子不语2025 中期报告

Zibuyu Group Limited (Incorporated in the Cayman Islands with limited liability) Stock Code: 2420 CONTENTS 2Corporate Information5Management Discussion and Analysis26Corporate Governance and Other Information37Condensed Consolidated Interim Statement ofComprehensive Income38Condensed Consolidated Interim Statement ofFinancial Position40Condensed Consolidated Interim Statement ofChanges in Equity41Condensed Consolidated Interim Statement ofCash Flows43Notes to the Condensed Consolidated InterimFinancial Information79Definitions 2ZIBUYU GROUP LIMITEDInterim Report 2025 CORPORATE INFORMATION BOARD OF DIRECTORSExecutive Directors Mr. Hua Bingru(Chairman)Mr. Chen Caixiong(Chief Executive Officer)Mr. Wang WeipingMr. Dong Zhenguo 20253 27 Non-executive DirectorMs. Hua Hui(resigned on 27 March 2025) 20253 27 Independent Non-executive Directors Mr. Yu KefeiMr. Shen TianfengDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 20253 27 AUDIT COMMITTEE Mr. Yu Kefei(Chairman)Mr. Shen TianfengDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 20253 27 REMUNERATION COMMITTEEMr. Shen Tianfeng(Chairman) Mr. Yu KefeiDr. Lau Kin Shing CharlesMs. Luo Yan(appointed on 27 March 2025) 20253 27 NOMINATION COMMITTEEMs. Luo Yan(Chairlady) (appointed on 27 March 2025)Mr. Hua BingruMr. Yu KefeiMr. Shen TianfengDr. Lau Kin Shing Charles ESG COMMITTEE Dr. Lau Kin Shing Charles(Chairman)Mr. Yu KefeiMr. Shen TianfengMs. Luo Yan(appointed on 27 March 2025) 20253 27 3.05 AUTHORIZED REPRESENTATIVESFOR THE PURPOSE OF RULE 3.05OF THE LISTING RULES Mr. Hua BingruMs. Yu Anne JOINT COMPANY SECRETARIESMs. Zheng HuanxinMs. Yu Anne CORPORATE INFORMATION 1 PRINCIPAL BANKS Bank of China (Hong Kong) LimitedBank of China Tower1 Garden RoadCentralHong Kong 382 China Merchants Bank Hangzhou Linping Sub-BranchNo. 382, South Main StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC REGISTERED OFFICE IN THECAYMAN ISLANDS ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman Islands ICS Corporate Services (Cayman) Limited Palm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman Islands HEADQUARTERS IN THE PRC Room 410, No. 108, Xincheng RoadNanyuan StreetLinping DistrictHangzhou, Zhejiang Provincethe PRC 108410 PRINCIPAL PLACE OF BUSINESS INHONG KONG 24840 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong AUDITOR 1022 PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor22/F, Prince’s Building10 Chater RoadCentralHong Kong 4ZIBUYU GROUP LIMITEDInterim Report 2025 CORPORATE INFORMATION HONG KONG LEGAL ADVISER 1532033207 Jingtian & Gongcheng LLPSuite 3203–3207, Edinburgh TowerThe Landmark15 Queen’s Road CentralCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE ICS Corporate Services (Cayman) LimitedPalm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman Islands ICS Corporate Services (Cayman) Limited Palm Grove Unit 4,265 Smith Road, George Town,P.O. Box 52A Edgewater Way, #1653,Grand Cayman KY1-9006,Cayman Islands HONG KONG SHARE REGISTRAR 183171712— 1716 Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 2420 STOCK CODE2420 www.zbycorp.com COMPANY’S WEBSITEwww.zbycorp.com MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW The Group endeavors to become a respectable globalfashion brands operation company that provides globalconsumers satisfactory fashion products and services in atimely and convenient manner. TikTokTemu2024 The Company provides high-quality fashion apparel andfootwear products to global customers through third-partye-commerce platforms such as Amazon, TikTok and Temu,as well as self-operated online stores. Leveraging Zibuyu’sself-developed digital platform, the Company hasestablished a flexible supply chain system integratingproduct research and development, design and sales, whichhelps to launch new products efficiently, and shorten thedelivery cycle. The Company operates across all productcategories covering women’s apparel, men’s apparel,children’s apparel, women’s footwear and other subcategories to meet diverse consumer needs. In 2024, theCompany successfully implemented a series of reformmeasures to streamline internal mechanisms, strengthen itsdevelopment foundation, and build a portfolio of ten corebrands through branding construction. These efforts madeendeavor to release growth potential and acceleratebusiness expansion. 202520251,961.3202434.1%105.9202415.9% In the first half of 2025, trade tensions escalated and tariffpolicies were frequently adjusted. Despite the challengingexternal environment, the Company maintained its strategicresolve, focused on lean operations, and deepenedma