华宝国际2025 中期报告

CONTENTS 2Corporate Information4Financial Highlights5Management Discussion and Analysis28Other Information62Condensed Consolidated Statement ofFinancial Position64Condensed Consolidated Income Statement 65Condensed Consolidated Statement ofComprehensive Income66Condensed Consolidated Statement of Changesin Equity67Condensed Consolidated Cash Flow Statement69Notes to the Condensed Consolidated InterimFinancial Information118Glossary Corporate Information BOARD OF DIRECTORS Executive Directors Ms. CHU Lam Yiu(Chairlady & CEO)Mr. LAM Ka Yu(Co-Chairman & Vice President)Mr. XIA Liqun(Vice Chairman & President)Mr. POON Chiu Kwok(Vice President & Company Secretary)Ms. LAM Ka YanMs. CHOY Man Har Independent Non-executive Directors Jonathan Jun YAN Mr. LEE Luk ShiuMr. Jonathan Jun YANMr. HOU Haitao Jonathan Jun YAN AUDIT COMMITTEE Mr. LEE Luk Shiu(Chairman)Mr. Jonathan Jun YANMr. HOU Haitao REMUNERATION COMMITTEE Mr. LEE Luk Shiu(Chairman)Mr. HOU HaitaoMr. XIA Liqun NOMINATION COMMITTEE Jonathan Jun YAN Ms. CHU Lam Yiu(Chairlady)Mr. LEE Luk ShiuMr. Jonathan Jun YANMr. HOU HaitaoMs. LAM Ka Yan FCG, HKFCG COMPANY SECRETARY Mr. POON Chiu KwokFCG, HKFCG AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISOR Haiwen & Partners LLP Corporate Information PRINCIPAL BANKERS China CITIC Bank Corporation LimitedChina Minsheng Banking Corp., Ltd.Hang Seng Bank LimitedIndustrial Bank Co., Ltd. HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESSIN HONG KONG 18303008 Suite 300830th Floor, Central Plaza18 Harbour RoadWanchaiHong Kong REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL SHARE REGISTRAR Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong STOCK CODE 00336 The Stock Exchange of Hong Kong Limited: 00336 www.hbglobal.com COMPANY WEBSITEwww.hbglobal.com Management Discussion and Analysis OVERVIEW 2025 In the first half of 2025, the global economy struggled tomove forward amid changes in tariff policies and geopoliticalconflicts. Overseas, major economies experienced sluggishgrowth due to the adverse impacts of high inflation, highinterest rates and supply chain disruptions. Market demandfrom certain overseas countries and regions declined as aresult of tariff measures. Domestically, overall consumptionremained weak. Insufficient consumer demand promptede n t e r p r i s e s t o c o m p e t e f o r m a r k e t s h a r e t h r o u g h “p r i c ewars”, which further intensified market competition ande r o d e d p r o f i t m a r g i n s. C o n f r o n t e d w i t h u n c e r t a i n t i e s i neconomic outlook and market demand, enterprises adopteda m o r e p r u d e n t a p p r o a c h t o n e w i n v e s t m e n t s , w i t h a nincreased focus on risk management. Nevertheless, supportivemonetary and fiscal policies from the Chinese government,rapid advancements in artificial intelligence (AI) technologiesand further opening of the unified national market providedimpetus for China’s economy to sustain its steady and positivemomentum. D u r i n g t h e R e p o r t i n g P e r i o d , t h e G r o u p ’ s m a n a g e m e n torganised its information technology team to integrate AItechnologies into the Group’s operations and management,w h i c h h a s e n h a n c e d t h e G r o u p’ s i n t e l l i g e n t a n d d i g i t a loperations. In terms of market expansion, the Group investedin new facility construction and commenced production atits factories in Southeast Asia. Leveraging its accumulatedi n d u s t r ye x p e r t i s e a n d t e c h n i c a l k n o w - h o w ,a s w e l l a sleading production and delivery capabilities, the Group madesteady progress in developing overseas markets. As for riskm a n a g e m e n t , t h e G r o u p d e p l o y e d h u m a n a n d f i n a n c i a lresources to optimise operating procedures and strengthenrules and regulations from multiple aspects including climatec h a n g e, w o r k p l a c e s a f e t y a n d c o m p l i a n c e, w i t h t h e a i mof mitigating various operational risks. Overall, the Groupm a i n t a i n e ds t e a d y o p e r a t i o n s ,w i t h m a n a g e m e n t a n demployees proactively fulfilling their duties and conductingtheir work in an orderly manner. Management Discussion and Analysis INDUSTRY OVERVIEW Overview of the tobacco industry 20252,751.30.8%(HNB)HNB During the Reporting Period, according to the data fromthe National Bureau of Statistics, the cigarette productionv o l u m e r e a c h e d 27.513 m i l l i o n c a s e s i n t h e f i r s t h a l f o f2025, representing an increase of 0.8% YOY. Due to policyrestriction