卫龙美味2025年中期报告

: 09985.HK Contents 2Corporate Information5Definitions8Management Discussion and Analysis33Directors34Corporate Governance and Other Information48Independent Review Report50Interim Condensed Consolidated Statement of Profit or Loss51Interim Condensed Consolidated Statement of Comprehensive Income52Interim Condensed Consolidated Statement of Financial Position54Interim Condensed Consolidated Statement of Changes in Equity56Interim Condensed Consolidated Statement of Cash Flows58Notes to Interim Condensed Consolidated Financial Information Corporate Information SHARE LISTINGThe Stock Exchange of Hong Kong Limited(Stock Code: 9985) 9985 LISTING DATEDecember 15, 2022 202212 15 REGISTERED OFFICE PO Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands PO Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN THE PRC Southwest CornerIntersection of Dongfanghong Road and Zhongshan RoadShaoling DistrictLuohe, HenanPRC TB-East Building, MIXC ParkNo. 6, Lane 206, Haojing RoadMinhang DistrictShanghaiPRC 2066TB– PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 701, 7/FTower 2, SilvercordNo. 30 Canton Road, Tsim Sha TsuiKowloonHong Kong 3027701 COMPANY’S WEBSITEwww.weilongshipin.com www.weilongshipin.com BOARD OF DIRECTORSExecutive Directors Mr. LIU Weiping(Chairman)Mr. LIU Fuping(Vice Chairman and Chief Executive Officer)(appointed as the Chief Executive Officer on April 30, 2025)Mr. SUN Yinong(resigned as an executive Director on March 27, 2025;resigned as the Chief Executive Officer on April 30, 2025)Mr. PENG Hongzhi(resigned as an executive Director on August 31, 2025)Mr. LIU ZhongsiMr. YU Feng 20254 3020253 2720254 3020258 31 Independent Non-executive Directors Ms. XU LiliMr. ZHANG BihongMs. XING Dongmei JOINT COMPANY SECRETARIES Ms. SHEN XiaochunMr. LI Kin Wai AUDIT COMMITTEE Mr. ZHANG Bihong(Chairman)Ms. XU LiliMs. XING Dongmei NOMINATION COMMITTEE Mr. LIU Weiping(Chairman)Ms. XU LiliMr. ZHANG Bihong REMUNERATION COMMITTEE Ms. XING Dongmei(Chairlady)Ms. XU LiliMr. YU Feng PRINCIPAL BANKERS Agricultural Bank of China Luohe Wuyi Road BranchChina CITIC Bank Zhengzhou Beilong Lake BranchBank of China (Hong Kong) LimitedShanghai Pudong Development Bank Co., Ltd.Zhengzhou Zhenggang Six Road BranchHSBC Bank (China) Company LimitedStandard Chartered Bank (Hong Kong) Limited HONG KONG LEGAL ADVISOR Clifford Chance27/F, Jardine HouseOne Connaught PlaceCentralHong Kong 127 Corporate Information PRC LEGAL ADVISOR 1212–14 Commerce & Finance Law Offices12-14th Floor, China World Office 2No. 1 Jianguomenwai AvenueBeijingPRC AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry Bay, Hong Kong CAYMAN ISLANDS PRINCIPAL SHARE REGISTRARAND TRANSFER AGENT Maples Fund Services LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Definitions Corporate Governance Code in Appendix C1 to the Listing RulesC1 “Date of Adoption” director(s) of the Company HACCP “HH Global Capital” “Interim Dividend” “Listing Rules” “subsidiary(ies)” WEILONG Delicious Global Holdings Ltd, an exempted company incorporated in theCayman Islands with limited liability on July 6, 201820187 6 Management Discussion and Analysis MACRO AND INDUSTRY ENVIRONMENT Looking back at the first half of 2025, China’s economy operatedgenerally stably with a positive momentum. According to data from theNational Bureau of Statistics of China, the GDP in the first half of 2025increased by 5.3% year-on-year. The real economy has demonstratedstrong resilience and profound potential, laying a solid foundation for thedevelopment of the industry and enabling the continuous release of therecovery momentum in the consumer market. 20252025GDP5.3% 20251Z In the first half of 2025, China’s consumer market exhibited new normalcharacteristics. According to McKinsey’s reportChina Consumer in theNew Normal1, although the growth rate has decelerated, China remainsone of the world’s largest consumer markets. When global consumptiongrowth is generally under pressure, the Chinese market is still a leader innew global consumption models, and structural opportunities in specificmarket segments still exist. Chinese consumer confidence tends to bestable, but there is obvious group differentiation. Consumption as awhole presents a more diversified and rational structure. Consumers areturning to pursue personal value and quality of life, and pursue high-quality products and experiences that can bring a sense of satisfaction.Young people, especially Generation Z, are relatively more optimisticunder such a consumption background. For consumer brands, high-quality