燕之屋2025中期报告

廈門燕之屋燕窩產業股份有限公司Xiamen Yan Palace Bird's Nest Industry Co., Ltd. " Koint stock company incorporated in tIe Peoples RepuClic oG CIina XitI limited liaCility€׵ʕശɛ͏΍ձ਷ൗ̅ϓٰͭٙ ΅Ϟࠢʮ̡ Stock Code:1497股份代號 Interim Report2025中期報告 CONTENTS 52CONSOLIDATED STATEMENT OF FINANCIAL POSITION54CONSOLIDATED STATEMENT OF CHANGES IN EQUITY56CONDENSED CONSOLIDATED CASH FLOW STATEMENT57NOTES TO THE UNAUDITED INTERIM FINANCIAL REPORT93DEFINITION 2CORPORATE INFORMATION 5RESULTS HIGHLIGHTS 6MANAGEMENT DISCUSSION AND ANALYSIS 26CORPORATE GOVERNANCE AND OTHER INFORMATION 50CONSOLIDATED STATEMENT OF PROFIT OR LOSS 51CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOME CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. HUANG Jian(Chairman)Mr. ZHENG WenbinMr. LI YouquanMs. HUANG Danyan Non-executive Directors Mr. LIU ZhenMr. WANG Yalong Independent Non-executive Directors Mr. XIAO WeiMr. CHEN AihuaMr. LAM Yiu Por Supervisors Mr. ZHENG FengMs. WEI WeiMs. ZHANG Ning AUDIT COMMITTEE Mr. CHEN Aihua(Chairman)Mr. XIAO WeiMr. LAM Yiu Por REMUNERATION AND APPRAISAL COMMITTEE Mr. XIAO Wei(Chairman)Mr. LI YouquanMr. CHEN Aihua NOMINATION COMMITTEE Mr. XIAO Wei(Chairman)Mr. CHEN AihuaMs. HUANG Danyan STRATEGY COMMITTEE Mr. HUANG Jian(Chairman)Mr. ZHENG WenbinMr. LAM Yiu Por JOINT COMPANY SECRETARIES Ms. XIONG TingMs. LEUNG Kwan Wai H H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong AUTHORIZED REPRESENTATIVES Mr. HUANG JianMs. XIONG Ting AUDITOR 108 KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong REGISTERED OFFICE IN THE PRC 3301 Unit 1, Unit 301No.3, Xiangming RoadXiamen Torch High-tech Zone (Xiang’an)Industrial ZoneXiamen City, Fujian Province, the PRC CORPORATE INFORMATION HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 18822 22/F, Caizihui No. 188, Qianpu RoadSiming DistrictXiamen City, Fujian Province, the PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 33191928 Room 1928, 19/FLee Garden One, 33 Hysan AvenueCauseway Bay, Hong Kong PRINCIPAL BANK Xiamen Bank Co., Ltd. (Lianqian Branch) HONG KONG LEGAL ADVISER 15434301-10 Han Kun Law Offices LLPRooms 4301-10, 43/F, Gloucester TowerThe Landmark, 15 Queen’s Road CentralHong Kong http://www.yanzhiwu.com COMPANY’S WEBSITEhttp://www.yanzhiwu.com LISTING DATEDecember 12, 2023 STOCK SHORT NAMEYAN PALACE STOCK CODE 14971497 RESULTS HIGHLIGHTS •1,059.304.22%1,014.58 •Our revenue decreased by 4.22% from RMB1,059.30 million for the sixmonths ended June 30, 2024 to RMB1,014.58 million for the six monthsended June 30, 2025. •513.802.67%527.53 •Our gross profit increased by 2.67% from RMB513.80 million for the sixmonths ended June 30, 2024 to RMB527.53 million for the six monthsended June 30, 2025. •6 0 . 0 528.98%77.45 •Our net profit increased by 28.98% from RMB60.05 million for the sixmonths ended June 30, 2024 to RMB77.45 million for the six monthsended June 30, 2025. •(1)60.0535.54%81.39 •Our adjusted net profit (non-IFRS measure)(1)increased by 35.54% fromRMB60.05 million for the six months ended June 30, 2024 to RMB81.39million for the six months ended June 30, 2025. Note: (1) (1)The Company’s adjusted net profit (non-IFRS measure) represents the net profit forthe period, adjusted to add back equity-settled share-based payment expenses,which are non-cash in nature. MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW 2025 In the first half of 2025, China’s macro-economic policies continued to deliversound results, and the economy maintained a stable and positive trend,demonstrating strong resilience. However, uncertain factors in the externalenvironment persisted. Against this backdrop, the health industry becamea key driver of economic growth, with multiple favorable factors, includingpolicies, technology and capital, accelerating the industry’s transformationand upgrade. KA Leveraging its strong research and development capabilities, the Companycontinued to enrich its EBN product portfolio, successfully reaching a widerconsumer base through a diversified and differentiated product strategy.At the same time, the Company upheld a prudent operational strategyto proactively respond to market changes and continued to consolidateand strengthen existing channels while focusing on the deployment ofits KA channel. It actively explored the potential of lower-tier markets andaccelerated the expansion for overseas business. By continuously optimizingproduction efficiency and effectively reducing production costs, theCompany laid a solid foundation for enhancing product competitiveness.With certifications such as “No. 1 in Premium EBN Sales”, “No. 1 in TraceableBird’s Nest Imports”, and “No. 1 in the China Brand Power Index”, the Companyhas further strengthened its leading positi