达芙妮国际二零二五年中期报告

C O N T E N T S目錄 Corporate Information 2 Financial Highlights 4 Management Discussion and Analysis 5 Condensed Consolidated Income Statement 20 Condensed Consolidated Statement of Comprehensive Income Condensed Consolidated Balance Sheet22 Condensed Consolidated Statement of Changes in Equity Condensed Consolidated Statement of Cash Flows Notes to the Condensed Consolidated Interim Financial Statements25 Other Information 41 CORPORATE INFORMATION BOARD OF DIRECTORSExecutive directors Mr. Chang Chih-Kai(Chairman)Mr. Chang Chih-Chiao(Chief Executive Officer)Mr. Wang JungangMs. Chang Wan-Hsun Independent non-executive directors Mr. Huang Shun-Tsai–resigned on 19 June 2025Mr. Hon Ping Cho TerenceMr. Tan PhilipMs. Hsu Wen-Kuan–appointed on 19 June 2025 AUDIT COMMITTEE Mr. Hon Ping Cho Terence(Chairman)Mr. Huang Shun-Tsai–resigned on 19 June 2025Mr. Tan PhilipMs. Hsu Wen-Kuan–appointed on 19 June 2025 NOMINATION COMMITTEE Mr. Huang Shun-Tsai(Chairman)–resigned on 19 June 2025Ms. Hsu Wen-Kuan(Chairman)–appointed on 19 June 2025Mr. Hon Ping Cho TerenceMr. Tan PhilipMr. Chang Chih-Kai REMUNERATION COMMITTEE Mr. Tan Philip(Chairman)Mr. Huang Shun-Tsai–resigned on 19 June 2025Mr. Hon Ping Cho TerenceMs. Hsu Wen-Kuan–appointed on 19 June 2025Mr. Chang Chih-Kai COMPANY SECRETARYMr. Cheung Chun Hay AUTHORISED REPRESENTATIVESMr. Chang Chih-KaiMr. Cheung Chun Hay REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands 公司資料 CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESSIN HONG KONG 10262605 Unit 2605, 26/F,The Metropolis Tower10 Metropolis DriveHung HomKowloonHong Kong OPERATIONAL HEADQUARTERSUnit 405, 4/F 6684405 TPV Building668 Shenchang RoadMinhangShanghaiChina HONG KONG SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor UFJ PRINCIPAL BANKERS Bank of China (Hong Kong)Bank of WenzhouChina Construction BankMUFG Bank (Hong Kong Branch) CORPORATE WEBSITEwww.daphneholdings.com www.daphneholdings.com INVESTOR RELATIONSir@daphneholdings.com ir@daphneholdings.com MANAGEMENT DISCUSSION ANDANALYSIS 管理層討論與分析 BUSINESS REVIEW (GDP)5.3% In the first half of 2025, unresolved global geopolitical conflicts,shifting trade relations, lacklustre consumer confidence, andfinancial markets turbulence created a cloud of uncertainty over theglobal economy, dampening growth prospects. In China, despiteincreased instability and uncertainty in the external environmentposing some challenges to its stable economic operation, thegovernment actively coordinated domestic economic work andinternational economic and trade cooperation. It accelerated theimplementation of more proactive and effective macroeconomicpolicies, with a strong focus on stabilising the national development.Amid a sluggish global economic recovery, China’s gross domesticproduct (GDP) grew 5.3% year-on-year in the first half of 2025,according to the National Bureau of Statistics of China. The Chineseeconomy has demonstrated strong resilience, and its long-termsound economic fundamentals and the overall trend toward high-quality development remain unchanged. 5.0%5.1% As part of its strategy to boost domestic consumption, China’sc onsumer goods “trade-in policy” has continued to proveeffectiveness, driving retail sales growth and a clear trend towardconsumption upgrading. In the first half of 2025, the total retailsales of consumer goods rose 5.0% year-on-year, with retail salesof goods up by 5.1%. While consumers have responded positivelyto the “trade-in policy”, they remain cautious and are shiftingtowards a more rational consumption approach that prioritises highcost-effectiveness, quality and experiences. Meanwhile, consumerconfidence in domestic brands, particularly among youngergenerations, has increased. In response, the Group actively adaptedits strategy to these trends to better align with evolving preferences. 7.438.5%9.8% The rising influence of younger generations has propelled onlineshopping, contributing to sustained growth momentum in China’se-commerce market. In the first half of 2025, online retail salesreached RMB7.43 trillion, up by 8.5% year-on-year, though belowthe 9.8% growth was recorded in the previous year. Despite marketexpansion, competition has intensified due to declining consumerinterest, stagnant user growth and increasingly homogenisedmarketing strategies. The prominence of content-driven platformshas transformed China’s e-commerce landscape, emphasisingecosystem synergy and value-driven consumer interaction becomingmainstream, replacing the price-based competition model. In thischallenging environment, the Group continued to develop onlineoperations to leverage its advantages as an industry leader on theone