老恒和酿造二零二五年中期报告

目錄CONTENTS 公司資料02Corporate Information管理層討論與分析05Management Discussion and Analysis補充資料20Supplementary Information簡明綜合中期損益及其他全面收益表28Condensed Consolidated Interim Statement of Profit or Lossand Other Comprehensive Income簡明綜合中期財務狀況表29Condensed Consolidated Interim Statement ofFinancial Position簡明綜合中期權益變動表31Condensed Consolidated Interim Statementof Changes in Equity簡明綜合中期現金流量表32Condensed Consolidated Interim Statement of Cash Flows簡明綜合中期財務資料附註34Notes to the Condensed Consolidated InterimFinancial Information CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Mr. Huang Dachun (appointed on 3 June 2025)Mr. Zhu Bing (appointed on 3 June 2025)Mr. Chen Wei (resigned on 3 June 2025) Non-executive DirectorMs. Wang Yanping Independent Non-executive Directors Mr. Shen ZhenchangMr. Ng Wing FaiMr. Sun Jiong COMPANY SECRETARYMr. Au Wai Keung AUTHORISED REPRESENTATIVES Mr. Au Wai KeungMr. Huang Dachun AUDIT COMMITTEE Mr. Ng Wing Fai(Chairman)Mr. Sun JiongMr. Shen Zhenchang REMUNERATION COMMITTEE Mr. Shen Zhenchang(Chairman)Mr. Ng Wing FaiMr. Sun Jiong NOMINATION COMMITTEE AUDITORS 2811 Grant Thornton Hong Kong LimitedCertified Public Accountants11th Floor, Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong Honworld Group LimitedInterim Report 202502 CORPORATE INFORMATION公司資料 REGISTERED OFFICE Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HEADQUARTERS AND PRINCIPALPLACE OF BUSINESS IN THE PRC 313000 Balidian TownFood and Industrial ParkWuxing District, Huzhou CityZhejiang 313000, PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 10087A5 Room A5, 7/FChina United Plaza1008 Tai Nan West StreetKowloon, Hong Kong PRINCIPAL BANKERS 583587589 Industrial and Commercial Bank of China LimitedZhili BranchNo. 583, 587, 589 Zhenbei RoadZhili TownHuzhou City, Zhejiang ProvincePRC 208 Bank of China LimitedHuzhou BranchNo. 208, Renmin RoadHuzhou City, Zhejiang ProvincePRC Agricultural Bank of China LimitedHuzhou BranchNo. 88, Renmin RoadHuzhou City, Zhejiang ProvincePRC CORPORATE INFORMATION公司資料 LEGAL ADVISER AS TO HONG KONGLAW 528 DeHeng Law Offices (Hong Kong) LLP28/F, Henley Building5 Queen’s Road CentralCentral, Hong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG SHARE REGISTRAR 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–171617/F, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong 2226 STOCK CODEStock code: 2226 http://www.hzlaohenghe.com WEBSITEhttp://www.hzlaohenghe.com MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析 BUSINESS REVIEW We are one of the leading manufacturers of condiment products in thePeople’s Republic of China (the“PRC”or“China”). We offer high qualityand healthy brewed cooking wine as well as other condiments, includingnaturally-brewed soy sauce, naturally-brewed vinegar, soybean paste,sesame oil and fermented bean curd, which are organic without anyadditives. In the first half of 2025, we attained the following achievements: 1.Products of Lao Heng He, such as yellow wine, soy sauce, soybeanpaste and rosy rice vinegar, successfully obtained organic productcertification. FSSC22000 2.Huzhou Laohenghe Wine Co., Limited* ()(“Laohenghe Wine”), a subsidiary of Lao Heng He, obtained theFSSC22000 certification. 3.Lao Heng He actively participated in the revision of the manufacturingstandard of Shaoxing soybean paste and the group standard of rosyrice vinegar. 20252025 4.Organic cooking wine products of Lao Heng He won“2025 Cereal-based Brew Cooking Wine Flavour Award (2025“”)”at the evaluation event of“2025 Cereal-based Brew CookingWine Flavour Award (2025“”)”at the 22th ChinaInternational Wine Expo (). 5.Laohenghe Wine has been awarded the title of“OutstandingContributing Enterprise in Tax Revenue ()”for2024 by the Lin Township Committee of CPC and the People’sGovernment of the Lin Town (). 2024 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析 2025 In the first half of 2025, the Chinese government continued to focus onboosting consumption, further expanding domestic demand, and shiftingthe focus of economic policies towards improving livelihood and promotingconsumption. The Chinese economy faced new phenomena and changesdue to rapid change in the external environment and increased uncertainty.Consumption recovery fell short of expectations, with procurement inthe catering sector contracting. The condiment industry experiencedintensifying homogeneous competition. Small and medium brandssold their inventories at low prices, leading to pressure on end pricesand a narrowed gross profit margin across the industry. In light of theintensification of the abovementioned situation, the Grou