十方控股2024/25中期报告

中期報告INTERIM REPORT2024/25 CONTENTSCorporate Information2Management Discussion and Analysis4Corporate Governance and Other Information19Interim Condensed Consolidated Statement ofFinancial Position29Interim Condensed Consolidated Statement ofComprehensive Income32Interim Condensed Consolidated Statement ofCash Flows33Notes to the Condensed ConsolidatedInterim Financial Information34 CORPORATE INFORMATIONDIRECTORSExecutive DirectorsMr. Chen Zhi(Chairman & Chief Executive Officer)Mr. Chen Ye Non-executive DirectorMs. Wang Bao Zhu Independent non-executive DirectorsMr. Chai Chung WaiMr. Mao Xiangyun(retired with effect from 2024.12.04)Mr. Wei Hong COMPANY SECRETARY Mr. Chan Yik Pun(appointed on 2024.11.05)Mr. Pang Wai Hong(resigned on 2024.10.25) AUTHORISED REPRESENTATIVESMr. Chen ZhiMr. Chen Ye AUDIT COMMITTEEMr. Chai Chung Wai(Chairman)Mr. Wei Hong REMUNERATION COMMITTEE Mr. Wei Hong(Chairman)Mr. Chen ZhiMr. Chai Chung Wai NOMINATION COMMITTEE Mr. Chen Zhi(Chairman)Mr. Chai Chung WaiMr. Wei Hong REGISTERED OFFICE Clarendon House, 2 Church StreetHamilton HM 11Bermuda Clarendon House, 2 Church StreetHamilton HM 11Bermuda HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 1216 6/F, Hua Fu MansionNo. 121 Gutian RoadGulou DistrictFuzhou, Fujian ProvincePRC PLACE OF BUSINESS IN HONG KONGRoom B, 4th Floor, Hennessy Plaza164-166 Hennessy RoadWanchai, Hong Kong 164-1664B LEGAL ADVISORS As to PRC law:Beijing P.H. Law Firm As to Bermuda law:Conyers, Dill & Pearman HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS China Construction Bank CorporationChina Merchants Bank Co., Limited 01831 STOCK CODE01831 http://www.shifangholding.com COMPANY WEBSITEhttp://www.shifangholding.com MANAGEMENT DISCUSSION AND ANALYSISINDUSTRY REVIEW Accordingto data released by the NationalBureau of Statistics on 17 January 2025, China’sannualgross domestic product(GDP)in 2024reached RMB134.9084 trillion, representing by5.0%year-on-year at constant prices,with a5.4% year-on-year increase in the fourth quarter.Breaking down by sector, in 2024, added valueofinformation transmission,software,andinformationtechnology services,leasing andbusiness services, transportation, warehousing,and postal services, accommodation and catering,financialservices,wholesale and retail sectorincreased by 10.9%, 10.4%, 7.0%, 6.4%, 5.6%and 5.5%, respectively. According to CTR MediaIntelligence, China’s advertising market grew by1.7%year-on-year from January to November2024,though in November,the spending onpublicationadvertising saw slight declines onyear-on-year and month-on-month basis. Fromspecific industries and brand performance, thetoprankings in the advertising market fromJanuaryto November 2024 show that thepublicationadvertising spending form eachofthe entertainment and leisure,cosmetics/toiletries,postal and telecommunications,andapparel industries achieved a double-digit year-on-yeargrowth.Each of alcohol beveragesandcommercial/service sectors also saw asingle-digit year-on-year increase in advertisinginvestment. Meanwhile, pharmaceuticals, food,and beverages maintained large-scale advertisinginvestment, consistently ranking at the forefrontofthe list.Regarding media selection amongtopindustries,sectors such as commercial/services, personal goods, entertainment/leisure,andpostal/telecommunications significantly GDP1,349,0845.0%5.4%10.9%10.4%7.0%6.4%5.6%5.5%CTR1.7% 18.9% increased their TV advertising efforts. In particular,variouscategories like tourism/regional imagepromotion,eyewear/contact lenses,medical/healthcareinstitutions,and communicationp ro d u c t sw e re p e r f o r m e d a c t i v e l y o n T Vchannels, with publication advertising spendingrising by double digits year-on-year. Sectors likecosmetics/toiletries, entertainment/leisure, postal/telecommunications,alcohol beverages,andapparel allocated substantial budgets to outdooradvertising channels, with notable increases ininvestment. The advertising expenditure in theentertainmentand leisure sector increased by18.9%year-on-year,with double-digit growthacrossmultiple advertising channels includingTV,street facilities,subways,airports,andelevator environments. The primary drivers wereattributable to increased promotional investmentsin categories such as tourism/regional branding,educationalsupplies and services,and sportsgoods and services within the industry. PROSPECTS •Overall,according to data released bythe National Bureau of Statistics, nationalconsumer prices index (CPI) in 2024 roseby 0.2% over the previous year. Prices offood, tobacco and alcohol fell by 0.1%,• •Clothing prices rose 1.4%, housing pricesrose 0.1%,• •Prices of daily necessities and services roseby 0.5%,• In prices of food, tobacco, and alcohol, fresh fruitprices decreased by 3.5%, grain prices droppedby 0.1%, fresh vegetable prices rose by 5.0%,and pork prices increas