唐宫中国中期报告 2025

CONTENTS 2Corporate Information 4Management Discussion and Analysis 13Other Information Condensed Consolidated Interim Financial Statements 22Condensed Consolidated Statement of Profit or Loss 23Condensed Consolidated Statement of Comprehensive Income 24Condensed Consolidated Statement of Financial Position 26Condensed Consolidated Statement of Changes in Equity 27Condensed Consolidated Statement of Cash Flows 29Notes to the Condensed Consolidated Financial Statements Corporate Information Directors Executive Directors Ms. Weng Peihe(Chairman)Mr. Yip Shu MingMr. Chan Man WaiMr. Ku Hok ChiuMr. Chen Zhi Xiong(Chief Executive Officer)Mr. Wong Chung Yeung(Chief Financial Officer)(resigned on 1 February 2025) Independent Non-Executive Directors Mr. Kwong Chi KeungMr. Kwong Ping ManMr. Chan Kin Shun Joint Company Secretaries Mr. Wong Chung Yeung(resigned on 1 February 2025)Ms. Koo Ching Fan(appointed on 1 February 2025)Mr. Cheung Cho Kiu(appointed on 3 March 2025) Authorised Representatives Mr. Chan Man WaiMr. Wong Chung Yeung(resigned on 1 February 2025)Ms. Koo Ching Fan(appointed on 1 February 2025 andresigned on 3 March 2025)Mr. Cheung Cho Kiu(appointed on 3 March 2025) Members of Audit Committee Mr. Kwong Ping Man(Chairman)Mr. Kwong Chi KeungMr. Chan Kin Shun Members of Nomination Committee Mr. Kwong Ping Man(Chairman)Mr. Kwong Chi KeungMr. Chan Kin ShunMs. Weng Peihe(appointed on 1 July 2025) Members of Remuneration Committee Mr. Kwong Chi Keung(Chairman)Mr. Kwong Ping ManMr. Chan Kin Shun Registered Office Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Head Office and Principal Placeof Business in Hong Kong 103 Unit 3, 10th FloorGreenfield Tower, Concordia PlazaNo. 1 Science Museum RoadKowloonHong Kong Cayman Islands ShareRegistrar and Transfer 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 Branch ShareRegistrar and Transfer Office 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal Bankers Agricultural Bank of China LimitedBank of China LimitedHang Seng Bank Limited Auditors Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor Legal Advisor As to Hong Kong law:CFN Lawyers As to the People’s Republic of China’s law:Beijing Bairui (Shenzhen) Law Firm Stock Code 1181 The Stock Exchange of Hong Kong Limited:1181 www.tanggong.cn Website www.tanggong.cn Management Discussion and Analysis Industry Review (IMF)(canyin88.com)300 In 2025, the global economy faced significant impact due to theimplementation of tariffs initiated by the new U.S. administration,coupled with increased instability in international affairs. This led toheightenedtensions in international trade relations,subduedeconomic confidence, and slow economic recovery. According totheInternational Monetary Fund(IMF)forecasts,although theglobal economy showed some resilience against tariffs in 2025, itcontinued to weaken and remained vulnerable, with global growthexpected to slow down compared to the previous year. While thegovernmentsof Mainland China and Hong Kong activelyimplementedvarious stimulus measures to maintain steadyeconomicgrowth,insufficient market confidence affectedconsumersentiment,resulting in downward pressure onconsumption in both markets. Competition in the catering marketalsointensified,with an oversupply and operational pressures.Accordingto catering media(canyin88.com),nearly 3millionrestaurants in Mainland China were closed in 2024.Meanwhile, media reports from Hong Kong indicated dozens ofrestaurant closures in the first half of 2025. Management Discussion and Analysis Business Review 464.911.8%67.2% (66.2%) Inthe first half of 2025,the Group’s restaurants in MainlandChinaand Hong Kong were affected by weak consumersentiment, with customers generally maintaining cautious spendingbehavior. In Mainland China, structural changes in consumptionpatterns were influenced by recent international trade uncertaintiesand the continued slowdown in the real estate market. Recently,the Chinese government introduced various regulations promotingthriftand curbing waste,including strict alcohol bans for civilservants, which further negatively impacted the consumer market.TheHong Kong catering market also faced huge challenges.Governmentdata indicated a decline in the number of foodestablishments and only marginal growth in total revenue in thefirst half of 2025, with significant declinein Chinese restaurants.Market conditions reflect a shift in consumption behavior towardsvalue-for-moneyand essential dining.As the Group mainlyoperatesChinese cuisines,it was affected by these downwardmarket trends,