed by the same individual. Mr. Sun Jialiang (“Mr.
Sun”) is responsible for the overal busines strategy and development and
management of the Group. The Board considers Mr. Sun, the chairman of
the Board and the CEO of the Company, is able to lead the Board in major
busines decision making for the Group and enables the Board’s decision to
be efectively made, which is beneficial to the management and the
development of the Group’s busines. Therefore, Mr. Sun asumes the dual
roles of being the chairman of the Board and the CEO of the Company
notwithstanding the deviation.
AUDIT COMITE
The audit comite of the Company (“Audit Comite”), curently
consists of thre independent non-executive Directors, namely Mr. Li Liang,
Ms. Lui Mei Ka and Mr. Chan Wai Kit, has reviewed, together with the
management, the acounting principles and practices adopted by the Group
and discused, among other things, financial report maters including a
review of the unaudited interim results for the six months ended 30 June
2025 of the Group.
PUBLICATION OF INTERIM RESULTS ON THE
WEBSITES OF THE COMPANY AND OF THE
STOCK EXCHANGE
This interim results anouncement is published on the websites of
the Stock Exchange (htp:/w.hkex.com.hk) and the Company
(htp:/w.00389.hk). The interim report for the Period containing al the
information required by the Listing Rules wil be despatched to shareholders
of the Company and available on the same websites in due course.
ACKNOWLEDGEMENT
On behalf of the Board, I would like to expres my sincere apreciation to
our shareholders, investors, busines partners and customers for their
continued suport. I would also like to expres my sincere gratitude to our
senior management team and al staf for their hard work and dedication
over the years.
— 20 —
继续暂停买卖
本公司股份已由二零二四年九月二日上午九时
正起于联交所暂停买卖，并将继续暂停直至另
行通知为止。本公司股东及潜在投资者于投资
或买卖本公司证券时务请谨慎行事。
承董事会命
主席、行政总裁
兼执行董事
孙佳良
香港，二零二五年八月十五日
于本公布日期，执行董事为孙佳良先生及黄楚
武先生；非执行董事为李瑜鸿先生及朱明徽先生；
及独立非执行董事为李良先生、雷美嘉女士及
陈伟杰先生。
本文件备有中英文版本。如中英文版本有任何
歧异，概以英文版本为准。
CONTINUED SUSPENSION OF TRADING
Trading in the Shares of the Company on the Stock Exchange has ben
suspended with efect from 9:00 a.m., 2 September 2024 and wil remain
suspended until further notice. Shareholders and potential investors should
exercise caution when investing or dealing in the securities of the Company.
By order of the Board
Sun Jialiang
Chairman, Chief Executive Oficer
and Executive Director
Hong Kong, 15 August 2025
As at the date of this anouncement, the executive Directors are Mr. Sun
Jialiang and Mr. Huang Chuwu, the non-executive Directors are Mr. Li Jery
- , and the independent non-executive Directors are
Mr. Li Liang, Ms. Lui Mei Ka and Mr. Chan Wai Kit.
This document is prepared in both English and Chinese. In the event of
inconsistency, the English text of this document shal prevail over the
Chinese text.